Debt Free

You have a few choices when confronted by such attacks on your personal finances. You can earn more at your current job. While that tie honored strategy may work for some, employers aren't doling out raises the way they are when times are better. Sure, in some industries, there's no reason to fear, but the increased costs for transportation have many business owners and shareholders on edge. Raises don't grow on trees in this business environment.

Something to try is finding another job with better pay, and hopefully a better benefits package too. The problem with that tack is  that, for much the same reasons that folks find it difficult to get a raise at their current job, many employers just aren't hiring. Those that are are looking for more talent seek workers with specialized skill sets. You'll be most likely to land a better psoition if you're an exemplary employee with a proven track records in your field. If you don't meet this criteria, good luck landing a better job. There just aren't that many available. Not to say you won't be able to locate a better job, but be prepared to look for a while, as employers that are hiring can afford to be much more selective.

The Employment Situation Summary for April 2008 from the Bureau of Labor Statistics reveals that the unemployment rate stood at an even 5%. That's up about 10% from the 4.5% level of a year earlier. Encouragingly, this reflects a .1% drop from the March figure of 5.1%. The health services sector, professional and businesses services sector, and leisure and hospitality sector, all posted slight employment gains, while as you'd expect, the construction, manufacturing, and retail sectors showed drops in the numbers of those employed.

Another choice to cope with higher payments for everything from food to fuel is to economize. You can inject a bit of frugality into your lifestyle. Do more with less, as it were. While this approach is laudable, and I espouse the benefits of it here, a cost cutting strategy can only take you so far. While you can drive less, shop at warehouse food stores, and ensure you're not wasting energy around the house, the reality is that there is only a finite level of savings you'll be able to realize with these strategies.

The grim reality some people are finding is that the only way out of this financial pickle is to pick up a second job, usually of the part time, evening variety. For those that must take on an extra, part time job in order to feed their families, or make their mortgage payments, here are some of the top part time, evening jobs to consider.

Part time, evening job choice 1 -
Side jobs –
Yes, you can do much the same work as you're doing for your regular employer, if you're in a field that allows such luxuries, or you can do other side work for which you have the requisite skills. Enter the side job. You can do all manner of jobs for clients outside your regular sphere of employment, and in some cases be paid rather handsomely for it, too. Many of these jobs are in construction or some type of contracting field, such as landscaping, tile, carpentry, electricians, etc. You can also find such work in such fields as graphic design, web design and interior design.

As prices of goods continue to increase, people are looking for ways to get more done for less, and this is where the side job comes in. Take note that although this can be a great way to earn extra money, it is not without peril. The main reason that many people can make such good money doing side jobs is that they are cheaper that a normal contractor who does the same work because they have little of the overhead associated with a traditional business. Which overhead is cut back? Typically such niceties as business licenses, contracting licenses, insurance, bonding, and permit fees.

It doesn't take a missile scientist to see that this avenue to saving money could lead to all sorts of trouble for both parties. If you're the one doing the side job and have no license, you have no recourse in most cases, should something go wrong and you customer decides they don't want to pay you. As far as the state is concerned, you had no right to be contracting for work in the first place. With no business insurance, your little venture could prove very expensive if you back your truck into your customer's brand new Lexus, or heaven forbid, burn down their house.

In addition to the legal issues listed above, the other place that most people running a side business save the client money is that the entire business is on a pure cash basis, meaning the IRS and state department of revenue known nothing about it. Should their state of ignorant bliss regarding your little venture end, you could find yourself owning a whole big pile of back taxes, penalties and fees.  These are just some of the tings to think about before entering into a little side business in order to make ends meet. It's best to do it above board to avoid possible trouble.

Part time, evening job choice 2 -
Restaurant / Bar  – This is the time honored second job. For many of those in the entertainment industry, it's really their primary gig until they land that Oscar winning role or win American Idol. The benefits are that you can earn a pretty nice income if you work at an establishment where you are able to get good tips. There are bartenders and wait staff that regularly bring in $200 - $300 a night. In many cases their regular pay is so low they are making virtually nothing, so the tips are essential to survival. You can also get flexible hours, so you can arrange this around your current job. Many of the best shifts are at night, so you will be able to earn good money and retain your current job. My wife actually paid off her (rather large amount of) student loans in only 2-1/2 years using this strategy, while working as a regional sales rep for another company.

Part time, evening job choice 3 -
Real Estate -  Although this is probably not the best time to jump into this field in many areas of the country, you can do pretty well in it by working on evenings and weekends. As with many relatively high paying, part time jobs, you'll have to have a bit of training and expertise in order to have this as a viable possibility.

Part time, evening job choice 4 -
I alluded to this in the side job listing above, but you can do rather well in the design field on a part time basis. If you have the skills and contacts, you can earn $25 - $60 an hour doing web design, graphic design, graphic art, and other design/art related contracting work. You can do this from your house, on what ever schedule works for you. In order to land most of the better jobs, you'll have to show some level of professionalism, so get your business license, print up some business cards, and get a website of your own. Who knows, in time this could replace your current job.

Part time, evening job choice 5 -
Massage Therapist -  Once again, you'll need to have some level of skill and preferably a certificate to do this, but you can have extreme flexibility and make fairly good money. All you need is a massage table and vehicle large enough to fit it in. If you're good, you'll soon build up a list of regular clientèle, and have a nice, secondary income on the order of $25 - $35 an hour. 

Part time, evening job choice 6 -
Security officer – Like to laugh in the face of danger, or maybe extreme boredom? Then maybe you could land a part time, evening job as a security officer. The range in this field is tremendous. There are opportunities for everyone from the $8.00 security guards with a badge, a flashlight, and no experience, to very highly paid security officers with military special forces backgrounds. Many full time police officers do this sort of work on a contract basis for businesses and sporting events and earn a nice, secondary income doing so.

Part time, evening job choice 7 -
Personal trainer – Here's another job where you can earn great money and keep very flexible hours, especially if you get the clients that are willing to pay for you exclusively. You're probably starting to see a pattern here, but to make the best money, you'll need special skills and certifications in this line of work as well. You can get certified from ACE, NCSA, or one of the other certification organizations. If you already posses some of this, get to work, time's a wastin'.

Part time, evening job choice 8 -
Health care professional – This is a huge field, and many of the positions require at least some level of expertise and education. Others require so much as to not really fit the bill for the purposes of this post. The health care field is the largest growing employment field, and is projected to be so for sometime. Some of the jobs in this field that are suitable for part time, evening work include home health aides, certified nursing assistants, and paramedic / EMT positions.

Part time, evening job choice 9 -
Network technician – This is an area where you will need some skill and obviously a background in networking. The bright side is that you can teach yourself much of this, and there are many classes available at community colleges and learning centers that will get you the required certifications in relatively short order. As the number of home and business networks deployed throughout the country continues to grow, the demand for network savvy technicians will grow  along with it.

The great thing is that while much of our nation's tech support positions have been outsourced to India, there's not much chance that this sort of work can be outsourced, since it is performed on site. Much of this work is done at night, because the networks are in operation during normal business hours, so upgrades, changes and a good percentage of the troubleshooting must be performed during off hours.

Part time, evening job choice 10 -
Data entry – all of that stuff in your computer (and everyone else's) had to get there somehow. Welcome to the exciting world of data entry, just watch out for all those data entry job scams advertised out there. Seriously you can get a real, legitimate data entry job that you can do on evenings or weekends for extra money. If you're a decent typist, and have a computer, you're in. Get employment from a legitimate firm and don't fall for the “pay us for a job” or “make $5,000 a week, at home, from your computer” scam that’s fairly prevalent in the data entry field.

Hopefully you haven’t experienced the economic setbacks that would require you to get a part time job in the evening, but if you have, or you just want to earn extra money, this list could get you started looking.

Posted by debtblog at 07:17 PM | Permalink | Comments (0) | TrackBacks (0)

A continuing education certificate program can be a great way to set yourself apart from others with their paws out for a raise. These programs can make you more valuable to your existing employer when it comes time to ask for a raise, and help insulate you from the next round of cutbacks. In addition, continuing education can position you well for either a career change or your next step up the corporate ladder, either with your existing employer or another.

One great advantage to a certificate program is that it is much faster to complete than a degree program. Unlike a degree, which can take well over a year, even for accelerated programs, certificate programs can be completed in weeks or months, depending upon the program.

There are literally thousands of continuing education programs to choose from. Here are some of those that are both proven to earn you extra money now, and predicted to in the future. Another advantage is that many of these programs can be complete either all, or in part, on-line. This is a huge help, because you can fit your studies around your existing schedule. A third advantage of completing a certificate, versus a degree program is that they are usually far less expensive. Many companies will help offset all or part of the cost of such continuing education programs.

1)      Project Management – Experienced project managers are always in demand, just ask Donald Trump, he’s fired a ton of them. A good PM can make or break a project, and potentially cost a company millions. Getting a PM certificate from an accredited program can help you step into this in-demand and lucrative field. PMs are found in many industries, from marketing to construction, so you won’t have to limit yourself. Project management certificate programs are offered from well respected institutions such as Villanova University, UC Irvine, and the University of Washington. According to payscale.com, project manager professional’s salaries range from $80,245 in construction to $99,769 for a computer software program manager.

2)   IT and Network Security – This is a obviously a growing field, as is evidenced by the number of news stories dealing with compromised networks, computer viruses and stolen personal data. IT and network security pros combat these attacks and keep data secure. Businesses can save costs and increase productivity by having IT security on staff or contracting with specialized firms in this area. The benefits of this type of security are such that sales of computer and network hardware and software increased 15% from 2005 to 2006 and another 25% from 2006 to 2007 according to research firm Infonetics Research. Someone has to install and configure all of that stuff, in addition to the other tasks performed by computer security pros.

Some of the continuing education certifications that you can get to help you advance on the IT security career path are :
- Certified Information Systems Auditor (CISA)

- Certified Information Systems Security Professional (CISSP)

- Certified Information Security Manager (CISM)

- Cisco Certified Security Professional (CCSP)

- Cisco Certified Network Associate/Professional (CCNA/CCNP

- Cisco Certified Internetwork Expert (CCIE)

- Check Point Certified Security Expert (CCSE)

- SANS-GIAC certifications family

- Prosoft CIW Security Professional (CIW-SP)

- Certified Protection Professional (CPP)

- Certified Network Security Professional (CNSP) or Associate (CNSA)

Annual salaries for IT security professionals range from the high $40Ks to over $100,000 depending upon experience, certifications, employer, and so forth.

3)      Executive Coaching – After they incur costs in the 10’s or 100’s of thousands to recruit executives, and because their execs have such a dramatic impact on the ultimate success of the business, companies are searching for ways to increase the effectiveness of their executives. Enter the executive coach, whos job is to do just that. The field of executive coaching is growing rapidly due the pressure from shareholders and others to extract the most return from highly paid executives.

The good news for those seeking a career in this field is that the higher paid the exec, the greater the likely ROI from coaching, and the easier it is to get a good ROI from hiring a well paid coach. Certificate programs in executive coaching are available from many providers. Many programs however, require an advanced degree for admission. Such institutions of higher learning as Columbia University, University of Georgia, Kaplan University Online, and NYU offer certificate programs in this discipline.

There are certificate programs available in dozens of diverse, in-demand fields. Other certificate programs besides those mentioned above include video game design, forensic nursing, network administration, graphic design, paralegal, fire and safety engineering technology, homeland security, occupational safety, web design, management information systems, and international marketing.

Weather you’re seeking to advance your existing career, go off in a completely new career direction or help ensure against the next round of corporate cutbacks, a certificate program can offer a cost and time effective way of doing so. With so many programs being offered on-line now, and such a huge variety of different programs, it may be just what you’ve been looking for. For more information on getting a professional certificate from over 40 different providers, see AchieveYourCareer.com. They have over 40 different certificate and advanced degree providers listed, such as DeVry University, Cornell University, Boston University, Art Institute of Pittsburg and Indiana State.

Posted by debtblog at 01:45 PM | Permalink | Comments (0) | TrackBacks (0)

So, what are you to do if you want to earn extra money, but aren't cut out to be a waiter or convenience store clerk? The route taken by many is to get some sort of job where they can work from home. That can be a great way to make the extra money you're looking for and still fulfill your family obligations. What are some of the top work at home jobs?

It seems like there are about a million ads on the Internet for this type of thing. You see them on the sidebars of websites everywhere trumpeting the ease in which you can join the ranks of those living the good life, making tens of thousands of dollars a month while relaxing on a beach somewhere, Pina Colada in hand. It's true, there really are people living that lifestyle, but there are people making $5 million a year pitching for the Yankees too. What about some of the top work at home jobs that don't involve Internet marketing. After all, not everybody's a marketer or wants to be one.

Thanks to the advances in communication over the last few decades, working at home either full or part time is a real possibility, and in fact a WorldatWork report last year noted that some 28 million people work from home at least part time. You have two avenues to pursue when it comes to earning more money working from home. You can convince your employer to let you take on additional work that you can perform from home(for additional pay, of course), or you can look into opportunities outside your regular work.

Work at home opportunities outside of your regular job are growing an varied. Here are some of the top jobs where you can work all, or substantially from home, and earn good money doing so. (in no particular order)

Work at Home Job 1
Software engineer - This field is projected to be in very high demand over the coming decade. As nearly everything is controlled, produced, or distributed by some sort of computer these days, it's easy to see why. For you, as someone looking to earn additional income, it's a great opportunity, as software engineers make very good money. The problem is that it's not a career you can just jump into. The “engineer” in the title is the first clue here. Anything with the term engineer usually requires substantial education, but nonetheless, there are some great opportunities for software engineers and developers.

If you have skills in this area, but not college degree, you may consider freelancing. There are many companies and business owners that need small software projects and are willing to pay to get them done. You may be just the one to do it for them. Try looking at elance.com. They regularly have lists of projects available for independent programmers to bid on. You're competing with skilled programmers from India, Russia and other places that will do these jobs for comparatively little money, so it may behoove you to develop a client list on your own, but elance.com can be a good place to get your feet wet.

Work at Home Job 2 -
Consultant - This is a catch all title that involves letting someone pick your brain for money. A great job, that. Consultants tend to be very highly compensated and there is tremendous amount of freedom. If your present field of employment is one where you've gained specialized knowledge that would be valuable to others, you can earn money as part time consultant. Many people have specialized skill sets derived from their professional, academic, or private lives that they can put to use working from home as consultants. You may think you don't know enough to be a consultant, but you really only need know more than those you are consulting for. You can do research to learn what else you need for a specific project.

You can bill hourly or on a contingency basis. Typically it's better to use a contingency only with those clients who you've already formed an hourly billing relationship, but not always. The contingency fee arrangement can be immensely profitable, however. This is where you bill the company you're consulting for as a percentage of some metric, such as profitability or revenue. For example, you could bill 15% of a division's increased revenue in the first year. Obviously you can make insane amounts of money this way. I've had consultant friends that took companies from a multi-million dollar monthly loss, to making millions of dollars in profit annually.

Work From Home Job 3 -
Freelance writer - Don't laugh, it's really not as hard as it sounds. I've made well over $10,000 in the last 2 years freelancing, and it's really taken minimal time. You can write for a number of different markets, from corporate communications to consumer magazines and trade journals. The corporate tends to be overlooked when people consider freelancing, but it can really be very lucrative. With corporate down-sizing many firms have decimated or eliminated their corporate communications departments. There is a need for press releases, product manuals, instructions sheets, training manuals, video scripts, and the like.

Many non-native English speakers just can't do this effectively, so the chances of this type of work being outsourced are relatively low. The nice thing about writing for the corporate market is that you are helping them out and can continue to do so for a very long time. In most cases, if you are working for a large or medium sized corporation you can get regular work for quite some time. It only takes a few clients until you can build up a substantial second income. As you can bill from $80 - $120 an hour for your services, in many cases, it can even rival the money you make from your current job. If you want to persue this field, I especially recommend the book "The Well Fed Writer" from Peter Bowerman. I read it more than once, and it's an excellent reference from someone who's well respected and very successful in this field.

Work at Home Job 4 -
Paid surveys – Here's an area where you can actually make money, but you have to be aware that many of the so-called paid survey opportunities advertised are either outright scams or of dubious quality. My wife does this on occasion and has made over $80 an hour for it, although it sometimes requires a drive to a marketing firm's local office. That kind of eliminates the whole work from home aspect. Marketing knowledge is very valuable and many consumer products firms are willing to pay handsomely for it. Before you think you are going to be paid $100 to answer a 10 minute survey, however, think again. While that opportunity may exist, it's like pitching for the Yankees, although without the fanfare (pretty rare).

Work at Home Job 5 -
Data entry - Although we've come a long way all the stuff in computers has to get there some how. The tedious process of data entry is perfect for someone working from home. Just fill out this spreadsheet and email it back. It would make me eviscerate myself with a rusty sword, but there is a demand for it. Many legitimate firms need this sort of work done, but as with paid surveys be aware that many of the data entry positions advertised on the Internet are actually opportunities to create Googe Adwords ads to sell products. That wouldn't be a problem, but you would actually be an affiliate marketer, selling products on which you would be paid a commission. The problem arises because you have to use your own Adwords account. Yes, you can make absolutely huge amounts of money selling products and services as an affiliate using Adwords, however the uninitiated (and many times even the initiated) can also run up giant balances in their Adwords accounts. If you're trying to get debt free,you really don't want a job where you could wind up thousands of dollars in debt after your first month. This is a common scenario, and it's best to avoid it.

Work at Home Job 6 -
Desktop publishing – Again this is a job that's perfect for doing from home, but does require a specialized skill set. If you have it that's great. A strong background or skills in copy editing, writing, graphic design, and image editing are required. You create and design corporate presentations, magazine articles, books and web layouts. You should know MS Word, PowerPoint, Adobe Illustrator, Photoshop and Pagemaker like the back of your hand, but you typically make from $15 - $40 per hour for this sort of work.

Work at Home Job 7 -
Administrative Assistant - Not the secretaries of old, the admin assistant for the new millennium encompasses all manner of coordination and communications tasks. You'll schedule meetings, write memos and emails, and support executives and sales personnel. All of these tasks, thanks to the telephone, Blackberry and VPN, can be done very effectively from home. The rub here is that in most cases, you'll have to do this work during business hours. You may be able to live on the east coast and do work for companies in the west, however. Expect to receive about $12 - $18 for every hour in this line of work.

Working form home will not only add to your bottom line (from sitting at your computer all evening), but you'll save money too. You won't have to by a new wardrobe, pay for parking, gas or other transportation related expenses, or shell out $5.00 at Starbucks during your break. The additional money and flexibility, plus the benefits for the environment, and employers are what's driving the expansion of the work at home movement. Be aware of the many scams around in the work from home field. Steer clear of those jobs where you have to pay to get started. Freelancing or contracting is different. You're in business for yourself and there will be numerous expenses associated with that. Go forth and prosper.

Posted by debtblog at 02:51 PM | Permalink | Comments (0) | TrackBacks (0)

You can just look to a list of the top ten careers. Lord knows there are many of those around. Here’s one for the top careers of 2007 from FastCompany.com, and another, the 2008 Hiring Outlook, from Monster.com. The problem with that strategy is that you can’t just grab a list, look at the top paying career on it, and think, “Hey, that’s for me!” Well, if money is all that matters to you, I guess that approach may work fine, but for the rest of us….

There are so many other factors that enter into the equation. Are you looking for a career in a completely new area, or do you want to stay in the same industry or type of work? Are you happy where you live, or would this be a great opportunity to pick up and move? Are there specific things you’re looking for, besides the career’s pay? Many studies have been done that suggest that career pay does not correlate directly to job satisfaction. A 2000 study by the employer research organization The Conference Board found that job satisfaction dropped more rapidly in those earning over $50,000/yr than those making less than that. While you may want to maximize your income, your overall satisfaction is definitely worth considering too.

Something else to consider is what you’ll be willing to undergo to change careers. Would you mind going back to college? Just imagine it; whiling away your days playing Halo3 and online poker, downloading porn, and beer bonging. Could it get any more exciting?? But seriously, entertaining the thought of going to college, or returning to it, is not a trivial matter, and may be more than you’re willing (or able) to consider at this point in your life. If a full time degree program isn’t in the cards, you have a few choices, if your new career demands further education.

There are many advanced degree programs that are aimed at those already working. They are usually a combination of on-line and evening curricula, and are offered by both traditional universities and some of the more working-adult oriented facilities, such as the University of Phoenix and DeVry University. Such programs will allow you to keep your life more or less as is while you strive for an advanced degree like a frenzied fan pushing through the line for a beer at an Islander’s game.

Maybe you’d like something that requires a bit less time in pursuit of a degree. You can shoot for an associate degree. These take about half the time of a bachelor’s and are offered at community colleges throughout the nation. You’ll save substantial money and be able to take advantage of a local facility. If that’s not up your alley either, there are a plethora of certificate and technical training programs at technical schools throughout the country. You can get into new careers as diverse as law enforcement, custom electronics installation, HVAC technician, ultrasound technician and dental hygiene.

You can actually make a nice income in a career that needs no 4 year college degree. According to the Farr and Shatkin book "The 300 Best Jobs That Don't Require a Four-Year Degree", here are some of the top paid jobs available to those without 4-year college degrees and their average annual salaries:

Air Traffic Controllers - $102,000

Transportation Manager - $66,000

Real Estate Broker - $58,720

Elevator Installation and Repair Tech - $58,710

Dental Hygienist - $58,350

Nuclear Medicine Tech - $56,450

Immigration and Customs Inspector - $53,990

Commercial Pilot - $53,870

(note: many airline pilots with seniority make far more than this)

RN $46,782 (minority nurse.com)

So, where in the job market should be looking if you want to be in demand for the foreseeable future? According to the Bureau of Labor Statistics, the most in-demand career paths for the next 10 years are:

1 – Network Systems and Data Communications Analysts

2 – Personal Care Aides

3 – Home Health Aides

4 – Computer Software and Applications Engineers

5 – Veterinary Techs

6 – Personal Financial Advisors

7 – Makeup Artists (Why???)

8 – Medical Assistants

9 – Veterinarians

10 – Substance Abuse and Behavioral Disorder Counselors

There you have it. You’ll note it’s a pretty varied field, but that the medical and veterinary fields are well represented.

This should give you some food for thought if you are thinking of making a career change. Have a great, Debt Free weekend.

Posted by debtblog at 01:30 AM | Permalink | Comments (0) | TrackBacks (0)

Ways to make more money – 1
You can earn more money at your job. That sounds great, but how exactly can you do that? You can get a raise for doing the same work that you do now. That will require convincing your employer that you deserve more money for the same work. Your task will be much easier if you can demonstrate to them that you are indespensible and that you provide value to the company. So basically, you need not to be doing the same work, you need to be more work, better work or both, than others in your job classification. For more on how you can be successful in this course of action, see my previous post on how to get a raise.

The other way to earn more money at your existing job is not to be doing your existing job at all. Plan a path for advancement at your existing employer and follow it. Get a promotion, advancement, or change jobs within your firm to one that pays you more money. To do that you'll have to work for a company that has a suitable upgrade path available. You can move into a supervisory role, deviate form your existing scope of work entirely, or possibly both. Whatever you do, you need to formulate a plan for exactly how what job within the company you're seeking and how you aim to get it. Break down exactly what you'll need to do, step by step, write it down, then follow that plan.

Ways to make more money – 2
It's possible that you have no realistic opportunities to make more money at your existing job. In this case you may be wise to look for a new job entirely. Weather you remain in your current field, or change to something altogether different is up to you, but if you are going to change firms, and you have entertained the notion of also changing careers, no would be the time. You can find a higher paying career that you're qualified for that interests you, or you can increase your qualifications.

For example, if you are working in the field as an electrician, plumber or other skilled trade, you may have opportunities available to you as a sales rep, sales engineer, or factory trainer for one of your distributors or vendors. A career change like this may often bring with it a substantial increase in pay, flexibility, and advancement opportunities. In many cases there will also be a trade off in other areas. You may have to travel, work strange hours, or work some weekends with, gasp, no overtime pay. Such work can be rewarding if you like to work with people, are personable and have technical expertise. That is but one example of how you can leverage your existing work experience into a different, but related career path, and make more money while doing it.

Ways to make more money – 3
You can take the time honored path to making money by starting your own business. In this day and age, there are virtually unlimited possibilities when it comes to starting and operating your own business. You can begin it as a side business to supplement your existing income, or if you have the financial wherewithal, you can quit your existing job and jump in with both feet. Be advised that you better have a solid business plan and be poised for rapid success if you will be using a new business as your sole means of support. Still, having your own business brings with it rewards that are impossible to achieve as an employee. Some of these include tax advantages, almost unlimited earning potential (if you choose the right business and are skilled enough in running it), personal fulfillment, and challenge. As we plunge headlong into the information age there are even more opportunities for the small business person to succeed on a grand scale.

In out age, it is possible to profit from an idea as never before in human history. In the past, entrepreneurship was a capital intensive endeavor that relatively few were suited for, or would ever have the ability to pursue. Today that is no longer the case. If you want to make money as an entrepreneur, you can emulate the millions of successful entrepreneurs that have gone before you, or you can strike out on a new path altogether.

Ways to make more money – 4
You can make money through investing. If you aren't investing now, you should start, if for no other reason than to have a well funded retirement independent of whatever meager stipend you'll receive from the Federal Government. You can also use investing as an income stream. Be aware that, late night infomercials about the riches obtained from real estate investing, stock picking software, or secret investing plan 'X', notwithstanding, making a steady, supplemental income through investments is no easy task. It's one thing to contribute regularly to a 401(k), IRA, or other retirement investment vehicle and see nice, positive returns over the long term, but quite another to have an investment income stream that can contribute to your income in a meaningful and reliable fashion.

Well, since it's almost time for you to make those resolutions, you can use these 4 ways to make more money, if that happens to be one of them. Really, why shouldn't it? More money will help you get out of debt, or have a bit more fun if you're there already. Have a great, Debt Free, new year.

Posted by debtblog at 02:38 PM | Permalink | Comments (0) | TrackBacks (0)

That’s just plain wrong (IMHO). Nothing’s wrong with a bit of healthy gaming, online or off, for those so disposed, but when so few people want to learn about how to maximize, or get an increase in their compensation from their employer as want to maximize their online (and presumably off line as well) gambling bonus and income, it says something about the psyche of the average person. What it says I’ll leave up to you to decide.

For the rest of you who would actually rather increase your employee bonus, here are some tips to help you do just that:

Increase your bonus tip 1-

If your bonus is performance based, check very carefully exactly what you are paid on. Give the creators of the bonus program precisely what they want, and you’ll get precisely what you want; extra cash! Often you can get extra money by increasing only one component of your bonus plan, such as profit percentage of your sales. Find what will be the easiest to increase, and what you are the closest to achieving, and target that parameter for your efforts. There’s no sense in spreading your efforts around and losing track of what will generate the largest bonus for you and yours.
 

Increase your bonus tip 2 –

Sometimes you can qualify for not only a bonus from your employer, but from your vendors as well. Don’t forget about those! They can add up to big money or prizes. In many cases you will earn points you can redeem for cash, prizes or the vendor’s merchandise. Big tip here; don’t forget to track your actions that can earn you these freebies, and make sure you turn in the form on time. As above, make sure you examine the bonus program in detail to ensure you’re getting the maximum benefit. For example, if a vendor gives you 50 points for selling widget X in black, but only 35 points for selling it in red, you know what to do, as long as your customer doesn’t mind. Don’t forget these little things.
 

Increase your bonus tip 3 –

Sometimes, it’s not only how much money you actually get, but what you do with it that matters. For example, squander your bonus on a vacation or new wheels for your ride, and you just put all your bonus eggs in a depreciating basket, when you can make the basket grow. You’ll be surprised how large your bonus can add up to, if you pretend you aren’t getting one for the terms of your day to day existence. Use it instead to fund an IRA. If you get a $2,000 bonus things could work out very nicely.

Increase your bonus tip 4 –

Increase through negotiation. On of my coworkers’ wives gets about a third of her compensation in the form of spiffs and bonuses. If the store is running well, and making a nice profit, her boss slides a bonus her way. Here is a place where a bit of negotiation comes into play to maximize said bonus. Hey, if your boss is impressed enough to give you a performance bonus when it’s not in your employment agreement, no is the perfect time to bring up some specific performance targets you can hit to get even more money. Make sure these targets are attainable, however. You don’t want to negotiate yourself out of a bonus.
 

Hopefully these tips can help you grab a it of extra income this holiday season. Have a great, Debt Free (that can be tough this time of year) weekend!

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Many of the behaviors that can get you fire are as plain as the nose on your face, yet are practiced by thousands of employees in workplaces throughout the world every day. Some things that can get you fired however are not as apparent to people, and so they continue to engage in them. Stop it! You're not making any friends and you're pissing off your boss.

Some employees are termed “just cause” and if you're one of these, your employer actually has to have a good reason for letting you go. If, however, the terms of your employment are “at will” you boss can fire you because they don't like the way you laugh, they had an argument with their wife this morning, or any other seemingly erroneous reason they so choose.

Way to Get Fired Number 1 – Poor Job Performance
Unless you're in some government or highly unionized workplaces, poor job performance can get you canned forthwith. For some beleaguered employers, however, terminating poor employees is no simple task. Due to union protections or the sanctity of certain government positions, it is nearly impossible to get fired from some jobs. Amazingly enough your First Amendment rights actually offer some protection against being let go from government jobs for such infractions as blogging during work hours, or excessive personal phone calls while on the taxpayer's dime.

Way to Get Fired Number 2 – Sex With the Boss
It happens all time, but workplace romances, especially with any of your superiors, especially if they happen to be married (to someone other than you) is a surefire career killer. The pull from your loins may be strong, and it may seem like fun now, but what do think is going to happen when the thrill wears off for your boss, or one of your spouses finds out? In most cases you and your boss will part ways, and unless sexual harassment can be proved, their job is probably more secure than yours. If they happen to be to dog at the company, you're really screwed. This is more common when the boss is a man and the employee is a woman, but it happens the other way around as well. There are many great euphemisms for this, but suffice it to say, don't dip the pen in the company ink, fish off the company pier, or any other such nonsense.

Although it seems evident that this type of behavior would be dangerous, according to a survey conducted by staffing firm Spherion and Harris Interactive in January 2007, 41% of employees felt that an interoffice romance would jeopardize their job, but 41% (not necessarily the same 41%) would consider it. In fact, according to the survey 39% already have had such a relationship. These are not all necessarily superior / subordinate relationships however.

Way to Get Fired Number 3 – Spend Too Much Time on the Web or Blogging -
Hey! What are you doing reading this? Get back to work! Although I am overjoyed that you actually are reading my Debt Free blog, the fact remains that in many workplaces throughout the world, employers consider employees surfing the web during work hours a problem, and they are willing to let someone go for the practice. Now most employers have no problems with some personal surfing, but rest assured some will tolerate none of it at all, and nearly all will crack down if they feel it is taking over too much of an employee's work time. What you may not be aware of is that many firms have installed ways to track an employee's computer use.

If you're using a company computer and are in the workplace, they are within their rights to track your every move while you're on line, and more firms are doing so. A recent survey by CNN found that 74% of companies monitor their employee's Internet use and 74% check their email. They will know what websites you visit, how long you were there and what forums and chat rooms you spend time on. They can even tell who you're sending emails to from personal email accounts, so watch it! Obviously some types of surfing will get you canned faster than others. In case you any any doubts, porn's usually a big no-no, so stay away from it.

Way to Get Fired Number 4 – Lying on Your Resume
This is a great way to give your company a reason to terminate you with cause. People still do it everyday however, just ask George O'Leary. He's just one of many examples of people who get sacked from fantastic jobs because they embellished or outright fabricated items on their resume. Trust me, if a certain college degree or trade certification is required for your position, you don't want to say you have it when you don't. If they find out, and there's a good chance they will, they can use this to fire you. Even if you are a just cause employee, in almost every case, this would qualify.

These are just 4 of the reasons you can lose you job, but there are countless others including drinking and / or substance abuse, criminal convictions, driving infractions (especially if you have a company vehicle or your job requires that you use one at times), stealing from the company, or workplace violence. While these reasons are obvious to most as grounds for termination, one that escapes many people is failing to fit in with their co workers (not as in Reason Number 2!). Alienating your coworkers, taking credit for their work, or other such behavior may net you some short term gain, but could well cost you in the long run. The cost could be just advancement up the company ladder, or it could be your job.

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Here's what an investment bankers does; they're a finance mucky-muck. They are financial advisers at the highest level. Investment bankers are retained by firms and high powered individuals to analyze and put together big business deals; the biggest actually. Company mergers, IPOs, privatizations, and even planning the future business strategy of a company can all be handled by an investment banking firm. When a big deal such as this is made the investment bankers must structure, present, and help finalize them. If you're allergic to hard work and extremely long hours, you should shy away from a career in this field. However if you love business, are unafraid of deals that can stretch on for weeks, are extremely detail oriented, and have a talent for communication, investment banking could be just the career you're looking for.

Can you be well rewarded for your 60 – 80 hour weeks? Hell yes, you can be well rewarded. You can not only get handsome monetary compensation, but some great perks as well. Junior associates typically start in the $70K - $90K range right out of business school, and can make 5 times than with salary and bonuses as they rise through company ranks. Some make even more. Extras such as expense accounts, full insurance, health club memberships, country club memberships, company cars and use of the corporate retreat on weekends are typical for upper-level associates as well.

Unless you are a cut above, or have impeccable business school credentials however, you'll probably begin your investment banking career as an analyst. As the name implies, an analyst spends much of their time doing research, number crunching, and bean counting. The goal of an investment bank is to create a winning deal and a presentation to ensure they land it. To make sure they can pull this off, investment banking firms often require teams of analysts to delve into every angle of the businesses, industries and economies that affect the impending deal.

If you're hired as a junior associate you'll spend most of your time either supervising analysts or working with associates preparing presentations. As investment bankers rise from junior to senior status, they begin to work on more meaty parts of the deals, planning their client's corporate financial strategy, and prospecting for new clients. Now is when they can really make tremendous amounts of money.

Goldman Sachs, historically the benchmark for investment banker compensation, has actually slowed in it's compensation of employees. GS's 2007, Q2 results indicate the firm paid out a still impressive $4.89B in compensation and benefits! In 2006 they were listed as having 22,425 employees worldwide. That averages out to just over $218,000 in quarterly compensation for every employee. Subtracting ¼ of CEO Lloyd C. Blankfein's $43.8 million annual compensation (according to Forbes, and not including stock options), still leaves the average employee with a very nice $217,571 each. Remember, this is quarterly compensation.

You may not be able to begin your career at one of the most prestigious firms such as Goldman Sachs, Blackstone, Morgan Stanley, Lazard, or Credit Suisse, but thankfully there are hundreds of firms from which to choose in order to get your foot in the industry. You should, however, be prepared to relocate to New York. Most of the investment banking activity and firms are located there. Other opportunities exist in Charlotte NC, Minneapolis MN, London England, and San Francisco if you just can't make yourself move to New York.

If you like intellectually stimulating work, wouldn't live anywhere else but NYC, live and breathe business, want a healthy compensation package and aren't afraid to work grueling hours at a job you love in order to get it, investment banking is the career for you! Actually, if the preceding does describe you, a career in investment banking bears looking into, as future demand is predicted to be strong. Just look out for the scores of unemployed mortgage bankers and brokers you might have for competition.

For more information about how you can start a lucrative and rewarding career in the investment banking field, check out the Comprehensive Guide to Investment Banking by K.Thomas Liaw, over at Amazon. If you decide you have to have a copy, I'll get a few pennies from Amazon, which will help keep the ole' blog a runnin'.

If you're about to interview for a position in the investment banking field, take a look at these actual investment banking interview questions. It costs a little bit, but it's probably money well spent, especially if you contrast that with the cost of school and the compensation at stake. The interview will make or break you, and solid preparation is the key to aceing it and getting the job (or at least a second interview). You can buy their interview prep guide, but they also have some free information available for download that can help out in your employment quest.

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One of the stocks I used as an example in the post about investment strategies in this wacky environment was American Home Mortgage, which at the time had dropped to around $10. Now it has done even better if you went short on it, closing at, are you sitting down? $1.04. Actually, things might have gone extremely well for you short sellers, as trading was halted completely. You may have hit an investment home run. Now it's unsure as to the future of AHM and the company is “considering its options”.

Oil futures continue to climb, recording a high of over $78 / barrel for the first time in history. At the same time, U.S. consumer confidence scores hit their highest levels (112.6) since the September 11^th, 2001 World Trade Center attacks. In other economic news this morning it looks like job growth has slowed, according to the most recent ADP payroll report. Contradictory indicators indeed.

On to brighter things...

Is the General back? While woes at Ford continue, General Motors reported a quarterly net income of $891 million ($1.56/share) today, in spite of another quarter of lost market share. One supposes that if they continue to record quarterly profits of almost $900 million, they may be able to sustain small losses in market share for a while.

What can you do if your employer isn't bringing in huge quarterly profits, or like GM, experienced huge losses last year? Is there a chance you could find yourself looking for new employment? Well, there's always that chance, even if you work for a firm that appears to be doing well. This is one of the primary reasons for having your resume up to date at all times, knowing what's going on at your company, and keeping your ear to the ground, so you're aware of the employment market in your particular specialty.

Countless people have been blindsided by not only corporate downsizing but also mergers. If your company is doing very well, consider it an attractive takeover or merger prospect. If you happen to be in a position that will be duplicated or unneeded post merger, you could find yourself on the outside, looking in. Those of you over at Dow Jones probably know what I mean.

If you do land an interview you need to be prepared. That means switching into research mode. Find out everything you can about the company you're interviewing with and the position you're interviewing for. One of the most important job interview strategies is to project extreme confidence. Having a solid background on the company, it's customers, products and/or services, and management team will greatly facilitate this. You'll actually ask more pointed questions about the company and the position during the interview. See some great examples of interview questions at Monster.com here. Ironically, the career website just announced the layoff of around 800 employees.

Some companies, such as Microsoft, are known for rather, er, interesting job interview procedures. You may be asked to solve puzzles or do other seemingly arcane exercises. In many cases these are designed to help the interviewer determine how you'll perform under pressure. If you expect such strange tactics going in, they'll be less likely to trip you up in an actual job interview scenario. This another reason for research before arriving to meet the interrogator, I mean interviewer. It's very important to relax and be yourself. You want to project quiet confidence, easier to do if you're actually confident. Don't forget to make eye contact, but don't stare them down either.After the interview, don't forget to send a follow up “Thank You” note.

Hopefully you won't find yourself in the situation where you need resume or job interview skills, but you should prepare as if you will. One of the most important, yet overlooked aspects of landing a new job is having the right cover letter. In most cases, you'll need a really good one to ever have a chance of getting an interview. So much emphasis is placed on the resume, while the cover letter tends to get minimal attention, but this is a huge mistake. The  cover letter  can actually have just as much impact on your chances for getting the interview as does your resume.

If you aren't a professional sales letter copywriter (and after all, the cover letter is a sales letter selling YOU, so it's pretty darn impartant!) one of the finest copywriters in the world, Jimmy Sweeney, has created powerful cover letter writing software that will have even the worst writers cranking out powerful, interview landing cover letters in minutes. If you are in the job market, you should really look at this software. It is just too important to ignore.

Posted by debtblog at 02:49 PM | Permalink | Comments (0) | TrackBacks (0)

One of the best ways to get debt free is to take a step up the employment ladder. Here is another resource that can really help you do just that. There are hundreds of marketing, sales and finance jobs to choose from. Employment experts recommend always being on the lookout for the next job opportunity in order to maximize your earning and benefit potnetial. You never know what's out there until you test the market to see what you're truly worth. I hope this new resource will help you make more money, find interesting fullfilling employment, and get debt free.

Employers, if you’re looking for great finance or marketing employees, you’ll get your job posting in front of 1,000’s of savvy, informed, and targeted prospects (I mean really, Debt Free does have some the most intelligent readers anywhere!)  every week. It’s inexpensive and super easy to post a job, too. To make it even better for your business, your job posting is through SimplyHired. It will be posted not only here, but on all the other sited on their network, including MySpace Jobs, LinkedIn, and MyWay, in addition to SimplyHired. If you’re looking for select, financially talented people that can help elevate your business; this is where you’ll find them.

See the Debt Free Finance and Marketing Job Board. 

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Many people don't get as many raises as they should, either because they never actually ask for one, or because they don't do what they should to make sure their boss says “Yes!” when they do ask. Here are 4 things you can do to make sure you'll get that “Yes” when you go after your pay raise.

Be careful about using another job offer as leverage. If you plan on taking the other job anyway, fine, take the job. If however, you'd really rather stay put, you should be very tactful when you present the fact that you've got a better offer, and you'd like your firm to match it.

1 – Have all your ducks in a row. If you want to get a raise, you need to be ready. Have all the reasons why you deserve a raise ready to present to your boss, in a clearly organized fashion. Not only will the reasons support your pay raise, but the fact you are so organized and actually have your supporting documentation will be a reason in itself for your boss to give you that raise.

2 – Think about it from your boss's point of view. If you were your employer, what would it take to make you say “yes” to your pay raise? This is vitally important. Business owners, understandably, tend to think about things from a business perspective. They value high quality employees and don't want to lose them. Looking at the question from your bosses point of view will help you think about why they should say “yes”, and what you can do to help them say it.

3 – Increase your value. Do what ever you can to increase your value to your company. This will actually take a bit of planning and groundwork. Think about your job functions and how you can do them more efficiently. You may have suggestions on how to improve your job's process or your company's overall efficiency. Additional training will almost always be viewed as a plus, especially if you undertake it on your own time and it directly benefits your job. If you're in a sales position, remember that you are directly impacting your company's bottom line. The more you bring in, the better the firm's revenue, and ultimately yours. If you are compensated with a commission, obviously increasing your sales will increase your income. Increasing your value doesn't mean working your fingers to the bone with endless hours of unpaid overtime, however.

4 – Propose a Different Pay Structure – Maybe you would be better compensated if you had performance bonuses or some other compensation structure that rewarded you commensurate with the value added you gave to the company. It happens in pro sports all the time. Players will be incentivized for hitting certain performance targets. An extra $50,000 for every touchdown over 15 per season, or $125,000 for each sack past 5 on the season. It's normal in business for the same thing to be negotiated as part of a compensation package, and perhaps it would work for you too. A bonus structure is a win-win for all concerned. It gives the employee a chance to achieve greater compensation, and it gives the employer a chance to compensate the employee only for quantifiable value increases.

You could also look at getting unconventional compensation in lieu of just money. These are great in many cases, because they allow your employer to make use of underutilized resources, and you to benefit from them. Maybe you could get a company car or use your firms recreational property a few times a year. The possibilities here are endless, but vary tremendously depending upon your company.

Posted by debtblog at 01:38 PM | Permalink | Comments (0) | TrackBacks (0)

What is important? Well, in the grand scheme of it all, many things, but beyond things such as world peace and food for the hungry, when looking for a new career, you'll want to consider things that impact your personal economics, security and satisfaction. The three most important factors used to compile this list are:

1 – Demand - Obviously you want to choose a career that has a high demand, so you have as many options open to you as possible. You'll be less limited on where you can work and the companies you'll work for. Typically the demand for a product or service has a dramatic effect on the next item on our list, money.

2 – Salaries – After investing 4 to 6 years of your life and tens or hundreds of thousands of dollars in a college education, you'll be looking for a solid return on your investment. The same holds true if you've been in the workforce for years and are looking to make a change. In that case, you want to be sure the money will be there, although there are more reasons than money for choosing a career path. You want a job that has a high job satisfaction rating. After all, precious few careers will compensate you sufficiently for spending you life doing a job you despise.

3 – Job Satisfaction – The world is replete with tales of those leaving highly paid, high pressure careers for those with lower pay, but more job satisfaction. Remember that satisfaction means different things to different people. Some employees relish high pressure, fast paced environments, while others would just as soon spend their time in positions a little more relaxing. Typically money is a component of job satisfaction, but not everything. Factors most strongly correlated to job satisfaction in University studies include the following: autonomy, perceived control, workload, complexity, quality of coworker relationships, coworker satisfaction, and of course money.

Here then, are some of the top jobs throughout the end of the decade -

1 – Personal Finance Advisor – Hey, look at this! This should be right up the alley of those with, or frequenting PF blogs. Basically you get paid, and quite a bit too, for helping people determine what to do with their finances. You'll be matching personal risk tolerance with investment goals to help them achieve those goals without losing too much sleep. Growth in personal financial advisors is predicted to be strong throughout the decade, at over 35%. To top it off, you'll be extremely well compensated for your efforts with salaries topping out at far, far beyond $100,000/ yr.

2 – Software Engineer – The demand for those who create the stuff that makes us, alternately productive and happy, and then fist pounding lunatics, is predicted to be extremely strong throughout the decade. Software engineers make bank, too with salary ranges for the middle 50% from $63,000 to $98,000 according to Bureau of Labor Statistics. If you're an ace, you can earn well beyond $100,000 in the software engineering field, however. In 2004, the top 10% pulled in an average of $118,000, and you'd have to think that's grown a bit by now, unless those jobs have all moved to India. You can also be a consultant or temp with software engineering credentials, if flexibility is more important to you than security.

3 – Environmental Engineer – As the furor rises over the global warming & climate change thing those of you in the northeast / midwest called BS on this winter, it will do one thing; keep demand for environmental engineering professionals strong. These folks design systems to get clean water to us and get waste away from us. They also help with recycling and pollution control. You'll typically need alot of schooling for this sort of position, so maybe it's not something for those contemplating a career change. However, if you want to feel good about helping the environment and walk into a good job after college, it's a hard field to beat. You'll be looking at a wide range of compensation. Many of these positions are with government agencies, and you know what that means; lower pay, but you can't ever be fired. There are however, top paying positions available with oil and gas companies, and environmental consulting firms. Snag one of those, and you'll be in line for an $85,000 to $100,000 year job.

4 – Pharmacist – You like white coats? Great, be a pharmacist, it's the standard attire. As the population ages and our elderly have an increasing appetite for products form the pharmaceutical industry, the demand for pharmacists is predicted to be very strong throughout 2014. Not only do you get to work in a clean, whit coat, you can make some serious money as well. The average (middle 50% salary range) grocery store or hospital pharmacist grosses about $85,000 a year. You can do much better. There are stories of recent school graduates being offered positions in that range complete with hefty signing bonuses (Hey, it's like being drafted by the Yankees). Top earners make around $110,000 a year. You can also use the position as a gateway to a pharmaceutical sales career, where you'll make a nice livin' too.

You can stay debt free so much easier if the income leg of your financial traingle is strong and stable. 

PS - Don't forget to fill out your NCAA bracket!  

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Given there is a direct correlation between industry and prosperity, you may be thinking, “Great, I'll just go out there and work even harder than I do already. Then I'll find the success I've been looking for.” That would be great if that's all it took. However, with any endeavor, your reward is not always directly proportional to the effort expended. Sure, you've got to work hard, but it's even more important to work smart. There are thousands of day laborers out there that work damn hard every day, toiling away in the hot sun or freezing cold, but many of them are still deep in debt and/or living paycheck to paycheck.

The father of a good friend once responded to the statement “ Gee dad, I wish I had your money.” with “Son, if you had my money, you wouldn't have my money.” In addition to working smart, you've got to be smart with at least some of the money you're pulling in every day. The amount of money you've got to be smart with is directly proportional to your income. If your income is comparatively low, you need to be smart with every last dime in order to get ahead. If you've climbed the income ladder a few rungs, you have a bit of discretionary income to play with.

Here are some question you can ask yourself to make sure you're working smarter, not just harder.

1 – Am I leveraging any assets? Leverage is the key to wealth. One way to work smart is to multiply your efforts so your results are far in excess of what you'd expect. If you're not leveraging any assets with the effort you're expending, how can you incorporate leverage in what you're doing now to increase your productivity and profitability? If you are in sales or run your own business, how can you use your existing accounts to bring in new ones? If you're in production or construction, how can you multiply your effort in order to do more without expending any more effort. Can you capitalize on the efforts of others?

2 - Am I getting paid what I'm worth, or the top dollar in my field? If you're aren't maximizing your income for the time you're expending, why not? Do you need a raise? What's keeping you from getting one? Seriously think about that question for a few minutes. Actually make a list of what you feel it would take to achieve a raise. How can you maximize your perceived value to your employer? What must you do in order to get a raise. Like any other endeavor, you need to set goals and objectives, map out a plan, and focus on achieving it. Weather you shop your talent to other employers, or maximize you income with your current one, make sure you are getting paid all you're capable of.

3 – Is it smart to be in my field? Face it, there are some endeavors where the return is limited. No matter the skill, dexterity and intellect with which you attack them, you'll never see much return for your efforts. In that case, it's time for a change. You don't want to be personally limited by inherent limits of the job or business so that you'll never bring in the income you desire, no matter the level you may attain. You can be the best damn buggy whip manufacturer the world's ever seen, and business just ain't going to be that grand, right?

You may be unable to achieve a level of income in your field that will provide income satisfaction (although studies have shown that income and job satisfaction are not directly related). A study of German workers found that on an income satisfaction scale of 1 – 10, with 10 being completely satisfied, just over 50% of workers reported income satisfaction rankings of 7 or lower. Given that, you may want to expand your options.

If you work smart, not just like a dog on a treadmill, you'll stand a much better chance of ending up happy and debt free.

Posted by debtblog at 02:43 PM | Permalink | Comments (0) | TrackBacks (0)

Seriously though, it means that, although you may work for a large, supposedly stable company, you can be touched by job cuts at any time as companies struggle to compete in the global economy. There are jobs aplenty available, however. The employment figures for 2006 are very robust. 1.84 million jobs were added to U.S. payrolls in 2006, far beyond expectations. To make it even better, average hourly pay climbed more than expected too, up .8% in December.

One sure way to find yourself deep in debt is to lose your job. To stay debt free, there are a few ways you can mitigate the risk of losing your job.

1-      Have an emergency fund – This time tested bit of advice is sound financial information. Be advised that an emergency fund sitting in a low interest savings account comes with its own opportunity cost. The money in a savings account is earning very little interest in return for its liquidity and comparative lack of risk. So, balance how much you keep parked in your emergency fund against how much you keep in other investments that may give you better return, but retain high liquidity.

2-      Start Your Own Business – You don’t have to begin a fledgling multi-national, or other huge company. If you just start something small it will give you some income diversity. Diversification of income is a fantastic way to mitigate risk in your income, just as in your investments. You can start a business that has minimal barriers to entry, but still offers income opportunity on a part time basis. You want something that offers flexibility and scalability, so you can grow it or keep it small, depending upon your needs. Internet businesses, writing, consulting, and real estate investing are some of these businesses. Running a business is definitely not the choice for everyone, and some haven’t the entrepreneurial vein to pursue that path.

3-      Always Stay Informed as to Other Employment Opportunities – You should be aware of the employment picture in your industry and area. If your job goes away, or looks to be gone in the near future, you should know where you can go for a (comparatively) soft landing. After you lose you job is the too late to start investigating these other opportunities.

4-      Know the State of Your Employer – You should know how your employer is doing so you’ll have a reduced chance of getting blindsided by a pink slip. Keep up, to the extent it’s possible, on how the business is going from many perspectives. You want to be aware of any planned strategic changes, how sales are going, the company’s debts, and very importantly, AP aging. Knowing if the company is having any cash flow problems can be an important harbinger of bad tidings to come. The are many business, large and small, that are profitable on paper, but due to various problems such as poor billing and collections, or credit issues, cannot generate enough positive cash flow to remain viable. In a large percentage of businesses, labor is the single biggest cost component, and one of the easiest to trim. If your company is doing poorly, jobs are one of the first areas you employer will look to cut.

5-      Make Yourself Indispensable to Your Employer – If you are the only person in your company to have certain skills, or consistently generate new business ideas, bring in the largest accounts, or keep your department running in tip top shape, they’ll usually find a way to keep you. In some companies, cuts are done strictly on a seniority basis. In those cases, avoid making choices that will adversely impact your seniority, such as passing on a job change so you can stay closer to your house and cut your commute. Don’t laugh, I’ve seen that happen.

These 5 rules can help you avoid a job loss, or if it hits you, land on your feet as smoothly as possible. Who knows, you could not only avoid the debt problems created by job loss, you could end up with a profitable business you really enjoy. Now that would be a nice change.

Posted by debtblog at 03:05 PM | Permalink | Comments (0) | TrackBacks (0)

Now, on to more pressing issues, such as your economic situation. The British government can always raise taxes if they need to generate increased revenue. In the short term, that should work nicely. In the long term, the additional money that is not invested in the private sector will reduce the size of the economy and aggregate tax revenues will decline. You can’t tax your way to prosperity after all, although it seems many would have us try.

If you’re trying to get debt free, there are only so many choices you have available to you. One of these is increasing your personal revenue. Seeing as you, the private citizen can’t raise taxes to increase revenue, what can you do to get an income boost? There are several choices available to most of us. These come with varying degrees of added responsibility and yes, added effort. Damn, that last part.

1-     Work more time at your current job. This solution is used by many to increase revenue. In many cases, it works well, especially if you’re paid higher rates for the additional hours. In the end, however, this route can only take you so far. There’s a limit on how many hours one person can work, even if your employer will let you work as many as you want, which most will not.

2-     Get additional compensation per unit of time worked at your current job. Yes, you can take the time honored path of groveling in the boss’s office for a raise. Hey, sometimes it works.

3-     Take on additional responsibilities at your current job. In many organizations, you can take on added responsibilities or jobs that will add to your income. An example of this is teachers taking coaching positions for additional income. Sometimes you can take instructional positions within your organization for added compensation.

4-     Get a new job. Sometimes, your existing employment just isn’t going to cut it anymore. You may have topped out on the salary rung, or it may be one of those jobs where there just isn’t much advancement potential. In such cases, it’s time to say “sayonara!”. Hit the road, after testing the waters of course. You should have secured a new position before leaving your old one. As with other things, leverage is the principle of choice here. You should leverage your current position into a better one.

5-     Start your own business. This is a time honored path to wealth and riches. It’s definitely     not for everyone though. If you strike out on your own, it’s all on you. I mean everything. Unless you’re starting with some solid capital behind you, most likely you’ll be wearing most of the hats in the beginning. Talk about responsibility! You need to be organized, have a business plan that addresses financing, marketing, and resource requirements and allocation. The devil’s in the details, as they say. (Who the heck are they, anyway?)  There’s nothing like your own business for adventure, though. Just make sure all concerned parties are completely bought in to your idea of going it alone. Your own business can be one of the most rewarding experiences you can imagine, however, and not just financially. If you like to build, you’ll love it. You can even pick something that you can start small with on the side, before your leave your existing employment. You can then grow it into something that can support you and your family.
 

The beginning of a new year is a great time to take stock of your financial situation and evaluate its potential. Is it time for a change? Is a personal revenue increase just what the doctor ordered? Now’s the time to take a look. Good luck in your continuing quest to become debt free.

Posted by debtblog at 02:44 PM | Permalink | Comments (0) | TrackBacks (0)

It's kind of a Catch 22, really. This problem can both cause your financial ruin and be caused by your financial problems. In fact financial problems are one of the primary causes of the problem. It's seen throughout the world, and experienced by people of every income level. Some would say that those with higher incomes actually experience it more, and, in fact, are actually motivated by it. It's all over the news media. The problem is stress. No doubt you've experienced financially induced stress. Just about everybody has. Weather it's wondering how your going to pay a sudden, unexpected bill, or you're on the ragged edge, and experience financially related stress every waking minute, financial problems are one of the most common stressors in today's busy world. The following says nothing of the health related consequences of stress. These in and of themselves can be huge.

Weather you suffer from panic attacks brought on by stress or stress just intrudes here and there into your psyche, it adversely affects your performance. It can cause poor financial decision making and job performance that will end up costing you money. The irony is, obviously, that this is a vicious cycle. Stress contributes to poor decision making, leading to poor results and possible financial problems. These financial problems can lead to more stress, and the cycle perpetuates itself. In extreme cases, stress can even lead to job loss. Paradoxically, many people indicate their job, and the fear of losing it, is one of the largest stressors. The drive to extract the maximum amount of output from the minimum amount of labor that is so prevalent in today's workforce also contributes mightily to the stress experienced by so many employees.

In many cases, stress boils down to the fact that many people feel like they have little control over their situation. This can be true both at work and, to a lesser extent, at home. In many cases, the fear is well founded, especially with respect to work. In both the private, and to a lesser extent, the public sector employee shift is quite common, due to budget cuts, down sizing, mergers and acquisitions, poor corporate performance and outsourcing. Your job could vanish through any one of these means, with little warning, and no matter the level of your performance. Hell, over 200 Tandy Corp employees in Texas were just informed in a corporate email that they no longer had a job. It makes you not want to know “You've got mail.”.

The key to minimizing stress related financial problems (vs. financial problem related stress) is to stay objective and make rational and informed decisions no matter your stress level. That will help keep you away from the vicious cycle, or “death spiral” you can otherwise be sucked into, where poor decision making leads to more stress and soon, the inability to make rational, effective decisions.

Things you can do at work to avoid stress:

• One of the largest causes of work related stress, outside of the fear of actually losing your job, is having a rigid, tightly defined schedule you must adhere to. See if you company will let you take advantage of flex time or other flexible schedule option. This way, you can shift your commute to a less stressful drive time, get errands handled, and generally fit your work around your life, instead of the reverse. Basically, it will improve the overall balance in your life.

• Take advantage of any training programs offered by your employer. This will make your job easier, increase your worth to your employer, possibly your income, and may make you more attractive for promotions and advancement. All things being equal, the increase in your firm's HR investment in you will make you less likely to be eliminated or passed over, and make your job more secure.

• Avail yourself of vacations. With the exception of jobs where you find yourself coming back to face a severe work overload, the time away is beneficial to recharge your batteries. Many people don't take the vacation they're eligible for. According to a recent UN study, American workers work more than in most industrialized countries. Among EU member nations, only Sweden and the Slovak Republic work more annual hours, while employees in countries such as Italy, France and Germany work hundreds of hours less per year. In France, that bastion of socialism, the slackers put in an average 262 fewer hours at the job in 2001 than US workers. Ireland wasn't too far behind in the “take it easy” index, staying away from their jobs an average of 231 hours more than those in the US.

• Make yourself indespensible to your boss. This doesn't mean kiss his/her ass, either. It means exceeding their expectations, and going the extra mile. It's also important to manage your boss's expectations so that they are not asking the unreasonable of you.
  

If it is stressful to worry about your source of income being taken away, you need to use the same strategy you use in your investments; diversify. If you diversify your sources of income by creating multiple income streams, you'll be less dependent upon you primary income stream. In time, some of your secondary and tertiary streams may even eclipse your primary income. As a side benefit, you'll now have a much greater income level than before, which will definitely ease your stress.

You can start a side business, but choose it carefully so that the source of your secondary income doesn't turn into a source of the same stress you sought to avoid. There are many ways to earn additional income, depending upon your skill set and talents. It's important to choose something with low barriers to entry and little initial investment. You can do some consulting, writing, sell on eBay, start an on-line affiliate business, or try your hand at real estate investing (the last one might not be the key to reduce your stress though).

Posted by debtblog at 02:05 PM | Permalink | Comments (0) | TrackBacks (0)

According to a Fox news poll taken in late may of this year, 57% of Americans feel illegal immigration is a very serious problem. Most of the rest feel it is a somewhat serious problem. Ah! you say, we know that Fox news isn't really “Fair and Balanced”. That poll's probably biased in favor of those right wing Republicans. Well no one would make the same charges about CBS News, now would they? A poll taken by the ex-Dan Rather network on 5/4/06 actually reported higher numbers than the Fox News poll; 59%. How about ABC News and the Washington Post? They're not exactly bastions of conservative thought either. In a poll taken by those news outlets about the same time, an overwhelming 77% of Americans feel our government is not doing enough to keep illegal immigrants from crossing the border, and 74% favor using National Guard troops to assist the border patrol.

Why does America care weather Carlos has papers when he's helping Safeway keep the produce section full of cheap strawberries? Are we really dependent upon illegal immigrants to fill those jobs that nobody in America wants? Are there actually jobs that Americans don't want? Sure there are. And they're not all the crappy ditch digging, crop picking jobs you'd think, either. One of the categories of jobs Americans don't seem to want is high paying, skilled manufacturing positions. “That can't be true.” you say. One would think people must be standing in line for those kind of jobs. Well, one would be wrong.

According to a survey of the National Association of Manufacturers taken at the end of 2005, 90% of the group's 12,000 members are having trouble filling highly skilled positions such as machinists and other technical operator and service positions. Many have resorted to signing bonuses and other incentives. It's so bad that Toyota had to poach many of the 200 highly skilled manufacturing positions it recently needed for it's new plant in San Antonio from other firms throughout the country. That same survey of the NAM found that an amazing 35% of the firms had open manufacturing positions they couldn't fill because they couldn't find qualified applicants. The group is projecting a potential skilled worker shortage of 10 million by 2020 if current trends don't reverse themselves. The U.S. Bureau of Labor Statistics (we have bureaus for everything, don't we?) puts the current level of manufacturing employment at only 14.4 million, so we'll need to almost double that in the next 15 years. So there are a great number of good jobs out there that many American either don't want, or are ignorant of.

Part of the blame for our little shortage is that many potential employees have been steered away from these types of jobs by guidance counselors and parents that want Johnny to be a lawyer or a doctor. Well, we've got quite enough lawyers already. Besides that, the percentage of young men (those that traditionally filled manufacturing jobs in this country) that are graduating from college has been dropping for some time. Only 43% of men entering college leave with degrees. This is not because the athlete contingent is dragging them down either. Division 1 college football players actually have a 55% graduation rate, according to the most recent federal statistics. To make matters even worse for the men in this country, fewer of them are even entering college at all. The most recent statistics for the Cal State system show only about 41% of the most recent class entering the system are men.

With fewer men entering college in pursuit of a four year(or more) degree, fewer still graduating, and a shortage of qualified applicants for skilled manufacturing positions, one wonders what the men are doing. Maybe picking strawberries for Safeway's produce section.

Back to the illegal immigrant problem. If any other group of criminals held marches or rallies in the streets, there'd be hell to pay. Can you imagine the purse snatchers, burglars or crack heads milling (often all the same guy) about our downtown metro areas, demanding more rights? Probably not. Why then, do we not have similar indignation over another group of criminals doing the same thing, and why do these ILLEGAL immigrants have groups supporting them? Put that one to your lawmakers in November.

Posted by debtblog at 01:35 PM | Permalink | Comments (0) | TrackBacks (0)

• Higher levels of education correlate to higher levels of employment. According to a U.S. Census study in 1999, 83.6% of those with professional degrees had full time jobs, as opposed to 73.9% that had dropped out of college. 73.1% that had never attended college, but were high school graduates had full time jobs, while only 65.3% of high school dropouts maintained full time employment. What were the other 34.7% spending their time doing? We probably don't want to know.

• The same study found that, not only were those with higher levels of education more likely to be employed on a full time basis, they also had higher annual salaries. You'd hope all that time spent slogging through the mud on the way to class counted for something. Those with a professional degree pulled down an average of $109,000 every year, while those with Bachelor's degrees averaged less than half that, $52,000. If you snoozed through high school, but at least walked on graduation night, you were rewarded with an average salary of $30,400, according to the survey, while snoozing without managing to make it across the graduation stage only netted you an average of $23,400.

• In addition to the education itself, the academic setting lends itself to social networking opportunities. Avail yourself of those, and maintain those relationships throughout your adult life, and you'll be made aware of all sorts of interesting investment opportunities, jobs, and great business & political connections. The value of those is probably incalculable. Many of the best jobs are unadvertised. Various estimates place the number of jobs that are unadvertised at between 75% and 85%. That means you have to know someone to get them. That means networking. According to the U.S. Department of Labor's 2002 statistics, 23% of jobs were landed through alumni or other school contacts. Networking is why sports like golf have been traditionally associated with business. When I was in college, my golf instructor even went so far as to say “You may think this is a PE class, but it's not. Golf is a business class.”. The old adage, “It's not what you know, it's who you know” has never been more true.
  

If you've no, or very little education, don't despair. The world is replete with stories of those with lower levels of education who have made large fortunes. Those were all, by definition, exceptional individuals. Most have done so through keen insight, sheer force of personality, and plain hard work. Is that you? Take the world's richest man, William Gates III. He dropped out of college. He is, however, a man with a vision that caused a paradigm shift, one unafraid to tackle anything head on, and a tireless worker. Les Schwab, was an orphan with no extended education who, starting with a single store, went on to build the second largest independent tire & automotive services chain in the U.S. They now have over 400 stores and sales of over $1.5B.

You can go back to school and get an education, but it's difficult when the pressures and obligations of modern life intrude. Many people today are taking advantage of on line degree programs from universities that target working individuals. Two of these a DeVry University and the University of Phoenix. You won't get the social networking benefits of a traditional education, but you'll receive the other benefits. The numbers, however, are on your side. Those with an advanced degree will earn, on average, over $2.5 million throughout their lifetimes. Those with a high school education will pull down less than half that. Which group would you like to be in?

Posted by debtblog at 01:59 PM | Permalink | Comments (0) | TrackBacks (0)

Experts strongly advise preparation for emergencies of  all types, weather it is an earthquake, storm or terrorist attack. This preparation goes beyond what you see on the nightly talking head shows. You should have at least 3 days of supplies, but a couple of weeks is more likely to keep you and your family feeling warm and fuzzy, while the neighbors bemoan the fact Safeway and Starbucks are still closed.

Your supplies should include plenty of drinking water, non-perishable food, any prescription medications you may need, toilet paper (go without it and you’ll see how nice it really is), plenty of warm clothes and blankets(if the climate warrants it), spare batteries, a radio and flashlight to use up said batteries, a good first aid kit, waterproof matches and a lighter, and a bit of cash (banks and cash machines may be closed for a while and checks may not be accepted by everyone). You should keep your emergency kit in a safe and easily accessible location. Go through it and replace the food and water every so often to ensure its freshness. Some experts advise you actually have enough food and water to last 3 to 4 weeks in case of severe disaster or disease pandemic.

A more controversial recommendation, and one I personally subscribe to, is that you should have some type of firearm for both self defense and, if necessary, providing food. You should also be trained on its use and practice with it regularly to ensure your proficiency and safety (and that of others). As victims of many disasters and riots can attest, when society breaks down, law enforcement is overwhelmed, and a mob mentality is in effect, personal and property protection is often necessary. Law enforcement officers will be severely overtaxed (they are now, in more ways than one), and may not be able to keep the peace. You may have to.

You should also give some thought as to how such a disaster or attack could affect your job and employer. A report in the SF Business Times indicates “[M]ore than 25 percent of businesses that close after disasters never re-open, and 40 percent go out of business within five years.” In addition, it’s been found that if a business stays closed for more than three days after a disaster, it has a 40% chance of never opening its doors again. Obviously that has a potential impact on your financial situation. This is even more problematic if you work for a small company, as those statistics are an average of all firms, including offices of large national and multi-national corporations. If you work for a small business, the odds are less in your favor that your employer will survive a major disaster. Make sure your business has an evacuation plan in place, especially if you work in a large structure. This plan should include a point of assembly after the evacuation, and an accounting to ensure all employees have gotten out safely.

There will, of course, be opportunities after a major disaster, especially in business tasked with rebuilding and recovery. Construction and supply related businesses tend to do particularly well in post disaster periods. Just as you have a plan for riding out and recovering a disaster, your business or employer should as well. There should be a business continuity plan developed and in place to ensure a smooth transition to post disaster operation. The plan should include a risk analysis and an in-depth list of activities necessary for recovery. A team should be in place to implement the recovery plan. If your business or employer doesn’t have such a plan, it is incumbent upon you to either see one is initiated or, at the least, make your own post disaster employment plans. Let’s hope we never have to test the efficacy of our disaster planning.    

Posted by debtblog at 02:33 PM | Permalink | Comments (0) | TrackBacks (0)

Your job is never truly secure. Just ask any of the 15,000 New Jersey casino workers who are on a state imposed vacation that began this morning. Why would the state of New Jersey want these workers to take a few days off? They probably wouldn't, but the state legislature and New Jersey Governor Jon S. Corzine are fighting like a couple of 4 year olds over increasing the state sales tax from 6% to 7%. Since their little spat has prevented the adoption of a new budget, the state of New Jersey has no money to pay any of its employees.

Are the casino workers state employees? No, but the state mandated inspectors that oversee operations at Atlantic City's 12 casinos are. Without them on the job, the casinos may not legally operate. So, in a move that smacks of cutting off its nose to spite it's face, New Jersey is losing the $1.3 million a day the gambling dens contribute to the state's till. Let's see, we have a budget shortfall of $4.5 billion, so lets cut out a revenue source that nets us $465 million a year. With thinking like that, it's easy to see why the Garden State has a budget problem.

Why couldn't they categorize the casino inspectors the same as the police and child welfare workers who remain on the job, so they can also keep working? It would seem that, when your state has a problem generating revenue, and probably more to the point, spending it, you'd want to ensure your most lucrative sources of income were protected. Their silly little tiff is costing the state big money with this gaffe. To top it off, the lack of state income created by the casino closings go beyond the 8% of gambling winnings taken in by NJ. All the sales tax on everything bought by hotel guests and casino visitors will also be lost to this fiasco. So now, instead of 6% of all the moneys spent by these visitors, the state will get 7% of nothing. Way to go, Ace!

This all points to why it's so important to have an emergency fund set aside to cover living expenses. Who knows how long these workers will be away from their posts? Weather you're a casino employee or a state worker, you'll be needing a little nest egg to tide you over for a while. The alternative is to charge up the ole' plastic, a bad solution if there ever was one. It illustrates how a problem in another industry can affect your livelihood, even though your industry may not have a problem.

Legislative matters and problems in other industries have caused problems in the past that impact employees. It's a virtual certainty that they could happen to your industry, no matter what it is, at some point in the future. You must mitigate such risks by having a bit of spare cash set aside to tide you over. This will minimize the disruption of your financial situation and maybe save you a small bit of financial stress.

Posted by debtblog at 01:26 PM | Permalink | Comments (0) | TrackBacks (0)