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Personal Finance From a Biblical Perspective

Why You Need to Diversify Your Income Sources

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Yesterday I ran into a friend I hadn’t seen in a few months; we only had a few seconds to talk but he let me know that he had lost his job a couple of months ago. Another buddy of mine was given word that his job would be gone by the end of this year. For what it’s worth, both men have families to support.

We hear stories of people losing their jobs all the time, so these episodes are hardly unique. But what is interesting is that both men were what you might call “well employed” – that is, each had a well-paying position with a large, well-known company that they had worked at for many years.

Why You Need to Diversify Your Income Sources

Jobs Are No Longer Secure

The moral of the story is that there are no safe jobs anymore. Anyone in nearly any job can be replaced either by some form of new technology, or by less expensive workers outsourced from overseas. This is happening with technical and managerial positions as well as clerical and factory jobs.

There are different ways to deal with employment instability and no matter how secure your job seems to be at the moment, you should consider investigating your options. And the time to do that is now, before you’re forced into it by a job loss.

Diversify Your Income Protect Finances

Savings Will Last Only So Long

Many people concentrate on building up their savings as a safety net in case of a job loss. That’s a good idea, however it’s not nearly as effective as it once was.

In an economy where it can take months or even a year or more to find a new job, a two or three months savings cushion just won’t be enough. Unless you can save enough money to cover your living expenses for a year or more, savings will do little more than give you a little bit of breathing room. Not that that’s a bad thing, but it will prove to be inadequate if the job loss turns into a long-term process.

What about unemployment insurance? There are two limitations with this, the first is that for most people, the amount of your benefit won’t come close to covering your living expenses. The second is that unemployment benefits only run for a few months. Like savings, they’ll help at the beginning but sooner or later, they will run out too.

Build up your savings in case of a job loss – but be ready with additional income sources. Savings will cover you in the months immediately following your job loss, but your additional income sources will be your long-term safety net.

How To Diversify Your Income Sources:

Using A Part-Time Job To Apprentice For A Back-Up Career

One of the best ways to be prepared for the loss of your job is to have another one ready. You may be able to do that with a part-time job. I’m not talking on a job pumping gas or serving lattes, but something more substantial.

Ask yourself the question, “If I didn’t have my current job what other kind of work would I do?” The answer to this question can provide you with the insight that will lead to the type of part-time job you should get. What you’re looking for here is a part-time job that will lead you into the career of your choice, or at least into one that could be a reasonable back-up career. .

By taking such a job on a part-time basis your accomplish at least two things: 1) you get the training and experience that you need to enter that field, and 2) you pre-position yourself in a job before you actually need one. The goal will be to convert the part-time job into a full-time one if you can’t find a replacement job in your primary career.

One of the problems with job losses is that they usually occur across an industry or even an entire career field. That makes finding a replacement job very difficult because not only are there a small number of jobs available, but there are also a lot of candidates applying for those jobs. Many people are having to change fields following a layoff.

With a serious kind of part-time job, you already have a replacement career waiting in the wings. The transition is shorter, smoother and easier because of your advanced efforts.

Diversify Your Income By Starting A Business

A similar alternative could be starting your own business. Choose a business that you would like to enter and/or one you have an aptitude for. You can begin it as a side venture and develop it at your own speed. The idea is to build up gradually so that if you do lose your job, you’ll be able to quickly convert the business into a full-time occupation.

Whether it’s a part-time job or a part-time business, not only will you be building a second career for yourself, but you’ll also be providing an extra income that you can put into savings. The combination of higher savings and a backup income source will leave you well prepared for whatever happens after losing your primary job.

Retraining

Retraining is another option. Even though some fields are in decline, there are others that are going strong or are in growth phases. Sometimes all you need to enter them is some formal training. This could be a degree program, technical training or just some courses that you might be able use as a springboard into another career field.

Check with the course offerings at your local community college. They often offer training in career fields that are what you might call “closer to the ground”. This might include fields that are more hands-on in nature, such as those in the medical and computer fields, as well as some of the trades. Those are the type of occupations that tend to do well no matter what else is going on in the economy.

Whether you decide to use a part-time job, part-time business, or some form of retraining, seize the opportunity now to prepare for a job loss that may come later. If the job loss never happens, you’ll have yourself a solid second income. But if it does happen, you’ll be ready for it.

photo credit: freedigitalphotos.net

Choosing A Career That Will Be In Demand In The Future

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The labor market is always in process of evolving, and professions popular today may become forgotten in some ten or fifteen years.

Each period of time has particular tendencies dictated by the economic and social situation in that society. That must be thought of when you choose your career, as your future occupation will be the main source for providing your and your family’s life.

If your vocation happens to lose its demand in several years you’ll have to face serious difficulties in re-qualification and searching for a new job.

Speaking about current situation in the labor market it’s worth mentioning that in modern society two main tendencies are being developed. They are computer technology and trading as a global way of communication.

In the age of information technology and technique it is not surprising that professions connected with engineering and information systems are the most in demand, and will be as long as the trends of modern society continue in this manner.

Today there is hardly a person who would do without any kind of modern technology, and therefore, those who choose a career which focuses on creating, developing, integrating, or even repairing this technology will have an easier time finding work.

Sales jobs have also gained the highest popularity in the USA and all over the world, and the sphere of trading business involves more and more people to provide commodity/service money circulation.

The good news for unemployed job seekers is that unlike the jobs in the technology sector mentioned above, professions of this particular field don’t often require special training and considerable work experience.

There are many vacancies for those who are looking for temporary or additional employment (for extra cash) as well as some serious occupation with stable and considerable income. Trading jobs are the best way to start your working experience and the shortest way to earn money.

But there is one difficulty you must remember about when choose sales profession as your main money source. It requires one to possess great flexibility and mobility in order to be successful.

You must be ready for unexpected and deal with the consequences of your decisions as there are always risks involved. A sales occupation is often unpredictable and unstable, so you must be prepared for hard times, but in the long run, you may find great success.

Dealing With A Job That You Hate

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You have a job that you hate. No, “hate” is too soft a word – you despise it! If you have another job lined up, you’d quit today and not even bother to give notice.

We’ve all been there. And with the increasing frequency of job changes these days, it’s more likely than ever that you will have such a job – sooner or later.

Is there a constructive way to deal with a job that you hate? Absolutely – and here are some recommendations.

Quit Job

Plan An Exit Strategy – Now!

I’ve always thought that one of the worst responses to having a job you hate is one of the following common justifications:

  • “I’m tough – I’ll just dig in and work through it.”
  • “I can’t afford to leave.”
  • “Maybe it’ll get better if I just wait it out.”
  • “Maybe I’m the problem – I’ll try to do better.” (This one could be legitimate!)
  • “I can’t leave; I have too much time invested in this employer and besides, I have seniority.”
  • “I don’t want to give up my vacation time.”

On the surface, each of these responses sound noble, or at least beneficial. But each probably also misses the mark!

If you have been feeling uncomfortable on your job for a long time, chances are the negative feelings that you have do have a basis in fact. There are several possibilities:

  • Your boss or other significant co-worker(s) may not like you – and they’re not trying to hide it.
  • You’re doing work that doesn’t fit your personality and talents.
  • The company is going nowhere.
  • The company is very dysfunctional (no matter how long you “wait it out”, it will never get better).
  • The job may not be a good fit.
  • You’re not particularly good at the job you have.
  • You could be doing better somewhere else – and deep down you know it.

If any of these reasons – and it’s usually a combination of several – play a part in the fact that you hate your job, staying there won’t improve the situation.

Do some deep meditation in regard to your job, and make sure that you can articulate the reasons why you hate it. Those reasons are probably totally legitimate. And that means it’s time to plan an exit strategy from your job.

An exit strategy will serve at least three purposes:

  1. It will enable you to quit your job – at least eventually.
  2. It will give you a purpose, given that your job probably doesn’t.
  3. It will create a positive focus, to help offset the negative energy flowing from your job.

An exit strategy may not give you a chance to quit your job tomorrow. But it will point you in the right direction, and give you something to hope for.

Continue To Do Your Best Work

Angry Frustrated Hate Work Job

Once you decide that you are going to leave your job, continue to do your best work. This is particularly true if you are a Christian:

“Whatever you do, work at it with all your heart, as working for the Lord, not for human masters…“ – Colossians 3:23

In addition to the fact that we are all ultimately working for the Lord, there are several reasons why you need to continue to do your best work:

  • If you don’t, you may develop a bad attitude that could carry over to the next job.
  • You want to do all you can to get a good reference from your current job.
  • At a minimum, you want your coworkers to think positively about you – you never know if you might be working with some of them in the future.
  • You need to keep your skills up – the best way to do this is by applying them conscientiously each day.
  • Your work is a reflection about who you are – make sure that your work continues to reflect the person you want others to see.
  • Our work is one of our best faith witnesses to the rest of the world.

Do your best work until the day you walk out the door – everything will go better with you later if you do.

Be Ready To Take A Step Down

If you really hate your job enough, you should be prepared to take a step down in either pay or position, or both. A very good friend of mine used to say from time to time, “Sometimes you have to take a step back to go forward.” Most of us want to believe that we can continue going forward no matter what the obstacles are. But sometimes you have to step around obstacles if you can’t go through them.

This is usually the case with a bad job. You may have to work for less elsewhere in order to get out of that job. No matter how much you want to avoid taking a step back, it may be the cleanest, easiest way to get out of the situation you’re in now.

If you hold out for a better paying and higher position, you run the risk of self-destructing on your current job. Never assume that your boss and coworkers don’t know that you hate your job. Very few of us are so poker-faced that we could pull that off. Sooner or later, you could end up getting fired – and then you’ll have no job.

Also, taking a notch down on a new job could be a necessary step in order for you to gain new skills that will help you to go forward. It may also help to get yourself in a situation that you feel better about your work. The better you feel about the work you’re doing, the more progress you can make.

Plan To Exit Gracefully

Even if you are planning to leave your job, be at peace with everyone in your workplace. And once you leave, keep any negative opinions about the company and its employees to yourself. If you really hate your job, this can be especially difficult to do. But you need to resist the urge.

Jobs today are something of a revolving door. It’s no longer something that you “own” – but rather an experience that should last only as long as it’s necessary. And when it’s time to move on, we should do it with the grace and humility befitting followers of Jesus Christ.

What To Do When You Don’t Get the Job You Wanted

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Have you ever applied for a job that you were absolutely sure was a perfect fit for you? You met all the qualifications, and the interview went beautifully, but…you didn’t get the job.

How does that happen? Why does that happen?

There may be several reasons:

  • There may be a flood of applicants for the job (which is very typical these days).
  • As qualified as you are for the job, there may be another applicant who has even better qualifications (or an inside reference).
  • You may lack an important skill, or be not as strong in a skill as the employer wants.
  • There may be a bad reference in your past.
  • The interview may not have gone quite as well as you believe it did, at least not from the employer’s perspective.
  • There may not be an actual job – the employer may just be on a fishing expedition for reasons you’ll never understand.
  • The job may have been eliminated before filling it.

As you can see, there are a lot of reasons why you won’t get a particular job. Your one consolation is that it happens to all of us, and usually more than once.

[How to take a tax deduction for your job hunting expenses!]

There’s no point being angry or bitter of the job that got away, but you can find ways to use the situation to your advantage.

Job Search

Find Out The Reason You Didn’t Get The Job

Even if the application and interview process went well, employers will often terminate your candidacy either through a form letter (that gives no concrete information), or they will ignore you completely in the hope you’ll “get the message”. But if you do get the word from a live person, you should get as much information as you can. This will be considerably easier if your application and interview was arranged by an employment search firm. Though the employer may not speak to you, they will usually give information to an employment agent.

Though it may hurt to find out why you didn’t get the job, this information can be critical in preparing you for the next prospective employer. If you are turned down because there was a stronger candidate, or because the position has been eliminated before filling it, it may be unfortunate, but it will not reflect on anything personal about you.

If on the other hand, the employer felt that there was a weakness in your skill set, or didn’t feel as well about the interview as you did, these are things you need to know so that you can make improvements in the future.

But most important – something you absolutely need to know – is if you received a bad reference. Out of fear of lawsuits, most employers will not give references whether positive or negative. But there are some who do, if only in an indirect way. Even more important, you may find that a reference that you gave has less than positive things to say about you. If you find that out, you want to drop that person from your reference list going forward.

Ask For Constructive Criticism

It may be that you came very close to actually landing the job, but failed to get it because you’re weak in a certain critical area. For this reason, you want to get constructive criticism that will help you to learn where you are weak so that you can make improvements in future job applications.

[When is it time to make a career change?]

Ask For Job Leads!

If the person who interviewed you does make contact with you, either by phone, by email, or by written mail, you should seize the opportunity to ask that interviewer for other job leads.

Just the fact that the interviewer took time to contact you to let you know that you are no longer in the running means that you are viewed as a credible candidate. Take advantage of that status – and also the opportunity to play on the interviewer’s sympathies – to ask the interviewer if they know of any competing companies who are looking to fill a similar position where you might be a good fit.

If the interview went particularly well and you built a rapport with the interviewer, you might even ask if they would give you a referral. You may not get it, but it never hurts to ask.

NEVER Let It Get You Down

If you have ever worked in a sales related job, you are well aware that you have to approach many prospects before you actually make a sale. The same is true when it comes to finding a job. You are being a salesman, and the product you are selling is you. It is the reality of sales that you will not be able make a deal with all prospects, or even most of them. For this reason, you should enter the job hunting process fully prepared for rejection.

You will have to be prepared to accept many rejections on the path toward landing a job, but no matter what, you can’t let it get you down. Upon learning of a rejection, you need to immediately spring into action to land more interviews. Getting down about the rejection, or worse – feeling sorry for yourself – will accomplish absolutely nothing productive.

[Tips on finding a job when unemployed.]

When looking for a job – as in sales – you should have “several coals in the fire” at all times. That means that you are working on more than one potential job at any given point. More important, you should never view any single job as a make-or-break situation for you. Sure, you may need a job, but you don’t need any particular job. The right one will come sooner or later.

What do you do when you learn that you didn’t get a job you hoped you would?

photo credit: freedigitalphotos.net

How NOT to Get a Job

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Most of us are very interested in how to get a job, but since that doesn’t always work in a tough job market, it might be helpful to take a look at the situation from the back side. As in how not to get a job. Sometimes the best way to get a job is to identify the factors that are hurting your effort, and then do your best to reverse the situation.

What are some of the ways that you can sabotage your efforts get a job?

Job Search

Not Customizing Your Resume And Cover Letter To Match The Job

It can be tedious, but it’s extremely important that both your resume and your cover letter match the position you are applying for. In every job posting, there are certain specific skills, credentials and experience requirements that are critical to the job. If your resume and cover letter don’t address those requirements, your application will be passed over.

An application that does not fit the job description is worse than sending no application at all. It’s not just that you will not get the position, but that you will have taken yourself out of the running for a position that you may in fact have been qualified for had you done a better job of matching your qualification with the required skills.

Carefully study any job ads or postings, and do your best to identify the most important qualifications the employer is looking for. Then do your best to match your resume and cover letter to those qualifications. If you have the qualifications, the job may be a good fit and you could very well be a candidate in contention. If you don’t have the qualifications required, it’s probably best that you don’t even apply.

Applying For Jobs You Aren’t Qualified For

Which brings us into another dilemma for job applicants. There sometimes the thought that you can use the “shotgun approach” to applying for jobs. You might think that if you apply for a thousand jobs that surely someone will hire you. Unfortunately, the qualifications required for most jobs today are so specific that a mass application effort will probably be a massive waste time.

If you’re not qualified for a job, there’s no point even applying for it. In more robust job markets, employers will often hire someone who is at least partially qualified. But in the market we’re in today, there’s no shortage of skilled employee prospects, and you’ll have virtually zero chance of landing a job you are not qualified for.

Save your time and energy for more productive activities.

Sloppy Resumes, Cover Letters And Job Applications

There is sometimes a tendency to believe that resumes, cover letters and job applications are little more than a formality. But that’s only true if you have a strong reference from an influential person within the company. In virtually all other situations, your candidacy for any job will rest entirely upon the information that you present.

Your resume, cover letter and job application should not only be complete, but they should also be as neat as possible. They’re hiring a whole person, not a collection of skills and qualifications. They want to know that you are organized and that you can communicate intelligently. Your application documents will either confirm or deny that.

Be very careful in preparing your resume and cover letter, and make sure that you have a knowledgeable third-party review it for you. No matter how may times you review it yourself, you could still have glaring mistakes that someone else will pick up.

For job applications (especially on site), it may help to have a detailed list of information that includes your education, employment history, references and specific skills. Take this information from your list and transfer it to the job application. Never rely on your own memory.

Weak Interviewing Skills

Many job applicants have very strong resumes and convincing cover letters, but they fall short during the interview process. Often this is not because of a lack of credentials and qualifications, but because of poor interview skills.

You should be fully prepared to provide intelligent answers to questions that you would reasonably expect to face at a job interview. In addition, it’s important that you have a list of relevant questions that will further demonstrate your understanding of the job and your ability to get the job done.

Resumes and cover letters are written lists of your abilities. Interview skills are way of demonstrating those abilities. Invest some time in improving your interview skills with a strong emphasis on being able explain why you are the right person for the job.

Looking For The Perfect Job

People who are looking for the perfect spouse often end up…single. People who look for the perfect job often end up…stuck in a crappy job or unemployed!

Don’t let that be you.

There are no perfect jobs out there, but you can waste an awful lot of time looking for one. In the process you may turn down a number of perfectly good jobs. A less than perfect job may not be exactly what you are looking for, but it could be the very steppingstone to the perfect job that comes later.

You should hope that the next employer you work for doesn’t have perfectionist tendencies. At the same time, you need to keep your own tendencies toward perfection in check. Unless you have the perfect job right now, finding one that is can be an endless search. And if you do have the perfect job already…just stay where you are.

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