Tim McMahon, Editor of UnemploymentData.com

My grandfather lived through the Hyperinflation in Weimar, Germany--to say he was an original “gold bug” would be an understatement. I began reading his “hard money” newsletters at the age of 16 and the dividends from gold stocks helped put me through college. I began publishing the Financial Trend Forecaster paper newsletter in 1995 upon the death of James Moore editor of Your Window into the Future and the creator of the Moore Inflation Predictor©. FTF specializes in trends in the stock market, gold, inflation and bonds. In January of 2003, I began publishing InflationData.com to specialize in all forms of information about the nature of Inflation. In 2009, we added Elliott Wave University to help teach you the principles of Elliott Wave analysis. In January 2013, we began publishing OptioMoney. Connect with Tim on Google+.

5 Ways to Get Money for Your Business Start Up

August 28, 2012 by Tim McMahon

Small Business Loans and other Financing-

Starting a business is an exciting experience, but it’s also costly. You’ll need money to rent office space and buy equipment and supplies. You’ll also need to have money set aside for marketing so that you can help your business grow. If you are going to have employees, you will need money to pay them. You’ll also need to pay for all other expenses associated with opening a new business. Fortunately, there are several ways for you to get the cash you need.

1. Sell Your Assets

Starting a business might require you to make a few sacrifices. Look over everything you own, and decide which assets are worth selling to help finance your business. Consider selling a second car that you don’t absolutely need or time-shares that you hardly ever use. If you own more than one property, look into keeping your primary residence and selling the rest. You should also take inventory of items you have in your home that might be worth a significant amount of money, such as jewelry or antiques.

2. Apply for a Secured Loan

Bank loans are another option for getting money for your business. If you’ve never opened a business before, most banks will offer you a secured loan. You’ll have to decide what to use as collateral for it. In most cases, this can be your car or your house. Make sure you’re willing to risk losing whatever you’re using as collateral if you fall behind on your payments.

3. Impress an Angel Investor

An angel investor is someone who will help finance your business under certain conditions. They might want to be part of your company as a silent partner or a member of the board of directors. In order to convince an angel investor to help you, you’ll need to impress them with your [Read more…] about 5 Ways to Get Money for Your Business Start Up

Networking to Find a Better Job

August 18, 2012 by Tim McMahon

Networking-

Job Hunting these days is difficult but it can be made easier with the right contacts, the old saying still holds true… “it’s not what you know but who you know”. Networking is one of the best and most efficient ways to find new career opportunities for your professional life. Here are some ways for you to start networking:

Volunteer:

Volunteering has many networking benefits and not only is it a great way to get Experience and build your resume, but also a chance to give back to your community, and its a feel-good activity… it’s great to meet other people who enjoy doing the same thing. Because volunteering brings in different people from all walks of life, working with your local soup kitchen, animal shelter, or a ‘big brother’ program can really open doors to different industries and fields.

Young Professionals:

Many cities have different programs that are centered around getting young professionals together, whether it is through a common interest or activity, a certain field, or a young professional organization centered around volunteering. These young professional groups are great for networking because it puts you in touch with others your age with the same background and passions. Many young professionals offer [Read more…] about Networking to Find a Better Job

Techniques for a Successful Interview

August 2, 2012 by Tim McMahon

By Tim McMahon~ editor

Obviously you’ve done something right… you’ve attracted the attention of a company and they are interested enough to schedule an interview. Perhaps it was your resume or even better a recommendation from a friend or former coworker. Now, the job interview is the next hurdle toward landing that new job. The purpose of the job interview from the employer’s perspective is to help them put a face with the resume, see how well your personality fits with the organization and most of all judge your qualifications in person rather than just in writing.

Since the employer was impressed with your qualifications as presented in your resume, you have made it to the interview stage, so don’t blow it now. Make the best use of this opportunity to ace the interview and land the job.

Interviewing Techniques

Here are a few techniques to help you prepare for the interview:

Preparation is the Key to Interview Success:

If you want to perform well in the job interview, prepare well.

1) Know Thyself-

Review your resume in detail. For each position you have had held, make notes of your achievements, the steps you took to move toward your goals and the methods you used to cross any barriers. Be sure also to write down your strengths, to fix them in your mind and also so you can review them shortly before the actual interview. Include things like verbal and writing skills, analytical abilities and management experience that have helped you in your accomplishments and that you can contribute to the job. Recall accomplishments and also key situations in your professional life. For instance, it could be about a tool or technique you used to complete a project or the ways you convinced a colleague or customer to adopt your way of thinking.

Everyone loves a good story, prepare several memorable stories that each illustrate your strengths and how you triumphed. Have one story illustrating your creativity, one for your problem solving skills, one for people skills, technical skills, etc. Then when you are asked about one of these areas you will have a story ready to answer it. It is much better to illustrate with a story than to say yes I am the best whatcha-ma-jigger fixer in the world. A cool story about how you stepped in after everyone else tried to fix the whatcha-ma-jigger and failed shows not only that you are technically proficient but it also shows that you are a great communicator as well.

Imagine you are in the interview room telling your favorite stories to your best friends. Of course, the stories [Read more…] about Techniques for a Successful Interview

Accounting Trends Creating Jobs

June 27, 2012 by Tim McMahon

Accounting Jobs

A recent article in Financial Trend Forecaster talks about a new trend in the world of accounting. Increasingly more companies are hiring accountants to work on staff as full-time employees to manage corporate budgets, accounts payable and receivable, to present financial reports to investors and to negotiate corporate tax laws. Companies are also looking for accounting professionals to protect investors’ money and company assets. At the same time, more businesses are looking to hire accountants, the jobs are becoming harder to fill. In addition, companies are becoming more global in nature and adopting the global standards called International Financial Reporting Standards (IFRS).

More Accounting Jobs Available

This is creating a demand for more accountants, the U.S. Bureau of Labor Statistics (BLS) is projecting a 16% growth rate in the need for accountants between 2010 and 2020 which they consider to be “average growth rate”. According to the most recent Occupational Employment data published by the BLS (May 2011) for Accountants and Auditors, the mean annual wage is $70,130. While those in Accounting, Tax Preparation, Bookkeeping, and Payroll Services have an annual mean wage of $75,060. A recent U.S. News survey ranked Accounting among their 25 Best Jobs of 2012.

What Accountants and Auditors Do

According to the BLS: “Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently.”

The Importance of Building Credit as a Young Adult

June 26, 2012 by Tim McMahon

Building Credit

If you are currently in college, or have recently graduated from college, you know how difficult it is to get a credit card due to a lack of credit history. For those of us who are a little older, this may seem unbelievable, because when we were in school, credit card offers would literally pour out of our mailboxes.

In the past, credit companies would practically beg college students to sign up for low-balance student cards, but thanks to the credit collapse of 2008, that story has drastically changed. It is now nearly impossible to get accepted for a credit card if you have no previous credit history, and this is really hurting a lot of young adults who are trying to get on their feet.

Why You Need to Build Credit

It is a giant “Catch 22” You need a Credit History in order to Build a Credit History

Building Credit History—natloans (Flickr.com)You have to have credit history in order to buy or lease a car… buy a home…be considered for a loan…

And when do people usually first need loans? Two to three years after graduating from college. Without a credit card, college students can’t build the credit they need to do these things, and this is why it is important for parents to start helping their kids build their credit starting their freshman year.

How Parents Can Help Build Your Credit

Parents can help their children build credit by opening a joint account with them; with parents as the owners and the child as the authorized user. Have one card designated as the “credit-builder card.” Only use it to buy things like school textbooks or supplies, and pay it off as soon as you make purchases. This will teach your children good credit spending habits and slowly build their responsibility. It will require parents to constantly monitor the card’s use and stay on the child about making payments, but if the student is mindful, there shouldn’t be any problems.

If a parent is concerned that [Read more…] about The Importance of Building Credit as a Young Adult

May Unemployment Statistics by State

June 25, 2012 by Tim McMahon

U.S. Unemployment Rate by State

The U.S. Bureau of Labor Statistics has released their Unemployment rates by State. So we can see how the various states compare. From the chart below we can see that California, Nevada, North Carolina, New Jersey, Washington D.C., and Rhode Island are all doing worse than the national average. New York, Connecticut, Michigan, Indiana, Illinois, Kentucky, South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, Colorado, Idaho, New Mexico, Washington and Oregon are all average in their unemployment rates while the remainder are above average.

How the Unemployment Rates of Various States Compare

Nevada continued to record the highest unemployment rate among the states at 11.6 percent in May. Rhode Island and California posted the next highest rates, 11.0 and 10.8 percent, respectively. North Dakota again registered the lowest jobless rate, 3.0 percent, followed by Nebraska, 3.9 percent.

South Dakota, 4.3%, Vermont 4.6%, and Oklahoma at 4.8% were all below 5%. While New Hampshire, [Read more…] about May Unemployment Statistics by State

Why Your Small Business Needs an Accountant

June 21, 2012 by Tim McMahon

Small Business Accountant

Many people who start their own small businesses do so as a means of determining their own destiny. They are their own boss, operating the business their own way and planning for the future with their own ideas. There are, however, certain laws and regulations legislating aspects of any business. For this reason, and more, it is a good idea for any small business to have an accountant.

Small Business Accountants Can Handle Payroll

Small business owners often wear many hats: boss, lease negotiator, inventory specialist, decision-maker, payroll, shipping and receiving, IT, HR, and occasionally even custodian. In the midst of all of that, they also manage employees, even if those employees are contracted. State and national law dictate what forms those employees need to fill out, how much of their paycheck is deducted for taxes, benefits, and Social Security. Business owners are forced to either learn the tax laws (and the changes to said laws each year) or hire an accountant to help. Just managing payroll can be time-consuming, as an owner your time is valuable and should be spent growing your business.

Small Business Accountants Can Handle Taxes

Even contract labor requires certain documentation. If a company pays a contractor more than $600 over the course of the year, a 1099 must be filed. Keeping track of the various tax amounts for various employees as well as which contracted employees earned how much can easily become a full-time job. Small business owners have plenty of other details to manage without adding that to their plates. If only for personnel purposes, an accountant will save time as well as headaches.

In addition to managing tax issues for employees, a small business accountant will help navigate tax concerns for the business itself. Capital improvements, profits, loss, depreciation, and potential write-offs may exist. Some small businesses pay taxes quarterly rather than annually, requiring an ability to understand and follow additional tax laws. An accountant can save you money by avoiding government penalties and late fees but also by pointing out deductions, monitoring for “slippage” or missing funds, and other ways to save money. [Read more…] about Why Your Small Business Needs an Accountant

Jobs Report

June 8, 2012 by Tim McMahon

Non-farm Payrolls

The latest jobs report came out on June 1st with the U.S. Department of Labor reporting that non-farm payrolls (jobs) increased by 69,000 in May (seasonally adjusted). See Current Employment Data for the unadjusted non-farm payroll data.

Today’s chart compares the total nonfarm payrolls (blue line) to its two components Private sector job market (gold line) and Government sector job market (red line). But rather than showing total jobs it shows the percentage change in total nonfarm payrolls (blue line) since the declared end of the Great Recession in 2009 (the vertical line). So at that point it is zero. Prior to that point private sector jobs were as high as 7% higher while public sector (government) jobs were 2% lower (i.e. the government increased its employment from 2007 through 2009).

This chart illustrates, the overall job market (blue line) continues to trend higher albeit at a pace that has slowed over the past several months. Today’s chart also illustrates that the government job market has been trending significantly lower since the first half of 2009 (with the exception of temporary census hiring in mid-2010). This decline is due to federal, state and local governments attempting to realign their budgets following an unexpected decline in revenues as a result of the historic plunge in housing prices (i.e. property taxes, capital gains, etc.) and nonfarm payrolls (i.e. income taxes, payroll taxes, etc.).

One of the major tennents of Keynesian economics is that during a recession as the private sector is shrinking the public sector should increase and provide jobs and run deficits. But the side of Keynesian economics that most politicians forget is that the public sector is supposed to shrink and budgets are supposed to be balanced and debts repaid during good economic times.

The Non-Farms Payroll chart is courtesy of Chart of the Day

Paying for College: Student Loan Tips for the Newbie College Grad

June 7, 2012 by Tim McMahon

Student Loan Tips

Graduating from college is one of those milestone moments. You leave your college bubble and pseudo adult life, only to enter “real time” adulthood. While graduation means graduation parties, graduation gifts, and no more late night study sessions or final exams, it also means a nine to five job, “real world” bills, and student debt. Graduates today are facing hard times. With a steady and astounding unemployment rate, a competitive job market, and mounting student debt, it’s not hard to imagine new grad life being less than glamorous. While this transition is always going to be a challenge, there are several things that new or soon-to-be grads can do to prepare for real life. Use these tips to carefully manage your student loan debt and reduce some of the stress in your first year as a college graduate. Here are 3 Student Loan Tips:

Student Loan Tip #1– Prepay Your Loan

Mortarboard, SooMee turning tassel — Student Loans Soon, SooMee turning tassel—quinn anya (Flickr.com)

With harsh times afoot, many individuals make efforts to lower their monthly student-loan payments from the beginning. This can be a very enticing thing to do. You can consolidate your loan or you can extend your repayment of the loan. While these options offer immediate relief, they tend to make things more challenging over time. Extending your repayment period means that you make more payments over a longer period of time. Doing this means that you end up paying more money in interest on the loans overall. Sure, a loan extension may be necessary at certain times and in specific circumstances, but, if at all possible, it is best to hold off on extending the loan period for times of emergency.

Student Loan Tip #2– Set Reachable Goals

It’s important to set goals for yourself when it comes to loan repayment. Student loans are difficult because they are dropped on you before you can even find your footing in the world of true adulthood. Sit down and set up some basic, attainable goals for yourself. Ideally, you should attempt to make the suggested monthly payment plus a little bit extra whenever is possible on your loan. But, of course, sometimes (particularly in the beginning) this just isn’t going to be possible. Look at your finances and decide what type of goal is reachable for your repayment. Once you figure that out, stick with it. When the time comes that you think you can pay a little extra on top of your usual payments, reevaluate your goals. Even 10 dollars extra a month can make a huge difference in interest charges. Generally speaking, the repayment period for a student loan is 10 years. This is a good goal to start with, but take a look at your specific situation and see what’s best for you. [Read more…] about Paying for College: Student Loan Tips for the Newbie College Grad

Private Sector Job Creation Slightly Down in May

June 6, 2012 by Tim McMahon

Job Creation in May

According to the most recent Gallup survey results U.S. job creation is at a 19 in May down from 20 in April but up from 18 in March. Gallup interviewed 16,913 workers in May and asked them whether they felt their employer was increasing, decreasing or maintaining the same size workforce. This is not the same as asking employers about actual jobs they have created but gives an indication of the perception of the people. Gallup believes that this is a strong predictor of the direction of Unemployment and U.S. Jobless claims.

According to Gallup, the +19 for May is comprised of 35% of the nationwide workers surveyed saying that they thought that their company was increasing their workforce (hiring) while 16% of those surveyed said they felt their employer was decreasing their workforce (laying-off). Thus 35-16=19. The remaining 49% of the workers surveyed said that their company was holding steady neither hiring or firing.

According to the U.S. Bureau of Labor Statistics (Seasonally adjusted ) the Non-Farm payrolls in May increased by 69,000 jobs. Unfortunately, the U.S. adds about 167,000 new men,women and children every month. Of course not all of them are workers but 69,000 new jobs will just about provide for 167,000 new people so the net effect is that the Unemployment rate would stay about the same.

The one ray of hope according to Gallup is that Government job creation which has been negative since 2009 has ticked up from -7 in April to -3 in May even though private sector hiring fell from 25 to 23. Gallup believes that overall the level is relatively flat for the month of May and that we will have to look at next month’s data to see if a trend is developing.

See the full article U.S. Job Creation Largely Steady in May on Gallup.com

Sources:

Poplulation

Labor Statistics- Employment Situation — MAY 2012

Gallup US Job Creation