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Young professional groups are getting older

Geoff Williams — 2008-05-14T16:00:00+00:00

Filed under: Career

What luck. For anyone who wishes that they were 10 years younger, it's officially happened to all of us. Sort of.

The Boston Globe ran a fun story earlier this week, written by staffer Meredith Goldstein, about how business groups for young adults have been upping the age limit of their members. While most organizations generally cater to adults from 21 to 39, some have bumped that up to a ceiling of 40 -- and even 45.

This change in thinking among those who call the shots at young business professional organizations is happening for two reasons, apparently. First, you join a group in your 20s or 30s, you like it, and then you hate to leave when you hit age 40. That's perfectly understandable. There's a great quote in the piece where one guy heading a group says: "Are you going to treat it like 'Logan's Run' and take them out back and shoot 'em? We try to be realistic about it."

But the second reason older professionals are attracted to young professional associations, according to the Globe, is that "these groups say that more people in their 40s identify themselves as young professionals because they're still single, divorced, or starting new careers."

It's a funny way to look at things. It's perfectly understandable why networking groups would appeal to single or divorced people, and men and women jump-starting a new career, and it highlights the need perhaps for someone to begin some older professional networking groups. Because if society now considers people young because we're single, divorced or starting a new career, then none of us ever have to get old.

Just don't marry, or leave your spouse or quit your job. Presto. You get to call yourself a young professional. Even if you're 80.

Geoff Williams is a business journalist and the author of C.C. Pyle's Amazing Foot Race: The True Story of the 1928 Coast-to-Coast Run Across America (Rodale).

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For those who wouldn't be caught dead with ordinary office supplies

Geoff Williams — 2008-05-14T12:00:00+00:00

Filed under: Career

When I was in middle school, I had trouble with fashion. A lot of trouble, according to my friends. I never thought about what I was wearing. I just threw something on and went to school, and for whatever reason, I was fond of wearing flannel button down shirts. And at some point, since this was before the grunge days of the 1990s when flannel became fashionable, someone pointed out to me that I looked like a nerd. From then on, I spent the rest of my middle and high school days always worrying about how I was dressed.

I've always liked the fact that ever since going to college, I've never had to really think about whether I'm in fashion or not. In college, you tend to dress down, and since I've worked in my home office for years, I can mismatch socks without a crisis erupting. That said, I get out into the world sometimes, interviewing CEOs, consultants and the like. I can't be completely fashion clueless.

All of this is preamble for the fact that Staples is unrolling what they see as fashionable accessories for the business person. They're calling their line M by Staples.

I'm sure if I had any sense of fashion, I'd know what the M refers to. Perhaps it's a parody of another fashion designer? As it is, all I can think of is that James Bond likes to hang around letters, like his gadget guru Q. But I have a feeling I'm getting off topic.And I want to. I want to get as far away from the topic of fashionable business accessories because suddenly I'm having more flashbacks to my middle school days, and these memories aren't pretty. And now, in my late 30s, I have to worry that my push pins on my bulletin board aren't fashionable? Or that if an editor sees my file folders, he or she might look down on me because I don't own any with patterns on them? And what about when September comes, if I'm caught putting some of my notes in white file folders? Am I going to be completely ostracized? Even I know you're not supposed to be caught in white after Labor Day.

The M by Staples line even has these cool looking binder clips, one of which is made up to look like old-fashioned typewriter keys. As their web site says, "It's the look of a bygone era with a decidedly modern flair."

Heck, I don't even own binder clips -- suddenly, I feel so unworthy.

Geoff Williams is a business journalist, a middle school survivor and the author of C.C. Pyle's Amazing Foot Race: The True Story of the 1928 Coast-to-Coast Run Across America (Rodale).

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The right to play on the internet at work isn't protected by the Constitution?

Tracy Coenen — 2008-05-13T13:00:00+00:00

Filed under: Technology, Career

Does it really surprise anyone that employers are cracking down on the use of social networking sites while at work? Much like pornography and eBay, those sites are best used when you're on your own time, not on your company's paid time.

I know, I know. Young workers need access to Facebook or Twitter like the rest of us need oxygen. It's essential to survival. How can you ever get through a day without knowing that your friend is on the way to the coffee shop to meet a friend or that your sister has just bought the cutest new shoes? Updates every few minutes are essential, because you are dying to know what everyone else is doing while you're... uh.... working. Yeah, working.

A survey in England found that employees are spending at least 30 minutes a day on Facebook or MySpace while they're supposed to be working. A couple of survey participants even admitted that they spend up to three hours a day on social networking sites while at work. Yikes.
I'm not surprised by these study results in the least. Many employees now have an attitude of entitlement. They believe the company is lucky that they show up, and the duty to put in a full day's work for that full day's pay is a bunch of silliness. They feel that they should have a right to surf the internet for fun, talk on their cell phones with their friends, and generally do anything but their jobs.

Inevitably, companies are blocking certain sites that encourage irresponsible employees to goof around at work. 43% of employers in England have blocked access to Facebook. Your employer may be next if you can't exercise a bit of self-control. And I don't have any problem with them blocking access to entertainment sites. If it doesn't pertain to your job, you don't need to access it while at work.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

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Are you living in a recession proof city?

Josh Smith — 2008-05-03T13:00:00+00:00

Filed under: Real Estate, Career, Recession

We have already covered recession proof jobs and recession proof demographics, but now you can find recession proof cities to live in. Forbes has compiled a listing of the top ten cities to weather out a recession in. The study looked at 50 different metro areas in the U.S. and based the ranking on many factors including unemployment data, non farm job growth and median home prices. Forbes didn't just look at static data to determine these top cities, they also looked at projections based on a November 2007 study regarding metro areas and the current economy adding more value to the list overall.

Just because these ten cities from San Jose to Raleigh are predicted to weather a recession well, doesn't mean you should call up U-Haul and plan you move just yet. If you are already settled down in a city with a job and your house isn't going into foreclosure anytime soon the move may be more trouble than it is worth. On the other hand if you are looking for a fresh start or you just graduated these cities might be the best places to focus your search for a slice of the American dream.

If we were going to pick up and head to any of these metro areas to get through the recession it would definitely be San Antonio. Not only is it a spectacular city, the housing market is doing well and it has good employment numbers. The biggest downside to picking up and moving to a recession proof city is that you will likely be paying more for a house in the strong local market and taking a hit trying to unload your current home in small-town USA.

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Recession watch: We've lost some competitors... and it hurts

Gary E. Sattler — 2008-04-29T15:00:00+00:00

Filed under: Debt, Entrepreneurship, Tax, Career, Wealth, Recession, Bankruptcy

This post is part of a series about real-life signs we're in a recession.

Normally, the loss of competitors in your field of business could possibly be considered a good thing, giving a boost of orders and income to your own business or employer. In today's economic climate however, the loss of competitors gives me cause for concern. Even as we struggle to accommodate growth in our facility, I'm worried by the downfall of some of our wood products compatriots. I know I've written that it doesn't pay to cry over lost manufacturing jobs, but that doesn't mean we should be without compassion either.

The National Federation of Independent Businesses (NFIB) reports for March that its Small Business Optimism Index is at its lowest point since the second quarter of 1980. Businesses are complaining that increased selling prices are not keeping up with overhead inflationary pressures. Nearly one-quarter of the NFIB survey respondents indicated that they raised employee compensation by a margin which is outstripping profitability increases. I believe that therein lies the downfall of my company's fallen competitors.

One of the biggest concerns I have with these job losses is that they tend not to be felt outside their own regions. We as a country lose a hundred good jobs here or there every day, in a hundred unnamed places. But it doesn't make the headlines because it doesn't sell advertising space. Government statistics never paint the whole picture either. The government bean counters expect that we're too dull to understand that the loss of a well-paid machinist is not mitigated by the addition of yet another undocumented food service worker. They only give you the bottom line numbers, painted with a broad and blurry stroke of the brush.

So, my employer's loss of competitors has a core which tastes quite bitter. As I work my long hours I sometimes pause to think; Was that competitor we lost as much a buyer of my goods as it was a rival? Could my employer be the next to go under, or my neighbor's, or yours? Please say a quiet prayer for the unemployed among us, then get back to work. That is, if you still have it.

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Shocking! MBA students care about more than money

Zac Bissonnette — 2008-04-27T19:00:00+00:00

Filed under: College, Career

The image of MBAs that most people have is probably not a good one. But a new study from the Aspen Institute's Center for Business Education shows that business school students are motivated by, get this, altruism and a desire for an interesting, challenging work experience.

Students were asked to choose up to 3 of the factors that were most important to them as they looked for jobs. 64% mentioned challenging responsibilities, making compensation a distant second at 48%. Work life balance and the potential to make a contribution to society were the 3rd and 4th most important factors. Only 4% cared about job security!

Of course, what people will say on a survey and what they actually believe can be very different.

But here's my theory: many of the current MBA students are the children of the Baby Boomers, a generation marked by social consciousness and a desire to change the world. Perhaps some of this altruism has rubbed off on their business school children.

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Jerome Kerviel gets a new job ... and so can you!

Zac Bissonnette — 2008-04-26T14:00:00+00:00

Filed under: Career

So much for the rumors of a rough job market.

Former Societe Generale trader Jerome Kerviel has landed a job as a trainee at Lemaire Consultants & Associates, which specializes in computer security and system development.

Mr Kerviel's resume: Lost $7.6 billion as a rogue trader. A low-level employee who nearly brought down one of France's premier banks with unauthorized trades that he didn't personally profit from. Recently released from jail; familiarity with Microsoft Word, Excel and Power Point.

What to make of this news? If Jerome Kerviel can get a job, so can anyone! If you're job hunt isn't going well, don't get discouraged.

But Jerome Kerviel may be overqualified for this job. Given his ability to lose huge sums of money on stupid trades, he could be an ideal fit for the top spot at Countrywide Financial or Bear Stearns.

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Top 10 jobs for riding out the recession

Josh Smith — 2008-04-21T09:00:00+00:00

Filed under: Career, Recession

Money Magazine compiled a listing of the top ten jobs to have during a recession and thankfully I currently have one of the best jobs to hold during a recession. The list of recession resistant careers was determined using Bureau of Labor stats and Payscale experts and identifies white collar careers which for many different reasons will remain strong through an economic downturn.

I don't disagree that the careers they picked will be in high demand in the coming years, though there are a few you won't find me taking up anytime soon including "teacher". I don't feel like taking a job which may as well be subtitled miracle worker, due to "No Child Left Behind" goals and budget cuts just to get through a recession. Being an "Environmental Specialist" on the other hand sounds rather exciting; Smith, Josh Smith, Environmental Specialist!

I will be taking on another position in the fall as a college professor, furthering my ability to ride out a recession. As Money points out, being a nerd really does pay off! Though not everyone may consider it a career, I am surprised that entrepreneur didn't make the list. In tough times, new needs can be identified while cash strapped consumers are eschewing products which no longer fit their lifestyle.

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Job cuts at AT&T raise the question: Is your financial house in order?

Tracy Coenen — 2008-04-18T14:00:00+00:00

Filed under: Budgets, Saving, Career

This seems to be the week for corporations to announce job cuts. Today it's AT&T announcing that 3,600 U.S. jobs will be lost. Merrill Lynch announced 3,000 cuts yesterday. Washington Mutual is slicing 3,000. AMD is cutting 18,600 worldwide. And there are many companies with smaller numbers announced recently.

These job cuts are the reason why consumers need to have their financial houses in order even better than ever before. Gone are the days in which you'd find an employer and stay there for 30 loyal years. Business has changed, and while the transition is difficult, I'll suggest it's for the better in the long run. While workers can't count on the same job security and stability that they used to, there are many, many more opportunities available to them in this global economy.

But the key to being successful in securing your financial future is by planning for the worst case scenario. I don't want to live my life planning for the worst, but it's something that we must at least keep in mind regularly. The first key to surviving changing economic times is having money in savings.

Some your savings should be easily accessible, in some sort of bank or investment account. The remainder of your money can be invested in more long-term options like real-estate. The thing to keep in mind with the longer term investments is that it may take a while to get cash in hand from them if you need it, so you have to first make sure you have enough cash available in a pinch.

At the same time, consumers must assess their lifestyles and figure out how to best minimize their expenses. I don't mean everyone should live like a pauper. I mean that everyone should make wise choices within their own financial means. When an opportunity comes along to be a little more conservative with your spending, take it.

Personally, I have a "worst case scenario" budget that I track. Essentially, I'm looking at the bare minimum expenses I have to pay, including things like mortgage, basic utilities, groceries, health insurance, etc. I add up those monthly costs and keep that in mind when I'm making financial choices. How long could I survive on my savings if I wasn't able to work?

You don't have to follow my plan or my advice. Do what works for you and your family. But I promise you that you won't regret being a little more conservative with your money than you have been in the past. There will always be a chance for you to spend more money if you have extra funds. There's not always a chance to turn back after a job is lost or a bill is created.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

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He with the biggest Rolodex wins

Beth Wechsler — 2008-04-17T09:00:00+00:00

Filed under: Entrepreneurship, Career, Relationships

My New Year's resolution was to catch up on my Rolodex. Maybe that's setting my sights pretty low but it's more important than it sounds. There's a saying that he with the biggest Rolodex wins. In a nutshell, business - and often lots of other parts of life - can be all about who you know and networking.

In this computer oriented society, it's easy to forget about business cards. If something comes to you via computer, you may add it to your mailing list but the quickest way to handle a business card is still to stick it in a rolodex. Mine is so old that more than probably a third of the contacts are obsolete and the edges of the cards are tattered.

Think of all the times that your path crosses with someone else's - all the business cards that people hand you (some of them artistic treasures and for the rest of us just Staples variety) - all the nice people you meet. Keep these contacts where you can put your hands on them.

In Don't Worry, Make Money - Spiritual and Practical Ways to Create Abundance and More Fun in Your Life, Richard Carlson, Ph.D. reminds us to delight in the success of others. He fesses up to the inclination that most of us have to want to be more successful than our friends, to be competitive and jealous. "While it can be seductive to try to keep others at your level, it's absolutely, positively not in your best interest. The way to rise to the top is to wish everyone well, to hope with all your heart" that others succeed ... There's plenty of success to go around." While that may sound like a spiritual message (iwhich yes, it is), it's also a business message.

I'm putting the scattered business cards and the Rolodexes - the old and the new - in the same stack as the other things that I like to do when I watch a dvd - that is, ironing, bill paying, and the very occasional sewing. I'll put my stack of personalized postcards (an excellent way to remember to say hello, congratulations or thank you) with them. Networking matters - in a variety of ways.

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American economic difficulty: A slightly different perspective

Gary E. Sattler — 2008-04-16T15:30:00+00:00

Filed under: Entrepreneurship, Simplification, Career, Recession

Things are getting pretty bad out there in our retail consumerist world, with businesses shutting down and people scrambling for good jobs. I hear a lot of negative sentiment regarding foreign manufacturing and how it has cost America many good paying jobs. I have fought in that camp. I'm a manufacturing veteran.

But I'm also a realist, at least most of the time I am . One thing that I think people often forget is that the importation of goods also creates many good jobs. Look at our ports. Someone has to unload all those ships. Someone also has to move those containers from the docks to waiting trains and trucks. The logistical stream employs tens of thousands of people. Shipping, tracking, warehousing and order fill all need to be done. Then there's the retail level where someone sells you the goods. They advertise, they display, they promote, then they deliver. Someone also has to service those foreign made goods in shops and garages across the country.

It just doesn't make good sense to spend valuable energy crying over lost manufacturing jobs. If you have a gripe which warrants attention, get thirty of your biggest, ugliest buddies and make a trip to visit your senator. Show him or her pictures of your kids and the house you'd like to keep. Then show them pictures of the regions where government regulation and union hard balling has sent your jobs. Any constructive suggestions you may have, we'd all be happy to listen to. But if you're just in the game to cry "woe is me," excuse me but I have some business to attend to.

Take stock America, while you're still a bit in control. You're smart, strong and driven, or at least you always were. Let someone else complain that they're ruined. Tell 'em you have something better to do. Starting over doesn't have to be anything less than an adventure. I know, because I've done it several times and now I'm writing about it too.

Gary Sattler is a freelance blogger and he knows exactly what recovering from loss is all about.

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Got the gift of gab? Make a living out of it

Laura Moran — 2008-04-11T16:30:00+00:00

Filed under: Career, Wealth, Travel

Talk is cheap. Or is it?

Last week Bill and Hillary released their tax returns from the years after they moved out of the 1600 Pennsylvania Ave and the numbers were big: Since 2000, the democratic duo have brought in $109 million, some $52 million of which came from President Clinton's numerous speaking engagements. Wow!

Wouldn't it be nice to get paid to talk? The experts say it's possible and it doesn't take ex-presidential status to make a living, or even a second career, from professional speaking.

They say that a speaker who works three times a month, making $3,000 per speech (modest for the speaking profession) can earn more than $100,000 each year. However, most decent speakers bring in anywhere from $15,000 to $35,000 for each speech.

Tom Antion, publisher of Amazingpublicspeaking.com and veteran of more than 27,000 paid speeches, says, "Success in professional speaking does not require a high school education, advanced degree or even any level of celebrity. It doesn't matter is you are short, fat, ugly, pretty, male, or female," he says. "You just have to have something that people want to know about."

Philip van Hooser, vice president of the National Speakers Association: "Of course, there are also certain skills that aid in transitioning an interesting knowledge into a paid speaking career. Although it may seem obvious, a person needs good oral communication skills as well as an entertaining or inspirational theme."

David Brooks, a member of Toastmasters International and the 1990 "World Champion of Public Speaking" says that to be successful, it's important to tailor thoughts to a specific audience. "People that try to be generalists will starve in this business," says Brooks. "If you have a specific medical problem you will go to a specialist to have it taken care of. The same is true in the speaking profession."

Laura Moran writes for Mainstreet.com.

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Job hunting? Start here first

Tom Barlow — 2008-04-11T14:00:00+00:00

Filed under: Career

A year ago, an old buddy of mine lost his job. I commiserated, but assumed, since he was a computer guy, that he was aware that many companies have abandoned the Sunday newspaper's job listing in favor of online sites. I was wrong; he wasted two months before catching on, two months I could have saved him if I'd just shared a simple piece of advice; job search online first.

Your local paper will have an online complement to its print want ads, so that would be a good place to start. Add the top ten national sites, which are, according to TopJobSites.com-

And don't forget Craigslist.org. Although it's rife with fraudulent job ads, there are occasional nuggets in the dreck.
A reminder, though; as Tracey has wisely warned, posting too much personal info on a site risks identity theft. Use these sites to identify companies with openings, then deal directly with them.

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Planning for the worst: How to prepare for unemployment

Bruce Watson — 2008-04-10T12:00:00+00:00

Filed under: Career

Recent unemployment statistics are somewhat frightening: last week, the Labor Department reported that new applications for unemployment insurance had jumped by 38,000 over the previous week. The number of first-time claims, 407,000, was the highest that it's been since immediately after Hurricane Katrina hit in 2005.

While your job is probably completely safe, it's never too early to start thinking about what you will do if the bottom falls out. A little bit of planning and preparing right now can pay major dividends if the worst happens.

Do Your Paperwork: Now would be a good time to drag out your resume and polish it up. Add in all the great things that you've done since the last time that you were worried about your future. While you're at it, you might think about drawing up a couple of different resumes. For example, a skills resume could prove very handy if you are applying for a job that isn't in your current field, but uses many of the same skills. Even a traditional resume can be re-tailored to fit a wide variety of job opportunities, so you might want to give a little thought to whether or not you want your next job to be the same as your current one.Get Some Class: When you first started working at your current job, do you remember hearing your boss say something about tuition reimbursement? If so, you might want to give it another thought. From individual classes in computer programs and office skills to MBA programs, going back to the classroom might be your best step to making yourself more attractive on the job market. Best of all, if you can get your current employer to pay for it, you will be able to turn your current job into a springboard for your next one!

Prepare for the Worst: Even if your job is completely secure, you'll sleep a little better at night if you've prepared for the worst. Talk to your significant other about contingency plans in case one or the other of you gets the ax. While you're at it, take a long, hard look at your budget and figure out how long you can survive without your next paycheck. If the answer is "about two days," you might want to start socking away some money.

Keep It Under Control: If the worst happens, keep your emotions under control. Based on personal experience, I can attest that getting fired is a very traumatic experience. You might be inclined to rage at your employer, beg for your job back, sign away your future, throw a brick through the wall, or indulge in some other form of self-destructive and ultimately useless behavior. Instead of going the Britney Spears route, you may be better served by taking a deep breath, shaking hands with your (now former) boss, and taking a little field trip to the batting cages. Losing your temper not only won't get you your job back, but could make it hard for you to get another one. Similarly, losing your dignity will only leave you mortified later on.

Once you've calmed down, take a good look at your situation. First off, find out if you were fired legally. If you were, you might qualify for severance payments and other benefits. Of course, if you weren't, then you should probably talk to a lawyer. Regardless, don't sign any sort of agreement when you are in an emotionally distressed state; it's unethical of your boss to ask you to do so, and you might be throwing away some benefits that you sorely need. The New York Post recently ran a great article about how to negotiate your severance agreement. Given the current state of the economy, I'd say that it's required reading!

Bruce Watson is a freelance writer, blogger, and all-around cheapskate. Getting fired from his last job was one of the best career moves he's ever made.

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Looking for a new job? Try mining for gold!

Bruce Watson — 2008-04-10T11:00:00+00:00

Filed under: Career, Wealth

In 1848, pioneers in Sutter's Mill, California discovered flakes of gold in a water outflow. Over the next seven years, 300,000 prospectors descended upon the area, desperately searching for gold. In the process, they brought a major influx of warm bodies to California, transforming San Francisco from a tiny town to a sprawling city, creating roads and railways, paving the way for California's statehood, and laying the groundwork for the agricultural explosion that ended up making the state's fortune. While most of the "miner '49-ers" never hit the motherlode, thousands became life-long Californians, helping to transform the state into the economic powerhouse that it is today.

As far as California's gold deposits are concerned, they continued to be exploited for decades, until the cost of extraction outweighed the value of the gold itself. The same goes for Virginia's gold mining, which ended in the late 1940's. The interesting thing, though, is that the cost of gold has a way of fluctuating, and gold that was previously unworthy of extraction becomes a worthwhile pursuit when the cost of gold goes up.

As it is currently doing.In a recent article, the Financial Times noted that prospectors are once again flocking to the hills of California, eager to make their fortune. Membership in the Gold Prospectors Association of America has had a massive explosion, with registered members tripling. Similarly, commercial mining claims have risen to 2,274 in the first quarter of 2008. By comparison, there were 132 such claims in the first quarter of 2005.

According to popular legend, during the first gold rush, the merchants that supplied the miners actually made even more money than the miners themselves. In all likelihood, that will be the case again. For example, prospecting suppliers are currently selling molded-plastic "gold panning kits" for over $30 apiece, and folding shovels are going for $11.49. Still, if you're getting tired of your desk job and are looking to make your fortune, maybe you could do worse than packing up the family and moving to gold country!

Bruce Watson is a freelance writer, blogger, and all-around cheapskate. While he isn't about to become a "miner 2008-er," he is extremely aggressive about picking up change in the street. That counts for something, right?

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Book review: Trump Style Negotiation

Zac Bissonnette — 2008-04-09T10:00:00+00:00

Filed under: Real Estate, Career

No matter what you plan to do with your life, skills in negotiation are incredibly important. It's generally a field that's associated with business deals, but teachers with a room full of boisterous 8-year olds have quite a bit of negotiation to do as well. If you aspire to ever earn more than you do now, getting a raise will likely involve some kind of negotiation.

Looking to learn more about this art form, I started googling around for books on negotiation and saw some good reviews of Trump Style Negotiation: Powerful Strategies and Tactics for Mastering Every Deal, written by Trump's longtime lawyer, George H. Ross.

Full disclosure: I hate Donald Trump.

That said, this is actually an amazing book. With an emphasis on relationship building and fair play, Ross walks the reader through the various tactics negotiators can use: simple solutions, dead dog on the table, deadlocking, the crunch, and many, many more. You'll also learn about how to deal with difficult people" Ivan the Intimidator, Waffling Wilma, and Know-it-all Charlie.

Examples from mega-deals in real estate -- involving Trump and other high profile developers -- add color, making this a surprisingly breezy and enjoyable read. If you ever plan to negotiate anything -- and that's pretty much everyone -- you would do well to read this book. Don't let Trump's scary face on the cover scare you.

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Good financial chicken soup - for newlyweds and long-marrieds alike

Michael Burnham — 2008-04-07T14:00:00+00:00

Filed under: Retire, Career, Relationships

MSNBC recently posted some good advice for engaged couples about transitioning to a new financial life together. It has good tips on how and when to initiate a discussion about money, on budgeting, understanding one another's spending and saving patterns, setting goals and on getting outside advice.

Long-married couples and partners can benefit from advanced versions of this kind of advice. Far too often, couples with even the most solid financial plans hit serious potholes when the main breadwinner(s) retires. To those accustomed to a healthy direct deposit landing in the bank account every two weeks or so, the transition from accumulation to depletion can be a tough (if for some, only psychological) pill to swallow.

Dealing with money as retirees is a whole new ballgame. Everything can come into play, from who keeps the checkbook, to how (and by whom) income will get generated, if need be. The net, unexpected effect of not acknowledging these changes, or of not addressing them, is serious friction -- a kind of pressure in direct odds with the automated relaxation response most expect when work ends, and a leading reason even some well-heeled retirees cite for having a less than fulfilling retirement.

Often, one half of a couple has taken primary responsibility for their investments and financial retirement planning. The move to retirement is a great opportunity to get the less knowledgeable partner more involved, for a raft of good reasons. First and foremost, to create or enhance understanding of the relationships among income, expenses and discretionary spending, and how they may change when the primary earner retires. For some, this will bring a sigh of relief, knowing that the life as they've pretty much known it will go on. For others, it may be a wake up call for modification.

The more knowledgeable partner needs to think about the best way to initiate this kind of talk. Whether it's in the kitchen over a cup of coffee, or at a longtime financial advisor's office, or in some other way, one needs to balance their ability to explain their finances with an understanding of how their partner processes information, and of the overall dynamic at work in their relationship every day. A good start: create a detailed, one-page listing of important assets including all financial accounts, and where to locate vital papers.

It's simply the responsible thing to do, too. No one wants to think about life without their partner. But the truly loving course of action is to empower the less financially involved team member with the information and understanding they need to live their best life if and when circumstances make them the survivor.

Like all retirement-related discussions, it is better to start sooner than later. Early boomer and near-boomer retirees cite financial strain as one of the chief reasons they are choosing to separate or divorce within a few years of retirement, and in alarming numbers. That's not the retirement we envisioned, or deserve.

Michael Burnham is CEO of My Next Phase, a consulting firm offering non-financial retirement planning products and services (www.mynextphase.com).

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The low, low unemployment numbers

Tracy Coenen — 2008-04-04T14:00:00+00:00

Filed under: Career, Recession

It's time we got this straight. All the crying about the unemployment figures is unwarranted. Why? Unemployment numbers are some of the lowest we've seen in the last 30 years.

Take a look for yourself. The average unemployment for the 1970's was under 5%. But for the 1970s, 1980s, and 1990s, it averaged just under 6% to just over 7%. March unemployment figures came in at 5.1%, and the media is screaming about how high unemployment is.

High? Isn't 5.1% less than 6% or 7%? In this century, unemployment rates have hovered around 5%, so this is no news at all. We don't have zillions of people unemployed. And... while some types of jobs are being done away with, there are still lots of jobs available for those who want them. They may not all be the most desirable jobs, but they certainly have the ability to help feed a family while the breadwinner gets retrained or more educated, or otherwise looks for a more suitable job.

Don't buy into the media hype of unemployment figures being at a catastrophic level. The fact is that the statistics don't prove what the media is saying, and they're being blatantly dishonest during an election year. To the American economy, I say "Rock on."

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

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So you want to be a novelist

Tom Barlow — 2008-04-04T11:30:00+00:00

Filed under: Extracurriculars, Ripoffs and Scams, Career

Many of us harbor the ambition to write novels (and some of us, such as WalletPop's Tobias Buckell, have several in print already). Part of the dream for me is making enough money to allow me to concentrate strictly on fiction. Unfortunately, that dream is becoming less and less feasible.

Two disheartening pieces of news are buzzing the book world this week. The first involves Amazon, the 500 lb. gorilla in the field.

A growing number of authors have chosen to self-publish via print-on-demand companies such as iUniverse. An important part of their profit plan is distribution through Amazon. Now, however, Amazon has decreed that it will no long act as the middleman between POD -published authors and the public. Any POD author wishing to have his/her book on Amazon must have the book printed via Amazon's BookSurge POD service.

The move makes sense from Amazon's point of view; they won't need to keep a stack of actual books on the shelf waiting for orders, or spiff other companies to direct-ship from their warehouses. When an order comes in, Amazon will route the digital file to the printing process and voila, pop a book out the other end ready to shop. For the authors, things are not so rosy. Once Amazon runs competing POD companies out of business, authors risk losing leverage and the consequent income.

Another troubling story, in the New York Times, is the intent of publisher HarperCollins to launch a new group to publish books for which authors will be paid a share of revenues rather than an upfront against royalties. In the past, a writer would get a lump sum at the time the contracts were signed. If the book sold well enough to exceed the anticipated revenue on which the first payment was based, the author would receive additional money. If it didn't, the publisher ate the shortfall. Because the rewards of success derive primarily to the publisher, I believe the risk should as well. To ask the author, who has no control over production, marketing or placement, to shoulder that risk is a sad commentary on the state of the art.

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Making minimum wage "work"

Tracy Coenen — 2008-03-31T12:00:00+00:00

Filed under: Career

I recently read a post by a blogger who did a little exercise to see if he could survive on minimum wage. He chose a location of Hartford, CT, and used the state's minimum wage of $7.65. He assumed a forty hour work week, which equaled an income of about $1,224 a month. He then went down his list of expenses and determined that he couldn't survive on minimum wage. His conclusion: Minimum wage doesn't work.

The debate about minimum wage is largely pointless, because there are so few adults who actually are paid minimum wage. But I'll play along and pretend that lots and lots of adults are trying to survive on minimum wage. Is the problem with the wage or the people? I say the people.

First, if you're being paid minimum wage, it means that you have next to no skills and probably no work experience. You're probably unreliable and you probably have a spotty work history. Why should an employer pay for your lack of skills? Minimum wage shouldn't be a goal for anyone. It should be a starting point that can quickly be surpassed if one is willing to show up, work hard, and develop skills. Talk to any business owner, and nine times out of ten, I bet you will find that they'd be happy to pay more than minimum wage if they could find suitable employees.
The next part of the minimum wage debate deals with families. How on earth can someone support a family on minimum wage? The simple answer is that minimum wage doesn't support families and those who are earning minimum wage ought to wait to have children. It's a simple concept. If you can't support a family, you don't have one.

But what if you've already got the family and now you're stuck trying to make a go of it on minimum wage? You do what many families have done throughout the years. You work more and you make sacrifices. Maybe mom and dad both need to get jobs, alternating shifts so that the children are always cared for. Maybe the person earning minimum wage needs to work more than one job. Forty hours a week of work should be considered a minimum when there are mouths to feed. There are many more hours in the week that can be worked, and I've seen plenty of people work 60 or 70 hours a week when it was necessary for survival.

The simple truth is that those who want to support their families and themselves can do so if they're willing to work. And if they're willing to add to their repertoire of skills, they can earn more over time if they prove to be a valuable employee. So don't cry about minimum wage. Anyone who really wants to move beyond it has every opportunity to do so.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

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