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Advice for College Seniors Looking for Jobs
Tweet Share on Facebook February 20, 2009 Comment (4)Dear Alpha Consumer,
Do you have any suggestions for job hunting in this economy, particularly in fields which have been subject to budget cuts and hiring freezes? I've already made a list of which states I'm eligible to become a Licensed Mental Health Counselor/Licensed Professional Counselor, and I've eliminated any desire for a job in a specific geographic location. I started sending out resumes in the past couple weeks so that I have a better chance of finding employment by the time I graduate at the end of May, but so far the only response I've received is "Unfortunately, we have decided to not fill any positions at this time" and the federal government response that I don't have enough points in the system.
There's no way to sugarcoat this -- current graduating seniors are in for a rough year. A recent Wall Street Journal article pointed out that people who graduate during a recession may be worse off for years to come. Part of the problem is that they take lower-paying jobs when they graduate, and then tend to stay in them, even after the economy recovers.
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Poll: Is the Recession Good or Bad?
Tweet Share on Facebook February 20, 2009 Comment (1)Whether or not the recession is a good or bad thing might seem obvious. Lost jobs, fewer prospects, foreclosures -- it all adds up to a miserable time. But in today's Washington Post, Michael Gerson argues that the recession contains "hidden virtues," including a return to family bonding and possibly better health, as people struggle to control what they can.
The New York Times' David Brooks said just the opposite back in November. He wrote that while it's tempting to see economic downturns as "an occasion for moral revival," to do so would be a mistake. Because recessions "are also about fear and diminished expectations. The cultural consequences of recessions are rarely uplifting."
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Audio: 5 Ways to Be Happy in a Recession
Tweet Share on Facebook February 19, 2009 Comment (1)Over the weekend, I spoke with WTOP in Washington about ways to be happy in a recession. The tips, which are all backed up by research, include cultivating a sense of gratitude, investing in relationships, and taking care of yourself.
LISTEN NOW: 5 Ways to Be Happy in a Recession
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Paying With Time and Talent, Not Money
Tweet Share on Facebook February 18, 2009 Comment (1)Want a new coat of paint on your bedroom? A new design for your website? Or perhaps some editing help? You can have it all -- for free.
Well, not exactly for free, but it won't cost you any money. Instead, you can exchange the skills that you have for the ones that you don't. The recession, along with websites that make such trades easy, are bringing the old-fashioned practice of bartering back into style.
Trading services is a great way to take advantage of the bad economy, says Kimberly Seals-Allers, author of The Mocha Manual to Turning Your Passion Into Profit and creator of MochaManual.com. "You'll have a large number of highly qualified individuals [offering their services] who you couldn't have afforded before. It's an opportunity to find talent and negotiate things." For example, she adds, "I'll edit someone's website if they'll solve my computer problems. I've offered myself as a writing coach." -
The Future of the Stock Market
Tweet Share on Facebook February 18, 2009 Comment (2)Does anyone still believe that the stock market will once again return an average of 10 percent a year, as it did in the 20th century?
I asked Jim Lund, a Minneapolis-based senior financial advisor for Ameriprise Financial, for his take on the future of returns. He said:It's anybody's guess. But I do base my future decisions on historical information. I do believe we will revert to the mean... Chances are, yes, history will repeat itself. When that will occur is another question. It's never a straight line. We won't see 10 percent a year for the next 10, 20, 30, 40 years. We might say 5 or 10 percent this year, 20 percent next year, then negative five, plus 10. Even if it's closer to [averaging] 8, somewhere in that range makes me feel comfortable. We use average rates of 8 percent or less for long-term scenarios. We don't want to make unrealistic expectations.
For more, read What If Stocks Never Go Up Again?
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What the Stimulus Bill Will Do For You
Tweet Share on Facebook February 17, 2009 Comment (25)As President Obama signs the $787 billion stimulus package into law today, you might be wondering: What's in it for me? Well, it turns out there are a few programs that could end up changing your spending habits. Here are four ways the bill could affect you:
- You might keep more of your money. Most people will receive a tax credit of $400 (or $800 for married couples). The credit begins phasing out for anyone earning over $75,000 ($150,000 for couples).
- You might buy a home. Anyone in the market for their first home this year is eligible to receive an $8,000 tax credit. Exceptions: Anyone earning over $75,000 ($150,000 for married couples).
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Gwyneth Paltrow's Money-Saving Recipe
Tweet Share on Facebook February 17, 2009 Comment (5)On her website GOOP, Gwyneth Paltrow shares her thoughts and advice on everything from motherhood to losing weight to feeling happy. She recently shared her recipes for Sunday night dinners, which feature garlic bread, spaghetti, peas and meatballs. If you have a well-stocked pantry, this entire meal could cost under $20.
Here's her garlic bread recipe; for the rest of the dinner, check out her newsletter.
Ingredients: 1/2 stick butter at room temperature; 5 cloves garlic pushed through a press; 1 tablespoon finely chopped parsley, 1/4 teaspoon freshly ground pepper, 1 baguette, 1/2 cup finely grated parmesan.
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How to Dodge the Debt Collector
Tweet Share on Facebook February 17, 2009 Comment (2)In Confessions of a Shopaholic, Isla Fisher's character is stalked by a debt collector. She does everything she can to throw him off her scent, including lying about deaths in the family to hiding from his calls. But if you've got a real-life debt collector on your tail, that's probably not the best approach.
Gerri Detweiler, author of Debt Collection Answers: How to Use Debt Collection Law to Protect Your Rights, recommends these tips instead:- Never admit that you owe the debt or agree to pay the debt without first getting written proof that you actually owe it.
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Podcast: The Secret Currency of Love
Tweet Share on Facebook February 17, 2009 Comment (2)On this week's Alpha Consumer Podcast, I interviewed Hilary Black, editor of The Secret Currency of Love: The Unabashed Truth About Women, Money, and Relationships. She explains why money plays such a big role in relationships as well as how she got the contributors to be so honest and forthcoming about such a taboo topic. I also asked her why a similar book written by men would probably be somewhat less interesting. You can also pick up the Alpha Consumer Tip of the Week on why it's so hard to save money.
LISTEN NOW: The Secret Currency of Love
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- Read my review of The Secret Currency of Love here.
- Join the discussion: How do you think men and women are different when it comes to money?
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5 Reasons to See Confessions of a Shopaholic
Tweet Share on Facebook February 16, 2009 Comment (3)In Confessions of a Shopaholic, Isla Fisher plays a financial journalist who is desperately addicted to shopping. Here are five reasons to watch:
5) It reminds you how the financial crisis started. Filmed before the fall of 2008, Isla Fisher’s character spends with abandon, racking up thousands of dollars of debt on her credit card.
4) You get to see the inside of a Shopaholics Anonymous meeting – and it’s as depressing as you’d think it would be.
