KNS Financial

Personal Finance From a Biblical Perspective

The Teenpreneur Conference

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A few years ago we had the opportunity to meet Eva Baker from Teen Got Cents and we are glad to call her a friend, as well as being card-carrying members of her fan club! She is an exceptional young adult who, through her blog and community activity, educates teens (and adults) on personal finance topics. Most recently, she has been working really hard on the first Teenpreneur Conference.

Teenpreneur Conference

TEENPRENEUR Conference? Really?

ABSOLUTELY! Two things we are passionate about here at KNS Financial are (1) That younger people be educated about handling money, which includes building wealth (2) The importance of encouraging entrepreneurship as a viable option for anyone!

If you have a teenager who is currently running their own business, or needs to be inspired to do so, this conference is for them! I can not stress how necessary it is for them to be surrounded by like-minded peers to motivate them about their ideas and aspirations.

I Think You Need A Little More Convincing

Check out these statistics shared on the Teenpreneur Conference website:

Since 2012, there has been a general decline in the number of students learning about business and money at school, especially in grades 5-8. – Gallup-HOPE Index

…a tough economy, increasingly competitive college market, expanding networks and shifts in technology – is creating a culture of innovators. Some people call post-millennials Generation Z, but I think a more appropriate moniker would be Generation (I)nnovation. – Harvard Business Review

In 2014, 4 in 10 students (42.1%) in grades 5-12 planned to start their own business. – Gallup-HOPE Index

 

Teenpreneur Logo

If your teen is interested in taking their business to the next level, or considering starting their business, this is a wonderful opportunity to see what other teens are doing, thinking, and building.

Check out the website. All the conference information is detailed there! Parents, there are sessions for you too. You and your teen won’t want to miss it!

How to Choose A Career Path

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When considering a career path, one can feel overwhelmed by the various choices. In order to help you narrow down your choices, some well-meaning friend will tell you, “do what you love”, while another will say, “choose a career that will pay a lot of money”. Who is right in this case? How can you determine what path to take?

I was reading an article titled, “Doing What You Love Versus Doing What Pays” that looks at common advice on the subject. In reading the comments to that article, it seemed as though most of the readers would advise someone to choose a career path based on the potential income. Others still stuck with the “do what you love” advice that many hold to.

Career Path
Career Path

But is it really that simple? Let’s take a look at a few of the pros and cons to both of these views, and also see if there isn’t some other choice that we can make.

A Career Path that you don’t love but pays well:

Pros:

  • You will make a good amount of money
  • You will more than likely avoid the stress that comes from having a lower income (of course this ultimately depends on your financial discipline)
  • The added income may give you the financial freedom that you need to pursue what you love, as a hobby – or at least to not focus on the income it generates
  • You may be able to retire faster and then do what you love full-time

Career Path
photo credit: HikingArtist.com

Cons:

  • If you dislike a particular field, it may be harder to gain enough of an expertise in order to be highly compensated (for instance, those who hate math will not make top notch engineers)
  • You may be required to give up quality time with family and friends in order to accomplish your salary goal
  • Some people with higher incomes find it harder to exercise financial discipline than those with lower ones
  • Many high paying careers paths are also considered to be the most stressful
  • This stress will impact your relationship with family and friends over the long run

A Career Path that you love, regardless of the pay:

Pros:

  • Your love of that field will make you a great student, and so you may excel to the point where you are a top earner in that sector
  • You will have a sense of fulfillment and happiness from your work
  • The lower salary may force you to develop financial discipline
  • You may have lower levels of work-related stress

Career Path

photo credit: icadrews

Cons:

  • Lower salary – you may have to live a much simpler life
  • May take you longer to retire – this may not be a big issue for you if you absolutely love your job
  • If you lose your job, it may be harder to find a new one – although there are a few low paying jobs that are in demand

A couple of things to note. First, this is by no means an exhaustive list. Actually, I am counting on your comments below to help fill in the missing pieces. Second, you will notice that many of these points use uncertain terms like “may”, or “many”; this is due to the fact that many of these will not be true in EVERY case.

My take on choosing a Career Path is this:

I think that the answer to this question is different for everyone and is a matter of prospective. My initial reaction to this question was, “If you can get paid a ‘decent’ living wage for doing what you love, go for it! We wouldn’t have teachers, social workers, or pastors if people didn’t follow this line of thinking.” I also said to myself, “Money isn’t everything, and if you have to be miserable for 10 hours/day just to make a few extra dollars, it probably isn’t worth it.”

Do what you love, and if the pay isn’t great, lower your standard of living to match your pay. You can’t determine your standard of living apart from your income. In other words, LIVE WITHIN (or actually below) YOUR MEANS! This is true no matter what your income turns out to be.

However, for many there is little to no career opportunity in what they “love“. In that case, find a balance. Do something you like, and if it doesn’t pay enough to maintain your desired standard of living, try to make a few bucks from what you love. Like others have said, don’t choke the life out of what you love by focusing on money, but maybe you can be a consultant in that area or start a blog giving advice about it.

Ultimately, we should be content with whatever financial/work situation in which we find ourselves. In the words of the Apostle Paul:

Not that I speak from want, for I have learned to be content in whatever circumstances I am. I know how to get along with humble means, and I also know how to live in prosperity; in any and every circumstance I have learned the secret of being filled and going hungry, both of having abundance and suffering need. I can do all things through Him who strengthens me. ~ Philippians 4:11-13

We see from this passage that our situation should not be able to determine our satisfaction or contentment in this life – especially if we are slaves to Christ!

Personally, I happened to “like” a field that is in good demand (Economics & Finance). However, my true love is Theology, and that may be something that is in my future.

What about you? What choice did you make? Any regrets? How would you advise someone in choosing a career path? Would you tell them to look for money, happiness, or both?

To help you in your choice, Payscale.com has released it’s list of “Best Undergrad College Degrees By Salary”:

Degrees Degrees
Methodology
Annual pay for Bachelors graduates without higher degrees. Typical starting graduates have 2 years of experience; mid-career have 15 years. See full methodology for more.

Not an engineer or an economist? Here is the full list: http://www.payscale.com/best-colleges/degrees.asp

Be sure to leave your comments below.

 

photo credit: jeremy.wilburn

How To Get The Most From Working With A Job Recruiter

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When you need or want a new job, the warm, friendly voice of a job recruiter – a.k.a., headhunter – can seem like an oasis in the desert. The recruiter is positive and upbeat about his or her chances of finding you the position you seek. In some cases this could turn out to be the answer to a prayer – but in most it somehow fall short.

There are a number of reasons why this is true. For one thing, the recruiter is not working for you, but for the employer who might hire you. They are the ones who will pay the recruiters fee. For another, the job market is very competitive in most fields. Though a recruiter may try to raise your hope and belief in him and his abilities, he is talking with many other candidates about the same positions. Finally, a recruiter is on commission, and that means that he’s also a salesman. He will know how to talk you into a good position – even if he’s ultimately unable to deliver it.

Still there is some value to be had in working with a job recruiter.

How To Get The Most From Working With A Job Recruiter

Job Recruiter NYC

Ask For A Realistic Assessment Of The Likelihood Of Them Finding You A Job

Ask the recruiter for a realistic assessment of the likelihood of him or her finding you a job. The point is, you don’t want to waste time. Ask the recruiter to be completely honest about your job prospects. If he or she does not realistically believe that they can place you in a job, you may need to move on.

Some recruiters will be honest about this – after all, they don’t want to waste their time either. But some like to build a portfolio of potential candidates, like you, so that they will be ready to move you into a position as soon as one opens. That can make them look very good to an employer, but it doesn’t help your chances of getting a job anytime soon.

Make sure you are claiming your job hunting expenses when you file your taxes!

Get The Recruiter’s Assessment Of Your Qualifications

We’ve all gotten those rejection letters that say something along the lines of while you have considerable skills, we unfortunately have no position available for you at this time. Superficially, those kinds of letters can seem comforting, but they’re really a nice way of rejecting you. Worse, they tell you nothing substantive about the reason why you didn’t get the job.

A recruiter can help with this. He or she is free to be completely honest about your qualifications as they relate to positions that are available in your field. If you have had an interview but didn‘t get an offer, get as much information as possible from the recruiter as to why you didn‘t. And if the recruiter doesn’t get you any interviews, ask him or her to be honest about what it is you may be lacking.

The recruiter assessment process can be brutal, but the information that you will gain can be priceless.

Ask The Job Recruiter To Send Your Resume Out “Blind”

The last thing that you ever want a recruiter to do is to take the “shotgun approach” to finding you a job. That’s where a recruiter blasts your resume out to nearly every potential employer in the area, hoping to maximize the chance of getting you out on some interviews, complete with a job offer or two.

Make sure that this is not the approach taken.

By introducing you to every potential employer in town, the recruiter has effectively eliminated any chance of you finding a job any other way. The fact that the recruiter introduced you to the employer may require that the employer pay the recruiter a commission to hire you. If the employer is not in the habit of paying commissions to recruiters, that will eliminate your candidacy with that employer, even if you approach the employer on your own.

Instead, insist that the recruiter send out your resume “blind”. This is a recruiting term in which the employer modifies your resume by removing any information that would conclusively identify you personally. At a minimum, it will involve removing your name and contact information, and even your current employer’s name. The purpose is to keep your search essentially anonymous.

If the recruiter complies, and sends out blind resumes, you will still be free to approaches employers on your own. And that’s an option you’ll need to keep open, even if you’re working with a recruiter.

Never Pay A Fee For Their Services

There’s not much to say on this topic. Recruiters typically are compensated with commissions paid by the employer upon successfully filling a position. If a recruiter asks for a fee from you upfront, he is essentially asking for double compensation. Worse, there will probably be no guarantee of your finding a job upon paying the fee.

Moral of the story: if a recruiter asks you to pay a finders fee upfront – run!

Never Rely Completely On A Recruiter To Find You A Position

Unless a recruiter is well known in your industry, and has a demonstrated track record of successful placements, you should see him or her simply as one resource in your job search. While he is out looking for a suitable position for you, you should continue your own efforts to find a job.

You are the only person who is responsible for finding you a job. A recruiter is simply someone whose assistance you seek along the way. But as a rule, a recruiter should never be considered the be your sole job source.

Keeping these tips in mind could make a recruiter into a valuable asset in your job search. But if you rely on him or her too heavily, you could end up with exactly the opposite result.

How much luck have you had using a recruiter to find you a job?

photo credit: freedigitalphotos.net

Are You Making All The Money You Can On Your Job?

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These days, promotions are almost impossibly to get, and the standard raise is something on the order of 2%. That makes it very difficult to increase your salary on your job. But even if you can’t, many companies offer various plans to provide additional compensation. Do you know what those are at your company, and are you taking advantage of them if you do?

The compensation on these programs often result in much more than just additional income. Here are some examples…

Performance Bonuses

Many employees are given to a day-in, day-out routine, and find it difficult to rise above the typical performance to achieve greater results. But if your employer is offering you a bonus to do so, this is something you should seriously look into.

On many jobs, performance bonuses are a regular and substantial portion of the employees overall compensation. But it does require that you adopt a more competitive nature, and try to go above and beyond typical production in your department.

Find out if there is a performance bonus plan available where you work, and if so, what the parameters are. Realistically assess your ability to achieve the desired results, and any necessary changes in your performance that will be necessary. And if you think that you can make it happen, go for it and don’t look back.

There’s a bonus on a performance bonus: the employees who regularly qualify for performance bonuses are also often the people who are most frequently promoted.

Making Money Job

Suggestion Box Ideas

Some employers are actively searching for new ideas on how to run and improve the business. Some even solicit ideas from employees – and why not, company staff are in a better position to know what will work in what won’t than anyone else.

If your company has a suggestion box, make it a point to submit ideas on a regular basis. Many employers offer a bonus of some sort for ideas that are accepted. And once again, if you are a consistent source of new and workable ideas, it could improve your chances of an eventual promotion.

Employee Referral Bonuses

Many companies strongly prefer hiring employees who come in with a solid referral from someone who already works at the company. The bonuses on the successful hire of a new employee can be substantial, often well in excess of $1,000.

If your company has an employee referral bonus program in place, plan to take full advantage of it. Familiarize yourself with what positions they’re looking to fill, and then do some scouting and networking to determine who you know who could be a good fit for the jobs. By doing this on a regular basis, you can add thousands of dollars to your income each year. That’s a lot of additional money to make just from doing some research and making a telephone call or two.

Tuition Reimbursement

You may not think of this as a form of extra income, but that’s exactly what it is. If your employer is willing to at least partially pay for additional education, use it for all it’s worth.

Though it may not represent an immediate form of compensation in your next paycheck, it can help you acquire the skills that you need in order to advance in your job. And ironically, even if you can’t rise up in your current employer, you may be setting the stage for a better position with another company further down the road, based on your improved skills and education.

Customer Referral Programs

Many companies offer a customer referral program, even if it isn’t widely known. That’s a program in which you are compensated for providing new business to the company. If your employer has such a program, you should be taking full advantage of it.

There are at least four good reasons for doing this:

  1. A steady number of customer referrals can result in a steady source of new income for you
  2. As a source of new business for your employer, your position with the company becomes more secure
  3. By demonstrating an ability to get new business in the door, you will raise your value to your employer, and increase the chance of a promotion
  4. By bringing more business to your employer, you’re improving the company’s financial position, making it more likely they’ll stay in business and keep you on the payroll

Most of the bonus programs we’ve discussed up to this point are the type that apply mainly to large employers. But a customer referral program is something that even very small employers can and will offer. All businesses, after all, have a vested interest in encouraging new business, and a customer referral plan can be implemented even if it doesn’t already exist.

There is a saying, raises become effective when you do. Though your company may be stingy when it comes to giving financial raises, you can make it happen by becoming more effective in your work, and qualifying for the various bonus programs that your employer may offer.

Do you ever take advantage of these programs at work?

Why You SHOULD Follow Your Heart’s Desire

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People often equate following your heart’s desire with movies, TV programs, and even romance novels. But there may be more important reasons why we have such a desire at all.

The purpose of this article isn’t to discuss desires in a general sense – like getting rich, famous or important. We’re going to focus on your life’s work. Maybe this is just my take, but I think that most people are working in fields and jobs that they have no serious interest in. And I think there are specific reasons why this is usually the case.

Most people choose a career early in life. They often do it based on external factors – peer pressure, parental pressure, or going into fields where “the money is good”. But none of those reasons will make for a satisfying career. That’s where following your heart’s desire becomes so important. Determining what that desire is, is much more important than most of us realize.

Follow Your Heart or Money

Separating Serious Desires From Frivolous Wants

We all have multiple desires in life, even as it relates to careers. We may decide we want to work for a specific employer, attain a certain rank in the organization, or work with certain people. But none of that really identifies the true desire as to why you want to do a certain kind of work.

The career that you have should be one that fits your personality, your talents, and your goals in life. So much of satisfaction in life is tied to your satisfaction with the work that you do. This should be an overriding objective – to determine the desire for your career, and then following it.

Your Heart’s Desire May Be Divinely Inspired

While we may think that our desires aren’t important – or that they’re even frivolous – there’s a very real possibility that they have been divinely inspired.

God has created each of us as unique human beings. Though we may share certain characteristics with certain groups of people, and with all of humanity in general, none of us are a carbon copy of anyone else. If God has created us to be unique, is it far-fetched to believe that He also put our desires in us?

Think about it – if we all wanted to be lawyers, engineers, or doctors – how could the world even function? The world also needs factory workers, secretaries, farmers, sailors – and yes, even singers, actors, and artists. All work together to create and maintain civilization as we know it.

Can something so important be beyond God’s provision? It’s highly doubtful. For this reason alone, most of us should give more time and attention – as well as action – to our hearts desire for our life’s work.

Getting Out Of Situations Where You’re “Dying On The Vine”

There’s another important reason to identify and follow your desire for your life’s work. If you work outside of your true element, you run the risk of burning out in the work you are doing. If you do that, it’s very easy to become jaded and cynical. Those are not qualities befitting a Christian – we’re to be the people of hope and faith.

Being in the wrong line of work can cause all of that happen. We can only spend so much time in life being in the wrong place before there will be the consequences. And by continuing to do work that we don’t like or aren’t particularly good at, we deny the world the benefit of work that we could do with passion and serious talent.

Finding That Niche Where You Can Thrive

Working in a niche where you’re not thriving is bad enough. But now add to the equation the fact that at the same time you’re not working in a niche where you can thrive. That’s not a life well lived.

One of the biggest reasons that people give for not following their hearts desire is the need to make money. It’s ironic then that you actually have the potential to make even more money by following your heart’s desire. By doing work that you are meant to do – working at what you are good at – there is a great likelihood that you’ll make even more money than you will by marking time in career you don’t feel strongly about.

[Learn how to know if now is the right time to make a career change.]

When it comes to a career, following your heart’s desire can be deceptive where money is concerned. Often the road to making better money is much longer and more crooked than the one into a more conventional position that you go into for money, benefits, and security. But if you just look beyond the moment – to that time in the future where you’ll be established in your desired career – you may be able see things differently.

Designing The Life You Were Meant To Lead

So much of your success or failure in life is determined by the work that you do. If you are operating outside of your natural career element, life can often be a struggle. Work is what we do most days of our lives; if you’re not particularly happy with it, then every day can be an exercise in drudgery. In addition, if you are just marking time in a career, your only respite will be retirement. That’s an awfully long time to wait for a lot of people.

But if the work you’re doing is actually your hearts desire, then every day has the possibility to be deeply satisfying. If you like what you do – and it may even be fairly effortless for that reason – then you’ll have more time, and less stress, to free you up to do whatever else it is you want to do with your life.

In this way, following the desire of your heart for your work can actually enable you to design the life you are meant to lead.

Let’s take the example of a person who follows his heart’s desire, but doesn’t make as much money as he could if as say, an engineer. But the lower income, lower stress, and better workflow allows him to spend more time pursuing another passion – working at a significant ministry in his church, or for a charity helping the less fortunate.

This is where we get back to the concept of divine design on our desires. For this person, it could very well be that God gave him a desire to do a certain type of work that would complement faith-based or charitable work.

We can never know where God is leading us in our lives – or what turns that will take. But maybe that’s why He gives us certain desires, to act as an internal compass. And maybe that’s why we should follow them.

Are you doing a certain type of work, but have a strong desire to be doing something else? What keeps you from following your desire?

photo credit: freedigitalphotos.net

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