In March 2022, for example, the U.S. Bureau of Labor Statistics reported that a record 4.5 million workers quit their jobs, a 25 percent spike from March 2021. What’s behind this stampede? A recent Pew Research Center survey found that low wages, feeling disrespected at work, and a lack of career advancement were the top reasons most cited by those who quit. Others wanted to make a career switch and felt this was the right time to do it. 

But how do you go from one career to a completely different one? By taking it one step at a time. The Pew survey also found that 53 percent of those who quit a job in 2021 had changed their field of work or occupation—a good stat to keep in mind when the going gets tough. It takes reflection (“Am I making the right decision?”), determination (“I’ll do whatever it takes”), and planning (“I’ll take online college courses to get the degree I need”). Making a career shift won’t happen overnight, and you’ll invariably encounter setbacks, but being prepared for what’s ahead will help the journey go smoother. Below, five of the most important considerations while plotting out your next career move. 

1. Your motive

Recognizing your reasons for making a major career change is the first step in actually doing it. “Knowing what you are missing [in your current job] and the reasons you are dissatisfied is key to identifying a new career that will gratify you,” says Julie Jansen, a Stamford, Connecticut-based career coach and author of “I Don’t Know What I Want, But I Know It’s Not This: A Step-by-Step Guide to Finding Gratifying Work.” You may be bored with your job or want one that’s more meaningful, she says. Or you may crave a different office environment, such as working remotely. “Once you know what your reasons are, you can really focus on finding work that will give you what you need and want.” At  42, Yolanda Crous left the publishing industry in New York after 20 years as an editor to study medicine in San Antonio. “I wanted to do something where I could work one-on-one with people,” she says, “and make a difference in a tangible way.” 

2. Do your research

If you need help figuring out a career path, research the possibilities. It’s a red-hot market for some fields right now, including healthcare, information technology, and supply chain management, according to Forbes. Read up on organizations you’re attracted to and people who work in industries that appeal to you. Look at listings on job apps like LinkedIn, ZipRecruiter, and Indeed, to get insight into different types of work. Study the job descriptions, skills needed, education requirements, and salary ranges. “Talk to people who are doing those jobs,” says Jansen. “They can become champions and introduce you to key people in the industry.” When Leah Gomberg, of Maplewood, New Jersey, decided to leave her job as a social worker at 37, she considered using her untapped design skills to become a house flipper. To find out more about the industry, she met with a local realtor. It was 2006, the height of the last housing boom. “She told me it wasn’t a good time to flip houses,” remembers Gomberg, “and suggested I try home staging, which hadn’t taken off yet.” Gomberg took the pro’s advice and soon launched a staging business, Sweet Life By Design, which is still going strong today.

3. What does your new job require?

Once you’ve narrowed your list, figure out what’s needed to get the job you want. Do you have most of the required skills? Will you need extensive training? Are you willing to go back to school for a new degree or internship? Do you need certification or a license? Will you be able to support yourself financially if the typical starting salary is less than what you currently earn? Will you need child-care? Crous, the editor-turned-doctor now 47, spent years preparing for her new career. “I had to take classes for a year before I could apply to medical school. Now I’m in a four-year program with at least three years of residency after that.” Has it been worth all the effort? “Every time I walk into a hospital room and spend time with a patient,” she says, “I feel lit up in a way I never did as an editor. This was exactly the right choice for me.” 

4. Create goals and a timetable

When you quit your job, you may not have given any thought to how best to organize your search. By creating a road map for your goals along with a timetable will help keep you on track and motivated. “Changing your career can be a very overwhelming process,” says Jansen. “Breaking your activity into smaller, tangible to-dos with deadlines is very important.” Tracking your progress on a spreadsheet is a good way to keep the info up-to-date and in one place.

5. Optimize your skills

If you’re worried you won’t look qualified, focus on the skills and contacts you already have that could be used in advantageous ways in a new position. During interviews, “identify your transferable skills with examples,” says Jansen. For Gomberg, listening empathetically is a skill she learned in her social worker training and now uses all the time as a home stager. “[Getting their house staged] can be very stressful for some people, especially if they’re only selling because they’re getting divorced or downsizing,” she says. “I tell them, ‘I understand—this sucks.’” Think about your last job and what marketable skills you picked up—problem solving, meeting deadlines, communicating, teamwork—and how they will help you on the path to a more fulfilling future. 

The post Five Tips for Making a Career Switch appeared first on Stash Learn.

Women face a unique set of financial challenges. In the U.S. They tend to earn less money than men do, ask for smaller raies, and they’re also behind on retirement savings. And as the country continues to recover from the Covid-19 pandemic, women must still make up ground they lost during the months that shutdowns closed many businesses and curtailed worker hours, having suffered economically more than men, representing the majority of layoffs 

Stash’s goal during Women’s History Month is to provide women with the tools to overcome those hurdles and build their financial lives. With that in mind,  we’ve put together content especially for women, including suggestions for getting started with investing, saving for retirement, and putting together a financial plan. Plus, check out our podcast Teach Me How to Money, featuring women talking about student loans, credit, careers, and more.

Check back with us as we update this page with more stories throughout the month.

The post Celebrating Women’s History Month at Stash appeared first on Stash Learn.

A November, 2019 survey by The Transamerica Center for Retirement Studies found that men and women begin saving for retirement around the same time, and with roughly the same target sum in mind. But, women may fall behind men in retirement planning because they may make less than men on average. Women may also make more frequent career changes because they tend to be the primary caregivers in families.

The median estimated household retirement savings for women was only $23,000, compared to $76,000 for men, according to Transamerica, which conducts the survey annually with The Harris Poll. The survey collected responses from 5,100 workers and 1,800 employers.

What the Survey Found

The difference between men and women in their retirement savings begins early. The survey found that men start saving for retirement on average at age 26, while women begin a full year later, at age  27. And while both men and women hope to have a median $500,000 in retirement funds, 55% of women say they plan to retire after age 65, or not at all, compared to 53% of men.

Here are more details from the survey:

• Thirty percent of men surveyed said they had saved $250,000 or more for retirement, compared to 16% of women,
• Fifty-seven percent of women have a plan for retirement, whether written or not, compared to 71% of men.
• Nearly half of women surveyed said they didn’t feel confident that they would retire comfortably vs. less than one third of men.
• Women are 8% less likely than men to have a workplace retirement plan such as a 401(k), because they are more likely to work part time.
• While most women (73% of those women surveyed) participate in a retirement plan if it’s offered, women contribute an average eight percent of their annual salary compared to 10% of men.
• Generally speaking, 68% of women are saving for retirement compared to the 81% of men.
• 84% of women said that they plan to work after they retire for financial reasons, compared to 77% of men.

Source: TCRS

Women stay the course

The TCRS survey also found that 26% of women plan on using earnings from an investment account in retirement, compared to 42% of men, which could demonstrate that women are less likely than men to invest.

Source: TCRS

Yet, when women do invest, they are more likely than men to keep a level head during periods of market volatility, according to a Stash survey. 

The findings of the TCRS survey generally correlate with those of a November, 2018 survey from Stash, which found that more men tend to save for retirement than women. The survey found that slightly more than half of women who use Stash were saving for retirement, compared to two thirds of men.Don’t get left behind when it comes to retirement. You can invest and save for retirement with Stash.

The post Why Women are Behind in Retirement Savings appeared first on Stash Learn.

And by corner office we mean a corner of your kitchen, your living room or your bedroom with a view of whatever is outside your window.

Less than four percent of the U.S. workforce worked from home, pre-pandemic, at least half of the time or more, according to research and consulting firm Global Workplace Analytics. They predict that the pandemic will lead to more people taking advantage of that opportunity after life returns to normal, up to 25 to 30 percent. 

Remote work allows employees the comfort and flexibility of working the way they feel most productive. More than 80 percent of U.S. office workers surveyed said they want to continue working from home part of the time when the pandemic is over. 

The best place to get work done is a home office that is dedicated to your work. We spoke to two writers and business owners who have been working from home for more than a decade to get their best tips for a successful home office, along with how much you can expect to spend.

Find a location that works best for you

Take a look around your home and imagine your potential set up. Do you have a spare room you could transform into a home office? A corner of your dining room? A large walk-in closet? 

Pick the space that is the most comfortable to you and that you can envision being the most productive.

“I have a really cool spot in the corner of my kitchen where there’s two huge windows and I have a desk that is pushed up in front of that corner,” said Jennifer Dienst, a Charleston-based writer and the owner of a travel advising business. She has worked from home for 10 years.

“It’s one of the reasons why I bought the house,” she said. “Having a space to work where I have this beautiful view and all this natural light is really important.” 

Sarah Ratliff, a Puerto Rico-based freelance writer and the owner of a content marketing agency, settled on a corner of her bedroom, taking advantage of a dividing wall.

“We just rearranged things and I made a little office,” she said. She used two desks to make an L shape. 

“That gave me kind of that square look in the office,” she said. “And I put a credenza in the back that has my printer and my files and any binders I need. Things are kind of tucked away nicely”. 

Get set up and find your office vibe

Working from home on a regular basis means you will need more than a laptop and a free seat on the couch. It doesn’t have to cost thousands of dollars to set up, but it has to be functional and comfortable.

Sometimes spending more money up front will save money later on.

“One way to reduce costs a lot was to get a really good chair. So that has been my saving grace. It’s the most comfortable chair I’ve ever had, said Ratliff, who spent more than $400 on an ergonomic desk chair from Office Depot.  “It was so worth it. It fits perfectly in relation to the desk and the monitor and the height where my hands would be.” 

She estimates that the chair saved her about $2,000 in adjustable desks, computer monitors and keyboard trays that she would have otherwise needed to work free of the neck and back pain she’s had since an injury when she was younger.

Ergonomics should be a priority, not an afterthought, when it comes to setting up a home office. According to Oregon Occupational Safety and Health, good ergonomics leads to more productivity, less missed work and less pain from muscle and joint strain. That means your chair, your feet, your desk height, your computer monitor and your keyboard should be positioned in a way that puts the least amount of stress on your body so you can sit or stand comfortably while you work. 

If you are working for an employer, it’s likely you will be given a work laptop or at least a steep subsidy. If you are working from home as a contract employee, getting a good, reliable computer is absolutely critical to your productivity.

“My life and my work is on my laptop, so I have to have it. I can’t work  without it,” Dienst said. “So that’s an important investment for sure.”

Dienst and Ratliff both use Mac computers, which start at just under $1,000 and go up from there, depending on the model. You could also find deals on PCs for hundreds of dollars less as long as you have enough memory and processing speed to get your work done quickly and efficiently. 

While Dienst waits for her computers to conk out before replacing them, Ratliff  takes a proactive approach and replaces hers every five years or so. 

“If I can’t work, we can’t eat,” she said. “We don’t want to wait until I start having problems to replace a computer. We just make sure I’m always up and running no matter what.” 

You don’t always have to spend top dollar in every aspect of your office. Dienst found her beloved Crate and Barrel desk on the Facebook marketplace. It was originally about $500, but Dienst paid less than half secondhand.

Other must haves:

A printer. “Even if you don’t print things that often, if you work from home you will print more things than you realize,” Dienst said. (Many can be purchased for $100 to  $200.)

Software. “I’ve had to spend money on things I never would have thought of before,” said Ratliff, who pays a few hundred dollars each month for software such as Hootsuite for social media management, Trello for assignment and management organization, and Xero and Freshbooks for bookkeeping. (Costs can range from free to several hundred dollars a year.) 

Furniture. Ratliff uses a credenza to stay organized, while Dienst just spent about $150 on a new filing cabinet from Wayfair. “I really should have just paid more to have one that was put together because It took me three hours and I cried twice,” she admitted. “Putting together filing cabinets is not easy.”

Take advantage of tax deductions and employer perks

The upfront costs of creating and maintaining a home office may seem daunting, but the good news is that you may be able to deduct almost everything on your taxes if you are self-employed.¹

If you qualify for the write off, you can only write off the space that is dedicated solely for work. So you can’t deduct the entire square footage of your kitchen or your bedroom, for example, but you can take a measuring tape and deduct the square footage of your office space.

You may also be able to write off any office-related furniture you’ve purchased that year, such as chairs, desks, filing systems and you can deduct any office supplies, including printers, ink, pens, paper, staples and software.

“In my business, I try to be as organized as possible because it’s costly to not be,” Ratliff said. “At the end of the year I just send my accountant spreadsheets.” 

Other out of pocket costs you may be able to deduct include:

• A portion of your cell phone bill based on how often it’s used for work versus personal use.
• A portion of your Internet service.
• Work-related subscription fees for trade magazines or online libraries.
• Gas mileage for work trips if not compensated through your employer.

In addition to providing the basics for work-from-home employees, such as computers and Internet service, some employers are getting creative with their work-from-home perks, providing everything from headphones and other work-related electronics to stress reduction programs and even Disney+ streaming services to help entertain the kids at home during the pandemic.  

Make your space inviting

One great perk of working from a home office is that you can make the space your own. For Dienst that means putting up several plants in her office space for what she calls a “greenhouse effect.” For Ratliff that means making space under her desk for her officemate, her beloved German shepherd. 

“Sometimes I sit with my feet perched on his chest,” she said. “It’s not the best ergonomics, but we like it.” 

Dienst also invested in an espresso maker for $210 so she can keep the creative juices flowing and installed Roman shades on her windows to keep the bright South Carolina sun at bay. 

“That helps keep the space cool and make it so that I can adjust the light if I need to,” she said. “If it’s bright and hot you are going to want to go take a nap in a dark room.”

Wherever you set up your home office, make sure it is a space where you feel productive, comfortable and ready to work. And remember, the couch is always there for breaks. 

The post There’s No Place Like Your Home Office appeared first on Stash Learn.

As the coronavirus pandemic spreads across the country and the world, many businesses have asked or required employees to work remotely.

Working from home can be fantastic. You don’t have to deal with a commute, a uniform, or the fuss of annoying colleagues. You might even be able to make your own schedule.

Here’s the thing though. It can be difficult to settle into the daily grind when you’re only moving from your bed to your desk and you have the option to stay in your pajamas all day.

Following are some tips on how you can harness all the positives of working from home to have productive and industrious workday during the pandemic:

Create an office space

Even if you aren’t lucky enough to have a home office, create an official workspace for yourself with everything you need, such as your laptop, phone, files, and whatever else. This will help get you into the working mindset when you’ve got to get down to business.

Even if it’s just a desk in the corner or your tidy kitchen table, having a proper workspace is much better than flopping down on the couch while you work.

Get dressed

Getting dressed in the morning is a signal that the day has begun and you’re officially “on,” something which is easy to forget when you work from home. You don’t have to put on a suit and do your hair, but by putting your pajamas away and changing into something fresh, even if it is a fresh pair of sweatpants, you’re telling your brain that work is about to begin.

Research suggests that this simple change can trigger much higher productivity in-home workers.

Don’t eat where you work

Make sure to set apart time for lunch and get away from your workspace when you aren’t working. Make an effort to eat elsewhere, and get out of the house on your breaks when possible, so that you return to work with fresh eyes.

Don’t sit down and eat in front of your computer and browse the internet. It can make it harder to get back on track.

Play office sounds

Working at home lets you have more freedom than you would in an office; you can chat to whoever else is at home, play music out loud, or even sink into the silence of an empty house. But these things can easily become distractions. Try sticking in your headphones and listening to office sounds on YouTube. The familiar sounds of a work environment will put you in the right mindset for a productive day.

Can’t go to a coffee shop because you’re social distancing or your usual spot is closed? Check out Coffitivity, an app that plays the sounds of your favorite java joint.

Go for a Walk 

When in doubt, go for a walk if you can. While officials are recommending socially distancing, you can still take a walk outside by yourself to clear your head, and also get your blood flowing.

Make sure your internet connection works

Make sure you test your internet connection before you really start working from home. If you regularly have problems with your internet, you might think about setting up a mobile hotspot so that you can connect to the internet wif you experience any outages. 

You can typically purchase a hotspot plan through your cell phone provider, allowing you to hook up to the internet almost anywhere, or you can buy a mobile hotspot online. A hotspot is basically a portable internet router which allows you to use data from your cellular plan to connect your laptop or computer to the internet remotely.

A lot of companies require a Virtual Private Network (VPN) in order for employees to securely access programs and files outside the office. If you need to set up a VPN to work from home, make sure you set it up before you set up a home office.

Make sure you’re able to video conference

People have spent 5.5 million minutes in meetings on Cisco’s video conferencing platform in March, according to Cisco CEO Chuck Robbins. And that’s just one platform.

As more people work from home, you may need to rely more on video conferencing technology. Download any video conferencing tools your company might use such as Google Hangouts, Zoom, or Skype. 

If you don’t have a webcam, you may also want to order one online.  Seeing your coworkers, and vice versa, can help everyone feel more connected in a virtual workplace.

Also, consider creating a designated place where you take video calls so that you’re not interrupted by roommates or loved ones. And keep co-workers aware of any background noise or distractions on their end of the video calls.

Stay accountable

One of the biggest killers of productivity when working from home is letting yourself get away with procrastination. When there’s no one watching you or checking up on your work, it’s easy to sit back and spend the afternoon watching videos or hanging out in bed.

Try setting up a reward system for yourself while you work for home. Tell yourself you’ll go for a walk or watch that video once you finish a certain task. 

You might also want to consider setting up a daily or weekly check-in with your manager or team to hold yourself accountable. You’ll probably stay on track with your tasks if you know you’ll be checkin in with a manager regularly.

If you live with loved ones or roommates, help each other stay accountable by not distracting one another and encouraging each other to stay focused.

Test out some free time management apps such as Rescue Time which provides reports on how you’re spending time on your computer, or Remember The Milk which helps with project management. Make sure you attend all of your meetings, even if they’re virtual meetings.

By getting your routine into shape, you’ll be getting work done while also loving your workspace.

The post How To Be Productive When You’re Working From Home appeared first on Stash Learn.

Last week, the fast-food chain announced that one of its commitments for 2020 will include bumping up the salaries for the general managers of its restaurants in some locations to a whopping six figures. (Its other goals for the year include offering more vegetarian-friendly fare in its Tex-Mex lineup, as well as a commitment to 100% reusable or recyclable packaging by 2025.)

General managers at Taco Bell restaurants tend to earn between $50,000 and $80,000 according to reports. Taco Bell is a subsidiary of Yum! Brands, which also owns the restaurant chains KFC and Pizza Hut.

Why is Taco Bell doing this?

The unemployment rate is currently 3.5%, a 50-year low. And there’s more competition than ever for employees everywhere, especially at fast food chains, according to sources.

One way to attract employees is by paying them more.  But increasing labor costs—including those $100,000 salaries—can come at a cost to businesses and consumers. Executives in the restaurant industry say increasing salaries are eating into profits, and pushing some chains into bankruptcy. It’s also led to increased food prices for consumers when they eat out, of about 3.5%.

Executives at Shake Shack and Darden Inc., which owns Olive Garden, have said that the increasing cost of labor has hurt profits, according to Bloomberg.

More than 12 million workers are employed in the fast food services industry, according to the Bureau of Labor Statistics (BLS). That’s about equivalent to the number of people who work in the manufacturing sector.

Fast food is part of the services sector. Nearly three quarters of all U.S. employees—about 107 million people, according to the BLS—are part of the service sector.

Who earns $100,000?

Only about 14% of U.S. workers earn incomes between $100,000 and $150,000 annually, according to the U.S. Census Bureau. The median wage nationally is about $63,000.

Some of the most popular jobs that pay in the low six figures annually include nurse practitioners, software programmers, and some teaching positions.

The importance of saving

Whether you earn $40,000 annually or $100,000, it’s important to consider setting a budget and saving money for near-term and short term financial goals. Those goals could include creating an emergency fund, and saving for retirement.

You can learn more about setting a budget here.

The post Why Your Next Job Could be at Taco Bell appeared first on Stash Learn.

I didn’t get it.

Because I didn’t even ask for it. I chickened out, dreading the confrontation. Instead, I blabbed incoherently about whether the company actually needed me on staff, and quit.

The follow-up joke I tell audiences is that I’m not actually sure what I’m worth. How do you know? And how can you confidently fight for yourself when you know the most embarrassing things about yourself? For example, how could I possibly ask for six figures when I know I once ate a beetle out of the carpet because I thought it was a Raisinet?

But a recent study by Student Loan Planner shows it’s time for me to get with the program, because the women they surveyed are actually slightly more likely to ask for a raise than men.

Student Loan Planner surveyed men and women with graduate degrees and six-figure student debt, and found that more women than men asked for raises at work, and women got their raises slightly more often: 29 percent of women compared to 25 percent of men.

But here’s the catch: Women were more likely to ask for smaller raises. The majority of women reported that they asked for a raise of $5,000 or less. Men and women leveled out between $5K and $10K, and when it came to asking for raises over $10K, men were more likely to do so.

“We’ve gotten over the hump of asking, but we haven’t gotten over the hump of women asking for more,” Travis Hornsby, founder of Student Loan Planner, said. “Women don’t ask for monster raises.”

This may be part of the reason more women hold student loan debt than men. It also may be one of many factors in the gender pay gap, which Hornsby notes is closing in some areas. Still, he said, more men gravitate toward the private sector, while more women with the same qualifications are risk-averse and seek more stable, but lower-paying jobs. The snowball effect of debt and risk-aversion is one of many complex contributors to the very real pay gap.

Forty-five percent of women and 40 percent of men don’t know what they’re colleagues earn, the survey also found. This can make it harder to ask for an appropriate raise.

“Lack of transparency always benefits the employer,” Hornsby said.

So how can employees find out their peers’ salaries? Hornsby says one way to find out is to ask recruiters, who can help you define a salary range, and tell you if your work is underpaid compared to others in your industry. (They also have a vested interest in information flow—the more you use them, the more they get paid.)

This would have been helpful to me five years ago, when I sat in a different boss’s office as he joked about his lowest-paid employees who made under six figures.

“But I’ve been here six years, and I make under six figures,” I noted.

“You do?” he asked.

“Yes, you set my salary,” I said.

“Huh. Maybe we’ll look into it.”

Turns out, I should have looked into it first. And asked for a $10K raise.

The post How Women Can Ask for a Raise appeared first on Stash Learn.

Tell us if this has happened to you: your friends invite you to go away on vacation. Cruise tickets? $1,500. You don’t want them to think you don’t have the money to pay for it, so you charge it on your credit card and worry about it later.

Or maybe you hear a rumor that your colleague is making more money than you for the same job. You freak out and complain to your boss. Then you realize that maybe, that wasn’t the best strategy to get what you want.

Talking about our money and how much we make can be seriously awkward. It brings up all kinds of issues because, well, there’s no handbook for how to have the tough financial conversation with friends, coworkers, and even our families.

On this episode of Teach Me How to Money, Lindsey Stanberry*, the work and money editor of Refinery29 and author of “Money Diaries: Everything You’ve Ever Wanted to Know About Your Finances… and Everyone Else’s”, tells how to stop feeling embarrassed about our salaries and start being real (upfront about our finances). Watch the video below and keep reading for tips directly from our conversation.

1. Be comfortable admitting that money is an uncomfortable subject.

“I think [talking about money] is really uncomfortable. I even don’t like to have those conversations with my friends. It can be awkward…for women especially, if we make a healthy salary, there’s a guilt that maybe our friends will judge us for making a lot [more than them. Or, if we don’t make enough, there’s this concern that we’re not keeping up. There can be a lot of feelings and emotions around it.”

2. The taboo of talking about money is baked into our cultural DNA.

“We’ve created this fake taboo. I actually think that women really do want to talk about [money] and that’s why Money Diaries is so successful.

It’s because we are all holding in this anxiety about money, and then we want to talk about it. And we’ve all been socialized to believe we’re not supposed to—I think that my parents are very supportive of my career, but I think it kind of freaks them out a little bit that I sit around and talk about other people’s money all day.”

3. Maintaining the taboo pays off—mostly for employers.

“It makes sense that a company doesn’t want you to share your salary. When you begin to share that information, you gain [insight], and that’s really intimidating for companies.

It’s really tricky deciding whether or not you tell your coworkers your salary. You’ve got to weigh the pros and cons of that really carefully. And I say [you should] never, ever go to your boss and say, ‘Hey, I know that they make less than me and that’s not fair.’ Because that [can backfire].”

4. Getting a clearer financial picture can be a motivator

[Finding out you’re getting paid less than your peers] can feel really bad. But, I think it can be good motivation to find a new job. I know that’s not necessarily popular advice, but sometimes you’re out of place and it’s never gonna get better.

That’s why knowing salaries can be really important—when you go out and you’re looking for that next job, you can make sure that you are being paid fairly.”

5. If you want a raise, look for an advocate

“Find a great advocate.

I think for women—and this is really unfair—but for women of color also, there tend to be negative reactions to asking for raises. So, find a person who’s gonna help you. And that includes finding a male ally. It’s not always easy, but they are out there. Get them to help you advocate for yourself.

And, like I said, maybe it’s just time to find a new job…A new job can offer a huge pay bump.”

6. When asking for more money, timing is key.

“Timing is everything.

You really have to think about what’s going on in your industry, what’s going on at your company, and even down to whether or not your boss is in a good mood. If they’re having a bad morning, it’s probably not the day to bring up the raise.

Then, really prepare. Prepare, prepare, prepare. Have a sheet [of paper] with all of your notes [about your accomplishments] to really prove that you’re worth it.”

7. Don’t let your employer make you feel like you should be grateful for the opportunity, and stiff you on a raise.

“Stop being grateful [for a job]. Grateful doesn’t pay the rent.”

The post Podcast: How To Feel Okay About My Income with Lindsey Stanberry appeared first on Stash Learn.

In fact, an estimated 91% of businesses have programs that include some sort of bonus compensation, according to reports. The average year-end bonus is about $1,800, according to recent information from staffing and recruiting company Accounting Principals.

But what should you do with your extra cash—save it, spend it, or something else?

Here are some things to consider:

Pay off your credit card debt

Think about using your bonus to pay off any of high-interest debt. The average U.S. consumer has about $40,000 in debt, including from credit cards, auto loans, and student loans. And high-interest rates—the national average APR is 17%—can make it really hard to pay off.

The sooner you’re out of debt, the more financial freedom you’ll have, including letting you save for a rainy day, for a house, or for your retirement.

Put it toward your retirement

Your holiday bonus can keep on paying dividends long into your future if you invest toward your retirement.

You have lots of options if you plan to invest your bonus. Does your employer offer a workplace retirement plan that lets you invest part of your bonus in a 401(k)? Consider putting your holiday bonus to work there.

No 401(k)? No problem. You can also put it into a traditional or Roth Individual Retirement Account otherwise known as an IRA.

These retirement plans allow you to put aside money on a tax-advantaged basis, either reducing your taxable income for the year, or providing you with some tax-free income in retirement.

Annual limits for people under 50 are $6,000 for an IRA, and $19,000 for a 401(k), starting in 2019.

Special note: Investing in the stock market always carries risk. There is no guarantee that what you’ve invested in will make money.

Invest toward a longer term goal

We all have goals we want to hit before we retire. Maybe it’s a down payment on a house. Maybe it’s saving for a child’s wedding or for their college fund. Investing in an individual brokerage account can help you get there faster than just keeping it in your checking account.

You can invest in stocks, bonds, funds, and other securities. Plus you don’t have to wait until you’re ready to retire to use the money. Remember, there is always risk associated with investing in the stock market.

Build your emergency and rainy day funds

You can also use the money to flesh out your rainy day and emergency funds.

A rainy day fund should contain between $500 and $1000, and should be held in an easy-to-access account such as a bank account. An emergency fund, which you’d use for a bigger life event such as a layoff or illness, should hold between three and six months worth of expenses.

Think about putting your emergency cash into an account that will give you a higher yield than a standard bank account.

One important note: If you put your emergency cash in a higher-yielding account (like a CD, money market fund, or short-term bond fund), it might take longer to access it, since you’ll be selling shares of treasuries or some other financial instrument.

Invest in your children

With that extra money in hand, now’s a perfect time to set up a custodial account for your kids.

They’re essentially brokerage accounts that let you put money away for a child, and then invest that cash in stocks, bonds, mutual funds, and other securities. You might also think about funding a 529 plan.

Don’t forget about taxes

Your bonus is compensation in addition to your annual salary, and you’ll probably owe taxes on it. Depending on the size of the bonus, it could push your earnings for the year into a higher tax bracket.

Think about strategies for reducing your tax burden, which could include fully funding a tax-advantaged retirement account, such as a 401(k), IRA, even a Roth IRA.

Whatever you choose to do with your year-end bonus, one thing is sure to be true—the longer it sits around, the more tempted you’ll be to spend it.

Put that bonus to work for you!

The post 5 Smart Things To Do With Your Year-End Bonus appeared first on Stash Learn.

If you’re assigned a colleague that you know and love working with, you’re golden. You know what they’re hobbies and interests are and what would bring a smile to his or her face. But what does Phil in accounting want? Or Jill in accounts payable?

Don’t let it be a source of holiday stress. These guidelines can help you give a nice gift that will go over smoother than eggnog served in an office mug.

Secret Santa Do’s and Don’ts

Do find out more about your Secret Santa giftee. Consider going straight to his or her direct colleagues to get the skinny. Does he love his dog? Is she crazy about golf? Maybe she’s passionate about vegan cooking. A few minutes and a little investigating can steer you in the right direction.

Don’t spend more than the recommended amount. Many office party organizers will set a guideline, usually around $25. Even if you know that Cheryl in payroll loves cashmere sweaters, do not bust out your credit card to buy it for her. It will make everyone else feel like a cheapskate and Cheryl may be uncomfortable with you having spent so much money on her.

Do include a nice card. A few lines will do. Try something that says, “I see you each day and you bring cheer to the office.” Even if it’s not true, you’re just the Secret Santa, not Human Resources.

Don’t give booze. While everyone loves getting into the holiday cheer, not everyone drinks. You may have a Secret Santa who is sober or struggling. Unless you know that they love a good glass of wine or a certain brand of tequila, steer clear.

Do wrap the gift. It’s the least you can do, for goodness sake. If you’re clumsy, get someone to help you. Don’t just hand over the gift in a paper bag that it came in.

Don’t be lazy. Nothing says “I put zero thought into this” than an Amazon gift card purchased 10 minutes before the event at your local drug store.

Do give thoughtful gift cards. While a generic gift card is a thumbs down, a well-thought-out one can be a wonderful gift. If Jane in legal is a knitter, a gift card from a crafting site or store would show her that you care while letting her choose what she wants. If Bob in ad sales loves to go camping, a gift card to an outdoor supply company could work.

Don’t be a creep. Do not give personal items. Do not give things with sexual connotations. If you think you’re crossing a line and the person may not receive it happily, do not do it. The last thing anyone wants is you spending the holiday party explaining yourself to HR.

Do receive your gift gracefully. Sometimes we get a gift where we want to say, “No really, you shouldn’t have.” Inside we may be shaking our heads and wondering when we can donate the gift to the nearest Goodwill (or garbage can) but be kind to the giver, especially if they were excited to give it to you. Good taste is not a job requirement, but kindness is a skill that will take you beyond the holidays and serve you for the rest of your career.

The post Secret Santa Do’s and Don’ts: How to Give the Perfect Office Gift appeared first on Stash Learn.

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Being broke is no joke. Living paycheck to paycheck can cause a never-ending feeling of anxiety, a delay in planning for the future, and a fear of opening the mail (bills, collection notices, ack!).

If you’re broke, can you ever fix it, for good?

On this week’s episode of Teach Me How to Money, Kristin Wong, the author of “Get Money: Live the Life You Want, Not Just the Life You Can Afford”, talks about the difference between being broke and being poor, paying your bills now, and the tiny habits that can turn your attitudes about money around for keeps.

Thanks for listening to Teach Me How to Money. Send us your questions at teachmehowtomoney@stash.com and we’ll try to answer them on a future episode.

The post Podcast: How to Stop Being Broke with Kristin Wong appeared first on Stash Learn.

No matter how you want to phrase it, nothing really softens the blow of getting fired. It’s not just a shot to your ego, it can put you in a financial conundrum, completely upending any immediate plans you may have had—whether that’s getting married, going on vacation, or something as simple as going to the grocery store.

You might get fired for being late, lazy, or just plain bad at your job. Or, you might get fired because your company simply had to trim the payroll. Whatever the reason, the most important thing is that you focus on what’s next.

The good news? The economy in 2018 is in pretty good shape, and lots of businesses are hiring. The unemployment rate is hovering around 4%, and 40% of small businesses in the U.S. reported that they had at least one job to fill.

In the trucking industry, there is a shortfall of 50,000 workers, forcing trucking companies to offer drivers attractive signing bonuses and increase wages to as much as $80,000 annually. In some cities, such as Miami, it’s possible to get a starting wage of $75,000 annually without a college degree.

So, it’s as good a time as ever to start looking for a new job. But there are some things to do before you start sending out resumes.

File for unemployment benefits

Before you do anything else, get in touch with your state’s unemployment office (you can usually sign up online, too). You’ll need some sort of income, and though signing up for unemployment benefits may be an ego check, it’s probably a necessity.

Even if you suspect that you’ll be able to find a new job quickly, you’ll probably want to sign up anyway. Benefits can range from $240 to more than $800 a week, depending on your state of residence.

Click here for more information about unemployment benefits and assistance.

Click here for job-search resources and training opportunities.

Revisit your budget

You should already have a budget. But without a job, your income has been drastically reduced, so it’s time to recalibrate your financial strategy.

Until you find a new job, you’ll want to reduce expenses as much as possible. Depending on your individual circumstances, you may need to make some changes, both big and small.

Cut costs

If you’re having trouble looking for ways to save money, look at small habits that you can change. Here are a few suggestions:

• Put your gym membership on hold.
• Prepare and eat all (or almost all) of your meals at home—even your morning coffee.
• Can you get by without cable TV? If so, cancel it.

Another place you can likely find savings is by canceling any non-essential subscriptions that are automatically taking money out of your accounts every month, like Netflix, Amazon Prime, or Spotify—you can live without them until you find a new job.

If you’re skeptical that could actually save you any money, note that the average American spends more than $850 per month on subscription services, ranging from phone bills to meal-kit deliveries.

Don’t forget about insurance

If you had an employer-sponsored health insurance plan, it’s time to look at what options are available to you. If you’re married, see if you can switch or otherwise change to your spouse’s employer-sponsored plan.

Otherwise, check out state and federal government health care exchanges. You may qualify for low-cost plans, or be able to find one that otherwise fits your budget.

Take care of yourself

For most people, going to work gives their day structure—they have a routine. When you suddenly don’t have to show up at the office, your routine can fall apart. Your eating habits might change, as can your exercise and even your sleep schedule.

Try your best to stick to a routine, and stay busy, as it can be easy to let everything slide when you’re suddenly saddled with a lot of free time.

Set an employment goal

It can be hard to stay motivated, so light a fire under you by setting a goal for yourself. For example, try sending out five resumes per day, or apply to 30 jobs per week—the numbers are fluid, as long as you’re hitting your goals.

Of course, you’ll want to make sure you have an updated resume, that your social media accounts are scrubbed of any questionable content, and that you have references on standby, ready to vouch for you.

Then, tap your personal professional network, and start looking for leads. Sign up for Linkedin, or some other professional network that’s free. Consider setting up coffee dates with people who work in organizations that interest you, to find out if there are any job openings.

Remember, if you get laid off, finding a new job is your new job.

Keep saving and investing (what you can)

You may be tempted to dip into your savings or even cash out your investments. Tap your emergency fund first, because you set it up when times were flush for an occurrence such as a layoff.

You may also have socked money away in retirement accounts. During a layoff, it might be tempting to dip into these.

Don’t—or, at least, try not to touch those. Cashing out your 401(k) or IRA, for instance, can lead to big tax penalties, and set you behind on your path to saving for retirement. So, do your best to keep your savings intact, continue saving more, and, if possible, keep on investing for your future.

Sign up for the Stash newsletter for more advice and resources.

The post You Just Got Fired. Now What? appeared first on Stash Learn.

The one thing that can spoil the fantasy? Your boss showing up on that beach, badgering you about signing your timesheet. This was your private domain, and yet, somehow, other aspects of your life are being dragged into it.

How can you keep them out? Become independent—and when it comes to your employer, that means establishing financial independence.

Financial independence

How on earth do you declare financial independence from the person or place that you are financially dependent upon? It’s the million-dollar question.

You may not be able to do it immediately, and for the time you’ll have to get used to flowing with the whims of the labor market, or your boss’s moods.

But you can free yourself, with time and discipline. It requires planning, patience, and some careful budgeting, but eventually, you will no longer feel sick at the thought of losing your job, and might even welcome the day you get to quit.

Read more: How To Declare Financial Independence.

What does becoming financially independent from your employer mean?

When discussing independence from your employer, it’s important to note that we don’t necessarily mean you have to quit your job—you might like your job! Rather, you want to develop enough financial independence so you can leave your job when it suits you. It’s also wise to save up enough so you can handle layoff or other unexpected job loss with stride, and if you’re in a toxic work environment, be able to leave.

According to industry data, 85% of workers are actively “disengaged” while at work—so, it’s safe to say that most people probably want options and security.

Getting to that point, though, isn’t easy.

The first step: Build a buffer

Almost all of us go to work because we need a job. We need a paycheck to keep food on the table and to pay the rent. This is the crux of the employer-employee relationship, and it’s rooted in your dependence on the employer for that paycheck

So, how do you create some separation or leverage? It all starts with building a buffer. That often means building an emergency fund that contains between three and six months of expenses.

That fund is your first line of defense—it’s a moat that buys you time and security should an unexpected illness or layoff happen.

Read more: Five Reasons Why You Need an Emergency Fund.

Note: You can download Stash to kick-start your emergency fund. Turning on Recurring Transactions will help you save automatically.

Continue building

Once you have your emergency fund in place, start thinking about long-term goals. Eventually, you’re going to want to use your savings as a financial crowbar to wrench out more space—or independence—between you and your employer.

After you have your emergency fund in place, you’ll want to make sure you have other accounts to supplement it.

Here are some perspective next steps toward becoming financially independent:

• Open an investment account—Investing your money can (typically) keep your money from being eaten up by inflation, and earn you a return.
• Open a retirement account—IRAs and 401(k)s are two popular retirement vehicles. There are important differences between the two, and penalties for withdrawing your money too early. But they’re potentially important if you hope to retire—or become truly independent.
• Stay out of debt—Your financial buffers can be undermined by debt, so do what you can to get out and stay out of it. There are different techniques and refinancing tools you can use to gain some momentum, too.

Contributing to retirement accounts, investment or brokerage accounts, and keeping your debt in check will help put you on the path toward financial independence. If you want to put a price tag on it, experts recommend that you have somewhere between $1 million and $1.5 million saved up to retire.

The simplest way to get started

Most people become financially independent from their employers when they retire. You can get started saving for retirement on Stash.

The post How to Declare Financial Independence From Your Employer appeared first on Stash Learn.

But some attitudes have shifted. It’s becoming clear that just because some jobs can be automated or handed off to robots, we don’t necessarily mean that we want them to be. People need those jobs, and every robot assembling parts on an assembly line or managing a cash register means there’s one less paycheck for a human being.

Robotics, automation, and artificial intelligence are making us more efficient and lowering the costs to produce some goods and services. So, while there are clear benefits to incorporating robotics into the worldwide economy, many people are still worried that their jobs could be automated and their career, as a result, redundant.

So, are those fears baseless? Or should you actually be worried?

Will robots take your job? What the experts say

U.S. jobs will be lost to automation—there’s no getting around it. Here’s a look at some telling statistics.

Only 26% of employers think they will lay off workers in favor of digital or robotic replacements, according to recent research from consulting firm Deloitte. And there’s likely to be large political battles waged by labor unions to try and keep certain jobs around.

A labor union representing 50,000 culinary and food service workers in Las Vegas, for example, recently brought up concerns about automation in their most recent round of negotiations, voicing concerns about automation’s potential impact on job numbers, as well as worker safety.

Evidently, humans aren’t willing to let their jobs slip into the hands of robots easily.

The jobs that are in danger

While the numbers from Deloitte may offer a small degree of relief for some workers, not everyone can rest easy. There are some jobs that are in clear danger of being automated.

A total of 210 million jobs in 32 different countries are at risk of being automated over the next 10-20 years, according to research from the OECD.

Workers in developing economies, such as Eastern Europe, are more at risk than U.S. workers. That’s because jobs in the former are generally less advanced and more easily automated than jobs in the latter.

Nevertheless, research also found that of more than 700 different jobs in the U.S., roughly half of them could be automated. As for which jobs are the most at risk, here’s a breakdown:

So, when it comes to the question as to whether or not a robot will take your job? It’ll likely depend on two key factors: What you do, and where you do it.

Want to invest in the future robo-workforce? You can invest in companies working in and around the robotics industry on Stash.

The post Will Robots Take My Job? appeared first on Stash Learn.

But getting all your spending, financial goals, and investments into formation—well, even an Army general has to make a strategy.

We spoke to Zach Iscol, a former Marine Corps officer and CEO of Hire Purpose, a company that provides personalized career guidance to veterans, military service members, and their spouses, on our podcast “Teach Me How to Money.”

Check out Iscol’s tips on how to focus on the mission at hand: managing your financial life.

Don’t be scared to change jobs

“When you’re in the military, you’re trained to do a job. But that doesn’t mean that’s the job you need to do for life. Spend some time finding what you’re passionate about, and really explore it rather than pigeonholing yourself into one career.”

It’s a marathon, not a sprint

“Success isn’t a football game or a hockey game. There’s no time limit or that you score a touchdown and you’re done. That’s not the way life works. True success comes from discipline, focus, and I think the most important thing is consistency. Are you doing things consistently within a framework with specific objectives and goals in mind? Think about how you can consistently to set yourself up for long-term success.”

Saving a million dollars is within your grasp

“It comes down to consistency. If you are consistently putting money away and you look at compound growth, it is absolutely achievable to retire as a millionaire. But again, do you have the discipline and are you going to be consistent in doing that?”

Finances are a team effort

“When you get married, one of the challenges that you encounter in terms of financial planning and resources is you’re no longer on your own. Even if you’re in a dual-income household, you still have to start making decisions together. You still need to be thinking about the future together. And most importantly, maybe you have children, and now you need to start thinking much longer term about their futures, and how you’re setting them up for success in the future as well.”

Believe in your future

“Think about who you want to be in five, ten years. What do you want your life to be? What are the things that you’re passionate and care about? There are a lot of people in whose footsteps you can follow. Start to chart a course about how you do that, and don’t sell yourself short.”

The post 5 Money Tips You Can Learn From a Military Life appeared first on Stash Learn.