career – Money Guy

How to Switch Careers from CPA to Financial Advisor

The Money Guy Show — Fri, 08 Sep 2023 17:00:48 +0000

We have several financial advisors who are CPAs. Here’s what to think about if you are considering making the jump from accountant to advisor.

How to Navigate a Pay Cut and Career Change

Daniel May, CFP® — Tue, 04 Jul 2023 17:00:37 +0000

In this highlight, we discuss how to navigate a pay cut or career change.

Check out our free online resources to help take your finances to the next level!

Top Highest-Paying Virtual Jobs [Work from Home!]

moneyguy2023 — Fri, 03 Sep 2021 13:23:26 +0000

40% of Americans are planning to leave their jobs this year. So, where are they going? While a host of reasons has pushed many to make a career change, virtual work brought on by the pandemic has become a way of life for a some of this 40% – and they don’t want to go back to the office. If you’re considering remote work, this episode is for you. We share statistics on both the highest paying and the easiest virtual jobs on the market. Then we’ll weigh the pros and cons you need to consider before making the choice to say “no” to the office and take your job fully online.

In this episode, you’ll learn:

The top 4 highest paying virtual jobs
The top 4 easiest virtual jobs to get into
The pros and cons of working virtually
Workplace trends and headlines that may affect your decision

Research and resources from this episode:

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40% of Americans are Quitting Their Jobs! Should You?

moneyguy2023 — Fri, 16 Jul 2021 13:35:23 +0000

40% of Americans are considering quitting their jobs in 2021. Why is this happening? Let’s discuss how to tell when it’s time to find a new job or change careers. We’ll offer some practical self-assessment tools, along with tips on how to stand out from the crowd when applying to a new job. Get honest advice from two guys who have been on the other side of the hiring process a lot over the past few years!

In this episode, you’ll learn:

Why so many Americans are thinking about quitting
Important questions to ask yourself before you quit
Powerful self-assessment tools to help you make the wise career decisions
How to get the job you want

Research and resources from this episode:

Enjoy the Show?

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Top 6 Paying Side-Hustles in 2021! (Are You Ready to Make More Money?)

moneyguy2023 — Fri, 08 Jan 2021 12:00:00 +0000

There are two ways to build wealth: 1) Spend less, or 2) Earn more! Saving money is a popular financial topic, but today’s episode is dedicated to learning how to earn more.

We are in what’s known as the gig economy. It is more possible than ever to pick up a side-hustle that helps you hit your financial goals, like paying off debt, investing 20-25%, or bulking up your emergency fund. So, where should you invest your time and how much can you really make in the gig economy? Let’s talk about it!

In this episode, you’ll learn:

How a simple side-hustle can turn you into a millionaire
How to prepare for the unintended consequences of side-hustles
The pros and cons of 6 specific side-hustles you can start today
Factors to consider when deciding what side-hustle is right for you

Research and resources from this episode:

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Sign up for the Financial Order of Operation (FOO) Online Course!
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Turning Coronavirus Challenges Into Opportunities

The Money Guy Show — Fri, 24 Apr 2020 14:00:00 +0000

The coronavirus pandemic is causing great emotional, mental, and financial challenges for many Americans. Some things are out of our control; you may not be able to control whether or not you lose your job, but you can turn a challenge into an opportunity. You may not be able to control how much time you are forced to spend indoors due to the pandemic, but there are ways you can make the most out of your time. Here’s how you can turn several coronavirus challenges into opportunities.

Dealing with job loss

Millions of Americans have either temporarily or permanently lost their job in the past month. The economy remains shut down in many sectors across the country. Job loss from coronavirus has been unexpected and sudden. Nobody really wants to lose their job; if you disliked your job enough, you would just quit. However, unexpected job loss due to coronavirus could be turned into an opportunity for many Americans.

As many as 63% of people are unhappy with their job. These workers aren’t necessarily unhappy enough to quit, but they may be happier doing something else. It’s safe to say that millions of workers who just lost their jobs were part of that group. As bad as job loss is, it may provide you with an opportunity to explore interests that you wouldn’t have otherwise had.

If you aren’t sure when you’ll be able to go back to work, spend some time in quarantine exploring what you like to do. The average American changes jobs about 10 to 15 times in their life, and it is never too late to go back to school or try out a different career.

An opportunity to build relationships

Not many people enjoy being stuck inside, unable to go to restaurants, movies, or gyms, but your time in quarantine can be beneficial. You’ll likely be spending more time with the members of your household than you ever have. This can give you the opportunity to further build on the important relationships with the ones you love the most. Normally, you may only see your partner or other members of your household when you’re both home from work for a few hours in the evening. Spending most of your time together indoors gives you plenty of opportunities to re-connect and build your relationship, but don’t forget to take time for yourself in a different room from time to time. Extra time together is great, but you shouldn’t be together 24/7, no matter how much you love the other person.

Dealing with investment loss

If you have any substantial sum of money invested in the market, you’ve probably watched your investments decline in value over the past few months. It is never fun to watch your portfolio lose value, especially if you are closer to retirement, but now is a great time to re-evaluate your investments. Start by comparing the return of your portfolio to the return of the market; if your portfolio went down more or the same as the market, you may need to re-evaluate your risk tolerance. A well-designed portfolio should capture most of the market upside, but not as much of the downside. For example, if your portfolio captures 80% of the market’s gains, in an ideal world it should capture less than 80% of the market’s losses.

It is easy to have a high risk tolerance when the market is going up, but more difficult when the market declines. If your portfolio recently dropped more than you can stomach, you may need to re-evaluate your risk tolerance.

The market downturn makes an even stronger case for investing early and often. You may not be able to time the market, but you do have the chance to invest money into the market at a price lower than it was a few months or even a year ago. Bull markets are normally substantially longer than bear markets, so when a bear market does come around it can be a great opportunity to invest at a lower cost than you would have otherwise.

Many Americans are facing more financial adversity than they ever have, with job loss, the market downturn, and the closure of many small businesses. Our latest show, “5 Ways You Can Overcome Financial Adversity During a Pandemic!,” provides you the tools needed to overcome that adversity. Watch it now on YouTube below.

5 Ways You Can Overcome Financial Adversity During a Pandemic!

moneyguy2023 — Fri, 24 Apr 2020 12:00:00 +0000

Hardship is, unfortunately, a part of life. Whether it’s an economic downturn, losing a job, or the loss of a loved one, how we handle these situations can change our lives forever.

We know the gravity of what it’s like to be hit with adversity. Even though we tackle some serious subjects in this episode, Brian wanted to title it “Victory from the Jaws of Defeat!” Let’s talk through personal stories and tried-and-true strategies for persevering through a negative situation and coming out stronger on the other side.

Research and resources from this episode:

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Changing Jobs? Here Are Your Options for Your 401(k)

moneyguy2023 — Fri, 26 Jan 2018 18:43:35 +0000

?With the average person now holding 11.7 jobs over the course of his or her career, according to the Bureau of Labor Statistics, there is a good chance that retirement plan assets get left behind.

If you have ever wondered how best to take your 401(k) assets with you when you switch employers, tune in to this week’s episode of The Money Guy Show.

In this week’s show, we not only cover how to take your retirement plan assets with you when you make a career move, but we also address ways to recover retirement plan assets you may have abandoned, and how to maximize the opportunities you have with your employer-sponsored 401(k) retirement plans.

Here’s what’s in store in this installment of The Money Guy Show:

Understand the unique benefits of 401(k) plans
The three things you can do with those previous employer retirement plans
Ways to identify and recover abandoned retirement plan assets
The steps you can take (proactively) if a job change is on the horizon
How to assess which option makes the most sense in your situation
Perspective check! Tips on keeping your focus on your financial well-being and not falling into the comparison trap

Tune In and Go Beyond Common Sense with the Money Guys

This show would not be what it is today without the support of our wonderful listeners. We strive to continue making the show better, and your feedback is an important part of that process.

If you have any questions/suggestions/comments/concerns (or just want to say hi!), feel free to reach out to us: brian@moneyguy.com and bo@moneyguy.com. You can also join the conversation on Facebook or connect on Twitter @MoneyGuyPodcast.

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3 Steps to Take When You Ask for a Raise

The Money Guy Show — Fri, 21 Aug 2015 17:00:27 +0000

Asking for a raise is one of the most simple and effective ways to increase our earning potential. Yet, how often do we make that ask?

Are you guilty of letting the fear of rejection get to you? Does talking money and compensation with your employer make you nervous?

It’s time to put those fears aside. If you don’t ask for a raise and negotiate for what you’re worth, you risk missing out on increasing your income. Taking the following steps will help ease your concerns about how to ask for a raise.

First, Understand the Process

At its very core, asking for a raise is just a matter of business. All employers should expect their employees to inquire about more money at some point during their career. Just as it’s foolish to accept a job offer without negotiating, it’s foolish to think raises will fall into your lap.

Instead of building up bad scenarios in your head, and thinking about how much of a disaster asking for a raise could be, rationalize it. If you’ve been making progress at your job, taken on more responsibility, and contributed value to the company, you’re not out of line for asking.

How much you ask for, of course, is another issue (but we’ll get to that). For now, you need to mentally prepare yourself for the meeting — which you need to ask to have, unless a review is coming up. Schedule a time to talk with your supervisor, and then prepare.

1. Prepare the Proof

Once you’ve got a date set with your boss, you need to prepare the proof you actually deserve a raise. This is necessary even if your manager knows you’re a great employee, or even if you’ve received recognition for your work.

Why? Depending on the hierarchy at your job, your manager might need to ask their boss or HR for your raise. You want to make this as easy as possible, and they’ll be able to use your proof to make a case.

First, you should be keeping track of any praise you receive. For most people, this comes in the form of an email. Make a folder in your email specifically for this purpose. Save any emails from customers or colleagues complimenting your work. You’ll want to document hard numbers and any kind of metrics you can use to show growth and progress thanks to your work, too!

Second, prepare a list of ways you’ve improved since your last review. Be as specific as possible, and note any important achievements or increased responsibilities. This is going to look different for everyone depending on the type of role you fulfill at your job. Don’t brush off accomplishments that seem trivial to you. Include anything that shows you’ve made a valuable contribution to the company.

Third, you’ll want to get some hard numbers to know how much of a raise to ask for, and what’s appropriate to ask for. When you come to a meeting to ask for a raise, you want a hard number in mind that you can propose.

You can do some research ahead of time by compiling salary data from sites like glassdoor.com, indeed.com/salary, and salary.com. These sites will tell you the average amount people in your position and in your area are making.

2. Have the Meeting

Time to make the ask? Stay calm and be confident. In a way, you can treat this like another interview.

You’re trying to showcase the value you’ve brought to the company since you’ve been there. You’re proving to your boss that you’ve grown in your position, and are subsequently worth more to the company. It’s time to be compensated for that appropriately.

Be diplomatic, but go with the culture of your workplace (i.e. don’t be too formal if that would be out of the norm). Present the hard data you compiled that shows how your work has benefited the business. Discuss how far you’ve come, highlight your strengths, identify what your weak points are and what steps you’re taking to improve on those weak points, and cite how much your coworkers and customers value you.

When it’s time to talk numbers, state what you’re looking for — and don’t be nervous! This is why you did your research: so you could state your case with confidence and know you’re making a reasonable offer.

3. Evaluate the Aftermath

Your meeting can go one of three ways:

You get your raise, exactly what you asked for. Great!
You get a raise and it’s not as much as you hoped for, but you did increase your earnings.
You don’t get any raise at all.

If you’re dissatisfied with the second or third outcome, and know you deserved more, you have some choices to make.

How important is earning more to you? Will it make a huge difference in your ability to accomplish your goals? Are you grossly underpaid?

Do some soul searching and figure out if you can stay at a place that’s not willing to pay you what you’re worth. Sometimes you have to move on to another company that’s willing to do that.

Business is business. Companies are going to look out for their bottom line, and you need to as well. If you’re not happy, start looking to your network for new opportunities. Send your resume out and go on a few interviews to see what you could potentially earn elsewhere.

Of course, you don’t need to take drastic action. You can politely ask for feedback — what does your boss feel is necessary to see before you can earn a raise? You can also ask if you can schedule a review in another six months, and open negotiations for higher pay at that time.

Ask for That Raise!

So what are you waiting for? Prepare the proof that you’re worth more, schedule the meeting, and ask for a raise with confidence.

If you enjoyed this post, you’ll love free access to more content from The Money Guys. Check out our free resources here!

5 Ways to a Happier Financial Life

moneyguy2023 — Fri, 10 Apr 2015 17:00:04 +0000

This week on The Money-Guy Show, Brian and Bo review a piece from The Wall Street Journal’s Jonathan Clements. Clements shares the 5 keys to living a happier financial life in his recent article from a Sunday edition of WSJ.

Who doesn’t want to learn how to live a happier financial life? Money can be the cause of so much stress, but financial success isn’t as complicated as some think it is. Read on or listen in to find out what you can do to be happier.

Commuting Is a Huge Waste of Time

The first point Clements writes on: commuting destroys our happiness. Many of you can probably relate! Who enjoys being stuck in traffic for hours on end?

Clements cites a Swedish study that concluded longer commutes increase the risk of couples separating by 40%. He concludes the trade-off of dealing with a stressful drive into the city for a larger house in suburbia isn’t worth it.

Have Humility When Investing

Clements highlights that, as investors, we need to have humility. So many get caught up in trying to beat the market — but remember that “before costs, we collectively earn the market’s return.”

There’s also the issue of encountering high internal expenses when actively trading, although Bo and Brian note that fees have been decreasing over the past few years. They’re no longer the end-all-be-all when it comes to choosing what you invest in. Be smart about it.

Focus on Lowering Fixed Expenses

Clements says a third of the money typically spent in a household goes toward housing. By keeping housing and transportation costs down, we’ll have more money to spend on discretionary expenses, and we’ll be able to save more for retirement. Ideally, housing shouldn’t be more than 25% of your gross income.

Spend Money on Experiences

The guys are huge fans of spending on experiences rather than things, and couldn’t agree more with Clements on this point.

Brian touches upon the fact that when loved ones pass, we’re only left with memories. Similarly, when we pass, we can only take our memories with us. Make them count!

Don’t Work Just for a Paycheck

We all need to get paid, but working solely for a paycheck can be draining when you hate your job. Plus, what we enjoy doing early on in life might not make us happy later on.

Going back to the previous point, if we keep fixed expenses low, we can save enough to retire early, or at least take a paycut to transition to a better job in the future. Brian and Bo recommend doing what you love so it never feels like you’re working.

What Are You Doing to Live a Happier Financial Life?

These 5 keys to living a happier financial life aren’t extreme or hard to live by– they’re common sense. If any of these issues resonate with you, then maybe it’s time to make a change so you can increase your happiness.