Most of us work the typical 9-to-5, waking up at sunrise and going to sleep as dusk sets in.
It makes sense due to our natural body rhythms and the way the majority of the working world tends to run. But there are plenty of jobs and careers where a night shift is necessary and available. Think nurses, security guards, convenience store employees, and bartenders, to name a few.
Often known as the "graveyard shift," working during these wee hours of the night isn't for everyone... the nickname doesn't help. Then again, are those night owls who thrive on being active and productive past midnight, but most people prefer to be fast asleep as the moon and stars make their nightly appearance. But if you're a morning person with a new lease on life, you may want to consider switching gears and applying for a night shift job. Working while most of the world's in a slumber has its perks, and these three may awaken your inner vampire longing to take a bite out of the nightlife!
Make More Money
A major reason most of us work is to make a living. And working the night shift can help you fatten your wallet faster than a daytime gig. As per Rethink Staffing, "Night shift differential is around 10% of the employee's regular wage per hour. If you're working as support staff at night for $10 per hour, then you'll be earning a dollar more than your co-workers in the daytime." This can add up fast, making those late shifts quite profitable.
The Outsourced Accountant notes some promising ways this dough can pay off. "Vacation trips, signing up for classes, taking on a new hobby, business, savings, and retirement," all cost money, and with the night differential, these things will come your way before your daytime counterparts reap the rewards.
There are few things as aggravating than sitting in bumper-to-bumper traffic on the way to and on the way home from work. Getting in late always causes issues and wasting time on the highway when it could be spent with family is a drag. Opting for the nightshift will get you to and from work in a jiffy – road rage- and stress-free.
As per The Outsourced Accountant, "There's significantly less traffic at night. Since most people are headed home, you're more likely to have a more breezy (and faster) commute to work because you're going the opposite way. And because you're not chasing cabs or buses or jostling your way inside trains, you won't be disheveled when you come to the office. You'll look and feel a lot fresher." Fast and fresh, sounds appealing.
Career Addict adds, "If you drive, you also save on (gas) as your driving will be more economical." So not only will you make more money, as noted in perk #1, but the low volume of traffic can save you more of it.
In general, there are fewer people around working the nightshift. That's why there is a high demand for people willing to take the job. And with fewer people comes fewer interruptions. This will give you more time to think clearly and get your work done productively.
According to The Outsourced Accountant, "You can get tasks finished quickly and have more time to do some advanced work or simply relax." Just think about all the time that's wasted due to gossip and office chit-chat, questions from colleagues, emails, and phone calls.
Career Addict notes another perk, "Most companies hold their meetings during the day. Working the night shift saves you time you would otherwise spend attending meetings, allowing you to pay more attention to your work."
What do you think? Can you go from early bird to night owl? These perks are tempting, so consider going to the dark side… in a good way. You may find that the night shift is just the career shift you've been looking for!
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- Reasons To Consider Working The Night-Shift | Monster.ca ›
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- How to Work a Night Shift - The New York Times ›
- Survival Tips for Nurses Working the Night Shift | EveryNurse.org ›
- Avoiding Shift Work Sleep Disorder (SWD) On the Night Shift: Tips ... ›
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- What a year of working the graveyard shift taught me about sleep ... ›
- You Can Thrive On The Night Shift | Scrubs - The Leading Lifestyle ... ›
- Night Owl Nurses Wanted: The Benefits of Working the Late Shift ›
- The advantages to working the graveyard shift - Business - Forbes ... ›
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.