Improve Your Future; Start Planning Now for Your Next Job

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Your Next Job: Plan for Your Future Now

By: Tammy Kraig, CFP®

As an independent Certified Financial Planner, I’ve noticed a couple of emerging patterns, such as the large number of people who have nothing saved for retirement and no spare money to invest, or those who are young and may be able to use flexibility to get ahead.

At first glance, it may seem that there is little some people can do to change their lives. They may be single mothers with young children, have consumer debt or have low-paying jobs with no ladder to climb. It appears to be a dilemma.

What can you do to improve your situation?

Although you may not be able to alter your situation immediately, due to family obligations or lack of available jobs, it’s not too early to begin planning. The economy will pick up, and employers will start hiring. Now is the time to devise a plan and be ready to improve your future life when the opportunity arises. In a previous article, I mentioned methods to identify your spending habits and the importance of setting goals. The next step is to act to achieve your new goals. If saving for retirement or continuing your education is a goal, find a job that will help you.

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Everyone searching for a new job is aware of checking for health insurance benefits. But if you are scrupulous, check the other benefits as well.

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401(k) with Employer Match: Working for a company that offers a 401(k) with an employer match is free money in your pocket. Not only does participating in a 401(k) retirement plan allow you to put away money from your salary without paying taxes on it, the money in the 401(k) can be invested, and the earnings it returns are not taxed until they are withdrawn during retirement. The big advantage comes, though when your employer matches some portion of your contribution. This is free, additional money for you. If you leave the company, you own your 401(k) money and you may roll it over to an IRA which you control.

Tuition Reimbursement:  It is certainly not easy to hold down a full-time job and go to school, but improving your education level or getting certified in an area of expertise will increase your income, which will improve your life. While student loans are available, I have seen too many graduates end up with huge student loan debt without a job – or career – that will allow repayment of that debt without great hardship. Before taking a student loan, make sure the career you are studying for pays well and needs new employees. If not, keep working and go to school part-time.

Be Flexible Geographically. The good news is you still have plenty of time to improve your situation. While it can be hard to leave a job where you are comfortable, you should ruthlessly consider what is in your best interest. To better yourself, you may be able to move to another city when you are young and flexible.

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Tammy Kraig is a Certified Financial Planner™ professional licensed with a registered investment adviser that provides personal financial advice online for a fee. She specializes in working with couples to help them identify and work toward their investment and retirement goals, long term or short. Contact Tammy for help on virtually any financial need.

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