Tag Archives: income

How Important Is Your Education?

how_important_is_your_education_web

In today’s world, education is often the best tool for getting ahead. It can help you grow in a variety of ways—you can pursue a passion, increase your long-term income, and have the experience of a lifetime. In fact, college graduates earn more than twice as much as high school graduates. Some studies have found that college graduates with a bachelor’s degree earn 80% more per year than those with only a high school degree. According to the Bureau of Labor Statistics, the more education you have, the more your average salary increases.

Although college can be expensive, and the overall student debt has increased to roughly $1 trillion, the pay gap between those with a college degree and those without is increasing yearly. According to the Economic Policy Institute, Americans with four-year college degrees made 98% more an hour on average in 2013 than people without a degree—that’s a number that has consistently increased since the early 1980s when it was at 64%.

Educational & Social Benefits
Making more money in your lifetime isn’t the only benefit to a college degree. There are other educational and social benefits that can be drawn from a college education.  These include:

  • Quality of Life – Individuals who attend college make informed decisions, which can also lead to having more money. Studies have shown that college grads save and make more money and have more assets, including homes, cars, and investments. People who attend college tend to work in white collar jobs, in office buildings, or other facilities with air-conditioning, heating, and conveniences that improve the quality of life. Additionally, the Council on Contemporary Families reported that college graduates are less likely to divorce.
  • Work Productivity & Opportunity – If job satisfaction is important to you, then consider pursuing a college degree. Studies have shown that people who attend college have greater work opportunities, are more satisfied at work, and tend to have skills that can be easily applied in different work settings and different geographic locations. Additionally, those who attend some college are employed at three times a higher rate than those who have not.
  • Longer & Healthier Lifespan – In addition to the income boost that comes with higher education, college grads are healthier and have longer lifespans as well. A survey by the Center for Disease Control indicates that between 1990 and 2008, the life expectancy gap between the most and least educated Americans grew from 13 to 14 years among males and from 8 to 10 years among females. Unfortunately, studies have also shown that those with less education are more likely to have risk factors that predict disease—such as smoking and obesity. Having a higher socioeconomic status (measured by total family income, level of education attained and professional career status) is directly correlated with better physical health and life expectancy.
  • Self-Esteem & Psychological Well-being – When you walk across that stage with a diploma in hand, there is a sense of pride and confidence that no one can take away from you. Not only is it a rite of passage, but you’ve accomplished something that can never be taken away. Additionally, studies conducted by the College Board have found that those who have completed some college are not only more well-equipped to handle mental challenges, but also report a higher level of satisfaction when doing so.
  • Building a Legacy – One of the best parts of a college education is passing the benefits on to your kids. Children of college-educated parents are smarter, more likely to graduate from high school, more likely to attend college, and have a better quality of life.

Diverse Opportunities
Whether it’s a bachelor’s degree from a traditional four-year college or a Career Technical School, higher education has benefits far outside of knowledge and books. Whether or not education plays the most important role in your likelihood of getting hired, there’s no doubt that taking opportunities to learn and grow in your career is a beneficial piece of the puzzle. And, you don’t necessarily have to follow a typical four-year degree path. In fact, according to the Bureau of Labor Statistics, 14 of the 20 fastest-growing occupations in America require an associate’s degree or less. If you’re hoping to further your education without following a four-year plan, check out this article for more information.

 

What other benefits have you seen from attending college? Let us know in the comments section below.

When it’s Okay to Ask About Pay

ask_about_pay_webIf the world were perfect, hunger would be eradicated, chocolate wouldn’t have calories, and you could go in to every job knowing exactly how much you’re going to get offered. Unfortunately, the world is not perfect. So, how do you find out a job’s salary when you’re in an interview?

Depending on the company, the salary range might be posted in the ad. However, these numbers are usually “commensurate to experience,” meaning companies want to evaluate candidates’ work history before offering a hard number. This is not uncommon. Don’t go into an interview expecting the exact number that is listed, because nine times out of 10 you won’t be offered that.

If the job description doesn’t include a salary range, you’ll want to research what a typical salary for that position might be before the interview. This will give you an idea of how much the employer might be willing to offer.  There are several websites available out there that can help you accomplish this.  What range you fall into is determined by your education and experience, the size of the company, as well as where you live. Pay for a job can vary widely depending on location. Companies want to make sure they are getting the most qualified individual and are willing to pay for that experience.

At some point in the hiring process, you might be asked about your salary expectations. If this happens in the early stages of the interview process, try to deflect. Show the people you are interviewing with that money isn’t your first priority—because when it comes down to it, you are working with people on projects. Focus on finding out more about the job itself, because there will be plenty of time to discuss dollars and cents down the road.

In general, it’s best to let the employer bring up salary. In many circles, it’s considered gauche to ask about salary upfront. Sure, you could work it in to the conversation, but you may risk putting them off in the process. According to experts, it’s best to wait for the potential employer to bring up the topic of salary—and it will be brought up. We all work to make money, so whenever the salary discussion comes up, figure out what salary you want, and then ask for a little more to allow room for compromise.

This is where your salary research will pay off—by having a competitive wage ready, you’ll not only feel prepared and confident, but they will appreciate that you did your research. If you aren’t comfortable with naming a number, use key words and phrases like the following:

  • “I’m very excited to work with you, and trust you will offer a fair and competitive salary.”
  • “I would like a salary comparable to my experience and value.”
  • “Money is important, but there are other topics that are relevant that we should discuss. Could we revisit this question later, after we discuss the company and the position more?”
  • “Until I know more about the position and benefits, it’s difficult to give you a hard number.”

If you can, avoid naming an exact figure.  You might be short-changing yourself.

Remember, it isn’t just the salary that counts. There are other perks and benefits to working with an organization that should be considered—such as 401(k), insurance, vacation, and health benefits. Remember to get the big picture from whomever you’re interviewing with—it isn’t always about the salary.

Do you have any tips for asking about pay? If so, leave your tips in the comments below!

 

5 Reasons to Start a Side Gig

200451597-001Are you a crafty person, a talented photographer, or someone who loves pets? If you have a professional skill or passion, you may want to consider launching a side gig. Side gigs, or side jobs, are commonplace for many of today’s workers. In fact, according to The Millennial Survey 2014 by Deloitte, 70% of Millennials – those ages 18-34 – want to start their own business. And, in a recent Movin’ On Up poll, 46% of respondents said they’d like to own a business but didn’t know where to begin. Whether it’s hosting a show at a local comedy club, operating a lawn mowing business, or selling handmade products, second jobs can be beneficial in many ways. So, here are five reasons why starting a side gig might be right for you.

Supplement Your Income
It can sometimes be difficult, especially if you’re unemployed and looking for a job, to make ends meet every month. Starting a side job can bring in extra income and offer new ways to make money. If you have a knack for knitting, painting, or crafting, for example, opening an Etsy site may help you earn additional income selling products you already enjoy making. Or, if you like pets, offering your services as a dog walker or pet sitter can also bring in additional income.

Good for Your Resume
Any time you can add experience to your resume, you should. And, when you add phrases like “Owned and operated a childcare business,” or “Tutored students in English,” potential employers will notice your drive, independence, and entrepreneurial spirit. It’s not always easy to run your own side job, and hiring managers will likely recognize the effort you put into your business as well as your flexibility.

Impress Your Boss
A side job can also impress your current employer. According to Kimberly Palmer, author of The Economy of You, “What I found is that increasingly, employers welcome and even encourage their employees’ side-gigs … they see their employees learning new skills, including valuable entrepreneurial, e-commerce, marketing, and social media skills, on their own time, and then bringing those abilities back to their main employer.”

But, if you’re currently employed, don’t let a side job get in the way of work. While your side job might be exciting, don’t ignore your primary job. And, don’t use your employer’s time or resources to work on your side gig. Follow your company’s guidelines for outside activities and remain respectful to your employer.

Creative Expression and Gratification
The initial motivation for starting a side job is often money. But, it may become something more as you realize the things you’re making or doing are allowing you the freedom of creative expression. If you’re a talented photographer, consider opening your own business. Start by offering your friends free or discounted photography sessions to build your portfolio, and soon you’ll enjoy the personal and financial rewards your new side business brings.

And, when your services or products help improve the lives of others, your side job may become a very gratifying part of your life. If you love teaching, find a subject you’re particularly knowledgeable in and help others learn it. For example, if you’re really good at a foreign language, you might look for tutoring opportunities at local schools. Tutoring students can bring in extra income, and you’ll also feel gratification for helping others succeed.

Learn New Skills
You don’t need to have a talent or skill in mind before starting your side gig. In fact, launching a side job may help you learn new skills. You may not be a great blogger, but if you start your own blog and research, educate yourself, and gain knowledge on the topic, your writing may grow stronger. If you like to design websites, but don’t know everything about the business, learn all that you can and gain hands-on experience. Study successful people in the industry, join community forums or groups, and watch what others are doing to be successful. Learning new skills can make you more employable. So, be willing to try new things. According to Palmer, “It’s so easy to launch a side gig today. If you have an inkling for something you might want to do, just get started.”

Don’t Give Up
Remember, not every side job will be the next big thing. But, don’t give up if setbacks occur. With every new business venture, there will be speed bumps along the way. The key to success is not letting those speed bumps stop you on your journey.

Have you started your own side gig? Do you have any tips for running a successful side business? Share with us in the comments section below!

Movin’ On Up is brought to you by Express Employment Professionals.