As much as I love building something that is all my own, there is one thing from my old job that I miss dearly. No, it isn’t the paycheck (although that would come in handy now that the severance has run out). It is the employee benefits package.

My former employer offered its employees a veritable treasure trove of perks, amounting to thousands of dollars in compensation above our salaries. It wasn’t until I was transitioning out of the company that I really dove into everything that was available.

Every year American workers leave thousands of dollars on the table in the form of company benefits. According to the U.S. Department of Labor, on average combined benefits are worth 30% of total compensation.

To ensure that you are getting the absolute most value from your labor, here are thirteen benefits you should take advantage of if your employer offers them.

1) Health Insurance

 
Due to the Affordable Care Act, any employer with over 50 full-time employees (30 or more hours per week) is mandated to provide healthcare coverage.

Healthcare is an expensive good and the cost is only rising. Using group buying power, companies are able to negotiate substantial discounts on health insurance plans. They also subsidize the cost of premiums. The Labor Department estimates that health insurance benefits are worth more than $4,000 annually per covered employee.

Even if you are 100% healthy it is a good idea to enroll in your employer’s health insurance. Having coverage can shield you from bearing the full financial burden of unexpected medical expenses due to an accident or sudden illness. It also covers the preventative care that helps you remain healthy.

2) Dental and Vision Insurance

 
Many healthcare insurance plans have coverage that is separate from dental and vision care. Thankfully, many employers offer additional insurance.

Most dental plans cover at least two professional cleanings and exams every year. Research shows that over 90% of systemic diseases have oral manifestations. Through regular checkups you dentist may be the first to see signs of diabetes, heart disease, kidney disease, and more.

In most states a dental exam will cost at least $50. However, with additional care like cleaning, x-rays, and fluoride treatment that cost can leap to over $300. Procedures like fillings and orthodontics can be thousands of dollars.

Many employer plan dental premiums are under $20 per month. That is well worth it when that toothache requires a root canal to fix or years of not wearing your retainer leads to needing braces as an adult.

Vision plans are also relatively inexpensive through employer plans and usually cover at least one eye exam and pair of glasses or set of contact lenses every year. Some employer plans even cover Lasik eye surgery.

3) Healthcare Savings Accounts/Flexible Spending Accounts

 
Insurance is definitely helpful when it comes to paying for healthcare expenses, but it does not cover everything. Out of pocket medical, dental, and vision expenses can easily cost a couple thousand dollars every year.

To help employees prepare for these costs many employers offer access to Healthcare Savings Accounts (HSA) and/or Flexible Spending Accounts (FSA). These savings vehicles allow employees to set aside pre-tax money for medical expenses every year.

While this benefit may not initially appear to be worth more money, it is important to remember that reducing taxable income via pre-tax deductions can equal big savings with the IRS. For 2018 the maximum contribution you can make to an HSA is $3,450 for a single coverage plan and $6,900 for a family plan. The max contribution to an FSA is $2,650.

On top of the tax savings, some employers even match employee contributions to an HSA or FSA. Take advantage of free money by enrolling in your company’s healthcare plan and accompanying savings accounts during the next open enrollment period.

Related:

• Why an HSA is the Absolute Best Retirement Account

4) Paid Vacation and Sick Leave

 
There are some jobs that make it difficult to leave the workplace. However, if your employer offers paid vacation and sick days it is worth it to take advantage of the time. According to Project Time Off, a coalition of organizations dedicated to changing the thinking and behavior of Americans about vacation time, U.S. companies recorded roughly $224 billion in unused vacation time.

No matter how busy your profession is, research shows that time away from is good for employee performance. Taking a break prevents burnout, strengthens team bonds, and improves employee morale.

If you are sure your employer cannot survive without you for a week, consider taking your vacation days in smaller increments of two to three days at a time. It is also unnecessary to leave travel far from home in order to have holiday from work. Simply stay home, unplug from e-mail and phone calls and treat yourself to some much needed rest and relaxation. You are getting paid for it.

5) 401K Match

 
The days of working for thirty years then retiring with a hefty pension are reaching an end. More and more employers have shifted the responsibility of retirement saving onto their workers.

However, many employers give their employees’ retirement accounts a boost with matching contributions. It is very common for a company to match employee contributions at $.50 on the dollar up to 5 or 6% of salary.

Independent financial advisory firm Financial Engines found that one in four employees miss out on matching contributions to the tune of $24 billion dollars American workers leave on the table each year.

Although millennials often find it difficult to find the money to save for retirement now, it is important to start as soon as possible to not only take advantage of tax savings and compounding interest, but also to collect free money. Finding ways to increase current contributions by even 1% today can be instrumental in reaching retirement goals.

Related:

• How to Catch Up on Retirement Savings

6) Employee Stock Purchase Plan (ESPP)

 
Do you work for a publicly traded company? Many offer an employee stock purchase plan which allows employees to buy shares at a discount (usually 10-15% depending on the program). Employees can designate post tax dollars be deducted from their payroll checks to purchase this discounted stock.

For example, as an employee you can designate an amount or percentage from your check every pay period. If your company’s stock is trading at $50 a share the ESPP lets you use the post tax money saved to buy it for $45 (assuming a 10% discount). When that stock value rises to $55 per share you’ve made $10 per share while everyone who had to pay market price only made $5.

This is a great way to start investing because not only do you know the company’s potential to do well, you have an added vested interest and role in its performance.

7) Comp Time

 
For those who work more than 40 hours per week some employers offer their workers comp time. Comp time is sometimes provided to salaried employees who do not qualify for overtime.

To give people some form of reward for working long hours, employers offer comp time in the form of additional payment and/or additional vacation time. If you find yourself at the office early and staying late, this could be a great benefit to use to either boost your paycheck or get the extra time off you need to take that bike tour across South America.

8) Education and Training

 
Another benefit to be on the lookout for is tuition reimbursement and education assistance. Many times you do not need to be a student in a degree program to take advantage of this benefit. Often employers also cover the cost of certifications, trainings, workshops, and more. When I was taking standardized tests for grad school admission my employer paid for both an eight week test prep course and my exam.

Be sure to understand any commitments required to use these benefits. Sometimes employers require employees to remain on staff for a specified period of time after the education is complete and paid for.

9) Professional Services

 
Workers have lives outside of work. People buy homes, enter into contracts, start families and more. Many employers understand this and offer free or discounted professional services like real estate agents, attorneys, childcare, and adoption assistance.

These benefits can be extremely lucrative, saving employees tens of thousands of dollars during already expensive life events. Check your benefits to see if there is a group legal, real estate, or accounting plan. It may require a small monthly premium in order to opt in for services, but many who have used the services attest that it is well worth it.

10) Life Insurance

 
Most millennials do not spend much time thinking about their own mortality. Thankfully, many large employers cover their workforce with life insurance. There is often no premium to pay and some companies do not even require employees to opt-in for coverage.

Death benefits can be as high as two times base salary. While this is often not enough coverage for someone with a family, it can be plenty for a single person without dependents. It is important to note that this coverage is often not portable and is only in effect as long as an employee stays with the company.

Related:

• Ethos Review: Get Life Insurance Online
• Why (and How) I got a Million Dollar Life Insurance Policy at 27

11) Discounted products and services

 
Before you sign up for another cell phone service, gym membership, or buy tickets to the newest feature film or amusement park, check your company benefits first. A lot of companies offer perks like employee discounts for fitness clubs, cell phone providers, movie tickets, amusement parks and more.

Receiving these discounts is often as simple as giving your employer’s name when signing up. Others are available through special websites and company contracted ticketing agencies. This can add up to big savings over time, especially if you use a lot of products and services for communication and entertainment.

12) Free Stuff

 
When thinking about their compensation, many employees forget to include employer freebies. It is common for companies to offer their workforce perks like free parking, meals, gym facilities, banking, and more.

Technology companies are notorious for their free cafeterias serving up breakfast, lunch, dinner, and snacks. One well known company even gives employees free professional massage services every quarter.

13) Transportation

 
Unless you work from home, commuting to work is a necessary cost. Thankfully many employers help subsidize this expense in different ways.

Some partner with companies like Wage Works to allow employees to purchase public transportation passes with pre-tax dollars. Others offer reimbursement for mileage if a certain amount of travel is required for the job.

It is very common for sales jobs to come with either a company car benefit (complete with gas and maintenance coverage) or a transportation allowance. Some of these benefits are taxed as income so be sure to keep track of how much you’re driving and for what purposes (i.e. business or personal).

Dive In

 
This list isn’t exhaustive. Companies are always finding new ways to compensate employees for their hard work outside of standard promotions and salary increases. Stay up to date on what’s available to you by visiting your company’s benefits website at least quarterly.

It would also be a good idea to attend HR’s next briefing on company benefits. Who knows? They may even serve free lunch.

 
Related:

• How to Answer Common Interview Questions [With Free Download]
• 8 Things Your Employer Notices About You at Work
• How to Start a Side Hustle, Even if You’re Busy

 
 
What benefits does your employer offer? Are you using all of them? How have your employee benefits added value to your life?
 
 

For going undercover these people earned a pretty penny. In my mind a job like this sounded like the domain of a lucky few, specially trained in the art of subterfuge.

As it turns out, I was wrong about pretty much all of it.

First, mystery shopping is not the lucrative endeavor I once thought it was. Assignments can pay as little as a few dollars, and some pay nothing at all but reimburse shoppers for expenses up to a certain amount.

While it is not a viable career path for making a living, mystery shopping is perfectly suited to people who want to earn side income and get stuff for free.

Which brings me to the second thing I got all wrong: it is really easy for anyone to become a mystery shopper.

Getting Started

 
I became a mystery shopper in September 2016 after reading a post about it on an online forum I frequent. The application consisted of filling out my basic information (name, address, etc.), taking a short memory test based on several pictures, and writing a short essay on my most memorable shopping experience. Since then I have signed up and done assignments with six companies in total.

Depending on how many assignments I have chosen to take, I have earned anywhere from solely reimbursements to $120 in a month. I quickly learned how to select assignments based on a combination of payment, time needed to complete, and my personal interests.

Assignment Selection Matters

 
Some mystery shops required me to evaluate stores at which I would not normally shop. These assignments could often require a minimum amount of time spent in the store and be followed by a long, involved evaluation form. I quickly learned to pass on these tasks unless they paid $50 or more.

Now I gravitate toward shops that coincide with my interests. For one company I was paid $30 to attend a Major League Baseball game. Tickets for two were provided for free and refreshments were reimbursed up to $45. Although the evaluation took an hour to complete it was well worth it get a free day at the ballpark, plus a bit of pocket change.

I found that while mystery shopping was not a particularly lucrative job, if I was selective in choosing assignments that with one or two shops I could usually earn at least $75 per month and get reimbursed for doing something I’d wanted to do anyways.

That $75 would cover my gym membership or smaller miscellaneous expenses that I had not captured in my monthly budget.

It is important to note that the more lucrative shops are offered to experienced shoppers so it is often necessary to complete two to three lower pay assignments to build a high rating.

IntelliShop

 
This company is one of the bigger mystery shopping companies in the industry. They work with clients all over the United States in a variety of industries.

I have picked up assignments for fine dining, luxury retail, sporting events, and automotive.Many of their shops have a combination of payment and reimbursement, so not only do you get paid for your work, you can also get some nice freebies.

I recommend starting with simple pizza delivery or phone shops. They only pay $5-$10 but they are usually easy to complete and the evaluations are short.

The shops that pay more often have longer evaluations that require writing short paragraphs to detail the shopping experience. I quickly learned that a detailed play by play is unnecessary and a few short sentences gets the job done.

Amusement Advantage

 
I have done my most enjoyable mystery shops with this company. As their name suggests, Amusement Advantage specializes in fun activities. Assignments could include miniature golf, museums, go karting, and more.

The company usually offers a flat payment rate for each mystery shop. Expenses can be deducted from this amount and whatever is leftover is the shopper’s to keep as payment.

The assignments can be very involved, requiring a shopper to create scenarios and interactions with specific staff members. Evaluations usually require three to four hours to complete. They do offer a bonus for early evaluation submission.

BestMark

 
BestMark is another giant in this space. They focus mostly on retail and automotive. Most of their retail assignments are store evaluations and pay between $10-$15.

I tend not to sign up for their retail offerings, however, BestMark consistently offers vehicle oil change and brake inspection assignments that have cash payment, plus reimbursement up to $45. The shops are typically reserved for specific car manufacturers but some are open to all makes.

BestMark also has a good number of dining assignments that provide enough reimbursement to pay for a meal for two, according to the shop’s ordering guidelines. I have treated several friends to dinner and brunch on BestMark’s dime. Just let your guest know the reimbursement limit and it’s easy to get a free meal.

As an added bonus, BestMark’s evaluations are uncomplicated and usually take no more than 30 minutes to complete.

SQM

 
This is my new favorite mystery shopping company. Mystery shoppers evaluate an airline from airport arrival through the flight all the way to baggage claim, and for doing so get 50% of their ticket purchase reimbursed.

SQM also offers similar deals for bus travel and hotel stays. For those who are not yet ready to try travel hacking, this is a great way to travel inexpensively.

The evaluations are long, but consist of a lot of Yes/No questions. It is important to be observant of everyone with whom you interact in order to notice names and physical features.

Be Aware

 
When you know where to look, mystery shopping is very ubiquitous. There are dozens of mystery shopping companies always looking to take on new shoppers. I learn about another one every couple of months. However, before you sign up for easy money there are a few things of which to be aware.

• There are scammers out there
   
  You should never have to pay money to become a mystery shopper. If a company requires any kind of deposit just to sign up with them then they are not a reputable firm. Leave them alone.

• Although mystery shopping is not a high paying gig, the income is still taxable
   
  You’ll be happy to know that reimbursement is not considered income. However, even if you’re only getting paid $5 for a shop that income must be reported to the IRS. Mystery shopping companies send a 1099 for shoppers who have earned over $600 in income for a year. If you earned less than $600 in a year, I recommend printing your completed assignment history to determine how much you earned.

• Evaluations must be completed in a timely fashion
   
  Deadlines are real. I have had shops canceled for not turning in an evaluation on time. If you’re like me and like to use mystery shopping to fund $100+ outings, it is no fun getting stuck with that bill. Discretely taking good notes on your phone while doing the shop makes completing the evaluation much easier.

• You are responsible for paying shop expenses up front and will be reimbursed within 2 to 6 weeks
   
  Make sure you can float yourself that money until you are paid. Also, keep hold of your receipts. No receipts could mean no reimbursement.

Final Thoughts

 
I have found that mystery shopping is a great way to supplement my budget for expenses I need to be cutting back. For example, I can usually pick up one dining out assignment each month, thus giving my food budget a bit of a break.

How much one earns as a mystery shopper is completely up to them based on the number and types of assignments they choose to do. Because shops and evaluations can be time intensive, it may not always be worth it to sign up for a high number of shops every month.

I chose to set an income goal each month and looked for assignments that could help me reach that goal quickly. Maybe you want to cover a utility bill or you are looking for a way to keep your cable service or gym membership. Mystery shopping can be the perfect way to cover smaller expenses while also saving money on the activities you most enjoy

 
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• 5 Side Hustles that Make at Least $500 a Month

 
 
Have you ever tried mystery shopping? What companies do you recommend? What would you use the additional income for?
 
 

While some of us have had our taxes completed and filed for several weeks, there are those of us who will plan on getting to it every week until April 17th is here.

Wanting to delay the hours worth of paperwork for as long as possible is understandable, especially if your tax situation comes with some complexities.

If you bring in additional income with a side hustle it can complicate matters even more.

It is easy to stress over receiving all of your 1099s forms, figuring out if you owe additional Social Security tax, and worrying that you will be caught unprepared for a higher than expected tax bill.

There is one side hustle that can give you all of the fun of additional income with none of the worries about taxation. In fact, this side hustle comes with no tax burden at all and minimal work to get started.

What is it you ask? It’s Airbnb (or other short term home rental platforms).

I know what you are thinking. “Airbnb income is definitely taxable.” For many people this is true. However, when I was preparing my 2015 taxes, ready to report thousands of dollars in Airbnb income I was pleasantly surprised to learn that I did not have to report any of it.

Why? Because despite earning over $3,000 I had only listed and had my condo booked for thirteen nights of the year. Thanks to a little known loophole in the tax code this income was not only exempt from taxation, it didn’t even need to be reported to the IRS.

The Master’s Rule – The Ultimate Tax Loophole

 
All credit for the tax exemption on fourteen nights or less of rental income in a primary residence goes to rich homeowners in Augusta, GA.

Every year Augusta, GA hosts this little golf tournament you may have heard of, called The Masters Tournament. Thousands of golf fans flock to this mid-size city along the Savannah River over four days in April to watch the best golfers in the world compete for a green blazer.

For years Augusta residents rented their homes at a premium to these tourists. When Uncle Sam tried to collect a share of this money the residents lobbied Congress to exclude these funds from their taxable income. Hence, the Master’s rule was born. It’s very simple. If you rent your home for fourteen nights a year or less, the income you earn does not need to be reported.

With the advent of short term rental platforms like Airbnb, this rule is no longer the domain of those who reside in Augusta, GA. Anyone, renters included, can take advantage of this crack in the tax code to make an uncapped amount of money by renting their space for a few nights per year.

Getting Started

 
In order to start earning tax-free income, the first step is to make the decision to list your space. Platforms like Airbnb, VBRO, and HomeAway make it easy to get started. Be sure to check the laws in your city as more municipalities are putting restrictions on short term rentals.

If you are a renter or live under a homeowners association be sure you are not violating any lease agreements or bylaws. Once you have the all clear, simply register for the platform, verify your identity (usually with a government ID), and create a listing for your place. To make sure you get set up properly, check out these ten expert tips for being a great Airbnb host.

Maximize Your Tax-Free Money

 
I got started as an Airbnb host soon after I purchased my condo. After showing a friend pictures of my newly decorated place he immediately suggested that I become an Airbnb host. Having just laid out a hefty chunk of my savings for the down payment, it didn’t take much convincing to get me to try it.

At the time Airbnb offered the service of a free professional photographer to take pictures of new hosts’ homes. Armed with great pictures and a vivid description of my home and neighborhood, it wasn’t long before the requests flowed in. I quickly learned a few lessons that helped me maximize my earnings.

 
1) If you are not going to host regularly, then list your entire place when you do.
 
Airbnb allows you to choose the option of listing a bedroom, a sleeping area, or your entire apartment. It’s up to you. If you are not keen on co-existing with strangers and travel for two weeks per year or less, it is in your best interest to list your entire space. Why? Because listing more space means you can charge more money.

While a single room can fetch anywhere from $50-$75 per night, an entire apartment or house can easily command upwards of $100. I charge $200 per night for the use of a two-bedroom, two bathroom condo in a trendy neighborhood and consistently book my place when I’m out of town. Be sure to check out similar listings in your area to make sure that you aren’t shorting yourself of additional money you could be earning.

 
2) List your place during peak demand times
 
Just like the Masters Tournament happens every year in Augusta, GA, many cities have annual events that attract a large number of tourists. Chicago, IL has Lollapalooza in August. Indio, CA is the home of Coachella Music Festival.

Even if your town does not host a major event every year there still may be one off occasions like The Big Game, All Star Weekends, or major conferences that will swing through. Check with your local convention center to see if they will be accommodating an event for 5,000 or more people. That’s a good time to take that vacation and leave your place open to guests.

Not only do peak times mean more people are looking for lodging, they also translate to visitors being willing to pay a premium for a place to stay. Take advantage of limited supply and high demand to charge a higher price for your space. Residents in Augusta, GA were making tens of thousands of dollars for listing their homes for under a week. Don’t feel bad about charging an extra $50-$100 per night for your place during these times.

 
3) Make use of up-charges
 
Many short-term platforms allow hosts to charge guests extra for certain needs. Airbnb allows you to charge guests a cleaning fee or require additional charges for guests in excess of a number you set. For example, my apartment can comfortably sleep four people between the two bedrooms. I also have a large couch and an air mattress. Because more people in my apartment usually leads to more wear, I charge an additional fee for each guest after the fourth person.

You can also set different prices for weekends and weekdays, thus capturing more money during higher demand days. Play around with the different levers you can pull to squeeze more income out of your listing.

The Fine Print

 
The Masters Rule is a great way to monetize your space with no tax implications. However, there are two things to remember before getting started. First, the tax exemption only applies if you host guests in your space fourteen nights a year or less. If you hit night fifteen all of the income you have earned becomes taxable and must be reported to the IRS. This could lead to a not so nice surprise when doing your taxes. Keep careful tabs on your nights. I like to plan mine in advance, with preference for high tourism times of the year.

Second, remember that even though you are not required to report income from Airbnb under 15 nights per year, platforms often send the IRS a 1099 for income paid to you. Since the IRS has no way to know how many nights you’ve hosted guests in your place, a number of hosts have been contacted in regard to the extra income for which no taxes were received. Don’t worry. Sending an explanation with proof of nights will easily clear up any confusion.

To ensure you can show your income is tax free you have to keep detailed records. Airbnb allows you to see all of your transactions by year. Simply go into your host account and pull up the transactions. Each guest’s check-in and check-out days are listed. Either print the page or take screenshots.

Final Thoughts

 
Taking advantage of the Masters rule is a great way to dip your toe into the pool of hosting a short-term space. Depending on your living accommodations and location, listing your space on a platform like Airbnb can bring in significant income that can be 100% yours to keep.

If you keep careful track of your days and plan the times you host to coincide with peak tourist times, you can easily earn thousands of dollars in additional income every year. Imagine how much faster you could pay off debt, save a full six-month emergency fund, or reach other financial goals with that much extra cash.

 
 
Related:

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• The Ultimate List of Tax-Advantaged Accounts

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Were you aware of the Master’s Rule? Have you considered becoming an Airbnb host? If you already list your space does this change your strategy? Leave your thoughts in the comments.