Using Social Networking to Find a Job in a Tough Market

With so many  people without jobs these days, it can be very difficult to compete in a market that is filled with quality talent. Jobs may not even be posted in the traditional venues, so social networking can help you stand out and find out about jobs in an otherwise difficult market.

Social networks like LinkedIn and Facebook can connect you with friends, classmates, family, past and present coworkers, and even companies. By expanding your network and making it known that you’re looking for a job, you can often times find a job faster by relying on people you already know. If a job is available these people that know you, your experience, and your work ethic could be your best resources.

LinkedIn, which is the leading social networking site for business relationships, would be my first choice for expanding your social network.  Start by building a complete profile of your experience, strengths, work history, and any other information you can think of. Then start searching for your connections. You can search by name, company, university, and more. Connect with as many people as you can. Connect with anyone that you know, whether they are former coworker, friend, family member, or former classmate. When you’ve started building connections, that will help you build more because you can then see the connections of your connections. Then spread the word that you are looking for a job and describe briefly what you’re looking for. LinkedIn lets you send messages through the site, or you can email your contacts directly.

If everything works out, hopefully one of your contacts will know of a job that you can apply for. If not, keep expanding your network and keep looking. If you’re not having luck on LinkedIn, try Facebook. It’s more designed for connecting with family, friends, and classmates, but there are more users on there so it will improve your chances. The most important part is to just be diligent and patient.  You will find a job, and even if social networking doesn’t help, there are many other ways to help you.

An Interesting Look at the Bailout

I came across this video on CNN Money and thought it was a nice summary of how messed up the initial bailout was. No one seemed to know what was going on and still $700 billion in taxpayer money was allocated for it.

The Ballooning Bailout

Resolutions for the New Year

I’ve never been much for New Year’s resolutions, but they are a great way to set yourself on the track to make some changes in your life in the coming year.  People resolve to lose weight, exercise more, be more wise with their money, any number of things. This year I am going to set a few resolutions for myself and thought I’d share my thoughts on some that I feel could be more worthwhile to those that resolve to do them.

Pay off debt- This is one anyone with debt should resolve to do. Resolving to pay things off and eliminating your debt is the best gift you can give yourself.

Improve financial situation- Whether you need to start saving, get insurance, build an emergency fund, or simply budget your money, this is a great way to get started. A resolution like this could get you on track to being where you should financially and will improve your way of life and decrease your stress levels.

Be more healthy- Without your health, money means nothing. After all, you can’t take it with you. I know many people don’t follow through on these resolutions, but they are the most important. Set reasonable goals for yourself. More exercise and eating more healthy will extend your life and improve your quality of life.

Spend more time with loved ones- It is important to spend time with those you love and if you’re the “workaholic” type then you may need to make this resolution. Set time aside to spend with those you love.  An improved family life will make you a happier and more well balanced person.

Learn new things- Resolving to learn new things will challenge you and expand your horizons.  You’ll give yourself a new way to spend your time and make yourself more interesting at the same time.

Year End Reflection

With less than a week left in this year I thought it would be good time to give an update on how my wife and I are doing with our quest to get out of debt and improve our financial situation. We’ve worked very hard this year on our “Debt Snowball” and have been using Dave Ramsey’s methods to improve our financial health. We got married a little over a year ago and knew it’d be long road to get rid of our mountains of credit card and student loan debts, but we’re making a lot of progress and should be debt free by the end of next year if all goes according to plan.

This year we’ve managed to pay off about $25,000 in debt, including 2 credit cards, a car loan, 1 student loan and a part of another. The only thing left to pay off is the rest of that other student loan. We also bought our first house together this year. I know what you’re thinking, why’d they buy a house when they still have debt, but we decided to take advantage of great housing prices in our area and buy a house we can actually afford. We couldn’t stand living in my mother’s basement any longer!

We’ve worked very hard and sacrificed quite a bit to be able to pay that much off.  The Lord has blessed us tremendously, and I’m convinced that many of those blessings have come because we’ve been faithful in our tithing.

If you you’re thinking about getting on the track to financial freedom, now is the time to start. It may seem like a  huge mountain to climb, but take it from me, you can get there. It may take a long while, and you may have to do some serious sacrificing, but it can be done and you’ll feel so much better when you’re done. I’m not even done yet, but the progress we’ve made has me energized and ready to be debt free.

Saving Money on Coffee

I’m not a coffee drinker, but I saw this article and it reminded me of how much we spend on habits like picking up a coffee on the way to work. “The Java Dilemma: Saving on Coffee in Tough Times” suggests some alternatives to buying that morning coffee, even the fancy ones.  Buying your own machine, coffee, syrups and other ingredients you need to replicate the fancy ones will not only cost you less, but you can have even more for less. The article recommends different coffee makers and methods for making the coffee you crave.

My wife had a habit of buying some sort of steamed milk at Starbucks and it was costing about 3-something for each one. She bought some syrup and now its not costing much at all. She is saving us money and still getting her “fix.” Even the more difficult coffee creations are fairly easy to make with a good machine. Teach your kids how you like your coffee and you may even get it made for you! I used to make espressos for my dad when I was younger.

It just goes to show, there are ways to save money and you don’t really have to give your habits up completely. It may not be as convenient, but it is worth it when you see how much you can really save.

Free Tool for Managing Your Money

I came across a site today that I think will be very useful for many people. Mint.com is a free, online, money management software that helps you track your finances and shows you your spending habits. I was especially impressed by the “Why Use Mint” section that emphasizes getting out of debt by paying off credit cards, student loans and spending less on the non-essentials.

The Mint.com software lets you enter your banking and investing accounts and it automatically downloads the info from these accounts. It will show you where you’re spending your money and where you could be saving money. I think the best part is that it is accessible anywhere.

You may be asking, how can this be free. The answer is that they will offer you savings to switch banks or to other providers that will save you money. They sometimes make a commission if you switch. They claim their recommendations are unbiased regardless of whether they get any sort of commission.

I think that it is worth checking out, especially if you’re struggling with your money management and don’t want to pay for other financial management software.

All Your Eggs in One Basket

I was just reading an article about how Bernard Madoff swindled $50 billion from investors. It is sad that someone would want to take advantage to so many people.  It is also sad that some of these people had put all their investments with this guy.  When it comes to investing, diversity is key. I am now convinced that not only should you diversify, but it maybe a good idea to keep your investments spread across a few different holders.

The old addage, “don’t put all your eggs in one basket” says it all in this instance. It is not a good idea to trust one person or entity with all your savings. What would you do if all the money you had worked so hard to save was suddenly gone? You’d probably have to work the rest of your life instead of enjoying your golden years. So be wise. Invest with reputable companies and through several companies. Keep your investments diverse and pay attention to your your investments and you should be able to recover should someone con you.

Planning for the Future

I have been on a work conference call all morning. The purpose of the call is to do some planning of our projects for the next quarter. It reminded me of how important planning is. Especially planning for your future.

Being prepared for life is the most important thing you can do. Bad things sometimes happen. Jobs are sometimes cut. Someday you want to retire. Make sure you’re prepared for the things that may come along, because after all, life happens.

Where will you be sitting financially when you’re 65? Will Social Security even be around to take care of you? Are your loved ones taken care of if something bad should happen to you? These are just some of the questions you should be asking yourself as you prepare for the future.

Here are some things you should be looking in to to prepare for your future if you haven’t started already:

Emergency Fund- I’ve said it many times and I’ll continue saying it, having an emergency fund is essential. Having about 6 months worth of expenses in savings will really help should anything unexpected happen. You never know when you’ll lose your job or you’ll need emergency surgery or something else that can break a person if they aren’t prepared. Plan ahead and protect yourself from Murphy’s Law.

Insurance- Having good term life insurance is very important in the event that something happens to you. Where would your family be if you were suddenly dead? Would they be able to get by without your income? Would they be able to afford the house you live in? Having roughly 10 times your annual salary in term life insurance should help them be able to pay off the house and live for a few years while they deal with your death.

Retirement Planning- Everyone looks forward to retiring one day. You’ll have spent many years working hard and providing and one day you’ll want to relax. If you haven’t planned ahead for retirement, you may never be able to retire. Start saving now so that when its time to retire you’re prepared. Use the 401ks offered by your company. Use Roth IRAs. Set aside about 15% of your salary each month so that it can grow and you can use compound interest to reach your retirement goals. Also, if you haven’t paid off your house yet, I highly recommend doing that. How much could you put in savings if you didn’t have to pay your mortgage anymore?

Planning ahead is the key to your financial health and being prepared will allow you to enjoy life and reduce financial stress.

Buying Furniture

My wife and I are going to buy some bedroom furniture instead of Christmas presents this year. We’ve been looking around at furniture stores and have realized that there are big differences in quality of furniture. We’re debating whether to go to the budget furniture store and buy the pieces that look nice now but will probably not last as long as the nicer, more expensive options. We’re leaning toward buying the nicer stuff, but the price difference is very large and we’re just not sure we can justify it.  Of course, we’d pay cash, but it would take more saving to pay for those. Neither of us has really bought furniture before so we’re looking for some input. Anyone have any suggestions?

Back to Business

I just returned from a trip to California to visit family.  I wasn’t able to do much posting other than those that I had written ahead of time. So now I’m back and I’ve got to get my blogging brain moving again.

While I was in California I stopped by the mall one day to see if I could find a board game. The mall was completely packed out.  People were out doing all their Christmas shopping and it became very difficult to see the hard times that we keep hearing about in the news. I became a bit concerned, realizing that with so many people struggling, surely some of the people I was seeing, probably many of them, were going in to debt to pay for all the gifts they were buying. I couldn’t help but wonder how life will be in America when we make our way out of the hard times. Will we learn from our mistakes? Will we go back to living off our credit cards and buying things we can’t afford? I wish there were a way to educate more people and convince them that there is a better way to spend their money and ensure that they wouldn’t go back in to the nasty habit of living off credit and not being wise with their money.