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If you find yourself laid off, Here are some tips from The Motley Fool that can help you in your preparations and in your negotiations at your next corporate job.
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From the category archives:
Career and Work
It doesn’t always feel good to know you’re above—way above—average. According to the Bureau of Labor Statistics, who just released the results of their National Compensation Survey, the average annual health insurance premium for singles is $810.84.
I enrolled in my 2005 medical and dental plans last night. For medical I chose the least expensive above catastrophic, the Aetna HMO plan. This plan has a before-tax cost of $1,349.32 and my Dental PPO has a cost of $207.00. (I chose the PPO instead of the HMO because I like my dentist and the price was only higher by a few dollars.)
On the other hand, the only thing that keeps me sane while thinking about these costs is my “flex credit.” My employer gives each employee a credit for health insurance coverage. Full time employees receive an annual credit of $1,200 and part timers receive $900. Everyone receives the credit whether or not they elect coverage, so I just consider it part of my salary. While the price of health insurance has gone up the last few years, the credit has stayed the same.
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Jeanne Sahadi takes the simple question, “How do you define ‘living within your means?’” and turns it into some kind of poorly-dubbed martial arts movie or strange game show (if you judge by the title of the article). Nevertheless, I agree her with her analysis of the above phrase:
Ideally, I’d define living within your means as spending less than you earn, saving some of your income and having no debt. The exception being debt that lets you build net worth, such as buying a home, getting a degree or making a home improvement that builds equity.
The author outlines an example expense analysis of a $75,000 income household living with its means.
| Taxes: | $1,238 |
| Housing: | $1,562 |
| Household Exp.: | $1,655 |
| Insurance: | $ 402 |
| Car Loans: | $ 400 |
| Transportation | $ 100 |
| Retirement Savings: | $ 500 |
| College Savings: | $ 300 |
Figuring those numbers as a percentage to the total income, I am definitely paying too much in some areas. Take, for example, transportation. If a household with an income of $75,000 should only be paying $100 for parking, gas, and tolls, then I’m way “ahead” of the game. I spend about $250 on transportation a month just for work alone, including tolls and gas. The $250 doesn’t figure gass and tolls when traveling to visit friends or volunteering on weekends. That’s more than double the example, a household earning almost twice my salary.
Simple solution: I need a better paying, closer job.
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How to ask your boss for more.
You may notice many of my links come from CNN/Money. It’s their fault for being good. In any case, this article presents raise-negotiating tips to help persuade your tight, wimpy, intimidating, and/or passive-aggressive boss to give you that money you deserve. Here are some of my own—Flexo’s tips on what not to say.
“Give me what I want or I’ll quit.” This can only lead to bad results, unless you have another offer on the table. When faced with an ultimatum like that, chances are the boss will choose the least expensive option.
“I should be making at least what you’re making.” I don’t think the boss would agree with you.
“If I don’t get more money, I’ll pass the company’s trade secrets to a competitor.” The threat of legal fees incurred by the company suing you might give your boss reason to consider your demand, but most likely, he or she will just fire you.
“If you give me a raise, I’ll get to the office on time.” The basic expectations of the job should probably be covered before negotiating a raise, in my humble opinion.
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News item from CNN/Money: CEO pay rose, worker wages fell.
The disparity not only makes it tougher for workers to make ends meet, analysts said, but also threatens the overall health of the economy, which depends on consumer spending for two-thirds of its strength.
Costs of the basic living necessities, like food and gas for transportation and heating, and other expenses like college tuition, are increasing boundlessly. These expenses amount to a drop in the bucket for the average CEO, the same CEO who has seen his salary increase by 17.2 to 22 percent depending on industry. Meanwhile, the average worker, for whom these basic costs are a more significant porion of their income, has seen his or her salary decrease.
It’s not realistic for society to use this trend in order to encourage more people to become CEOs. That just doesn’t make any sense.
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Here is an opinion on having an “objective” at the top of your résumé. I agree, it is incredibly silly and pointless, but in the corporate world, Human Resources want to see it. What strange objectives have you seen or used on résumés?
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Raises next year will supposedly be higher than this year, but not by much. Employees who aren’t entitled to overtime pay will see their salary increase an average odf 3.6 percent, and those who are entitled to overtime pay will see an increase of 3.5 percent.
Executives, on the other hand, will see an increase of 3.8 percent.
Location plays a role in determining averages. New Yorkers will be below average and Washington, D.C. will be above average.
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There were many interesting articles on CNN/Money today. Here are a few summaries.
The majority of Americans claim they would continue working if they were to suddenly come into lottery winnings of $10,000,000. 59 percent of people under the age of 50 said they would continue along their career path. If this statistic is ever tested, I hope I don’t end up in the control group.
While inflation seems to be around a rate of 3%, prices of certain necessities are increasing much more than that. In my opinion, keeping the inflation rate at 3% (based on the Consumer Price Index) is an easy way for companies to justify not giving a big enough adjustment for cost-of-living increases.
On Moneycentral, Liz Pulliam Weston gives us ten things you should never buy new. For the curious, they are books, DVDs/CDs/videos, kids’ toys, jewelry, sports equipment, timeshares, cars (oops), computer software/console games, office furniture, and hand tools. There are, of course, some exceptions given. I had my reasons for buying a new car, even against advice I had always given others and will still continue to give people who ask.
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