Creating a vacation budget that allows for a fun time while saving money may sound like too complicated a task. But follow these simple tips to make sure your bank account doesn’t suffer while you’re unwinding this summer.

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Vacation Budget Video Transcript:

Americans expect to spend about $1,200 per person on vacation, according to a travel survey conducted by American Express. But the US Department of Labor found that actual vacation spending is nearly 20% higher than that amount.

Vacations are supposed to be about rest and relaxation, but exceeding your budget is a surefire way to counteract the stress relief benefits from your trip. Carefully counting pennies while you’re away may not sound like fun, but with a little effort up front you can have your vacation and enjoy it too.

First things first, you’ve got to know how much cash you have available to spend. Racking up credit card debt to cover a vacation is never a good idea. Instead, open a separate savings account for your vacation funds. Once you have a good amount saved up, you can start planning your trip.

To make sure you stay under budget on your next vacation, try following these tips:

1. Two thirds of vacation spending goes toward transportation and lodging. Don’t hesitate to cash in on frequent flyer miles or other loyalty rewards programs. Paying with rewards points is a great way to ensure you have more cash in your account when you actually arrive at your destination. As for lodging, consider using a vacation rental site like airbnb or vrbo, or for the truly adventurous, couchsurfing. Skip the chain hotels in favor of a less expensive and more local experience.
2. If your ideal vacation spot is out of your price range, look for a budget-friendly alternative. If you’re dying to go to Tahiti but can’t afford it, try the Pacific coast of Nicaragua instead. Or if Disney is out of reach, take the kids to a local theme park. Postpone expensive destinations until you’ve saved up enough money.
3. Set a daily cash budget. If you’ve got $400 left in your vacation savings account after paying for airfare and your hotel, divide it up over the course of your trip. For a one-week vacation that amounts to a little more than $50 a day. When you leave your hotel in the morning, just bring that $50 and don’t allow yourself to spend more.
4. Don’t be fooled by marketing. Many tourist activities are incredibly expensive, and often disappoint. Get friendly with the locals and ask what their favorite things to do are. Chances are you’ll find yourself off the beaten path and saving money at the same time. While you’re at it—ditch the souvenirs in favor of postcards. What seems like a good purchase while on vacation is likely to end up gathering dust on your shelves later.
5. If all you really want is to read books on the beach while sipping a tropical beverage, consider an all-inclusive resort. The Caribbean and Central America are full of good deals. If you pay for everything up front, then you’re nearly guaranteed to stay within your budget. And staying within your budget will always be the ultimate stress-free vacation.

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From TheStreet.com and MainStreet.com

Managing federal student loan debt is complicated enough. But as many people have learned the hard way, navigating the world of private student loan debt can be quite a bit worse. Particularly if we’re talking about Sallie Mae private student loans.

The good news is I’ve had multiple clients successfully lower their monthly payments, as well as their interest rates, for their Sallie Mae private student loans. The process is definitely not easy, but it does seem to work for those who persevere. If you’re one of the unlucky college graduates dealing with Sallie Mae’s nonsense, there may be some degree of hope. Here’s a step-by-step plan for regaining control of your Sallie Mae private student loans.

1. Identify Which Loans Are Which

You may have both federal and private loans through Sallie Mae, which often adds to the confusion. The easiest way to resolve this is to complete a Federal Direct Consolidation on your federal student loans. This is a great way to streamline your federal loans, and to simplify your monthly payments. You may also qualify for lower monthly payments through the Income Based or Pay As You Earn Repayment Plans.

2. Gather Documents to Prove You Are Experiencing Financial Hardship

Once you know which loans are private, you’ll need to figure out exactly why they are unaffordable. This requires determining the following:

• Total amount of Sallie Mae private student loans
• Interest rates associated with each loan
• Total monthly payment amount

In addition to the above information regarding your loans, you also need to gather information about your current financial situation. This includes:

• Annual salary
• Monthly take-home pay (after taxes and deductions)
• Any savings account balances
• Total fixed expenses (rent, utilities, cable, cell phone, etc.)
• Other student loan payments (federal loans, other private loans)
• Total necessary spending (average cost of groceries, transportation costs, etc.)

The more information you have the better. You need to be able to prove that your private student loan payments to Sallie Mae are unaffordable based on your current income and expenses.

3. Call, Call, and Call Again

Call Sallie Mae and explain your predicament to the person who answers the phone. If they aren’t helpful, politely ask to speak to a supervisor. If no one is in a helpful mood that day, politely end the call. The key is to always keep your cool and be as polite as possible. There is a solution, and you will find it, but it may not happen right away. Stay positive, and keep trying. Eventually you will connect with a customer service representative who is competent and compassionate enough to help you.

If you aren’t sure what to say, try something along these lines:

“I am doing my best to stay current on my Sallie Mae private student loans, but the payments are simply more than I can afford. I would like to find a long-term solution to make sure I am able to fulfill my obligation to Sallie Mae. I am interested in having my situation evaluated for the Rates and Reduction program. Is there someone I can speak to about that?”

If you are consistently unable to get the assistance you need, you can try calling the Rates and Reduction program directly at 1-877-905-4227.

I’ve seen clients reduce their interest rates from variable double-digit rates down to a fixed rate between 1% to 3%. Actual results will vary, and not everyone will qualify for financial hardship. However, If you are truly struggling to afford your payments while keeping up with your other bills, this may very well be the solution you’ve been looking for. It’s certainly worth a try.

Then again, perhaps I’m biased. In doing my own taxes, I’ve learned how to keep better records and how to maximize methods to reduce the amount of taxes I pay. And it’s not as hard as you might think. Whether you’re a freelancer, small business owner, or just earned a little extra income on the side this year, follow these tips to master your own taxes.

Estimated Taxes Are Your Friend. Maybe Your Best Friend.

Nobody wants to end up with a tax bill on April 15th, and for freelancers the best way to avoid this is to pay estimated taxes throughout the year. Estimated taxes are (generally) required, but the IRS makes it easy–I promise. And by getting into this habit as soon as possible, you’ll be forced to review your revenue and expenses on a regular basis. Analyzing your profit regularly can have a positive impact on your bottom line–and help you make more money than you might have otherwise.

You can pay your estimated taxes online through the EFTPS website. There are a few different ways to calculate your estimated tax payments, but the easiest way is simply to pay 100% of last year’s tax bill. To figure this out:

1. Find a copy of your 1040 from last year and scan down to line 61. This number is the total amount of tax you owed last year.
2. Divide that number by 4.
3. Pay that amount (online via the EFTPS website) on each of the estimated tax filing deadlines. Set calendar alerts to remind yourself so you don’t miss a payment. (For 2013 that would be: 4/15/2013, 6/17/2013, 9/16/2013 and 1/15/2014.)

If your income this year has increased or decreased significantly from last year, then you’ll want to spend some time calculating a more accurate estimated quarterly tax payment.

Don’t forget to pay your state (and city if applicable) estimated taxes as well. Do a quick google search to find your state’s online payment site, and use the same formula as above to calculate your estimated state/city tax payments. (Side note: if you’re a freelancer who works from home and are sick of paying state income taxes, consider moving to one of these no-income tax states instead.)

Get Organized and Stay Organized

Every self-employed person knows that the key to reducing taxes is to deduct as many expenses as possible. And the key to deducting as many expenses as possible is to keep track of them during the year. So many online tools exist to simplify this process, that you simply have no excuse but to take advantage. That said, I really don’t think you need to pay for fancy accounting software, particularly if you’re operating a fairly simple one-person business. Here’s how I manage my own business expenses:

1. Have a separate checking account and credit card for your business expenses. I use the Amex Simply Cash Business credit card for every single business-related expense I have. I never–never–use it for personal expenses. This is the easiest way to keep track of and maximize your business expenses (tax deductions) throughout the year. For the record, I also have a free business checking account through Banco Popular.
2. Link your business accounts to a (free) service like Outright to categorize your business expenses on a regular basis, rather than trying to sort through a huge stack of receipts the day before your taxes are due.

Just Do It — for Sole Proprietors

If you’re a freelancer, consultant or any other type of “sole-proprietor,” filing your taxes is fairly straightforward. Just gather your business records for the year (or login to your Outright account), set aside a few hours to follow the prompts using TurboTax or whichever online tax software you prefer, and force yourself to complete the task. It’s really not that hard. Don’t get intimidated by the complexities of the tax code–most of it probably doesn’t apply to you. If you follow directions and double check your work, you will be fine. And if you’ve paid your estimated taxes throughout the year, then you may even end up with a refund. At the very least, if you owe taxes, it shouldn’t be too much of a surprise.

If this is your first year filing taxes as a self-employed person, it might be a bit more painful. But power through, and pay attention. Simply filing your taxes can help you understand how to keep better records moving forward, so that the process just gets easier and easier.

If You Owe Money

If you end up with a tax bill you can’t afford, please do yourself a favor. Do not, under any circumstances, pay taxes with your credit card. Even if it is your business credit card.

The IRS offers far more reasonable interest rates than the average credit card company. You will be far better off financially if you set up an installment plan with the IRS, than if you pay the lump sum with your credit card and start accruing interest on the balance. The IRS is really not as mean and scary as they may seem. Don’t be afraid to call someone and try to get a bit of help if you need it.

As you earn money in the new tax year, make sure to set aside a chunk of it for your estimated tax payments so you don’t end up owing the IRS again. If you’re overwhelmed and/or confused, start by setting aside 30-40% of your revenue for taxes. Then, seek professional guidance to adjust that amount and calculate accurate estimated tax payments to get back on track. Many local small business associations have CPAs who volunteer time to answer questions for self-employed individuals, so you might even be able to get help for free.

Limited Liability Entities (S-corp, LLC, etc)

If you’ve formed a partnership or incorporated your business, you’ll have a few extra steps when it comes time to file your taxes. The good news is online services like TurboTax, H&R Block and TaxAct still make it pretty simple with their easy to follow prompts. And your tax deductions are more or less the same as sole proprietors. Though the price for online tax filing software is more expensive than the sole-proprietor versions, the cost is still significantly less than what you would pay an accountant.

Oddly, the online tax services seem to think that all S-corp business owners are PC-users. Translation: if you are a Mac user, like I am, and your business is set up as an S-corp, you won’t be able to use the mainstream tax software. If you still want to persevere with the DIY-approach to your taxes, try downloading the TaxSoftware.com iPad app. It’s definitely not flashy, but it worked just fine for me.

Keep in mind that the IRS expects a bit more from you, both in filing your annual taxes as well as your quarterly requirements. Navigating the complex world of small business taxes can seem overwhelming, but with a little bit of effort up front you can still maintain control over your tax situation yourself. Keep track of all of updated deadlines and to-do lists by bookmarking this website: Small Business Taxes & Management. Another less than flashy tool, the site has every tax detail a business owner could possibly need.

Got Questions?

If you’re still scratching your head when it comes to taxes, you can always send me an email. Self-employed individuals stand to gain quite a bit from creating a comprehensive financial plan–both for business and personal finances. Taking the guess work (and the stress) out of earning and managing money allows more time and energy for the things that truly matter–like growing your business. Or perhaps even better, taking a much-needed vacation.

I met with Karen Gravano, from Vh1′s Mob Wives, to discuss her financial goals. She brought the cameras along, and as a result a portion of our meeting can be seen in this clip.

Financial Goals & Setting Boundaries

One of Karen’s main issues is related to the fact that her daughter’s father is living rent-free in a home she owns. Having boundaries with family members and close friends is difficult for many people, especially when it comes to money. I see this type of misguided generosity on a regular basis.

Sometimes learning to say no is what’s best for your financial situation. And perhaps surprisingly, it often strengthens relationships as well. It’s that whole “give-a-man-a-fish-he-eats-for-a-day-teach-a-man-to-fish-he-eats-for-a-lifetime” kinda thing.

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DISCLAIMER: Video content property of Vh1 Mob Wives. This video is not being used to make money in any way and is for entertainment and leisure purposes only. This is an act of “Fair Use” as described by the US Copyright Office.

[Clip from Vh1 Mob Wives Season 3, Episode 3]

If you’re afraid you might be working well into your 80′s, you’re not alone. Making a few simple changes to your current lifestyle and retirement savings plans can go a long way toward securing your financial future. Watch this video to learn how to plan for retirement with some of my favorite savings tips.

Plan for Retirement with These Savings Tips

1. Make sure you’re getting the match on your employer’s retirement plan.

• This is an easy one, but you’d be surprised how many people still aren’t taking advantage of their employer’s match.
• Right now is open enrollment for a lot of companies. Your employer may be offering free financial workshops. Go to them!
• Meet with your HR rep and increase your 401k contribution up to the match. If you’re already getting the match, increase it by 5% extra. You’ll barely notice the difference!

2. Open and contribute to a Roth IRA.

• These are magical accounts. They have only been around since the late 90s and I have a feeling one of these days the government might get smart and phase them out. So take advantage now, while you still can.
• The max for 2012 is $5,000. That’s about $417 per month. Might sound like a lot, but if you can swing that + contribute to your 401k plan, you’ll be on the right track for your retirement savings.

3. Downsize your living situation

• The single biggest expense any of us has is our monthly rent or mortgage payments. One of the easiest ways to find more money for retirement savings is to reduce your monthly housing expense.
• Figure out your take home pay (whatever gets deposited into your bank account) and see if you can reduce your housing expense to 25-33% of that amount.
• Example: A family making $50,000 a year would mean a rent or mortgage payment that is $800-1,100. The lower the better. If you were previously paying $1500, getting down to $800 results in $700 per month you can put toward retirement.

4. Don’t Overpay on Student Loans

• There are no loans when it comes to retirement. Many people feel stressed about student loans and want to pay them down as quickly as possible. But the reality is you can only afford so much in any given month.
• Come up with a plan to balance your student loan payments with your retirement savings. A good goal is to make the monthly amounts as similar as possible. In other words, if your student loan payments are $350, then contribute $350 to your retirement account as well.

5. Ditch the Fancy Car

• Cars are expensive, and really they’re just a means of transportation. Beyond having something safe and reliable, everything else is just extra money you could be putting toward retirement.
• Look for something with good gas mileage, and preferably something you can buy with cash. Taking out a loan for a car payment is almost never a good idea.

via Salon.com

Income Based Repayment (IBR for short) is one of the most underutilized tools available to recent grads overwhelmed with student loan payments. Navigating the confusing world of repayment options coupled with unhelpful customer service reps often prevents borrowers from choosing the plan that is right for them.

No matter how overwhelming the process may be, it’s worth taking the time to find out if IBR is right for you. Depending on your situation, you might be able to save yourself thousands of dollars (or at least reduce your current financial stress).

Log into the National Student Loan Data System and keep reading to figure out what makes the most sense for you.

How Income Based Repayment Works

Income Based Repayment is designed specifically to help borrowers who have federal student loans that exceed their annual income. Keyword being federal loans. Private student loans are another story. (Although there is hope for borrowers overwhelmed by private loans as well–scroll down to the bottom of this article if you need help with private loans.)

Income Based Repayment caps your monthly payment at an amount that is (in theory) affordable based on your income. Whether or not you can afford your payments under IBR may be debatable, but the reality is the payments will be less than if you were on a standard 10-year repayment plan.

The Difference Between IBR and Other Repayment Plans

If you can’t afford the standard repayment plan (and many people can’t), you have a few different options. Monthly loan payment amounts may be similar between Income Based Repayment, Income Contingent Repayment, Extended Repayment and Graduated Repayment. But don’t let that fool you. Which one you choose could greatly impact the total amount of money you repay on your loans.

If you need to choose a plan other than the Standard Repayment plan and you qualify for IBR, chances are it’s the best option for you. Generally speaking, Extended and Graduated Repayment plans should be used as a last resort. They offer very little in the way of benefits besides lower monthly payments. And ultimately you’ll have to pay off the full balance of your loan. Taking longer to do so means you’ll pay more in interest overtime…potentially a lot more. With IBR, after 25 years of on-time payments your remaining loan balance will be forgiven. For some people, that kind of benefit might just be a life saver.

As far as Income Contingent Repayment goes, I have yet to meet a client who this plan was right for. In my experience so far, 100% of the time this repayment option is the easiest to eliminate. In fact, if you are on ICR and it’s working for you, I’d love to hear about it. Leave a comment below or send me an email.

Pay As You Earn Repayment Plan

Pay As You Earn is essentially the new and improved version of IBR available to students who started borrowing in October of 2007 or later. If you took out any loans before then, unfortunately you won’t qualify for this new initiative.

The easiest way to understand Pay As You Earn is that it’s like IBR, but better. Payments will be capped at 10% of your discretionary income (rather than 15%) and after 20 years your remaining balance will be forgiven (rather than 25 under IBR). For example, a borrower with $100,000 in student loan debt and an annual income of $60,000 would pay $541 under IBR, but only $360 under PAYER.

New graduates who have more federal loans than their annual income should absolutely apply for Pay As You Earn. Just make sure not to rub it in the face of your older siblings or friends who aren’t lucky enough to qualify.

How To Decide if IBR is Right for You

Student loan debt can be stressful. I often have clients who feel pressure to pay their loans off as quickly as possible. However, it’s important to take a deep breath and think through your overall financial health. Keep in mind that when it comes to retirement there are no loans available. In other words, if your student loan payments are preventing you from saving for retirement then you may be setting yourself up for a much more stressful financial situation in the future.

Many factors go into deciding whether or not IBR is right for you. If you work in public service (which includes doctors, nurses and other high paying/high student debt fields) you can benefit from a program called Public Service Loan Forgiveness. Those that qualify should absolutely consolidate their federal loans and sign up for IBR–the sooner the better.

If you don’t work in public service but have student loans that far exceed your current annual income with little hope of higher earning potential, then IBR is probably right for you as well. An example would be someone with $80,000 or more in student loan debt who works in a creative field and only makes $45,000 a year. Switching your payments to IBR can free up a lot of extra cash that you can put towards retirement, an emergency fund and other financial goals. It’s really a no-brainer.

What About Private Loans?

If most of your student loans are private, unfortunately IBR isn’t going to help much. But don’t give up all hope. You can still call your lender and figure out a payment plan that is realistic. Remember, you are in control. You may owe the money, but you aren’t a magician. If you don’t have the income to make your payments, then it’s time to go to plan B, whatever that may be. Don’t let lenders bully you or make you feel guilty. You’re doing the best you can. And at the end of the day, it’s your life–not theirs. You have to make sure you can afford to eat dinner and pay rent. Both now and when you retire.

The Bottom Line

via Speedbump.com

Resigning yourself to the fact that you might just have to make student loan payments for 25 years could feel like a life sentence. But the reality is, life is expensive. Most people have lots of goals–buying a home, having a family, retiring, traveling–and limited income. Managing your money is about making choices to maximize the resources you do have. Feeling stressed or worrying isn’t going to suddenly make you a millionaire.

The best thing you can do is take a step back and look at your current situation and your future goals and make decisions accordingly. Remove the emotion, and channel any negative energy you may have into working hard and enjoying what you do have. Reevaluate your situation every 1-2 years (or whenever you have a big life change) to make sure you are still on the right track. But in between, try to stop worrying and get back to the business of living your life.

Follow the tips below to save money next time you’re hanging out with friends.

Be the first to suggest the restaurant/bar/activity.

Planning a night out with friends often involves coordinating a date and time before anything else. If you’re the one with a strict budget, take the initiative on suggesting a restaurant or bar that is within your price range. Pick a place that is convenient for your friend so they’ll be more likely to agree to it. Look for a place that has a great happy hour or excellent food for a good price. I always aim to choose restaurants where I can eat well + have one drink for under $20. [See my list of Best Cheap Eats in NYC for my personal favorites.]

Plan a potluck or a picnic.

Picnics and potlucks are a great way to save money while hanging out with friends.

Always a crowd pleaser, planning a potluck or a picnic gives everyone the opportunity to set their own budget. The single friend who is strapped for time might choose to bring wine, while a stay-at-home mom strapped for cash can make her famous (and cheap) 7-layer dip. Gatherings like this can easily become a tradition. If the first one you plan is a hit, make it an ongoing “first Saturday of the month” event. That way you know you’ll always have a chance to see friends while keeping your budget intact.

Do something that doesn’t involve eating.

Going out to bars or restaurants gets old after a while, especially if you’re going to the same places over and over again. To save money and have a bit more fun, get creative in planning activities with friends. Take the lead on organizing a book club or a DIY holiday decoration party. If your friends are the outdoorsy type, plan a day of kayaking or hiking. Or, even better, do something seasonable like going apple picking or taking a trip to the beach together.

Quit the gym.

Rather than going out, why not work out with your friends? Gym memberships are expensive, and most people do not take full advantage of their membership. If you’re paying $80 a month but only going twice, that’s an expensive way to get your cario in. Instead, get a group of friends to quit the gym with you–and commit to weekend runs in your local park instead. Or, find a private yoga instructor and coordinate a group class with just your closest friends. The cost per person is likely to be less than going to a fancy studio, and it’s a lot more fun to struggle through balance poses with people you know.

Multitask.

If you’re someone who regularly spends money on pedicures, invite a friend to join you who is equally inclined to indulge in them. Or, if you know you are definitely going to see Breaking Dawn, Part 2, make it a double date. Bringing friends along on an activity you were already planning to spend money on is a great way to get in quality time without forking over extra cash.

Stay home and Skype with out of town friends. 

With gas prices continuing to cripple many people’s wallets, sometimes just driving to a friend’s home can stretch your budget. Skype is an easy way to stay in touch with friends who have moved away, or reconnect with international friends you met while studying abroad or traveling. There’s something nice about having face-to-face time, rather than just talking on the phone.

Create a money club.

If money is a really important concern for you, chances are it is for your closest friends as well. Go above and beyond just saving money by creating a money club to discuss goals and support each other toward reaching them. You could start by reading a popular money book together, or find a local expert to join you at your first meeting. When it comes to reaching financial goals, few things are better than talking openly about them and seeking support from those closest to you.

Hanging out with friends and saving money really can go hand and hand. Following one or more of the tips above will definitely help ease any financial strain. And even better, you’ll have fun while doing it.

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For more money tips like the ones in this article, subscribe to my newsletter, like my Facebook page or subscribe to my YouTube Chanel. And as always, if you have financial questions send them my way.

Professionally, this tendency could be called networking. (It could also be called being that person in the office who distracts everyone else from actually doing work.) But, like it or hate it, building a successful career truly does depend on who you know.

For some people, networking (meeting new people) just comes naturally. But if it doesn’t, learning how to network is easier than it seems. Below are my top three tips to help you on your path to becoming an expert networker (aka “new people meeter”).

Networking doesn’t have to be difficult.

1. Quality matters more than quantity.

It’s not about how many people you meet, it’s about making a real connection.

An old acquaintance of mine always used to ask me to come with her to networking events. She was shy and dreaded the thought of approaching someone new, even if she was at an event where that was not just accepted, but expected. If you can relate to that feeling of dread at networking events, chances are you aren’t the only person in the room feeling that way. Look around for other wallflowers, or for someone who appears to have something in common with you, and try striking up a conversation. They’ll probably be relieved you did. If you’re not sure what to say, try leading with a line like, “I really hate these kinds of events.”

Another approach would be to make eye contact with the loudest, friendliest person in the room. They’ll almost definitely approach you as a result. And perhaps they’ll even take you under their wing and drag you around the room making introductions (preventing you from having to do it on your own).

Either way, next time you’re at a networking event (or a casual social event for that matter) focus on making one real connection. There’s no rule that says you have to leave an event with a stack of business cards. And a stack of business cards doesn’t guarantee you’ll get a response to a follow-up email. A real connection, on the other hand, almost always does.

2. Be shameless.

Contact someone you respect and ask if you can pick their brain over coffee (your treat). 

My younger sister is a recent college graduate, and like most recent college graduates she is on a quest to find her dream career. And in the mean time she needs to pay her bills. I encouraged her to unabashedly send emails to anyone who has a career she finds interesting, or works at an organization where she might like to work. Whether your dream is to become a senator, a news anchor or a Fortune 500 CEO, don’t be afraid to track down an email address of someone who has said dream job, and offer to buy them coffee in exchange for the opportunity to pick their brain. If they don’t live in your city, ask if they’d be willing to chat over the phone for 15 minutes. Sure, they might not respond. But it’s also possible that they will. And what you stand to gain is far greater than the risk of rejection.

I regularly receive requests from people I don’t know (of all ages) who are interested in learning how they can start an independent financial planning practice. I always take the time to answer those questions, and am very happy to do so. Over the course of my career I have been fortunate enough to receive guidance and help from so many wonderful professionals, many of whom were strangers I emailed out of the blue. In my experience, most people are willing to share their knowledge, and if you’re lucky they may even help you get your foot in the door.

As for my sister, I helped her draft an email to reach out to a handful of impressive people in her field. So far, she’s had some great leads. She successfully set up a coffee date with someone who just happens to be the director of a program she’s interested in, and that person led her to an awesome job opportunity. Not bad, and she’s just getting started.

3. Sincere flattery works. Every. Single. Time.

Compliments, when sincere, are a powerful tool in forging connections. 

Fake flattery is obvious. And annoying. But a sincere compliment can go a long way toward building a connection with someone. I recently met someone who initially struck me as a bit cocky, but when I heard through the grapevine that he said something nice about me, it definitely influenced my opinion of him.

One thing I’ve learned is that most people–no matter how successful, attractive or powerful they may seem–are insecure. Even though we probably shouldn’t, we care about how people perceive us. If you notice something about someone that you’re impressed by, why hold back? You have absolutely nothing to lose by saying something nice. And who knows, you might just make their day.

If it isn’t really your thing, the art of giving compliments can be learned over time. For starters, when meeting new people try this: shake their hand, make eye contact, smile, repeat their name (“So nice to meet you, Jeff.”), and if possible, compliment them on something you like (“I really like that shirt.”). Again, flake flattery doesn’t work, so only give compliments when you mean it. But there’s nothing wrong with complimenting on purpose. If it feels awkward, just keep doing it until it becomes less awkward. Side note: celebrity look-alike compliments are always a hit.

Extra Credit: Use social networking to your benefit.

It may sound obvious, but social networking is a remarkable way to connect with like-minded professionals. Sites like Twitter and Pinterest allow you to target the types of people you are interested in connecting with, rather than showing up at a networking event and hoping for the best. The same rules from above apply online as well. That is, unless you are trying to add someone you don’t know on LinkedIn without sending a personalized email. I hate when people do that.

Happy networking!

Trying to save money on food in New York City can seem like an uphill battle. Almost every client I work with has a monthly dining budget in the 4-figures. The occasional splurge can be a luxury worth experiencing, but it should be just that: an occasional splurge. Given the fact that New Yorkers are hardly ever home and social time happens at a restaurant or bar, choosing an affordable spot without sacrificing quality can be a challenge. Here are my top picks for the best cheap eats in New York City.

Best Cheap Eats New York, My Personal Favorites

I should note that I also place a high premium on (a) friendly service, (b) full water glasses, and (c) ability to get a table at the last minute. Those factors definitely affected which restaurants ended up on my best cheap eats list.

1. Guayoyo [East Village] – Venezuelan restaurant with a great happy hour. They’ll bring you free appetizers if you sit at the bar. Big windows with plenty of good people watching while you eat. I love their arepas. Super filling and delicious, all for under $10.
2. BLT Burger [Greenwich Village] – Underrated burger joint (in my opinion) with the best burger in the city. The Maytag Blue burger is crazy good, and nothing is better than waffle fries. They have various combo meals (burger, fries and your choice of a soda, beer or milkshake) that all come in under $20.
3. Lantern Thai [Gramercy] – Thai food is always a good option if you want to keep your bill low. I happen to be partial to Lantern’s excellent Pad See Ew (best I’ve had in the city) as well as their outdoor seating. You can always get a table here, and it’s in a fairly convenient location since it’s near Union Square. Great happy hour too.
4. Cafecito Bogota [Greenpoint] – A delicious Colombian-style “super famous brunch” for $16.95 including coffee and THREE drinks. I have no idea why someone would need to consume three alcoholic beverages with brunch, but if you do than this is a sweet deal. Their mimosas are made with fresh juices of all types: mango, passion fruit, etc. And the refajo is really unique–worth trying at least once.
5. Agua Fresca [Harlem] – Outstanding upscale Mexican food at reasonable prices. The service is insanely slow, but that gives you plenty of time to relax with friends without feeling pressured to keep spending money to keep your table. Try the avocado salad or any of the tacos, all under $10. Their brunch is also delicious, and for $12.95 you also get a glass of sangria.

I’m always looking to try new cheap eats around New York City. If you have one that I missed, let me know. Which brings me to:

Best Cheap Eats New York, Reader Recommendations

(I’ll update this list as I receive recommendations from readers)

1. Busters [Upper West Side] – BYOB. ‘Nuff said. “The BYOB places are the best for saving money on alcohol!” – Sarah
2. Ippudo [Union Square] – Ramen. Again, ’nuff said. Added bonus: nice ambiance. “One thing I have found in the adventure of liking really good food and having a very limited budget is…RAMEN. So filling, so delicious, and cheap! A huge bowl (of which I finish 1/3 and my boyfriend the other 2/3) can vary depending on toppings from $12 – $20.  If you don’t mind sharing, it’s perfect! I love Ippudo – near Union Sqaure, is still cheap, but feels a little swanky.” - Katherin
3. Island Burger & Shakes [Hell's Kitchen] – A massive menu means tons of cheap choices with something for everyone. “My fav dive is Island Burgers and Shakes–yum everything!” – Elle

Life insurance isn’t just a man’s game anymore. Life insurance for women is an important part of overall financial planning that is too often overlooked. 

Who needs life insurance?

Primarily, women who have dependents need life insurance. Whether it’s children or your aging parents, if someone is depending on you to support them, then you should have life insurance.

If you have a large debt load from student loans or a home purchase, and a family member cosigned for any part of that debt, then you’ll want to have enough life insurance to cover that amount.

How much is enough?

If you have dependents, a good rule of thumb is to have enough life insurance to cover 7-10 times your annual salary. If you have debt, make sure to get enough to cover the amount you owe, especially the amount that was cosigned.

What type of life insurance is best?

For most people, term life insurance is the perfect solution. Term life insurance covers you for a specific period of time. You’ll want to make sure you have enough to last until the kids finish college, or you reach retirement age (when retirement income kicks in and you no longer need life insurance).

Is Whole Life ever a good idea?

Fr the most part, Whole Life and other permanent life insurance policies (that last your entire life, rather than a specific period of time), are outdated products. Life insurance agents make large commissions on these options and will often try to convince people they need this kind of coverage.

Whole Life really only has two purposes. It can serve as an estate planning strategy in certain instances (usually for wealthy families). Or, if you have a child who has special needs a permanent life insurance policy may make sense. If your child is going to be dependent on you for your entire life, as well as after you are gone, then you’ll want to have proper strategies in place to keep your child safe. If you’re young and healthy, you can save money on premiums by looking for a term policy that allows you to convert to a permanent life insurance policy later.

True story: life insurance for women is a relatively new product. Make sure the value of your life is properly insured so that your family will be taken care of no matter what. Ask a friend for a referral to a trusted agent, or comparison shop online for the best policy.