Financial Considerations for High-Income, High-Debt Professionals

By Scott D. Serfass  

Doctors, lawyers and other highly-trained professionals often have their sights on lucrative salaries once they complete their courses of study - but many are also saddled with a less pleasant graduation gift: outstanding student loans. For those who've landed a well-paying job in their desired fields, the dual reality of commanding a big salary while being encumbered with debt can lead to financial mistakes. But, as with many complexities in life, having a plan in place can help.

If you find yourself in the camp of high-income, high-debt professionals, consider the following four steps to manage your finances, pay down your obligations and pave the way to a confident financial future.

1. Spend wisely

The income you earn today may seem staggering compared to what you were accustomed to in the years before receiving your degree. Before you increase your spending, it's important to take a step back and consider how to tackle multiple financial goals at once. Start by earmarking part of each paycheck for your future goals. Knowing you have dedicated savings for future purchases like a new home or sending your kids to college can help you have confidence in your everyday finances - including an occasional splurge. However, until you have your other debts paid off or dramatically reduced, it may not be prudent to take on a large mortgage or a loan for an expensive vehicle.

2. Manage your debt effectively

Keep up on student debt and if you can, consider accelerating your payments. Paying extra will not help you eliminate the debt sooner, but will reduce the total amount you pay in interest. Refinancing the debt to ease your monthly payment schedule may be an option, but given your likely cash flow, it may not be necessary. If you have accrued other debts such as car loans or credit card borrowing, repay them as quickly as possible. Make it a priority to reduce the impact that debt has on your monthly budget.

3. Start saving for retirement

A good rule of thumb for any young professional is to try to save 10 percent (and more, if possible) of their income in accounts designed to build wealth for the long run. While the idea of retirement may seem a lifetime away, starting to accumulate money in a retirement account as soon as possible can be especially effective. Those who begin saving for retirement in their 20s or early 30s can most effectively leverage the power of compounding interest. At this age, you have time on your side and the ability for your investments to grow over the decades to come.

4. Keep it all in perspective

You've worked hard to get where you are, and earning a big paycheck is a justifiable reward. Your professional and financial journey is just beginning, so treat your financial life as a marathon, not a sprint. At the very least, focus on living within your means. To the extent you are able, try to live even more modestly with the goal of paying down debts as quickly as possible. You never know what the future holds and what opportunities may arise. Your income level could change, either by your own choice or due to unavoidable circumstances. Take advantage of your good fortune today to strengthen your financial future.

Scott D. Serfass, CFP®, CRPC®, CDFA™, CLU®, ChFC® is a financial advisor and senior partner of Serfass, Phillips & Associates, a financial advisory practice of Ameriprise Financial Services, Inc. His team specializes in helping people retire confidently and develop a plan to effectively share wealth across multiple generations. Throughout his career, he has witnessed many families continue to grow despite global and economic turmoil. This experience and research paved the way for his book, Family Success.

To contact him, visit http://www.ameripriseadvisors.com/scott.d.serfass or to purchase Family Success visit https://www.amazon.com/Family-Success-Building-Legacy-Takes/dp/1621476480

Article Source: https://EzineArticles.com/expert/Scott_D._Serfass/1700598

New Book Offers Inside Look at What Employers Want in Future Employees

By Tyler Tichelaar  

In Landing Internships and Your First Job, Jerome Wong offers invaluable career-preparation advice to college students about to enter the workplace. The subtitle, Why Qualifications Are Not Enough, reveals that hiring managers look for more than just academic success and so-called "hard skills" when evaluating candidates.

Wong has spent plenty of years on both sides of the hiring process. He has a B.S. in Electrical Engineering from Tufts University, has had a career in technology, received another degree from Columbia Business School and then entered the banking world, and eventually, began his own company, Real World ExpertsTM, to advise students on the entire career-preparation process. Besides being interviewed for jobs many times himself, Wong has frequently interviewed prospective employees, participated in campus recruiting teams, and worked with the human resources departments at the firms he worked for to hire the best college talent available. Today, through his company, Wong coaches students on the entire job search process, including interview techniques and proper business etiquette. Now he shares all his experiences, thoughtful insights, and actionable strategies in his new book.

Landing Internships and Your First Job goes far beyond the usual job search books about interviewing techniques and how to write a resume. This book is for students specifically and explains how they can use their academic experience to translate into the key components employers want in their respective fields. As Wong states in the introduction:

"Unlike experienced professionals who can point to their relevant work experience as qualifications for future success, students have a more challenging task of convincing prospective employers that their academic and extracurricular experiences can translate into professional success. They also have the additional burden of convincing companies that they are truly interested and committed to the industry."

Wong relieves students of a large part of that burden by showing how to give value to their experiences. But this book is much more than how to fluff your resume to look good to an employer or what to say in an interview. Wong talks about all the things students should be doing long before they begin looking for a job. He instructs on how to determine what courses to take to establish a compelling academic profile, how to use your school's career services office to help you, and, most importantly, how to tell your authentic story to convince the company to hire you.

Equally important, Wong asks readers to think about what career is an appropriate fit for them. Students need to determine what their values are and how those will translate into the workplace. It isn't enough just to want to make a six-figure salary, and you certainly can't tell prospective employers that's why you want to work for them. You also don't want to take on a job just for the money if it will give you more stress than you can handle or it ethically doesn't align with your values.

One of the most important chapters in the book is about building your personal brand. Success in the job market begins with personally being a success, and that doesn't mean just academic achievements but moral success and coming up with your own personal definition of success that will align with your goals, personality, and ethics. You have to brand yourself to reflect in all ways who you are. Wong helps students not only to determine what their brands are but how to communicate those brands effectively to employers so they will "buy into" the brand.

Wong also focuses on the importance of treating the career prep process as a sales process. While in class, you're in a sales situation because you have to cultivate relationships to receive recommendations from professors. Summer internships also should be treated like long and thorough job interviews. In addition, Wong gives advice on interviewing, adding this surprising nugget of truth: "Hiring managers are often more impressed by questions candidates ask them than by their answers to their questions."

There is plenty more invaluable information in this book-advice on networking, attending career fairs, how to have the right attitude, how to be self-confident, and how to have a sales mindset to sell yourself. But perhaps most important is what Wong has to say about when and how often to prepare for finding a job. Wong states the hard truth by saying:

"Students often tell me they are too busy with their coursework to dedicate time to career prep. Unfortunately, attending job fairs or on-campus interviews is not necessarily enough to find a job; you will need to put in a lot more effort if you want to maximize your chances of landing a great first job or internship... People often say that searching for a job is a full-time job. For college students, it should at least be a part-time job, which means you should consistently set aside time each week for career prep. Ideally, you should start thinking about career prep efforts as a first-year student, although at this stage, your focus should just be on getting familiar with the career services available on campus, exploring your academic interests, and thinking about establishing academic credentials attractive to potential employers."

Hopefully, you are one of the smart ones who is ahead of the game and will read this book early in your college career, but if not, there's still plenty to help set you apart from all the other job applicants. I wish someone had given me this book when I was in college. It will make the perfect gift for high school or college students, anyone about to enter the job market, or even someone who wants to prepare to find a better job.

Article Source: https://EzineArticles.com/expert/Tyler_Tichelaar/143913

How to Address Salary As Part of the Hiring Process

By Wayne Elsey 

Let's face it. Most nonprofits are notorious for not paying high salaries in comparison to their for-profit peers. Recently, there's been a movement, which has the support of some state legislatures to make it illegal for employers to ask for salary history.

Prospective employees also feel especially many in the nonprofit sector which is notorious for paying below market wages, that they lose any standing in any negotiations. Candidates also feel it's an invasion of their privacy.

Why has salary history become an issue?

1. Technology: Technology has created a situation where applicants are "forced" in online applications to reveal their pay history. In turn, employers have been able to screen out people based on that criteria alone--regardless if someone can do a job or not.
2. Wage Gap: Studies have shown that women earn $0.80 to every $1.00 her male counterparts earn for the same job. And, between black people and white people, there is a gap in earnings of 26.7 percent. So, by asking for salary history of individuals who have been systematically earning lower wages than others, pay has become a matter of fairness, addressing systemic poverty and social justice.

On the flip side of the coin, there are valid reasons why employers ask about salary history, including the following:

1. Affordability: One of the key reasons why many organizations ask for salary history is because hiring managers can learn if they can afford to hire someone.
2. Benefits and Bonuses: Hiring managers can determine if the candidate they would like to hire received any additional financial benefits, such as monetary bonuses.
3. Candidate success: In combination with the work history, a hiring manager can learn if a candidate was promoted, given more responsibilities and compensated.

So, how should you deal with salary negotiations in this new environment when candidates are less inclined to provide salary history, and state legislatures are changing laws that may prohibit employers from asking? How can you find the happy medium?

1. Know the law. As a nonprofit or social enterprise business, make it a point to know the law in your state about whether or not you're permitted to ask about salary history.
2. Respect your candidates and workers. Realize as an employer, especially in the nonprofit sector, that many people have not earned what they should be earning. Candidates also see it as an invasion of their privacy. Remember that you want to strike a balance between your business needs and those of the candidates and your employees.
3. Tweak technology. Don't require applicants to list their salary history online even before you've considered their application. If you publicize a range, which you have for any job you're posting, prospective candidates will apply or not if the salary range is acceptable to them.
4. Stick to the range. Do your research. Know what other nonprofits in your area, and even across the country, are paying for similar positions. Here are some excellent salary surveys from PNP Staffing Group and The Bridgespan Group. Then, in all fairness to your organization and the candidates, be open and fair about the salary range.
5. Be serious. Many times nonprofits begin salary discussions with prospective candidates asking for histories (assuming it's legal in the state) before they have any real interest or desire in the candidate. Don't bother. When you enter into salary negotiations, respect the candidate and be serious about their candidacy.

As more and more states make it illegal for organizations and businesses to ask about salary histories, you'll get more pushback, even from candidates in states where asking for such information is legal. Don't start off your relationship with prospective employees on the wrong foot. Take this delicate discussion seriously, remember how it annoys potential team members. Would you like someone asking you about how much you've made, particularly if they're not that interested in you?

Ask for salary targets from candidates, which is open and fair game. Provide your salary range, so candidates know whether or not you're even in the same ballpark. Remember that the Internet gives you power and knowledge. It also gives the same to prospective candidates. With a little research and mutual respect, salary negotiations don't have to become a zero sum game.

Author of "Not Your Father's Charity: Grip & Rip Leadership for Social Impact" - Free Digital Download at http://www.notyourfatherscharity.com

© 2017 Wayne Elsey and Not Your Father's Charity. All Rights Reserved.

Article Source: https://EzineArticles.com/expert/Wayne_Elsey/2016149

Three Overlooked Jobs With High Salaries

By Faith Kaltenbach  

You don't need to be a movie star or athlete to make big bucks. Surprisingly, those professions are not even listed as high-paying careers. Listed below are some of the most over-looked high paying jobs according to the US Department of Labor.

IT Systems Managers

Top Salary: $100,000-$110,000

Work Experience Required: 4-8 years

The IT jobs sector is relatively new, but it can be one of the most valued positions in a company. While a degree is usually required for this type of position, there are many stories of gifted self-trained programmers who were promoted to very high positions in the company despite having no formal education. However, the more traditional approach requires at least a four year college degree in mathematics, computer engineering, or computer science.

IT jobs form the backbone of many modern companies. Duties of an IT manager include application/software selection, deployment of information technology, and IT security. Many applicants start out as a data analyst or programmer, but as conceptual knowledge and experience is acquired, they can be capable of managing an entire enterprise.

Accountant

Top Salary: $80,000-$300,000

Work Experience Required: 4 years

People often stereotype accounting jobs as boring and tedious. Most accountants are pictured as drab individuals in a cramped office delving into hordes of numbers. However, this misconception creates a tremendous opportunity for those who do like to work with numbers.

If you enjoy working alone and work well with calculations, accounting may be the perfect job for you. The average starting salary for an accountant is $41,000, while some of the most experienced accountants make over $200,000. As you gain more work experience, you can apply to a large corporation that pays top dollar.

Airline Pilot

Top Salary: $140,000

Training Required: 5-10 years

While commercial airline pilots make less than they used to, they still enjoy high pay and heaps of benefits. Due to FAA (Federal Aviation Administration) regulations, pilots can only fly 100 hours a month, allowing them to take the rest of the time off. However, to attain the position of a commercial pilot you'll need 1500 hours of flight experience and be able to pass and array of tedious FAA exams.

A college degree is not necessary to become a pilot, but it can put you a step ahead of competitors. Since logging flight hours is very expensive, many pilots opt to be trained in the military before moving on the commercial airlines. After being hired, it can take 5-10 years to be promoted to captain.

The author has spent a lot of time learning about Accounting Jobs and other related topics. Read more about IT jobs at the author's website.

Article Source: https://EzineArticles.com/expert/Faith_Kaltenbach/835218

Surprising Salaries - Jobs That Pay Astonishingly Well

By Kelly Ritzer 

Are you sure you make what you're worth? Even in a weakening economy, some careers (with and without college degrees) are paying off big-time with surprisingly high salaries that their job title may not necessarily make known.

Fashion Designer

While it's every girl's fantasy to become the next Donatella Versace, there are plenty of fashion designers who don't but still bring home a substantial paycheck. Many successful designers create popular mass-market designs that are sold in national retail chains.

Principals

While teachers are glaringly underpaid, their administrative counterparts are not. In fact, some high school principals in certain districts take home six-figure paychecks, reflective of the educational responsibilities and obligations they take on.

Truck Driving Jobs

Since professional drivers are essentially the heart of the economy and deliver more than two-thirds of virtually everything consumed in the United States, CDL truck driving jobs can provide excellent pay despite uncertain economic times.

Flight AttendantsSurprisingly, the top ten percent of flight attendants make more than $100,000 a year; however, most are flying quite comfortably, taking in approximately $62,000 annually.

Subway and Streetcar Operators

Operators of trains, streetcars, trolleys, or railways that transport passengers through metropolitan areas are benefiting for substantial paychecks as we see an increase in mass transit. Most take home approximately $46,000 a year.

Technical Writer

Technical writers provide a crucial service as they translate technical information for mass audiences. Employed by a wide variety of companies within a myriad of industries, technical writers make on average $10,000 more a year than the average writer.

Article Source: https://EzineArticles.com/expert/Kelly_Ritzer/173291

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10 Best Job Interview Strategies

1. Build rapport
2. Be yourself - don't exaggerate skills; be honest
3. Study job description - identify skills most relevant to job
4. Study the company
5. Display your skills with concrete examples
6. Know your resume
7. Make eye contact
8. Prepare an interview emergency kit
9. Body language
10. Follow up quickly

Job interviews can be a mystery. But you can find success if you follow the right job interview strategies. The following 10 tips are the best job interview strategies to follow if you want to ace your next interview.

10 Best Job Interview Strategies

1. Study the company

One of the best job interview strategies that most candidates ignore is to study the current events of the company. Knowing what the current events of the company is important so that you can ask pertinent questions. Doing so will show the interviewer that you have done your homework, and also have a genuine interest in the company. This strategy will definitely help your job interview.

2. Know your resume

As a candidate, you should be very familiar with your resume. In any job interview, anything on your resume is at the interviewer's disposal. Implementing this job interview strategy will help build credibility with your interviewer. It is your respnsibility to convince the interviewer that you can come in and do the job. Speaking intelligently about each of your previous positions will help do this, and is one of the best job interview strategies to follow.

3. Prepare an interview emergency kit

Many candidates don't properly prepare for a job interview. Getting together a "job interview kit" is a great job interview strategy to follow. Suggested items for the kit include extra copies of your resume, directions to the office, a bottle of water, eye drops, pens, and notepad. But you should only bring the extra copies of your resume into the office with you, preferably in a portfolio.

4. Study job description

After landing an interview, you need to study the job description to truly understand what the interviewer is looking for. If the description calls for attentiveness to detail, you will want to tailor the discussion accordingly. Knowing this, you can navigate the interview and discuss examples from previous jobs that will exemplify this trait. Do this for all significant traits or qualities that you identify in the job description. This is one of the best job interview strategies I have used, and know that it can bring you success.

5. Build rapport

You know the saying, "There's never a second chance to make a first impression?" That holds very true in the case of job interviews. That is why building rapport is such an important job interview strategy. Shake hands, make eye contact, and smile. Put those three together when you first meet your interviewer and it will set a positive tone for the rest of the interview.

6. Make eye contact

Making positive eye contact is one of the best job interview strategies to follow. Eye contact is one of the strongest forms of nonverbal communication. A person's qualities and personality can be detected simply based on eye contact. Making direct eye contact communicates confidence and high self-esteem, two key qualities employers look for in candidates.

Thus, it is very important that you make eye contact when you first meet interviewer and shake hands. And during the interview, it is important to make eye contact, not only when you talk, but also as you listen. Simply doing this job interview strategy will greatly help your chances of success in an interview.

7. Body language

Just as eye contact speaks volumes about you, so does your body language. Proper body language conveys confidence and high self-esteem. During the interview, things like sitting up straight with your chest out and keeping a pleasant demeanor on your face will project confidence. The interviewer will be aware of this, and it will help you stand out in his/her mind.

8. Display your skills with concrete examples

When it comes to discussing their skills, many candidates make the mistake of "telling" instead of "showing." One of the best job interview strategies is to use concrete examples to demonstrate their skills to the interviewer. For example, if one of your skills is successfully handling multiple tasks at once, providing an example of how you do that will help paint a picture for the interviewer. It also gives the interviewer something to "hold on to" once the interview is over, and helps him/her remember you when it comes to decision time.

9. Be yourself

A common mistake that many candidates make is not being themselves. Some feel that they need to fit a certain mold and act accordingly. This will only end up hurting both parties in the end when your "true" personality comes out. You will be surprised how easy it is to detect insincerity during an interview. Thus, it is important to be professional, but also maintain your true essence. When you do this, your sincerity and genuineness will be picked up by the interviewer. This is one of the best job interview strategies to implement, and will go a long way in determining your success.

10. Follow up quickly

After the job interview, send a thank you note to the interview. These days, an email is fine, but traditionally a handwritten card is sent. Whatever method you choose, do it promptly after the interview. The correspondence should be sent the next day after the interview. Many hiring decisions are made quickly these days, so timeliness is very important.

You now have 10 of the best job interview strategies to follow. There are many aspects of a successful job interview, but if you implement these 10 best job interview strategies listed above, your chances of success will skyrocket!