The Student May Again Turn to Amy Lindgren Business Advice Column
Careers and finances go hand in manus, although sometimes the relationship feels uncomfortably similar a too-tight handshake rather than a lovers' stroll in the park. When your finances are strained, it's hard not to feel the pain in your work: Are yous being paid enough? Exercise y'all demand a second chore?
Likewise, when work is going well and your income feels stable, new fiscal decisions emerge: Should you pay off a debt? Add to your retirement fund? Do you dare upgrade your car?
The starting time of a new year's day is a good fourth dimension to think well-nigh careers and finances, fifty-fifty during a pandemic. Or perhaps, specially during a pandemic. This is the last of 4 columns near pitfalls to avoid as we (unbelievably) round the corner into yr three of our COVID journeying.
The earlier columns focused on mistakes to avoid in modern résumés, interview practices and career direction processes. Today nosotros'll round out the series with financial mistakes to lookout out for in our current era.
1. Worrying too much about involvement rates. Y'all've probably heard that the Federal Reserve will raise interest rates, perhaps several times this year. Unless yous ain a bank, that won't feel like skillful news. Even then, the overall bump could be a point or less, and so rearranging your finances may not be worth the scramble.
2. Non worrying enough near interest rates. On the other mitt, if you lot're carrying variable rate debt (credit cards, for example), or if you lot're shopping for a mortgage, then now might be exactly the time to worry about interest rates.
3. Not paying downward debt if you can. While you're worrying about those rates, what about that credit carte du jour debt? Postponing large moves during uncertain times might feel safe, only in this case, bold action may be what's needed. Think nigh selling something, finding a roommate, taking on a second task or finding other ways to pay off debt. Not sure information technology'south worth doing? Only remember that this step could really affair if we end upwardly with more than inflation and a tighter clasp on household budgets.
4. Keeping credit cards on auto-pilot. Hmm … how many streaming services practise you subscribe to? Is your credit menu now on file with numerous online retailers and takeout commitment services? These new pandemic practices are convenient, but they can besides be costly. Review your credit carte statements to reveal the monthly renewals, automobile-subscriptions, indulgences and other vampire charges adding upwards on your account.
5. Not tracking / strategizing your student loans. Despite the helpless feeling these debts can inspire, in that location are often unexplored strategies to consider, including refinancing to a lower rate, paying primary more than rapidly with a 2nd job, negotiating lump sum payments equally part of a hiring bonus, enrolling in a government forgiveness plan for eligible employment, and more than. With interest and payments however on pause until April (for government loans), now is a skilful fourth dimension to revisit your strategy.
vi. Skipping government assistance options. This has been an extraordinary two years in terms of financial assist designed to accomplish more people than is usually the case. At the same fourth dimension, people in need (perhaps you lot) are often unfamiliar with accessing authorities programs. Fuel aid, unemployment payments, government-paid preparation, health insurance subsidies, dwelling repair programs, broadband discounts … learning what'southward bachelor could salvage you thousands of dollars just when you need information technology near.
7. Leaving benefits on the table at work. If you haven't checked recently, information technology's time to refresh yourself on what your employer offers. Whether that's a match for your IRA contributions or just a costless bus pass, it all adds up.
8. Delaying "the talk" with your boss. While you're checking into benefits, don't forget to ask about a raise. It may be uncomfortable, but delaying this conversation (and the potential wage increase) just costs you coin. This stride is particularly strategic in the current labor market, when employers are concerned about the take chances of losing their workers.
Equally y'all can come across, the crux of these tips is about paying attention, seeking information and taking steps to improve your finances. That'due south not dissimilar from any other year, only the opportunities and pitfalls presented by our current times are quite unique. Keep your eyes open and watch your step, but keep moving forrard — it should be interesting to run into how things turn out for 2022.
Amy Lindgren owns a career consulting house in St. Paul. She tin can be reached at alindgren@prototypecareerservice.com.
Source: https://www.twincities.com/2022/02/05/working-strategies-financial-mistakes-to-avoid-modern-version/
0 Response to "The Student May Again Turn to Amy Lindgren Business Advice Column"
Post a Comment