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EVs Are More Than a Tax Break

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Electric vehicles (EVs) are more popular than ever. In just a few years, they’ve gone from a relative rarity to something you may see daily on your commute. With more charging stations and a wider selection of models available, you may wonder if it’s time to join the trend and buy one.


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The most significant talking point in EV economics is electric cars are more expensive upfront, but tax breaks help make up for it. That’s an important thing to consider, but it just scratches the surface of EVs’ benefits, financial or otherwise. Here’s a closer look at all these cars have to offer to help you make the best buying decision.

Financial Benefits of Owning an EV

Cars are expensive, so the first thing you should keep in mind when looking at EVs is their financial advantages. Here are some of the most significant.

Tax Incentives

As you’ve probably heard, you can get tax credits for buying an EV. But how much can you expect to get? That depends on a few factors, but it can be substantial.

If you buy a new EV between 2023 and 2032, you can get up to $7,500 in tax credits. There are some stipulations to consider. The vehicle must undergo final assembly in the U.S., come from a qualified manufacturer, have a suggested retail price of $55,000 or less and meet a few other qualifications. Similarly, you need an income less than $300,000 for married couples filing jointly or $225,000 for heads of household to qualify.

Used EVs and vehicles you bought before 2023 can also get tax breaks. These are generally lower and have different requirements, but they can still help offset the upfront cost.

Reduced Maintenance Costs

A financial benefit of EVs you may be less familiar with is that they carry lower maintenance costs. That may seem odd initially, as most new, expensive things you find today have similar repair costs. That’s technically true with EVs, too, but they need less maintenance overall.

Electric motors have fewer moving parts than gas or diesel engines. As a result, there’s less wear and tear over time and you don’t need oil because there are no pistons to lubricate. Oil changes, belt replacements, spark plug changes and engine tune-ups all become a thing of the past.

EVs still need some maintenance — like tire rotations and brake pad changes — but overall, there’s much less to do. That saves you quite a bit of money. An electric Hyundai Kona costs just $0.079 per mile to maintain, compared to $0.098 for a gas-powered Kona.

Lower Fuel Spending

Driving an EV will also save you money through lower fuel costs. It’s a bit misleading to say EVs eliminate refueling expenses because electricity still costs money, even if you aren’t spending anything at the pump. However, electricity is cheaper than gas or diesel, so you still save in the long run.

While most electricity today comes from fossil fuels like gas, you pay less for it because of the massive scale of energy grids. One study found recharging an EV costs between $3,000 to $10,500 less than refueling a gas car over 15 years. In some states, those savings can reach as high as $14,500.

You also have more control over “refueling” prices with an EV. If you have a home charger, you can charge your car at night when electricity is cheaper, saving you more money. Predicting savings opportunities like that with volatile gas prices is a lot harder.

Savings Opportunities With Other Sustainable Technologies

If you pair an EV with other green technology investments, you could push that electrical spending even lower. Charging your car from the grid is cheaper than refueling, but it can still be costly. However, you can produce your own electricity if you install solar panels in your home, so you don’t have to buy it from the grid.

Like EVs, solar panels have high price tags but come with tax benefits to help pay them off sooner. They also let you generate free electricity. Even if you can’t power your whole home with these panels, you could produce enough energy to charge your car, eliminating recharging costs.

Factoring in solar panels’ ongoing costs, charging a Tesla Model 3 is 51% cheaper on home solar than using the grid. Combine that with the already lower costs of charging over refueling and you’ll find some considerable savings.

Better Values for Buying Used Models

Another way you can save with an EV is to buy a used one. Now that electric cars have been around for a while, you’ll have a better chance of finding one used, which helps avoid new EVs’ high price tags. Old models may not have as impressive of tax breaks, but you can often get a better deal than a used gas car because they depreciate faster.

Old EVs’ lower tax benefits and newer ones’ rapidly growing ranges make used models lose their market value quickly. That may not be great news if you’re selling an EV, but it puts you at an advantage if you’re buying one. Because they depreciate so rapidly, you can get a relatively new EV at a steep discount if you buy it used.

This option can make it easier to fit an EV into your budget. It’s important to leave room for fun and unexpected expenses in your annual budget and getting a deal on a used EV gives you more flexibility to allow that.

State-Specific Benefits

Depending on where you live, you can get some extra economic benefits, too. Some states offer additional tax credits for EVs and Connecticut offers a $38 reduction in registration fees if you drive an EV. Several areas also reduce grid electricity prices during non-peak hours to enable more affordable at-home EV charging.

Some states also offer rebate programs, providing more significant economic breaks apart from tax credits. Others incentivize EV ownership through convenience, like letting you drive in the carpool lane even if you don’t have a passenger if you have an EV. That can save you time, which can save you money on recharging and parking.

Other Benefits of EV Ownership

These economic benefits are just the start of the advantages you can experience from driving an EV. Here’s a look at some of the non-financial upsides to EV ownership.

Sustainability

The most straightforward reason to get an EV apart from economic incentives is their eco-friendliness. Transportation is the largest source of greenhouse gas emissions, accounting for 27% of all emissions in the U.S. By driving an EV instead of a gas or diesel car, you can reduce your part in that trend.

EVs aren’t totally emissions-free because most electricity still comes from fossil fuels. However, they still represent an improvement over gas-powered vehicles and if you use solar or other renewables to charge them, they can get close to zero emissions. Even when you consider production-related emissions, EVs are still more eco-friendly.

If more people drove EVs, the world would substantially reduce its harmful emissions. That’s not the only step the world needs to fight climate change, but it is an important one.

Health Benefits

Similarly, driving an EV can improve public health, too. The same carbon emissions that are bad for the environment are hazardous to your health. Being around gas-powered cars exposes you to things like carbon monoxide, CO2 and other toxins, but EVs don’t have that problem.

According to the American Lung Association, switching to electric transportation would prevent 2.7 million asthma attacks and save 110,000 lives by 2050. That’s all because there would be less air pollution endangering people’s lungs.

Trading your gas car for an electric one would contribute to this improvement in public health. Because you likely spend more time around your car than any other vehicle, it’d also protect your lung health.

Comfort and Performance

You may also find EVs provide a better driving experience. Many electric models today come with features like collision warning, blind spot detection and lane assist. Because EVs as a general category are more tech-centric and future-thinking, they often feature technologies like this that make driving safer and more comfortable.

Electric motors are also far quieter than even the most efficient combustion engines. As a result, you won’t make much noise starting your car in the morning. You’ll also have less ambient noise while driving, making for a more comfortable experience.

Some drivers are surprised to find EVs often perform better than gas-powered cars, too. Because electric drivetrains have fewer moving parts, there’s less power loss, leading to immediate torque delivery and faster acceleration. That’s how some Teslas can go from zero to 60 miles per hour in just two to three seconds — something you’d need a high-end sports car to do with a gas engine.

EVs Have Many Benefits Outside of Tax Savings

The electric vehicle federal tax credit is an enticing benefit, but it’s far from EV’s only one. If you consider your purchasing options and savings opportunities carefully enough, you can experience some massive savings by going electric.

Driving an EV will also help you lower your carbon footprint, improve lung health and have a better driving experience. The next time you’re looking for a new car, consider all these possible benefits to see if an electric one is right for you.

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10 Things Every Working Woman Should Do This Year

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Opinions expressed by Entrepreneur contributors are their own.

Self-care has become an all-encompassing term that has strayed from the importance of everyday commodities that keep us in good health and spirits. Though pampering and “treat yourself” moments still have value, here are ten ways to invest in yourself to produce long-lasting, positive results.

Related: 8 Self-Care Tips From Wildly Successful Entrepreneurs

1. Put money into a 401(k)

It’s never too early (or too late!) to start saving for the future. Depending on your employment status, there are different retirement savings accounts. 401(k)s are the most common since these are employer-sponsored and often come with an employer match. However, freelancers also have options, such as a SEP-IRA or a high-yield savings account, to put away extra, tax-free dollars for retirement.

2. Schedule a health checkup

Self-care first includes taking care of your physical health. It’s easy to discredit regular checkups when you’re feeling healthy, but make this the year to get your blood work done. It creates a baseline for your health to identify areas needing improvement or extra attention.

Also, choose areas in your life where you can make small changes. Improving your health doesn’t always mean a drastic overhaul; it may be as simple as drinking more water or adding an extra 30 minutes of exercise to your day.

Related: 3 Key Tips for Optimizing Your Physical Health as an Entrepreneur

3. Review health insurance benefits

Many people with health insurance aren’t sure exactly what it does and doesn’t cover. If you’re unsure, talk with your HR representative or your health insurance provider to get an overview of deductibles, co-payments and other supplemental benefits you may not be aware of. Then, decide if the health care plan makes sense for your current lifestyle.

Are you paying for benefits you don’t use, or do you need additional benefits that aren’t covered? Selecting the right plan will help ensure you have what you need without paying the extra expense for anything you don’t.

4. Ignite your curiosity

Maintaining healthy cognitive functions through new pursuits gives a boost to the brain. Get curious and find what speaks to you. This can be anything from exploring local museums, embarking on different hiking trails, learning a new language or reading more books.

There’s no limit to what you can do, and these activities can ignite more creativity and motivation in your work. While it may be helpful to look to others for inspiration, make them enjoyable so you’ll want to make them a regular occurrence.

5. Prioritize mental health

Mental health has been at the forefront of people’s lives over the past few years, as many have experienced burnout. We often equate productivity with a value that drives us to go beyond our means and leads to anxiety, stress and depression. Take note of your everyday stressors and see how to reduce or eliminate them. Then, replace them with relaxing outlets that allow you to recharge.

There are various ways to prioritize mental health, from practicing positive self-talk to meditation to scheduling an electronics-free day. You may have to try different solutions before you find one that fits.

Related: 5 Ways to Protect Your Mental Health as an Entrepreneur

6. Implement good sleep habits

Consistent sleep is one of the essential factors of good health but one that is often overlooked. For many, it can be challenging to wind down from the workday. Therefore, you must “train” your body to prepare for sleep by getting into a nighttime routine.

Create a sanctuary for yourself to improve your sleep habits. Enjoy a soothing cup of herbal tea, perform a skincare routine, and snuggle in with a good book rather than scrolling through your phone. Additionally, ensure your bedroom is dark and cool for ideal sleep comfort and turn on soothing sounds if it helps lull you to sleep.

7. Try something new

What have you wanted to try but have always held back? Maybe it’s public speaking or contributing to a blog. Whatever “new” has been on your to-do, make a plan, schedule it on your calendar and go for it. It’s common to hold back from these activities due to fear of the unknown or failure, but trying new things helps create confidence and can be the catalyst you need to push you to the next level.

8. Learn to set boundaries

Boundary setting is crucial to relationships yet can be difficult to master. It doesn’t always involve simply saying no to people’s requests. Instead, it requires protecting your own values when people violate them. Setting boundaries may mean spending less time with certain people, removing yourself from toxic situations, or declining invites to events that don’t improve your life. Explore areas where boundaries will help you grow, and keep in mind growth itself is a work in progress.

Related: How to Set Boundaries to Build Thriving Relationships

9. Spend quality time alone

Learning how to enjoy time spent alone is a valuable gift. We are inundated by a false sense of connection through the internet, which often makes us feel lonelier than ever. Then, we overschedule our calendars to make up for human connections, only to feel drained afterward. Slow it down and plan a few solo dates a month to see how it feels to be truly present with yourself.

For those who aren’t used to spending quality time alone, it can feel awkward and uncomfortable initially, but these stem from your own perceptions. Take in a matinee, sit in a coffee shop and read, or enjoy a concert or event you’ve wanted to attend. Alone time has been linked to improved stress management and greater life satisfaction, so it’s worth trying to give yourself more time.

Related: Turns Out, Those Who Like Being Alone Can Be More Creative

10. Get active

Getting active can take on several directions. It can be physical, emotional or spiritual. The point is to engage with people and pursuits that feed your soul. Whether volunteering within your community, setting yourself an exercise goal, or learning more about personal development, there are endless ways to get active and invest in yourself this year.

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Are You a Winner? How to Truly Define Winning in Your Business

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Businesses gauge their performance typically with dozens of goals and metrics. But you can’t do everything at once. The challenge is to get people focused on the one thing that’s most important right now. If it moved in the right direction, it would eliminate a weakness (or capitalize on an opportunity) and improve financial outcomes. You improve that, and you win.

However, not every company clearly defines winning. A catalog of goals can pull the organization in multiple directions and stretch finite resources. Numerous goals can inherently be at odds, working against each other and for conflicting purposes. For example, a cost reduction goal might undermine an innovation goal requiring a significant investment.

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Gen Z Is Making Ugg Boots Fashionable Again: Report

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Ugg boots, the furry, sheepskin boots that defined the 2000s are back, apparently, with spiking interest and Gen Z cachet, according to data from shopping website, Lyst.

The site’s annual quarterly report that highlights the “hottest” 20 fashion brands was released on Thursday, and, as Insider noted, Ugg is on it for the first time since the index began in 2017.

“Gen Z shoppers are breathing new life into once dormant brands … with over 1.2 billion mentions on TikTok — Ugg’s influence is undeniable,” the report notes.

The boots were also sold out of stores during the holidays, it added.

Generation Z, or people born between 1997 and 2012, has demonstrated a penchant for bringing back old technology and trends, from flip phones to “vintage” headphones with cords.

But Ugg boots go back much further — the word “ugg” is actually a general term in Australia that means boots made from sheepskin and fleece, according to the BBC.

The company that created the “UGG” boot, Deckers Outdoor Corporation, is based in the U.S. and has tried and failed to trademark the word in Australia (where a court decided it was a generic word and thus could not be trademarked), the outlet added.

The company says the boots began to gain popularity in California in the 1980s. They were first featured on Oprah’s Favorite Things in 2000 (a huge brand-maker back then) and became “cherished commodities” early in the decade, according to Vogue.

The boots later gained prominence again with a fashion movement that prioritized “ugly” clothes, and have since become an unironic Gen Z favorite, per Insider. Kylie Jenner was also spotted wearing them in November.

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