Appraisal, HELOC, Internal Audit, Correspondent Products; The U.S. Economy: Strong Like Bull?
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Appraisal, HELOC, Internal Audit, Correspondent Products; The U.S. Economy: Strong Like Bull?
By: Rob Chrisman
Wed, May 17 2023, 10:47 AM
I head to Connecticut early today for the CMBA conference, but on another personal note, congratulations to Robbie Chrisman, host of the daily mortgage podcast based on this Commentary, who recently rode his single-speed bicycle from Manhattan, across the Appalachians, to Chicago, working when not pedaling. (In terms of physical prowess, I feel fortunate not cramping up putting my socks on in the morning.) The weather seems to have improved in most places, the Northeast included, and we’re approaching travel season. Here’s an interesting list of tourist scams to avoid during all seasons. (I’ve never had a baby thrown my way.) Perhaps the improving weather influenced homebuilder sentiment, as have falling lumber prices: sentiment has improved in May according to the NAHB off the lows of 2022. People need a place to live, but perhaps not one to work. “The ‘return to the office’ won’t save the office: More people are going to offices more of the time. Offices are still in trouble.” U.S. lenders, including banks who own those loans, are being warned that commercial property is “next shoe to drop.” Executives and investors fret about the impact of rising rates and empty buildings on the $5.6 trillion market. (Today’s podcast can be found here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades, helping transform the mortgage business. Interview with Richey May’s Nathan Lee on the best ways for lenders to leverage data, benchmark, and analyze various metrics to achieve profitability.)
Lender and Broker Products, Software, and Services
Servicers of all types and sizes trust their portfolios to MSP®, Black Knight’s loan servicing system. Just ask 7 Servicing, a credit union service organization that recently chose Black Knight’s integrated solutions. In addition to MSP, which supports all aspects of servicing, from loan boarding to default, 7 Servicing will use Servicing Digital to give its members a convenient, self-service application. Accessible via a mobile app or the web, Servicing Digital gives homeowners easy access to personalized and timely information about their mortgage and home. What’s more, organizations like 7 Servicing that use Servicing Digital can build deeper relationships and engagement with their members. This can lead to higher member satisfaction and increased retention. Learn how Servicing Digital can help you improve the customer experience at your organization in the blog post ”5 Ways to Retain More Servicing Customers Through Communication.”
“Rain just after you wash your car. Being late and hitting every red light. Some things in life happen just like clockwork. You know what you can also count on? Working with a consistent team of processors when you pass your processing operations to wemlo®. Our processing pod set-up means you’ll have a go-to processor, dedicated backup processor, and manager you can count on for every loan submitted. We know you don’t want a bunch of random processors in your files or working with your hard-earned clients – that’s why we’ve designed a workflow centered around business continuity. Ready for dependable third-party processing support? Learn more about wemlo’s consistent third-party processing services today.“
Best execution on a loan plus reduced repurchase risk at no additional upfront cost? A no brainer, right? Work with your hedge advisory firm and Plaza National Correspondent Lending for a “last look.” If Plaza Home Mortgage can match the pricing, you’ll get the best price plus Plaza’s Certified Loan Program that protects you from buybacks due to manufacturing defects. Reach out to Plaza for more information or see Plaza at MBA Secondary in NYC, May 21-24.
Still on the fence about DPA? Here what Click n’ Close client Steve Shelton, Managing Principal at First Choice Lending Services, has to say: “Click n’ Close’s proprietary DPA product has helped us tremendously grow our purchase money business and close more deals, especially when our borrowers don’t qualify for other programs because of income limits, or where seller-paid concessions weren’t available or in multiple offer situations. From management to account executives, inside reps and underwriters, everyone at Click n’ Close comes together to figure out how to make loans work and close them efficiently, truly a boutique style of service rarely seen in today’s wholesale marketplace.” Contact Adam Rieke or Kerry Webb (wholesale) or Julas Hollie (correspondent) to get started today. P.S. Don’t miss Michael Lima’s DPA session at the MBA Secondary Conference on Tuesday, May 23 at 11 am, or drop him a line to meet in person.
What’s an internal audit anyway and do you need one? An internal audit acts as a third line of defense for your mortgage operation. It provides comprehensive assurance based on the highest level of independence and objectivity to evaluate the effectiveness of management’s internal controls. This function should advise your mortgage operation on plans to achieve the company’s strategic, operational, financial and compliance goals. An effective internal audit should go far beyond just checking a compliance box; it should be an integral part of protecting your company. If you want to ensure you’re adhering to regulatory requirements and demonstrating good faith business practices, a Richey May internal audit is a good fit. If you’re looking to be Fannie Mae approved in the future or want to maintain your approved status, it’s required. If you’re unsure whether you need an internal audit, ask one of Richey May’s experts today or learn more here.
There are over 200 different species of chameleons in the world, each optimized for their own environment. Their ability to adapt and change color in their surroundings is key to their survival. In a rapidly evolving mortgage industry, lenders need to be able to adapt just as quickly. As home equity increases HELOCs present lenders with new opportunities, and innovative technology can help lenders offset the risks involved in home equity lending. In a Q&A with the National Association of Federally Insured Credit Unions (NAFCU), Wolters Kluwer’s Mark Mackey explored the effects of the shifting industry and the growing importance of Home Equity, particularly in regard to credit unions. He also examines the risks and benefits of HELOCs. Learn more about the importance of HELOCs in the shifting industry by reading the Q&A today.
You do everything to create a perfect origination experience, yet you send a link to some random AMCs your borrowers never heard of where they’re expected to share personal information and a credit card. For lenders with less than 50 loans per month, is it likely your AMC will create a dedicated page featuring your brand? Not likely. Well, enter Jaro. Not an AMC, but technology that empowers AMCs. This technology creates a branded landing page for your appraisal orders. Additionally, Jaro offers a suite of products to provide more predictability with your borrower’s values. On Tuesday, May 23rd at 2 pm ET/11 am PT, National Mortgage Professional, we’ll deep-dive into the appraisal process, identify its flaws, and discuss potential remedies made possible by Jaro, all without switching your AMC. This session will feature Jaro’s Managing Director, Gareth Borcherds. To be a part of this enlightening discussion, register here.
Capital Markets
Mortgage rates rose to the highest level in nearly two months yesterday as prices on the front-end of the yield curve were weighed down by better-than-expected data and long-end yields were pushed up due to Pfizer’s $31 billion duration-heavy, multi-tranche, fourth largest ever offering of bonds. There were also FDIC sales, $12.5 billion over Monday and yesterday in total, which contributed to the widening of MBS spreads to roughly 315 basis points. Retail sales, which factor into GDP, rose in April despite still-high inflation and borrowing costs as slow unemployment and steady wage growth continued to support demand. The 0.4 percent month-over-month advance in sales would normally be good but follows larger declines in February and March (-0.7 percent) and doesn’t take into account price changes, meaning that on an inflation-adjusted basis retail sales are actually down. Declining sales will eventually be a headwind to economic growth this year.
The National Association of Home Builders Housing Market Index rose to 50 in May, meaning an equal number of builders have as positive a view of the market as a negative view of the market. Though the figure beat both expectations and April’s reading, the index has been trending under 50 since last August and fell a record twelve months in a row over the entirety of last year.
The housing boom over the past couple of years was mostly in home prices, not in home building, and this report dampens expectations for much new home building leading up to and continuing during the spring season. This report, and the lack of home building in general, suggests that the dire shortage of new home construction is not set to change anytime soon, which is quite a head scratcher considering the extreme dearth of home inventory for sale.
As every lender knows, the inventory of homes for sale has dried up. So, where have the spring home selling seasonals gone? Ask the millions of American homeowners paying 4 percent or less on their mortgages who are deciding to stay put rather than trade up. One-third of housing inventory hitting the market is new construction, compared to historical norms of a little more than 10 percent. The annual rate of home building currently resides at 980k, less than half its 2.3 million average since 2000. Existing home sales are due out tomorrow morning and are expected to drop to a 4.3 million annualized rate, or down 3.2 percent compared to March, which in turn was down 2.4 percent compared to February. It’s rough out there.
After mortgage rates increased last week (even as Treasury yields were essentially flat), mortgage applications decreased 5.7 percent from one week earlier, according to data from MBA. We’ve also received housing starts and building permits for April (). Markets were looking for 1.44 million and 1.46 million compared with 1.42 million and 1.43 million previously. Later today brings a Treasury auction of $15 billion 20-year bonds. We begin the day with the 2-year back up to 4.07, Agency MBS prices better by a few 32nds, and the 10-year yielding 3.52 after closing yesterday at 3.55 percent.
I, and an estimated couple thousand industry execs, head up Manhattan soon. Adam Quinones, Founder of dataQollab and former Head of Mortgages at Refinitiv, has some advice for anyone going to New York for the MBA’s National Secondary. (Part 3 of 5.) “Be careful crossing the street: the yellow cars don’t stop. If you’re hailing a cab, look for yellow tops with their numbers lit up. That means the driver wants a fare. Once you’re in the cab, give the driver a cross street, not an address. “9th and 57th” for example. If you give them an address, they will know you’re a tourist and will be more likely to take you on a joy ride.”
Employment and Transitions
Evergreen Home Loans™ is passionate about changing the world one relationship at a time through homeownership. That passion has established Evergreen as one of the Western states’ leading residential mortgage lenders for over 36 years. Consistently named one of the best workplaces in America, Evergreen is known as a people-powered local lender with big advantages, committed to providing high-touch service that’s complimented by a robust portfolio of products that meets the needs of today’s buyers and real estate agents and an exclusive technology platform that brings mobility and convenience to mortgage origination. “When it comes to tools of the trade, our loan officers are armed for success. Modern technology helps us super serve customers and streamline the process for everybody,” said Todd Miles, executive vice president, loan production, at Evergreen. If you’re passionate about impacting lives through homeownership, visit the careers page and discover what’s possible with Evergreen.
“In an ever-changing industry, it’s more important than ever for a mortgage company to be able to pivot, adapt, and grow. Homestead Funding has been assisting borrowers with their home financing needs for nearly 30 years, and we continue to expand our programs, enhance our technology stack, and grow our sales team. Aletha of North Carolina joined our team for two main reasons: Homestead’s resilience in the mortgage industry, and the confidence in knowing there are colleagues, support staff, and senior management behind her. Dave from New York signed on for our focus on superior service for our borrowers and emphasis on partners’ experience. To learn more about why Loan Originators choose Homestead Funding, watch our video here. For more career information and confidential talk, contact Michele Teague today: (518)-368-1494.”
You’re obviously the kind of mortgage professional who stays in the know. Why else would you be reading the Chrisman Newsletter? If we have you pegged, you’ll love this: we tracked down 4 surprising mortgage stats that will change the rest of 2023. Just click here for the free infographic. Stat-savvy and looking for your next business move? Motto Mortgage brokerages are hiring talented loan originators in: AK, AZ, CA, CO, CT, FL, GA, ID, IL, IN, KS, KY, MA, MI, MO, NC, NJ, NM, NV, OH, OK, OR, PA, SC, TN, TX, VA, and WA. Get all the info here.
“Are you a proven, high-performing Non-QM Account Executive? We’re looking to add YOU to our roster. Join the team of elite Account Executives who have access to uncapped commissions allowing you to earn what you’re worth, dedicated Scenarios Desk with HERO Broker Portal assistance, and exclusive loan products outside of what traditional Non-QM lenders offer including CDFI financing. Borrowers are leaving the 9-5 model and need solutions. Fill their financing needs & grow your own book of business while making an impact for diverse and underserved markets. Ready to change your jersey and dominate the Non-QM market? Reach out to Angela Castillo, VP of Talent Acquisitions, today for a confidential interview at 602.848.2967 or click here.”
Opus Capital Markets Consultants is excited to announce the addition of Pete Thomas to the company, to focus on creating new opportunities for the organization. “Pete has a tremendous industry background, particularly in Capital Markets, having been with Clayton/Covius, PHH, Freedom, and Bear Stearns, with deep relationships across the country,” said Pete Butler, EVP Strategy and Growth at Opus.
Dovenmuehle has appointed Ron Malik as SVP of default servicing to oversee Dovenmuehle’s special servicing initiatives and maintain a high level of compliance and service satisfaction in all areas of default servicing,
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There’s been some discussion recently among moneybloggers about writing more for those who earn the minimum wage, and for those who face other financial difficulties. This is a good thing. But all this talk made me wonder: How prevalent is the minimum wage? Who works minimum wage jobs? I decided to do some research.
According to the U.S. Department of Labor, the median annual income of a U.S. worker is $32,140. Federal minimum wage is currently $5.85 an hour, or about $11,500 per year — just above the poverty line. Of the 76.5 million people paid by the hour in the United States in 2006, 2.2% make minimum wage or less. Here are some generalizations we can make about minimum wage workers:
Most minimum wage earners are young. While 2.2% of all hourly workers earn minimum wage or less, just 1.4% of workers over the age of 25 are paid at or below the Federal minimum wage. More than half (51.2%) of minimum wage workers are between 16 and 24 years old. Another 21.2% are between 25 and 34.
Most minimum wage earners work in food service. Nearly two-thirds of those paid minimum wage (or less) are food service workers. Many of these people receive supplemental income in the form of tips, which the government does not track.
Most minimum wage earners never attended college. Just 1.2% of college graduates are paid the minimum wage. If you only have a high school degree, you’re more likely (1.9%) to be paid minimum wage. Those without a high school degree are nearly three times as likely (3.7%) to earn minimum wage. 59.8% of all minimum wage workers have no advanced education.
Finally, as you might expect, part-time workers are five times more likely to be paid the minimum wage than full-time workers.
You can find more information at the official characteristics of minimum wage workers page, and in the page of data tables. Also, the Department of Labor has a map that shows how state minimum wage rates compare to Federal minimum wage rates:
These statistics mirror my own experience. When I earned minimum wage, I was working on farms or in restaurants. I was young. The other people I knew who earned minimum wage were also young. As an adult, I’ve known a few people who earned at (or just above) minimum wage. These people have usually lacked a college education. In many cases, they were actually working toward some sort of degree while they worked their minimum wage job. Most people don’t see a minimum wage job as an end, but as a means to an end.
That’s not to say that there aren’t those who aren’t stuck in bad situations. Research from the U.S. Bureau of Labor Statistics indicates:
Many workers begin their post-school careers in jobs paying the minimum or something close to it, but…the vast majority of workers move on to higher paying jobs as they accumulate experience. However, there is a nontrivial fraction of workers who spend substantial portions of their early careers consistently working in minimum wage jobs. […] Less educated persons, blacks, women with young children, and workers who reside outside of urban areas are much more likely to have such minimum wage careers.
The percentage of hourly workers paid at or below the Federal minimum wage has declined steadily (and significantly) since the numbers were first tracked in 1979. In 1980 and 1981, 15.1% of workers were paid at or below the minimum wage. In 2006, just 2.2% of workers were paid at or below the minimum wage. (A strong argument could be made that the minimum wage has failed to keep pace with the cost of living, and that employers have been raising wages on their own. In other words, this statistic may be meaningless.)
Enough numbers! Later today I’ll explore ways for those trapped in minimum wage jobs to get ahead. It’s not all about pinching pennies. I’d also like to hear stories from people who have worked minimum wage jobs in the past, and from those who still do. If I collect enough stories, I’ll post them in a separate entry. (If you’d like to share your story, please drop me a line, or post it in this forum thread.)
Update: I’ve posted my piece on how to escape from minimum wage.
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.
This episode is dedicated to exploring the motherhood pay gap and potential solutions.
Check out this episode on either of these platforms:
Our take
You might have heard about the gender pay gap — or the difference in earnings between men and women — but what about the “motherhood penalty”? According to a recent report from the Pew Research Center, the gender pay gap grows more pronounced during a time when adults are likely starting and building their families: between ages 35 and 44.
But what does that look like in real numbers? Calculations from the National Women’s Law Center show that women who work full time year-round make 84 cents for every dollar men make. Mothers make only 74 cents for every dollar fathers make, amounting to $17,000 less per year.
In this episode, we explore the financial hit women take when they become mothers. We speak to experts who help us understand not only what’s driving the gender pay gap but also why it’s so difficult for women to recover financially after they have kids. We also learn more about policy changes at the federal, state and employer levels — from pay transparency to paid leave — that can help to close the gender pay gap for all women, not just mothers.
To a large extent, simply having more knowledge can empower women to ask for more when accepting a job offer or negotiating a raise.
More about parenthood, pay equity and finance on NerdWallet:
Episode transcript
Sean Pyles: Happy Mother’s Day, Amanda.
Amanda Barroso: Thank you, Sean. I’m sitting here in my closet where I record all the podcasts, and my toddler is right outside the door. I’m feeling about 20 months pregnant with our second. So needless to say, I’m feeling very much like a mother right now.
Sean Pyles: You are channeling and embodying Mother’s Day right now.
Amanda Barroso: Yes. Yes.
Sean Pyles: So how are you celebrating your day?
Amanda Barroso: So aside from a delicious brunch cooked by my husband and some family time, I’m setting aside some time to chat with you about the gender pay gap and how it widens for women once they become moms.
Jasmine Tucker: So I think we really need a multipronged approach to this. We need stuff to happen at the employer level. We need stuff to happen at the state level. We need stuff to happen at the federal level.
Sean Pyles: Welcome to the NerdWallet Smart Money podcast. I’m Sean Pyles. I’m here with NerdWallet writer Amanda Barroso for a special Mother’s Day episode about the gender pay gap and the motherhood penalty women face. Welcome back to Smart Money, Amanda.
Amanda Barroso: Hey, Sean. I’m happy to be here with you. The gender pay gap probably isn’t the first thing that comes to mind when people think about Mother’s Day. They’re probably thinking about flowers, brunch, chocolate. But this is something that’s personal to me.
Aside from being a mother, I’ve been thinking about and researching this topic for a long time. So before I came to NerdWallet, I got my doctorate in women’s and gender studies and then worked in D.C. for about five years at nonprofits that researched this issue. So it’s been on my mind for a while.
Recently, one of my former colleagues at the Pew Research Center published a report about the just persistent and enduring nature of the gender pay gap, and it turns out that parenthood is part of what’s made this thing stick around for so many years. The thing about the gender pay gap, though, is typically women never really recover from it financially, especially once they become moms. So the topic is on my mind, especially as I prepare to have our second child in just a few months.
Sean Pyles: All right, so in this episode, you’re going to help us understand what the gender pay gap really is, why it’s worse for mothers and maybe even talk about some solutions to what can feel like an insurmountable problem.
Amanda Barroso: That is the goal, at least.
Sean Pyles: OK. Well, let’s start with the basics. Can you lay out for us what exactly the gender pay gap is?
Amanda Barroso: Sure. So simply put, the gender pay gap is the difference in earnings between women and men. Every year, researchers are updating their calculations. One source of data from the National Women’s Law Center shows that women who work full time and year-round typically make 84 cents for every dollar that men make. For moms, this drops to 74 cents for every dollar that fathers make. This amounts to a $17,000 loss in income every year.
Sean Pyles: $17,000. That’s enormous, Amanda. I mean, just think about all that a mom could do with that amount of money.
Amanda Barroso: Totally. I mean, it’s not pocket change for a Target run, that’s for sure. The reason that I wanted to make this podcast, actually, is because it was unclear to me what it is exactly about motherhood that penalizes women financially, but then on the flip side, rewards men who become fathers at the same time. In research, this is something called the fatherhood bonus. So I’m just thinking, what’s going on here?
Sean Pyles: OK, so just to make sure that I’m following you, there’s the motherhood penalty, and then there’s also the fatherhood bonus. These terms seem pretty self-explanatory, but can you give us a quick definition of each so that we’re all on the same page?
Amanda Barroso: So the motherhood penalty is the earnings hit that women take when they become mothers. Sometimes it’s because they have to step back or scale back from the workplace to become primary caregivers, and of course that impacts their overall earnings. But for men who become fathers, the data shows that they get a boost in their earnings, actually. And this may be because employers are more likely to see fathers as providers, offer them more hours, more opportunities, and the fathers can then take advantage of that because, surprise, they have someone at home taking care of the kids and the housework.
Sean Pyles: Got it. I think there may also be psychological and cultural pressures going on as well. A lot of dads may feel like it’s important to step up and work harder once they have a kid, or they’re afraid that if they do try to take time off and prioritize child care, that they’ll be judged harshly and their careers might suffer.
Amanda Barroso: Totally. So to understand the origins of the parental pay gap, I talked with Jasmine Tucker — she’s the vice president for research at the National Women’s Law Center — and that’s who you heard at the beginning of the episode.
Jasmine Tucker: So what we see in the data is that women face a wage gap right as they begin their careers, but it’s smaller. So people are just graduating college, people are just graduating high school and entering the workforce. Women are making 90 cents for every man’s dollar.
Amanda Barroso: So the playing field is more equal when young men and young women are first starting their careers because, you think about it, they’re both starting at entry-level positions at the lower end of the pay range. But then something starts to happen as they enter their 30s. And this is where you see that motherhood penalty and the fatherhood bonus emerge that we were talking about earlier, Sean.
So to understand this, I talked to Rakesh Kochhar — he’s a senior researcher at the Pew Research Center — and he’s the one who wrote the report that I mentioned earlier. So I wanted to learn a little more about this window of time and what exactly happens to mothers and fathers.
Rakesh Kochhar: The most significant increase in the pay gap happens around age 35 to 44. Beyond that, it pretty much stays steady, so it doesn’t rebound back to pre-parenthood days, but it stays widened. Parenthood widens it, and that widening does not go away.
Sean Pyles: OK. So what Rakesh is saying is that not only is there a gender pay gap, but that this gap widens between mothers and fathers between the ages of 35 to 44. So under one roof, you could have one parent reaping the benefits of this gap, while the other’s pay is suffering.
Amanda Barroso: And that gap never closes, even as women age. Plus, this data isn’t even factoring in same-sex households. I mean, another thing that we should also clarify from Rakesh’s work is his research shows that women with kids at home earn less than women without kids at home. And here’s where the fatherhood bonus really comes into play. Fathers earn more than other workers in general, including men without children.
Sean Pyles: And I know there’s a ton of data out there around the pay gap, but I want to zoom out. There are still a lot of people who don’t think the pay gap is well, real. Or they believe that women simply pick fields with lower wages, things like being a teacher or a service job, while men happen to choose jobs with higher earning power, like something in tech or banking or engineering.
Amanda Barroso: There’s obviously a lot more at play than men and women just simply choosing different jobs. The true meaning of occupational segregation takes into account how a particular group, so here we’re talking about men and women, how they’re overrepresented in a certain job, and this is often due to social forces and pressures or policies that create this division. It’s certainly more than just men and women just happen to choose these separate and distinct fields, right?
Sean Pyles: Yeah. Well, the other thing that critics of the gender pay gap dispute is the role of discrimination. Did the experts that you talked with get into that at all?
Amanda Barroso: Yeah. On the question of whether the pay gap is real or not, Jasmine was just like, “Look, here’s the data.”
Jasmine Tucker: We see a wage gap in 94% of occupations. We see a wage gap when you look at different education levels and especially women of color gaining higher education, like Black women and Latinas, they’re still losing millions of dollars over a career compared to white non-Hispanic men.
Sean Pyles: So Jasmine has the data to back up the wage gap, but what about the occupational segregation and discrimination question? Did she or Rakesh talk about that?
Amanda Barroso: So Rakesh was basically like, “Look, occupational segregation is a thing. It is an undeniable thing that happens, but so is discrimination.” But that last piece is just a little harder to precisely measure.
Rakesh Kochhar: Yes. So both are factors. One, as you noted, is easier to measure than the other. The easier one to pick up on is what are the types of jobs men and women do, or what are their occupations? And there are distinct differences that continue to linger. For example, women, much more so than men, are represented in education or health care jobs. Men, on the other hand, are more likely than women to be in STEM jobs or in managerial occupations and some other occupations. And the differences have narrowed over time. But this narrowing also halted around the turn of the century.
The other side of the equation you mentioned is discrimination. That is where an employer may treat men and women differently at the workplace or during the hiring process itself. Many experiments have revealed it as a likely factor. So there is evidence of discrimination, but precisely how much and where it happens, that’s harder to measure.
Sean Pyles: All right, I’m glad we cleared that up. But what I’m wondering about now is where does this pay gap come from? There are people behind the decisions to pay a mother one amount and a father a different amount. What’s actually driving the gender pay gap?
Amanda Barroso: You know, Sean, I asked Rakesh that exact question. Here’s what he said.
Rakesh Kochhar: In a survey we did accompanying this report, we find that women with children at home are much more likely than men to feel a great deal of pressure to focus on family needs. So partly a result of these pressures and perhaps partly by choice — it’s hard to sort out or disentangle these two forces.
What we see is that with the onset of motherhood, when about two-thirds of women ages 35 to 44 have children at home, we find that they tend to retreat from the labor force. Labor force participation decreases, and at the same time, women tend to work fewer hours on average per week.
So in effect, what this means is parenthood impacts the amount of workplace experience women acquire relative to the workplace experience that men are able to acquire. And men are seen to work harder because they actually increase the number of hours they work on average per week and they become more active in the labor force when they become fathers. So partly through a withdrawal on the part of women and partly through more engagement on the part of men, we see the gender pay gap widen around that time. And this increase happens most noticeably around ages 35 to 44.
Amanda Barroso: So, as Rakesh mentions, there are significant cultural forces involved here, but I wanted to hear a little more from Jasmine about how this plays out, especially around notions of who is a breadwinner.
Jasmine Tucker: What I think is at play are a couple of things. So first is outdated notions about who’s caring for families, who is dedicated to the work, who needs the money. And so if you think about dads in the workplace, you’re like, “Oh, well so-and-so just had a kid. We need to put him up for promotion because he’s supporting three people now instead of two,” whatever.
And I think that despite all of this evidence that shows that women are breadwinners in their families, either primary or co-breadwinners, there is this outdated notion that when women have kids, they become less dedicated to their work. And so they have to leave at 4 p.m. to go pick up kids. And so that means that they’re not dedicated to their work, forget that she’s answering emails or whatever she’s doing late at night after the kids are in bed. Child care is definitely playing a big role here. If child care is unaffordable and it’s making up large shares of women’s earnings, they might be more likely to leave the labor force.
Amanda Barroso: That point about child care really hits home, and it’s something that we’ve covered together on the podcast before, Sean. The other thing that she mentions are caregiving responsibilities, which when you think about it, they only multiply with each child that parents have, right?
Sean Pyles: And we know that women tend to take on more caregiving responsibilities than men, too. So women are being paid less for the same job and also having to shoulder more work around the home.
Amanda Barroso: Exactly. So this is what I wanted to know. Does the impact of the gender pay gap then intensify with every child? Here’s what they had to say. Let’s hear from Rakesh first.
Rakesh Kochhar: In the past, we did look at what happens to work effort depending on the number of children you have at home. And the more children you have, the greater the number of hours worked by men or fathers. And the shorter the workweek among women. So having more children definitely has more of an impact on engagement with the workforce on either side, negatively among women and positively, you might say, among men.
Amanda Barroso: So with the birth of each child, mothers are withdrawing from the workplace for one reason or another, while fathers are putting in more time. But what does this mean for actual earnings? Here’s what Jasmine said.
Jasmine Tucker: There are some studies that show there’s like a 7% drop in earnings, like per kid, that you have for women. But we see the opposite when it comes to men. When they have kids, their earnings tend to go up. And so I think over time this creates this divide that widens, right, it just continues to widen and get worse over time.
Amanda Barroso: So is it just a general issue with the imbalance of division of labor? So women are the ones who are assumed to be doing the caregiving. So they’re the ones leaving work early, and then it snowballs from there.
Jasmine Tucker: It all reinforces each other. We saw this in the pandemic. We saw more women leave the labor force than we saw men, and we saw women out for longer periods of time. So we know that early days, in 2020 and 2021, we saw lots of women remain out of the labor force because they were providing unpaid care for their children. And so if somebody needs to take time out of the labor force, who’s it going to be?
Amanda Barroso: Jasmine has a good point here. The pandemic really upended the working lives of many mothers across the U.S. because when you think about it, Sean, so much of that infrastructure that they relied on to be workers, was just no longer available. So things like child care, in-person schooling, after-school activities or weekend activities, things like that that made their working lives possible were just unavailable.
Sean Pyles: Well, what’s interesting is that in recent months, women have returned to work. In February 2023, the number of women in the workforce was higher than before the pandemic, but that was after a steep, sudden drop-off early in the pandemic and then a slow climb back up over the past three or so years. Do you think that that time away from work would have an impact on their earning potential?
Amanda Barroso: Exactly. But the thing is, once women leave the labor force, it’s really hard for economists to understand what it means for their future earnings, even if they return to work again at a future time. And this is something that Rakesh talks about in his report.
Rakesh Kochhar: Now in our data, we only observe the earnings of people who are working, who are employed. And if we look at just employed men and women, we are not anymore looking at women who have withdrawn from the labor force. Some will have withdrawn permanently, some will have withdrawn only for two, three months or four months, and some may be for two, three, four years until a child goes to kindergarten or elementary school. So there’s going to be a varying degree of losses felt by women.
And what we do not observe is this loss in potential earnings: What might have been the earnings of a woman who took, say, five years off from work? We also do not know what might have been the earnings of women who’ve permanently withdrawn because they decided for whatever reason to be at home to look after kids until they’re off to college, maybe, or never returned to the labor force. So there is some loss in the potential earnings of women, their lifetime earnings, that we are not able to observe.
Amanda Barroso: Rakesh points to a blind spot in collecting pay gap data on women, especially as they become mothers and exit the workforce for a time. And as Jasmine mentioned, the pandemic has been especially hard on mothers’ employment.
Jasmine Tucker: So I think early in the pandemic, there was a lot of worry about moms and women just generally leaving the labor force and what that would mean for their careers. We saw 20 million plus jobs just completely gone in two months time, from February to April 2020. And I think initially in the early days of the pandemic, there was, I think, a really scary moment of what’s going to happen to the wage gap? How is this going to impact it? How is this going to set women back?
And so I think the data from the Census Bureau over the last couple of years, it’s been hard to compare it to previous years. Because the labor market looks completely different than it did in 2019, which we would have to consider pre-pandemic.
So what we have seen since 2020 is some closure in the wage gap. And part of that is because we saw a lot of the jobs that were lost were low-paid jobs. So who was left right in the pool of people working full time and year-round were higher-paid workers. So we lost all of these women in low-paid jobs. And so that appeared to shrink the gap.
Sean Pyles: It seems like both the gender pay gap problem and the motherhood penalty that exacerbate it are really complex.
Amanda Barroso: I mean, there’s not a one-size-fits-all solution. I think Rakesh put it really nicely.
Rakesh Kochhar: So it’s that drilling down to individual choices and cultural pressures and family pressures and workplace issues. It’s very heterogeneous; it’s very diverse. It’s very difficult to perhaps eliminate with a sweeping policy.
Sean Pyles: All right, well, that does seem a tall order, but I also see a glimmer of hope in Rakesh’s answer. There are a number of different areas we can mine for solutions on an individual level, family level, culturally and in the workforce.
Amanda Barroso: I know it seems bleak, and in a lot of ways, these issues are so much bigger than an individual mother can solve on her own. Trust me, I feel the weight of this. I’m a mom, I am expecting another one, and I obviously care about my earnings. But you’re right; there are some things and some ways that we can move forward and continue to make progress in closing the gap from others. So I dug into this a little bit with Jasmine.
Jasmine Tucker: So I think we really need a multipronged approach to this. We need stuff to happen at the employer level. We need stuff to happen at the state level. We need stuff to happen at the federal level. So we could do things like pass equal pay bills, like the Paycheck Fairness Act at the federal level. There is right now a lot of momentum in state legislatures this year around pay, salary transparency bills, which is great because it essentially says if you’re posting a job, you have to provide a range in the salaries. The data shows that women underestimate the salary and men ask for the moon, which contributes to this.
Amanda Barroso: So what are some things that employers can be doing? It does seem like some of the issues here are revolving around how managers or HR or people in control are thinking about motherhood and fatherhood.
Jasmine Tucker: I think that there’s a lot that employers can be doing. They can be doing internal audits of how much are they paying people by race and by gender, and what does that look like? And doing some course-correction there. I think that they could be hiring more women and in particular women of color in C-suite positions and in other leadership roles, because if you have a workplace that only is made up of men and in particular white men, I don’t see how those workplaces are going to be family-friendly or actually meet the needs of moms in that workplace.
Amanda Barroso: Your earlier point about employers examining their own pay practices seems really important. And I don’t want to overlook your point about race, either. I mean, the calculations that you’ve done show that Black, Latina and Native women are making even less than that overall 84 cents per dollar figure that we talked about earlier. According to your data, Black women make 67 cents for every dollar, and Latina and Native women make 57 cents. And again, this is compared with white non-Hispanic men. And that’s just the overall number, not the number for moms of color. So that means their total annual losses are much higher.
Jasmine Tucker: Yeah. It’s life-changing money. It could be a down payment for a house; it could be an investment in your education so that you can move from your low-paid field to a higher-paid field. It could be savings toward a kid’s education fund. There, I think, are so many wealth-building opportunities that women and moms are missing out on because they’re being paid less.
Amanda Barroso: What other policies can be implemented or changed to help close the gender pay gap for moms?
Jasmine Tucker: The unionized workplace is good for women. We see wages go up; we see wage gaps decrease.
Amanda Barroso: Workplaces adopting family-friendly policies alone won’t fix the pay gap, though. Rakesh even points to other European countries where these policies are part of workers’ everyday lives already and found something interesting.
Rakesh Kochhar: When we look at Scandinavian countries, such as Denmark, where family-friendly policies are commonplace, you still see that parenthood drives an increase in the wage gap because men and women react differently to parenthood.
Amanda Barroso: This reaction to parenthood Rakesh talks about could point to a bunch of things. I think some of it’s likely a response to cultural and social pressures that fathers face, thinking about putting in more hours in the office, what that might mean, it might mean seeing your child less, added stress. There’s this financial piece of the fatherhood bonus that seems like a positive one, but still there are costs.
Sean Pyles: So we’ve talked about potential solutions at the state and federal levels, but there have to be things that parents can push for in their own workplaces.
Amanda Barroso: I think you’re exactly right, Sean. Look, OK, let’s look at NerdWallet, for example. The company does offer a really generous paid leave policy, around five months leave at 100% pay, which not only means that parents can bond and care for their newborn, but they also don’t have to dig into savings to cover time away from work. I mean financially, that’s huge, right? But in addition to that, all new job ads that NerdWallet puts out provide a salary range, which means that potential candidates have a leg up. So when they get asked that dreaded question that we’ve all been asked in a job interview, “What’s your desired salary?”, they have some information to work with, right? They’re not pulling a number out of the air.
So as of March 9, actually eight states have made salary transparency a requirement on job ads, and 15 states are considering similar legislation, and that’s according to the Center for American Progress. So I think that that’s a step in the right direction.
NerdWallet also recently started providing employees with the salary bands for their job title based on their title and location. So I can log in and see where I fall in that pay band, and when it comes time for review or negotiations, I just have a little more leverage. I have more information and knowledge that I can work with. I think these last two things are huge, especially for women. So studies have shown women tend to undervalue themselves. They ask for less in negotiations or when they’re starting a new job. And in this case, I think for women, knowledge is power.
Sean Pyles: And it just goes to show how big an impact one company’s policies can have on the way you can structure your life, your family, your ability to earn money. And it gets back to the fact that it’s a little unfortunate for many workers that they don’t have those benefits where they work. And we should state that Amanda was not told by NerdWallet to say any of that. It’s just a legit perk that’s made a big impact on her ability to balance motherhood and having a career. Is that right?
Amanda Barroso: That’s absolutely right. But the thing is, there are templates for this. There are companies who are employing some of these policies and measures, and we can learn from those things. I think a big thing is just talking about money, talking about these policies. You hear that your friend or your neighbor that they work at a place like NerdWallet, great. Let’s figure out how they’re doing it so I can bring that back to my employer and see what I can make happen for myself and my colleagues.
Sean Pyles: Exactly. Well, Amanda, thank you so much for coming on the Smart Money podcast to help us explore this really important topic. I appreciate it.
Amanda Barroso: I always love being here and talking about these things with you, Sean, and I am very much looking forward to enjoying that five-month paid leave and catching you on the flip side of that.
Sean Pyles: All right. Well, I’m expecting many baby pictures while you’re out.
Amanda Barroso: Absolutely.
Sean Pyles: And that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected] Also visit nerdwallet.com/podcast for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast.
Amanda Barroso: This episode was produced by Sean Pyles and myself. Liz Weston helped with editing. Sheri Gordon helped with fact-checking, Kaely Montanan mixed our audio, and a big thank-you to the folks on the NerdWallet copy desk as always for their help.
Sean Pyles: Here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Amanda Barroso: And with that said, until next time, turn to the Nerds.
Now that Tarek and Heather El Moussa have joined forces in holy matrimony and in the business of flipping homes and in starring on their own show, “The Flipping El Moussas,” we figured it was only a matter of time before they took the next step that all reality star couples take.
Can you guess? They’ve embarked on selling their own line of home decor.
Pretty much all big-name reality TV stars hawk their own products, of course. Chip and JoannaGaines peddle home accessories galore at Magnolia and Target. Property brothers Drew and Jonathan Scott launched a furniture line at Living Spaces. Dave and Jenny Marrs of “Fixer to Fabulous” have a slew of outdoor wares at Walmart. Even Tarek’s ex-wife, Christina Hall, has her own bracelet line. In short, the list of celebrity-endorsed products is nearly endless.
So it stands to reason that the El Moussas would also enter into the fray. Yet while I was excited to check out their offerings, I have to admit I was somewhat underwhelmed.
Is Tarek and Heather El Moussa’s home decor line a flop?
Home by Tarek & Heather currently offers only four products: two candles priced at $38, one candle priced at a jaw-dropping $249, and a dispenser of hand soap for $16.
All “smell lovely,” says Heather in a promotional video.
Apparently, these four products are just the start, with more to come—at least according to the second episode of their show, when Tarek and Heather were celebrating the arrival of some samples. They are not only sniffing candle scents, but also plumping pillows and nuzzling what looked like whisper-soft throws.
Tarek describes their new line: “In all of our flips, we’re going to put in candles, we’re going to do floor mats, rugs, maybe blankets, like homey stuff. Like comfy rugs and pillows.”
“So when people walk in, they know it’s a home by Heather and Tarek—er, Tarek and Heather. Sorry,” Heather says with a laugh.
I’m sure I wasn’t the only one who immediately wanted one of those throws. Given my anticipation, I was sorely disappointed to scour their website with nary a throw in sight—just four freaking products, one of them a $249 candle.
Could they have been overly eager to get to market, or just painfully naive about marketing home products? Tarek is known for selling homes, but selling home decor is a whole different game.
To find out what they might have been thinking, I reached out to consummate branding and marketing expert Klint Briney, founder and CEO of BRANDed Management. His company has worked with celebs, including Ed Sheeran, LeAnn Rimes, Mariah Carey, and Mark Cuban among others.
I asked him why the El Moussas launched so few products right out of the gate—shouldn’t they have waited until they had more to offer? Briney thinks not.
“By entering the saturated market of celebrity brands and home goods, a more risk-averse approach would be to initiate a small launch to test the market,” Briney says.
In other words, less is initially more when it comes to these lines.
“They chose two hero products that are both gender-neutral, accessibly-priced, and shelf-stable,” Briney continues. “In a time when most Americans struggle with decision fatigue, fewer offerings can often initiate higher conversion rates, as they are not bombarding the consumer with too many choices.”
I heard that. When I do a search on Amazon for one specific product and get 20 pages of results, I am usually overwhelmed by the choices and hold off on my purchase.
Tarek and Heather’s products haven’t been picked up yet by big-box stores like Target and Walmart, where their contemporaries have a presence? Is that a bad sign?
Not really, according to Briney.
“It appears they are taking a more targeted and narrow approach upon launch, as it is critical for them to ‘win their own backyard’ before employing a more large-scale, blanketed rollout,” Briney continues. “Their items are strategically branded Newport Beach and Los Angeles, the two markets they work and reside in. This sort of data is great presentation material when meeting with mainstream retailers, which often leads to better terms.”
In other words, you start out small and targeted, prove your work in a niche area, then your business offers a lot more value to a big-box store.
“They can learn a lot by the recent acquisition of Aussie brand Aesop,” Briney adds. This producer of skin, hair, and body care products was recently “acquired by Loreal for $2.5 billion, the largest in company history.”
If they’re lucky, Tarek and Heather, after starting with a few candles and some hand soap, could end up with a billion-dollar deal with a major international corporation.
“In an era of cancel culture and the fast rise and fall of most celebrity careers, the fact that Tarek has had a show in production over 10 years, along with reinventing himself after a high-profile divorce, shows his marketplace viability,” Briney concludes.
Forget the throws. Maybe instead I should buy stock in the El Moussa company.
The allure of Indiana’s college towns is as diverse as the landscape of the Hoosier State itself.
Indiana is a state with a rich history, scenic beauty and a diverse range of academic institutions. This combination has given birth to some truly wonderful college towns that cater to the needs of students and residents alike. From the picturesque beauty of Bloomington to the bustling excitement of Indianapolis, these college towns have something for everyone. Let’s take a closer look at the best college towns in Indiana and discover what makes them so unique and appealing to students and young professionals from all across the country.
Home to Indiana University, this lively college town is known for its vibrant atmosphere, scenic beauty and diverse cultural offerings. As one of the best college towns in Indiana, Bloomington has something for everyone, from nature lovers to art enthusiasts.
The downtown area is filled with locally-owned shops, restaurants and bars, making it the perfect place for students to socialize and unwind. Kirkwood Avenue, in particular, is a popular hotspot for students, offering a wide range of dining options and entertainment venues.
Bloomington is also known for its love for and support of the arts, boasting several theaters, galleries and museums. These include the Indiana University Art Museum and the Buskirk-Chumley Theater among many others. For those who prefer to spend their time outdoors, the city is surrounded by numerous parks and nature preserves, including the beloved Griffy Lake Nature Preserve.
Home to Ball State University, Muncie is a welcoming college town that offers a strong sense of community and a friendly atmosphere. With a variety of local businesses, entertainment options and cultural attractions, Muncie is an ideal environment for students to thrive and plant firm roots for a rewarding career in the Hoosier State.
The city’s downtown area features a range of shops, restaurants and bars, ensuring students have plenty to do when they’re not hitting the books. The Muncie Civic Theatre and Cornerstone Center for the Arts are popular cultural hubs, hosting performances, art exhibitions and workshops throughout the year.
Outdoor enthusiasts will appreciate Muncie’s many parks and green spaces, including the beautiful Minnetrista Museum and Gardens and the White River Greenway. With its strong sense of community and passionate student population, Muncie is a great place for college students and recent grads to call home.
Located along the St. Joseph River, South Bend is home to the prestigious University of Notre Dame. As one of the best college towns in Indiana, South Bend offers a unique blend of rich history, beautiful architecture and a thriving arts and culture scene.
The city boasts a diverse range of entertainment options, including the historic Morris Performing Arts Center and the South Bend Civic Theatre. Students can also enjoy the city’s many museums, none more noteworthy than the Studebaker National Museum.
South Bend’s premier outdoor attraction is the scenic Riverwalk, which offers students opportunities for relaxation and recreation. With its strong economy and ample job opportunities, South Bend is an excellent place for students to start their careers after graduation. Not to mention the fact that a degree from Notre Dame goes a long way in every city in the Midwest and the country at large.
Home to DePauw University, Greencastle is a charming college town known for its close-knit community and picturesque surroundings. With its welcoming atmosphere, Greencastle provides an excellent environment for students to grow academically and personally.
The city’s downtown area features an array of shops, restaurants and entertainment venues that cater to the student population, including the legendary Moores Bar and Grill. The historic Putnam County Courthouse, built in 1905, serves as an easily recognizable meeting point for the town.
Cultural attractions in Greencastle include the DePauw University Green Center for the Performing Arts and the Putnam County Museum. For students who enjoy spending time outdoors, Greencastle offers several parks and green spaces, such as the popular People’s Pathway and the serene Robe-Ann Park.
With its strong sense of community and picturesque setting, Greencastle is an ideal college town for students seeking a well-rounded and intimate college experience.
Home to Purdue University, West Lafayette is a thriving college town that offers students a vibrant and friendly community. Known for its strong emphasis on academics and research, Purdue provides an excellent environment for students pursuing a career in any of the STEM fields.
The city’s lively downtown area boasts a variety of restaurants, shops and entertainment venues, ensuring students have plenty to do when they’re not studying. Popular attractions include the Purdue University Galleries and the Purdue Convocations, which host various performances and events throughout the year.
For outdoor enthusiasts, West Lafayette offers several parks and nature preserves, such as the picturesque Celery Bog Nature Area and the scenic Wabash Heritage Trail. With its strong economy and ample job opportunities, West Lafayette is a great place for students to kick-start their careers after graduation.
Situated in northwest Indiana, Valparaiso is home to Valparaiso University. This beautiful college town offers students a peaceful environment with easy access to the excitement and opportunities of nearby Chicago.
The town’s thriving downtown area features a variety of restaurants, shops and entertainment venues, such as the historic Memorial Opera House and the Brauer Museum of Art. Additionally, the Valparaiso University Center for the Arts provides students with unique opportunities to showcase their creative talents and fill out those portfolios for future employers.
With its strong emphasis on community and a highly-rated school system, Valparaiso is an excellent choice for students looking for a well-rounded college experience in a calm, suburban setting.
As the capital of Indiana and its largest city, it’s no surprise that Indianapolis makes the list of best college towns in Indiana. With institutions like Indiana University-Purdue University Indianapolis, Butler University and Marian University, the city offers a diverse range of educational opportunities.
Indianapolis is known for its thriving arts and culture scene, with world-class museums, theaters and galleries. Students can immerse themselves in the city’s rich history and enjoy iconic landmarks like the Indianapolis Motor Speedway and the Indiana State Museum.
The city also has a vibrant culinary scene, with everything from high-end restaurants to cozy cafés serving up delicious fare from all corners of the globe. And let’s not forget about the city’s many sports teams, including the Indianapolis Colts and the Indiana Pacers, offering plenty of opportunities for die-hard fans and casual observers alike to cheer on their city.
Find the Indiana college town for you
From the invigorating urban experience of Indianapolis to the serene, community-focused environment of Greencastle, the college towns featured above each embody the spirit of Indiana, offering students the chance to create lasting memories and forge their own paths. Embark on an academic journey in one of these exceptional college towns and discover the distinct charm and opportunities that await you in the heart of the Midwest.
I’ve been thinking lately about the value of a college education. I earned a B.A. in Psychology from Willamette University in 1991 (with a minor in English Lit, and almost another minor in Speech Com). What have I done with this degree? Almost nothing. Yet I do not regret the money and years I spent working to earn it.
The Financial Value of a College Degree
Does earning a college degree make a difference to your future? Absolutely. The facts are striking. On average, those who have a college degree earn almost twice as much as those who do not. According to the U.S. Census Bureau:
Adults with advanced degrees earn four times more than those with less than a high school diploma. Workers 18 and older with a master’s, professional or doctoral degree earned an average of $82,320 in 2006, while those with less than a high school diploma earned $20,873.
Workers with a bachelor’s degree earned an average of $56,788 in 2006; those with a high school diploma earned $31,071. This flurry of numbers makes more sense when viewed in a table:
Education
Avg. Income
Increase
Drop-out
$20,873
—
High school
$31,071
48.9%
College
$56,788
82.8%
Advanced
$82,320
45.0%
Completing college is huge. Over a life-time, a college degree is generally worth almost a million dollars. That’s money that can be used for saving, for fun, for whatever. The financial benefits of a college education are significant, and they’re very real.
Other Benefits of a College Degree
Obtaining a college degree isn’t just about making more money. According to Katharine Hansen at Quintessential Careers, a college education is associated with other benefits, such as:
Longer life-spans
Greater economic stability and security
More prestigious employment and greater job satisfaction
Less dependency on government assistance
Greater participation in leisure and artistic activities
Greater community service and leadership
More self-confidence
A college education also gives you a broad base of knowledge on which to build. It teaches you to solve more of life’s problems. It gives you future reference points for discussing art, entertainment, politics, and history.
College offers other learning opportunities, too. Much of what I gained in college came from learning outside the classroom, from participating in clubs and other campus organizations. Many degree programs allow students to “test-drive” careers through internships and practicums.
The Label on Your Degree Does NOT Matter
I asked Michael Hampton, director of career development at Western Oregon University, what advice he would offer a student who is deciding whether or not to attend college. He replied:
Unless you are going to be an engineer, architect, teacher, lawyer, the label on your degree does not matter. The degree is a check-mark (as opposed to the focus) in most job requirements. Many job ads will state: “Business, Communications or other degree required.” Most folks have the “other”.
I have a BA in Speech, Telecommunications & Film. As a television news photographer, youth director, communications director, substitute school teacher, sports marketing manager, career programs coordinator, no one ever said to me: “You know what? We would like to hire you, but we’re not sure what that label is on your degree.”
Honestly, at the University of Oregon, I was looking for an “easy” degree because I was not a book-smart student. I was able to take mostly film & television classes to earn my BA, so I signed up. The experiences I took advantage of (internships, volunteering, and part-time jobs) in college set me up to be marketable to employers. Again, the jobs I went after required degrees, but the label on the degree was not a barrier.
Here are some more prominent examples:
What was Alan Greenspan‘s major? Econ, but he studied music first
What was Michael Jordan‘s major? Math, then Geography (dropped out to play professional basketball, later returned to earn his degree)
What was Lisa Kudrow‘s major? Biology
What was Cindy Crawford‘s major? Chemical Engineering (dropped out for modeling career)
What was Ted Turner‘s major? Classics (expelled for hanky-panky)
What was former HP CEO Carly Fiorina‘s major? Philosophy
What was George W. Bush‘s major? History
What was Jay Leno‘s major? Philosophy
If a student is struggling to get good grades, I encourage them to look at the course catalog and choose a major based on the likability of most of the classes they would have to take, their positive experiences with the professors in the major, and the number of credits they have already taken that are compatible. They should set themselves up to be successful. Getting through the pre-reqs is a major barrier for some. Combine some “fun” classes with the challenging required courses to try and make the experience more enjoyable.
Against the Grain
But what if, instead of paying for your child’s education, you provided this lump sum to them in a one-year certificate of deposit, earning the current highest return available (2.24% as of the writing of this article, according to Bankrate.com)? Now the child’s salary would be greatly reduced; the lifetime earning potential would only be $4.2 million assuming the same circumstances as before.
However, assuming that in both scenarios the child in question was able to save 5% of their annual income (assumed to be a lump-sum deposit at the beginning of the year to keep calculations simple), the child with the high school education will have accumulated $646,532 in the one-year CDs by the time they’ve reached retirement age. The child with the college degree would only accumulate $438.132, a difference of $208,400.
Perhaps it could be argued that the child with the college degree could live with the same expense basis as the one with the high school education, thereby freeing up more money for saving and investing. However, I would encourage a recognition of Parkinson’s Second Law, which tells us that “expenses rise to meet income”.
Rich or poor, thrifty or not, the current savings rate as of the end of May for Americans was only 6.9%. For much of the recent past it’s been lower than that, even to the point of occasionally becoming negative. For as many responsible people who are reading these words, there are many more who would be swept along by circumstances and society, spending exactly what they make (or more), year after year.
Public vs. Private
What if one were to assume a lower university bill? Perhaps a private school isn’t in the cards for these two kids (and their parents), but a public four-year institution could be.
The current median cost of four years at a public university for the 2009-2010 school year is only $29,021. At that rate, assuming the same parameters as before (rate of salary increase and inflation, etc.), the college grad does come out ahead, but only by $26,090 at age 65. Certainly, that’s a much smaller margin than I would have assumed, and I would guess it surprises many of you, as well.
In fact, for the lifetime earnings calculation to balance (that is, for both the high school and college grad to show the same dollar figure in savings at retirement age), the high school graduate would only need a “head start” fund of $38,030! Just think, for less than the price of a new SUV, four years of college-educated earning power can be rendered moot. This result, frankly, surprised the heck out of me.
Other scenarios could be run, as well. What if you’re not able to provide any funds at all for your son or daughter? My folks didn’t pay for any of my college expenses; I expect many of you are/were in that same boat. One could look at the opportunity cost of college loan repayment vs. a clean slate for a high school grad with no debt encumbrance.
For a graduate of an average private university, repaying a college loan bill of $114,626 at 6% interest (remember, student loan interest is capitalized while the student is in school) will take 10 years and $152,710. That’s assuming they’re able to make the monthly loan payments of $1,273 right out of college, and don’t have to go with a longer-term repayment plan. After this is done, the college grad will only amass $37,272 more in savings than the high school grad, simply due to the long repayment period they must overcome.
Be Cool — Stay in School
While a college education statistically provides a better shot at obtaining wealth, it does not guarantee success. There are English majors who end up with convenience store careers. There are high school drop-outs who go on to run multi-million dollar corporations. But obtaining a college education improves your odds.
For some young adults, college can seem like a waste of time. (Or worse, a waste of money.) Other things seem more important. I had friends who dropped out of school to pursue girlfriends across the country. I had friends who were convinced they could make more money by skipping college altogether. Student loans can be so enormous that they make a person lose sight of the fact that they’re an almost guaranteed investment in the future.
I personally had problems finding a career path — I simply had no idea what I wanted to do. When I went entered college, I wanted to be a religion major. Then I wanted to be a writer. Then I wanted to be a grade school teacher. Ultimately I earned a psychology degree, which has had little direct benefit to my life. But the education I obtained, my campus experience, and the contacts I made have been invaluable. A large part of who I am today was forged by my experiences in college. The value of a college isn’t just in the destination, but in the journey.
Resources
In preparing this article, I relied heavily on the following sources:
How many of you attended college? Are you glad you did? If you didn’t get a degree, do you regret it? If you could talk to your 18-year-old self, what would you tell her? If I had a chance, I’d tell the young J.D.: “Set goals. Study more. Find a direction for life!”
Update: As usual, there are some great comments. Many have noted that education does not cause all these wonderful things — it’s simply correlated with them. (It may be that people who obtain an education would live longer even without one.) Also — and this is key — more important than education is doing what you love. Passion and drive can bring success, no matter what level of schooling you have.
Illinois boasts some of the best colleges and universities in the country.
Illinois can proudly claim some truly fantastic college towns. From Champaign–Urbana’s vibrant nightlife to Evanston’s charming lakefront views, there’s a little something for everyone in these bustling hubs of academic excellence. Let’s explore the best college towns in Illinois and discover what makes them such appealing places to call home.
Home to the University of Illinois at Urbana-Champaign, this dynamic duo of cities offers the classic college town experience. Champaign–Urbana offers a lively atmosphere that is welcoming to all and chock-full of some of the most interesting people in the state.
The downtown area is filled with restaurants, bars and shops catering to the diverse student population. Green Street, in particular, is a hub for socializing and entertainment, while the Krannert Center for the Performing Arts hosts various performances and events throughout the year. For outdoor enthusiasts, the area also has numerous parks, like Busey Woods and Crystal Lake Park, where students and residents can relax and unwind under the shining Central Illinois sun.
In addition to its vibrant social scene, Champaign-Urbana boasts a strong economy, offering students plenty of job opportunities and internships during their studies and after graduation.
As one of the most iconic cities in the country, it’s no surprise that Chicago makes the list of best college towns in Illinois. With institutions like the University of Chicago, DePaul University, and Loyola University Chicago, the Windy City offers a diverse range of educational opportunities.
Chicago is also known for its robust arts scene, with world-class museums, theaters and galleries peppered throughout the city. Students can easily immerse themselves in the city’s rich history and enjoy iconic landmarks like Millennium Park and Navy Pier.
The city also has a vibrant culinary scene, with everything from Michelin-starred restaurants to hole-in-the-wall eateries serving up delicious fare from all corners of the globe. And let’s not forget about the city’s many professional and semi-professional sports teams offering plenty of opportunities for die-hard fans and casual observers alike to cheer the Windy City to a win.
Located just north of Chicago along Lake Michigan, Evanston is home to the renowned Northwestern University. With its picturesque lakefront, tree-lined streets and charming downtown area, Evanston combines the best of small-town living with the cultural amenities of a larger college town.
Evanston’s downtown area is home to a wide variety of shops, restaurants and entertainment options, ensuring students have plenty to do when they’re not hitting the books. Popular attractions include the Evanston Art Center, the Block Museum of Art and the Mitchell Museum of the American Indian.
Outdoor enthusiasts can take advantage of the city’s many parks and beaches, which offer stunning views of the Chicago skyline. The Lakefront Trail, in particular, is a favorite among students for jogging, biking and leisurely strolls.
Home to Northern Illinois University, DeKalb is a charming college town that offers a warm and welcoming atmosphere for students and residents alike. With a strong sense of community, DeKalb provides an excellent environment for students to grow academically and personally.
The Egyptian Theatre, a beautifully restored 1920s movie palace, hosts concerts, movies, and other events throughout the year, adding a touch of historic charm to the town. For those who love the outdoors, DeKalb has several parks and nature preserves, including the picturesque Afton Forest Preserve.
Students can also enjoy the diverse dining options and local shops found in DeKalb’s downtown area. The annual Corn Fest, a beloved community event, celebrates the town’s agricultural roots and serves as a weekend of food, music and fun for all ages.
Home to Illinois State University, Normal is a quintessential college town that offers students a vibrant and friendly community. Uptown Normal has a variety of locally-owned shops, charming restaurants and unique entertainment venues that cater to the student population.
On the weekends, many students can be found soaking up the sun and sipping down some suds at DESTIHL Brewery and Beer Hall or absorbing the arts at the ever-popular University Galleries, which even displays works from the local student population.
With its strong sense of community and emerging economy, Normal is a great place for students to kick-start their careers after graduation.
Located just minutes from Normal, Bloomington is home to Illinois Wesleyan University. This picturesque college town offers a welcoming environment, along with a rich history and plenty of amenities for students to enjoy.
Downtown Bloomington features a diverse array of shops, restaurants and unique local attractions, including the historic Castle Theatre, which regularly hosts live performances. Students can also explore the city’s many parks and green spaces, like Miller Park Zoo and Constitution Trail.
Cultural attractions in Bloomington include the McLean County Museum of History and the Illinois Shakespeare Festival. With its strong sense of community and picturesque surroundings, Bloomington is an ideal college town for students seeking a well-rounded college experience that leaves them prepared for life in the real world.
Situated just west of Chicago, Elmhurst is home to Elmhurst University. This charming suburban town offers students a peaceful environment with easy access to the excitement and opportunities of Chicago.
The town’s thriving downtown area is home to the York Theatre and the Elmhurst Art Museum. Additionally, the Wilder Park Conservatory and the Lizzadro Museum of Lapidary Art offer unique cultural experiences for students to enjoy.
With its strong emphasis on community and a highly-rated school system, Elmhurst is an excellent choice for students looking to put down their professional roots in the Midwest after receiving their degrees.
Fall in love with a college town in Illinois
From the lively atmosphere of Champaign–Urbana to the tranquil charm of Elmhurst, the best college towns in Illinois offer students a diverse array of experiences and opportunities. Whether you’re seeking the excitement of a big city or the close-knit community of a small town, you’re sure to find the perfect fit in one of these fantastic college towns.
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You are here because you want to vent, so you searched “I hate my job.”
We all have that one job we hate. We might work at a place where the boss is mean, the workloads are too heavy, or maybe there’s been an issue with company culture for some time now and no amount of persuasion has worked to fix it.
If you’re reading this article right now, then you likely know exactly what I’m talking about; something just doesn’t feel as if it’s clicking anymore. The hours and days drag on trying to find your spark again and you’re just not getting anywhere.
You hate your job.
This is why it’s important to ask yourself if a career change might be the answer, or at least offer some insight into whether or not your job is worth keeping.
You hate answering the question, “what do you do for a living?”
While this may seem like an easy or daunting task, there are a few things that should help you figure out if the time has come for a change.
Are you at that moment that marked the end of any hope you may have to continue to work the job you have?
Is it normal to absolutely hate your job?
No, it’s not normal to absolutely hate your job.
Most people experience some level of dissatisfaction or unhappiness at some point in their careers.
What do you do when you hate your job but can’t quit?
You need to find a way to make this job work for you.
While it may be difficult to focus on anything other than how much you dislike your job, there are ways to make the job work for you and improve your situation.
Most importantly, you may need to adjust your expectations or find a way to deal with the negative aspects of the job.
If this is not possible or if it is not feasible, then it might be best to look for another job or transfer to a new boss.
How do you deal if you hate your job?
If you hate your job, it can be difficult to deal with. You may feel like you can’t escape or that your situation is hopeless.
However, there are things that you can do to cope and make the best of the situation:
You may find it helpful to talk to friends or family about what’s going on and see if they have any advice.
You can also try looking for other jobs or exploring options for transferring or quitting your job.
If all else fails, consider seeking professional help.
There are many ways to cope when you hate your job, and each person will react differently depending on their individual circumstances and personalities. However, most people find some way to get through tough times by proactively taking steps to find joy in their job.
How long should I stay in a job I hate?
Well, the answer depends on what your situation is and your personal options.
Staying in a job you hate pays the bills, but probably doesn’t help in the work-happiness balance.
You have probably run through all of the good excuses to miss work.
Below, you will find tips on how to cope, but more importantly, steps to change your situation for the better.
I Hate My Job – How You are Feeling in That Place
This is a difficult situation to be in.
You feel like you should love your career! You spent money on a college education, maybe this job is a transition for you, or possibly you took the job everyone expected from you.
Regardless of how you got here, you need to look for the right role and work environment for you going forward. Life stratification means something, right?
1. You’re Suffering from Workplace Burnout & It is a Problem
Workplace burnout is a condition in which an individual has reached the end of their rope. They’re no longer able to take the stress and demands of their job and are overwhelmed.
How You Feel: Workplace burnout can happen to anyone, but it’s particularly common among employees who are stressed out by demanding deadlines or unrealistic expectations from their boss. When you reach this point where you are no longer able to cope with the stress at work, you may experience symptoms such as mood swings, fatigue, and decreased productivity.
What to Do: If you feel like you’re struggling to keep up with your job and you’re starting to suffer from workplace burnout, there are some steps that you can take to get back on track. First, talk to your boss about what’s going on – explain that you feel overwhelmed by the demands of your position and ask for help adjusting your workload. If that doesn’t work, consider looking for another job – even if it means taking a pay cut in the short term.
Workplace burnout is a condition that can be debilitating, so don’t wait until it’s too late before trying anything else!
2. Your Work Is Overlooked and Undervalued
When people feel like their work is overlooked or undervalued, it can lead to a number of negative emotions. These emotions can include frustration, anger, and sadness. You want to hear “I appreciate you or get a letter.”
How You Feel: You feel like your work isn’t given the credit it deserves. This might be because the job is boring or mundane, or because you feel the work isn’t appreciated by others in the workplace. When this happens, it’s easy for these feelings to simmer down and fester.
What to Do: If you’re feeling frustrated at your job and don’t know what to do about it, consider talking to your boss. Discussing your concerns might help them see how important your work is and spark some ideas for how you could improve it. Additionally, contacting professional organizations that focus on career development can give you advice on where to go from here.
3. You’ve Been Stagnant for Some Time & Not Given Growth Opportunities
When you’ve been stagnant, you’re not moving forward or improving in any way – especially if you haven’t been offered a promotion. This could mean you’re stuck in a job you don’t like, haven’t taken any steps to improve your skills, or just aren’t making any real progress climbing the corporate ladder.
How You Feel: Stagnation can be frustrating and discouraging especially if you have been a loyal employee for a while. You are tired of being looked over for that promotion by a work colleague. You are wondering if you should dust off that resume and start drafting cover letters for a new job.
What to Do: There are many proactive things to do on your own when you feel stuck.
Take stock of where you are right now. Sit down and make a list of all the accomplishments and successes that are linked to your current job. What does this say about how satisfied you are with your position?
Evaluate what kind of skills you need to advance in your career. Do some research online or attend relevant training courses offered by your company or industry association.
Think about what kinds of changes would make the biggest impact on both you and your company/organization that employs you. Are there new technologies available that could help streamline operations? Could new policies be put into place that would benefit the organization as a whole?
Be proactive. Start reaching out to other professionals within your field and see if there’s anything you can learn from them. Networking is one of the best ways to grow your career, and it won’t take much effort on your part.
Be patient. Things may not change overnight, but over time they will improve. Don’t get discouraged; stay positive and continue working hard towards your goals.
4. Your Workplace Is Toxic or Hostile
A workplace is considered toxic or hostile when employees feel uncomfortable, unsupported, or threatened. This can lead to decreased productivity and morale, which in turn can result in negative impacts on the business.
In fact, the toxic culture is driving the Great Resignation we are seeing right now (source).
How You Feel: When you don’t feel like you can open up about your concerns, it creates an environment of mistrust, tension, and poor communication between all of the employees and your managers. This type of environment is difficult to overcome, and will eventually lead to burnout.
What to Do: The best way to avoid a toxic workplace is by creating a culture of transparency and trust. By airing out any problems early on, you give yourself the opportunity to work together harmoniously towards common goals instead of against each other.
5. Be Careful About What You Say and to Whom
Be careful what you say to whomever you talk to online and in-person, as your words could potentially be taken out of context and used against you.
How You Feel: It can be tempting to share your frustrations with your job with friends or family. But before you do, make sure that they’re comfortable talking about work too. If they’re not comfortable discussing their jobs openly, it may not be the best idea to bring up yours either. And if someone does overhear you speaking negatively about your job, don’t worry – they probably won’t repeat what you said!
What to Do: When you talk to people, be careful about what you say and to whom. It’s important not to offend anyone, especially not your boss. You never know who might be listening in on your conversation – or recording it!
6. Take a break
Sometimes it’s tough to keep going when you’re feeling down about your job. But sometimes it’s important to take a break and focus on other things in life.
How You Feel: You feel like you are grinding and going in a million different directions. As soon as you feel like you get ahead, something knocks you down and you feel like you need to start over.
What to Do: Taking a break can be helpful in many ways. It can help you clear your head, refocus on your goals and come back with a new perspective.
Sometimes all we need is some time away from our job to get back on track.
If taking time off isn’t an option or you don’t think it will help, there are other things you can do to improve your situation once you feel a little more refreshed. Thus, why adult coloring books have become so popular.
7. Miserable in the Work Building
You want to feel happier and more productive at work, but that may happen by taking steps at home and with your family.
How You Feel: When you’re feeling miserable at work, it’s harder to focus on your job and perform at your best. You are counting down the seconds until your shift is over.
What to Do: Taking steps to improve your well-being outside of work can help you feel happier and more productive. This includes things like exercising, eating a healthy diet, getting enough sleep, etc. By improving one aspect of your life, you’ll be better equipped to handle stress in the workplace and achieve success.
8. Your Projects are Underappreciated
Many people believe that their work is just a necessary evil, something that they have to do in order to get by. But the truth is, your work is incredibly important – it’s what allows us to live our lives. Without a job, we would be unable to pay our bills or afford food.
How You Feel: According to a recent study, almost three-fourths of employees feel their job isn’t very important and receives little recognition from their employers. This is difficult when you pour your heart and soul into an assigned project at work.
What to Do: If you’re unhappy with your current situation and don’t think your work is receiving the recognition it deserves, there are probably some things you can do about it. Start by talking to your boss about what you’d like to see change – maybe there’s room for improvement in how your department is managed or prioritized. And finally, make sure you’re giving your best effort every day – if you’re putting in the extra effort but still aren’t satisfied with your career path, it might be time for a change.
9. Your Talents are Wasted and the Effects are Feeling Undervalued
When you feel like your skills and talents are not being appreciated or utilized to their fullest potential, this can lead to feelings of depression, stress, and burnout. Oftentimes, these negative emotions are compounded when we don’t have a clear idea of what we want in life.
How You Feel: Chronic undervaluedness can have serious consequences on our mental health. It can lead to feelings of low self-esteem and insecurity, which in turn can lead to problems such as depression and anxiety. Furthermore, undervalued employees are less likely to pursue career opportunities that may be better suited for them. This leaves businesses struggling to find qualified candidates and increases the chances that they’ll need to recruit externally in the future.
What to Do: The good news is that it’s possible to overcome feeling undervalued by focusing on celebrating yourself. In fact, I recently finished this book and realized I contribute to putting myself down more than others around me. Start by taking awareness of negative thoughts and make a swift change to change them to the positive.
10. There Has Been an Uncomfortable Change in Leadership
This tends to lead to the most job-hopping because of an uncomfortable change in leadership, which can lead to a number of different emotions.
How You Feel: More likely, you feel one of the most common reactions of sadness, confusion, and anger. When a leader is replaced or leaves a position of power, it can be confusing for the people who work under them. This can lead to feelings of sadness and loss, as well as confusion about what’s going on. You may also become angry because they feel like your position is threatened.
What to Do: It’s important for leaders to communicate with their employees about the changes so that everyone understands what’s happening and feels comfortable using the new leadership structure. This will help reduce the amount of confusion and chaos at work, which will ultimately improve morale. If this doesn’t happen, then try to sit down with your new and old boss for a discussion.
11. Your Values No Longer Align
This can happen when new management comes into the work environment or a personal shift in life notification for you. When your values no longer align with those of the job, it can be difficult to stay motivated.
How You Feel: When you first accepted the job offer, everything felt right. You were excited about the challenge and the new opportunities that this new position would bring. However, after a few months, you start to notice some discrepancies between your values and what is required of you in your current role.
For example, you may not feel comfortable using profanity at work or participating in unethical behavior. In fact, you may even feel morally opposed to these behaviors.
What to Do: If your values are no longer aligned with those of the job, it can be hard to stay at the job because you no longer see any value in what you’re doing. This can lead to feelings of frustration and dissatisfaction.
Additionally, consider job-hopping and start scheduling interviews for another job that better aligns with who you are as a person and what matters most to you. When you find a job that you love and feel passionate about, it will be much easier to stay motivated and happy in your work environment.
12. Your Confidence Is Dwindling
It is deflating when work is off sync and nothing seems to be working out how your hopes. You know their adjustments to be made, but you aren’t sure where to start
How You Feel: When you’re feeling down about your job, it can be hard to believe that anything could make things better. But the truth is, there are plenty of ways to get through a tough time.
What to Do: Here are four ways to boost your confidence and start thinking positively again:
Talk to someone you trust. Talking out your problems with someone who will listen without judgment can help you feel more relieved and less stressed.
Take some time for yourself. Whether that means taking a walk outside or indulging in a favorite hobby, spending time alone can help relax your mind and body and clear your head.
Set goals for yourself and work towards them one step at a time. When you have something concrete to aim for, it becomes much easier to stay motivated during challenging times.
Believe in yourself! Even if the world seems like it’s against you right now, remember that everything will eventually work out as long as you keep fighting for what’s important to you.”
13. I Really Hate My Job & Think It Is Time for a Job Search
There are a few different ways to quit your job and make the switch to a new career. You can search for job openings online, contact your local employment agency, or speak with an advisor at a career center.
How You Feel: Quitting your job is not always easy, but it’s worth it if you’re unhappy with the situation. There are many benefits to quitting your job, including increased income (yes, a raise!) and more time for yourself.
What to Do: Searching online is the fastest way to find jobs that match your skills and interests, but be sure to read all of the applicable links before applying. If you’re looking for advice on how to quit your job without ruining relationships or getting fired, speak with an advisor at a career center. They can provide guidance on how best to proceed and minimize potential damage.
15. When you Hate Workplace – Don’t Burn Bridges
Burning bridges can have serious consequences, both for yourself and your career. By staying neutral in confrontations, you may be able to salvage your reputation and future relationships.
How You Feel: When disagreements arise at work, it’s important not to take the bait and lash out. Doing so could lead to long-term damage that could complicate your job situation and future career prospects.
What to Do: Instead, try to remain calm and diplomatic – this will show that you have good judgment and aren’t easily provoked. If you need to speak up, do it constructively and with the goal of resolving the issue rather than hurting someone’s feelings or damaging their relationship.
16. Your interests & skillsets have changed
If you’ve been working at your job for a while and it’s not fulfilling you anymore, it might be time to consider a change. Maybe you have been learning a new skill set that you find more interesting.
How You Feel: Your interests may have changed since you first started working, or you may have outgrown your current position. It’s important to remember that there are plenty of other opportunities out there – even if they don’t involve a nine-to-five schedule.
What to Do: When we’re unhappy with our work, it can be tough to discuss the situation with our boss or coworkers. But if we’re not happy, they’ll eventually notice and it’ll create an uncomfortable work environment. Change can be difficult at first, but it can lead to greater satisfaction in the long run.
17. Know It’s Not Just You
There’s a lot of talk about the recession and how it’s affecting everyone, but what about the people who are just trying to survive? This is a common struggle people are facing at work.
How You Feel: Work can be challenging, especially during tough economic times. Many people are feeling stressed out and depressed at their jobs, and there doesn’t seem to be an end in sight.
What to Do: However, there are ways to cope with the stress and difficulties of work. You need to learn strategies to balance the work-life situation. Talking to friends or a trusted professional will help you get back on track.
I hate my Career – Ways to Cope
Everyone hates their jobs sometimes.
This is especially true when you are stuck in a career that doesn’t serve your values and goals, or one with very high-stress levels. If this sounds like the case for you, then it is time to evaluate your next move.
However, many people are reluctant to make such changes because of the risk involved and uncertainty about what comes next.
It is important to be aware of what is driving your internal hatred about your job, your boss, or your situation.
1. Assess Your Situation & the Industry
If you’re feeling depressed or lost in your career, it’s important to take some time to assess where you are and where you want to be. This is a process of looking at your current situation and making a plan for how to get there.
Are you unhappy with your current job because it is not fulfilling, or are you just bored?
Perhaps the work environment is too stressful for you to handle?
Do you believe you should be making more money?
The first step in coping with a negative career outlook is taking the time to reflect on where you are right now. You can use this assessment to figure out what needs to change in order to improve your situation. Once you have a good idea of what needs improvement, it’s easier to make the changes that will get you closer to your goals.
Also, look at the overall industry trends to you see industry-wide trends affecting job quality and life satisfaction. More often than not, it might be others in your field feeling the same.
2. Have the Tough Conversations
Tough conversations can be difficult, but they’re essential if you want to improve yourself and your career. Every time you have a tough conversation with yourself or someone else in your work life, you’ll learn something new and make progress.
There are three types of tough conversations you need to have:
The “What If” Conversation – This is the conversation where you ask yourself what would happen if X happened. This helps you prepare for possible challenges and makes sure that everything is in order before taking action.
The “Doing Better” Conversation – This is the conversation where you commit to doing better next time, regardless of the results so far.
The “I’m Sorry” Conversation – This is the conversation where you apologize for how things turned out and vow to do better next time.
Tough conversations are not easy, but they are essential if you want to achieve your career goals. Be brave enough to have them and take advantage of all that they can offer!
3. Switch Your Perspective
If you’re feeling down about your career, take a step back and think about how you can see it from a different perspective.
When we’re upset or unhappy with something in our life, it’s easy to focus on the negative aspects. However, by switching our perspective, we can start to see the situation in a new light.
For example, if you hate your job but don’t want to change careers, try thinking about how you could see it as an opportunity for growth. Instead of focusing on what you don’t like about your job, consider all the ways you’ve learned and grown since starting work there.
We all have moments when things don’t go our way – by changing our perspective, we can start to feel better even when things are tough. In fact, this is why we stress mindset is everything.
4. Vent About It
When people feel frustrated or overwhelmed with their job, they may want to share their feelings with others. This behavior is often referred to as “venting.”
Venting can be helpful in relieving stress and tension. It can also help people process their thoughts and emotions, which can lead to positive changes in their lives.
Many people use social media to vent about their career frustrations. This is especially common among millennials, who are more likely than any other generation to use social media platforms for self-expression. One of the benefits of using social media for venting is that it allows you to connect with like-minded individuals who understand your situation. This network of support can be incredibly helpful in overcoming challenges in your career path.
5. Get Your Finances in Order
When you’re feeling down about your career, it can be tempting to think that you have no other choice but to continue to work at a job you hate. However, by getting your finances in order you can start to feel more optimistic about your future.
Especially for those in the, I don’t want to work anymore boat, this is the time to start saving money to invest for your future self.
Setting money aside will provide a cushion if you choose to leave your job unexpectedly or breathing room when changing jobs.
This is something we personally did when my husband wanted to change jobs due to being overlooked for promotion after promotion.
6. Do Your Best Work
Doing your best work means putting your all into whatever you’re doing. It means giving it your all, no matter what the task or situation. This may be hard, but it is essential!
When you do your best work, you put in the effort and energy that’s necessary to be successful.
You don’t half-ass things because you’re worried about how people will think of you. You go all out and give it 110%, no matter what. And that goes for everything in life – from your career to relationships to anything else that matters to you.
There are a lot of times when we don’t feel like doing our best work because we’re doubtful or scared. But if we keep pushing through those tough times, eventually we’ll reach a point where doing our best work becomes second nature. And then success will follow naturally as a result!
So don’t wait – start doing your best work today and see the amazing results for yourself!
7. Brainstorm Your Dream Job
Brainstorming your dream job is a great way to get inspired and motivated. It can also help you identify skills and interests that you may not have known you had.
When brainstorming your dream job, it’s important to be open-minded and think about any career possibilities that interest you. This could include fields that are completely new to you or areas of your current job that you don’t enjoy as much.
Once you’ve come up with a few ideas, it’s time to start thinking about what qualifications would be necessary for the job. Do some research into the specific requirements of the position and see if any of your skills or interests align with those requirements.
By brainstorming your dream job and taking these steps, you’ll be on your way to finding the perfect career fit and a happy you!
8. Start Making Connections & Build Relationships
Making connections is a key part of coping with a negative career situation. It can help you find comfort in the fact that you’re not alone and connect with people who have gone through similar experiences.
When things are tough, it’s often easy to feel like you’re all alone in your struggles. But by making connections with other people who are going through the same thing, you can start to feel less isolated and more supported. You’ll also be able to share your experiences and learn from others, which can help you overcome obstacles faster.
There are many ways to make connections online – through social media platforms, online communities like Reddit, or even just talking to friends or family members face-to-face. The important thing is to find an outlet that feels comfortable for you and allows you to express yourself freely.
Also, this avenue may lead to a new job opportunity for you.
9. Develop Other Sources of Income
Around here at Money Bliss, we stress the importance of having multiple streams of income.
While your 9-5 may pay your bills, you need to investigate other types of income to really improve your financial situation.
This can be done in a few ways:
Finding new (or returning) employment or 2nd job.
Starting a business.
Freelancing.
Make money with a gig economy job.
Each option has its own benefits and drawbacks, so it’s important to weigh them all carefully before making a decision.
When considering other forms of income, it’s important to keep in mind the following factors: how much time you have available, what you’re willing to sacrifice (including your free time), your skills and experience, and the marketability of your skill set.
I Hate my Boss – Resign With More Class
If you’re unhappy with your job, there’s no need to stay in a situation that is causing you distress. You can resign with class and maintain the respect of your coworkers and boss. Here are some tips on how to do it:
1. Address Your Issues Clearly
When you decide to leave, be clear about why you’re leaving and what your plans are for the future. It’ll help everyone involved understand the reasons behind your decision and avoid any misunderstandings or hurt feelings.
2. Be Polite When You Resign
Don’t make a scene or give anyone the impression that they were wronged in any way. Simply express your appreciation for all they’ve done for you over the past few months or years, thank them for their time, and let them know that you wish them all the best in future endeavors.
3. Most Importantly – Keep Your Work Adjustment Quiet
Your personal life doesn’t have to intersect with work-related decisions until after everything has been finalized – don’t announce your resignation at work or start bargaining terms before actually deciding if it’s what you want to do!
4. Make Sure You Have The Right Legal Documents At Hand
You’ll need documentation confirming your employment status, your dates of employment, and the terms of your separation. Make copies for yourself and store them in a safe place – you may need to refer to them during the negotiating process.
5. Give Yourself Time To Adjust to a Happier Well-Being
Don’t expect everything to fall into place overnight; give yourself plenty of time (perhaps several weeks or even months) to adjust before getting back into the workforce. During this time, it can be helpful to take some time away from work altogether, focus on relaxation techniques like yoga or meditation, or read about career options that interest you.
Which Step Are You Going to Focus on When you Hate Working?
In this article, we discussed some common struggles that people face at work and offer some advice on how to cope. We hope that by sharing our knowledge and experience, you’ll find relief or guidance in dealing with your own job problems.
There are many reasons for workplace unhappiness and changing careers may or may not be the solution to your issues.
When looking for another position, keep in mind that employers are always searching for talented individuals who will fit into their team and contribute positively.
Finally, don’t forget… Talking about your struggles openly can help ease them and give you some ideas for solutions.
Just keep moving forward and don’t give up on your dreams!
Do Your Job With Less Stress Job Ideas:
Maybe it is time for a shift change and moves to one of these careers.
Know someone else that needs this, too? Then, please share!!
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There’s no secret password when it comes to getting a mortgage. But while most people know what to do to get a mortgage — or get a better rate — fewer people give thought about what not to do.
Whether you’re preparing to apply or just got approved, there are perhaps more “don’ts” than “dos” when it comes to getting a mortgage.
New Credit Is Bad Credit
Never apply for any new credit while you’re trying to get a home loan. Opening new credit decreases your net worth by giving you more available debt. This makes you a riskier investment in the eyes of a mortgage lender.
As such, you can suffer from higher interest rates or even get denied a loan. This includes co-signing for other people’s credit, which is the same as applying for your own credit in the eyes of the bank.
Opening new bank accounts and moving money between existing accounts is also a bad idea, even though you aren’t technically applying for any new credit.
And while we’re at it, leasing a car might not be the same as buying one but it also falls under this general category of avoiding new debts.
Quitting Your Job
This one is pretty much a no-brainer. While your credit score and credit history pay a big role when it comes to whether or not you get a mortgage, so does your income.
Quitting your job without having another one lined up is never a good idea, but when you’re applying for a home loan, it’s just about the worst idea out there. Switching careers isn’t the best plan either, even if you have a job waiting for you.
Lenders want to know that you have a steady income stream that (probably) isn’t going anywhere.
Depositing Phantom Funds
Underwriters want to be sure that all funds in your bank accounts are actually yours and not money your parents gave you to make it look like you have more funds than you actually do.
Talk to a mortgage advisor before you put anything into your bank account that doesn’t come from a payroll within 60 days of applying for a mortgage. After 60 days, mortgage lenders are less interested in having a paper trail for everything.
If you’ve just had some kind of cash windfall, keep the money in your mattress until after you’ve closed.
The exception? Properly documented gifts. Talk to your mortgage advisor about creating the right paper trail for gifted money.
Ins and Outs of Credit
Closing old credit accounts can potentially lower your credit score, as the length of your credit history is as important as what you’ve done with your credit. Discuss it with your advisor before you close any outstanding accounts.
The same goes for paying off unsecured credit lines or credit cards while you’re applying for a loan. When you pay off your outstanding consumer credit accounts, you might not be able to use the money for a down payment.
While on the subject of credit cards, we should say that you generally should not be charging significant sums on your credit card before or during the loan application process.
Try and pay off whatever you charge every month. This is because even a few points can make a significant difference in what you pay for your home over the life of the loan in the form of interest.
Discuss your specific situation with your mortgage advisor.
Listen To Your Advisor
If there’s one piece of advice that you should take away from this article, it’s consult closely with your mortgage advisor throughout the process. They’ll be able to tell you what to do and not to do in a manner far more specific to your situation.
Still, be mindful of your credit and remember it is under especially close scrutiny during the mortgage process. Keep your eyes on the prize — your new home.
Nicholas Pell is a personal finance writer based in Los Angeles, CA. He is the last of the die-hard renters.
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When you think about the best college towns in Georgia, there is a unique blend of southern charm, rich history and vibrant culture that come to mind. The towns featured below offer not just top-notch educational institutions, but also a memorable experience for students and full-time residents alike.
In this article, we will explore four of the best college towns in Georgia. So, grab a glass of sweet tea, kick your feet up and join us on this journey through Georgia’s finest college towns.
Nestled about 70 miles northeast of Atlanta, Athens is home to the University of Georgia, one of the oldest public universities in the United States. This quintessential college town is known for its lively music scene, which has produced bands like R.E.M. and the B-52s. In Athens, you can find a plethora of unique restaurants, bars and shops that cater to the eclectic tastes of college students and residents alike.
The downtown area around UGA’s Campus offers a variety of entertainment options, from art galleries to live music venues. For outdoor enthusiasts, the nearby State Botanical Garden of Georgia and Sandy Creek Park provide ample opportunity for hiking, biking and exploring nature. Sports fans will enjoy attending UGA’s competitive athletic programs, particularly the beloved football team.
Overall, Athens provides a perfect blend of small-town charm and big-city amenities, making it one of the best college towns in Georgia and the country.
Atlanta is home to several top-notch colleges and universities, including Georgia State University, Emory University, Georgia Tech and Morehouse College. This bustling metropolis offers something for everyone, from world-class restaurants and entertainment to top-tier professional sports teams.
Georgia State University is located in the heart of downtown Atlanta and is full of excitement and energy. Here students are free to pursue their passions, whatever they may be. From the High Museum of Art to the World of Coca-Cola and everything in between, there’s something for every student and recent grad in Atlanta. Additionally, the thriving nightlife in neighborhoods like Midtown and Little Five Points gives students their choice of a plethora of bars, clubs and live music venues to explore.
Emory University’s picturesque campus, located in historic Druid Hills, provides a serene environment for students while still being close to Atlanta’s many attractions. Nearby, the trendy Virginia-Highland neighborhood boasts an array of boutique shops, restaurants and bars to enjoy.
In Atlanta, students can take advantage of the city’s many internship and job opportunities, making it an excellent choice for those looking to launch their careers in the South after graduation.
Known for its stunning architecture and cobblestone streets, Savannah is home to the prestigious Savannah College of Art and Design (SCAD). This coastal city is steeped in history and boasts beautiful parks, historic homes and fascinating museums that attract tourists from around the world.
SCAD students have the unique opportunity to study in a living museum, as the university has repurposed many of the city’s historic buildings for academic use. The artsy vibe of Savannah is clear in its many galleries, boutiques and cultural events, making it an ideal location for creative minds of all pursuits.
Foodies will love exploring the city’s diverse culinary scene, which includes everything from traditional Southern fare to international cuisine. Savannah’s vibrant nightlife also provides plenty of entertainment options, from lively bars and clubs to ghost tours and historic pub crawls.
With its enchanting beauty and unique local culture, Savannah is undoubtedly one of the best college towns in Georgia for students who appreciate history and the arts.
Located in central Georgia, Macon is home to Mercer University and Wesleyan College. This charming city is steeped in musical history, having played a pivotal role in the development of Southern rock and R&B. Notable artists such as Little Richard, Otis Redding and the Allman Brothers Band all have roots in Macon.
Mercer University’s beautiful, historic campus is situated near downtown Macon, providing students with easy access to the city’s cultural and entertainment hub. The revitalized downtown area boasts a variety of unique shops, restaurants and bars, as well as the historic Grand Opera House, which hosts concerts, plays and other performances regularly.
Outdoor enthusiasts can explore the Ocmulgee Mounds National Historical Park, a prehistoric Native American site, or enjoy the scenic beauty of Amerson River Park. Additionally, music lovers and sports buffs can visit the Allman Brothers Band Museum and the Georgia Sports Hall of Fame to learn about the city’s rich musical heritage and the state’s athletic prowess.
Macon’s blend of history, culture and natural beauty make it a fantastic choice for students looking to experience the best college towns in Georgia.
Honorable Mentions
While Athens, Atlanta, Savannah and Macon are undoubtedly among the best college towns in Georgia, there are a couple other noteworthy destinations worth mentioning.
Located in southeast Georgia, Statesboro is home to Georgia Southern University. This rapidly growing college town is a friendly, tight-knit community that has an array of outdoor activities just minutes away. This includes hiking and birdwatching at the nearby George L. Smith State Park. The revitalized downtown area features a variety of restaurants, shops and entertainment options, making Statesboro a great choice for students who are looking for a smaller, close-knit college town experience.
Kennesaw, a suburb of Atlanta, is home to Kennesaw State University, which is one of the largest public universities in Georgia. The city offers a diverse range of cultural and recreational activities, from hiking at Kennesaw Mountain to shopping and dining at the popular Town Center at Cobb shopping center. Kennesaw’s focus on community and family-friendly atmosphere make it an appealing choice for students seeking a suburban college town experience.
Your Georgia college town awaits
Georgia is home to some of the best college towns in the country, each offering students a wide range of unique experiences and opportunities. It’s easy to see why Georgia is an incredible destination for higher education and unforgettable experiences. So, whether you’re a prospective student, a proud parent or just a visitor passing through, be sure to explore these amazing college towns in the Peach State!