Yet, the truth is this: Graduate-level degrees do increase your salary. Nearly across the board, grad school grads earn more than their peers who claim only bachelor’s degrees (and under). However, the difference between your current salary and your potential post–graduate degree salary depends on a number of factors, including your field, your employer — and, most surprisingly, your place of living.

Why Location Matters for Income

 
It shouldn’t be an astonishing fact that location affects income. Even within the same company, two employees in the same position might earn different wages due to their geographic area. When companies calculate salaries, they consider a heaping handful of factors, the most influential among them including:

• Local salary competition

• Local cost of living

• Local unemployment and employment data

• Inflation

These factors vary from state to state — sometimes from city to city — because they concern local resources, such as workers, homes, food, and other essentials that are typically produced and consumed in the area. The Balassa-Samuelson Effect explains why different geographic locations see differences in some prices but not others. All you need to know is this: You can earn a much higher salary working in some places — but you might pay more to live there, too.

Still, the salary hike and the cost of living increase aren’t always equitable. Plus, places that offer greater salaries might also offer greater opportunity to advance. It’s difficult to deny that higher salaries are beneficial, so gravitating toward regions with notoriously higher pay is wise.

10 Best States for Grad School Grads

 
If you spend your time earning an online MBA — which likely costs the same no matter where you live or work — you should be interested in getting the most buck for your degree. To that end, you should be primarily interested in securing employment in one of the following 10 states:

10) Alaska

As one of the least populated states, Alaska’s salaries aren’t high to begin with — but neither is its cost of living. Grad degree–holders earn median salaries of $73,871, which is about $19,221 higher than those with undergrad degrees.

9) North Dakota

Recently, North Dakota saw a massive employment boom as the oil fields drew millions of unemployed workers to available jobs. Grad degrees net a median salary of $62, 675 — 38.95 percent higher than a bachelor’s degree.

8) Michigan

Michigan boasts the third-lowest cost of living in the nation, which is notable considering its good treatment of graduate degrees: $69,099 in median salary, which is about $18,744 higher than undergraduate degrees.

7) Maryland

While it has the third-highest median pay for grad degrees, Maryland ranks low on this list for its relatively high cost of living. Grad degree–holders can earn $84,003, which is an astonishing $21,567 higher than undergrads.

6) New Jersey

Commanding some of the highest salaries in the nation, grad degree–holders in New Jersey do rather well: median pay of $85,789, which is $22,483 higher than bachelor’s degree–holders.

5) Idaho

The Gem state respects grad school degrees, offering them the second-highest pay raise in the country. At 44.03 percent higher than lower-level college grads, a median salary of $60,922 — and a low, low cost of living — is what grad degree-holders moving to Idaho can expect.

4) Washington, D.C.

By living in the nation’s capital, grad degrees can demand the second-highest dollar-for-dollar salary increase as well as the highest median salary of anywhere in the U.S.: $88,431, which is $23,945 higher than bachelor’s degree–holders.

3) Utah

By percentage, Utah offers the greatest increase to median salary thanks to a graduate degree. Grad degrees can take in $67,575, which is 44.85 percent higher than bachelor’s degrees.

2) Virginia

Near D.C. and Maryland, Virginia offers competitively high salaries to grad degrees. The median salary for an advanced degree is $81,401, which is $23,914 more than for a bachelor’s degree.

1) California

The cost of living is high in the Golden State, but they treat their grad degree–holders well. The median income for earning a graduate degree is $82,299, which is 41.88 percent higher than bachelor’s degrees net.

 
 
Do you have a grad degree? If so, what is it in and where did you get it? If not, are you considering getting one?
 
 

You don’t have to have an MBA or 50 years of industry experience to succeed as a small-business owner, but you do need a specific set of skills. This short guide should help you determine whether you have what you need to bring a small business to success.

Can You Be Decisive?

 
What is your favorite food? If you could travel anywhere, where would you go? What is the best way to flavor chicken? If you can’t answer these questions quickly and with certainty, you might have a problem with indecisiveness — and if that is the case, you might not be ready for entrepreneurship.

Entrepreneurs make hundreds (if not thousands) of decisions every day. They must decide who they will hire, how to price their product, what their brand colors will be, and which markets to enter, and why. By constantly second-guessing your decisions, you are delaying action and preventing your business from thriving. Decisive leadership is vital to small-business success.

How Do You Feel About Risk?

 
Business is inherently filled with risk; it is the entrepreneur’s job to mitigate risk as much as possible. However, it is impossible to avoid all risk, so you must be somewhat comfortable with taking chances to remain comfortable, confident, and successful.

Unfortunately, some people are more likely to take risks than others — which is to say: Men endure risks better than women do. Under stress, men are likely to increase their risk-taking, while women are likely to reduce their risks. The reasons behind this phenomenon are varied and poorly understood; it could be a biological difference in the brain or a gendered cultural upbringing. Regardless, you should be aware of your relationship to risk before you become an entrepreneur.

Do You Like People?

 
You might be the hardest-working, most brilliant person in the world, but if you can’t work well with people, you won’t be a good entrepreneur. Entrepreneurs are almost always around people, be it their employees, their customers, or their investors.

You must always be willing and able to make decisions, answer questions, and sell your business. If you have an extreme case of introversion, you should consider a less people-focused line of work — or bring on a partner to do all the social heavy lifting.

How Much Energy Do You Have?

 
Entrepreneurs do not work 9-to-5 jobs; entrepreneurs do not work 40 hours a week. When your business is young, you will be working constantly to keep it alive and growing, which means you will be getting up early, staying late, and coming in on weekends.

As you might expect, this requires boundless energy — of both the physical and the emotional varieties. You need your body to be strong enough to stay alert and focused while you are making important business decisions, but you also need to remain emotionally invested and committed to your work. If you often suffer from lack of energy, entrepreneurship probably isn’t for you.

What Are Your Hard Skills?

 
Soft skills are those you can’t easily learn in formal education; they are difficult-to-define personal attributes that make you better at completing certain tasks. Conversely, hard skills are specific abilities you typically only gain from intensive instruction: accounting, foreign language, computing, law, design, etc.

Ideally, you should have hard skills that pertain to both business and the industry of your intended small business. These days, you can find resources online for some business-related hard skills, like finance. However, if you lack any experience or education in business management or your business’s industry, you should probably return to school for targeted education in certain fields.

Do You Have Follow-Through?

 
In most cases, a business isn’t a short-term experiment. Unless you are hoping to sell your startup to the highest bidder as soon as possible, you should be planning in terms of decades as well as months. When properly managed, a small business can last a lifetime, providing you with a satisfying career and a sufficient income.

However, for your business to survive into the future, you need to be able to commit yourself to the business and see projects to completion. If you are the type of person who becomes overwhelmingly infatuated with ideas for short periods of time before abandoning them for the next big thing, entrepreneurship is not for you.

 
 
Are you considering entrepreneurship? What industry or industries are you considering starting a business in?
 
 

The only problem is, your house is nowhere close to being ready. The sidewalk salt stains, decomposing leaf pile on the porch, and brown grass are all just waiting to crawl out from under the snow. That Easter party you’re dying to host doesn’t have a shot at happening if you don’t clean up your home’s curb appeal.

First things first, it’s time to take care of winter’s mess. So where do you start? That’s easy… at the top.

Plan Ahead

 
January might be too early to actually start on the yard work, but it’s never too early to start planning. You’ll need supplies, a plan of action, and maybe even an extra hand or two. Most importantly, you have to plan ahead financially. Before you can take on any of the tough stuff, it’s good to map out a strategy.

Prepare a budget, buy discounted items, and keep potential maintenance costs in mind while you’re spending on luxuries early in the year. If you line up your schedule well, you’ll roll into the next couple of months with everything you need. Oh, and don’t forget a checklist of the problem areas you want to tackle. First up: the yard.

The Yard

 
Nothing makes a better impression than a nice, green lawn. Lush grass and a fresh cut yard can make all the difference for curb appeal. The tough part is going from brown crabgrass to saturated, supple blades. What’s the trick? Aeration.

When do you aerate your yard? Well you should ask a professional, but if you’re seeing puddles or bare patches after heavy rainfall, it’s a good sign that you need some help.

Replacing hardened ground with air pockets is beneficial for a number of reasons. Water, oxygen, and fertilizer are all able to penetrate the tough ground and allow the roots to grow. Sure, there are other ways to brighten up your lawn, but aerating is fast and affordable. And of course, you can always add to your care plan as you go.

The Exterior

 
There’s always a question of when to do work on your house. Do you remodel now, or wait until summer? When should you install the pool? What about the paved driveway? For many, the answer is springtime. Of course, it will depend on your project, but getting started at the first sign of nice weather is never a bad idea.

If you’re like the majority of homeowners, the earlier the better. Construction time is also the perfect opportunity to work on other aspects of your house-like exterior maintenance. A few ideas to help freshen up the outside are:

• Power-washing siding and windows

• Fixing and replacing damaged roofing

• Removing debris

• Cleaning gutters

• Trimming shrubs and other growth

Winter can take a toll on your house-especially if you live in an area that sees large amounts of snowfall. A little tender, love, and care in the springtime goes a long way to making your Memorial Day picnic a hit with all the neighbors. Just don’t forget the kielbasa.

Pool, Porch, and Patio

 
Put your first pool party on the calendar right now. This year you won’t be behind opening everyone’s favorite hangout spot, because springtime is the right time to dip your toes in. Taking the cover off and seeing the effects of those early months is always rough, but you’ll be thanking your fortitude when the temperature is pushing triple digits and the whole family is enjoying a nice, refreshing swim.

It’s hard to enjoy a relaxing day by the water if there is no way to relax by the water though. Pick up some porch or patio furniture before prices increase. Taking advantage of last year’s inventory or designs can save you a bundle when buying outdoor furniture. Or, better yet, give your own old furniture a makeover. Restoring wood furniture is as easy as sanding, painting, and sealing.

Park Place

 
Yep, you guessed it, your driveway needs a little bit of help too. How about resealing it? And if you have concrete, a power-wash wouldn’t hurt. Both options can make all the difference when applied at the right time of year. With that fresh porch furniture, cleaned up siding, and well-maintained landscaping, your home is ready for summer.

 
 
What are you most excited for this Spring? Do you have any big yard projects planned?
 
 

A great way to get more holidaying done in the year when you have a limited budget and/or are trying to save money, is to choose more affordable travel destinations.

Read on for some options you should consider today.

Central America

 
If you’re looking for places that combine beautiful coastlines and rainforests with historical sites, great food, and cultural experiences, look no further than Central America. For example, head to Costa Rica, where you’ll find excellent swimming and snorkeling waters, and can spend your days hiking through rainforests for amazing views (the sunsets are legendary) and the opportunity to see local wildlife. For particularly affordable vacations in this country, check out the numerous Costa Rica all-inclusive packages you can find online.

Belize is another nation to add to your itinerary when you’re in this part of the world. Here there are plenty of Maya ruins to explore, as well as jungle tours to join, or even the fun activity of “cave tubing” to test out. You should also spend time at the Hol Chan Marine Reserve where you can see stunning reefs and a variety of sea creatures such as turtles, sand sharks, sponges and more.

Guatemala is a good option if you’re on a budget, too. It’s full of an interesting mix of modern cities, colonial towns, and tiny villages where you can still find intact ancient traditions being followed. You should definitely head to Antigua to see preserved Spanish colonial buildings; take in the beauty of Lake Atitlan, which was formed in a massive volcanic crater; or admire the scenery of Semuc Champey, a spot set deep in the jungle which happens to boast a huge natural limestone formation which covers an underground river. The stepped swimming pools found here resemble the tropical rice paddies you typically find in Bali and other places, and is a must-see.

For a destination in Central America that’s especially kind to your wallet, take a trip to Honduras. It boasts white, sandy beaches that are reminiscent of the Maldives, plus cheap, tasty traditional food and drink, diving that rivals what you’ll find in the Red Sea, and bustling ports and seaside towns that will make you think you’ve wandered right into a postcard.

Asia

 
When people think of affordable travel destinations, Asia is typically the first continent that comes to mind. As such, there are many countries worth visiting. For starters, though, consider Thailand, a place that has long been popular with backpackers because it’s so affordable yet is chock full of activities and attractions. You can laze by the beach on an idyllic island; feast on fresh Asian fare; take in the sight of pink water lilies blooming in groups on lakes across the country; or get a glimpse of gibbons and other beautiful creatures in Khao Sok National Park, among other spots.

Vietnam is another great nation to vacation in on a budget. The countryside is spectacular, with paddy fields, limestone karsts, waterways, and beaches. Don’t miss out on trying some street food at local stalls while you’re there, or exploring ancient temples.

Another popular Asian spot for those watching their spending is Malaysia. It has some of the best night markets in the continent, and has a great combination of laid-back islands, bustling cities, and emerald-colored highlands to take in.

India is, of course, another memorable travel destination that everyone should have on their bucket list. On a trip here you’ll have the chance to stay, for a budget price, in beautifully-kept historic buildings and even old palaces. Alternatively, limber up with some yoga classes; check out the tea gardens of Darjeeling; explore numerous UNESCO World Heritage Sites; and reconnect with your spiritual side at Buddhist and Hindu retreats.

Europe

 
If Europe has always been top of your mind when thinking about ultimate travel destinations, yet you haven’t felt you had enough funds available, keep in mind that there are numerous affordable countries on the continent, too.

Greece, for example, has lower prices than ever due to its ongoing economic difficulties, although you might want to stay away from famous islands such as Mykonos and Santorini which can be pricey. In Greece, try out authentic souvlaki on the island of Hydra; be reminded of the picturesque setting of the film “Captain Corelli’s Mandolin” on the island of Cephalonia (also spelled Kefalonia); or take in history in the country’s capital, Athens, one of the oldest cities in the world.

Portugal is another wallet-friendly European nation. In particular, consider exploring the sun-soaked Algarve region in the south. Here you’ll find more than 100 different restaurants, bars, and nightclubs; a charming Own Town with traditional Portuguese streets and plazas; locally-made wines; excellent golf courses; fabulous markets; and stunning churches.

 
 
What are your travel plans for 2018? If you don’t have any yet, where would you like to travel?
 
 

Freelance

If you have a talent for writing or a passion for web development, design and illustration, why not offer these skills on a freelance basis? Whatever your expertise, there is now a huge demand for online based temporary employees. Work from anywhere in the world, tailoring a schedule to suit you. There are plenty of websites where you can bid for work such as Upwork and Fiveer to name a few.

Summer camp

For a meaningful adventure, nothing beats the experience of working at a summer camp. Aside from the thrill of trying new activities, you’ll meet lifelong friends and learn to live in a new culture. Many leading organisations such as Camp America are also recognized by employers across the world, improving your prospects for future careers.

Au pair

If you have an aptitude for childcare, becoming a registered au pair can be a cost effective way to visit a bucket-list destination. Always join an agency who can provide reliable jobs, some of which can offer free board and bed. Understanding the terms prior to getting started is important. It’s no good travelling to an exciting destination if you’re working seven days a week.

Seasonal labor

Farming may not be for everyone, but for those who enjoy the great outdoors, it’s a rewarding option. During the harvest season, many farms appreciate the extra support from fruit, flower or vegetable pickers. Aside from earning money, you could even be offered free accommodation and food.

Guest speaker

Travelling to a remote region brings with it the opportunity to share your wisdom. If you have an in-depth knowledge of a subject, you may be able to guest lecture at local colleges or universities. Negotiate for work and you could be surprised at the hourly rate.

Restaurant and bar work

Competition can be fierce, but travel to the main tourist hot spots and you should find plenty of establishments in need of staff. To increase your employability, try to arrange a work permit or working holiday visa in advance. Learning the local language to a basic level should also increase your prospects.

Holiday rep

If you’ve got plenty of energy and enjoy interacting with others, a role as a holiday rep could be for you. Choose from a selection of European resorts and spend the summer soaking up the sun. Alternatively, apply for a position on a cruise and you’ll set sail to some of the most sought after destinations on the planet.

Travelling the world needn’t break the bank. Choose from one of these on-the-road careers and you’ll enjoy financial freedom, meaning you can travel for even longer.

Images taken from Pixabay used under the Creative Commons license.

If you aspire to create your own company and make worthwhile investments, you can indeed someday do it, provided that you learn how to save wisely and gradually build financial wealth. To help you begin saving and working towards your business and entrepreneurial goals, here are some tips on how to start saving wisely so that you can build a better financial portfolio.

Start Analyzing Your Spending Habits

One of the biggest mistakes that people make when it comes to their money is not being conscientious of their spending habits. This doesn’t just refer to calculating how much you spend a month of rent and bills. Rather, it means logging and tracking how much you spend on a daily basis, from purchasing things you truly need to stopping for a morning coffee. The first step for anyone who wants to improve their wealth management skills should be to start keeping track of what you spend and figuring out where you can make changes.

Consult A Financial Advisor

Many people believe that if they aren’t “filthy rich” that they don’t need a financial advisor or an accountant. This couldn’t be further from the truth. A financial advisor can help you to learn how to not only spend your money better, but how to begin investing and making your money work for you. No matter where you are in life, a financial advisor can be a helpful way to start accomplishing your long-term financial goals.

Calculate How Much You Can Logically Save A Month

Many people end up quitting their efforts to save more money because they get frustrated with how much money they’re putting away each month and miss being able to spend money on luxury and entertainment. Saving money shouldn’t have to feel like torture. When you calculate how much money you want to put away each month, be sure to leave room for “fun” expenses. Your goal should be to build wealth, but you shouldn’t have to sacrifice your happiness and entertainment to accomplish this goal.

Look Out For Financial Traps

Financial traps include things such as credit cards with poor monthly fees or over-drafting your bank account and paying penalties as a result. These little traps might seem innocuous at first, but they can quickly add up and seriously detract from our ability to save money long-term. Get rid of credit cards that are robbing you of money that you could potentially be putting into savings and be cautious about spending more than you have in your bank account.

Make Better Choices When It Comes To Your Purchasing

There’s no shame in shopping at discount stores or buying generic brands when you’re trying to accrue wealth. Many great entrepreneurs and CEOs were, at one point in their lives, at a place where they had to cut corners in order to accomplish their goals for the future. The more money you save, the more money you’ll have down the road to do the things that you really want to do.

Building capital for your business dreams can mean making some sacrifices, but the end result is very much worth it. Just remember to keep your entrepreneurial aspirations in mind when it comes to the spending decisions that you are making right now.

You save your money consistently.

You invest your money wisely.

You’re doing everything right just the way you’re supposed to when it comes to retirement.

Why? Because you know you want to build a nice nest egg for yourself sooner rather than later. You’d like to enjoy your life the way you want to rather than be forced to work for the rest of your days.

So if that’s the case, are you going to let anyone tell you when you can or can’t retire? Absolutely not!

But wait! The IRS says that the official 401k retirement age is 59-1/2. That’s the age when you finally get full access to your savings. Otherwise you’ll have to pay a hefty 10% penalty on the money you withdraw.

So does that mean that the place where most of us working Americans are saving the majority of our money is totally off limits until we’re nearly 60 years old?

Not at all…

Why the 401k Retirement Age Doesn’t Have to Hold You Back:

Dealing with that 59-1/2 age requirement was exactly the challenge I faced several years ago when I first started really thinking about my own retirement plans.

My grand plan is, of course, to reach financial freedom and obtain early retirement. Right now my target is to achieve this by my 40’s.

But the problem I faced was how to I “bridge” those years between when I want to retire and when I can actually start having access to my money?

Fortunately, I’m not the first person to try to attempt this. If you’re that ambitious enough to save that diligently, then there are plenty of loop holes and strategies to help work around this age restriction. Here are a few of them I’d like to share with you:

1) Leave Work at Age 55:

If it’s only 4 years or less you’re looking to gain on the 401k retirement age, then you’re already covered by a little known exception from the IRS. According to their rules, you can take penalty free 401k withdraws if you leave your job at age 55 or later as follows:

Exceptions. The 10% tax will not apply if distributions before age 59½ are made in any of the following circumstances: Made to a participant after separation from service if the separation occurred during or after the calendar year in which the participant reached age 55.

2) Use a Roth IRA:

Another useful strategy you can use to bridge that gap between when you want to retire and when you’re allowed to is to use retirement accounts that have different tax rules. This is where the differences between a 401k vs IRA can be very helpful; especially when it comes to using a Roth IRA.

Unlike a traditional 401k, a Roth IRA does allow you access your contributions five years after you’ve invested them. So depending on how much money you’ve contributed over the years, you could potentially withdraw a percentage of those contributions to help aid in holding you over for the next 5 to 10 years before you finally reach age 59-1/2 and can access your other savings funds.

3) Take a 72T Distribution.

Let’s say you’ve done all your early retirement calculations and your plan calls for absolutely needing to access your 401k funds early.

This is not a problem. Fortunately there is another little known loop-hole that allows you to make withdraws penalty free. It’s called an SEPP (series of equal periodic payments) or 72t distribution.

In order to use this strategy, you need to:

1) Quit your job where the 401k is.

2) Roll over your 401k into an IRA. Before you do this, check with both your old and new financial institutions to be certain that there aren’t any big fees or costs involved with the transition.

3) Consult an account on which of the three 72t distribution amounts you can take and file on your income taxes.

The most important thing with this strategy: Make sure that if you use it that it DOESN’T drain your finances too early! That would be devastating to the very thing you’re trying to achieve – financial freedom.

4) Save Outside Your Retirement Funds:

Investing in your traditional brokerage account is always an option. Even though you won’t get the same tax-sheltered benefits, you do get complete and total access to your money whenever you want.

Similar to using a Roth IRA, investing a little bit of money in high quality dividend stocks or income producing mutual funds can be a nice way to produce income in years leading up to when you can access the rest of your savings.

Are you going to be bound by the 401k retirement age of 59-1/2, or are you going to choose your own time to reach financial freedom? How will you bridge those years leading up to age 59-1/2?

Author Bio: This post was a guest contribution from MyMoneyDesign.com, a blog that is completely devoted to building strategies for maximizing your wealth and personal well-being.
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Images courtesy of FreeDigitalPhotos.net