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Monday, June 25, 2018

CAREER ADVICE PART 2 – SWITCHING CAREERS OR FINDING YOUR FIRST JOB

CAREER ADVICE PART 2 – SWITCHING CAREERS OR FINDING YOUR FIRST JOB

I wanted to add another piece of career advice that I’ve gleamed after years of working with companies as a co-op coordinator.  Over and over managers have told me how hard it is to find good employees who work hard, are conscientious, show initiative, have common sense and are honest.

In many cases, if you have these traits, managers are willing to invest and train you for a job that you currently are not qualified for.  The problem is it’s really hard to know if a prospective employee has the right stuff.   That’s one reason why co-op can be valuable for both students and employers.  It’s a low risk way to find out about a potential employee.  If things don’t work out,  a thank you and a hand shake are all that is required when the work term ends.

Back to my advice for would be job seekers and this advice has been proven successful many times over in my experience.

This advice will help you if you are good worker who has the skills I mentioned above but is having difficulty convincing employers due to

lack of any work experience or
lack of Canadian work experience, or
missing some training or education that the job requires
lack of network contacts
The key for you is to find  a company that you think has the long term potential to be a good fit for you and apply for a position below your level of expertise.  The idea is to get into the company and then prove your worth once there. Once this happens, it is almost a guarantee that you will not remain in the low level job for long.

If you are an experienced worker, this may mean omitting certain education and work experiences from your resume to avoid appearing overqualified. I don’t see a problem with this because you already doing a lot of editing when you create a resume.  This is just one more edit.

It also means being willing to take a pay cut for a while.  And there are no guarantees that you will like the new job any more than the job you left but it’s worth a try if you are not happy.

For new workers, who are usually younger, there is little risk to trying to method if you cannot find a job commensurate with your education.

It is once you are on the job that you can easily handle that you need to shine and convince supervisors that you are capable of so much more.  Slow and steady is the way this will happen if you have what it takes.  Don’t show off too much and remember to build strong relationships with co-workers, above and beneath your current pay grade.  Trying to earn a promotion doesn’t have to be a fight to the death competition.  Many workers are not interested in more responsibility but will be pleased to see a good person take on the role.  Be that good person and you can find that place on the corporate ladder that suits your skills and temperament.

CAREER ADVICE PART 2 – SWITCHING CAREERS OR FINDING YOUR FIRST JOB

CAREER ADVICE PART 2 – SWITCHING CAREERS OR FINDING YOUR FIRST JOB



I wanted to add another piece of career advice that I’ve gleamed after years of working with companies as a co-op coordinator.  Over and over managers have told me how hard it is to find good employees who work hard, are conscientious, show initiative, have common sense and are honest.

In many cases, if you have these traits, managers are willing to invest and train you for a job that you currently are not qualified for.  The problem is it’s really hard to know if a prospective employee has the right stuff.   That’s one reason why co-op can be valuable for both students and employers.  It’s a low risk way to find out about a potential employee.  If things don’t work out,  a thank you and a hand shake are all that is required when the work term ends.

Back to my advice for would be job seekers and this advice has been proven successful many times over in my experience.

This advice will help you if you are good worker who has the skills I mentioned above but is having difficulty convincing employers due to

lack of any work experience or
lack of Canadian work experience, or
missing some training or education that the job requires
lack of network contacts
The key for you is to find  a company that you think has the long term potential to be a good fit for you and apply for a position below your level of expertise.  The idea is to get into the company and then prove your worth once there. Once this happens, it is almost a guarantee that you will not remain in the low level job for long.

If you are an experienced worker, this may mean omitting certain education and work experiences from your resume to avoid appearing overqualified. I don’t see a problem with this because you already doing a lot of editing when you create a resume.  This is just one more edit.

It also means being willing to take a pay cut for a while.  And there are no guarantees that you will like the new job any more than the job you left but it’s worth a try if you are not happy.

For new workers, who are usually younger, there is little risk to trying to method if you cannot find a job commensurate with your education.

It is once you are on the job that you can easily handle that you need to shine and convince supervisors that you are capable of so much more.  Slow and steady is the way this will happen if you have what it takes.  Don’t show off too much and remember to build strong relationships with co-workers, above and beneath your current pay grade.  Trying to earn a promotion doesn’t have to be a fight to the death competition.  Many workers are not interested in more responsibility but will be pleased to see a good person take on the role.  Be that good person and you can find that place on the corporate ladder that suits your skills and temperament.

Monday, June 4, 2018

A JOB YOU ENJOY IS MORE IMPORTANT THAN BEING GOOD AT SAVING

A JOB YOU ENJOY IS MORE IMPORTANT THAN BEING GOOD AT SAVING

If you have to choose between being a super saver and having a job you enjoy, hands down I would choose the job I like.

Creating a comfortable retirement income is all about:
how long you are in the work force
how quickly you can reduce or eliminate your debts and fixed costs (mortgage, child raising)
and finally, saving the relatively small amount of 6-10% of your gross income

If you find a job you enjoy, chances are you will be good at it and will continue to upgrade yourself to stay valuable to your employer and clients.

The longer you are a productive working citizen:

the greater the amount of money you can spend on things and experiences while raising the children
the more financial mistakes you can make and still recover before it’s time to retire
the more you will contribute to your Canada Pension Plan or work pension plan
the less time you will have to go shopping and buy things you probably don’t need
And the number 1 reason working longer is good for your retirement is:

The longer you work, the longer the miracle of compounding interest works for your retirement savings.

If you are reader of financial blogs, you have probably heard this over and over, but it’s worth reinforcing one more time with the story of William and James.

Twin brothers, William and James are now 65 years old.

Forty-five years ago, when William was 20, he started a retirement account, putting $4,000 in the stock market at the beginning of each year. After 20 years of contributions, totaling $80,000, he stopped making new investments but left the accumulated contributions in his account. The fund earned 10 percent per year, tax free.

James, started his own retirement account at age 40 (just after William quit) and continued depositing $4,000 per year for the next 25 years for a total investment of $100,000. James investments also earned 10% tax free. When both brothers reached the age of 65, which one do you think had the bigger nest egg?

The answer is startling:

William’ s account was worth almost $2.5 million.
James’ account was worth less than $400,000.

Despite having invested less money than James, William’s stake was over $2 million greater. The moral is clear; you can accumulate much more money by starting earlier and taking greater advantage of the miracle of compounding.

A JOB YOU ENJOY IS MORE IMPORTANT THAN BEING GOOD AT SAVING

A JOB YOU ENJOY IS MORE IMPORTANT THAN BEING GOOD AT SAVING


If you have to choose between being a super saver and having a job you enjoy, hands down I would choose the job I like.

Creating a comfortable retirement income is all about:
how long you are in the work force
how quickly you can reduce or eliminate your debts and fixed costs (mortgage, child raising)
and finally, saving the relatively small amount of 6-10% of your gross income

If you find a job you enjoy, chances are you will be good at it and will continue to upgrade yourself to stay valuable to your employer and clients.

The longer you are a productive working citizen:

the greater the amount of money you can spend on things and experiences while raising the children
the more financial mistakes you can make and still recover before it’s time to retire
the more you will contribute to your Canada Pension Plan or work pension plan
the less time you will have to go shopping and buy things you probably don’t need
And the number 1 reason working longer is good for your retirement is:

The longer you work, the longer the miracle of compounding interest works for your retirement savings.


If you are reader of financial blogs, you have probably heard this over and over, but it’s worth reinforcing one more time with the story of William and James.

Twin brothers, William and James are now 65 years old.

Forty-five years ago, when William was 20, he started a retirement account, putting $4,000 in the stock market at the beginning of each year. After 20 years of contributions, totaling $80,000, he stopped making new investments but left the accumulated contributions in his account. The fund earned 10 percent per year, tax free.

James, started his own retirement account at age 40 (just after William quit) and continued depositing $4,000 per year for the next 25 years for a total investment of $100,000. James investments also earned 10% tax free. When both brothers reached the age of 65, which one do you think had the bigger nest egg?

The answer is startling:

William’ s account was worth almost $2.5 million.
James’ account was worth less than $400,000.

Despite having invested less money than James, William’s stake was over $2 million greater. The moral is clear; you can accumulate much more money by starting earlier and taking greater advantage of the miracle of compounding.