"How Will You Measure Your Life?" The Question that Changed Me Forever

Reading is one of my superpowers. I make time daily in my work life to consume an article or a chapter of a non-fiction book. I usually learn something—a new fact to absorb or a tactic to try. 

Incredibly rarely, something I read actually changes me. 

When I first read this piece, I was an exhausted, overworked, always-feeling-guilty mom with a long commute and a need for something to change.

Seven years ago, I first stumbled on an article called How Will You Measure Your Life? written by the renowned Harvard Business School professor Clayton Christensen. The piece captivated me, and I credit it with setting me on a new path. Christensen, who has since passed away, offered me a sense of direction and clarity. I find many people around me seek the same thing right now, which is precisely why I'm revisiting a seven-year-old article with you today.

When I first read this piece, I was an exhausted, overworked, always-feeling-guilty mom with a long commute and a need for something to change. Reading it helped me ask and answer some big questions for myself—not by telling me what to think, but rather how to think. Christensen's article applied big wonky management concepts to the everyday business of humanity. And he did it beautifully.

Since I first read "How Will You Measure Your Life," I've made a habit of rereading it once a year. And each year I take something new from it.

Today, in case you’re one of those people sitting with big questions, I’d love to share some of my favorite insights. If you’ve ever wondered how to maintain fulfillment, balance, and integrity in your life and career, then this one’s for you.

How do I achieve fulfillment in my career?

Professor Christensen begins with an introduction to the work of Frederick Herzberg whose research in the mid-twentieth century taught us that money is not our most powerful motivating force.

As Money Girl Laura Adams tells us, money can buy us happiness … but only to a point. To have emotional well-being, we need to have enough money to cover basics like food and shelter comfortably. A widely cited 2010 study set that bar at $75,000 a year. Making more than that, data told us, didn’t equate to more happiness.

Unlock those golden handcuffs and free yourself to find joy in your work.

So if money doesn’t drive happiness, then what does? According to Christensen, it’s the opportunity to learn, to grow in responsibility, to contribute to the development of others, and to be recognized for your hard work and achievements. 

So ask yourself: Are you having these fulfilling experiences in your work today? 

If you could use a bump, are there ways you can infuse more life into your work? Can you take on a project that might help you expand your thinking, network, or knowledge? Can you mentor someone whose success you’d love to enhance? Can you publicly recognize a colleague who did you a small solid?

Or are you ready for a change you now realize you can afford to make?

Maybe you’ve always worked in corporate and dreamed of rolling into the non-profit space. Or you’re being pulled in multiple directions and want to transition to working part-time for a while. Or there’s that side hustle you always wanted to try, or that degree you dream of getting.

Unlock those golden handcuffs and free yourself to find joy in your work. 

For me, this meant finally stepping out of a job that felt heavy and taking that chance on starting my own business. I’ve never looked back.

How do I maintain balance?

This, Christensen explains, is really a question of how your strategy is defined and implemented.

”…A company’s strategy is determined by the types of initiatives that management invests in.”

If a company's strategy is to win by creating high-quality products, but it chooses to maximize its profit margin by using cheap materials to manufacture them, well … I think you can see why the strategy is doomed to fail.

So the question here is what strategy have you defined for your life. And are you making the right investments to support it?

To make the analogy work, Christensen imagines each important part of his life as a line of business—his career, his family, and his community.

He wants each of them to succeed. So he allocates his investments—his time, his focus, his care—in alignment with that strategy.

I realized that my time is my investment portfolio. I wanted to take ownership of it.

“Allocation choices,” he says, “can make you turn out to be very different from what you intended.”

He goes on to observe that “People who are driven to excel have this unconscious propensity to underinvest in their families and overinvest in their careers even though… loving relationships… are the most powerful and enduring source of happiness.”

When I first read this, I knew my sense of balance was off. Yet I somehow felt powerless to change it. But there was something in his framing about the allocation of resources that really hit me. I realized that my time is my investment portfolio. I wanted to take ownership of it.

Did I quit my job and start my business the next day? I assure you I did not. But this reframing was exactly the gift I needed to move from feeling constrained and trapped to feeling encouraged and ready to explore some options. 

Where have you possibly overinvested in work and underinvested in the things or people that bring you joy?

I’m not suggesting you follow my path. I’m inviting you to assess yours. Are you investing according to the outcomes you hope to achieve? Where have you possibly overinvested in work and underinvested in the things or people that bring you joy?

How do I keep integrity at the forefront?

Ever hear of something called the “marginal cost mistake?” I hadn’t. It’s the idea that most people who’ve fallen from grace (think Bernie Madoff) didn’t wake up one day and decide to commit a major crime.

“A voice in our head says ‘Look, I know that as a general rule most people shouldn’t do this. But in this particular extenuating circumstance, just this once it’s OK.’ The marginal cost of doing something wrong ‘just this once’ always seems alluringly low. It suckers you in.”

Personally, I’ve never stood on the precipice of making a criminal choice. But this concept has shown up in my life in different ways.

Think long and hard before you break the golden rule. Otherwise, your 'marginal cost mistake' will stay with you.

In my life today, I stand firmly in the camp of respect and equality for every human being. If someone in my life—a client, a colleague, even a family member—makes an off-color joke or comment, I know it’s easier to ignore it. Just this once. 

But I won’t. And having that clarity makes the choice so simple for me.

Maybe your boss asked you to “borrow” a competitor’s idea you heard about… just this once. Or a friend needs a reference and wonders if you’ll play the role of her former boss… but just for this one potential job.

Think long and hard before you break the golden rule. Otherwise, your "marginal cost mistake" will stay with you. I still remember kids I didn’t stand up for on the playground. I can’t change what’s behind me, but I can be a version of myself going forward that the little girl in me would be proud of.

I wish the same for you.

I hope these ideas have triggered some insight or courage or inspiration. May you be fulfilled, may you be in balance, and may you be the most gleaming version of you.   

Source: quickanddirtytips.com

Everything You Need to Know About Budgeting As a Freelancer

Could logging in to your computer from a deluxe treehouse off the coast of Belize be the future of work? Maybe. For many, the word freelance means flexibility, meaningful tasks and better work-life balance. Who doesn’t want to create their own hours, love what they do and work from wherever they want? Freelancing can provide all of that—but that freedom can vanish quickly if you don’t handle your expenses correctly.

“A lot of the time, you don’t know about these expenses until you are in the trenches,” says freelance copywriter Alyssa Goulet, “and that can wreak havoc on your financial situation.”

Nearly 57 million people in the U.S. freelanced, or were self-employed, in 2019, according to Upwork, a global freelancing platform. Freelancing is also increasingly becoming a long-term career choice, with the percentage of freelancers who freelance full-time increasing from 17 percent in 2014 to 28 percent in 2019, according to Upwork. But for all its virtues, the cost of being freelance can carry some serious sticker shock.

“There are many hats you have to wear and expenses you have to take on, but for that you’re gaining a lot of opportunity and flexibility in your life.”

– Alyssa Goulet, freelance copywriter

Most people who freelance for the first time don’t realize that everything—from taxes to office supplies to setting up retirement plans—is on them. So, before you can sustain yourself through self-employment, you need to answer a very important question: “Are you financially ready to freelance?”

What you’ll find is that budgeting as a freelancer can be entirely manageable if you plan for the following key costs. Let’s start with one of the most perplexing—taxes:

1. Taxes: New rules when working on your own

First things first: Don’t try to be a hero. When determining how to budget as a freelancer and how to manage your taxes as a freelancer, you’ll want to consult with a financial adviser or tax professional for guidance. A tax expert can help you figure out what makes sense for your personal and business situation.

For instance, just like a regular employee, you will owe federal income taxes, as well as Social Security and Medicare taxes. When you’re employed at a regular job, you and your employer each pay half of these taxes from your income, according to the IRS. But when you’re self-employed (earning more than $400 a year in net income), you’re expected to file and pay these expenses yourself, the IRS says. And if you think you will owe more than $1,000 in taxes for a given year, you may need to file estimated quarterly taxes, the IRS also says.

That can feel like a heavy hit when you’re not used to planning for these costs. “If you’ve been on a salary, you don’t think about taxes really. You think about the take-home pay. With freelance, everything is take-home pay,” says Susan Lee, CFP®, tax preparer and founder of FreelanceTaxation.com.

When learning how to budget as a freelancer it’s necessary to estimate your income and expenses before setting aside savings for tax payments.

When you’re starting to budget as a freelancer and determining how often you will need to file, Lee recommends doing a “dummy return,” which is an estimation of your self-employment income and expenses for the year. You can come up with this number by looking at past assignments, industry standards and future projections for your work, which freelancer Goulet finds valuable.

“Since I don’t have a salary or a fixed number of hours worked per month, I determine the tax bracket I’m most likely to fall into by taking my projected monthly income and multiplying it by 12,” Goulet says. “If I experience a big income jump because of a new contract, I redo that calculation.”

After you estimate your income, learning how to budget as a freelancer means working to determine how much to set aside for your tax payments. Lee, for example, recommends saving about 25 percent of your income for paying your income tax and self-employment tax (which funds your Medicare and Social Security). But once you subtract your business expenses from your freelance income, you may not have to pay that entire amount, according to Lee. Deductible expenses can include the mileage you use to get from one appointment to another, office supplies and maintenance and fees for a coworking space, according to Lee. The income left over will be your taxable income.

Pro Tip:

To set aside the taxes you will need to pay, adjust your estimates often and always round up. “Let’s say in one month a freelancer determines she would owe $1,400 in tax. I’d put away $1,500,” Goulet says.

2. Business expenses: Get a handle on two big areas

The truth is, the cost of being freelance varies from person to person. Some freelancers are happy to work from their kitchen tables, while others need a dedicated workspace. Your freelance costs also change as you add new tools to your business arsenal. Here are two categories you’ll always need to account for when budgeting as a freelancer:

Your workspace

Joining a coworking space gets you out of the house and allows you to establish the camaraderie you may miss when you work alone. When you’re calculating the cost of being freelance, note that coworking spaces may charge membership dues ranging from $20 for a day pass to hundreds of dollars a month for a dedicated desk or private office. While coworking spaces are all the rage, you can still rent a traditional office for several hundred dollars a month or more, but this fee usually doesn’t include community aspects or other membership perks.

If you want to avoid office rent or dues as costs of being freelance but don’t want the kitchen table to pull double-duty as your workspace, you might convert another room in your home into an office. But you’ll still need to outfit the space with all of your work essentials. Freelance copywriter and content strategist Amy Hardison retrofitted part of her house into a simple office. “I got a standing desk, a keyboard, one of those adjustable stands for my computer and a squishy mat to stand on so my feet don’t hurt,” Hardison says.

Pro Tip:

Start with the absolute necessities. When Hardison first launched her freelance career, she purchased a laptop for $299. She worked out of a coworking space and used its office supplies before creating her own workspace at home.

Digital tools

There are a range of digital tools, including business and accounting software, that can help with the majority of your business functions. A big benefit is the time they can save you that is better spent marketing to clients or producing great work.

The software can also help you avoid financial lapses as you’re managing the costs of being freelance. Hardison’s freelance business had ramped up to a point where a manual process was costing her money, so using an invoicing software became a no-brainer. “I was sending people attached document invoices for a while and keeping track of them in a spreadsheet,” Hardison says. “And then I lost a few of them and I just thought, ‘Oh, my God, I can’t be losing things. This is my income!’”

As you manage the cost of being freelance, consider digital tools and accounting services to keep track of invoices, payments and income.

Digital business and software tools can help manage scheduling, web hosting, accounting, audio/video conference and other functions. When you’re determining how to budget as a freelancer, note that the costs for these services depend largely on your needs. For instance, several invoicing platforms offer options for as low as $9 per month, though the cost increases the more clients you add to your account. Accounting services also scale up based on the features you want and how many clients you’re tracking, but you can find reputable platforms for as little as $5 a month.

Pro Tip:

When you sign up for a service, start with the “freemium” version, in which the first tier of service is always free, Hardison says. Once you have enough clients to warrant the expense, upgrade to the paid level with the lowest cost. Gradually adding services will keep your expenses proportionate to your income.

3. Health insurance: Harnessing an inevitable cost

Budgeting for healthcare costs can be one of the biggest hurdles to self-employment and successfully learning how to budget as a freelancer. In the first half of the 2020 open enrollment period, the average monthly premium under the Affordable Care Act (ACA) for those who do not receive federal subsidies—or a reduced premium based on income—was $456 for individuals and $1,134 for families, according to eHealth, a private online marketplace for health insurance.

“Buying insurance is really protecting against that catastrophic event that is not likely to happen. But if it does, it could throw everything else in your plan into a complete tailspin,” says Stephen Gunter, CFP®, at Bridgeworth Financial.

Budgeting as a freelancer allows you to select a healthcare plan that best suits your employment status, income and relationship status.

A good place to start when budgeting as a freelancer is knowing what healthcare costs you should budget for. Your premium—which is how much you pay each month to have your insurance—is a key cost. Note that the plans with the lowest premiums aren’t always the most affordable. For instance, if you choose a high-deductible policy you may pay less in premiums, but if you have a claim, you may pay more at the time you or your covered family member’s health situation arises.

When you are budgeting as a freelancer, the ACA healthcare marketplace is one place to look for a plan. Here are a few other options:

  • Spouse or domestic partner’s plan: If your spouse or domestic partner has health insurance through his/her employer, you may be able to get coverage under their plan.
  • COBRA: If you recently left your full-time job for self-employment, you may be able to convert your employer’s group plan into an individual COBRA plan. Note that this type of plan comes with a high expense and coverage limit of 18 months.
  • Organizations for freelancers: Search online for organizations that promote the interests of independent workers. Depending on your specific situation, you may find options for health insurance plans that fit your needs.

Pro Tip:

Speak with an insurance adviser who can help you figure out which plans are best for your health needs and your budget. An adviser may be willing to do a free consultation, allowing you to gather important information before making a financial commitment.

4. Retirement savings: Learn to “set it and forget it”

Part of learning how to budget as a freelancer is thinking long term, which includes saving for retirement. That may seem daunting when you’re wrangling new business expenses, but Gunter says saving for the future is a big part of budgeting as a freelancer.

“It’s kind of the miracle of compound interest. The sooner we can get it invested, the sooner we can get it saving,” Gunter says.

He suggests going into autopilot and setting aside whatever you would have contributed to an employer’s 401(k) plan. One way to do this might be setting up an automatic transfer to your savings or retirement account. “So, if you would have put in 3 percent [of your income] each month, commit to saving that 3 percent on your own,” Gunter says. The Discover IRA Certificate of Deposit (IRA CD) could be a good fit for helping you enjoy guaranteed returns in retirement by contributing after-tax (Roth IRA CD) or pre-tax (traditional IRA CD) dollars from your income now.

Pro Tip:

Prioritize retirement savings every month, not just when you feel flush. “Saying, ‘I’ll save whatever is left over’ isn’t a savings plan, because whatever is left over at the end of the month is usually zero,” Gunter says.

5. Continually update your rates

One of the best things you can do for yourself in learning how to budget as a freelancer is build your costs into what you charge. “As I’ve discovered more business expenses, I definitely take those into account as I’m determining what my rates are,” Goulet says. She notes that freelancers sometimes feel guilty for building business costs into their rates, especially when they’re worried about the fees they charge to begin with. But working the costs of being freelance into your rates is essential to building a thriving freelance career. You should annually evaluate the rates you charge.

Because your expenses will change over time, it’s wise to do quarterly and yearly check-ins to assess your income and costs and see if there are processes you can automate to save time and money.

“A lot of the time, you don’t know about these expenses until you are in the trenches, and that can wreak havoc on your financial situation.”

– Alyssa Goulet, freelance copywriter

Have confidence in your freelance career

Accounting for the various costs of being freelance makes for a more successful and sustainable freelance career. It also helps ensure that those who are self-employed achieve financial stability in their personal lives and their businesses.

“There are many hats you have to wear and expenses you have to take on,” Goulet says. “But for that, you’re gaining a lot of opportunity and flexibility in your life.”

The post Everything You Need to Know About Budgeting As a Freelancer appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

The Average Salary of an Architect

The Average Salary of an Architect

The average salary of an architect is $76,100 per year.

Have you ever wondered how much an architect earns? Becoming an architect requires an investment of money and time, but pays off in the form of a rewarding career that comes with above-average earnings. And for those lucky few who become “starchitects,” it’s a path to fame. Let’s take a closer look at the average salary of an architect. 

The Average Salary of an Architect: The Basics

The Bureau of Labor Statistics (BLS) finds that the average salary of an architect was $76,100 per year, $36.59 per hour in 2015. There is wide range of architect salaries, however. The top 10% of architects earn an average salary of $125,520 per year, $60.34 per hour. The bottom 10% of architects earn an average salary of $46,080 per year, $22.15 per hour.

Architects’ salaries are fairly high, but what do the future job prospects look like for architects? The BLS releases a “job outlook” for the fields it studies. The job outlook predicts the percent by which the number of people in a given job will grow between 2014 and 2024. For architects, the BLS job outlook is 7%, which is around the average for all the jobs the BLS studies. The field isn’t shrinking, but it’s not growing at faster-than-average rates either.

Related Article: The Average Salary of a Doctor 

Where Architects Make the Most

The Average Salary of an Architect

The BLS examines state- and metro-level data on earnings, too. Where does it pay the most to be an architect? According to BLS data, the top-paying state for architects is California, where the annual mean wage for architects is $97,880. Other high-paying states for architects are Georgia ($93,940), Massachusetts ($90,430), New Jersey ($89,130) and Minnesota ($88,680).

What about metro areas? The top-paying metro area for architects is West Palm Beach-Boca Raton-Delray Beach, FL, where the mean annual wage for architects is $117,870. Other high-paying metro areas for architects are Santa Maria-Santa Barbara, CA; Oxnard-Thousand Oaks-Ventura, CA; Syracuse, NY and Oakland-Hayward-Berkeley, CA.

Related Article: The Cost of Living in California

The Cost of Becoming an Architect

The first step to becoming an architect is to earn a bachelor’s or master’s degree in architecture. A poll by the American Institute of Architecture Students (AIAS) found that poll respondents (all architecture school graduates) had an average post-graduation student debt of $40,000. The students also reported spending thousands on extra costs such as modeling materials, textbooks and more.

After obtaining a degree (often a five-year degree), budding architects do an average of three years at an architecture internship. Finally, they must take the Architect Registration Exam (ARE). That means that even the fastest path to becoming an architect in the U.S. takes eight years, but most people take around 11 years. In the meantime, most of these aspiring architects are paying back student loans. The ARE also comes with stiff fees. Depending on which version of the exam you take, the exam fee itself is either $1,470 or $1,260. If you have to cancel your exam, the fees you pay are non-refundable.

Bottom Line

The Average Salary of an Architect

The job of an architect comes with glamour and prestige, as well as a high salary and a solid job outlook. However, the path to becoming an architect is a long and expensive one and not everyone who wants to become an architect makes it through the multi-year process. Still, if you have the discipline, talent and funds architecture is a financially rewarding career path.

Update: Have financial questions beyond an architect’s average salary? SmartAsset can help. So many people reached out to us looking for tax and long-term financial planning help, we started our own matching service to help you find a financial advisor. The SmartAdvisor matching tool can help you find a person to work with to meet your needs. First you’ll answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to up to three registered investment advisors who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.

Photo credit: Â©iStock.com/Geber86, Â©iStock.com/vgajic, Â©iStock.com/monkeybusinessimages

The post The Average Salary of an Architect appeared first on SmartAsset Blog.

Source: smartasset.com

How to Be Confident but Not Arrogant

In 2007 I had my first baby. I was extraordinarily fortunate to spend a year at home with her. That year was a gift, full stop. But as I learned in 2008 when I returned to the workforce—new job, new company—taking a year off also drained my confidence tank.
 
Pre-baby, I knew what made me shine at work. Post-baby, I felt like I’d lost my mojo.
 
According to Psychology Today:
 
Confidence is a belief in oneself, the conviction that one has the ability to meet life's challenges and to succeed—and the willingness to act accordingly.
 
I knew how essential not only feeling but being able to display confidence was in my professional life. But after taking that year away, I wasn’t sure how to rediscover mine.
 
Previously I’d been a relationship-builder, a talent strategy advisor, and an analyzer of human capital data. Upon re-entry in 2008, I feared I’d lost my edge. And I was determined to show that fear who's boss. So I set my mind to making my mark, showing the world how smart and capable I was.

It was a total miscalculation on my part. And I got some serious feedback to prove it.

I did this by having something—actually, a lot of somethings—to say in every meeting. I was quick to offer solutions to problems. And when something needed to be done, I had it covered. No help needed. And that strategy went really well for me.
 
Kidding! It was a total miscalculation on my part. And I got some serious feedback to prove it. I’d been so focused on seeming confident that I’d shown up as arrogant. I will be forever grateful to the boss who gave me that feedback early and counseled me to course-correct.
 
I learned the hard way, but I learned a lot about what distinguishes confidence from arrogance. And today I share the biggest lessons. Here's the feedback my boss gave me, which I ran with. Thirteen years later, I'm delighted to pay it forward.

1. Know what you’re here to do

Arrogance happens when you over-index on you—how you’re showing up and being perceived. Confidence is focusing on the work—the outcomes you’re there to deliver.

The conviction that you have the ability to meet a challenge begins with being super clear about what challenge you’re there to meet.

Exuding confidence begins with experiencing confidence internally. The conviction that you have the ability to meet a challenge begins with being super clear about what challenge you’re there to meet.
 
Before an important interaction, ask yourself: What’s my role in this, and what am I expected to influence or deliver? Asking and answering those questions will center you. It will allow you to home in on where your voice has power, and where your silence or observation may add more value.
 
In 2008, I was so focused on seeming confident—which I somehow translated into a need for verbal diarrhea—that I lost sight of what I was there to do. I wasn’t hired to seem smart; I was hired to develop talent plans to fuel the business’s success.
 
Early feedback from that wonderful boss reminded me I didn’t need to offer a point of view at every turn. “Have the confidence not to speak up sometimes,” I remember her telling me. And having the poise to listen and observe when that's what's called for makes you seem all the more confident when you do offer an idea or point of view.

2. Listen like you mean it

Arrogance is pausing to give others a turn to speak. Confidence is truly hearing and absorbing what they have to say.

Ask probing questions to extract more meaning.

I was deeply guilty of pausing but not listening. Only when my boss called me out did I realize she was right. I was so focused on what I had to say next that I wasn’t taking in and reflecting on the value that others were bringing to the conversation. The pressure to seem smart led me to overuse my words and underuse my ears. And this backfired, positioning me as more arrogant than wise.
 
RELATED: Listen Up! Not Listening Is Holding Your Career Back
 
Again, that clarity of purpose should light the way. I was there to build a talent plan to help the business achieve its goals. So when the leader was talking about his goals and talent needs, that was my cue to listen. These were the moments that would provide meaningful insight and data to support my work.
 
Feedback from my boss helped me become an active listener. I wasn’t silent, but rather I was using my voice to restate what I had heard, or to ask probing questions to extract more meaning.

3. Let them see the sausage-making

Arrogance is believing the path from start to finish should be paved only with your ideas. Confidence is knowing you don’t know everything and having the humility to recognize that other people's good ideas won’t dull your shine.

Confidence is knowing you don’t know everything.

So as you’re working toward a deliverable, don’t wait for it to be fully baked or polished before you do the big reveal. (That works on HGTV, but not so much in real life.) As you move work along, build check-in points into your process. Let people watch as you make the sausage, and give your peers, your leader, your stakeholders a chance to influence the flavor before it’s fully cooked.
 
It does take confidence to pull back the curtain on an unfinished product. But it will better the outcome every time.

4. Say the bold thing

Arrogance encourages you to say what someone wants to hear. It will make you a hero just for today. Confidence allows you to say what they need to hear, and it will make you the hero in the long-term, where it really counts.

Arrogance encourages you to say what someone wants to hear; confidence allows you to say what they need to hear.

Fueled by feedback from my leader, I started finding moments of courage to push back on what my business client, George, believed was best. 
 
George was a salesman. His own climb up the corporate ladder was driven by his excellence in sales, and so he believed finding and growing great sales talent was the key to his business’s success. In our early days, as long as I showed George a plan designed to do just that, he’d praise my genius. 
 
But in time I came to realize this was a short-sighted play. We had great sales talent. The problem wasn’t finding more, but rather, finding ways to enhance collaboration between sales and client management. A stronger partnership between the teams would enhance the customer experience, in turn delivering bigger business results.
 
The first time I suggested this to George, there was no smile. But I'd done my research. I’d compared us with other companies doing the same, and ultimately, I won his support.
 
My recommendation delivered success in the long-run. But it took me time to find the confidence to say the thing he wasn’t ready to hear.
 
2008 was a painful year for me. And yet it delivered some of the most important lessons I’ve learned along the way about confidence. And as I pass these along to you, I realize there might be a fifth bonus insight: it takes a lot to share your own journey of failure (mine) in service of someone else’s success (yours). I choose to hope that’s a reflection of the confidence I’ve gained along the way.

Source: quickanddirtytips.com

The Magical Third Paycheck: 5 Budgeting Hacks If You’re Paid Biweekly

If you get paid every two weeks, you’ve probably noticed extra money coming your way certain months. Maybe you even thought your company’s payroll made a mistake! But it’s no mistake. You get two magical months like this a year: when you suddenly have a third paycheck and—the best part is—your monthly bills stay the same. Yes, it’s appropriate to jump for joy—provided you have a plan for that extra income.

Why does this happen in the first place? If you’re paid biweekly, you get 26 paychecks throughout the 52-week year. That means two months out of the year, you end up getting three paychecks instead of your regular two.

Those two extra paychecks can go a long way. But without a plan in mind, they can also disappear. Fast. The first budgeting trick to saving two paychecks is to find out when they will hit your account. Grab a calendar and write down your paydays for every month in a given year and highlight the two extras. Maybe even put calendar reminders in your phone so you can track when the additional funds will hit your account. The extra paychecks will fall on different days every year, so tracking them in advance is key.

Samuel Deane, a founding partner of New York City-based wealth management firm Deane Financial, says there isn’t one correct way to budget with an extra paycheck, but that it should depend on your personal situation and financial goals. You could decide to give yourself some extra room in your budget throughout the year, for example, or use the extra money for something specific.

There are a few different ways to budget with an extra paycheck.

How can I budget for an extra paycheck? Consider these 5 budgeting hacks if you’re paid biweekly:

1. Pay down (mainly) high-interest debt

Once you’re done jumping for joy at the realization of the third paycheck, consider how your budget with an extra paycheck could help you pay down debt. “The first thing I usually tell my clients is to get rid of high-rate debt, which is usually credit card debt,” Deane says.

Before paying off debt with your new budget with an extra paycheck, make a list of all of your debts organized by balance and annual percentage rate (APR). Paying off the debt with the highest APR could save you the most money because you’re paying the most to carry a balance. Paying down a few low-APR, low-balance debts can also help you gain momentum and bring other financial benefits. For instance, if you owe close to your credit limit on a credit card, the high credit utilization—or card balance to credit limit ratio—could negatively impact your credit score.

If your budget with an extra paycheck includes debt repayment, you’ll start to owe less and have less interest accruing each month, freeing up even more cash from subsequent paychecks.

“The first thing I usually tell my clients is to get rid of high-rate debt, which is usually credit card debt.”

– Samuel Deane, a founding partner of wealth management firm Deane Financial

2. Build an emergency fund

Paying down debt isn’t the only way to budget with an extra paycheck. “Taking a look at whether you have a sufficient emergency fund is pretty important,” says Dan Stous, director of financial planning at Flagstone Financial Management.

An emergency fund of three to six months of your regular expenses can help you weather financial setbacks, such as a lost job or medical emergency, without having to take on new debt. Keeping these funds separate from your regular checking and savings accounts can help you keep them earmarked for the unexpected (and reduce the temptation to dip into them for non-emergency expenses). Places to keep your emergency fund include a high-yield savings account, certificate of deposit or money market account.

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If creating an emergency fund or adding to an existing one is on your to-do list, a budgeting trick to save two paychecks is to automatically transfer your extra paychecks into your emergency fund account.

3. Save for a big goal

If you want to save for a goal like a new car or home, or contribute to tax-advantaged retirement accounts, contributing two full paychecks out of 26 can be a good start. “If a client is debt-free and doing well, they might be able to focus on other goals,” Deane says. If you’ve got a financial goal in mind, a budgeting hack if you’re paid biweekly is to transfer your two extra paychecks from your checking account to a savings or retirement account right away.

Using your extra paycheck to save for a goal, like a new home or new car, is a smart budgeting hack if you're paid biweekly.

If you have a 401(k) through an employer and already contribute enough to get your maximum annual match, Deane says you may want to consider a Roth IRA. A Roth IRA is for retirement, but it also allows first-time homebuyers who have held their account for at least five years to withdraw up to $10,000 to buy a home, Deane says. Your budget with an extra paycheck could then go to either major goal.

Even loftier, “you could put aside money to start a business,” Deane says. If you plan on starting a business someday you could put away the paychecks annually and let those savings build as start-up capital.

4. Get ahead on bills

If you already have an emergency fund, are currently debt-free and are making good progress on your savings goals, try this budgeting hack if you’re paid biweekly and get a third paycheck: Pay certain monthly bills ahead of time.

“If you have the ability to prepay some of your bills, it can ease anxiety in the coming months,” Deane says.

Before using this budgeting hack if you’re paid biweekly, check with your providers to confirm that you will not be met with a prepayment penalty, and get up to speed on any prepayment limitations. Some providers may even offer a discount or incentive if you pay something like a car insurance bill all at once. You could also explore whether or not prepaying your bills makes sense for utilities, your cellphone or rent.

5. Fund much-needed rewards

If you’re looking for budgeting hacks if you’re paid biweekly, consider that managing money isn’t only about dollars and cents. Emotions often play an important part in personal finance, and they’re often the root cause of people’s decisions. Accepting this fact could be an important part of successfully managing your money.

“From an emotional and behavioral standpoint, people should reward themselves for being responsible,” Stous says. “Basically, treat yourself.”

Perhaps you need a vacation from the daily grind, want to enrich or educate yourself or your family or simply want to get a date night at your favorite restaurant on the calendar. A budgeting trick to save two paychecks could be supplemented with some spending on yourself.

“If you have an extra paycheck and a debt reduction goal, then maybe you apply the whole thing toward that goal. On the other hand, maybe you have a goal to retire in 10 years and you’re off track. Then, it’d be wise to put that money, or at least a portion of it, toward that goal.”

– Dan Stous, director of financial planning at Flagstone Financial Management

There’s no one-size-fits-all budgeting trick to save two paychecks

When you’re deciding how to budget with an extra paycheck, you might find yourself going back and forth between options.

“If you have an extra paycheck and a debt-reduction goal, then maybe you apply the whole thing toward that goal,” Stous says. “On the other hand, maybe you have a goal to retire in 10 years and you’re off track. Then, it’d be wise to put that money, or at least a portion of it, toward that goal.”

Even though budgeting solutions are not the same for everyone, being disciplined and proactive about the savings opportunity of a third paycheck can help you form a strong foundation for your financial future.

The post The Magical Third Paycheck: 5 Budgeting Hacks If You’re Paid Biweekly appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

The Average Salary of a Pharmacist

The Average Salary of a Pharmacist.

If you’ve been to the pharmacy lately, you may have found yourself wondering how much pharmacists make. Being a pharmacist, at least at the retail level, involves a lot of standing, long shifts and dealing with customers. In other words, it might not be for everyone. On the plus side, salaries in the field are on the high side, with an average annual salary of $123,670. 

The Average Salary of a Pharmacist: The Basics

The Bureau of Labor Statistics (BLS) reports that the mean annual salary of a pharmacist in May 2018 was $123,670 per year. The highest-paid 10% of pharmacists earn a mean annual wage of $161,250. The lowest-paid 10% of pharmacists make an average of $87,790. So, no matter where you end up on the pharmacist income scale your annual wage is likely to be much higher than the annual income of the average American.

The BLS also provides a job outlook for the professions it studies. The job outlook shows the percent by which a field will grow (or shrink) between 2016 and 2026. The job outlook for pharmacists is 6%, which is just shy of the 7% average across all fields. Between 2016 and 2026, the BLS projects the field will add 17,400 jobs.

Where Pharmacists Make the Most

The Average Salary of a Pharmacist

The BLS also looks at state and metro-area data on the jobs the Bureau studies. So where does it pay the most to be a pharmacist? The top-paying state for pharmacists is Alaska, with a mean annual wage for pharmacists of $139,880. Other high-paying states are California ($139,690), Vermont ($135,420), Maine ($133,050) and Wisconsin ($132,400).

The top-paying metro area for pharmacists is Tyler, TX, with an annual mean wage of $174,870. Other high-paying metro areas are Santa Cruz-Watsonville, CA ($155,330); Vallejo-Fairfield, CA ($153,820); Santa Maria-Santa Barbara, CA ($151,590) and San Jose-Sunnyvale-Santa Clara, CA ($149,790).

Becoming a Pharmacist

In order to get a job as a pharmacist, you first have to get a Doctor of Pharmacy degree, also known as a Pharm.D. A Pharm.D. is a postgraduate degree, but most programs only require applicants to have two years of undergraduate education under their belts. Many future pharmacists will spend two years taking prerequisite courses like chemistry, biology and physics. Then, they’ll matriculate and spend the next four years in pharmacy school.

Once you have your degree, you’ll need to pass two exams to receive your license. The first is The North American Pharmacist Licensure Exam (NAPLEX), which assesses your knowledge and skills. The second is either a state specific test or the Multistate Pharmacy Jurisprudence Exam (MPJE). This tests your knowledge of pharmacy law specific to the state you’ll be practicing in.

The Cost of Becoming a Pharmacist

The Average Salary of a Pharmacist

Becoming a pharmacist requires years of study and, for most people, taking on student debt. According to the American Association of Colleges of Pharmacy
Graduating Student Survey, 84.8% of pharmacists-in-training borrowed money to complete their Pharm.D. degree program. Of the survey respondents who borrowed money, the median amount borrowed (across public and private institutions) was $160,000.

Bottom Line

While pharmacists have an advanced degree and a high salary, they are often working in a retail setting. And retail, with its heavy emphasis on customer service, isn’t for everyone. Still, the high pay and job security, along with the intellectual and public-service aspects of working as a pharmacist, might make it worth it. If you’re thinking of becoming a pharmacist, it’s a good idea to talk to some professionals in the field before you commit to an expensive course of study.

Tips for Forging a Career Path

  • Your salary dictates a lot of your financial life, such as how much you can afford to pay in rent and the slice of your paycheck that goes to taxes. However, there are some principles that apply no matter your income bracket, like having an emergency fund and saving for retirement.
  • Need help managing your money and growing your nest egg? You should probably be working with a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Photo credit: Â©iStock.com/skynesher, ©iStock.com/gradyreese, ©iStock.com/IPGGutenbergUKLtd   

The post The Average Salary of a Pharmacist appeared first on SmartAsset Blog.

Source: smartasset.com

How to Use the 5 Apology Languages

We continue to live in unprecedented times—there's no playbook. We’re living and working differently than ever before, and we’re breaking some eggs as we go.

Whether it’s making a Zoom faux pas, accidentally bringing a political view into the workplace, or missing a deadline because you were distracted by homeschooling your kids during your workday, there's a whole lot of “I’m sorry” happening around us.

But the thing about apologies is that if they’re not done right, they can backfire. An “I’m sorry” that feels disingenuous or patronizing may leave the other person feeling resentful, mistrustful, or uninterested in working with you again.

So next time the moment arises—because it will—how can you deliver an apology that feels genuine?

What are the five apology languages?

For their book, When Sorry Isn't Enough, Gary Chapman and Jennifer Thomas researched the many ways in which we apologize. They discovered the five apology languages that are effective when it's time to step up and own a mistake.

So let’s talk about each and how you can make them work for you.

Apology Language #1: Express regret

When you realize you’ve done a thing that you just feel bad about, and "I feel bad about this" is the gist of what you want to say, this is the apology language you need.

Something as simple as “I’m sorry X happened” can achieve your goal.

When might you need this one? Imagine you’re hosting a Zoom call. One of your colleagues asks a question, and you dismiss it flippantly and move on.

Not unforgivable. But upon reflection, you feel bad that their question got passed over. Give them a call and put Language Number One to work. Offer a simple apology:

I realize you asked an important question during our call, and I’m sorry it didn’t receive the attention it deserved.

Be specific about what you’re sorry for, and then end your sentence. No "I'm sorry, but …". When you qualify your apology with a "but," you effectively cancel out the apology.

Apology Language #2: Accept responsibility

This second language may be seen as an extension of the first.

Let’s hang with the same situation. A Zoom meeting, a question posed, you moved on.

And now, upon further reflection, you realize that you not only regret what happened, but that you had a particular responsibility in it. You were running that meeting, and you had the power to pause and address your colleague’s question. You chose to plow ahead.

So, maybe take some responsibility. What might that one sound like?

I realize you asked an important question during our call, and it didn’t receive the attention it deserved. I should have paused the conversation to acknowledge your question. I'm sorry I didn't do that.

When the offense feels small—and that’s a subjective judgment—often, taking responsibility will be enough as long as that ownership is genuine.

Avoid shifting the weight of the offense back onto the other person by saying some version of, "I'm sorry you felt that way." That's deflection. And it's just not cool.

Apology Language #3: Make restitution

The third apology language is the one that pushes you from feeling regretful and responsible to knowing you need to make things right.

Let’s imagine a different scenario. A friend reaches out to let you know she’s applied for a job in your company. She has an interview scheduled and she’s asked if you’d be willing to put in a good word for her with the hiring leader. You know her work, and you say, “I’d be delighted to do that!”

She calls you again next week to say she’s just had her interview and it went … OK. When she asks if you managed to put in that good word, you realize you totally dropped the ball.

You know you owe her an apology. But that may not feel like enough. The stakes are high and you want to make things right.

This is your moment to show off your Apology Language #3 skills. You might say:

I am so sorry. I promised I would do that and I dropped the ball. I know how important this opportunity is for you. I’m going to speak to the hiring leader this afternoon—you have my word.

Putting in your recommendation for your friend after the interview has already happened may not be exactly the thing you promised. But if it leaves both you and your friend satisfied that all is right with the world, then you’ve made your apology work.

Apology Language #4: Genuine repentance

This brand of apology is about not only being sorry but taking accountability for preventing the same mistake from happening in the future. It’s about taking ownership and committing to behavior change.

In this case, let’s imagine you lead a customer service team for your company. A customer had a not-so-hot experience with one of your representatives and sent a complaint email to a customer service inbox. An inbox you’re supposed to check daily, but boy have you been busy!

A couple of days later, that same customer, having heard nothing from you, tweets something ugly about their experience with your company. And your boss is fuming.

You dropped the ball. You need to own it. But more importantly, you need to leave your boss feeling confident that this will never happen again.

Your apology might sound something like this.

I am so sorry this happened. I got overwhelmed and didn’t make time to check that inbox. But that’s no excuse—I could have asked for help. I take responsibility for this customer’s experience. And starting today I’ve put a twice-daily reminder on my calendar to check that inbox. And if I’m too busy to do it, I’ll ask someone on my team to check. This way, every customer concern or complaint will be seen in hours, not days.

I don’t know about you, but I’d feel pretty good hearing that apology. You’ve owned it and you’ve convinced me that you broke just one egg and it won’t become a dozen.

Apology Language #5: Request forgiveness

You’ve said what you came to say. The wounded party has given you the gift of their attention.

But now there’s something more you need from them—forgiveness. This part requires a level of vulnerability that can be hard to access because your request for forgiveness doesn’t require the other person's gift of it.

They may say no. They may need to think about it. They may say “We’ll see how things go over time.”

For some people, an apology won’t feel genuine until you’ve asked their forgiveness. So you may need to go out on a limb and ask, even knowing you may not receive it.  

Don't apologize when there's nothing to apologize for

Before I close the conversation on the five apology languages, I’d like to add my own note of caution. Apologies are important when they’re warranted—when you’ve done something wrong or let someone down.

But for many people—and more commonly for women than men—apologizing is something we do too often in moments that don’t warrant an “I’m sorry.”

Here are a few examples:

  • I'm sorry, but I have a question.
  • I'm sorry; I have a full plate and I can't take on that extra project.
  • I'm so sorry, but I have to pick up my kid so that 6 p.m. meeting is too late for me.

Please don't apologize for situations like these. Instead, say:

  • I have a question.
  • I have a full plate and can't take on that extra project.
  • That 6 p.m. meeting is too late for me.

You have the right to ask questions and set boundaries. I will never stop reminding you of that. Sorry, not sorry.

Source: quickanddirtytips.com

The Average Salary of a Surgeon

The Average Salary of a Surgeon

Surgery is a prestigious field that requires a high degree of skill, dedication and hard work of its members. Not surprisingly, surgeons’ compensation reflects this fact, as the average salary of a surgeon was $255,110 in 2018. This figure can vary slightly depending on where you live and the type of institution at which you work. Moreover, the path to becoming a surgeon is long and involves a substantial amount of schooling, which might result in student loan debt.

Average Salary of a Surgeon: The Basics

According to the Bureau of Labor Statistics (BLS), the average salary of a surgeon was $255,110 per year in 2018. That comes out to an hourly wage of $122.65 per hour assuming a 40-hour work week – though the typical surgeon works longer hours than that. Even the lowest-paid 10% of surgeons earn $94,960 per year, so the chances are high that becoming a surgeon will result in a six-figure salary. The average salary of a surgeon is higher than the average salary of other doctors, with the exception of anesthesiologists, who earn roughly as much as surgeons.

The top-paying state for surgeons is Nebraska, with a mean annual salary of $287,890. Following Nebraska is Maine, New Jersey, Maryland and Kansas. Top-paying metro area for surgeons include Cincinnati, OH-KY-IN; Winchester, WV-VA; Albany-Schenectady-Troy, NY; New Orleans-Metairie, LA; and Bowling Green, KY.

Where Surgeons Work

The Average Salary of a Surgeon

According to BLS data, most of the surgeons in the U.S. work in physicians’ offices, where the mean annual wage for surgeons is $265,920. Second to physicians’ offices for the highest concentration of surgeons are General Medical and Surgical Hospitals, where the mean annual wage for surgeons is $225,700. Colleges, universities and professional schools are next up. There, surgeons earn an annual mean wage of $175,410. A smaller number of surgeons are employed in outpatient Care Centers, where the mean annual wage for surgeons is $277,670. Last up are special hospitals. There, the mean annual wage for surgeons is $235,770.

Becoming a Surgeon

You may have heard that the cost of becoming a doctor, including the cost of medical school and other expenses, has soared. Aspiring surgeons must first get a bachelor’s degree from an accredited college, preferably in a scientific field like biology.

Then comes the Medical College Acceptance Test (MCAT) and applications to medical schools. The application process can get expensive quickly, as many schools require in-person interviews without reimbursing applicants for travel expenses.

If accepted, you’ll then spend four years in medical school earning your M.D. Once you’ve accomplished that, you’ll almost certainly enter a residency program at a hospital. According to a 2018 survey by Medscape, the average medical resident earns a salary of $59,300, up $2,100 from the previous year. General surgery residents earned slightly less ($58,800), but more specialized residents like those practicing neurological surgery earned more ($61,800).

According to the American College of Surgeons, surgical residency programs last five years for general surgery. But some residency programs are longer than five years. For example, thoracic surgery and pediatric surgery both require residents to complete the five-year general surgery residency, plus two additional years of field-specific surgical residency.

Surgeons must also be licensed and certified. The fees for the licensing exam are the same regardless as specialty, but the application and exam fees for board certification vary by specialty. Maintenance of certification is also required. It’s not a set-it-and-forget-it qualification. The American Board of Surgery requires continuing education, as well as an exam at 10-year intervals.

Bottom Line

The Average Salary of a Surgeon

Surgeons earn some of the highest salaries in the country. However, the costs associated with becoming a surgeon are high, and student debt may eat into surgeons’ high salaries for years. The costs of maintaining certification and professional insurance are significant ongoing costs associated with being a surgeon.

Tips for Forging a Career Path

  • Your salary dictates a lot of your financial life, such as how much you can afford to pay in rent and the slice of your paycheck that goes to taxes. However, there are some principles that apply no matter your income bracket, like the importance of an emergency fund and a well-funded retirement account.
  • Whether you’re earning a six-figure surgeon’s salary or living on a more modest income, it’s smart to work with a financial advisor to manage your money. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Photo credit: Â©iStock.com/megaflopp, ©iStock.com/XiXinXing, ©iStock.com/shapecharge

The post The Average Salary of a Surgeon appeared first on SmartAsset Blog.

Source: smartasset.com