Work | Well Heeled Blog

How to increase your chances of landing your dream job

Written by WellHeeled on January 21, 2012 · 1 Comment

This post is sponsored by RBS Insurance, a leading British general insurer.

Despite the doom and gloom in the media about how jobs are increasingly hard to come by, the fact remains that if you maintain a positive outlook and take the necessary steps to stand out from the crowd, you’ll find the right opportunity sooner rather than later.

There are a number of simple, logical moves you can make to increase your employability — things that will help you rise from the mass of identical applicants and straight to the top of the pile.

Tailor your covering letter

Having one well-written ‘catch all’ covering letter will put you ahead of a lot of the field — but to really stand out you’ll need to tailor a new covering letter for each application. The effort won’t go unnoticed and it’s an easy way to score a few vital points before your prospective employer has even got to your CV.

Preen your CV

It’s good to talk yourself up and demonstrate any relevant experience but it’s also important to be concise. Recruiters have a lot on their plate on any given day, so if they come across a four-page CV you can bet they won’t make it through all of it. Try and get yours down to a single page if possible or a couple of pages at most — that’s still enough to entice potential employers with the pertinent information.

Get smart

It might sound like a no-brainer, but if you manage to land an interview dress smartly for the occasion. You may well feel like ‘smart casual’ will be good enough but unless you’ve been told that specifically by the recruiter themselves, don’t take any chances. Don’t turn down a great chance to make a good impression from the off.

Read up

If you’re heading to an interview, don’t expect to be able to just turn up and dazzle them with your natural wit and charm. It’s vitally important that you’re able to demonstrate knowledge of the company that you claim to want to work for. An early question is likely to be: ‘Why do you want to work here?’ If you can’t answer that well, then you may as well not turn up at all.

Get ahead

A sure fire way to stay two steps ahead of the majority of your competition is to gain relevant experience in your chosen field. For instance, if you’re having trouble landing insurance jobs, scour the internet for news of work placement opportunities or internships within insurance companies. Not only will it look fantastic on your CV, but you’ll also make valuable contacts or even put yourself in the frame for permanent work at the company that takes you under its wing.

Categories: Sponsored, Work

Does It Matter Who Makes More Money in a Relationship?

Written by WellHeeled on December 5, 2011 · 41 Comments

The progressive, egalitarian answer to the question “does it matter who makes more money in a relationship” would be “no,” right? It doesn’t matter because we should love people for who they are and not how much money they make. It doesn’t matter because money doesn’t define a person’s worth nor his/her contributions to a relationship. It doesn’t matter if it’s the man who makes more or the woman who makes more because we are beyond such gendered roles. Oh if it were only that simple!

Historically, men have done the lion’s share of bringing in income. Our current tax code is based on the assumption that there is one breadwinner in the household. Couples who make wildly disparate incomes often have a “marriage benefit” (i.e. they would pay less in taxes than if they were unmarried), while couples who make roughly similar amounts suffer from a “marriage penalty.”

There are research and anecdotal evidence that says men prefer women who make less money and women prefer men who make more money. When I was young I thought that was silly – especially men who wanted their spouse who makes less money. Why would you want LESS money if married folks combined all their money anyway? (Keep in mind that my understanding of “married folks and money”was based on a sample of 1: my parents). But in fact, my mother once told me that a marriage would be function more smoothly if the man made more money, even if it’s just a little bit more. Now my mother is a very wise woman, and life has proven her right time and time again. But I am hoping she isn’t that right on this issue.

My Personal Take

CB and I met in high school, so we were both as broke as a joke when we started going out. The highlight of those early days of courtship was Krispy Kreme’s free donut hour when the staff passed out complimentary glazed donuts. In teenage girl parlance, I heart delicious fried dough. (Still do!)

When we dated after college, we took turns paying when we went out. When we moved in, we split the rent according to our incomes and divided everything else down the middle, but we never kept very close accounting of who owes whom. Once we are married, we (and the State of California) are going to treat whatever we bring in as ours, not his or hers. Right now I make around 6o% of our income and CB makes 40%, but that hasn’t caused any friction so far.

I’d like to think this is the bottom line: I don’t care much if I make more money or CB makes more money – I just want our little economic/love unit to make more money, period! Haha. In other words, we’re playing on the same team. There will be times when I make more and times when he makes more, but it shouldn’t matter that much as long as we are both doing our best. I can definitely see conflicts, though, if one of us is out of a job without trying hard to find a new one or if our financial situation drastically worsens. Even though things are going fine, sometimes I think about what my mother has said. Am I too much of a Pollyanna? Is there something that my mom foresee that I can’t quite grasp right now?

What My Friends Say

One of my girlfriends said that she looks for a man who will make more money than she does, because she wants to feel that sense of financial security of NOT being the breadwinner. She also wants the option of staying home with kids later on, which would be easier if her income was a smaller portion of the family pie. Her reasoning makes perfect sense. In fact, I think it’s brave and self-aware of her to understand that about herself, because I know many women have conflicted feelings about this issue, but it can be difficult to say that you want your husband to make more money without sounding superficial or materialistic.

I have another friend of mine who has an MBA from a top school and a job making $100,000-plus. One evening, over a bottle of wine, she laid out this dilemma. She said that when she writes her Match.com dating profile, she is torn between three choices: (1) leave the field blank – but she doesn’t want to be excluded from search results that specify an income range, (2) write down her true salary range – but she has found that many men would not contact her because her salary is higher, and (3) lie about her salary, maybe put down a $40,000 instead – but that also feels wrong. What should she do?

Then again, I also talked to a guy friend who says that his ideal woman is gorgeous, thin, and rich as heck so he can enjoy a life of luxury filled with exotic cars and nice vacations. I’m pretty sure he was half-joking, but if a beautiful sugar mama dropped in to his life I doubt he would protest!

I haven’t talked to many men who said that they would view a women taking home a bigger paycheck as a negative. I’d like to think it’s a case of us all being more progressive, but just as it may be hard for women to admit that they want a man who makes more money, it may be difficult for men to admit that they want to be the breadwinner.

I’d like to know what you all think about this topic.

Do you make more than your significant other? How does that affect your relationship or marriage? For the women: do you want a man who makes more money? For the men: does it matter if your wife or girlfriend makes more? Would you prefer to be the breadwinner?

Categories: Behavior, Work - Tags: money and relationships

What Companies Can Do To Help Employee’s Retirement Preparedness

Written by WellHeeled on November 3, 2011 · 17 Comments

Most employees are not ready for retirement.

That’s the conclusion from Retirement Preparedness Report, a study by the financial education firm Financial Finesse. According to the report:

Most employees have never run a retirement projection despite their income or age. Fifty-seven percent of employees at pre-retirement age, between 55 and 64, said they had not run a calculation to estimate whether or not they were on track to replace 80% of their income annually (or their goal) in retirement. This number grew with younger generations: 68% of employees age 45-54, 67% of employees age 30-44, and 73% of employees under 30 indicated they had not run a retirement projection and didn’t know if they were on track to retire.
Employees who don’t know if they are on track to retire don’t fare much better than those who know they are not on track. Employees who are on track to retire have an average financial wellness score of 7.2 out of 10, and have sound money management skills. Those who are not on track scored far lower with a 4.2 financial wellness score and those who don’t know whether they are on track or not scored only slightly higher with a 4.7 financial wellness score.
Basic money management skills are essential to employees’ retirement preparedness. There are significant correlations between retirement preparedness and having an emergency fund, having a plan to pay off debt, and paying credit card bills in full.

Companies can definitely help employees along that road to retirement.

Offer an retirement plan, whether it be a defined-contribution plan such as 401K, a SIMPLE IRA, or a SEP IRA, or a defined benefit pension plan.
Have an opt-out instead of an opt-in retirement contribution system. Instead of having employees joining a 401K, set up the system so that everyone is automatically enrolled unless they chose not to. Studies have shown that people tend to follow the path of least resistance.
Provide a matching contribution. This will further incentivize (or it should!) employees to contribute to their retirement fund.
Select a 401K provider who offers low-cost index funds or managed funds with reasonable fees. High fees eat into performance, and most adversely affect long-time employees.
Teach employees about the benefits the company offers, such as any financial counseling, health spending funds, or discounted entertainment options. This action will not only help employees take advantage of these benefits, but also help them appreciate the full scope of their compensation.

I am very grateful that both my employer and CB’s employer offers defined contribution plans for us, so we can partake in tax-advantaged savings. CB’s employer also makes a significant contribution to his retirement plan every month, which is an added bonus. The days of an employee working for the same firm for 30 years and then retiring with a good pension and a gold watch is over. We both know that despite the fact our companies are helping us towards retirement – saving is ultimately our responsibility. That’s not to say companies can’t help their employees along, though!

Categories: Retirement, Work

Are We Forgetting Our Unemployed?

Written by WellHeeled on August 11, 2011 · 13 Comments

In the best of times, it’s tough being unemployed. Today, unemployment is long, discouraging, and financially devastating experience for many Americans. As I read the newspaper and hear talking heads discuss the jobs market and the economy at large, though, I am struck by the fact that most of the conversations glides over the 9.1% unemployment rate; the plight of the individual seem to be missing from the national discourse.

It’s as if… most of the us has moved on. The ones who kept their jobs or found jobs after the 2008-2009 period are busy working, and the ones who didn’t watched the number of their remaining unemployment checks dwindle. To add insult to injury, unemployed folks are not considered an influential voting bloc, so politicians don’t have an incentive to even count the them as an important constituent.

Are we forgetting the unemployed Americans? The unemployment rate dropped to a still sky-high 9.1%, partly because many folks have simply given up hope of finding a job in a dismal market. In fact, the percentage of Americans who are working is the lowest in almost 30 years – only 45% of people over 16 are had a job in 2010. The 99 weeks of unemployment insurance has run out for a lot of people, leaving them to get burn through their savings, cash out retirement funds, move in with family members, or taking early Social Security payments.

Now, unlike in 2008 and 2009, the massive layouts seem to have ended (knock on wood). I remember that several of my friends were laid off in those years. One girl I knew was out of a job for 18 months. I remember the frustration and self-doubt after I went on interview after interview without an offer. Fortunately, though, my friends and I found jobs again.

But what about those people who didn’t find jobs? The longer you are unemployed, the more difficult it is regain employment. Many recruiters and HR managers prefer currently working or recently-employed candidates. Workers lose skills, confidence, and contacts the longer they have been out of the market. If you are older than 55, the cards are even more stacked against you.

I don’t know what the exact prescription is, but I think we need to do more to help our unemployed folks, especially the long-term unemployed.

Thoughts? Do you think the unemployed has been neglected?

Business Insurance Experts Premierline Direct

Categories: Life, Work - Tags: finding a job, job search

5 Great Ways to Spend a Raise

Written by WellHeeled on April 25, 2011 · 18 Comments

Congratulations, you got a raise! Now what?

At my annual performance review, I received a good-sized raise that translates to $200-$300 a month, depending on how 401K and taxes shake out. While the raise was a couple of percentage points lower than what I had asked for, I am appreciative and happy about it all things considered. I am happy that I got this raise and I am happy that my contributions at work are being recognized. On the personal finance front, this raise will go a long way in helping me meet my goals for 2011.

Now, what to do about this extra money? No matter what I do, I don’t want to fritter this raise away. I worked really hard this past year to earn this raise, and I want the extra money to work hard for me too.

Here are 5 great ways to spend a raise:

1. Save the raise for a retirement

If I weren’t already contributing the maximum to my 401K or Roth IRA, retirement is the first place I’d look. Banking the raise is a relatively painless form of saving (after all, you’ve already managed to live without it, right?), and even if you only increase your current contribution levels by a percentage or two, your retirement fund will still reap benefits down the road. New York Times has a nifty tool called The 1% More Savings Calculator to show the fantastic effects of increasing savings by just one more percentage point (or even better, another percentage point a year up to 16%).

2. Pay down debt

If you have high-interest rate debt such as credit card debt, use this raise to accelerate your payment. The interest offered by banks and credit unions are so low right now that whatever money you can put to debt will probably save you money in the long run. Mortgage, credit card, student loans, car note- a raise can help get rid of these debts faster and save you hundreds or thousands of dollars in interest payments. I still have $12,000+ in student loans, but because they are zero-interest loans, it doesn’t make sense for me to pay them back early.

3. Bulk up cash savings / emergency fund

It’s rare that you will find yourself in an emergency and say, d’oh! I have too much cash. (If you are that person, then please, I’d like to have your problem). So I could put the raise into my general cash fund (i.e. my Freedom Fund) which is basically earmarked for graduate school. A few hundred dollars a month can add up quickly, especially if I am consistent with the saving.

4. Save the raise for a big-ticket purchase

I could start putting more money into the Galapagos Fund. Once I get engaged, I might want to start saving for a wedding. But I don’t want many big-ticket item (not even a wedding) that much, other than expensive and glorious adventure travel.

5. Invest in yourself

If there are workshops, coaching, or materials that will help you become more successful, take some of that hard-earned raise and reward yourself. If you need to update your wardrobe, do so (even though it’s not strictly a monetary investment!).

Categories: Retirement, Work

Admin Appreciation Week Giveaway: $50 Gift Card for 5 Lucky Winners!

Written by WellHeeled on April 24, 2011 · 106 Comments

Administrative Professionals Week is April 24-30. To celebrate support staff for all of their hard work, American Express has created a Recognize and Reward Sweepstakes at ForEverythingYouDo.com, where professionals can recognize a standout administrative professional, colleague or peer and enter them to win Gift Card prizes.

Thanks to the generous sponsorship of American Express, I will be giving away FIVE $50 gift cards with a winner for each day Monday to Friday. The contest will conclude on Saturday April 30 12 midnight PST.

Five lucky winners will be announced at the end of this week, on Sunday May 1. So… get set, go!

To enter:

You must leave a blog comment about the most memorable “thank you” that they received from a colleague, manager or supervisor.

Additional entries:

1. Twitter: Tweet this post (you can tweet once per day, up to 5 entries): @WellHeeledBlog is giving away 5 $50 AmEx Gift Cards for Admin Appreciation Week http://tinyurl.com/amexgiveaway

2. Facebook: One entry for a post on your wall with a link to this giveaway (you can post once per day, up to 5 entries): WellHeeledBlog is giving away 5 $50 AmEx Gift Cards for Admin Appreciation Week http://tinyurl.com/amexgiveaway

3. Blog: One entry for a post about this giveaway (you can post once per day, up to 5 entries).

Please leave the links with the additional entries in the comment so I can count them.

In addition, separate from this blog contest, you can also help your administrative professional win BIG prizes from American Express. Supervisors, bosses and business-professionals can express gratitude by nominating an administrative professional, peer or colleague from their LinkedIn Network into ForEverythingYouDo.com. The person with the most nominations will receive a $2,500 Gift Card and 100 others will be randomly selected to win $25 Gift Cards.

Categories: Blogging, Work - Tags: win free stuff

Becoming a Full-Time Work-At-Home Mom

Written by WellHeeled on March 1, 2011 · 7 Comments

This is a guest post from Saving in CO, who has really inspired me with her tale of how she managed to design a lifestyle that fits her priorities, career, and family.

—————————————————————————————

Thanks Well-Heeled for the opportunity to guest post. I’ve received a lot of great money lessons and would love a chance to share with others how I went from planning to be a SAHM to becoming a full-time work-at-home-mom and loving it.

The story starts with a “we”. My husband (DH) and I have been a team regarding money and planning since close to the beginning 10 years ago. Neither of us grew up with money. I used to spend money in the mere anticipation of receiving some. Luckily, at the age of 20, my now DH taught me the real value of money- that is the ability to make your own decisions in life (such as – not being stuck with a boss you hate or a retirement that’s depressing because of money wasted earlier in life).

The SAH decision was really a being-in-the-drivers-seat-of-our-lives-decision. Neither of us wanted to be forced into raising children in a situation we didn’t like, because of money.

We prepared for a SAH situation with our first jobs out of college. We continued to live like college students for the first years, meanwhile maxing 401k, Roth IRA and saving one income for a housing down payment fund. Our first house was easily affordable living on one salary. That has continued from $60,000 combined 10 years ago to a much bigger combined salary of $250,000 today.

Well it took us a lot longer than hoped for to have our first child (born spring of last year). Once pregnant we realized the most important thing at that time was to leave the high-stress, commuter, east-coast lifestyle we were living. We wanted to move back West. My job was the stable one we could make this move with, DH had to quit and pursuit options once we moved (granted he had good leads).

This meant I couldn’t be a SAHM and have stability while our family settled in a new location. So I kept working (but from home once baby arrived) and we interviewed nannies. At first it was 3 days/week and we found someone we love. DH’s career took off immediately after the move and we are now having a nanny in our home 5 days a week (24k after taxes/year).

I never thought I would want this arrangement. Now in it, I couldn’t be happier. I get to work downstairs (no commute, no business clothes) and pop up to see my baby having fun at any point during the day. Once the work day is done, I miss my baby and can’t wait to spend quality time with him all evening. For me it is the best of both worlds. I can be a mom and have a career that allows me to make decisions based on my family’s needs (including quitting if need be in the future).

So how did we get to this situation…

DH and I work in fields at the cross-section of science and industry. We picked careers based on our interests and demand (tip: look at job postings in areas of interest to see what they require and be realistic about the compensation). We have moved jobs over the years to become experienced in specific roles that would increase the demand for our skills (and allow us to work from anywhere).
We set up our fixed expenses (things like rent/mortgage, utilities, cell phone plans, food, etc.) off one salary.
We have quarterly household meetings (whatever your family is- yourself, couple, etc) to discuss our goals. We identify short term goals (like saving for a vacation), mid-term goals (like buying a house) and long term goals (like retirement) during these meetings and set up a plan for meeting them.
We only spend on what really matters to us (like a wonderful nanny).
We re-evaluate our goals and plans as life happens!

Categories: Mom, Profiles, Work

My Advice to a Future Stay-At-Home Parent

Written by WellHeeled on February 16, 2011 · 14 Comments

A reader asked me what advice I would have if she wanted to stay home after she has children. The whole working-parent vs. non-wage-earning-but-still-working parent can be a touchy subject, and there is a potential for misunderstanding and hurt feelings on both side of the debate. But I think it’s GREAT that this reader is thinking ahead and trying to make a plan to minimize her risk and give her plan the best possible chance of success.

Given that I am not a mother and that I don’t personally know any stay-at-home parents, I am not quite sure I am qualified to give advice (I just want to be a guiltless mom). So I decided to make my answer into a post, and get all of your feedback on what advice you would have for someone who wants to become a stay-at-home parent. If I have any stay-at-home mom’s or dad’s out there, please chime in!

1. Make sure that your position at home is equally respected as that of an outside wage earner

The decision for one person to stay home requires sacrifices from (and of course, brings rewards to) everyone. So it’s a decision that needs buy-in from both partners. There has to be mutual respect for the different but equally-important roles that both partners play. There is nothing like resentment and money to eat away at even the strongest relationships. And unfortunately, the stay-at-home partner’s financial situation tends to be more precarious if the relationship fails (unless, of course, the SAH parent has independent financial resources).

2. Live on partner’s income and save your income for 6 months (ideally 12 months)

I am ONE person living on one income and even I find it hard sometimes! Okay, all kidding aside, I can only imagine how difficult it would be to have a family -especially a large family- and live on one income. Before you take that big step, make sure you understand what you would have to do to make it possible. Plus, the 6-months or 12-months of saving 1 salary will result in a nice emergency fund when you do make the transition from paid work to just plain work.

3. Make a plan to stay engaged in the workforce

I think the time of when someone (historically a woman) who leaves the workforce permanently at age 30 to raise a family is probably over. Some people step out of the workforce for 5 years, some for 10, some for 15. But at some point, most stay-at-home parents will have to seek paid work again because of financial reasons or because their children are grown and they want to reenter the workplace. It’s important to stay engaged in the workforce by maintaining your network of professional contacts (alumni associations, volunteer organizations, professional groups), perhaps doing some consulting or freelance work, or taking on some pro bono work. Keep an updated resume and be sure to take some time to go out for informational interviews to keep your toes in the market.

4. Spousal IRAs: Insist on them so you don’t neglect your own retirement

A stay-at-home mom or dad’s ability to contribute to tax-advantaged retirement funds are drastically diminished (unless you have self-employment income, but then in which case you wouldn’t be a non-wage-earning spouse).

One way the IRS allows spouses to save for retirement is with the existence of Spousal IRAs. A Spousal IRA allows a stay-at-home spouse contribute the full amount ($5,000 or $6,000 for those older than 50) in a year as long as their spouse earns enough to cover that contribution. The money in a Spousal IRA belongs to the stay-at-home spouse and can be an important way to save for retirement. This is so important, in fact, I will advocate that the Spousal IRA should be funded as a first priority after saving enough for the employer 401K match.

If you are a stay-at-home partner, insist on Spousal IRAs.

Note 1: Even though traditionally the stay-at-home parent has been a mother, I tried to make this post gender-neutral, because I think these are things that both men and women should think about before they decide to step out of the workforce, and because I don’t think there is any reason why one partner should be automatically viewed as the stay-at-home parent just because of the gender.

Note 2: I realize that I have used the terms “stay-at-home” and “non-wage-earning” interchangeably. They are obviously not the same thing as many people work from home full-time or part-time. However, in general I take the term “stay-at-home” to mean a parent/spouse whose primary responsibilities are to run the household / take care of children and has little or no responsibility for generating income. I wouldn’t think of a consultant who works 60 hours a week from home as a “stay-at-home” parent, even though she may be technically “at home.”

What advice do you have for a stay-at-home mom/dad? If you are planning to stay at home, what steps are you taking right now?

Categories: Life, Love, Work

Power of Numbers: Quantify Your Way to a More Effective Resume

Written by WellHeeled on January 25, 2011 · 1 Comment

It’s always important to keep a current and effective resume, even more so in challenging times such as these. (By the way, unemployment hit a new record in California – 12.5% for the not-so-golden state). A few weeks ago a friend asked me to help update her resume for a job fair. There are a lot of helpful books on resumes out there, so I won’t rehash all of the suggestions, but working with her resume helped me refresh my resume-writing skills. It has reminded me that 90% of the resumes I’ve seen (mine included) can be improved with more numbers and statistics.

Which of these do you think sound more impressive?

A. Awarded Commendation of Excellence
or
B. Awarded Commendation of Excellence, an annual prize given to the top 5% of employees in the company

A. Exceeded sales goals and improved company’s revenue
or
B. Exceeded sales goals by 25%, generating an additional $200,000 in revenue

A. Complied customer database to increase follow-up dental visits
or
B. Complied database of 3,000 client records, which helped increase follow-up visits by 15%

Numbers automatically jump out in a sea of words. Quantify your achievements whenever you can.

Here are the three types of numbers to include:

1. Figures: This is the quantity of number of assignments you have done, people you worked with, length of assignment, etc. For example, an editor may have managed a team of 3 freelancers, a project manager might oversee a territory with 12 locations, a public relations executive may be responsible for 5 accounts. These types of numbers give context and are useful, but I’d say the truly big hitters are the Dollars and the Percentages.

2. Dollars: This is how much your work helped the company increase revenue or cut expenses (both actions that benefit the bottom-line). Your work is valuable, and adding dollar signs help others understand exactly how much your work benefited your employer. This is the answer to the so what? question.

Example: Ann implemented a new IT system. Great, so what? The scenario changes when we find out that Ann implemented a new IT system that saved her client $100,000 in 12 months. That’s what. Or, Ben retained the client for an extra 6 months because Ben expanded the scope of the project. So what? How about the expansion of the project added an additional $30,000 in net income for the company?

3. Percentages: This is a way you can quantify your performance compared to your performance objectives or your peers. It’s also another way to relate to the amount of revenue increase or expense decrease, especially if the dollar amount might seem small.

Example: Jill received an Exceed Expectations rating on her performance review or Jill received a review in the top 10% of her group? The first one tells me nothing about how good Jill actually is compared to everyone else; the second one does. Or, let’s say John saved his department $1,000, which doesn’t sound like a lot of money. But what if the department’s previous expense was $3,000? Then John has actually decreased expenses by 33% – a very big deal!

Categories: Work - Tags: how to

Focus Groups: Make Extra Cash by Sharing Your Opinions

Written by WellHeeled on August 12, 2010 · 4 Comments

Focus groups: the basics

Focus groups (or paid market research studies) are qualitative marketing studies in which participants are asked about their perceptions or attitudes. These market studies are interested in certain demographics for different studies. To evaluate if you qualify for a particular study, you usually need to answer questions on your age range, gender, employment, zip codes, etc. Most of the time, more details are required. Studies have preliminary surveys that you must fill out to be considered — these surveys are not paid — their purpose is to determine your appropriateness for the study.

Why participate in focus groups?

Because focus groups are an easy and fun way to make extra cash, especially if you are someone who has a flexible schedule during the week day (for example: college students, retired people, freelancers, job seekers, etc.).

Marketers look for specific characteristics in their participants. For example, if a pharmaceutical company is running a study on children’s aspirin, market researchers may ask for mothers who are between the ages of 24 to 40 with a child who is under the age of 12. A lobbying firm conducting research on political affiliation and voter behavior may ask for registered Democrats or Republicans who are in their 30s to 40s. Once you are in a study, you will interact with the market researcher and with other group members. You will give your opinion on the product or promotion the researchers wish to evaluate. Focus groups are usually in person, but a minority might be conducted via Internet or over the phone.

Where to find these paid opportunities?

My favorite source for focus groups is Craigslist, which provides a treasure trove of focus group information. Start by searching for any combination of these terms “focus groups,” “paid study,” “paid market research,” “paid marketing study”, etc. You can also sign up for research firms that conduct opinion panels, such as Focus Foward or Focus Pointe Global. I joined Focus Pointe Global’s mailing list and frequently receive preliminary e-mails where, if I qualify, I will be invited to a paid focus group (haven’t been too successful — my demographic must not be in that high of a demand!).

Other sources for focus groups are community newspapers and nonprofit organizations. The easiest $80 I made in high school was when I was selected to join a couple of teenager focus groups run by a nonprofit organization. One group was conducted via phone, so I sat in my pajamas and discussed teen political activism for two hours — I came away from stimulating conversation with an increased desire to be involved and, a few days later, an $80 check. In the words of my 16-year-old self, “That was sweet!”

A few months ago, I participated in a study on cell phones for which I spoke with a market researcher about my cell phone purchasing habits and preferences, such as which type of plan I use, who is my carrier, which features I like (QWERTY keypad, touch pad, sliding screen, etc.). The study took only 30 minutes but netted me $45.

Who should join focus groups

If you have a relatively flexible schedule, enjoy sharing your opinion about a particular product or policy, and you like to earn $30-$60 an hour with minimal work, then you will love participating in focus groups. And, oh, I just found a study for video game players that pays $100 for a couple hours of talking about video games (which CB will do free of charge!) – forwarded that to him. But where are my focus groups on personal finance?!

An earlier version of this article was posted on BlogHer.

Categories: Work - Tags: consumer behavior, make extra cash

Question From a Reader: Where and When to go to Graduate School?

Written by WellHeeled on June 8, 2010 · 14 Comments

One of my readers, “Em,” is thinking about going back to graduate school so she can transition in a career in Human Resources. I thought I’d open her question up to all of you.

I am in a bit of a career rut. I received my BA in 2006, and have since been working in assistant/office manager/receptionist-type roles. I am 26, and have been thinking it’s time to start thinking seriously about my career and the steps I need to take so that I can start down an official Career Path. I know there are no typical, proven, Total Success Guaranteed ways to approach the elusive Career Path, that different careers have different requirements, and that people find their dream jobs in multitudes of ways. However, I am finding myself stuck in this rut, and not sure how to move forward.

I would like to pursue a carer in Human Resources, specifically in the area of employee onboarding/training and learning and development programs. In this job market, I’m finding that you need previous HR experience even for the most entry-level jobs in the field, and because I cannot figure out how one gains experience in a position that requires the experience to be hired (which came first, the chicken or the egg?!), I’m thinking about going back to school.

However, school costs money. I do not want to stay at my current job long enough to take advantage of their education reimbursement program (I’d be required to stay at least another two-three years, if I even qualify for it, which I might not, since it is hard to justify how an HR program is important to my role as a receptionist in a company that doesn’t even have an actual HR department), but I have been thinking about my options, and trying to see what is worth the investment.

There are a few Human Resource Management Certification programs that I’ve been looking into, ranging in cost from $1500-$6000. The higher cost comes with the UC Berkeley (extension) label, better classes, and a (somewhat) closer proximity to where I live (though it’s still about a half hour. The lower cost comes with a California State school label, less interesting-sounding classes, and a location that I might not even be able to get to (I would likely be attending these classes at night after work). The other option is a strictly online university, but I’m not sure that would carry the same weight as even a state school.

The other option that I have just started thinking about is some sort of Masters program, though I haven’t begun to research programs, schools or costs yet. I always said I would only go back to school if it was necessary for furthering my career, and I’m starting to think that it’s time, but we’re talking about a lot of money here! Although the other side of me says “$1500? That’s like one, nice vacation. Or my portion of two month’s rent. It’s not THAT much, if it means doors opening to a new career.”

How do you decide when a higher degree is a necessity for career advancement, and then how do you decide how much money is worth it to spend?

image source: studentbranding.com

Categories: School, Work - Tags: higher education, twentysomething

Biggest Money Conflict Ever: Is My Career Worth It?

Written by WellHeeled on May 9, 2010 · 13 Comments

This post is a guest post by Simple Life in France for the My Honey, My Money series. Simple Life is a U.S. citizen who has relocated permanently to France, her husband’s homeland, in search of a simpler and more sustainable lifestyle. Here she talks about her biggest money conflict.

Imagine this: you land in France in the heat of summer, dragging two suitcases behind you. You plan on finding work in your teaching career in a couple of months. You even packed your wrinkle-free interview suit in you carry-on in a few layers of tissue paper.

That was me back in July of 2009.

Even before our move, my husband and I had butted heads about where in France we would live. He pointed out that his salary as a primary school teacher would remain the same in urban (high-rent) or rural (low-rent) areas. He voted for the countryside. I wanted to live near a city where I stood a chance of finding employment.

Once we’d moved into our new apartment, my interview suit hanging neatly in wait, I started to research my job options in Aix-en-Provence. I quickly discovered that likely pay ranged from 1300 and 1500 euros a month brut (before taxes) to be standard salary for most job offerings. Then I started wondering, How much is 1500 a month in France after taxes, anyway?

I crunched the numbers remembering the charges sociales for French social security and the fact that my income would also raise our tax bracket on DH’s salary. And I discovered my take home would be . . . 1000 euros!

In the meantime, through a few real-estate searches and with the help of a mortgage calculator, DH discovered that the cost of living near Aix instead of in the country would come to about 200-300 euros a month. I begrudgingly had to admit that my projected monthly take home was now hovering around 800 euros.

And what about that second car? The line of work I was looking at (teaching English to professional adults, often at their work sites) seemed to require a vehicle. Purchase, registration, insurance, maintenance and gas for me to zip back and forth between clients: another 200 euros a month, which DH pointed out was a conservative number as he raised his eyebrow as if to say, “You hate it when I’m right.”

A take home of 600 euros a month? I know, I know. I’ve never worked for so little. Would you do it?

I discovered the next hit to my monthly salary on my own. Budget Nazi that I am, when I crunched the numbers at the end of the month, I noticed about a 200 euro drop in ‘fun’ expenses and convenience groceries now that I wasn’t working. I’d started cooking more food at home, even using a price book, which meant fewer restaurant trips. The opportunity cost of going back to work dropped my monthly take home down to 400 euros a month.

After a couple more intense negotiations, DH opted to sit back and let the numbers do the talking. And I began to admit that not only did we not need the money, the 400 a month hardly justified the extra running around. So we made up our minds: DH put in for a transfer, I threw myself into my writing and we’ll move in a couple of months to a much more rural area. I’ll probably start a tiny business teaching English lessons part-time. So far, I’ve been away from my career (teaching) for 9 months . . . and honestly, I don’t actually miss it much.

Thank you to Simple for this post, and I wish her the best of luck in her English teaching business! Having a home-based business is great in terms of flexibility and lower job-related expenses.

One point I’d like to raise is that a career is a long-term asset – so that even though a second income might not contribute much financially, in the short-term, the expectation is that over time the financial advantages of continuing a career will increase to make the expenses worth it. Of course, many people also gain non-financial satisfaction from their jobs.

Readers, have you ever faced a situation where your job didn’t make sense financially in the short-term? How did you decide how to proceed?

Categories: Life, Work - Tags: simplicity

Getting a New Job: Next Step of Career Confirmed

Written by WellHeeled on April 2, 2010 · 65 Comments

The job

So… I got a new job! This is going to be a great next step of my career: I’ll be working in a business development position with exposure to C-level executives. My team has a direct impact on the company’s top-line growth – very exciting, but also high-pressure. (By the way, I actually wanted to share the news yesterday. But it was April 1 and I didn’t want to be accused of pulling an April Fool’s prank!)

I began seriously interviewing in January 2010. From September to December 2009, there was very little movement on the jobs front. For the last few months, however, I felt a marked improvement in both the quality and quantity of job listings and invitations to interviews. Many job leads I received from people I knew, however this job I actually found via online. After three rounds of interviews (including one with the CEO) and a background check, I was extended an offer.

Salary negotiations

Once you get over the excitement of a new job offer, you move on to the realities of salary negotiations. My original base salary was lower than I had expected, so I negotiated a $2,000 increase. I wouldn’t say I did the best job negotiating, not by a long shot, but I did it. I tried to be confident, positive, and professional. I emphasized my experience and fit within the organization, and reiterated my interest in the position. Even though I would’ve loved a higher than $2,000 increase, I am proud that I negotiated. After all, negotiations aren’t about getting everything you want, especially in this market. But knowing when to push (and when not to) helped us secure a deal that both parties can respect and agree to. Given everything, I am very happy with the new job offer and excited about the position.

My new target compensation (base salary + bonus) is a double digit increase over my previous target compensation. [I'm taking between a 5% and 10% decrease in my base salary, but my target bonus as percent of salary has increase significantly]. Having such a big portion of my total compensation as bonus means that it’s a bit challenging to budget. The wisest course will be to live and save on my salary, then allocate the bonus when it comes.

Looking ahead

I decided to accept this new job because it’s a great opportunity to challenge myself and to step up my game, so to speak. People have gone on from this position to top-5 business schools or managerial positions within the company. I am open to different opportunities for growth, but right now I think it would be an excellent foundation for business school in 3 years. I am so happy and thankful that I found a great position amid almost 13% unemployment (that’s California for you). I’m excited that I’ll be:

Embarking on the next chapter of my career, with a great new job, where I will have the opportunity to make an impact within the organization, work with – and learn from – really smart people, and continue building my experience.
Making and saving money again, now that I’m in a hurry to make up for lost time, I’ll have some very aggressive savings goals listed here later. 2010′s #1 priority would be to save as much as I can in 401K and max out Roth IRA. I also want to give my parents a weekend trip – at a bed & breakfast in Santa Barbara, perhaps?
Giving back to worthwhile charities and organizations, because as important as saving is, I also want to cultivate a spirit of generosity in my life. I want to give to places that share my values and advocate causes close to my heart.

Thank you’s

Throughout this 6-month journey there were many people who have given their time, energy, and expertise to help me. I am deeply grateful to all of them.

One of the people whom I met via blog is Manisha Thakor – yes! the personal finance expert and published author has become one of my biggest mentors. She leads a hectic schedule with media, writing, and speaking engagements, but has always made time to provide insights and encouragement. I’m not quite sure where she finds the time, but I hope one day I can be to another young woman the mentor that Manisha is to me.

Many bloggers friends have been, in a word, amazing. Revanche and I commiserated quite a bit while we were both job-hunting. Her common sense advice and superb editing skills have helped me tremendously. And every time I ask for crossed fingers, she goes above and beyond and crosses all her appendages! Mapgirl and Cal Girl Finance gave me resume advice and job search tips. Kim’s Kitchen Sink, Dazed In Los Angeles and Budgets Are Sexy were my sounding boards on issues such as salary negotiation, career management, and thank you letters. Sam commented that things would look up in the first 6 months of this year – let’s just say that I’m glad he’s right.

There are so many of you that I still haven’t thanked by name, but I truly appreciated every comment, every email, every note (or tweet!) of support. You guys have stuck with me for a long time, and I’m glad that I have good news to share with you.

image source: topimages.blogspot.com

Categories: Work - Tags: job search

The Black Suit: What Every Woman Needs

Written by WellHeeled on March 23, 2010 · 24 Comments

The perfect black suit is a staple in any professional woman’s wardrobe. This weekend, I bought a brand-new black suit from Banana Republic. It cost quite a bit ($140 for the blazer, $55 for the pencil skirt, and $55 for the matching shift dress, and that’s including a 30% in-store coupon). However, I’ve had my current suit since 2004, and I figured with all the interviews I’ve been having that it’s time for a new ensemble.

Why the perfect black suit?

Although there are many great dark neutrals (charcoal gray is one of my favorites, navy can also be very chic), it’s a rare woman who cannot benefit from a well-structured black suit. Black is sleek, versatile, and professional – it’s a stylish body of armor in which we are prepared to take on the world. When I put on a black suit, I am ready to do battle get the job, close the deal, make the case.

With that said, here is my guide to buying the perfect black suit for women:

1. What to buy: If possible, I’d like to buy all 3-4 pieces of the black suit in the same fabric: the blazer, the skirt, the pants, (and possibly the sheath dress / tank dress). I didn’t buy the pants this weekend because I have a pair of pants in the same wool at home. Having a variety of matching pieces will help you mix-and-match to get the most wear out of your suiting.

2. Fabric: I prefer a lightweight wool suit that is suitable (pun intended!) for three seasons of the year. Wool is considered the most professional and conservative fabric choice for a suit. Even though there are many cute options in cotton satin or linen, wool is a far “safer” and more durable choice. Avoid blends with too much polyester. I like my suit to have a hint of a stretch, so I find the 4% Elastane in the Banana Republic suit appealing.

3. Style: Classic is the way to go for a professional black suit, especially if you only have one. Of course, if you get a second suit you can be a little more adventurous with the styling.

Blazer: Classic means a 2-button or 3-button blazer (2-buttons are more flattering on petite ladies), long sleeves (no 3-quarter sleeves), and single-breasted with a notched lapel. Mandarin or cut-out collars are very stylish, but might be too casual for a formal environment or an interview.
Skirt should be pencil or a slight A-line, with a slit in the back for movement.
Pants can be flat-front or pleated, although I’d say for 99.999% of women (who are not 6′ feet tall models) flat-front is infinitely more flattering. The leg should be straight or a slight trouser cut.
The sheath dress can be sleeved, sleeveless, or with capped sleeves (like the one I got). You’d want it to look professional enough to wear on its own in the office. Make sure the style flatters your body type. For example, I am quite petite, this means I have to make sure the bottom hits just above my knees -but not any higher- so that I don’t look frumpy.

3. Fit: This is the most important aspect of a suit. If it doesn’t fit, it doesn’t look good. It can be a challenge buying blazers for me – most of the time I get that unsightly gap under my arms because the armholes are cut too large. So I was very happy when I found a blazer in my size – and no tailoring needed! That made paying $140 a little easier. But if you need a tailor, go get one. The money will be well worth it. Tailoring = looking like a million bucks.

4. Where to buy: I’ve seen nice black suits for reasonable prices at Banana Republic, J.Crew, Ann Taylor, and Ann Taylor Loft (use coupons liberally, if you can). If you have the budget to splurge a bit, I’ve heard very good things about Theory or Tahari. Those who want a more feminine cut cannot go wrong with Nanette Lepore (although I’ve seen the prices. And they scare me).

Categories: Work - Tags: how to, job search, worth the money

7 Steps In Overcoming Rejections In Job Search

Written by WellHeeled on February 25, 2010 · 32 Comments

Rejections during job search are disappointing, to be sure. Nobody likes to be told that they were qualified candidates, but the management has decided to go in another direction. In this environment, however, rejections are common-place through out the job search and interview process. After the initial disappointment wears off a bit, there’s really only one way to act, and that’s to handle this setback like the smart and competent professional that you are. Speaking as a job-hunter with, ah, some experience in this subject, I have found 7 steps that help in overcoming a rejection in a job search.

1. Don’t take it personally: It’s hard, but being rejected for a job is not the same as being rejected as a person. It’s not. Repeat it to yourself if necessary. There may be a thousand reasons why you weren’t hired for a particular position – and many of them you can’t control. Learn from the experience, but don’t dwell on it.

2. Do something active to help clear your head: I’ve found that physical activity helps me push through the initial doldrums after a rejection. If running helps you clear your mind, go make a few laps. If video games helps you work through your feelings, get ready for the God of War (some would claim video gaming is “active” – I neither agree nor disagree ). When I’m feeling down, I tango, preferably to fast and furious music. Bring on the endorphins!

3. Be professional: Rejection is a part of business and it’s a part of life. Behave with dignity, graciousness, and professionalism, and you’ll never look back and have that moment of “d’oh! I can’t believe I did that.” Send the Human Resources contact or your interviewers an email thanking them for their time and ask them to keep you in mind if another opportunity opens up later.

4. Be thankful: If you had gotten that job you were interviewing for, it would’ve been really easy to have gratitude. But even in rejection, you have learned things, made contacts, and improved your interview skills.

5. Ask for feedback: There’s never any harm in asking politely “What can I do to make myself a stronger candidate in the future?” Some people will tell you, some won’t. Sometimes the feedback will be concrete (“we wanted you to have more experience in marketing”, or “your analysis of this case study was too disorganized”), and sometimes it will be more subjective (“we went with someone who was a better fit”). If you do get feedback, thank the interviewer. Feedback can be valuable information for you to incorporate into your future job interviews.

6. Reach out to people: Talk to friends who get you, and mentors who can advise you. I was feeling bummed out a few days ago, and my friend sent me this email that’s part hilarious, part heart-warming. It was great. And I felt better after I read it. I also connected with a smart and accomplished lady, whom I consider a mentor and a great role model in career AND in life – her encouragement and insights are priceless. People’s willingness to help and share their thoughts never fail to surprise me.

7. Keep moving forward: Immediately after I received a rejection, I applied to two more jobs, and I was pleasantly surprised when I got another interview a few hours after I emailed my resume. Do not let a rejection become a crushing blow, instead, treat it as an impetus to move forward and be prepared for the next opportunity on the job search.

This post was included in Carnival of Personal Finance and the first edition of the Yakezie Challenge Carnival.

Categories: Work - Tags: how to, job search

3 Months In, 3 Months to Go

Written by WellHeeled on November 22, 2009 · 16 Comments

(Or why when unemployed, you need to keep moving – literally.)

When I was laid off 3 months ago, I gave myself 6 months to find a job in the States before I turn to working in China. I realize that the market is tough right now, and even though things might be slowing recovering, I am not going to sit out a year of my career.

I need to get moving, and China (because of my language background and its stronger economy and rising stature as a world economic power), is a logical fit. To be honest, I would prefer to stay in the States and possibly move to China at a later point in my career, but that all depends on how the job search pans out in the next few months.

On the bright side, I am thankful for a lot of things related to this period in transition: I have taken the opportunity to work on a couple of freelance projects, develop new skills, strengthen my language abilities, improve this blog (hopefully you guys agree? ), adopt new hobbies, learn to cook, and spend more quality time with Mom. So it’s definitely not all doom-and-gloom.

But now I am at the halfway mark of my time line. I’ve sent out numerous resumes and had a handful of interviews. It can a roller coaster because sometimes, you just can’t help feeling really excited about an opportunity or an interview, and then to be told “you are a superb candidate but we just can’t give you an offer right now.”

That is why, when you are thick in the midst of a job search, you need to have a physical activity – one in which you can go and just do – and leave the thinking and the over-analyzing behind for a moment. Then of course, there’s the exercise endorphins that will really, really help you. Some people swim. Some train for marathons. I pull on my stilettos and go tango.

Somehow, it feels strange that 3 months has already passed. The truth is, sometimes I am afraid I’ll never catch up – in terms of finances, career, life. And the moment I think that, I stop myself. Because that thought is ridiculous and irrational, because I will catch up.

**This week, I participated in:

Carnival of Twenty Something Finances (Turky Edition!) hosted by LuluGal of HowISaveMoney, and
Carnival of Personal Finance #232 (Thanksgiving Survival Edition) hosted by Paul of Fiscal Geek.

Categories: Life, Work - Tags: job search

Job Fairs: How to Prepare So You Stand Out

Written by WellHeeled on September 16, 2009 · 17 Comments

Job fairs can be a great opportunity for applicants to interact with many different companies. But if you don’t prepare adequately, job fairs can be a disaster. Last week, I attended a job fair – prior to the event I debated whether I should go. I had heard the horror stories about long lines that snake twice around the city blocks and the paltry company-to-applicant ratio.

In the end, I’m glad I decided to go. I had a good experience because the job fair had a good ratio of companies to candidates and I had very clear and realistic expectations going in (make contacts with Companies ABC & XYZ), which I fulfilled.

Here’s how to figure out what job fairs are worth a visit and to prepare for job fairs so you stand out among the other applicants.

Before Job Fairs:

1. Determine if this job fair is worth your time and effort. Look at the requirements for attendance – for example, some fairs require a 4-year degree, others don’t. Some fairs are specialized (i.e. teaching professionals or high-tech workers only), others are general. Look at the location (is it 15 minutes away? 3 hours away?).

2. Go over the company list (most job fairs would offer this information online) and pick 2-3 companies that are your top choices.

3. Spend 30-40 minutes researching your top choices, particularly on any programs / specific functions you are interested in. Spend another 10-15 minutes studying a few other companies that you are interested in.

4. Print out copies of your resume. Make sure your contact information is correct! I’d suggest 2 copies for each company you plan to visit. Then add another 5 just in case.

5. Get to the job fair early if you can. It’s an advantage to be among the first group getting in the door.

At Job Fairs:

1. Hit your top 2 or 3 companies first – they might become much busier later in the day (this was my experience).

2. Be attentive, engaging and personable. Be proud of your accomplishments and don’t apologize for being out of work. Ask good questions that let recruiters know you’ve done your research, but don’t act like a know-it-all. Try to get at least 5 minutes of quality time with them, but don’t monopolize their time if there are other applicants waiting. Get a business card and thank the recruiters for their time.

3. Avoid job fair burnout. It’s probably unrealistic to go to each company’s booth – don’t pressure yourself to do so. It’s better to present yourself well to a smaller handful of companies than try to go see every company just for the sake of doing so. I decided that I had 3 places I wanted to go see, and everything else was just gravy.

4. Mingle with other candidates. I met a couple of nice people and exchanged information. Who knows, I might see an opening that they will be interested in, and maybe vice versa. Good karma never hurts.

5. Be nice and professional to everyone, including the hotel staff. One lady angrily exclaimed at the front desk that she won’t be paying for hotel parking because she has been out of work for a year and can’t afford the $10 fee. If a recruiter overhears her, what impression would that lady have created? (The job fair advertisement didn’t mention a parking fee, but a quick call to the hotel would have resolved that question).

After Job Fairs:

1. Follow up with recruiters from your top 2-3 choices and/or with whom you have established a rapport. A short and sweet email will do the trick. Just remind them of where you met (job fair and date), reiterate your interest in the company, and thank them for their time. Attach a resume.

2. Stop at the yellow light, especially if the intersection is in a revenue-hungry city has a Red-Light Camera. Seriously. Or else you will be end up like me and be out $500+. Hence rendering it a very expensive job fair, indeed.

Categories: Featured, Work - Tags: how to, job search

Why I AlWAYS buy in at the office lottery pool

Written by WellHeeled on July 28, 2009 · 19 Comments

I have never bought lottery tickets on my own. But if there’s a pool going on at the office, I’m there. I’ll run to my car and dig for change under my car seat if I have to.

Why do I do this?

Consider – there are 4 basic scenarios:

1. You participate – the pool loses.
2. You participate – the pool wins.
3. You don’t participate – the pool loses.
4. You don’t participate – the pool wins.

In Scenario 1: the most you will lose is your contribution ($1 or $2 or $5). Scenario 2 is the big one, of course – depending on how much you win, that can be financial freedom right there (or at least enough for a down payment or a year’s worth of Roth IRA contributions).

In Scenario 3: you don’t lose anything. You get to keep your dollar for tomorrow’s lunch, or whatever. But Scenario 4… Scenario 4 is the WORST possible scenario of them all. It’s the reason why I buy in lottery pools – not because I think I’ll win, but to protect myself against the horror that is Scenario 4.

I understand that the chance of the office pool winning is small. Very, very, very small. Close to impossible, even. But I’m not talking about probability here – I’m talking about being the only person who did not participate in the lottery and now has to watch all his/her coworkers jubilantly cash their million-dollar payouts.

I most happily and willingly pay my dollar or two to insure against that scenario from coming true.

Do you always buy in at the office lotto pool?

Categories: Work