Modern Workforce

Can You Afford to Stay Home?

mrubin — Wed, 01 Sep 2010 18:51:49 +0000

The following is a look at some of the questions you have to ask yourself in order to determine if you can afford to be at home or if you should return to work after maternity. Most of them have to deal with things like determining what you can live without in order to be able to afford to live on one income:

How much are your bills each month? In order to determine if you can afford to leave your job, you need to determine how much money you would have to have to pay for your bills and obligations. Take a few minutes to write down and tally up all of the bills you are obligated to pay each month.
How does that compare with your income if you don’t work? Once you have your bills figured out, you should see if the income of one parent can cover your monthly obligations. It may be tight, but if you want to see if you can afford to stay at home, you have to see if the income you do bring in can support your already obliged money. If it is close, do not worry yet, it may still be affordable for you to be at home, you just have to figure a few more things out.
What can you cut out, pay off, or sell in order to reduce your monthly obligations? Sometimes the monthly obligations exceed one income by too much to make it plausible for you to quit your job. However, sometimes, a few simple adjustments can make it possible. For example, you could cut down your cable television package, cell phone plan, and other monthly expenses. In addition, make sure that you get rid of any unnecessary debts. Sell any toys or extras that you have that you are making payments on and don’t need.
What expenses would you eliminate if you were to leave employment? (child care, eating lunch out, wardrobe, etc.) Once you figure out how to cut out some expense, look at what other expenses you would save if you were to stop working, so you can see just how much money you really need to have from your income. If it is not much, you may be able to stay home just by cutting out a few extras like eating out too much, or the like.
Would you lose anything like health insurance that would cost more if you stayed home? If you stay home, what will it cost you besides your wages? Are you getting benefits that you will no longer have if you quit? How much will that cost to replace? In most cases, insurance outside of a group policy is far too expensive to pay for on your own. Of course, if you have benefits in the other parent’s job, this won’t be a consideration.
What are you willing to do without in order to be a stay-at-home mother? The real question of whether or not you can afford to stay home is asking yourself what you can do without in order to stay home. Can you do without seeing the first movies that come out? Can you do without eating out? Can you do without television, internet, and extra electronic devices?

Article Source: http://EzineArticles.com/?expert=Beverly_Frank

Keeping your Nest Egg when Changing Careers

mrubin — Fri, 23 Jul 2010 16:33:48 +0000

Many taxes and penalties that come with leaving a company may reduce the amount you have saved in your retirement 401k plan. To prevent that, careful attention is needed, along with these tips for keeping your nest egg intact during a career change.

Find out if you are vested

All the money that you deposit into a 401k still belongs to you after a layoff, but you can only keep the money that your company contributed if you are vested.

Make your move

You have several options to maintain the tax-deferred benefits of your 401(k) when you leave a job:

You can keep the money in your old employer’s plan
roll it into another tax-deferred account such as an IRA
ransfer your balance into a new 401k when you land your next position

Avoid transfer penalties

To do this, have your old company transfer your 401k savings into an IRA or a new company’s retirement plan. If you attempt to change it over yourself, you risk countless fees, especially if you are changing careers under the age of 55.

Consider your age

A 10% withdrawal penalty fee is given to any account that tries to take funds out of an IRA before the age of 59. In 401k plans, the age is 55. Keep your money in your funds for as long as you can when you are changing careers so as to not induce penalties.

Leave employer stock behind

When you hold stock in a company, the stock gets special treatment from taxes. When you are changing careers, those special privileges are gone for the company’s stock. When you withdraw company stock, the original cost of the shares will be taxed as ordinary income, but the appreciation of the stock is not taxed until you sell it (then it’s taxed at the long-term capital-gains rate of 15 percent). If company stock is rolled over to an IRA, appreciation is taxed at the typically higher ordinary income tax rate of up to 35 percent when withdrawn from the account.

Think before you cash out

If you cash out too early after changing careers, you can receive a lot less in your savings than otherwise done. Try to avoid spending 401k funds when IRA funds are much more assessable. If you need to spend some of your retirement stash on necessities, at least try to avoid the 10 percent early withdrawal penalty. Both 401(k)s and IRAs can be used to pay for unreimbursed medical expenses that exceed 7.5 percent of your income without penalty.

15 Career Changes that Could Make You $30 an Hour

mrubin — Wed, 09 Jun 2010 17:32:14 +0000

There are plenty of articles and blogs, many found in our changing careers section, which talks about finding out if you are ready for a career change. Knowing where to look to find that second career doesn’t seem to have as much coverage, but that’s where we’ve got you covered.

Chances are that one of the reasons for changing careers is the amount you were paid. A lot of companies have taken away annual percentage increases from their employee’s paychecks due to the economy. This means that the amount you get paid annually will not increase at the rate it had when the economy was better.

Mothers who are onramping after being home for maternity leave are looking to find jobs that can pay for two. However, finding a good paying job after being out of the workforce for a while can be extremely challenging.

The average hourly wage in America is $20.44. Wouldn’t it be nice to make more than the average American, especially if you have a family to provide for? Here are some career choices that make $30-39 an hour; this is making 63% more than the average American on your paychecks.

Career: Post-secondary communications teacher (journalism, advertising, etc.) at a credited university or college
Pay: $39.96

Career: Purchasing Managers (making purchases on behalf of companies at the best rate)
Pay: $39.80

Career: Environmental Engineer
Pay: $39. 72

Career: Industrial Production Manager
Pay: $38.60

Career: Physician’s Assistant
Pay: $37.84

Career: Construction Managers
Pay: $34.77

Career: Set and Exhibition designers for theater, T.V. and film productions
Pay: $34.16

Career: Market Research Analysts
Pay: $33.79

Career: Civil Engineers
Pay: $33.06

Career: Architects
Pay: $31.61

Career: Speech-language pathologists
Pay: $30.35

Career: Training and Development Managers
Pay: $30.63

Career: Kindergarten Teachers
Pay $30.08

Career: Technical Writers
Pay: $30.08

Career: Dental Hygienists
Pay: $30.01

5 Questions to Ask Yourself before Changing Careers

mrubin — Mon, 26 Apr 2010 20:15:12 +0000

Changing careers not only affects your day to day working environment, but can also affect your social life, how often you see the people you live with, your mental health and your family finances. If you are trying to onramp or returning to work after maternity, a career change might be even more difficult. Knowing yourself and making sure you know everything there is to know about a career change will give you the confidence you need to make the right decision.

Here are some questions to ask before you make the decision for a career change:

Have I done my research?
1. When you are looking into changing careers there are specific topics you should research, especially if you already have a benefits package from previous employers that will be ending. Some topics of interest include:
  1. Salary
  2. Type of work environment
  3. Relocation
  4. Insurance
  5. 401K plan
What are the benefits and drawbacks of a career change?
1. Benefits: higher salary, more diverse work environment, closer to home, showcase new talents
2. Drawbacks: lower salary, longer drive, new training courses, unfamiliar faces, starting over
Am I qualified for a career move?
1. When looking into a career change to a specific new job, make sure you have the correct credentials needed for the position. A college degree, certificates and work experience are all usual forms of qualifications needed in careers.
Can I transfer my current skills?
1. Make sure you are aware of the skills you have and are fully capable of transferring them to a new career, and more importantly, that they are in fact useful skills in another career field.
Am I prepared for changing careers?
1. After answering the above four questions, your mind is still set with changing careers. After you have hurtled that decision, now you need to know how to prepare for another job. Make sure you have/know the following:
  1. resume
  2. cover letter
  3. prepared answers for questions in an interview
  4. health insurance questions
  5. how changing careers will affect your spouse/people living with you

The Facts and Figures for Women Onrampers

admin — Wed, 03 Mar 2010 20:54:19 +0000

An overwhelming amount of women offrampers want to return as an onramper (93%). This however, doesn’t happen as easily as they would hope. Due to the extremely structured policies and practices of most companies, flexible work hours and working mom focused procedures are not common. Because of this, only 74% of those aforementioned female onrampers succeed in rejoining the workforce.

The following stats are taken directly from the report and are based on answers from 2,443 women and 653 men.

37% of highly qualified women offramp (voluntarily leave their jobs for a period of time)

On average, most women offramp for 2.2 years (1.2-1.5 in finance/banking careers) and when trying to return to work as an onramper, lose 18% of their earning power.

For finance/banking careers, the earning power decreases to 28%

This figure rises to 37% when the time off reaches 3 years

93% of women want to onramp, yet only 74% succeed and only 40% go back to their old jobs

Only 5% of onrampers want to return to the jobs they previously had.

Most onramping women (89%) want access to reduced hour jobs

1 in 4 women offramp to pursue a degree or training whereas 44% leave for family reasons

Only 15% of women said “a powerful position” was an important career goal

Ability to associate with people they respect weighed in as having an 82% importance, the freedom to “be themselves” came in at 79%, and the opportunity to be flexible with schedules was 64%

Source: WorkLifePolicy.org

7 Ways to Balance a Baby and a Job after Returning to Work after Maternity

admin — Mon, 22 Feb 2010 21:04:09 +0000

Once you’ve gotten over the initial guilt of leaving your baby when you return to work after maternity, the next hurtle comes from learning how to balance having a baby and working. Working moms have to deal with doubling their morning routine to incorporate their needs as well as the babies in getting ready for the day; getting dressed, eating, getting ready to leave.

Sometimes returning to work after maternity and learning to balance can be overwhelming, but here are 7 ways to balance the most important thing in your life with the most financially important.

A Will to Work –You have to have the will to go back to work to make the balance work. Having a work life balance starts by having a good mental outlook. Looking at the return to work after maternity leave as a blessing makes going to work that much more agreeable and easier to balance.
Seek Balance – Working mothers seem to be in a constant state of being overwhelmed. Seeking balance helps keep you, your husband, and your children happy. Balance is never fully attained; as your goals change and as your children age finding a balance needs to be tweaked, but it is always healthy to search for it.
Set Priorities – Setting priorities makes life easier to balance when returning to work after maternity. Knowing you need to set time aside for family time is crucial, as is learning to take time out and work on things from work if need be. You need to know how to separate
Allow for Fusion – Sometimes trying to combine your two world’s works out best! Attending a daytime school play, telecommuting, working flextime, or asking your employer to offer family-friendly environments such as pumping rooms combine family and work in a healthy and obtainable way.
Team Approach – Your husband is a huge support system. Make sure he is there to give you the support and love you need to make the transition into the working world. Divvying up the chores between the two of you will make both your lives easier and happier.
Me Time – In a survey of 500 working mothers, 31% exercised three times a week and 98% had a hobby. Taking time to re-energize is prudent to having a happy life.
Future Working Moms – Remember to phase back into returning to work after maternity leave. Ask for adjustments if needed; you aren’t the same person you were before you were pregnant.

Source: Babyzone.com

Get Ready to Change Careers, Whether You Want to or Not!

admin — Thu, 11 Feb 2010 16:43:52 +0000

Whether your career change is planned or not, it’s important to prepare for change and to know how to conduct a job search. Before going into the main components of being prepared for a career change, the basics need to be addressed first.

First and foremost, find out your eligibility for continuation of health and life insurance benefits, accrued vacation pay, unused sick pay, and other payments people are entitled to when laid off. Keep in mind there may be a lag between when your current health insurance coverage ends and a new policy starts. Also, don’t forget to file for unemployment.

Once the insurance is covered, here are other things to keep in mind when your job is unstable. Better to be safe than sorry, and here is how to make sure you aren’t the latter:

1. Prepare your resume and cover letter

A resume is the single most important thing you can give your future employers that will help get you an interview. It needs to be updated, professional, and grammatically correct. Cover letters give the employer a little more insight into who you are and what you can offer their company. Countless resources are available online to help create both resume and cover letters. Excellent sources include http://www.howtowritearesume.net/ and http://www.resume-place.com/resources/free-builders/.

2. Compile your references

Make a list of references and letters of recommendations just in case you need them. Asking previous employers or people you work with are good options. This is also a good networking tool.

3. Update your contact information with email and phone

Only use contact information that is completely separate from your companies contact information.

4. Prepare yourself with questions about your old job

Whether you were laid off or left on your own free will, have answers prepared for interviewers as to why you left your previous place of work. If you got laid off, don’t lie.

5. Don’t get worried about getting caught

Sites are available online that allow you to apply for jobs anonymously. There are also sites that will protect your identity from employers on the site; therefore, even if your own company is on the sites, you will not get caught for putting your name out in the job search world.

6. Clean out your computer

Clean out all personal documents, and take home all of your personal belongings. Try to leave on the best terms possible. You never know who will be able to give you the reference you need to get that next job.

Source: About.com: Job Searching

Youronramp.com Focuses on Women On-rampers

admin — Thu, 21 Jan 2010 16:38:12 +0000

Youronramp.com focuses on the demographic of women in career transitions.

The interesting thing about this site in particular is the amount of resources it offers. It has its own on-ramping job board as well as a career help page that ranges from building a career wardrobe to getting career coaching from an expert career coach.

This site also offers a blog for women who are new mothers to chats about life in general. Of-ramping and on-ramping are discussed by regular women and experts side by side. It is an easy to navigate site with a lot to offer a woman with questions about on-ramping.

It’s a great resource to look at if you’re on the fence about on-ramping (or off-ramping) but don’t forget to check out the other blogs on here for more information like our blog about on-ramping by CNN, and our section on changing careers and mothers reentering the work after maternity leave.

Source: Youronramp.com

CNN talks about Onrampers

admin — Mon, 18 Jan 2010 19:24:15 +0000

Polly Labarre, former senior editor of business magazine Fast Company and author of Mavericks at Work talked to CNN about onrampers and how a lot of companies are looking specifically for employees who are coming back into the workforce with experience.

A lot of the work they talk about on the show has to do with temporary, or temp, jobs. However, many companies are looking for onrampers to come on full-time as well. Mothers returning to work after maternity is a dominant group of onrampers, and they’re looking to stay. Women onrampers are a large group looking to come back into the workforce; women are more prone to leave the workforce because of family issues.

Labarre told CNN that “companies are waking up to the fact that there are pools of talent, whether you’re looking at stay at home moms, recently retired baby boomers, successful executives who want more flexibility, or the recently laid off, who are available, have ton of experience and knowledge, and are interested in new ways of working.”

Source: CNN.com

How to know if You’re Ready for a Career Change in 10 Steps

admin — Mon, 18 Jan 2010 19:21:31 +0000

Step 1: Assessment of likes/dislikes- Finding things you don’t like in your job are easy if you’re thinking about quitting. But also think of the things you like so you can identify them easier at an interview. Rediscover yourself and you might discover a direction for your career change.
Step 2: Researching new careers- Once you’ve discovered your passions, research which jobs fit them. The US Bureau of Labor Statistics Occupational Outlook Handbook can help find a job that matches what you enjoy. Our section about on-ramping might give you some good pointers as well.
Step 3: Transferable skills- A lot of jobs help give you skills needed in multiple career atmospheres. Figure out which skills you have that will apply to your new job.
Step 4: Training and education- Go slowly! If you are trying to get a new degree, take only a few classes at a time to make sure you enjoy it. If you are training for something that could be used in your current job, see if they don’t mind paying for it. If you are worried about paying for classes, check out StudentFinanceDomain.com
Step 5: Networking- Colleagues, friends and family members all are part of your network. They can help you find job leads, offer you advice and information about a particular company or industry, and introduce you to others so that you can expand your network.
Step 6: Gaining experience- Two words: Part-time and volunteering. Remember, you’re starting completely over. No job is too small and every job is valuable.
Step 7: Finding a mentor- Pretty self-explanatory. Keep in mind that your mentor can help expand your network in your search for a career change.
Step 8: Changing in or out- Don’t overlook your current employer. Although you might not be happy with the position you have now, somewhere else in the same company might suit you better. Remember; don’t bring up a change until you are 100 percent sure that it is what you want.
Step 9: Job-hunting basics- Do not let your ego get in the way. Chances are it has been a long time since you’ve been on a job hunt. Research interview tactics, resume builders, cover letter resources and salary negotiation resources.
Step 10: Be flexible- A lot of things will come at you sideways. Look at things positively and think about moving laterally to make a bigger career move later.

Once you have figured out a career change is the correct path for you, don’t forget to check out our blog on 10 Career Change Mistakes to Avoid. This will help avoid the painful problems that arise in the process of a career change.

Source: Quintcareers.com