Archive for Economy

Adjust Your Strategy for Your Online Job Search

Adjust Your Strategy for Your Online Job Search by Theodore HendersonThe unemployment rate is between 9 and 10 percent and whether you are employed or unemployed you should be part of the growing number of people are who search the Web for work opportunities. However if you are restricting your surfing mainly to one or two of the big job boards like Monster.com are facing a steep climb. Follow some of the following steps for improved results. 

Your strategy must be to cast an intelligently constructed wide net.  For example, personal referrals are the best way to gain entrance to a company or to stay abreast of specific company specific opportunities.  The next best company specific opportunity source are the company Web sites, according to CareerXroads which says that the top 3 sources of hiring in 2010 are Referrals 26.7%, Career Sites 22.3%, and Job Boards 13.2%. No other source breaks 7%, which includes College Recruiting, Print, Career Fairs, etc.  The message here is if the professionals say this is how you get hired then don’t fight the changing tide.  Ten to fifteen years ago only employee referrals were in the top three.  Times have changed. 

For job hunters casting a wide net I recently came across LinkUp.com, which aggregates postings from company sites only—and more importantly updates them automatically saving you valuable time by not applying to closed positions.  Many companies also allow seekers to sign up for extra services; employers like the accounting firm Deloitte send out e-mail job alerts and offer an online RSS feed that provides real-time updates directly from their sites.  Being in the know for potential opportunities has never been easier. 

Even though I still come across many professional job seekers who don’t have a proper LinkedIn profile they do understand the importance of the site in an online job search strategy. But it doesn’t stop there as a growing number of employers are also diligently searching for hires on traditionally nonprofessional sites such as Twitter and Facebook, where they can also take advantage of the added benefit of posting jobs for free. Another positive unintended consequence is that by keeping in touch with friends employers are now trying to mine their employees’ personal networks for talent by adding tools that allow them to post listings to their own social-networking pages. Why?  Smart, intelligent, hardworking, and successful people tend to know others like themselves. 

Smart entrepreneurs know they need to understand their target market or niche and then service it.  The job search is no different utilizing job boards that target specific niches or industries are a good use of your time. One such site is InternetInc.com, which compiles a list of boards by career field, is one place to get a sense of the niche options. I don’t recommend pay-for-use job boards unless you can be guaranteed specific results.  There are plenty of excellent free sources such as the ones mentioned here you should not need to use a pay service.  If you are going to pay for a service better to use a career coaching service such as the Five O’clock Club which offer high quality career coaching and career management services at reasonable prices.

Renting A Room In Your House. Good Idea?

Renting that spare bedroom in your home for extra incomeThe recession has prompted a surge in homeowners renting out spare rooms. Renting out a spare bedroom in your home can be prompted by any number of things:

  • Separation or divorce
  • Job loss or hours reduced
  • Need for more social interaction

For the purpose of this post though we are discussing renting out the now extra bedroom that your college-bound child leaves behind.

Renting out the extra space can provide you with extra income and a chance to meet new people. But it’s a big decision, so plan carefully and make wise and safe choices. Consider these tips to ensure that you create a good experience for you, your child, and your new tenant.

Help your college-bound child to adjust:

  1. Give yourselves some transition time. Your child is already coping with major changes while heading off to college. It will be less stressful for both of you if you wait a couple of months or so before taking on a tenant.
  2. Involve your child in the decision. People usually react more positively when they’re included in the decision-making process. Tell your child you’re considering renting the room and want to discuss it. If they’re comfortable, you can steam ahead. If they have concerns, slow down and consider your child’s viewpoint.
  3. Be sensitive to your child’s needs. Everyone will have to make some adjustments, so plan ahead to minimize any awkwardness. Have alternative sleeping arrangements ready for when your child comes home to visit. Even if you don’t have a guest room, you can get a futon or inflatable bed. If they’ll be sleeping in the living room, ask everyone to keep out during the early morning hours.
Develop storage solutions. Store your child’s prized possessions safely. This could also be a great opportunity for the whole family to get rid of some clutter.
Let your child know you appreciate their cooperation. Thank them for their flexibility and the contribution it makes to your family. Prepare their favorite meal or plan a special outing to show your gratitude.

Help yourself to adjust:

  1. Keep it legal. Check the local zoning ordinances in your area to get any required permits. If you’re renting, consult your landlord to make sure that any arrangements are permissible according to your lease.

  2. Play it safe in searching for a tenant. If you live within commuting distance from any colleges or universities, their student housing agencies are an excellent resource for finding prospective tenants. Organizations like roommates.com charge a small fee but provide more security than going it alone on Craigslist. Always run a credit check and ask for references.
  3. Sign a rental agreement. You can get rental agreement forms from your local landlord/tenant association or housing agency. Require a deposit to protect yourself from damages.

  4. Establish house rules, especially for shared areas. Discuss your expectations with your new tenant beforehand. Try to reach mutual agreement on issues like the use of kitchen and laundry areas.
  5. Cultivate open lines of communication. Friendly communication is fundamental. Maintain an open and respectful atmosphere so that you and your new tenant can work together to resolve any conflicts.

Renting out your child’s room when they leave for college can have economic and social benefits. Keep the best interests of your family and your new tenant in mind to create a pleasant home environment for everyone.

Learn to Resist the Urge to Spend

Money savings tips from Theodore HendersonNow, more than ever it is time to exercise financial restraint. Rather than spend the last five dollars in your wallet just because you got paid today is not wise. Consider taking that $5 and putting it in your savings account or your penny jar.

While it is easy for me to preach the reasons to save money, resisting the urge to buy something you really don’t need can be very difficult. One way to help yourself resist that urge is to understand how marketers and advertisers get to you, your emotions, and ultimately your last five dollars!

I am sure that you realize that marketing and advertising is tested and retested in focus groups to ensure that the marketing message will reach and grab the greatest number of potential customers. A purchase is often a reaction to an emotional appeal. For your “heading-back-to-school” teenager the lure is probably the most recent trend in clothing, mobile phones, or even a car! For you, the adult, it may be that you just have to have that really nice watch that you saw in the mall or a great Dooney and Bourke bag. After all, you have to look nice on the job or while you are job hunting, right?

But… there is a huge gap between what you want and what you really need.

Here is what you need in terms of money each month:

  • Housing: Mortgage payment or rent.
  • Debt: Credit card bills, student loans.
  • Travel: Gas, auto maintenance such as oil change, auto insurance, etc.
  • Food: This category includes groceries, personal care items, household care items such as cleaning supplies, pet food etc. You should also budget a small amount for dining out.
  • Utilities: Water, Electricity, Propane, Garbage pickup, etc.
  • Telephone (land-line, mobile, or both)
  • Insurance (home-owners, health, life, etc.)
  • Misc: Medical or Dental if you are not insured or have a high deductible.
  • Savings. Even if you can only afford to put $5 a month away, by making it a habit and seeing your savings grow, you will feel proud of yourself and compelled to save even more.

Here is what you may want, but don’t need:

  • That really terrific red Gucci bag that you saw in Saks the other day.
  • Daily cups of high-priced coffee at your favorite Starbucks or other coffee shop destination. Trust me, I love a great cup of coffee or a latte as much as the next person, but when you add those regular trips up, you will find at the end of the month that you could have paid more on a credit card bill or two or added more money to your savings account. I suggest that you treat this as just that, a treat. You will probably enjoy it more and you will certainly enjoy your savings more! 
  • $5o worth of lottery tickets. I know that hope springs eternal, but you are really just giving your hard-earned money away.
  • Dining out frequently can really be a budget buster that is easy to ignore. There is nothing wrong with going out for a nice meal once in a while or really splurging (if you can afford it!) for a special occasion such as an anniversary or birthday. However, many people eat out for lunch and then may head home, grab the family and eat out again. Or bring home something from a fast food restaurant. By taking your lunch to work most days you can save a substantial amount of money every month. This is also true for evening meals. Even if you are not a good cook, or just don’t really think you have the time to cook, it is very easy to pick up pre-made meals in the grocery store. You can purchase everything from pre-packaged salads to entrees. It is much easier on your budget and probably healthier.

Creating a budget is very easy by using one of the many free financial calculators available on the Internet.  You Can Deal With It.com has a nice one that will help you examine your money spending patterns.