Financial Freedom Classroom

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Career Development

Deal or no deal?

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Image courtesy of Stuart Miles from freedigitalphotos.net
Image courtesy of Stuart Miles from freedigitalphotos.net

If you have elected to get your life insurance coverage through your employer, please take a closer look.  Generally the benefits offered by your employer are a good deal but life insurance may be a different story. 

Carefully look at the amount of coverage to make sure it is adequate to cover your dependents in the event of your death.  Chances are the coverage is much too low.  Typically the standard coverage recommended is 10 times your gross annual income.  If you don’t have enough you should seek additional insurance.

Another point to watch of course, is the cost of that coverage.  In many cases the insurance from your employer is much more expensive per thousand than traditional term insurance.  So be sure to price it out and make sure you’re getting the best DEAL!

Do you have adequate life insurance coverage?  Click like!

 

Would you like a job in healthcare or IT? 2015 could be the start of a great career!

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Image courtesy of by Praisaeng from freedigitalphotos.net
Image courtesy of by Praisaeng from freedigitalphotos.net

According to US News article, “The Best Jobs of 2015” the top jobs of 2015 will be in healthcare or IT.  To give yourself the best chance, focus on health care.  Seven out of the ten top jobs are in healthcare.  As the baby boomers age, it only makes sense that jobs in healthcare expand.  It has great prospects with huge growth potential.

If you aren’t a touchy, feely, people person, the IT field might be for you.  Again the growth potential is huge. The job flexibility can be great and salaries just keep going up.  Keep in mind computers aren’t going anywhere and we will always need them.

Maybe a job in IT for the healthcare industry would be ideal by combining the two industries! 

Please comment your thoughts on the HOT jobs for 2015.

 

Games are fun, right?

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Image courtesy of imagerymajestic from freedigitalphotos.net
Image courtesy of imagerymajestic from freedigitalphotos.net

We recently came across this quote from Coco Chanel: “In order to be irreplaceable one must always be different”.  It is so true, but of course in a positive way.

If you blend in with everyone else, you will get what everyone else gets.  Focus on what your job is. Work on how to do it faster and better than everyone else.  Make it like a game.  Play against yourself and your previous performance.  If you finished a certain task within 5 days, next time maybe you can improve your performance and finish in 4 days.

Always meet your deadlines. If there is a reason why you cannot, be sure to explain why prior to the deadline.   This will show that you are a professional and can be counted on.  Be irreplaceable!

What have you done to make yourself irreplaceable?

Give yourself a raise!

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“Hand Puts A Penny To A Heap Of British Coins” by Serge Bertasius Photography from freedigitalphotos.net
“Hand Puts A Penny To A Heap Of British Coins” by Serge Bertasius Photography from freedigitalphotos.net

Does your employer offer a matching contribution pension plan?  If so, give yourself a raise!  It is a guaranteed return.  Consider even contributing beyond the amount your employer will match but ALWAYS contribute to maximize the match.  The IRS has rules and yearly contribution limits.  Check them out at http://www.irs.gov/Retirement-Plans/401(k)-Plans.

Very carefully review your investing options inside the plan and select the appropriate mix of investments to make it grow!  With generous donations and good management your account should keep growing. It will eventually become a large part of your financial support when you retire.

If your company has a retirement plan what is the matching contribution rate?  Please comment.

Pay early and keep more!

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“Percent On Falling Cubes” by renjith krishnan from freedigitalphotos.net
“Percent On Falling Cubes” by renjith krishnan from freedigitalphotos.net

Take advantage of any and all early pay discounts.  Why not?  For example, many gas or oil companies offer a discount if you pay the entire balance within a few days of your fill.  For us in NH where it is ridiculously cold and we have at least 5 fills per year, it will allow us to keep about $150 per year.  To break it down, we get about a 4% discount on our fills if we pay within 10 days.  That’s $30 per fill, times 5 fills, equals about $150!  I would rather use that money for something else rather than burning it!

Even paying by credit card would work too, if you absolutely have to. However, the rule is to ALWAYS, ALWAYS pay your credit cards IN FULL EVERY MONTH.  Never carry debt.  If you cannot pay in full, DO NOT CHARGE IT!

How many of you take advantage of early pay discounts?  Please comment.

 

If you don’t love it, make a plan to leave it.

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Angry Businessman Crushing Paper by imagerymajestic from freedigitalphotos.net
Angry Businessman Crushing Paper by imagerymajestic from freedigitalphotos.net

If dislike your career, start making a plan to find one you can be positively passionate about.  Our work can generate strong emotions and the amount of time you spend each week working is substantial.  It is very possible your negative emotions will carry over to your relationships and job performance.   It will be very difficult to be a top income earner if you are not in the proper mindset.  Also, you owe it to yourself and those around you to be happy most of the time.  If you don’t love it, make a plan to leave it.

What career are you passionate about?  Please comment.