Jamie's Career Tip of the Day

Jamie's Career Tip for this Friday is...

Try to avoid office gossip. It always gets back around and will hurt your credibility no matter what position you are in. If you are having problems with a colleague pull them aside one-on-one and try to have a calm conversation stating facts never attacking them personally. If for some reason this doesn't work then go to management. My biggest tip is give everyone the benefit of the doubt ... you never know whats going on in their lives and 99% of the time their bad attitude has nothing to do with you. "Don't Sweat the Small Stuff" is a great book to help you with these instances.

The Next Move For Your Workplace Retirement Plan

These are times that find many people moving on from their jobs, sometimes by their own choice and sometimes not. If you’ve left your job or may be doing so soon, you might be wondering what to do with the retirement savings you’ve accumulated through the plan sponsored by your employer (such as a 401(k) or 403(b) plan).

 

 

 

You have four basic options:

• Take a cash payout
• Leave the money in the former employer’s plan
• Move it to the plan offered by your new employer
• Roll the dollars into an IRA

Cashing in

Some are tempted to take the cash payout.  Though enticing, this option should almost always be avoided.  The distribution will generally be treated as ordinary income and subject to mandatory 20% federal tax withholding, and, if you have not yet reached age 59-1/2, subject to a potential 10% penalty for early withdrawal of qualified retirement plan assets.  Unless you’re desperate for cash and all alternatives have been exhausted, cashing in on your retirement savings plan is costly and unwise.

 

Keeping money in an employer’s plan

If you feel comfortable with the investment choices offered and are familiar with how it works, you might consider leaving your money in your former employer’s plan.  Keep in mind that your money will be subject to the rules of the plan in terms of provisions related to investment options and withdrawal options. In effect, you will probably have less control over your money than if the funds were rolled into your own IRA.

 

Some people like the idea of rolling retirement plan dollars to the plan offered by their new employer. This option offers the convenience of having all of your workplace retirement plan dollars in one plan. However, there still may be limitations with the plan. Be sure you are confident that the new workplace plan gives you enough investment flexibility to make the most of your retirement savings.

 

Rolling it into an IRA

An alternative approach is to roll money from your former employer’s plan into your own IRA account. An IRA typically offers you the ability to put your money to work in a wide variety of investments, including individual stocks. You generally have a fair amount of flexibility to move money from one investment to another.

If you decide to roll your savings from a workplace plan to an IRA, make sure the transaction is a direct rollover from the retirement plan to the IRA custodian. A distribution paid to you raises a number of possible tax implications, such as mandatory 20% withholding on the distribution. Be sure to consider any benefits that may be lost during a rollover, such as the favorable tax treatment for appreciated employer stock held in a qualified plan.  If you are considering a rollover, you might also want consider a Roth IRA. A Roth IRA creates the potential for tax-free withdrawals from your IRA savings in the future, which could greatly enhance your long-term financial security. However, converting to a Roth IRA is generally taxable as ordinary income, so you have to weigh your options carefully to figure out what’s in your best interest. Talk to your financial and tax advisors to determine the best option for you.

 

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Renée A. Hanson, CFP®, CEP®, CDFA™, CFS, is a private wealth advisor with Hanson, Ayala & Associates, a private wealth advisory practice of Ameriprise Financial Services, Inc. Her passion is in helping women achieve their dreams and financial goals, regardless of life’s many obstacles. Renée is licensed/registered to do business with U.S. residents only in the states of AZ, CA, CO, GA, IA, IL, MI, MN, MT, NH, NJ, NM, NY, OH, PA, SC, TX, VA, WA, WI. Please visit: www.reneehanson.com to learn more.

 

Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.

 

© 2010 Ameriprise Financial, Inc. All rights reserved.

 

 

Jamie's Career Tip of the Day

Jamie's Career Tip of the Day:

 

The best tips for having a great resume: ensure no spelling or grammar errors, be careful there is plenty of white space (blank space on the page with no content for quick and easy reading) consider using a summary of qualifications and always modify your resume for every job posting. I also recommend listing your LinkedIn profile link to give employers the opportunity to read your recommendations written by current and previous colleagues.

Jamie's Career Tip of the Day

Today's Career Tip from Jamie:

 

While interviewing for a position always have questions prepared for the interviewer. Ask about a typical day, or why they like working for the company but never ask about salary! You are interviewing them as much as they are you, employers need to ensure you fit the company culture.

Tips for Coping with Disappointment

Things don’t always go as expected so it’s helpful to have a backup plan.  These six tips will help you to stay positive when the inevitable disappointments in life ¾job, home, relationships ¾come your way.

1.       Practice patience

Patience involves accepting difficult circumstances with strength and dignity, rather than becoming mired in anxiety and fear. Anxiety is generated when you ruminate over the past or feel apprehensive about the future. Neither is helpful since the past has already occurred and the future is yet to come. Staying patient with what is, right now in the present, helps you to identify your resources and gather your energy.

2.       Take responsibility

Avoid blaming yourself or anyone else for what has happened. Attempt to identify the lesson from the experience that you can carry forward into making your future the best it can be. Minimize complaining and fretting because they waste time, create a negative mind-set, and cause you to feel helpless.  Accept full responsibility for what has occurred primarily because this places you in a position of power. You are in charge of what happens next.

3.       Be grateful for what is going right

Trouble rarely affects all areas of your life at the same time so recognize what is going right for you. Gratitude is a powerful emotion which keeps you from moving down a path to depression. If you’ve lost your job or are having difficulty finding one, practice feeling grateful for your family, friends, and  home.  Notice when you are minimizing the positives in your life and over-emphasizing the negatives. Keep perspective and balance.

4.       Recognize that change is inevitable

One thing you can always count on is change. Nothing in your life stays the same for very long so when you are feeling disappointed about an event in your life, know that change is on the way. If you feel that this is a disappointment which may be challenging to overcome, look back and consider all the changes, big and small, which you have weathered in your life. Each change, disappointment, and obstacle has brought you to where you are today.

 

5.       Stay connected

In times of stress it is tempting to isolate and avoid social contact, with those you live with as well as those in your broader social circle. You may not feel like socializing but in stressful times it’s important to stay connected. Start with small things like smiling at the person you pass and make eye contact with. Notice others, what they are doing or wearing, and make a pleasant comment. Don’t hold your disappointment inside but share it with those closest to you.

6.       Remain focused on your goals

Above all, stay clear about what your ultimate goals are. This setback is temporary and will pass. When you keep your eye on your objectives you are open to opportunities that will inevitably present themselves. You’ll be less inclined to miss any new prospects to improve your situation. Remember that when one door closes another one opens but it’s up to you to keep your eyes open and look for it.

 

Using these six tips will help you to stay positive when you are coping with disappointments. It’s easy to be positive when life is going well, but staying positive during challenging times shows resilience. It indicates that you can turn disappointments into opportunities!

Ellen Diana is a psychologist, author of the Lucky Dreamer Tip Series, and co-author of the Charge up Your Life series of self-help books. She has 30 years’ experience working with children, adults, couples, and families in schools and in private practice in Scottsdale, Arizona. Helping women to evolve into their best selves through personal growth and self-awareness is a passion of hers. Ellen raised three successful children as a single parent and so has special interests in mentoring other women in transition and helping parents to raise resilient children. Contact Ellen at drdiana@ellendiana.com or through her website www.ellendiana.com

 

The Benefits of a Job Search Mentor

Reposted from MSN.com

Job searching can at times get lonely. Spending hours browsing jobs, interrupted by the occasional interview, can make a job seeker feel a bit isolated. It would be nice to have someone to go to for advice or inspiration or to bounce ideas off of. While friends and family are always there to help, they aren't always objective, and if they aren't experiencing what you're experiencing, it may be hard for them to relate.

If you're in this position, consider finding a job-search mentor -- someone whom you know professionally, you look up to and you can count on for valuable advice. Beyond being a sounding board, mentors can provide guidance in what can often be a confusing and frustrating process. "Professional mentors can provide support, encouragement and career-related guidance while identifying and maximizing networking and career-exploration opportunities," says Lynne Sarikas, executive director of the MBA Career Center in Boston.

Breaking down the benefits
David Sanford, executive vice president of client relations at staffing firm WinterWyman, shares the following advantages to having a job-search mentor:

·         You get a second set of eyes on your job-search strategy. While keeping your view and perspective in mind is most important, having someone in the boat with you that you can rely on and trust to steer you in the right direction will double your odds for success.

·         You'll increase your networking opportunities. Not only do you have your own network readily available to you, but your mentor can open up his network, expanding your connection base and increasing your visibility and career possibilities.

·         You'll receive objective advice. Your mentor should be someone who isn't afraid to hurt your feelings by telling you when you're heading in the wrong direction or playing the wrong hand. A good mentor will give you support when you need it but isn't shy about giving you a wake-up call when you're in danger of going down the wrong path.

Seeking out a mentor
If you aren't sure whom to ask for help, Sarikas suggests tapping someone with more experience and in a field in which you aspire to work. By connecting with someone who has been in the working world for a longer of time, you can learn from that person's experiences -- both successes and missteps.

Consider contacting an old boss with whom you had a strong relationship or a colleague at a past company whom you admired. And it doesn't have to be someone you know well; if you hit it off with someone at a networking event, don't be afraid to reach out for his help. You might get the most impartial opinions from him.

Maximizing the relationship
There's no point in having a job-search mentor if you don't maximize the relationship to its full potential. Sarikas, who serves as a career coach to students, shares the following guidelines for getting the most out of your mentor:

·         Be considerate of your mentor's time. Return phone calls promptly, and arrive on time for meetings.

·         Assume the relationship will be strictly professional. Let the mentor take the lead in making it more personal if desired.

·         Seriously consider all advice that you receive. Be open to constructive feedback, and seek it whenever possible. Do not get defensive.

·         Show evidence that you have used the assistance offered, and show appreciation for any and all assistance provided.

·         Look for opportunities to give back -- share a relevant article, offer to assist with a new technology or refer a qualified candidate.

Everyone is a job seeker at some point in his life, so most people will be willing, happy and flattered to help others out in their job search. Who knows -- you may be tapped to be a job-search mentor one day.

Jamie's Career Tip of The Day

Today's Career Tip from Jamie:

Sitting in front of a computer applying for jobs on super sites is the least likely way to find  a job today. You need to step out of your comfort zone and push your limits. You cannot grow professionally if you do not try something new. Get up, get out and attend workshops and networking events.