Millionaire Money Habits » Decision Making

Why A Second Job May Not Be Right For You

Kerri Randall — Wed, 16 Sep 2009 23:23:45 +0000

In tough financial times, after selling all of your used items and exhausting every other possibility, you may consider getting a second job for some extra income. It sounds like a relatively easy solution to help your finances, even temporarily, but you should explore all of the angles before you start filling out applications. Here’s why a second job just may not be right for you.

Less Free Time

First, you’ll obviously be giving up most, if not all, of your free time, usually your nights and weekends. Is there anything you’ll have to sacrifice by getting a second job? Will you have to give up your usual Thursday night after-work social time? Will you have to stop working out? Will you have less time with your children? And for that matter, will you have to find childcare? That could negate any extra money you’re bringing in. No matter what you’ll have to put on hold, the most important question is, are you willing to do so?

Exhaustion

How tired are you after getting home from your full-time job? Consider that you may not have the energy to make it through at another place, especially if your full-time job allows you to sit down but your part-time one would have you standing or in constant motion. Even if you’re still energetic when you get home, if you begin working significantly longer hours, you may begin to wear yourself out. This can come at the expense of both your physical and mental health, and cause your performance at both jobs to suffer.

Higher Tax Bracket

Income from a second job may toss you into a higher tax bracket. Just like the babysitter, this could negate the extra money you’re making—someone else is taking it all from you! This is definitely an important point to look into before taking on the second job. You don’t want to be working for nothing.

Conflict of Interest

You’ll also have to make sure you don’t run into a “conflict of interest” with your full-time employer. This can exist in two ways. Not only might your hours conflict or run too closely together, but you may have to avoid working in the same field somewhere else if it’s part of your employer’s policy. If the conflict is in scheduling, you may put either job in jeopardy by consistently arriving late or having to leave early. Avoiding the same field may be easy, unless perhaps that’s the field where your strengths lie and you know you may have a hard time finding a job in a different one.

Of course, if the advantages outweigh any of these, then start applying. You’ll get extra cash, possible employee discounts, and maybe even learn some new skills. But if any of the above disadvantages struck a chord with you, you may want to reconsider—a second job might not be a good decision.

Should You Get a Job in Government?

Kerri Randall — Fri, 05 Jun 2009 14:16:28 +0000

You’re one of the unfortunate people left without a job in the current economy, and you’ve heard that there are a lot of jobs in government right now as part of Obama’s stimulus package. These jobs have quite a few advantages, but before you apply, make sure you’re getting into it for the right reasons.

Do You Meet Job in Government Requirements?

The unemployment rate is absurdly high right now, so even with all the job openings, there will be hundreds or thousands of people applying for the same position. You’re applying to work for the entire country, essentially, and to be paid with taxpayer money. If you don’t meet all or at least the vast majority of the requirements listed, stop right here. Whereas private employees may be willing to take a chance on someone who doesn’t fit all the requirements but shows promise due to other experience, the government has too many applicants and no time or money to waste on someone who “might” be able to do the job.

If you know you’re a good fit, make sure your resume stands out. For example, can your abilities be identified quickly and easily? Once in the interview, be ready to prove your experience with PAR stories-explain a problem you encountered, the approach you decided on, and the final resolution and tangible results. You’ll need to be extra-impressive.

Advantages of Getting a Job in Government

Jobs in government come with great benefits. You’ll have good work hours, and if you do end up with overtime, you’re sure to be compensated for it. You’ll have off on all the national holidays-no more jealousy towards the postal workers for having off to “celebrate” Columbus Day. You can take comfort knowing your job is secure. You don’t have to worry about your employer shutting down if they don’t make a profit-you’re being paid by taxpayers. There’s also no need to worry about losing your job due to a merger, or your job being sent overseas to cheaper laborers. You can also take pride knowing that your job directly or indirectly impacts your fellow citizens and their well-being.

Disadvantages of Getting a Job in Government

However, you’ll have to be comfortable following strict procedures to the letter, even if you disagree with them or think you know of a better way to do something. Once elected officials change, their rules and procedures may change, too, and you’re expected to go along with it. The new official may think less of your department or change a perfectly good procedure, but there will be little for you to do about it. The road to change from your end will be long and filled with hierarchy. On the same note, promotions and the recognition you crave may be few and far between.

If the advantages outweigh the potential disadvantages for you and you are eager for a job in government, there are many fields available, and you’ll likely find something in your own community, as not all the jobs are in D.C. The government is looking for people to work in renewable energy, the environment, IT experts, financial experts, and people who understand Middle Eastern culture and language. Polish off your resume and get going!

Making a Career Change During a Recession

Kerri Randall — Wed, 13 May 2009 11:50:13 +0000

As the economy continues to slump, you may notice your workload continue to rise. Your company may be experiencing a number of layoffs and cutting costs wherever possible. With fewer funds to go around and less people to get the job done, you might be expected to take on more responsibility. Perhaps you already don’t like your job, and being overworked for the same pay, or maybe even less, is not helping you keep a positive outlook and you’re considering a career change. But is now the best time?

Consider your current position…

Are you being paid what you know you’re worth?
Are there desirable advancement opportunities?
Does your company offer or encourage continuous training to expand upon your skills as well as learn new ones?
How is the balance between your work life and your personal life?
Are you currently on the career path you always dreamed of? If not, now can certainly be a great time to make a change if you take advantage of every opportunity you can find.

The current job market is tight. There are not many openings and too many candidates. You need to make yourself stand out even more right now. Highlight your unique skills on your resume. For example, are you organized? Dependable? Great-but so is everyone else that’s applying for the same position. What have you done that proves it? List successful projects you have completed for your current employer and use that as an intro to what you can accomplish for the company you are applying to.

Maybe you’re like me. You have the degree you want, you have the ambition and the drive, but your portfolio is rather small and will definitely not help you stand out in the crowd. Take this time to build upon your skills. Try to find freelance opportunities in your field. Websites like sologig.com and odesk.com offer a wide variety to choose from. You’ll even make some extra cash. Odesk also provides tests for you to take and will show the results on your free profile. The tests can be used to show potential employers what your skill range is, and maybe show you where some of your weak spots might be. If you find a weak spot, do your research. Maybe you’ve forgotten a simple concept that you used to understand, or you’ve encountered a phrase or technique that you’ve never heard of. Take the time to learn everything you can. Consider taking some professional development classes that you can add to your resume. Many colleges offer programs for people that work full-time and that will allow you to attend classes at night, only on weekends, or completely online.

You can also build your portfolio by searching for a part-time position or even an internship in the field you want to pursue. They’re not just for college students anymore. True, you will only be increasing your workload yet again, and now it’s on what used to be your personal time. But if you don’t do it now, when will you? If a career change is what you really want, you must do your homework and put in your time.

Whether your dream is to run your own business or simply to work in a different field than you’re currently in, there are certainly risks in this market. You may need to use your free time to enhance or prove your skills. You may find what you’re looking for but have to accept less pay that your current job. Consider it all an investment for your future. If you can stay one step ahead of everyone else looking for the same position, a tight job market just might not be an obstacle for you.

8 Recession Proof Jobs and Businesses to Be In

Ryan — Tue, 28 Oct 2008 14:04:14 +0000

As economic booms turn into busts, your job security may shift and make you think about recession proof jobs that can not only weather financial storms, but prosper during tough economic times. Recession proof jobs do exists, and they tend to be in areas where there is strong growth even in a down economy, require specialized knowledge, or are services and products needed no matter what the conditions.

Think pharmaceuticals, wireless technology, and education.

But one of the most secure jobs may surprise you. Sales representatives have some of the safest jobs in any profession, but not because there is a shortage. During a tough economy, a strong sales force is the essential ingredient to fighting a down economy and continuing to bring in as much revenue as possible. Consequently, a strong sales force is needed in good times and as profits and product growth expand.

Similarly, it is critical to keep current customers happy and do everything possible to keep their business, which is why customer support jobs tend to be safe havens during good times and bad.

Regardless if the economy is up or down, business are still required to do their book keeping and taxes at the end of the year. Accountants have particularly stable jobs, as this is an area that requires specialized knowledge and cannot be handled by employees without proper degrees and experience.

Network and Systems Administrators share a similar experience, in that communication within organizations is a critical part of doing business as usual. As these systems become more and more complex, it takes the small pool of talented people to handle the job.

As companies push to accomplish more in less time and with fewer people, they continue to invest in their databases management and software development, regardless of economic state. These are one of the jobs that continue to see growth, even as companies come to a stand still.

Due to a massive shortage that are under prepared for aging baby boomers, nurses have nothing to worry about – regardless of the economy. There has recently been a measurable number of less people entering nursing programs, as woman have been pursuing other career opportunities.

One of the best ways to keep yourself indispensable and attractive is to increase your qualification, which is why education tends to benefit from downturns. As times are tough, job competition grows thicker and more qualifications on your resume can help you stand out from the crowd.

Lastly, historically one of the safest jobs are federal government jobs. Downsizing and layoffs are virtually non-existent. Instead of laying people off, they have a hiring freeze. These tend to be positions people hang on to for the long-term, and as baby boomers are retiring, positions need to be filled.

Unethical Practice in the Workplace

Ryan — Fri, 11 Jul 2008 16:15:22 +0000

It’s absolutely amazing what companies get away with. Even with strict HR laws and Sarbanes Oxley, the behavior and decisions made by thousands of companies and millions of employees cannot be governed.

Managers can be verbally abusive, cross the personal/professional line, and make demands that just are not legal. Companies make decisions to roll out products or programs that don’t comply with business standards, but they know that their business is just a spec of dust in the grand scheme of things. Employees misbehave and companies conduct inappropriate business practice because they believe they have to in order to increase profits and survive – and chances are they will get away with it.

The unethical practices that run rampant in business only seem to swell. As employees and companies get away with their poor behavior, they push the limits to see just how far they can go. At a point, what was once “wrong” becomes everyday business as usual.

As an employee, these actions may cause you to make some tough decision. Not only may you be asked to do unethical things, but you might have to stop and ask yourself if you want to work for this type of company.

Do you want to get caught-up in breaking the law because you were pressured into doing things?
Do you want to work for a company you do not trust?
Are you damaging other people’s lives by helping your company succeed?
Do you deserve to be treated in a particular way?
Should you blow the whistle or file HR complaints?

As hard as it can be to secure a great job, there are times when you have to think about firing your boss and improving your life.

Millionaire Money Habit: A high paying job does not give permission for your company to treat you or their customers unfairly and unethically. You are worth more than that. Stand behind it.