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What Happens to Your Finances When You Go out on Workers’ Comp

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Workplace injuries can and do happen to many people each day. While those who work in high-risk or dangerous jobs are more likely to suffer from a workplace injury, the reality is that issues like falling, tripping and more can happen to any worker at any time. Workers’ compensation insurance is designed to help injured workers pay for their expenses while they are recovering from an injury. However, it is important to understand more fully what happens to your family’s finances when you are out on workers’ comp. This understanding may inspire you to take action to address a possible issue before you find yourself in dire financial straits.

Your Medical Expenses May Skyrocket

Many workplace injuries result in substantial medical bills in a very short period of time. These bills may [Read more…] about What Happens to Your Finances When You Go out on Workers’ Comp

May Employment and Unemployment Numbers

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The U.S.Bureau of Labor Statistics (BLS) released the May unemployment numbers today. The BLS Commissioner says: Nonfarm payroll employment increased by 138,000 in May, but these are Seasonally Adjusted numbers. So since typically employment increases in May, what he is saying is that 138,000 more jobs than average were created. In unadjusted terms employment was 145.938 million in April and 146.748 in May for a net gain of  810,000 jobs. Adjusted U-3 Unemployment was 4.3% down from 4.4% in April. Unadjusted U-3 Unemployment was 4.1% unchanged from April.

Gallup Unadjusted U-3 was 5.2% down from 5.4% in April. Gallup’s unadjusted U-6 Unemployment was 8.1% unchanged from April. Gallup’s U-6 was 13.8% Down from 14.0% in April.

May Employment Gain and Loss Bubbles

In the following chart from the BLS we can see [Read more…] about May Employment and Unemployment Numbers

How Can Your College Choices Affect Your Career?

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In the long run, planning your career (which includes the certificate programs and degrees you need), can make a big difference. Timing counts for a lot in life, so your career progress can be slowed down by doing the right thing at the wrong time. When the time comes for a person to choose a college, the decision can often be dominated by this line of reasoning – “The more prestigious the school I attend, the larger the paycheck will be after I graduate.”

However, this formula doesn’t always work. Guided by this, parents try to get their children into the best possible college, thinking that they are maximizing future earnings if they’re paying more tuition now. Things aren’t that simple and certain, and graduates can eventually be left with more debt than necessary after they finish school.

Everything depends on the field of work

Having a diploma from a prestigious school doesn’t make a difference in some fields, while in others it can boost future earnings. In example, for fields like engineering, technology, math and science, it doesn’t matter whether students go to an expensive and prestigious school or a low-priced one, while liberal arts and business majors can benefit from their school’s prestige (and have different expectations regarding their future earnings). [Read more…] about How Can Your College Choices Affect Your Career?

Deserved or Discriminated? 5 Ways Your Work Termination Might Not Be Legitimate

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If you were fired by your employer, you may be wondering if you have any legal recourse. In most cases, employment is “at will,” meaning the company may terminate you for any reason. However, there are laws that can make termination illegal under some conditions. Here are five conditions where your termination might not be legitimate.

1. Breach of Promise

If you signed a contract stipulating the conditions of your employment, you may be protected. For instance, some contracts may guarantee you a certain length of employment, monetary incentives, or a clause stating that you can only be terminated for unlawful activity. If you’re fired and the employer hasn’t fulfilled their terms, and you haven’t violated yours, you have grounds for wrongful termination.

2. Good Faith

Some courts consider [Read more…] about Deserved or Discriminated? 5 Ways Your Work Termination Might Not Be Legitimate

5 Ways You Can Build Your Professional Skillset with Certifications

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In a competitive job market, making your resume stand out from the crowd could be as simple as earning a certificate or two by passing a few exams. This can serve as verification of special skills and training. Many certifications will be recognized and respected by hiring managers. This can give you an instant advantage over those who don’t have the certification. Here are five ways certifications can improve your job prospects.

1. Project Management Professional

A PMP certification shows that you have the management skills to get things done. Every growing business wants someone with the leadership ability to organize and complete special projects that come along. Applicants with the demonstrated skill to guide teams to finish projects on time and on budget are seen as a great asset. A few big projects under your belt could provide a great boost to your career and distinguish your resume.

According to the Project Management Institute: [Read more…] about 5 Ways You Can Build Your Professional Skillset with Certifications

Tips for Coping with Unemployment

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UnemployedUnemployment is tough, not only are there financial repercussions, but there are psychological ones as well. Getting laid-off no matter whether it is due to adverse nationwide economic conditions, or due to personal errors in judgement, it’s still painful. According to a Gallup poll Depression Rates are Higher for Long-Term Unemployed. “The longer that Americans are unemployed, the more likely they are to report signs of poor psychological well-being. About one in five Americans who have been unemployed for a year or more say they currently have or are being treated for depression — almost double the rate among those who have been unemployed for five weeks or less.” 

On the other hand, Healthy Eating Linked to Lower Likelihood of Depression so even if you’ve been fired, you need to continue to take care of yourself and eat healthy meals.

Unemployment can initially result in our systems going into a form of “shock” which makes it difficult to think clearly and so we tend to get depressed and just “shut-down”. But it is important to act quickly to minimize the negative impact on both yourself and anyone who is depending on you.

1) Cut Back on Expenses

The first thing you need to [Read more…] about Tips for Coping with Unemployment

Only 25% Intend to Retire at Retirement Age

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Every two years Gallup does a survey and asks working age adults if they intend to retire once they reach “full retirement age”. This is the age set by the Social Security department for when you qualify for retirement benefits. In years past this was 65 years old, but in an effort to salvage the Social Security system they extended the age. If you were born in 1937 or earlier full retirement age is still 65 but if you were born in 1960 or later full retirement age is 67. And in between, full retirement age gradually increases from 65 to 67. See the Social Security Administration’s Benefit By Year Of Birth chart.

Gallup Survey Results

In the 2017 survey, 25% of the respondents said they plan to retire as soon as they are eligible. And on the other end of the spectrum [Read more…] about Only 25% Intend to Retire at Retirement Age

Over a Million New Jobs Not 211,000 

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According to the BLS Commissioner’s report for this month:

“The unemployment rate changed little over the month but, at 4.4 percent, matched the pre-recession low reached in 2007. The number of unemployed persons, at 7.1 million, also changed little in April.“

Today’s Bureau of Labor Statistics (BLS) Commissioner’s Report says, “Nonfarm payroll employment increased by 211,000 in April, and the unemployment rate, at 4.4 percent, was little changed. Thus far this year, monthly job gains have averaged 185,000, in line with average monthly job growth in 2016. In April, job gains occurred in leisure and hospitality, health care and social assistance, financial activities, and mining.”

But we have to remember that typically employment increases in April. So what the BLS Commissioner is saying is that 211,000 more jobs than average were created. In layman’s terms, unadjusted employment was 144.953 million in March and 145.979 in April for a net gain of  1,026,000 jobs.

Employment Growth Bubbles

In the above chart we see the various sectors of employment. The size of the bubble represents [Read more…] about Over a Million New Jobs Not 211,000 

Why the U.S. Isn’t at “Full Employment” Yet

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The news is bristling with excitement as all the major media outlets are jumping on today’s employment numbers hot off the Bureau of Labor Statistics presses. The BLS reported that the Seasonally Adjusted U-3 unemployment rate was just 4.4% and the unadjusted broader based U-6 was just 8.1%.

In response to all this good news The New York Times said, “We’re Getting Awfully Close to Full Employment” and The Wall Street Journal trumpeted “Jobs Report: This Is What Full Employment Looks Like” so who am I to throw cold water on their parade? Well, at least I’m not the only one to have my doubts. Jared Bernstein at The Washington Post thinks that the current low inflation level is a factor that may indicate that we aren’t quite there yet. So I’m adding my own two-cents with the following chart. We regularly publish the U-6 minus U-3 chart which shows the differential between the ordinary unemployed U-3 and the bottom of the barrel unemployed U-6. By definition, in order to be at “full-employment” everyone who wants a job has to have one.  That doesn’t mean Zero unemployment because there is a bit of friction in the system and so when people change jobs they are temporarily “unemployed” so there will always be some. Historically, this was assumed to be around 3% unemployment. So as the U-3 unemployment approaches 3% the U-6 people get drawn into the market. They may not have the skills or the ambition or the whatever but now they can find a job because companies are desperate.

So by looking at the U-6 minus the U-3 we can get a very good picture of when we are nearing “full employment”. So let’s look at that chart. [Read more…] about Why the U.S. Isn’t at “Full Employment” Yet

Data Entry as a Career Choice

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If you enjoy typing and are able to type relatively quickly, you might want  to try your luck with a data entry job. It is a wide field that provides a great opportunity to learn different things and test your typing skills. However, don’t get fooled by the numerous data entry work from home scams and examine your opportunities carefully, especially if you lack experience.

Although not every work-at-home job is a way to engage you in illegal actions, the fact is that even legitimate offers are paid less than working from an office. Also, you must be informed about the data entry range, as transcription jobs are sometimes presented as part of a data entry service.

There is a lot to think about before applying for a data entry position. Therefore, avoid pointless job offerings and find a suitable data entry job by approaching this area of business armed with the proper knowledge. [Read more…] about Data Entry as a Career Choice