Careers Youve Got a Year-End Bonus, Heres How to Spend It

Careers You've Got a Year-End Bonus, Here's How to Spend It Good news for employees: More employers plan to give bonuses this year. Seventy-five percent of human resources and hiring managers said their company plans to give holiday bonuses this year, up from 67 percent in 2015, found a survey by staffing firm Accounting Principals. The amount companies plan to give is higher this year, too: $1,081 compared with an average $858 in 2015. Here are five ways you should â€" and shouldn’t â€" spend your bonus this year to ensure you get the most out of your money. Good Idea: Invest in Yourself Investing in yourself is a smart way to spend your year-end bonus. Use the cash to create money-making opportunities down the road and build your wealth. “Maybe there’s an online course you have been wanting to take or a professional group you have been wanting to join,” said Taylor Schulte, CEO of Define Financial in San Diego. “If money has held you back from jumping on these opportunities in the past, consider using a bonus to invest in something that could pay dividends forever. All it takes is learning one new skill or meeting one new person to create a compounding effect that far outweighs adding a few extra dollars to your retirement fund.” Check with a local university or community college to see if it offers any continuing education courses that will provide you with skills to help advance your career. Search for professional organizations you can join or conferences in your field â€" or a field you’re interested in â€" that you can attend. Or use the money to start your own company. Your bonus could help you pay the fee to form a limited liability company, or LLC, create a business plan and build out a marketing strategy for your business, said Brandon Hayes, a certified financial planner and vice president of oXYGen Financial in Atlanta. “Working for yourself can be very rewarding as you create wealth and opportunities for yourself and those around you,” he said. Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button. Bad Idea: Splurge on a New Wardrobe You might see your bonus as a way to upgrade your wardrobe with some designer threads or shoes. As the saying goes, the clothes make the man â€" or woman. So, this sort of splurge could be justified, right? “Unless you are buying a well-needed suit outfit for a job interview, I’m not an advocate for buying new shoes and clothing,” said Hayes. “Americans seem to think more is better, and this area is no different. Keep your wardrobe simple, and don’t give in to the urge to buy the latest sneaker or trendy pair of jeans.” If you want to look better, consider spending the money on a gym membership and personal trainer. Not only will you improve your appearance, but your health could benefit â€" and being healthy can save you money. Good Idea: Spend It on an Experience If you meet your savings goals, and you don’t have high-interest debt to pay off, consider using your bonus to pay for a fun excursion with your spouse, family or friends, recommends Chad Smith, a certified financial planner with Financial Symmetry in Raleigh, N.C. “Research from the book ‘Happy Money’ showed incredible happiness returns from spending on memorable experiences,” he said. You’ll create memories that you can talk about for years and create more lasting enjoyment than you’d get with a material purchase. Plus, using cash to pay for a vacation is a better option than racking up credit card debt to cover the cost of a getaway. It could take you months to pay off what you owe, and those monthly bills might make you regret your trip. Also Read: Breathtaking Sights Around the World You Must See Bad Idea: Use It as Normal Cash Jamie Pomeroy, a Minnesota financial advisor, said one of the worst things you can do with a bonus is, well, nothing. If you don’t have a plan, she said, you’ll “just consume it on meaningless things this holiday season.” Instead, adjust your budget to account for the extra cash. “Decide in advance what you want to do with the funds,” said Charles Scott, an Arizona financial planner, co-creator of FinancialChoicesMatter.com and founder of Pelleton Capital Management. “Of course, it helps to stick to the plan after the funds arrive.” The first thing you should do, Scott explained, is move the money from your checking account to a savings account. “Park it there, and then implement your plan,” he said. “This avoids the temptation of debit card usage mysteriously making the bonus disappear.” When deciding on a savings account, choose a high-interest one. (See all of MONEY’s Best Banks winners.) That way, the interest you earn can grow your savings faster. Good Idea: Save It in a Tax-Free Investment Account If you’re already saving enough in your 401k to get the full matching contribution offered by your employer â€" or if your employer doesn’t offer a workplace retirement account â€" use your bonus to fund a Roth IRA. “Starting or depositing more to a Roth IRA is generally a slam dunk if eligible because it builds tax-free savings plus all the following years of compounding growth,” said Smith. The ability to withdraw money tax-free in retirement is one of several reasons to have a Roth IRA. The maximum you can contribute to a Roth IRA in 2016 and 2017 is $5,500, or $6,500 if you’re 50 or older. You have until your federal tax return is due to make contributions for the previous year. However, your income must fall below certain levels to contribute to a Roth IRA. You can open an account at an investment firm. Related: 5 Reasons You Need a Roth IRA Bad Idea: Let It Sit in a Low-Interest Account Although Scott recommended getting your bonus out of your checking account and into savings, you don’t want to leave the cash sitting in a low-interest account if you already have three to six months of expenses saved up. “Bank account interest rates are so low, you’re better off exploring options that could have better long-term returns,” said Smith. In addition to opening a Roth IRA, use your bonus to open a brokerage account and invest in stocks, bonds or mutual funds that will likely offer you a better yield than a savings account. Plus, there’s a tax benefit to investing through a brokerage account. If you hold those investments for more than a year, they’ll be taxed at the long-term capital gains rate, which ranges from 0 to 20 percent but tops out at 15 percent for most taxpayers. Although you get an upfront tax benefit by contributing to a 401k or traditional IRA, the money you withdraw in retirement will be taxed at your regular income-tax rate, which can be as high as 39.6 percent for the wealthiest taxpayers. Good Idea: Invest in a Financial Planner A year-end bonus could provide the funds you need to pay for professional financial advice. “What better way to spend your bonus than to assure you and your family are taking the proper steps to reach your financial goals?” asked Hayes. “Involving a third party who can provide professional guidance during your working years can be a smart move.” A CFP can help you create a financial plan. If you need someone to do a one-time review of your finances to ensure you’re on the right track, look for a planner who charges by the hour â€" such as a member of the Garrett Planning Network. If you want someone to guide you for years, consider a planner who charges a fee based on a percentage of your assets rather than an hourly rate. Find planners through GuideVine.com or NAPFA.org, the website for the National Association of Personal Financial Advisors. Meet with a few financial planners to determine which one is right for you, and see if they have a clean record by searching the SEC’s website, which contains information about business operations. You also can check records through the Financial Industry Regulatory Authority’s BrokerCheck. Bad Idea: Buy a Car Your year-end bonus might seem like your ticket to buying a new car. Although it can help you make a down payment, ask yourself whether you can afford to pay monthly loan payments going forward. “Thinking you can afford a car payment just because you have more cash than normal is the wrong way to think,” said Hayes. “Make sure to start back with your monthly spending plan to assure your payment fits into your cash flow scenario.” Watch: The Best â€" And Worst â€" Time to Buy a New Car Good Idea: Donate Your Bonus One of the best things you can do with a bonus this year is give it away, said Pomeroy. You’ll help others in need and lower your tax bill in the process. That’s because you can claim a tax deduction on your donation. If you’re not sure which organization you want to give to, consider opening a donor-advised fund. You can invest money in one of these funds and receive an immediate tax benefit, said Pomeroy. Then, choose the organization that receives your donation at a later time. Bad Idea: Gamble It “Sometimes when people receive an unexpected lump sum of money, they have a burning desire to try and turn it into even more money,” said Schulte. “Since they didn’t plan on having it in the first place, it’s easier to justify throwing it on red at the local casino or investing all of it in a trendy growth stock.” If you do use your bonus to gamble and attempt to hit the jackpot, you must report your winnings on your tax return. In fact, if you don’t the casino could withhold taxes from your payment. So, you’ll be paying taxes on your bonus twice â€" when you receive it from your employer and if you win money using it to gamble. However, the bigger risk is losing all of the money. Don’t gamble away the bonus you worked hard to earn, said Schulte. “Treat that money just like every other paycheck, and make a smart decision to put yourself in a better financial position.” This article originally appeared on GoBankingRates.

5 Reasons Why Job Boards Arent As Effective Anymore - Work It Daily

5 Reasons Why Job Boards Arent As Effective Anymore - Work It Daily At one time, job boards were the way to go for job seekers. It’s where you could post your resume for employers and recruiters to view, and apply to job openings. But today, it’s a different story. Related: Reactive Vs. Proactive Job Search Strategies Job boards are simply not as effective anymore since there are social media outlets like LinkedIn, Facebook, and Twitter where you can pretty much network your way to the right contacts. The fact is, job boards have a 2-4% effectiveness rate whereas networking has over a 50% effectiveness rate. Think about if you were a hiring manager: Would you be more likely to take time to interview a candidate you don’t know except for what’s been given on a submitted cover letter and resume, or someone who’s been referred to you? A referral has much less risk, and that's why networking has a higher success rate than job boards when it comes to securing a position. Here are a few other things about the limitations of using job boards when you’re a job seeker: 1. Your resume is falling into a black hole. More than 85% of companies are now using Applicant Tracking Systems (ATS) to review and rank resumes according to skills, experience, and keywords. The simple fact is that companies use internal algorithms, so ensuring a strong ranking is extremely difficult. A recent HR manager told me that they get an average of 400 resumes for each position and only look at the top 10-20 â€" meaning 380 resumes are not even reviewed! 2. Hundreds of others have already applied to the job by the time it makes it to the job board. In many instances, before a job posting goes up on the job board, it’s already been shared around internally at the employer and by trusted sources. So you are buried under hundreds of others who applied before you when you go through a job board. 3. You’re wasting time because you’re not getting to the decision maker directly. Job postings through job boards generally indicate generic contact information. You have a much better chance when you get to the decision maker directly, and that’s something you can do through social media networking sites, not job boards. 4. Many job openings never make it to the job boards. Big job boards are overwhelming with job postings (both relevant and irrelevant) to you. This is a similar perspective for the employer when they get an overwhelming number of applicants to the job opening posted to a job board. It's also reason why some may prefer to work solely with recruiters to source the right talent. If you’re not networking with the right contacts, you’re missing out on opportunities that will never be found on job boards. 5. Hiring managers and recruiters are sourcing talent through LinkedIn. Ask any hiring manager or recruiter where they are going to find talent. Most will tell you they are looking on LinkedIn. Resumes that get posted to job boards are still viewed, but there’s a good chance the information is outdated, which is one reason why hiring managers and recruiters are relying more on LinkedIn where information is generally more current. The message is not that job boards are dead because there are plenty of niche job boards worth going to as a job seeker, but that your job search results will be more productive if you tie in direct networking through the right contacts. This post was originally published at an earlier date Related Posts How To Job Search While You’re Still Employed 11 Job Search Commandments For College Grads 6 Steps for a Successful Job Search About the author Don Goodman’s firm was rated as the #1 Resume Writing Service in 2013, 2014, and 2015. Don is a triple-certified, nationally recognized Expert Resume Writer, Career Management Coach and Job Search Strategist who has helped thousands of people secure their next job. Check out his Resume Writing Service. Get a Free Resume Evaluation or call him at 800.909.0109 for more information.   Disclosure: This post is sponsored by a CAREEREALISM-approved expert. You can learn more about expert posts here. Photo Credit: Shutterstock Have you joined our career growth club?Join Us Today!

Priyanka Chopra is Changing Her Last Name, But Not For The Reason You Think

Priyanka Chopra is Changing Her Last Name, But Not For The Reason You Think You know, you couldnt pay me to be a celebrity. Priyanka Chopra has had to deal with an entire news cycle all about zu sich wedding one of the fruchtwein intimate parts of her life.According to her recent interview with Good Morning America, she is so wedding-ed out. And based on her latest statement about changing her last name, it is pretty apparent that she is ready to remind people shes more than her marriage to Nick Jonas (although thats a pretty great perk of being her).The actress recently let slip that she and Jonas would be delaying their honeymoon to focus on their individual careers. Chopra has invested in the dating app Bumble, and has a series of acting gigs lined up. Similarly, Jonas is taking time to focus on music and acting projects.However, Chopras talk about changing her name made it even more clear that she isnt compromising her sense of self in her new relationship. Shes adding Jonas aft er Chopra, and recently told Jimmy Fallon why on I always wanted to add his name to mine because I feel like were becoming family, and Im a little traditional and old-school like that, she said. But I dont take away myidentity he gets added to whoIam.In a world that often asks women to throw away their entire selves for their partner, that seems like a pretty awesome way to look at marriage as a whole a partnership that enriches who you are.Now if only we could all enrich ourselves with Nick Jonas...--Una Dabiero is an vorwort associate at Fairygodboss. She likes pop culture, reading things that make her think, and hearing womens stories. Dont follow her on social media (please), but do follow her on the FGBcommunity.

A Deadly Mistake Uncovered on Teaching Resume Writing and How to Avoid It

A Deadly Mistake Uncovered on Teaching Resume Writing and How to Avoid It The Awful Side of Teaching Resume Writing Teachers need in order to address quite a few problems, often beneath a tight deadline. On a bigger scale, they may well be one of the fruchtwein influential people in the world. They are people who make a big difference in the lives of young people. Even experienced teachers need to renew their licenses every fixed number of years, and lots of them enroll in supplementary training or greater education programs to advance their career. Now you understand how to compose the ideal teaching resume, its time to get the ideal place to send it. If you have little teaching experience, include volunteer positions and co-curricular pursuits that involve teaching in some manner. Plan the perfect sequence Just as you do for each one of the classes. Things You Wont Like About Teaching Resume Writing and Things You Will Moreover, writing composition is just putting the r elevant sentences with each other to exhibit ones understanding and perception about a topic. In case the writer chooses to incorporate an objective on his resume, he should incorporate a section title before the description. In the objective section he states his or her goals for employment. Dont forget to incorporate any important continuing education courses you might have completed. For instance, its wise to list the true classroom experience you got as a student teacher whilst working on your degree in addition to the certificates you have gotten to teach in your specific jurisdiction. The main reason why its challenging to acquire a teaching job isnt only as its an honorable profession, but more importantly because school principals are almost always careful regarding the character, together with the teaching skills of the candidate to be employed. You didnt choose to be a teacher as you wished to turn into rich, you did it as you have passion for education. An interv iew could always result in a future position for a math teacher. Your resume needs to be free from any error, even as little as a spelling mistake. The most significant thing you should remember when writing your teacher resume is that it needs to be clear and simple with a wonderful structure. You will also find a good example of a resume written especially for an early childhood education job. Obviously, each job will call for various abilities and experiences, so make certain you read the work description carefully and concentrate on the skills listed by the employer. If youre after a teaching job, include all appropriate experience. As you start trying to find jobs as a teacher, take some opportunity to appraise your targets and techniques. Whats Really Happening with Teaching Resume Writing Resume writing has students imagine an extremely specific audience usually a possible employer and reinforces the significance of writing for a true audience. Proofreading is of ex treme importance when you need to land that coveted teaching job. Writing a decent resume isnt a really mammoth job. Writing a successful resume depends upon several factors. Teaching Resume Writing Fundamentals Explained The resume objective statement ought to take the format of a job-focused description of what you are able to lead to the employer. No matter what type of industry youre aiming to land work in, you will need to personalize your list of skills for the position. If so, your resume can nevertheless be quantified, and provide the hiring manager a concrete idea of the reach of your abilities and abilities. While resume templates could possibly be simple to follow along with the template presented may not be best suited for your specific employment background.

Easy Ways to Boost Your HR Skills - Spark Hire

Easy Ways to Boost Your HR Skills - Spark HireRegardless of how long youve been in the field, its always possible to sharpen your HR skills. Company dynamics are changing faster than ever, and the HR field is changing right along with them. In order to do your job most effectively, use these tips to continue honing your abilities as a professionalKnow about company resourcesPart of the job of an HR professional is ensuring that employees are making the most of the opportunities available to them at work. However, its hard to educate co-workers about these opportunities if youre not aware of them yourself. Every so often, make it a point to get a refresher about the various perks that your kollektiv members should be taking advantage of. Such benefits might include continuing education classes, a free gym membership, or on-site child care. When you know about all of the ways in which your company rewards its employees, you can pass this information along and create a happier, healthie r workplace.Join professional groupsIts hard to truly excel in HR if you have no idea whats going on in your field. Particularly for HR professionals, remaining connected is key. You want to know how other companies handle the HR function, and you want to find out about industry news. One effective way to do this is by joining a professional society. Youll receive educational opportunities and plenty of chances to network with others who work in the field. This helps to broaden your knowledge base and make you more effective in your role.Talk to peopleAn HR professional who sits behind a closed office door every day is not going to be of much use to their colleagues. Regardless of how busy you are, make sure to put an open door policy into effect and actually act on this idea. Making time each day to address employee concerns is an essential part of the HR function.How do you hone your skills as an HR professional? Let us know in the comments

Sample Resume for Category Manager Job Position

Sample Resume for Category Manager Job PositionSample Resume for Category Manager Job PositionFor a business to be successful, it needs to maximize the potential of its employees, and a category manager helps it to do this successfully. Create a strong resume to ensure your place at the top of the hiring list.Increasing productivity in various areas is a priority in business, so your resume is a great place to show your versatility. Things to include are human resource experiences, financial analysis skills, and relevant education. Previous work experience is also a good way to musiknote the skills and responsibilities youve tackled.Take a look at the category manager resume sample below to get a feel for how to showcase your best traits. Create this Resume Priscilla Johnson3393 Terry LaneOrlando, FL 32801(123)-135-5757p.johnsonsmail.comObjectiveA professional seeking career development as a Category Manager in a company handling management resources and employmentSummary of Qualifi cationsProficiency in MS Office applicationsKnowledge in Human Resource DevelopmentSkills in financial analysisKnowledge in PsychologyAbove-average communication skillsAbility to develop new programs and strategies for individual and departmental growthProfessional ExperienceCategory Manager, January 2007 Present Estate Group Inc., Los Angeles, California ResponsibilitiesDeployed highly qualified agents to increase productivity in prospecting clients and increase quarterly schlussverkauf.Evaluated performance of agents to ensure all are performing at their peak.Coordinated with marketing team to develop new marketing plans for the team.Maintained portfolios of various properties.Integrated new analysis reports and discussed with the top management.Category Manager, March 2004 December 2006 Stores Specialties Inc., Kansas City, Missouri ResponsibilitiesConducted analysis on sales performance of all product brands sold in the stores.Provided strategies to further improve performanc e of the sales of merchandises.Evaluated the visual displays of products to increase exposure and improve sales.Increased promotions of merchandise to increase competitiveness and increase productivity.Developed marketing plans to ensure effective store layouts to increase visual displays and increase sales.EducationMasters Degree in Human Resource, 2004University of ArizonaBachelor of Science in Human Resource, 2001University of Arizona Customize ResumeMore Sample ResumesCategory Manager Resume Catering Server Resume Cell Phone Technician Resume

6 Career Lessons I Learned From My 6 Months in Sales

6 Career Lessons I Learned From My 6 Months in Sales6 Career Lessons I Learned From My 6 Months in SalesHeres the thing I hate sales.Im notlage saying that without having conducted my due diligence My first job out of college welches in the sales and renewals department of a reputable magazine. Id hoped that being near editorial- if not in the actual department- was a close second to my English majors dream-job fantasies.While I loved my colleagues and my new post-grad independence, I soon learned that a sales position just wasnt the right fit for me.I felt uncreative, stifled by numbers, and disheartened that I wasnt doing what Id dreamed of when I was in college.So when I left after seven months, no one was particularly surprised.My manager even gifted me a copy of Death of a Salesman (seriously), and I moved to my next job believing Id left sales firmly in the past.But in the two jobs Ive had since, Ive realized just how valuable the skills I learned as a salesperson have been.Her e are the six biggest lessons I learned from my brief stint in sales- lessons that are important whether or not youre selling anything at all.1. Get Over Your Fear of the PhoneWhen I first started working, I had a serious fear of the phone. And for the most part, that was OK- I could easily bypass a phone call with a well-placed text or email.When I began renewing magazine subscriptions, however, I had no such luck Phone calls were the most efficient and effective way of contacting elusive subscribers. Moreover, department leadership tracked our call volume throughout the day. I was sunk.After some anfangsbuchstabe hiccups (I once stammered through a phonetic spelling of a name, saying, It starts with F, as in... Fail), I not only got over my fear, but I realized the value of these verbal conversations. Now, rather than play a frustrating and time-costly game of email tag, I wont hesitate to pick up the phone when I need something clarified.2. Follow Up in WritingAny good sales asso ciate knows that nothing really counts unless its in writing. I learned very quickly that I needed to follow up friendly phone calls with shrewd emails recapping the meat of a conversation- or nothing would move forward.Thats served me well in subsequent positions, even when Im not intently tracking goal numbers. After a lengthy team meeting or a one-on-one conversation with a manager, its helpful to send a quick follow-up email clarifying that youre on the saatkorn page and assigning next steps. Its a simple task, but it can preclude major pitfalls that result from miscommunication.3. Embrace MetricsWhen I worked in sales, my success was wholly dependent on monthly numbers. I was obsessive about tracking my progress I knew to the decimal point what percentage of subscribers I needed to renew in order to reach my goals. The last week of the month became stressful if I hadnt yet hit my goal.At the time, I decidedly disliked this dependence. But now, without having a goal percentage t o hit or a commission to make, Ive found Im still obsessive about metrics- I even assign myself goal numbers independent of my managers requests. I learned that metrics, however frustrating, are in place for a reason. They help track what worked and what didnt, and this analysis can lead to improvements. For example, while Im no longer counting each subscriber and his or her dollar value, I am tracking every reader of my companys blog- where she comes from, what piece she reads, how long she spends on the site- and using that data to make decisions moving forward.4. Toughen UpWhen you work in sales, youll learn something quickly People are not nice all the time. No matter how respectful or polite you are, you might encounter people who are rude, curmudgeonly, or just plain mean.But youll learn to get over it. Once I had been hung up on, yelled at, and insulted over the phone enough times, I learned to let things roll off of my back.In any job (or situation, for that matter), Ive rea lized that an outpouring of negative emotion, even if directed at me, doesnt necessarily have anything to do with me.Toughening up was a hard- albeit important- lesson to learn.5. Teamwork (Makes the Dream Work)By the end of college, I was my own best teammate when it came to schoolwork. From research papers to exam cramming, I had my own work style down pat- and I liked it.In the workplace, though, my self-motivation could only go so far. Without my talented and supportive teammates, I wouldnt have been able to tackle the volume of readers whose subscriptions I needed to renew. On a more qualitative level, they made my days way better- whether they were high-fiving me when we hit goal numbers or commiserating with me when we didnt.In sales, as in anything, you cant do it alone. And if youve got a good team of colleagues, dont forget to count your lucky stars.6. Take Off the Rosy GlassesWhen I graduated from college, I knew that I would be lucky to find a job- any job- in a particul arly depressing job market. Still, I nursed a hope that I would somehow stumble into a position that was perfect for me one that allowed me to be creative, to write constantly, and, of course, to avoid the dreaded phone.This didnt happen right away, and Im glad. Most people dont just fall into a perfect-fit profession- getting there takes a lot of work and a little trial and error. And not loving my first job helped me analyze the pros and cons of the position and assess what I really wanted in my future opportunities.In the two years and change since I left my sales job, Ive been surprised to see how often I recall those transferable skills in my daily work. Im pleased to see the sales(wo)man in me, long thought dead, resurrect herself from time to time and remind me of the lessons that, looking back, I would never trade.Photo of salesperson courtesy of Shutterstock.