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By Kevin M
 There was controversial article out last week, How a Former Currency Strategist Went from $150K/Year to Serving Lattes at Starbucks (Yahoo! Finance), and it’s one of those stories that we all have an opinion on.
At age 38 this guy was working at an investment firm making $150,000 as a currency strategist (what ever that is!), and was living the good life complete with “$200 steak dinners”. Today, he has a $9.70 an hour job at Starbucks, the good life is gone, and he has had to pawn possessions and tap into his 401K plan just to survive.
Before we go passing judgment on this man, I think we first need to stop and consider that what happened to him could happen to any of us. I’ve said many times on this site that in today’s economy the loss of a job often means the loss of a career, and he is an example.
What’s most important for all of us is that we learn from his experience. In the past few years millions of people have had a similar experience, falling from a high income occupation to none at all. It’s the nature the economy in the 21st Century—employers are learning how to survive and grow with much smaller payrolls.
Preparation should be the takeaway, and the best time to prepare for any crisis is always before it happens; here are some suggestions…
Never assume this can’t happen to you
Continue reading How Prepared are You for a Career Crisis? →
By Kevin M
 One of my regular readers left a couple of comments on my Easter post, The Promise of Easter, that were deep enough in scope that I thought it best to respond to it with a full post rather than with just a comment. The subject of her question is just that important.
One thing before we get started: this is a BIG topic, so this will be a LONG post. Anyway…
“What about doing some research to see how folks are using their FAITH to deal with the recession – whether they have an income or don’t…How to not give up when you get tired of stressing over income generation and feeling something is wrong with you…?”
Angela has been dealing with the unemployment issue for at least three years. Most people see unemployment as mostly a statistic—one the government confidently and regularly reports is getting better. Those statistics, I believe, mask much bigger issues. The number of people who are chronically unemployed, or chronically underemployed, is well in the millions and the options for these people appear slim.
The real story on unemployment
Continue reading What to do When You’re Unemployed Long-term →
By Amanda Green
 As this harsh economy still finds many of us on the job search, it certainly can’t hurt to take some time and think about potential opportunities out there that you hadn’t previously considered. There are many uncommon or unconventional jobs with relatively high annual salaries that are worth looking into. Unfortunately, many of them require very specific skill sets, like an acrobat or a gymnast, and if you, like most of us, have no previous experiences as such, then you’re all but out of the running.
However, there are some jobs out there that require relatively little to no direct experience that often have similarly high incomes. Here are three of jobs that most people don’t often consider.
Continue reading Three Unconventional Jobs with Potentially High Incomes →
By Kevin M
 You have a job to make money, right? On the surface, that’s what seems to be happening. But just like any money making venture, there are costs incurred to produce that income. Most of us don’t think of these as business expenses, and the IRS won’t even let us deduct most of them to prove it. But that doesn’t mean that jobs don’t cost money—they do.
One of the misconceptions about having a job is in thinking you aren’t in business—you are. And just like any business, you have income—your salary—and expenses, which we’ll cover in some detail.
Even if you have a job, you’re still in business, only with a job your income comes from a single client.
What are those costs?
Continue reading How Much is Your Job Costing You? →
By Kevin M
I’ve been writing a good bit in the past few weeks about the virtues of self-employment, based heavily on my own experience in turning this blog into a primary income generating venture. I believe that being self-employed may now be the new preferred way to “creating a career”, as opposed to the more traditional route of jumping on the corporate ladder—mainly since the ladder no longer seems to exist.
Today I want to take a look at contracting, since it’s become an increasingly common path into self-employment. For the record, I’ve done a good bit of contract work over the past few years so I won’t be talking (OK, writing…) hypothetically. And I still do take on contract work under the right circumstances.
OK, so you enter a contract arrangement—they have you sign a thick contract filled with rich legalese, they aren’t going to withhold taxes, you’ll be issued a 1099 at the end of the year (instead of a W2) and you’ll be required to file a Schedule C—Income from Self-employment, on your income tax returns. Wow, you’re self-employed now, right?
Not necessarily. And maybe not at all.
Many contract arrangements have nothing to do with self-employment. They’re mostly watered down jobs that have close to zero chance of ever being converted into entrepreneurship of any kind. They can be a trap if you take them on, thinking it’ll make you self-employed. No only will you not be self-employed, but you’ll be only minimally employed at that. It’s important to know when a contract arrangement really is a form of self-employment and when it’s something else.
Continue reading Is Contract Work REALLY Self-Employment? →
Guest Post
 The single defining factor of the 21st century job market will be automation. Technology is driving us to a point where human hands and minds are no longer needed for a wide variety of relatively simple tasks.
Once upon a time your average high school graduate could find steady work in a factory. Those days have been mostly over for years, and for the last several decades the once-optional college degree has become the key to finding work. But as we enter a new century, it’s becoming abundantly clear that a degree itself is not enough. Ambiguous higher education simply doesn’t cut it anymore in a world where automation is cheaper than paying someone a salary.
Higher education needs to be specific—and technical
Higher education was once merely a metric for judging someone’s ability to stick to something, at least for the most part. It’s different now – those two-to-ten years spent in school better have been used to study something that made you something of a computer yourself, a finely-tuned workhorse that can perform at something very specific very well. The reason being is that when it comes to the automation of labor, the most simple and easy-to-replicate jobs have been the ones that computers and machines have replaced.
Continue reading The Future of the American Job Market…is Technical →
By Jessica Wagner
 Many schools online offer a liberal arts degree preparing graduates to later become career counselors. Career counseling could not only save others financially, but help them live the financial lives they have always dreamed of living.
Unfortunately, several traditional colleges today either offer limited career counseling services or none at all to their post-grads. This leaves grads searching for employment on their own through various online search engines.
Every job hunter’s dilemma
Continue reading Attend Schools Online to Become a Better Career Counselor →
By Kevin M
 You read that first word right—RISKS—as in something to lose! Historically risk is not a word normally associated with a college education, but this isn’t history—it’s the big, bad now and the rules have changed.
Not only is the cost of a college education much higher than it’s ever been (and rising relentlessly), but the ways people are paying for it are farther out there on the danger scale. And the jobs that once reliably awaited students upon graduation don’t seem to be there in either number or compensation. To paraphrase a well worn cliché, this ain’t your father’s college education.
The college game is changing. A number of factors have developed that have turned the one time ticket to the good life into a high risk proposition. I’ve identified five and you could probably cite a few others.
Continue reading 5 RISKS to getting a College Education →
By Kevin M
 Does anyone work a 40 hour work week anymore? You know, the comfortable, predictable “9 to 5” that we often complained about during more certain times? Apparently fewer employees than ever still have this luxury, and if current trends continue, fewer still will have it in the future.
An article by Seth Fiegerman on Yahoo Finance earlier this month, The End of the 40-Hour Work Week confirms these changes in work schedules and the forces behind them:
“Higher-level workers are increasingly being asked to put in 50 hours or more a week…while lower income workers are often forced to work fewer hours but at jobs with irregular schedules, according to a comprehensive report from the Center for American Progress…Driving these changes…are companies turning lower-level full-time jobs into part-time employment to cut costs, savings that come at the expense of workers — and their families — losing the traditional schedules and financial benefits that come with full-time employment.”
The typical work schedule has become more erratic and the neat, predictable 40 hour work week is fast fading into the dustbin of history.
Continue reading What Happened to the 40 Hour Work Week? →
And one college’s “Employment Pledge” to ease the transition
Guest Post by Philip Reed
 Even at the best of times, mounting a job search can be intimidating and often, disheartening. With today’s unemployment numbers and still shaky economy, a job search can be downright terrifying.
It’s important that you don’t let the whole process of it overwhelm you by taking it one day, one resume, or one interview at a time. If you can remain focused on the individual tasks required you will present yourself to prospective employers in a far more confident and positive manner. The more confident that you appear; the higher your chances are for a successful interview and—ultimately—a job offer.
New college graduates
New graduates are facing a difficult road in getting that first job. If you’re just out of college, or will be in the next year or two, your major area of study will be a critical factor in both how quickly you land a job and how much you will earn.
Continue reading Staying Focused During the Job Search →
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General: Any information in regard to money, credit, personal finance, or in regard to any other monetary topic, provided or shared on OutOfYourRut.com is presented for information and entertainment purposes only and does not constitute financial advice. It is intended to provide general information only and does not constitute personal financial advice in regard to your specific circumstances...MORE-->
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What to do When You’re Unemployed Long-term
By Kevin M
One thing before we get started: this is a BIG topic, so this will be a LONG post. Anyway…
“What about doing some research to see how folks are using their FAITH to deal with the recession – whether they have an income or don’t…How to not give up when you get tired of stressing over income generation and feeling something is wrong with you…?”
Angela has been dealing with the unemployment issue for at least three years. Most people see unemployment as mostly a statistic—one the government confidently and regularly reports is getting better. Those statistics, I believe, mask much bigger issues. The number of people who are chronically unemployed, or chronically underemployed, is well in the millions and the options for these people appear slim.
The real story on unemployment
Continue reading What to do When You’re Unemployed Long-term →