How Financially Literate Are You? 3 Things You Should Know About Your Money

Most of us received little guidance or instruction on how to handle money when we were growing up. That’s OK — we can learn now, a little bit at a time. Let’s start with the basics.

How do most of us learn how to use our money wisely and well? When we’re growing up, we’re given special instruction in important subjects — swimming, driving, sex — to arm us with info and keep us from harm.

Yet when it comes to managing our money — an activity that every one of us needs to do, every day — we receive surprisingly little preparation. We’re not taught much about it in school, because education systems leave it to us to learn from our families and friends. However, those people often don’t fill in the gaps because money can be such a loaded or taboo topic.

Natalie Torres-Haddad, who grew up in southern California, saw many people around her struggling with debt and financial instability. She was determined to be the exception, and she purchased her first rental property in her early 20s and earned an MPA in Finance & International Business. In the process, however, she became buried in debt. Only by teaching herself the basics of money — basics that she’d never learned — was she able to steady herself and her finances.

Today she leads workshops and sessions to prevent others from falling into the money pit. (She’s also the author of the self-published Financially Savvy in 20 Minutes ). She’s found that even among the college-educated people she meets, “the majority feel confused and overwhelmed about balancing their income and expenses,” she says. The stats show they’re not alone. A 2015 Ohio State University study reported nearly 70 percent of college graduates in the US say they don’t feel equipped to manage money and deal with their debt.

Not only must we get up to speed on the basics, we also need to start having honest conversations with each other about money, says Torres-Haddad. In the same way we’d tell family and friends that we’re cutting out refined sugar from our diets or practicing yoga to increase our flexibility, we should be open with them about the steps we’re taking to boost our financial health. That way, we can get advice and support. This transparency, she adds, can also make us less susceptible to peer pressure-related spending. How many of us have agreed to a pricey meal or weekend trip because we didn’t want to come clean about our money concerns?

Becoming financially literate does not require a huge time investment. Torres-Haddad believes we can start by dedicating 15 – 20 minutes a day to developing our skills and knowledge by learning new terms and resources. Just like attaining literacy in a foreign language, she says, “it’s an ongoing education.” Here are three things you need to know about your money.

1. Know How Much Money You’re Bringing in Every Month vs. How Much You’re Spending

Most of us can rattle off our salaries in our sleep, but could you do the same for your monthly after-tax income and where you’re spending your money every month? If you can’t, that’s normal. But now is the time to learn your actual take-home pay and your actual expenses (and not just ballpark figures or estimates).

For your income, look at your physical or online pay stubs, and start keeping a record of the after-tax amounts. If you’re a salaried employee, that number should be fairly steady; if you’re not, those numbers will vary.

For your monthly expenses, Torres-Haddad suggests writing down — whether it’s in a physical or online notebook — every single daily purchase (coffee, take-out, Uber, online shopping, etc) you make and every single ongoing payment you make through autopay or credit cards (Netflix, gym membership, car insurance, utilities, etc.).

If you’ve never done this before, you may find this uncomfortable — even painful — but it will force you to face up to your spending habits. It will also make these purchases visible. Often, our regular outlays (such as Netflix, Hulu, etc.) can go unnoticed or unquestioned, and our daily spends — especially if we pay by debit card so the funds are instantly drawn from our bank accounts — can go forgotten. Torres-Haddad calls the latter “runaway spending” — “when the little things that you thought cost only a few dollars actually cost much more” in the long run. Take a daily $5 green smoothie. By making them at home, you could save yourself a few hundred dollars in a month.

After you have a fundamental understanding of income and expenses, you can download an app to help you track these categories; see your bank account, credit-card and loan balances; and organize your purchases into buckets so you can identify areas where you might cut back. Two free apps to try are Mint or Charlie, says Torres-Haddad. But, she cautions, apps can be a little “out of sight, out of mind,” meaning if you need extra help to be aware of your spending, stick with the pen-and-pad (or fingers-and-keyboard) method a while longer.

2. Know Your FICO Score and Your Other Credit Scores

While you don’t need to have a good credit score to be financially literate, you must know what it is. ( Note: Most of the information in this section applies to people living in the US.) In the US, FICO was the first company to offer a three-digit credit-risk score for lenders to use when deciding whether or not to approve a loan or line of credit, a credit limit, and an interest rate. There are three other national credit reporting bureaus — Experian, Equifax and Transunion — which also keep track of all your loans (student, auto, personal, etc.) and your balances and histories for all your credit cards (whether issued by banks, stores or businesses).

However, the FICO score is the one most frequently used when you apply for credit cards, mortgages and most types of loans; rent an apartment; or sign up for utilities. FICO scores range from 300 to 850; 670 and up is seen as a good score and 800 and up is excellent. While the FICO score is calculated with a proprietary algorithm, the primary factors that go into it are your repayment history (do you pay your credit-card bills on time? how late are you?), how much debt you’re carrying on cards and loans, how long you’ve successfully held a credit card or loan for; and whether you’ve managed to hold a mix of different kinds of credit.

Most banks and credit cards offer free access to your FICO score on their mobile apps and websites ( here’s a list of the ones that do). If you don’t use one of these companies, you can also find out how to access your score on FICO’s helpful FAQ, including a chart showing where your score falls between “Poor” and “Exceptional.”

Besides checking your FICO score every year, do an annual check of the reports issued by Experian, Equifax and Transunion. This is so you can verify that they’re correct, make sure no one has opened up a line of credit in your name, and see where you might improve. You are entitled to a free copy of a credit report from each bureau once a year. Beware: Many sites will charge you a fee, so use the federally approved and secure Annual Credit Report site.

If it’s your first time checking or you’re about to make a big purchase (such as a car or a home), Torres-Haddad suggests getting all three reports at once. After that, she recommends spacing them out throughout the year. That way, you can quickly catch any errors, fraud, identity theft or any other actions that could hurt your credit history. Mark your calendar so you know when you can request your next free credit report.

3. Know How Much Credit Card Debt You’re Carrying

Knowing how much credit-card debt you’re carrying — and how quickly it’s increasing due to interest — is critical to your financial literacy. Make a list (on paper or on a computer) of each of your credit cards, their current balances, and their current interest rate. Then, put them in order from highest interest rate to lowest.

In general, says Torres-Haddad, this should be how you should prioritize paying them off, paying as much as you can towards the card with the highest interest rate while paying the minimum on the other cards. Called the “ debt-snowball method,” this was popularized by money expert Dave Ramsey.

If you have any cards that offered a 0% APR as a promotion when you signed up, mark down the date on which the promotional rate expires because that’s when you can expect your debt to accumulate at a high interest rate (20% or more). Try to budget your monthly payments so that this card will have little to no balance when that expiration date arrives.

Believe it or not, having a credit card can be a great thing for a person’s FICO and credit scores — if you use it responsibly. Of course, carrying no debt on your cards is best. Otherwise, Torres-Haddad recommends using no more than 30 percent of your available credit limit. So if you have two credit cards with limits of $6K apiece, totalling $12K in available credit, make sure the total balances you’re carrying do not exceed $4K.

If you’ve managed to pay off a credit card, congratulations. But while you may be tempted to close it, Torres-Haddad advises against it. Why? Closing the account will shrink your total amount of available credit and cause your credit score to dip. Instead, delete the card number from any online shopping accounts, cancel any auto-pays billed to it, and freeze the card in ice. It may sound silly but it means that if you want to use it, you’ll be forced to wait for it to defrost — and forced to take a little time to think about your purchase.

When choosing a new credit card, look for ones that offer incentives — such as travel points or cash back — which could help you and your finances. Torres-Haddad recommends going to nerdwallet.com and bankrate.com to compare credit card offers.

Obviously, these three points represent just a small part of financial literacy. That’s why Torres-Haddad urges people to be patient and to learn gradually. Two books she recommends are Napoleon Hill’s Think and Grow Rich!  and Robert T. Kiyosaki’s Rich Dad, Poor Dad. For those who like to get information through listening, she suggests the “Popcorn Finance” and “Her Dinero Matters” podcasts.

When you can, supplement your research with an in-person workshop, adds Torres-Haddad. “Even going to one financial literacy workshop can have a life-changing effect,” she says. A good time to find free workshops is April, which is Financial Literacy Month in the US. One of the best investments you can make in your life is to educate yourself about money, says Torres-Haddad. “It can really give you a lot of peace of mind.”

By: Erin McReynolds

Source: How Financially Literate Are You? 3 Things You Should Know About Your Money

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These Industries Added the Most Remote Jobs During the Pandemic, and Talent Is Tight

Listing an open role as work-from-home may sway applicants to apply, but founders will still likely face stiff competition for talent in the fields that have added the most remote positions during the Covid-19 pandemic.

Since March 2020, the vertical for marketing, media, and design has seen the biggest growth, with a 974 percent increase in remote roles paying six-figure salaries or higher, according to research from Ladders, a career site based in New York City. The data looked at 50,000 North American employers to find which high-paying professional fields have seen the most growth in remote work.

Project and program management is the next fastest-growing, with an 801 percent increase, followed by accounting and finance with a 750 percent increase. Runners-up include human resources and legal (546 percent), technology (521 percent), and engineering and construction (410 percent).

The availability of high-paying remote work across all fields has grown more than 1,000 percent since March 2020. At that time, there were just over 7,000 jobs available, compared with 80,000 today.

“The world is staying remote post-Covid,” says Ladders’ founder and CEO Marc Cenedella. “Your competitors, your suppliers, and your customers are increasingly comfortable with hiring remote employees in all fields. ‘Work-from-home’ is now a must-have for employers to be competitive.”

Working remotely may require changes in your workplace to be more employee-friendly and productive, Cenedella says. Fewer meetings, better-written communication, occasional in-person meet-ups are just some of the new behaviors and practices he’s seeing from remote employers. “It’s best to be proactive, curious, and open to new ideas as we all figure out what the workplace looks like in 2022 and beyond,” he says.

By: Anna Meyer, Assistant editor, Inc.@annavmeyer

Source: These Industries Added the Most Remote Jobs During the Pandemic, and Talent Is Tight | Inc.com

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Critics:

People who do their jobs from home, freelance or travel for work are increasingly leaving cities such as Los Angeles and San Francisco and taking their families — and jobs — to places including Denver and Boise, Idaho, according to The Wall Street Journal.

Here are the top 20 companies, hiring hundreds of remote workers each.

1. Appen

Headquarters: Chatswood, New South Wales, Australia

Industry: Technology (machine learning and artificial intelligence)

Remote jobs: voice coach, linguist, web search evaluator, transcriber

2. Lionbridge

Headquarters: Waltham, Massachusetts

Industry: Software and business (language translation)

Remote jobs: creative designer, social media assessor, project manager, scheduling assistant

3. VIPKid

Headquarters: Beijing, China

Industry: Education

Remote jobs: online English as a second language teacher

4. Liveops

Headquarters: Scottsdale, Arizona

Industry: Customer service

Remote jobs: customer service representative, licensed insurance agent, health care resource specialist

5. Working Solutions

Headquarters: Dallas, Texas

Industry: Customer service

Remote jobs: sales development representative, travel reservation specialist, corporate travel agent

6. Kelly Services

Headquarters: Troy, Michigan

Industry: Staffing

Remote jobs: data entry operator, administrative assistant, software tester, data analyst

7. EF Education First

Headquarters: Cambridge, Massachusetts

Industry: Education

Remote jobs: language teacher, copywriter, content writer, college counselor, IT coordinator

8. SYKES

Headquarters: Tampa, Florida

Industry: Customer service

Remote jobs: customer support agent, executive assistant, senior director of client management

9. Concentrix

Headquarters: Fremont, California

Industry: Business services

Remote jobs: sales and service representative

10. Williams-Sonoma

Headquarters: San Francisco, California

Industry: Retail

Remote jobs: customer service agent, technical designer, copy manager

11. UnitedHealth Group

Headquarters: Minneapolis, Minnesota

Industry: Health care

Remote jobs: product director, medical director, health and wellness coach, call center nurse

12. LanguageLine Solutions

Headquarters: Monterey, California

Industry: Translation

Remote jobs: interpreter, software engineer

13. TTEC

Headquarters: Englewood, Colorado

Industry: Business operations

Remote jobs: Salesforce developer, software engineer, consultant, web developer

14. TranscribeMe

Headquarters: San Francisco, California

Industry: Information technology, translation

Remote jobs: transcriptionist

15. Humana

Headquarters: Louisville, Kentucky

Industry: Health care

Remote jobs: sales manager, medical director, business and technology lead, sales executive

16. Cactus Communications

Headquarters: Mumbai, Maharashtra, India

Industry: Communications

Remote jobs: editor, medical writer, academic research evaluation

17. Transcom

Headquarters: Stockholm, Uppland, Sweden

Industry: Customer service

Remote jobs: technical support representative, payroll administrator, customer service agent

18. BroadPath Healthcare Solutions

Headquarters: Tucon, Arizona

Industry: Health care

Remote jobs: director of service operations, provider service representative, insurance claims processor, data specialist

19. Dell

Headquarters: Round Rock, Texas

Industry: Computer technology

Remote jobs: program manager, account executive, consultant, sales executive

20. Aetna

Headquarters: Hartford, Connecticut

Industry: Health care

Remote jobs: outreach coordinator, content quality reviewer, network relations manager, health coach

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Wall Street Seeks To Make Up For Long Hours With High Salaries

(Bloomberg) – Rooms at the Fairmont Royal Pavilion, located on Barbados’ platinum beaches, can cost more than $ 1,000 a night. In the morning, you can enjoy the catamaran snorkeling cruise and return ashore in time for afternoon tea.

For some Houlihan Lokey Inc. employees, this offer is now on the table: a five-night stay at this Caribbean haven, with money from the investment bank, as a reward for a year of record earnings. The offer is also a subtle plea to the company’s younger employees: please don’t quit.

That last phrase echoes across Wall Street, where turnover and burnout rates among young workers are accelerating. Banks have tried to turn the tide with raises, bonuses, vacations, and even free sports equipment. For all that, being a young banker in America has never been more lucrative.

However, the problem is that it has also never been more lucrative for aspiring workers to work outside the golden world of finance, as the gap between banks and other employers such as technology companies has narrowed.

“In terms of making money, is this the best time to be a banker? Sure, ”says executive recruiter Dan Miller of True Search. “Now, in terms of lifestyle, is this a terrible time? Absolutely”.

A presentation prepared by 13 first-year analysts at Goldman Sachs Group Inc. earlier this year prompted a reckoning on Wall Street after it highlighted the working conditions of junior bankers – some of them working 100 hours a day. the week while his physical activities and mental health suffered. Goldman responded by cutting weekend hours and promising to increase staff at its busiest businesses.

Earlier this year, a presentation prepared by 13 first-year analysts at Goldman Sachs Group Inc. prompted a reckoning on Wall Street after it highlighted working conditions for junior bankers – some of them working hundreds of hours a day. the week as his physical activities and mental health suffered. Goldman responded by cutting weekend hours and promising to increase staff at its busiest businesses.

However, some industry veterans have made harsh statements against those who complain about the workload. Cantor Fitzgerald’s Howard Lutnick suggested that some of the young workers considering leaving finance may simply not be ready for it. “Those young bankers who decide they are working too hard, choose another way of life,” he told Bloomberg TV earlier this month.

Furthermore, the exhausting workload of bank analysts has continued and, in some cases, worsened. When COVID-19 took over the nation last year, the “work hard, play hard” mantra became “work hard, sit on your couch,” all while the economy accelerated and deals proliferated.

Frustrated and overworked, many of them turned to the anonymous ex-banker behind the popular “Litquidity” financial meme account for support. In an interview, he said he was inundated with messages on Twitter and Instagram from young industry colleagues feeling fed up and weighing whether the work was worth it.

Lit, as he calls himself, was at the time a senior associate in investment banking and knew very well what they were going through. He too felt exhausted and stressed, and at one point he went to see a doctor to have his heart palpitations checked.

“Do you know the feeling when your stomach just sinks in? I felt it in my heart, “he said by phone from New York’s Central Park. The doctor concluded that his symptom was probably related to stress. Last winter, Lit quit her job to focus on growing the Litquidity brand and writing a daily newsletter. He says he is also working to launch a venture capital fund.

It is not only in finance where workers are becoming more demanding, a similar scenario that occurs throughout the country. Companies from McDonald’s Corp. to country clubs in Nashville, Tennessee, have raised wages and offered hiring bonuses to attract new workers. From March to May, the rate of American workers who voluntarily quit their jobs rose to its highest level in at least two decades. In Washington, lawmakers are arguing about raising the minimum wage to $ 15 an hour.

Of course, the isolated world of finance and some other professional services operate on a significantly higher plane in terms of pay. Last month, dozens of the nation’s top law firms raised first-year salaries to $ 202,500, roughly a couple thousand. They also offer multiple annual bonuses and additional time off as they struggle to retain talent and their workers face burnout.

Miller, who co-leads True Search’s financial services practice, says today’s young bankers have far more options than their peers previously had. Banks and consulting firms have long been a source of recruiting for private equity and, more recently, venture capital, technology, and fintech. These days, with many of those industries hiring at a record rate, many young bankers no longer have to hold out for two years. They can leave earlier or skip the stay in finance altogether.

Some bank bosses have promised to ease the pressure. After the junior analysts’ presentation, Goldman CEO David Solomon promised to better enforce the rule that they should have Saturdays off. But the sentiments carved in stone in banking culture for decades do not change easily. Additionally, Lit noted that Goldman’s policy of not working on Saturdays has been in effect since 2013.

“There has to be a way to make it stick,” he said. “What’s the use of earning half a million if you work 20 hours a day?

Source: Wall Street seeks to make up for long hours with high salaries – Explica .co

How Much Money Is ‘Enough’? Try This Experiment to Get an Exact Number to Aim For

a wad of money secured with a blue paper clip on a pink background

Have you ever read those articles where some extremely well-off family details their budget and then bemoans that they’re barely getting by?

It’s ridiculous that anyone could complain about raking in $350,000 a year, and it’s clear many of these folks are wildly out of touch with how privileged they are. But while these families may be extreme (and annoying), they aren’t alone. It’s not just the wealthy who fall into the trap of earning more only to spend more and feel just as dissatisfied.

How do you get off this treadmill?

The answer is not to compare yourself with others (Jeff Bezos will always be there to make you feel bad), or to blindly try to keep making more (there will always be some shiny, new thing to covet). The answer is to take a hard look at your own financial realities and aspirations and come up with a goal number. How much money is enough for you?


The Science of Money and Happiness

That number will be different for everyone, depending on your circumstances and values, but science can give us some sense of how much money might be “enough.” Research shows that up to a certain threshold (studies consistently put it at about $75,000 dollars a year, give or take a bit depending on cost of living) money has a big impact on both day-to-day happiness and life satisfaction.

If you’re below this level, making more will likely make you significantly happier. But beyond that point, each additional dollar adds a little less to your life. There is a level of wealth way before Bill Gates status that trading more effort and time for more money ceases to make sense (even Bill Gates says so).


Name Your Number

One way to calculate that point is to figure out how much money you’d need to make decisions based entirely on enjoyment and impact, without pressure to earn. This is the goal of the catchily named FIRE movement (for financial independence, retire early). Its boosters generally say that 25X your expected annual expenses is enough. So if $50,000 a year is enough for you to live comfortably, you need to save $1.25 million.

There are other more elaborate calculators that can give you a sense of what financial independence means for you. But perhaps the best way to get a feeling for your goal number isn’t math but a simple thought experiment from writer Brad Stollery:

Suppose you’re one of five people who have been selected by a mysterious philanthropist to participate in a contest. The five of you all have comparable debt-levels and costs-of-living, as well as similar, middle-class financial situations. You’re all roughly the same age, equally healthy, have the same number of children, and you all live moderately low-risk lifestyles. Privately, and one by one, a representative of the donor approaches each of you with a blank check and a pen, and poses the following question:

How much money would you have to be paid, right here and now, to retire today and never receive another dollar of income (from any source) for the rest of your life?

The catch this time is that whoever among the five players writes the lowest amount on the check will be paid that sum. The other four players will get nothing.

This thought experiment forces you to cut away the natural impulse to aim ever upward (if you do that you’ll bid too high and get nothing). That result is however much you ask for is your number, the amount you’d need to live comfortably and pursue your goals if status and lifestyle inflation weren’t a factor.

Your answer might be a little bit higher or lower than mine or your neighbor’s. That’s fine. It’s not important everyone agree on a number. The important thing is that we each reflect enough to have one.

Because the alternative is being one of those people confessing online how you burn through a healthy six-figure salary and still feel stressed and dissatisfied. Your expenses and desires can be infinite. If you don’t want to chase them miserably forever, you need to put a cap on your financial ambitions yourself.

By: Jessica Stillman

This post originally appeared on Inc. and was published February 5, 2020. This article is republished here with permission.

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Source: Pocket

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References

As Pandemic Upends Teaching, Fewer Students Want to Pursue It

Kianna Ameni-Melvin’s parents used to tell her that there wasn’t much money to be made in education. But it was easy enough for her to tune them out as she enrolled in an education studies program, with her mind set on teaching high school special education.

Then the coronavirus shut down her campus at Towson University in Maryland, and she sat home watching her twin brother, who has autism, as he struggled through online classes. She began to question how the profession’s low pay could impact the challenges of pandemic teaching.

She asked her classmates whether they, too, were considering other fields. Some of them were. Then she began researching roles with transferable skills, like human resources. “I didn’t want to start despising a career I had a passion for because of the salary,” Ms. Ameni-Melvin, 21, said.

Few professions have been more upended by the pandemic than teaching, as school districts have vacillated between in-person, remote and hybrid models of learning, leaving teachers concerned for their health and scrambling to do their jobs effectively.

For students considering a profession in turmoil, the disruptions have seeded doubts, which can be seen in declining enrollment numbers.

A survey by the American Association of Colleges for Teacher Education found that 19 percent of undergraduate-level and 11 percent of graduate-level teaching programs saw a significant drop in enrollment this year. And Teach for America, which recruits recent college graduates to teach in low-income schools across the country, said it had received fewer applications for its fall 2021 corps compared with this period last year.

Credit…Rosem Morton for The New York Times

Many program leaders believe enrollment fell because of the perceived hazards posed by in-person teaching and the difficulties of remote learning, combined with longstanding frustrations over low pay compared with professions that require similar levels of education. (The national average for a public-school teacher’s salary is roughly $61,000.) Some are hopeful that enrollment will return to its prepandemic level as vaccines roll out and schools resume in-person learning.

But the challenges in teacher recruitment and retention run deeper: The number of education degrees conferred by American colleges and universities dropped by 22 percent between 2006 and 2019, despite an overall increase in U.S. university graduates, stoking concerns about a future teacher shortage.

For some young people, doubts about entering the teaching work force amid the pandemic are straightforward: They fear that the job now entails increased risk.

Nicole Blagsvedt, an education major at the University of Wisconsin-La Crosse, felt a jolt of anxiety when she began her classroom training in a local public school that recently brought its students back for full in-person learning. After months of seeing only her roommates, moving around a classroom brimming with fourth and fifth graders was nerve-racking.

Ms. Blagsvedt’s role also encompassed new responsibilities: sanitizing fidget toys, enforcing mask use, coordinating the cleaning of the water bottles that students brought to school because they couldn’t use the water fountains. In her first week, she received a call from an office assistant informing her that one of her students had been exposed to Covid-19, and that she had to help shepherd the students out of the classroom so it could be disinfected.

“This panic crossed my mind,” she said. “I thought: This was what it’s going to be like now.”

Administrators running teacher preparation programs said the new anxieties were most likely scaring away some potential applicants. “People are weighing whether or not it makes sense to go to a classroom when there are alternatives that may seem safer,” said David J. Chard, dean of the Wheelock College of Education and Human Development at Boston University.

But for many students, the challenges posed by remote teaching can be just as steep. Those training in districts with virtual classes have had to adjust their expectations; while they might have pictured themselves holding students’ hands and forming deep relationships, they’re now finding themselves staring at faces on a Zoom grid instead.

“Being online is draining,” said Oscar Nollette-Patulski, who had started an education degree at the University of Michigan but is now considering swapping majors. “You have to like what you’re doing a lot more for it to translate on a computer. I’m wondering, if I don’t like doing this online that much, should I be getting a degree in it?”

In some instances, remote teaching has deprived education students of training opportunities altogether. At Portland State University in Oregon, some students were not able to get classroom placements while schools were operating remotely. Others were given only restricted access to student documents and academic histories because of privacy concerns.

Credit…Benjamin Norman for The New York Times

At the university’s College of Education there was a decline in applications this year, which the dean, Marvin Lynn, attributed to students in the community hearing about the difficulties in training during the pandemic.

Applications may tick back up as schools return to in-person learning, Dr. Lynn said, but the challenges are likely to outlast this year. Educators have struggled with recruitment to the profession since long before the pandemic. In recent years, about 8 percent of public schoolteachers were leaving the work force annually, through retirement or attrition. National surveys of teachers have pointed to low compensation and poor working conditions as the causes of turnover.

The pandemic is likely to exacerbate attrition and burnout. In a recent national study of teachers by the RAND Corporation, one quarter of respondents said that they were likely to leave the profession before the end of the school year. Nearly half of public schoolteachers who stopped teaching after March 2020 but before their scheduled retirements did so because of Covid-19.

This attrition comes even as many schools are trying to add staff to handle reduced class sizes and to ensure compliance with Covid-19 safety protocols. Miguel A. Cardona, the secretary of education, recently called for financial help to reopen schools safely, which will allow them to bring on more employees so they can make their classes smaller. The Covid-19 relief package approved by President Biden includes $129 billion in funding for K-12 schools, which can be used to increase staff.

Not all teacher preparation programs are experiencing a decrease in interest. California State University in Long Beach saw enrollment climb 15 percent this year, according to the system’s preliminary data. Marquita Grenot-Scheyer, the assistant vice chancellor for the university system, attributes this partly to an executive order from Gov. Gavin Newsom, which temporarily allowed candidates to enter preparation programs without meeting basic skill requirements because of the state’s teacher shortage.

Teachers College at Columbia University in New York City also saw an increase in applications this year, according to a spokesman, who noted that teaching has historically been a “recession-proof profession” that sometimes attracts more young people in times of crisis.

Even some of those with doubts have chosen to stick with their plans. Ms. Ameni-Melvin, the Towson student, said she would continue her education program for now because she felt invested after three years there.

Maria Ízunza Barba also decided to put aside her doubts and started an education studies program at the Wheelock College of Education at Boston University last fall. Earlier in the pandemic, as she watched her parents, both teachers, stumble through the difficulties of preparing for remote class, she wondered: Was it too late to choose law school instead?

Ms. Ízunza Barba, 19, had promised to help her mother with any technical difficulties that arose during her first class, so she crawled under the desk, out of the students’ sight, and showed her mother which buttons to press in order to share her screen.

Then she watched her mother, anxious about holding the students’ attention, perform a Spanish song about economics.

Ms. Ízunza Barba said she realized then that there was no other career path that could prove as meaningful. “Seeing her make her students laugh made me realize how much a teacher can impact someone’s day,” she said. “I was like, whoa, that’s something I want to do.”

Source: As Pandemic Upends Teaching, Fewer Students Want to Pursue It – The New York Times

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References

Agrba L (27 March 2020). “How Canadian universities are evaluating students during the coronavirus pandemic”. Maclean’s.

PayPal CEO Dan Schulman Explains His Strategy For Investing In Employees’ Financial Health

Last year, PayPal PYPL -0.2% CEO Dan Schulman commissioned a study to understand how many of his employees were financially strapped. “I was almost positive the response would be, ‘No, we’re not, because you’re paying so well,’” Schulman said Wednesday at Forbes’ JUST 100 virtual summit. Internal research had shown that staff salaries were at or above market rates.

But the study’s results painted a different picture. “In all of our call centers and among our entry-level employees—more than 10,000 people inside of PayPal—two-thirds of that employee base struggled to make ends meet. That was such a huge wake-up call for me,” he said. 

Hedge fund manager and philanthropist Paul Tudor Jones II spoke on the panel with Schulman and noted that, for every year he has done research for the JUST 100 list of the most responsible public companies, “The number-one element of what makes a just company is pay and living wage.” The research polls thousands of Americans to identify what factors they deem most important in defining fair corporate behavior.

In October 2019, Schulman responded to the troubling survey results by lowering the cost of healthcare for employees by 60%. He gave every worker equity in PayPal, raised salaries and rolled out a financial education program to encourage saving. The changes reportedly cost tens of millions of dollars.  Recommended For You

Then PayPal did another poll to see if the changes had an impact. “Employees were four times more engaged, and three times less likely to leave the company,” Schulman said.

Higher morale creates a workforce that serves customers better and leads to better shareholder returns, the CEO believes. His company’s stock has risen nearly 90% this year, reaching a market value of $235 billion. “This idea that making a profit and having a purpose as a company are at odds with each other is fundamentally wrong. I actually think if you don’t have a purpose as a company, you don’t see your workers as your most valuable asset and you minimize your profitability.”

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Jeff Kauflin

Jeff Kauflin

I cover fintech, cryptocurrencies, blockchain and investing at Forbes. I’ve also written frequently about leadership, corporate diversity and entrepreneurs. Before Forbes, I worked for ten years in marketing consulting, in roles ranging from client consulting to talent management. I’m a graduate of Middlebury College and Columbia Journalism School. Have a tip, question or comment? Email me jkauflin@forbes.com or send tips here: https://www.forbes.com/tips/. Follow me on Twitter @jeffkauflin. Disclosure: I own some bitcoin and ether.

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PayPal reported a record amount of new active accounts added to its platform in April, but it saw a drop in quarterly profit as the Covid-19 pandemic weighs on consumer spending. PayPal President and CEO Dan Schulman, joins “Squawk Box” to discuss.

For more coronavirus live updates: https://www.cnbc.com/2020/05/04/coron… For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

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Average Fintech Salaries Are In The Six Figures

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Fintechs have seen increased interest in light of digital trends accelerated by the coronavirus pandemic. Jobs at these startups can pay into the six figures starting out, and an opportunity to receive equity in the company, making them attractive prospects for finance industry newcomers.

McKenna Quint, head of people at Plaid, spoke to Business Insider about three tips that newcomers can use to help land a fintech job. Are you a young person working on Wall Street? Contact this reporter via email at rhodkin@businessinsider.com, encrypted messaging app Signal (561-247-5758), or direct message on Twitter @reedalexander.

Visit Business Insider’s homepage for more stories.

Fintech is hotter than ever in 2020. The coronavirus crisis has only intensified interest in the growing financial technology space. From investors to traditional players, engagement with the startups has arguably never been higher.

In addition to growing demand for fintech products and services, another reason why the space may be so attractive is the earning potential it offers. Nationally, the average salary of a job in fintech, which, albeit, is a large and diverse field, is $113,359, according to ZipRecruiter. That’s higher than the average …read more

From:https://usa-today-news.com

Source: https://www.businessinsider.com

financecurrent3

Whether you’re a bitcoin trader or new to the market, you can buy, sell, and trade cryptocurrency with AUD, USD, and other major currencies. We service clients globally, including Australia, the United States, Singapore, Canada, New Zealand, and Europe

How To Answer The Salary Question On Online Job Applications – And Other Common Job Search Negotiation Questions Answered

Just in time for Veterans’ Day, I led a negotiation workshop for female military veterans and military spouses, organized by American Corporate Partnes. ACP is a national non-profit that offers a broad array of career support to veterans and military spouses, so it’s worth checking out! Here are five job search negotiation questions that apply to both military and non-military job applicants:

1 – How do you address online applications that require a dollar figure and avoid being screened out?

Getting the salary question so early in the hiring process is one of the reasons to avoid online applications if you can help it. It’s hard to give a desired salary when you don’t know much about the job. The desired salary should always be about the job at hand, not what you were making before, what you hope to make, even what you think you deserve.

Therefore, if possible, try to get referred to someone and get a chance to speak with people to learn more specifics about the job before suggesting a salary. However, sometimes you don’t don’t have an existing connection into the company, and you want to apply before too many others apply. First, see if you can just skip the question or write a text response (such as “commensurate with responsibilities of the job”). If not, put a nonsensical number like $1 so that you can move past the question. If you get asked about the $1 response in the first interview, then you can mention that you need to learn more about the job fist before estimating the appropriate salary.

2 – How do you avoid mentioning a salary range during your first interview?

Today In: Leadership

Related to the first question, another attendee wanted to avoid giving a salary range, not just at the application stage, but even in the first interview. While I agree that you want to have as much detail about the job as possible before quoting a desired salary, you don’t want to avoid discussing salary at all costs. Some recruiters don’t move forward with a candidate if they don’t have an idea of target salary because the candidate might be too expensive and it’s a waste of everyone’s time. Refusing to discuss salary may prevent you from moving forward.

Therefore, you don’t want to avoid mentioning a salary range at all – just avoid mentioning a salary target too soon. Too soon is when you’re not clear about the job. It’s also too soon to discuss salary if you have not researched the market and may underestimate or overestimate your value. For that reason, you should be researching salaries now, even before you get into an interview situation. You don’t want to be caught unprepared to discuss salary. Your lack of readiness is a problem for you, not the employer.

3 – When during the interview process do you start negotiating the job salary?

Ideally you don’t mention salary until you are clear about the scope of the job. That said, mentioning a salary target is not the same as negotiating that particular job’s salary. Sure, it puts a number or range of numbers out there as a starting point, but you’re not bound to it. If you learn different information during the interview process that changes your view of an appropriate salary for that job, then you can still negotiate a different salary.

But don’t start negotiating a particular job’s salary until the employer has given you an offer or confirms that an offer is being put-together. Until the point you know that an employer wants you, your salary talk is all hypothetical. The majority of your interviews should be spent on the scope and responsibilities of the job, not any part of compensation (whether that’s salary or other type of compensation, such as bonus, benefits, time off, etc). You want to demonstrate that you’re interested in the role and making a contribution to that company, not just the salary or whatever else is in it for you.

4 – How do you negotiate differently for public sector v. private sector jobs?

When you do negotiate a particular job’s compensation, your approach should always be customized to that job, in that company and in that industry. Change the job, and you change the compensation and therefore the negotiation. Similarly, go from public sector to private sector, and you change the compensation and therefore how you should approach the negotiation.

One important difference between public and private sector jobs, in particular, is how compensation may be structured differently. A private sector job may offer equity or profit-sharing potential. That type of ownership element is not possible with a public sector job. Knowing this, you may take a lower base salary at a private job that’s offering equity compared to a similar public sector job that won’t offer that. Understanding the different elements available to your potential employers enables you to negotiate on those different terms. Negotiations at different employers will be different because you need to do customized research for each opportunity, consider different compensation structures for each and possibly propose different terms. This is true, not just for public v. private sector, but also start-up v. established company or companies in different geographies. Change the job, the company, the industry or sector, and you change the compensation.

5 – How do you negotiate salary when returning to a corporate position after consulting independently for several years?

When you’re making a career change, in this case consulting to corporate (but it could also be one industry to another or one role to a different one), it should not impact the compensation you receive. Tie the compensation to the scope of the job. Your background enables you to land the job or not. Once you are the one they want, your compensation should be what makes sense for that job, even if you have an atypical background by virtue of your career change.

This requires, of course, that you know what the job should pay. When you have been consulting for several years, you may be out of the loop on what in-house compensation looks like. You need to do research on current compensation, including salary, benefits and other perks for being in-house.

Negotiating a corporate position after consulting for a while also requires that you’re willing to stand your ground and negotiate. If you are too anxious to land an in-house position and get out of consulting, you might settle for less. This is where research can help again — set an appropriate target and don’t underestimate yourself. Having multiple job leads in your pipeline will also help you stay confident in the negotiation.


Remember, you can negotiate

The exact strategy or approach to best negotiate a job offer varies based on what you want, the job at hand, where you are in the negotiation and who you are negotiating with. However, even these general tips show that there are many actions you can take during a negotiation. With some research and preparation, you do have influence on the compensation you receive.

During the ACP workshop, we covered even more questions. In the next post, I’ll answer five more negotiation questions, this time about career management:

  • How to negotiate for flexibility
  • How to renegotiate when you accepted a lower salary years ago
  • How to keep your salary competitive after years in the same job
  • How to negotiate for fairness when your boss plays favorites
  • How negotiation changes when you go from employee to business owner

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.

As a longtime recruiter and now career coach, I share career tips from the employer’s perspective. My specialty is career change — fitting since I am a multiple-time career changer myself. My latest career adventures include running SixFigureStart, Costa Rica FIRE and FBC Films.

I am the author of Jump Ship: 10 Steps To Starting A New Career and have coached professionals from Amazon, Goldman Sachs, Google, McKinsey, Tesla, and other leading firms. I teach at Columbia University and created the online courses, “Behind The Scenes In The Hiring Process” and “Making FIRE Possible“.

I have appeared as a guest career expert on CNN, CNBC, CBS, FOX Business and other media outlets. In addition to Forbes, I formerly wrote for Money, CNBC and Portfolio.

Source: How To Answer The Salary Question On Online Job Applications – And Other Common Job Search Negotiation Questions Answered

 

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HOW TO ANSWER THE SALARY QUESTION ON A JOB APPLICATION // Do you come across a job you really want to apply to, only frozen by the question ‘What is your salary expectation?’ You’ve probably heard the first person to give a number loses – and you’re absolutely right! On top of that, your last salary or desired salary is none of their business until both parties agreed they are equally excited about one another. So how do you politely deflect this question? Watch this video for the answer! [RESOURCES & LINKS] FREE RESOURCE: Free worksheets, guides, and cheat sheets for your job search https://cultivitae.lpages.co/newslett… FREE STRATEGY SESSION: If you are interested in learning about career coaching (seeking a career transition or career advancement) book a free strategy session http://www.cultivitae.com/call FREE WORKSHOP: How to Snag Your Dream Job or Promotion THIS Quarter https://cultivitae.lpages.co/newslett… FREE COMMUNITY: Join our community, “Ultimate Career Support for Ambitious Corporate Professionals” Facebook Group here: https://www.facebook.com/groups/culti… Say hi on social: Twitter: https://twitter.com/CultiVitae Instagram: http://instagram.com/cultivitae Facebook: http://www.facebook.com/cultivitae Linkedin: http://www.linkedin.com/in/emilycliou Pinterest: http://www.pinterest.com/cultivitae CultiVitae’s homepage: http://www.cultivitae.com Blog URL: http://cultivitae.com/2018/06/28/sala… YouTube URL: https://www.youtube.com/watch?v=7eKbv…