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Before You Hunt for a Job
The Dollar Stretcher
by Gary Foreman
gary @stretcher.com

Dear Dollar Stretcher,
I’m worried about losing my job. They’ve been cutting back our hours and things just don’t look good. I’d like to find a new job before this place goes down the tubes, but I haven’t looked for a job in years. I know that there are all kinds of job sites available, but what else should I consider? When I find a job I like to keep it so this is an important decision for me.
Currently Employed Colby

Colby, you’re wise to hunt for a job before you lose one. I don’t know if the facts support it, but there does seem to be truth to the old saying that it’s easier to find a job when you have one.

You’re not alone in considering a job hunt. A recent report from Metlife.com found that about 1/3 of surveyed employees hope to have a different job within a year. (source: Metlife 2011 9th annual study of employee benefits trends: A blueprint for the new benefits economy)

And, the number of people dissatisfied with their jobs appears to be increasing. The Society for Human Resource Management survey found that the percentage of unhappy employees has been rising since 2009. Like you, people are reacting to job uncertainty by hunting for new jobs

So how can you find a new job that’s perfect for you? Begin with some of the many job sites on the web. You might begin with an article we recently ran on “16 Totally Free Job Sites You Need to Know About”.

But today we’re not going to focus on how to do resumes or network to hunt for job openings. Let’s look a little deeper and see if we can’t help you decide what type of job, company and career you should be pursuing. Rather than sending out thousands of electronic resumes, we’ll try to narrow your search so that your efforts become focused.

Begin with some self-examination. That’s something that most of us are too busy to do regularly. But, it’s important if you want to change jobs/careers. Take a few evenings to think about you. What are you good at? Bad at? What things do you like or dislike? What things get you excited? How do friends and family think of you? What events in your life were really important? And, what do they tell you about yourself?

Spend some time alone with these questions. Write your answers down. That will force you to dig a little deeper for your answers. After you’ve finished the self-examination ask some close friends or family to answer the same questions for you. Often they’ll see things that we can’t see about ourselves.

Armed with this self-knowledge, the next step is to do a little dreaming. Think about what your perfect job would look like. Don’t make it practical. If your dream has you showing up at noon so you can sleep in, that’s fine. If it means the you take your netbook to the beach and work from there, that’s fine, too. This is a time to be unrealistic. Think big and bold!

Obviously, you won’t expect to find a job that looks exactly like your dream. But you may find that certain jobs/professions share elements with your perfect job. Wherever possible, you’ll want to choose potential jobs that include some of your dream ideas.

Next choose some potential professions to consider. You’ll want to take into account some of the personal traits you’ve discovered, but you’ll also need to be practical. This is the time to learn about any long-term trends for the profession. Use the net to research the field. Will there be job opportunities for years to come? Or is it a dying profession? One that’s being replaced by robots or computers?

Finally ask yourself if you can picture being in that profession ten or twenty years from now. Will you be able to handle the physical or mental challenges? Or would you be totally bored doing the same things over and over?

You don’t want to change jobs or professions only to find out that you’ve run out of opportunities in a few years. Better to discover that now before you’ve made the effort to find a good job.

Colby, by blending the practical and ideal you should have a good idea what type of job and company you’re looking for. So target your job hunt on those targets. Let others send out thousands of resumes. You focus on the few and take the extra steps to increase your odds of success with them. Don’t just send a resume. Send a resume and follow up with a personal call. Use LinkedIn to make friends within the company. Use multiple resources to reach your goal.

Hopefully you’ll find a job that suits your skills, provides ample opportunity in a field that can supply a steady income for many years to come.

_____________

Gary Foreman is a former purchasing manager who currently edits The
Dollar Stretcher website . You can follow Gary on Twitter . Source: Before You Hunt for a Job

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The economy of Rhode Island has seen slow to little growth over the past two years. The RI state officials have recognized the need for change and are putting their efforts towards revamping the pension plan system for retirees of Rhode Island. The proposed changes bode well for the future outlook of the state’s economy but retirees wonder whether the proposed changes will reduce the retirement they feel they are rightfully entitled to.

The new changes to Rhode Island’s pension plan system are being proposed by Governor Lincoln Chafee and Treasurer Gina Raimondo. The plan was posed to state officials and the hope is that the proposed changes will cut spending in the public sector in regards to pension plans for the retirees. These cuts in spending will in turn work to boost the faltering state’s economy. The new proposals offer a retirement plan that combines the investment account vehicles of traditional 401K plans with pension plan style accounts. This new plan would also raise the retirement age for state workers as well as put a stop to pension increases related to cost of living.

There are many supporters of the proposed changes including a lobbying organization called EngageRI. The co-chairman Ed Cooney stated “I think it’s fantastic…if Rhode Island solves this pension crisis it would send a clear message that Rhode Island is open for business.”  Businesses would be drawn to the state if they are able to resolve the issues with their pension plan budgeting and system structure. This would show prospective businesses looking for a state to base its operations that Rhode Island offers stability and structure.

Without changes to the pension system being implemented, the state of Rhode Island is likely to face tax increases and cuts to government services. Although changes to the pension system are necessary, many state workers are against the new proposals. The increase in retirement age and the decrease in pension pay outs relative to cost of living are making many residents unhappy. State AFL-CIO president George Nee spoke at a recent forum about the proposals and stated that the proposal will renege on promises which were previously made to state employees and workers will most likely sue the state if the plan is enacted. Nee went on to say that “It’s a political problem, it’s a legal problem and it’s also a person problem because behind each of these numbers there’s a person.”

It seems there are no cut and dry solutions to resolving the pension plan crisis in the state of Rhode Island. Although the changes will cut spending and serve to boost the state’s overall economy, it seems that many workers approaching retirement age are bristling at the proposed changes. The plan is set to receive its first legislative hearing shortly. Whether the new plan is adopted and these changes take place is yet to be determined. Until then, many state workers hold out hope that the economy can be boosted without denying them the type of retirement they have worked for years to achieve.

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Nebraska’s economy has been demonstrating steady signs of consistent growth over time. It is the state with the second lowest unemployment ranking and is making leaps in the bio-fuels industry. With steady and consistent growth, NE should continue to be one of the strongest states to lead the nation in its economic recovery.

Nebraska has managed to come out ahead despite setbacks in the 2008 recession. Its strongest areas appear to be in the fields of agriculture and bio-fuels. Nebraska continues to be one of the highest producers of corn which is in great demand. One of the main uses of the corn exported from Nebraska is for the production of ethanol which is a required ingredient in gasoline.

Omaha, Nebraska was ranked in 2009 by Forbes magazine as being one of the fastest recovering major metropolitan cities. It noted that ‘Omaha’s economy is less dependent on manufacturing than other Midwestern cities and is boosted by a strong agricultural sector and growing bio-fuels industry.” Nebraska also has an established financial market that is built on long standing banking establishments such as Mutual of Omaha. In addition to it strengths in agriculture, bio-fuels and finance, Nebraska has strengths in other areas including healthcare, data processing and call centers.

Nebraska’s economy has been bolstered by its strength in various sectors. It has one of the lowest unemployment rates in the nation at 4.2 percent. In addition, Nebraska ranked second overall in the least amount of foreclosures and fifth as having the lowest percentage of non-mortgage debt. These strong figures are a testament to the strength of Nebraska’s economy. One of the contributor’s to Nebraska’s economy was the implementation of the Talent and Innovation Initiative. This four sectioned economic development package was created to assist with business development as well as to increase internship opportunities for college aged students. The overall goal of the program was to improve investments in Nebraska’s high tech and startup endeavors.

The majority of Nebraska’s economic proficiency has stemmed from Governor Dave Heineman’s smart planning and cost cutting measures. The governor began his term in 2005 and has been taking drastic measures to restructure the state’s budget. Some of the changes he has implemented include travel restrictions and overtime restrictions for state officials in the public sector. He has been maintaining his promises of not raising taxes in order to avoid an inflated state budget and “spending money we didn’t have.”

Proactive measures taken by the governor and the high demand for crops produced by Nebraska have served to stimulate the state’s economic growth. Instead of succumbing to the foreclosure crisis that has afflicted other states, Nebraska’s rate of foreclosure has remained consistently low. In addition, with the second lowest unemployment rate in the nation, Nebraska is positioned to be at the forefront of a recovering economy for the entire nation.

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Utah’s unemployment rate has decreased slightly in recent news; however the change is slow in coming. There are still many residents of UT State left without jobs that are struggling to make ends meet. Unemployment insurance has served as a bridge in income gaps left behind from lost wages; however residents hope that more stable income will be forthcoming in the near future.

The national unemployment rate has remained steady at 9.1 percent and Utah has been not far behind with unemployment rates at 7.8 percent as of last May. However that number has been slowly decreasing as data from earlier this year reflects a slow filtering of new jobs into the Utah economy. April registered the unemployment rate at 7.4 percent while May of this year saw that number move slightly down to 7.3%. Although the decrease in the unemployment rate appears miniscule, any amount of change provides Utah residents with hope that their economic situation will improve.

As of now, roughly 99,700 Utah residents remain unemployed. Governor Gary Herbert was recently quoted as saying “These latest unemployment numbers reinforce that Utah’s economy is moving in the right direction…We recognize that there are still far too many Utahans who are unable to find work, but I’m confident that we will continue to steadily create jobs.” The Governor’s words of optimism are encouraging for the residents and according to the Utah department of Workforce Service, about 17,400 jobs have already been created over the last twelve month period. The complete wage and salary employment on record for Utah is at 1.2 million while job growth is estimated at 1.5 percent. The increase in wages and jobs is evidence that the Utah economy is moving in the right direction.

Despite the 17,400 increase in jobs, data has evidenced that there are fewer people age 16 and older who are holding down a job. In May of 2010, that percentage was 63.2 while May of this year showed that percentage at 62.0. This trend showing fewer people in the workplace may mean that many Utah residents are trying their hand at alternate sources of incomes and pursuing self employment opportunities. It may also mean that Utahans are returning to school to further their education. Mark Knold, a senior economist with the Department of Workforce Service stated “Some people may have stopped looking for a job and have exited the labor force due to discouragement or to pursue further education, bringing down the unemployment rate.”

The Utah economic state is similar to that of many other states throughout the nation. Improvements are slow in coming but on the upside, the economy is improving. With thousands of new jobs being added throughout Utah State, it should only be a matter of time before the unemployment rate reflects these positive changes for the State of Utah.

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Repaying student loan debt can be difficult. When faced with multiple loans all due on different dates, it can be hard to balance all the due dates and keep everything on track. This coupled with the drop in employment rates after college graduation can cause an increase in student loan default rates. For those who have experienced a student loan default, learning the steps to take after the fact can helping rehabilitating credit and restoring your account.

A student loan default occurs when payments have not been made on time. This affects your credit as the delinquencies will be immediately reported and will be reflected on your credit report. Unlike unsecured credit card debt, student loan debt cannot be discharged through a bankruptcy filing or with a debt settlement company. However there are steps you can take to get the debt repaid.

Prevention is always the better than a cure and that is also the case with student loan debt. Instead of trying to recover from a defaulted loan, it is better to prevent the default by applying for a student loan deferment. A deferment is actually fairly easy to obtain and the only real requirement is that you show proof of financial hardship. You may have to show a benefit letter from a government agency for food stamps or Medicaid. In some instances you may simply have to email copies of your pay stubs to show that you are not making a sufficient amount to repay your debt at the current time. The other option is to apply for forbearance which varies slightly from a deferment in what documents you are required to show and the length of time it lasts.

If were unable to apply for a deferment or forbearance and your student loan has reached default status, the best thing to do is to make arrangements with your creditors for repayment. Your payments may be as little as fifty dollars a month for a specific length of time such as nine months to a year. After this time period has elapsed and your payments have been consistent, your loan will be reinstated. This will be updated on your credit report and will help to improve your credit rating. If your loan was with a third party collections company, after it has been reinstated your loan may be sold to another company at more favorable repayment terms.

If you are unable to make repayment plans with your lender, you might be able to consolidate your student loan debts. A student loan debt consolidation may allow you to combine multiple loans into one easy payment at a lower interest rate. To find out about consolidating your loan, you can speak to a debt consolidation company who can assist with this.

A defaulted student loan can have a negative impact on your credit score. This can affect your ability to get a car loan, or even rent an apartment. To handle a defaulted loan, it is best to negotiate directly with your lender for a manageable payment arrangement. If possible, try to avoid a default altogether by applying for a deferment or a forbearance on your student loan debt.

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Credit repair can prove to be a costly endeavor when working with a debt consolidation company. Before embarking on this journey, consumers should be aware of the option to repair their credit on their own. Repairing your credit on your own can help you become more financially disciplined while allowing you to have a complete understanding of what steps to take to improve your credit score. There are some basic steps you can take to help you repair your own credit successfully.

When considering a credit repair, the first course of action is to pull your own credit report. This will give you a clear understanding of exactly where you stand financially and will help to give you an idea of what steps to take for improvement. You can access your credit report for a small fee by visiting any of the three credit reporting bureau’s websites. Alternately you can request a free credit report each year by visiting www.Annualcreditreport.com. Once you have reviewed your credit report, you can then proceed with the credit repair process.

Look over your credit report to ensure that there are no errors. Old, outdated accounts and items that need to be disputed should all be addressed. If you see any negative items that are erroneous, you will want to contest them immediately. You can do so be writing to the credit reporting bureau of your choice. Contacting one is sufficient as the new update will reflect on all your reports. The process of disputing is not a lengthy process and in some cases can even be done online. Once an investigation takes place, the bureau will either deem the debt valid or will remove it entirely from your report.

The next step to self credit repair is to tackle the negative items on your account. Any items that show up as charged off or delinquent need to be addressed right away. Try reaching out to the collection company that currently holds your account. See if you can come up with a payment plan and begin making payments immediately to help improve your credit score. You can also improve your score by applying for new credit and keeping your payments consistent. This will increase the amount of Accounts you have in good standing and will work to raise your credit score significantly.

Being proactive about your credit is the best step you can take. Do not ignore collection calls and letters as this will only hurt your credit in the end. Always try to make arrangements with your creditors and if possible pay at least the minimum balance due to avoid the account being charged off. Taking the aforementioned steps will put you on the right track to an improved financial state. It is very feasible to perform credit repair on your own and the reward will be self sufficiency and an improved credit score.

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The economy of Indiana has experienced challenges in the areas of unemployment and home foreclosures. Because of these financial challenges, Indiana residents have received some major federal dollars to help them weather these economic challenges. Grants for foreclosure prevention as well as extensions of unemployment insurance have been instrumental in helping Indiana residents bridge the employment gaps and hold on to their homes for just a bit longer.

The Indiana Foreclosure Prevention Network has received a grant for their ongoing work in the prevention of foreclosures. The grant was received from the United States Treasury Department and was in the amount of $221 million dollars. The grant will be distributed to residents demonstrating high financial need and meeting stringent criteria. It is aimed at low income homeowners who are unemployed and in danger of losing their homes. The grant could help as many as 13,000 Indiana homeowners who are experiencing unemployment.

The program is overseen by The Indiana Housing Community and Development Authority. Although the total $221 million grant was issued based on county unemployment rates, the grant is distributed at an individual level. Indiana homeowners facing foreclosure will receive between $12,000 and $18,000 towards their mortgage payments to help prevent defaults on their mortgage.

Stephanie Reeve, the Director of Asset Preservation stated “If you are receiving monthly assistance through this program, we do ask that during the course of this assistance, which on average lasts between a year and sixteen months, you either volunteer in community for 40 hours a month, or go through training or education while you are receiving this assistance, and obviously looking for full time employment.” Applicants interested in receiving grant money can apply directly on the website of the Indiana Foreclosure Prevention Network.

Indiana residents are also receiving an extension of their unemployment benefits to help those who are still out of work. The extension took effect on October 16^th and was issued in response to an unemployment rate that was above 8.5 percent. The spokeswoman for the Department of Workforce Development, Valerie Kroeger, stated that those already receiving unemployment did not have to do anything special to claim their additional benefits. The extension would be automatically updated and added to their existing benefits.

The federal funds received by Indiana residents should help counter the effects of a longstanding economic crisis that has their unemployment rate increasing up to 8.7%. This makes it difficult to pay bills and mortgages which is where the foreclosure prevention help comes in. Hopefully new employment opportunities will be added soon that will take some of the pressure off and help residents transition from governmental assistance to self sufficiency.

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If you owe tax debt, it may be tempting to try to rid yourself of them through a bankruptcy filing. However, it may not be that simple as there are many stipulations regarding eliminating tax debt with a bankruptcy filing. To find out what the best course of action is, it is best to become familiar with the rules and regulations of tax debt when considering a bankruptcy.

Although it is possible to eliminate some tax debt during a bankruptcy filing, there are many restrictions that apply. The first thing to note is that the only tax that can be wiped clean is income tax. Other tax debt such as self employment tax must be repaid. In addition, the type of filing affects whether or not this tax debt is eliminated. In most cases, you must file a Chapter seven bankruptcy for your tax debt to be forgiven. In some instances a Chapter thirteen filing may allow you to eliminate some of your income tax debt but this may vary depending on the individual’s situation.

Another consideration to note is that if there has been any tax fraud in association with your social security number, the chances of having your income tax debt forgiven is slim to none. This would be the case even if you attempted to file your taxes using another social security number.

In order for your tax debt to be eliminated through bankruptcy, the debt must be processed 240 days prior to the filing taking place. This means that if you are considering including recent income tax debt into your bankruptcy filing case, you must do so after it has already been processed. Your request for eliminating your tax debt may cause your bankruptcy case me be dismissed entirely if you fail to adhere to this stipulation. In the case of a Chapter 13 filing, you must have the tax debt on record for at least four years in order for it to be considered during your bankruptcy hearing.

If you are facing an unbearable tax burden and bankruptcy seems to be the only way out, then it is best to consult with a bankruptcy lawyer to find out if the process will yield the results you are hoping for. There are alternatives to bankruptcy which may work just as well for you. One such alternative is to arrange a payment plan with the IRS. This payment plan will allow you to make monthly installment payments that will eliminate your tax burden over time. A point of consideration is that a payment plan with the IRS will have interest attached and you should budget for this accordingly.

Ultimately, there is a very small chance of having your tax debt eliminated through a bankruptcy filing. There are time restrictions on filing taxes in order for them to be included in the bankruptcy. In addition the type of bankruptcy you file will have an effect on whether your tax debt is eliminated or not. The best approach is to deal directly with the Internal Revenue Service and discuss making payment arrangements.

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The State of OH has recently launched a campaign to attract major businesses and corporations. The efforts have so far cost the state millions of dollars and raised questions as to the effectiveness of this approach. But with Ohio’s population declining as unemployment continues to rise, this may leave Ohio no choice but to spend money in the hopes of making more.

Ohio has long had many established businesses in the manufacturing and automotive industries. However towns that were once home to major industrial and manufacturing plants have slowly become vacant. These towns include Zanesville, Van Wert, Newark, Mansfield, Defiance, Coshocton and Akron. Over time businesses have moved elsewhere and over the last ten years, Ohio has seen a loss of over 500,000 jobs. In addition, the recent Census of 2010 has provided data that shows a decline in Ohio’s overall population with a specific loss in the younger age group. This decline resulted in a loss of two of Ohio’s U.S. house seats.

To counteract its faltering economic state, Ohio has taken some drastic measures. Governor Bob Taft began enacting reform over ten years ago through a stimulus program meant to increase state revenue. Taft stated: “we had to do something in a dramatic way  …it’s a long term strategy, not an overnight attitude, its how states like Ohio transform themselves. We don’t have any other choice.”

Ohio has begun state funded projects by creating sites and advertising heavily in the hopes of luring in big businesses. One such site was created in Van Wert, Ohio and to date has received over ten million in state funding. The 1,600 acre site is replete with gas lines, a rail line and land acquisition options. The state hopes that building these ready made sites will attract manufacturing companies who will in turn stimulate the State’s economy. However the plan is nothing short of a very expensive gamble as there are as yet no prospects lined up to occupy the $10 million dollar state funded site.

Another such state funded site is located in Wapakoneta, Ohio and will contain an industrial park that is close to five hundred acres. The population in the small town is a measly 9,867 but hopefully that number will increase if an industrial plant chooses to build their site here and provide local residents with much needed jobs.

Although state officials feel that making Ohio state attractive to big businesses and industrial mega plants is the only way to stimulate their economy, critics worry that the plan may not be effective or practical.  A USA Today review of two of Ohio’s state funded projects saw many warning flags including projects that were behind schedule or still lacking investors. There is in fact, no guarantee that the investors will ever come but as Governor Taft stated, when faced with such a bleak economic outlook “[Ohio doesn’t] have any other choice.”

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Washington State has continued to expand economically with a growth of 3.6%. There have been improvements in employment opportunities and overall, the growth of the state seems to be relatively consistent.

Washington economy grows

Like many other states, Washington has begun to demonstrate signs of growth. Its gross domestic product market grew significantly in 2010 reaching a total of $425.2 billion dollars. WA has become one of the highest ranking states economically coming in third overall nationwide for fastest growth and fourth for having the largest economy in the nation. This steady growth portends well for the state and demonstrates a positive trend for the rest of the nation.

Washington has several strong sectors that contribute to its overall economic health. The largest part of its economic strength lies in the business, services and communication industries. Washington is the headquarter of the largest software development company in the nation. In addition, its professional services which include law firms, engineering and computer programming continue to remain strong. Second overall in contributions to the state’s economy is the real estate and finance industries. Washington houses a major banking as well as insurance company. In regards to crops and agriculture, Washington generates the highest revenues in apple crops than any other state and produces 64% of the nation’s apples.

Washington is also very strong in manufacturing with leading products in the space and aircraft areas. Other heavily manufactured products include computer parts such as microchips, and also medical and navigational equipment.

Some challenges remain

The economic struggles that plague many states has not completely escaped Washington however as its unemployment rate has remained at 9.1% consistently over a two year period. In addition, the natural disasters that ransacked Japan have had its effects on Washington State in the form of revenue loss. The tsunami has affected the amount of goods available for purchase which has decreased consumer spending as well as affecting the manufacturing industries as well. The hope is that as Japan rebuilds its economy it will again begin purchasing from Washington State, which has a large manufacturing industry.

Washington has also not avoided the foreclosure craze that has affected the rest of the country. New constructions have declined and the foreclosure rate remains high.

Positive signs

Despite the high unemployment rate that has been steady in Washington State for some time, there are positive signs of future improvement in the employment section of the economy, It seems that aerospace and software have begun expanding again with new hires totaling over 4,300.

Conclusion

Washington remains one of the national leaders in economic growth and even its high unemployment rate is showing signs of turning around soon. With increasing jobs in the aerospace and software division the economy of the state should soon be improving.

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