How FSAs Maximize Your Employment Benefits

How FSAs Maximize Your Employment BenefitsHow FSAs Maximize Your Employment BenefitsWe all know that budgeting, saving, and investing are basic elements of sound financial planning, but sometimes we overlook things that can have a profound effect on our financial situation. Employer-provided benefits are a prime example. Flexible spending plans, 401(k) plans, Section 125 cafeteria plans (which have nothing to do with eating at work), group insurance plans, even vacation benefits must be understood in order to work to your best advantage, and therein lies the problem. These benefit plans can be complex and confusing, and our employers dont always explain them well enough to allow the average person to make the best choices for their personal situation. Lets demystify employment benefits, beginning with flexible spending plans. What Is a Flexible Spending Account? A Flexible Spending Account (FSA), also called a flex plan or reimbursement account is an employer-sponsored benefit th at allows you to pay for eligible medical expenses on a pre-tax basis (there are also similar accounts for dependent and child-care expenses). If you expect to incur medical expenses that wont be reimbursed by your regular health insurance plan, you should be taking advantage of your employers FSA if one is offered. How Does an FSA Benefit You? An FSA saves you money by reducing your income taxes. The contributions you make to a Flexible Spending Account are deducted from your pay BEFORE your Federal, State, or Social Security Taxes are calculated and are never reported to the IRS. The end result is that you decrease your taxable income and increase your spendable income. You can save hundreds or even thousands of dollars a year. How Does It Work? At the beginning of the plan year (which usually starts January 1st), your employer asks you how much money you want to contribute for the year (there are limits). You have only one opportunity a year to enroll unless you have a qu alified family status change, such as marriage, birth, divorce, or loss of a spouses insurance coverage. The amount you designate for the year is taken out of your paycheck in equal installments each pay period and placed in a special account by your employer. As you incur medical expenses that are not fully covered by your insurance, you submit a copy of the Explanation of Benefits or the providers invoice and proof of payment to the plan administrator, who will then issue you a reimbursement check. What Expenses Are Eligible for Reimbursement? Any expense that is considered a deductible medical expense by the Internal Revenue tafelgeschirr and is not reimbursed through your insurance can be reimbursed through the Flexible Spending Account. Examples include Fees paid to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and Christian Science practitionersContact lenses and eyeglassesFees for hospital services, qualified long-term care services, accident a nd health, and qualified long-term care insurance premiums, nursing services, laboratory fees, prescription medicines and drugs, and insulin.Acupuncture treatmentsInpatient treatment at a center for alcohol or drug addictionSmoking-cessation programs and prescribed drugs to help nicotine withdrawal False teeth, hearing aids, crutches, wheelchairs, and guide dogs for the blind or deafFees in excess of reasonable and customary amounts allowed by your insuranceCost of vasectomies, hysterectomies and birth controlNon-elective cosmetic surgeryCo-payments on covered expensesDeductiblesBracesPrescription drugs or prescription co-pays How Do You Decide How Much to Contribute? Its important to give some thought to calculating how much money to contribute for the year because if you put in more money than you need, by law, you lose it. You have three months after the end of the calendar year to submit claims for eligible expenses incurred during the previous calendar year. Any money left in your account after the three months will be forfeited. To determine how much to contribute, make a list of the expected out-of-pocket medical expenses for you and your dependents for the next year. For example, if you always exceed your deductible, include the deductible amount in your calculation. Be conservative so you dont risk forfeiting any money.

How to decide which student loan should you pay off first

How to decide which student loan should you pay off firstHow to decide which student loan should you pay off firstWhats the best way to tackle multiple student loan payments? Should you pay a little extra on every loan, every month? Or is it better to focus your attention on one loan at a time?Paying down high-interest loans first can save you mora money, but tackling low-balance loans first can provide a powerful mental boost. Of course, federal and private loans may have different loan terms that are worth considering. Lets take a look at how to parse out whats right for you.Compare interest ratesWhen you have student loan debt, you want to work smarter, not harder. It landseems like it would make sense to focus on the loans with highest interest rates first because they cost the most. In general, thats good advice except if you have variable interest rate loans.Even if the loan carries a lower interest rate now, it could balloon at any time. In fact, you should probably consider refinancing anything with a variable interest rate to avoid this situation.Otherwise, order your loans into interest-rate order and start hacking away at the one with the highest interest rate.Make strategic paymentsThere are two common routes to paying off student loan debt.The debt avalanche method works by tackling the most intimidating figures first. When going the avalanche route, you would pay more toward the loan with the highest interest rate first while paying the minimum on the lower interest loans.The debt snowball method takes a different approach. This method is all about making yourself feel good. With this strategy, you organize your loans from smallest balance to the largest and work on paying the lowest first.The snowball method is awesome because it gives you a chance to see the process in action and feel more accomplished, knowing that you have reduced the number of loans you have left.Which method should you choose? They both work well, so select the one that you think will fit better with your personality.Should you pay off federal or private student loans first?Because private loans can be less flexible and lack the forgiveness andincome-based repayment optionsof federal loans, it may make sense to tackle private loans first.However, if your federal loans carry much-higher interest rates, you might want to go ahead and make those a priority.The fastest way to pay off student loan debtIf you qualify, refinancing may be the single-best thing you can do to get out of student loan debt faster.Not only can you reduce your monthly payments, you can probably also get a much-lower interest rate - so youll be paying less every month, while making faster progress on chipping away at your debt.You can refinance all of your debt, or just some of it. In any case, lower interest rates are going to save you a boatload of cash over the long run. (How much is a boatload? Our research tells us most people save close $16K over the life of their loans.)One caution refinancing federal loans may cause you to lose some benefits, so be sure to carefully weigh thepros and cons.Think of the futureStudent loans have the potential to affect more than how much school debt you carry.Reducing your debt-to-income ratio by lowering the amount of your monthly student loan payments can help make you appear more creditworthy if youre planning to get a mortgage or car loan.Many people are able to lower their student loan payments by more than $200 per month through refinancing. See how much you might be able to save by checking out ourStudent Loan Refinancing Calculator.This article first appeared on Comet.

10 Things I Love About Being a 40+ Employee

10 Things I Love About Being a 40+ Employee10 Things I Love About Being a 40+ EmployeeThere is a huge problem in Americas workforce today.The destructive belief that turning 40 years-old is a career death sentence.Nothing can be further from the truth. In fact, I have enjoyed my career much more after turning 40, and this coming from a person who has held a job since age 13.You will see in this post exactly why I love being a 40+ employee. Additionally, you will see why people my age and older are great to have on any team.10. I am much more patientI welches a certifiable pain in the neck for many years. From ages 22 to 39, if I did leid get my way on a business decision, I took it as a sign, The boss is holding me back I am a genius I must fight to show them Yes, it welches that bad. I accused many bosses of being toxic. But I welches the problem.Ultimately, even though I drove bosses crazy, there welches an appreciation for me. Ironically, they loved having me on the team. My ideas drove profit, team morale, and kept life interesting as businesses grew more customer relations-centric.I thought I was walking in the footsteps of icons who challenged the status quo. I took a stand for what I believed in.However, I was almost impossible to deal with on days when people disagreed with me. Now older, I see the error of always behaving this way. Out of regret and sympathy for former bosses, I am much more patient. It leads to better decision-making and peaceful days at work. 9. I love having my priorities in orderIt is tough to maintain a career and family in 2018 USA. The pursuit of financial stability combined with the demand to be there for family makes life challenging.You will often read the words of famous business icons explain that they should spend more time with family. You know that is easier said than done.But now at age 44, I am confident that I have my desires and passions in check. In this specific orderLove of my wife and familyGrowing a business tha t gives back to people as parte of its serviceAcknowledgmentStable healthStable financesMoney comes last for a good reason. I have seen it destroy the best people and give power to the worst people.8. I love that I appreciate learning new things more than ever beforeIf you are reading this and hating school because you recently graduated and need a job, here is a funny truth you will experienceThe older you get, the more you appreciate learningAt a younger age, most people I knew hated learning something new. It was viewed as a chore that got in the way of having fun.After age 40, as life settled down, I began to miss the people I spent so much time with while in my 20s and 30s. They had settled into their families and had their jobs. I felt like I had stopped learning.When I departureed taking business courses at age 42, something in me woke up and said, You did not respect your education the first time around. I realized this because I loved learning more than ever. I was now putt ing it to good use, too, unlike before when I believed I knew everything, yet no one was recognizing my genius.7. I love being a long-game thinkerOne of the benefits of living longer is that you get to learn the long-game of life. Businesses often focus on immediate ROI from short-term actions. I used to think if something fails immediately, it will never work.Now older, I understand many things about the long-game of business. Business travels, meeting people, failures, and successes while working in businesses from major corporations to startups taught me the value of long-term thinking.Long-game thinking is a tough sell on businesses. People in the US love instant-gratification. They love to criticize ideas and condemn people for failing.Yet, businesses outside the US taught me how moral and ethical foundation, solid commitment to integrity and honesty, and hard work are key ingredients to the longevity of a business.6. I love knowing I dont have to be a jerk to succeedMy way of thinking used to involve the shallow thought of, Be a jerk because only jerks succeed. Bad idea.Now older, I look at history and see why certain ideas come and go. I see how and why people are perceived as jerks for making tough business decisions.At the same time, I can tell the difference between a person who makes tough decisions and a real jerk.One cares about business and staff growth. The other cares about being in control.5. I love having a developed emotional intelligenceThe United States is a diverse and challenging place to live. If you pay attention to all forms of media, you start to see how everyone wants their specific needs and wants to be met, and their feelings to be considered.Thankfully, I had the opportunity to travel to 49 of the 50 US states, Colombia, Denmark, Germany, Egypt, and Australia, all for work purposes. In these travels, I realized it is physically impossible to make everyone happy. The only answer is balance.I also discovered the meaning behind many quotes that have been around for centuriesThe only true wisdom is in knowing you know nothing. - SocratesTravel is fatal to prejudice, bigotry, and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of people and things cannot be acquired by vegetating in one little corner of the earth all ones lifetime. - Mark TwainA solid understanding of such things allows a person to be kind, empathetic, and passionate without harming anyone in the pursuit of happiness.4. I love never needing to have the last wordI am not sure when and how this happened. But at some point, I became woke and realized that people change at their own pace, usually only after they have no choice to do otherwise.I used to throw down arguments like a lawyer on 12 cups of coffee. If I wanted to win an argument, you could not shut me up.Time, experience, and age showed me why this is not always the best thing for myself, my teams, or the company. I am 100 time s easier to work with than I was 10 years ago. And I love that peace of mind.3. I love understanding why I wronged people in the pastUnfortunately, I burned a few bridges in my career unnecessarily. Knowing why people make choices and a greater understanding of life itself has led me to have my own version of an apology tour.All I really do is explain to those who felt wrong by me, I get it now.2. I love having strong interpersonal and critical thinking skillsGeneration X and older Millennials have a unique skill that is in danger of disappearing.We remember life before the Internet. We remember asking for directions without Google Maps.Being able to decipher what our uncle and grandfather meant by, Turn left at the fork in the road once you reach the old church by the school, required interpersonal and amazing critical thinking skills.I see the value in Google. I do wonder what will become of people when they completely forget how to talk to people.How will they know what to Google if they have no idea how to talk to people?I love knowing that my interpersonal and critical thinking skills help me beyond what Google offers.1. I love having a defined meaning of successI used to have a shallow meaning of success. I believed it was defined by fame and fortune achieved.After one of my toughest career failures several years ago, I came to realize success is defined by what we give to this world.Giving to this world has led to me having successful relationships with my wife, family, and businesses I work with.I also realized the meaning of success is defined by how we recover from failure. I chose to move forward in spite of all negative feelings and doubt.Such a thing makes a person feel successful if you have the guts to let go of grief, but never forget why you failed in the first place.In closingIf you are just starting out in your career and thinking, I am a failure if I do not become a millionaire by age 30, or Live recklessly now because life is too short, pl ease remember life is longer than you think.The older you get, the more you will appreciate life, love, learning, family, and a career.

Expert Interview with Leigh Behrens of PNN

Expert Interview with Leigh Behrens of PNNExpert Interview with Leigh Behrens of PNNWe spoke to Leigh Behrens, president/editor-in-chief of PNN, as part of our bewerbungsinterview series with experts in the telecommuting field. Leigh provided insight into interviewing for an online job. Read on for our interview with Leigh Behrens.Q Youve probably had the opportunity to interview and hire a lot of people during your career. A telecommuting job interview is often done over the phone. Do you have advice for handling a phone job interview?A Realize that your interviewer is looking to see if you two click, something thats much harder to do when your conversation isnt happening in person. Show authentic enthusiasm and convey knowledge of the company and its goals and culture, as well as provide specific examples of why youre a good fit,and how you thrive on working independently. Certainly also make sure that youve set up a good time and place to talk with your potential employer without distractions. If you cant manage to do this, it doesnt inspire a lot of confidence that youll manage your time wisely without constant supervision.Continue reading a Featured Interview with Leigh Behrens, president/editor-in-chief of PNN

Six Traits that Define Wise Leadership

Six Traits that Define Wise LeadershipSix Traits that Define Wise LeadershipSix Traits that Define Wise Leadership Kaipa and Navi Radjou, authors of From Smart to Wise Acting And Leading with Vision (Jossey-Bass, 2013)Smartness is like a wild horse riding it can be exhilarating for a while until one is thrown from it. To tame and harness smartness for the long run, we need wisdom the stuff that gives us ethical clarity and a sense of purpose.Below are six capabilities that smart 21st-century geschftsleben leaders can use to cultivate wise leadership.Smart leaders generally fall into two broad categories functional smart and business smart.1. Perspective Functional smart leaderstypically focus on what can be done in the short term and tend to shy away from ideas that dont reinforce their own perspective.Business smart leaderstypically have a long-term vision and can get others to line up behind that vision. They spot opportunities and act quickly on them, sometimes ignoring critical input.Wise leaderspay attention to patterns that connect and ideas that expand their worldview. They focus on bringing out the best in others and finding a noble purpose that can be shared with their followers.2. Action Orientation Functional smart leadersare more focused on doing things the right way than on doing what is right. They dont adapt easily to changing circumstances.Business smart leaderstend to act impulsively and make emotional decisions but do not always communicate their course corrections or reasoning to others.Wise leadersare neither excessively cautious nor risky. They use their noble purpose as a touchstone to assess which risks are worth taking, and they act appropriately without losing their authenticity.3. Role Clarity Functional smart leadersfocus on the what and how of their role rather than the why. They also tend to stick to the same role because its in their comfort zone.Business smart leadersoften let their ego and pride get attached to their role and t he perks that come with it. This can get them into trouble when they feel the end justifies the means.Wise leadershave no role confusion between what needs to get done and who is best at carrying out that role. They act as trustees or servant leaders in whatever roles they accept and dont mind allowing others to lead.4. Decision Logic Functional smart leadersexcel at low-risk decisions that can be executed in a predictable manner. They struggle with decisions that affect the long term or the need to integrate other perspectives.Business smart leadersfavor decisions that carry high risk and high reward. They are prone to making quick decisions without always consulting others.Wise leaderstend to make intuitive decisions using both discernment and discrimination. They make decisions that take into account the larger context, personal values, and ethics.5. Flexible Fortitude Functional smart leadersare methodical in their work and operate strictly within those limits. They will defend their decision at any cost, and its difficult for them to change directions.Business smart leadersalso demonstrate persistence, but can too easily give up if theres a better opportunity. They bounce back from setbacks, but dont always learn from their mistakes.Wise leadersstick to decisions when aligned with their noble purpose, are good at enlisting support, and revise decisions when the context shifts. They draw on collective willpower for transformational change.6. Drivers of Motivation Functional smart leadersare motivated by operational excellence and high-quality execution. They place taking care of their families and financial security over fame or financial gains.Business smart leadersare driven by the strong desire to achieve fame and success in life. Adventurous by nature, they eschew routine projects and seek challenging initiatives instead.Wise leadersare driven to serve others. Intrinsically motivated, they can exercise great self-discipline in staying with an issue an d resolving it without the need for external reward or recognition.Excerpted with permission from the publisher, Wiley, From Smart to Wise Acting and Leading with Wisdom by Prasad Kaipa and Navi Radjou Copyright 2013.Author BiosPrasad Kaipa, PhD, is a Silicon Valley-based CEO advisor and coach. He was the founding executive director of the Centre for Leadership, Innovation, and Change at the Indian School of Business and a Richardson Fellow at the Center for Creative Leadership between 2010 and 2011.Navi Radjou is a Silicon Valleybased strategy consultant, a World Economic Forum faculty member, and a Fellow at Judge Business School, University of Cambridge. He is also the coauthor of acclaimed Jugaad Innovation (Jossey-Bass, 2012).Read more Effective Leadership Redefined From Smart to Wise

The Birth of Resume Without Work Experience

The Birth of Resume Without Work Experience Resume without Work Experience Features Different job postings are likely to have different key terms, different job duties listed, etc. Resume tips for felons are a massive assistance. Finding a job can be difficult for anybody, even an extremely skilled professional who has successfully navigated several job changes. Your latest job ought to be written first and the jobs which youve done beforehand follows. Definitions of Resume Without Work Experience As a TSA agent, you will want to pass certifications periodically in various fields. Additionally, so as to apply, you should have a minumum of one year of experience for a security officer or Xray technician. Once selected to be a TSA agent, you might have to go through on-the-job training. After you have finished the education and job experience which you will need, then it is possible to apply to develop into a TSA Agent. Lies Youve Been Told About Resume Without Work Experi ence Youll obviously wish to use only folks who will provide you with a positive review. In case you have any part-time work, that will go a ways towards a wonderful experience section. How to compose a simple resume isnt a question people ought to be asking. Thus, when you sit down to compose your first resume, attempt to consider your prior jobs in a new light. The Characteristics of Resume Without Work Experience For instance, if youre asked what ideas you could lead to the position, utilize the chance to restate some of your abilities and life experiences. Its possible to absolutely develop your resume in a very good manner even with no work experience. Start looking for the three guiding principles that you need to follow to create a powerful resume despite no work experience. The very best approach is normally to cover the issue in a direct and forthright way. A bulleted list is a wonderful approach to highlight your marketable skills. Resume writing doesnt have to be hard. Ideas, Formulas and Shortcuts for Resume Without Work Experience A resume is the 1 chance a student must tell college recruiters everything they will need to understand. While it might appear a tiny premature, its essential for students to create good social networking habits from the get-go. Employing a teacher is a huge concept, Jessica Resume writing can be challenging for everybody, particularly when youre just out of school and dont have any expert experience to speak of. Make sure you inform your references that youll be using them. There are lots of examples of resumes, but you need to remain certain to create your resume and cover letter with your very own personal touch. A reference page is a vital characteristic of writing for your resume. It has been found to be a lot more effective than listing references on your resume. How to Choose Resume Without Work Experience The work experience part of your resumethe part in which you describe your previous jobsis the most important part of your whole job application. Lastly, you will need to fulfill physical requirements. Work experiences will supply the info needed by the clients with respect to the jobs that youve already done and the business that youve been involved with. Focus just on jobs in the exact same industry as the one that youre pursuing or jobs requiring skills or qualifications its possible to transfer. Details of Resume Without Work Experience Employers try to find staff that have a history of earning positive contributions. By promoting your skills and achievements, they will be sure to see you as a perfect fit for their company, even with no work experience. You dont need to incorporate all of your experience on your resume, especially in case you have been in the workforce for ages. Even for those who have no true work experience, you might have experience from volunteering, school activities, or relevant hobbies that may show employers achievements and tra nsferable skills that satisfy their requirements. What you would like to avoid is having an experience section thats almost empty, or one which is full of experience thats not pertinent to your targeted position. Adhere to the tips above, and youll have a resume that compensates for the absence of expertise and gets you the interview. As an example, as a waitress youre guaranteed to build skills in customer support, sales, and multi-tasking, all which may be very valuable to a prospective employer. Its only that the principal intention of your resume is to provide the prospective employer a broader preview of your work experiences. A Secret Weapon for Resume Without Work Experience You might also have extra-curricular activities which you didnt list below the Experience section that could be included in a sub-section. Now its time to produce your first resume. Use the cover letter to spell out why youve got zero employment history. If youve got an exact sparse work histor y, you might want to center on the next section instead.

The Awful, Terrible, No Good Stereotypes You Need to Stop Thinking About Virtual Interviews

The Awful, Terrible, No Good Stereotypes You Need to Stop Thinking About Virtual InterviewsHiring pros and candidates alike have dug in their heels when it comes to virtual bewerbungsinterviews. Ive seen various online posts claiming these type of interviews are taking the critical aspect of personal relationships out of recruiting, making candidates feel companies only want to fill an opening quickly. While some remain skeptical, many other hiring pros are up for trying out virtual interviews. In fact, respondents in LinkedIns Global Recruiting Trends 2018 report say theyre willing to give new interview tools a shot, including virtual interviews. Stepping out of your comfort zone is always challenging. But giving virtual interviews an honest chance will help you rise above where traditional interviews umstand short. To reap the rewards, though, you must first kick those harmful stereotypes to the curb. If youre not careful, theyll seep into your talent pool, causing you to lose qual ified candidates before theyre fully committed to your company. Here are the top three virtual interview stereotypes you need to squash today to start attracting, interviewing, and hiring the best talent for your team Stereotype 1. Candidates cant get a real feel for the company cultureCompany culture is no longer limited to in-office perks, such as smoothie bars, office pets, and fun lounging areas. Candidates want to be a part of something much bigger than surface-level benefits. They want to hear what makes your team run, see the projects theyre passionate about, and feel a desire to be part of your team. Moreover, if you think candidates are walking into an interview with no sense of your culture already youre wrong. A whopping 65 percent of candidates are digging into your company website to prepare for interviews, according to LinkedIns Inside the Mind of Todays Candidate report. So theyve got the basic overview down. During virtual interviews, offer candidates a feel for cul ture by bringing in their potential co-workers. Ask one or two of candidates future team members to join you for an interview, share what their day-to-day looks like, and even offer their favorite hobby outside of the office. Let candidates get a feel for your companyculture during videointerviews.Click To TweetStereotype 2. Candidates dont see how they fit in with the teamAlong with cultural fit, this is a significant part of the interview process. Job seekers in LinkedIns candidate report say understanding why they fit within your organization is something they want to know immediately. Virtual interviews, even one-way video interviews, are the perfect time to let candidates know where theyll fit in the big picture. Its all about asking the right questions and being prepared to share specific details about their short- and long-term goals. Asking questions about soft skills lets candidates know their role on the team is about mora than experiences and qualifications. Consider aski ng these soft skills interview questions To determine adaptability Please share an example of a time you made a mistake, how you corrected it, and how you moved on. To determine teamwork Describe the relationship with your former/current team. What was your favorite part about working with them? Determine work ethic Describe a situation where you had to go above and beyond the duties on your job description. Also, during virtual interviews, you can let candidates know how they fit on within the company by sharing what you value in them as a potential employee. This shows them youre looking for someone with their skills, personality, and experiences whether youve shaken their hand in person or not. Stereotype 3. Theyre all-around a negative interview experienceThe candidate experience, especially in todays job market, will make or break the quality of talent in your pipeline. Using virtual interviews and believing this stereotype will harm your candidate experience and quickly deple te your talent pool. To give candidates a positive interview experience, you must have confidence in your process. Virtual interviews take time constraints and the pressures of coming to you off of candidates shoulders thats a positive experience from the start. Even better, thanks to a heightened collaboration with your team, youll decrease time to hire which allows candidates to move on faster. During interviews, make candidates feel comfortable by sharing a bit about yourself, your company, and the open role. Then get down to it by digging right into questions. Negative interview experiences revolve around your attitude not just candidates.Click To TweetWhat virtual interview stereotypes have you had or heard before? We want to know about them