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How Microlearning Can Level Up Your Knowledge

If you’re looking to advance your career or pivot to a new industry, then you’re probably checking out ways you can beef up your resume. Maybe you’re considering an MBA, a bootcamp, or browsing upcoming conferences. Or perhaps you’re considering the DIY route and looking for podcast and book recommendations. 

While any of these options will help you learn and could boost your resume, the best way to level up your career prospects is to dedicate yourself to becoming a lifelong learner, which is where microlearning comes into play. 

Conferences and classes are bursting with information, but you may feel limited by the course schedule and teaching style. This works for some people, but it can be expensive and hard to fit into a budget or daily schedule. Microlearning can help you take charge of your education by providing bite-sized lessons. Over time, you can build up your learnings for a more thorough and robust understanding of the subject. 

The best part is you can apply your specific lessons to your life, career, and goals to build each of these out over time and see what really works and what doesn’t. Your consistent growth can improve job satisfaction and career opportunities, putting you in the spotlight for the next raise or promotion. Learn more below or jump to our infographic to get started.

What Is Microlearning?

Microlearning has become a popular workplace trend as a learning process that breaks topics into highly specific, concise lessons. This allows the learner to build understanding and confidence at their own pace.

Microlearning is great for tackling new information and closing knowledge gaps. If you already have a foundation of knowledge for a topic, then it can be frustrating to wade through the basics for the few new ideas you were looking for. Khan Academy and TED Talks are a great example of how you may fill in knowledge gaps. 

The Benefits of Microlearning

The most important part of any lesson plan is that it’s tailored to a learner’s needs, and that the learner is actually able to retain information. Microlearning’s flexibility for learners is one of its biggest benefits.

illustration highlighting the benefits of microlearning

Here are some other reasons to consider microlearning:

  • Maximize time by preparing lessons for on-the-go and fitting them in during breaks or commutes.
  • Go in-depth to build a solid learning foundation and improve retention with practice. 
  • Find what works by experimenting with videos, articles, or podcasts to find what format works best for you. 
  • Save money with free resources like TED Talks, YouTube, and expert podcast hosts who provide episodic insights and lessons for you to follow. 
  • Fill knowledge gaps with lessons targeting exactly what you need to know instead of wading through beginner resources. 

The Disadvantages of Microlearning

Microlearning is great for career development, employee training, and specific topics that you could use a refresher on. However, they’re not a total replacement for other learning systems, and you should keep these in mind when you get started:

  • It’s not immediate and microlearning is about regular commitments to learning.
  • It isn’t easier, but it may feel easier. This is actually a benefit unless you assume it will be easy. You still have to actively learn and practice your lessons. 
  • Some topics just don’t work, including complicated topics like global economics. It’s great for learning about things like mortgages, but you likely won’t become an expert on personal finance in just a few lessons. 
  • There’s work upfront to finding and compiling the resources that fit your needs and that you trust. This work pays off in the long-run, though, with easy-to-access lessons. 

5 Ways to Begin Microlearning

You may not realize it, but you’ve probably already prioritized microlearning in your day-to-day life. If you’ve watched a YouTube video to learn how to change your oil or customize a spreadsheet, then you know exactly how beneficial short, specific, and detailed lessons can be. 

89% of employees feel more productive when their work is gamified with rewards

Here are some ways you can get started using microlearning as part of your professional development:

1. Game Groups

Gamifying your learning helps make the topic fun and builds a positive relationship with studying. You can get started by setting goals and rewards, or inviting peers to join you with a competitive leaderboard or a trivia night. 

2. Video Clips

Videos are designed to be relatively short and engaging, and YouTube has made learning largely accessible from anywhere. While YouTube playlists are a great place to learn, make sure you’ve done your research on any channels or personalities you’re watching to ensure your lessons are accurate. 

3. Podcast Playlists

Like videos, podcasts are a great way to consume information on the go and from personalities you enjoy and trust. They’ve become hugely popular because they’re easy to listen to while driving, working, or exercising, but it’s important that you give your playlist your active attention if you hope to learn effectively. 

4. Quiz Collections

Considering a quiz may bring flashbacks of test anxiety and stressful finals weeks, but in this scenario, quizzing isn’t about checking a box that you learned something new. Instead, it’s a means to practice your memory recall and retention so you can count on it when you need it most. 

5. Team Talks

Having a team to study with is not only great for motivation, but it can also improve your lesson retention. Active learning is the process of working or chatting through a subject or problem, and studies show this is the best way to learn and practice your skills. 

Keeping up with your professional development is the best way to impress your employer and expand your job prospects. Whether you want to climb the career ladder or ease your daily workload, How Microlearning Can Level Up Your Knowledge appeared first on MintLife Blog.

Source: mint.intuit.com

When Is the Best Time to Buy a Car?

Best Time to Buy a Car

Timing is everything and when it comes to buying a car, that saying couldn’t be more true. Negotiating and haggling with car salesmen can reduce the price of what you have to pay for a new whip. But if you want to get the best deal on a car, you’ll need to know when to show up to the dealership. Whether you’re buying a used vehicle or a brand new ride, we’ll tell you the best time of year to buy a car. Being that the purchase of a car is rather pricey, consider meeting with a financial advisor in your area to discuss your finances beforehand.

When Is the Best Time to Buy a New Car?

If you’re on a budget, one of the best times to buy a new car is the end of a model season. New car models are often introduced each year between late summer and early fall. While you might miss out on some new features, buying a new car in August or early September may save you some money.

Waiting until the end of the year to buy a new car can work in your favor as well. Many car dealers offer year-end sales in an effort to get rid of older vehicles and make room for new inventory. Buying a new car on a holiday like Christmas Eve or New Year’s Eve is another way to get a deep discount.

If you can’t wait until December to get a new car, you might want to buy a car at the end of the month or the end of a quarter. If a salesperson hasn’t sold very many vehicles in weeks, he or she might be willing to compromise and lower the price of the car you want to buy. Even if a salesman has managed to sell multiple cars throughout the month, he might want to close one last deal in order to meet a sales goal or score a bonus.

Shopping for a car at the end of the day may or may not be effective. If you stop by a dealership an hour before it’s set to close, a salesperson may be open to negotiating so that he or she can end the day on a high note. But if he or she is used to working long hours, your sales associate may not be that flexible.

The Best Time to Buy a Used Car

Best Time to Buy a Car

A recent study from iseecars.com ranked the best times to buy a used car. At the top of their list are holidays including Black Friday, Veterans Day, Thanksgiving and Columbus Day. The months of November and December are also considered good times to purchase a used car.

According to the study, the months of April, May and June are some of the worst times to buy a used car. Specifically, Easter, Mother’s Day and Father’s Day are bad days for used-car buyers. But the No. 1 worst day to purchase a used car is the Fourth of July.

When Not to Buy a New Car

Generally, one of the worst times to buy a new car is in the spring. During this time of year, you’ll see more people on car lots looking to soak up some sun and cash in their tax refunds. Other bad times to shop for new cars are whenever a particular vehicle is popular among consumers and whenever a new car model has been released.

Some people seem to think that buying a car on a rainy day is a good idea. But that approach usually doesn’t work. In fact, you can expect car dealerships to be filled with people when there’s bad weather simply because people tend to believe that they’ll find great deals on rainy days.

Bottom Line 

Best Time to Buy a Car

The best time of year to buy a car ultimately depends on your personal preferences and how much you’re willing to spend on a vehicle. If you’re rolling in dough and you want your car to have top-of-the-line features and amenities, you might want to buy a car as soon as a new model comes out. But if you’re trying to shave hundreds of dollars off your purchase price, experts say that it’s best to head to the dealership at the end of a period in the fall or winter, like the end of the month, quarter or year.

Our advice? When it comes to buying cars and getting your way at the dealership, it helps to know what you’re looking for. Doing plenty of research and knowing the make and model that you want your car to have can make it easier to figure out when to purchase your new vehicle.

Tips for Taking Care of Your Finances

  • If you find yourself having some financial struggles, perhaps it’s time to have an outside resource step in to help you out. Financial advisors typically have extensive experience in a number of important areas of finance, like tax planning, retirement planning, budget planning and more. SmartAsset’s advisor matching tool can set you up with as many as three suitable advisors in just 5 minutes. Get started now.
  • The best way to manage your money on both a short- and long-term scale is to create a firm budget. SmartAsset’s budget calculator can help you figure out exactly where you’re overspending.

Photo credit: ©iStock.com/cosmin4000, ©iStock.com/ViewApart, ©iStock.com/kali9

The post When Is the Best Time to Buy a Car? appeared first on SmartAsset Blog.

Source: smartasset.com

How to Negotiate Salary Increases and Promotions

There are only two ways to get extra money to save. Either you can cut your expenses or start earning extra income. While reducing your expenses is a good first start to sticking to your budget, there’s only so many soy lattes and unused gym membership that you can get rid of. It’s often much more productive to focus your energy on increasing your income. 

There are a couple of different ways to earn more money. You might consider a side hustle or starting your own business. You can look for another job that pays more or try to get more money from your current employer. In this article, we’ll take a look at how to negotiate salary increases and promotions and make sure that you’re getting paid what you’re worth.

The difference between a promotion and a raise

One important distinction to make is the difference between a promotion and a raise. A promotion is usually a change in job title and/or job responsibilities. A raise is just what it sounds like – more money. The two often come together, but not always. Be careful when you get a promotion that it comes with a salary increase commensurate with the added responsibilities you’ll be taking on.

Know how much you’re worth

Knowing how much you’re worth is a key factor in the negotiations for a promotion and salary increase. There are many online sites where you can see the average salaries for just about every type of job out there. Compare several different sites to see where your salary fits in. If you can show data that you’re underpaid for someone with your experience, education and responsibilities, that can be something your manager can take to HR to approve your promotion and raise.

Track your accomplishments

If you’re looking to negotiate a salary increase or promotion, start by acting the part. Promotions and raises generally are backwards-looking. What that means is that you’re likely to get a raise for work that you’ve done or are doing ALREADY. If you’re planning on talking to your supervisor about a salary increase or promotion, it can be helpful to track your accomplishments. 

If you’ve gone above and beyond your job description, or if you’ve received praise from a customer or co-worker, keep notes of when and what. That can be useful ammunition to show why you deserve this raise. Avoid the temptation of comparing yourself to your peers – instead, look at the job responsibilities of the role you’re aiming for. If you have detailed descriptions of how you’ve been doing those responsibilities already, you’ll be well on your way to getting that promotion.

Have regular conversations with your supervisor

Healthy companies have regular conversations between supervisors and the employees that they manage. It is a trait of a good manager to care about the employment and advancement of the employees that they manage. Don’t be afraid to talk with your supervisor regularly – ask her for constructive and timely feedback, and ask for concrete steps on what you would need to do to merit a promotion. Then document those steps and come back in a few months with details of how you’ve met those steps and deserve a promotion and a raise!

Be prepared to come with a backup plan

It’s important to understand the pay and compensation structure of the company you’re at. Many companies have pay “bands” or ranges of compensation for a given role. Knowing where your salary fits within that range can be helpful when you’re preparing to negotiate a salary increase. 

Also, if the company has announced a hiring freeze or layoffs, it might not be the best time to ask for more money. Understanding the bigger situation can help you pick the right time to have the discussion. Be prepared for what you’ll do or say if your supervisor turns your request for a raise down. Is there anything else that would be meaningful to you? Maybe it’s a more flexible working arrangement, deferred compensation like stock options or other types of non-monetary compensation.

Don’t be afraid to leave

At the end of the day, you’ll have to decide how much working at this job is worth it to you. It’s always a bit nerve wracking to quit your job, but it’s generally much harder to get a significant raise without moving to a new company. You don’t want to be hopping around from job to job every few months, but it’s also important to feel like you are getting paid the money that you are worth. 

If you don’t get the promotion you’re looking for, then it may be time to start exploring other options. After all, the best time to look for a new job is while you still have your OLD one (and don’t have to worry about making ends meet)

The post How to Negotiate Salary Increases and Promotions appeared first on MintLife Blog.

Source: mint.intuit.com

7 Small Ways to Save Big on Gas

7 Small Ways to Save Big on Gas

Gasoline can get expensive, but most of us have to drive at some point or another. Driving around to find the cheapest gas  in town is one way to cut a big chunk out of your monthly gas bill. But there are many tips and tricks that can reduce what you pay at the pump. Here are seven strategies that can help you save money on gas and reduce your environmental footprint.

See what the average budget looks like for someone in your neighborhood.

1. Service Your Vehicle Regularly

Properly maintaining your vehicle can improve its fuel economy. You’ll need to replace dirty filters as often as possible and use the right motor oil whenever you top up. Using the wrong oil could waste gas by making your engine work harder. If you aren’t sure which grade of motor oil your car needs, you can check your owner’s manual.

It’s also important to keep your tires properly inflated. Tire pressure should always remain at the level recommended by your car’s manufacturer. And you’ll need to make sure your tires are aligned. When it comes to gas mileage, a simple tune-up can go a long way.

2. Use A/C Wisely

In some cases, you can waste gas by cranking up the A/C. But it all depends on where you’re driving. If you’re driving fast because you’re on the highway, for example, having the windows open can increase drag and reduce fuel economy. So using A/C when you’re speeding down the freeway won’t prevent you from trying to save money on gas.

In most cars, the A/C turns on when you try to defrost the windshield. Using a less powerful setting is one way to avoid wasting energy.

3. Find Cheap Places to Fuel Up

7 Small Ways to Save Big on Gas

Generally to find cheap gas, you’ll need to stay away from wealthier neighborhoods and check out stations in the suburbs if you’re driving through a major city. Apps like GasBuddy, AAA TripTik Mobile and Waze can help you find low gas prices in your area.

If you’re trying to spend less money on gas, waiting until your gas tank is empty and filling up a little at a time throughout the week isn’t a good idea. In fact, doing that could damage your car. It’s best to wait until you have a quarter tank of gas and fill it up all the way.

Related Article: States With the Worst Drivers

4. Earn Rewards for Buying Gas

If you drive a lot, it may make sense for you to get a credit card that rewards you with cash back or points for buying gas. Depending on the kind of credit card you qualify for, you could earn gas rewards of up to 5%.

5. Travel Lightly

Carrying around a heavy load can add unnecessary drag. That’s why it’s a good idea to clean out your trunk and remove anything from your roof that you don’t need. By removing excess weight, you’ll be able to maximize your vehicle’s fuel economy.

6. Drive Slower

7 Small Ways to Save Big on Gas

Cars often use more gas when drivers speed up. Exceeding your car’s optimal speed can reduce your gas mileage. In many cars, it’s best to drive at around 50 mph if you want to save fuel.

When you need to accelerate, it’s best to tap the gas pedal lightly. Speeding up too quickly or hitting the brakes too hard can reduce your miles per gallon.

Related Article: How to Trade in a Car

7. Drive More Efficiently

In addition to monitoring your speed, you can drive more efficiently by paying attention to details. For example, it’s a good idea to turn off the engine if your car has been idle for a while. Avoiding potholes and sudden stops can also make a difference when you’re trying to save money.

Using cruise control while you’re driving long distances may also help you use less gas. If you want to go the extra mile, consider buying a more fuel-efficient car. Spending a bit more on a new ride might make sense if you want better gas mileage.

Final Word

Sometimes you have to get creative when you want to cut costs. By making some adjustments to the way you drive and maintain your car, you can save big bucks on gasoline.

And if you can capitalize on the best times to buy gas, you probably should. Usually, it’s best to get gas either early in the morning or late at night.

Photo credit: ©iStock.com/CasarsaGuru, ©iStock.com/Geribody, ©iStock.com/Kesu01

The post 7 Small Ways to Save Big on Gas appeared first on SmartAsset Blog.

Source: smartasset.com

Best Places to Work in Manufacturing – 2020 Edition

Image shows two workers wearing hard hats standing next to each other to consult a document in their workplace. SmartAsset analyzed data on income growth, job growth, manufacturing workforce and unemployment to find the best places to work in manufacturing.

Manufacturing has a special place in the American story, but for the past few decades, this sector has been largely on the decline, impacting many workers and affecting decisions around things like budgeting and where they call home. Since 1997, more than 91,000 manufacturing plants have closed and almost 5 million manufacturing jobs have been lost, according to a 2020 study from the Economic Policy Center. Still, there are jobs to be had and careers to be built in the world of manufacturing in the U.S., provided you are looking in the right places. To that end, SmartAsset analyzed various data to find the best places to work in manufacturing in 2020.

To find the best places to work in manufacturing, we compared 378 metro areas across the following metrics: manufacturing as a percentage of the workforce, job and income growth between 2015 and 2018, job and income growth between 2017 and 2018, housing costs as a percentage of income and unemployment. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s fifth study on the best places to work in manufacturing. Read the 2019 version here.

Key Findings

  • About one in 10 U.S. jobs is in manufacturing. Manufacturing represents 11.39% of jobs on average across all 378 metro areas we analyzed in our study. The metropolitan area where manufacturing makes up the highest percentage of jobs is Elkhart-Goshen, Indiana, where 57.45% of all jobs are in the manufacturing sector. The area where this rate is lowest is Laredo, Texas, where just 0.84% of the workforce is in manufacturing.
  • In recent years, manufacturing income has grown faster than jobs in the industry. From 2015 to 2018, the average number of manufacturing jobs has grown by just 3.66%, while the average income for manufacturing workers has grown by 6.44%.

Image is a map by SmartAsset titled, "Top 10 Places to Work in Manufacturing."

1. St. Joseph, MO-KS

The St. Joseph metropolitan area, located in both Missouri and Kansas, has 24.74% of its workforce in manufacturing, the 18th-highest rate in this study. It’s also a place where jobs are fairly easy to come by: The unemployment rate in October 2020 was just 3.1%, 16th-lowest across all 378 areas we studied. St. Joseph scores lower in terms of income growth between 2015 and 2018 – though still within the top half of the study – coming in 145th for this metric, at 7.61%.

2. Lafayette-West Lafayette, IN

In the Lafayette-West Lafayette, Indiana metro area, home to Purdue University, around 25.23% of the workforce consists of manufacturing workers, the 16th-highest rate for this metric in the study. Income growth between 2017 and 2018 was especially high here, at 16.64%, seventh-highest of the 378 metro areas we analyzed. This seems to be a recent development, though, as income growth between 2015 and 2018 was not as robust at 8.73%, ranking in the top third of the study at 126th.

3. Hinesville, GA

Hinesville, Georgia saw manufacturing job growth of 27.50% between 2017 and 2018, the third-highest increase for this metric in the study. It also finished 38th in terms of job growth between 2015 and 2018, at a total of 14.50%. In this metro area, 17.81% of the workforce is in manufacturing, placing this coastal community 59th in the study for this metric, a top quartile finish.

4. Decatur, IL

Decatur, Illinois, in the central part of the Land of Lincoln, saw income for manufacturing jobs increase by 33.08% between 2015 and 2018, the fourth-highest increase in the study for this metric. The one-year increase in manufacturing job income between 2017 and 2018 was 12.88%, the 10th-highest bump in the study. Decatur is also a fairly affordable place to live, as housing costs represent just 10.81% of income on average, the fifth-lowest rate for this metric across all 378 metro areas in the study.

5. Spartanburg, SC

In Spartanburg, South Carolina, manufacturing jobs represent 25.05% of the entire workforce, the 17th-highest percentage for this metric overall. Spartanburg also ranks in the top 20 for both job-growth metrics: It comes in 15th for job growth between 2017 and 2018 (11.45%) and 18th for job growth between 2015 and 2018 (18.98%).

6. Fond du Lac, WI

In Fond du Lac, Wisconsin, 20.98% of the workforce holds jobs in manufacturing, the 30th-highest percentage we saw in the study for this metric. The unemployment rate in Fond du Lac for October 2020 was 3.7%, the 32nd-lowest rate on this list. The Fond du Lac metro area ranks toward the middle of the study in terms of housing costs as a percentage of income, placing 155th at 19.29%.

7. Columbus, IN

Manufacturing employees constitute 27.78% of the workforce in the Columbus, Indiana metro area, the 10th-highest rate for this metric in the study. From 2017 to 2018, the manufacturing job base grew just 1.67%, ranking 177th of 378 overall. The metro area also ranks toward the middle of the study in terms of housing costs as a percentage of income, ranking 160th with housing costs at 19.37% of income on average.

8. Rome, GA

Between 2017 and 2018, income for manufacturing workers actually went down 0.09% in the Rome, Georgia metro area, placing the locale in the bottom quarter of the study for this metric. However, the job market there is fairly strong right now: The unemployment rate in October 2020 was just 3.7%, 32nd-lowest overall. The Rome metro area is also a fairly robust town for manufacturing job opportunities, with 17.98% of jobs being in manufacturing, the 57th-highest rate we analyzed for this metric and a top-quartile result.

9. Appleton, WI

The workforce in the Appleton, Wisconsin metro area is 20.08% manufacturing employees, the 37th-highest rate of the 378 areas we studied. It also ranks strongly for long-term income growth, with pay for manufacturing jobs increasing 16.33% between 2015 and 2018, the 34th-largest leap we analyzed. Appleton’s job growth over the same time period is strong but not quite as robust, placing 102nd overall, at 8.63%.

10. Staunton-Waynesboro, VA

The final entry on this list is the Staunton-Waynesboro, Virginia metropolitan area. The metro area saw manufacturing jobs decrease by 0.32% between 2017 and 2018, ranking 256th overall for this metric. However, it performs well in terms of income growth between 2017 and 2018, for which it places 23rd of 378, at 9.97%. The Staunton metro area also ranks well for job growth between 2015 and 2018, with a 15.26% jump that places it 34th in the study for this metric.

Data and Methodology

To find the best places to work in manufacturing, we compared 378 metropolitan areas across the following metrics:

  • Manufacturing as a percentage of the workforce. This is the percentage of all workers employed by manufacturing firms. Data comes from the Census Bureau’s 2018 County Business Patterns Survey.
  • Three-year job growth. This is the percentage change in the number of people employed by manufacturing firms from 2015 to 2018. Data comes from the Census Bureau’s 2015 County Business Patterns Survey and Census Bureau’s 2018 County Business Patterns Survey.
  • One-year job growth. This is the percentage change in the number of people employed by manufacturing firms from 2017 to 2018. Data comes from the Census Bureau’s 2017 County Business Patterns Survey and Census Bureau’s 2018 County Business Patterns Survey.
  • Three-year income growth. This is the percentage change in manufacturing workers’ average incomes from 2015 to 2018. Data comes from the Census Bureau’s 2015 County Business Patterns Survey and Census Bureau’s 2018 County Business Patterns Survey.
  • One-year income growth. This is the percentage change in manufacturing workers’ average incomes from 2017 to 2018. Data comes from the Census Bureau’s 2017 County Business Patterns Survey and Census Bureau’s 2018 County Business Patterns Survey.
  • Housing costs as a percentage of average income for manufacturing workers. Data on median housing costs comes from the Census Bureau’s 2019 1-year American Community Survey. Data on the average income for manufacturing workers comes from the Census Bureau’s 2017 County Business Patterns Survey.
  • Unemployment rate. Numbers come from the Bureau of Labor Statistics and are for October 2020. This rate incorporates all professions, not just manufacturing-specific ones.

First, we ranked each metro area in each metric. From there, we found the average ranking for each metro area, giving an equal weight to all metrics except for manufacturing as a percentage of the workforce, which we double-weighted. We then ranked the areas based on this average ranking. The metro area with the best average ranking received an index score of 100 and the metro area with the worst average ranking received an index score of 0.

Tips for Manufacturing a Solid Financial Strategy

  • Find an expert who will help you build a financial plan. Whether you work in manufacturing or some other industry, a financial advisor can help you make the most of your income and other money. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.
  • To buy or to rent? If you’re moving to a new city to work in a manufacturing job, you’ll need to find a place to live. Use SmartAsset’s free calculator to see whether it makes sense to buy or rent.
  • Work hard; save hard. Chances are, you don’t want to be in the workforce at your manufacturing job for your entire life; eventually, you’d like to retire. If your company offers a workplace retirement plan like a 401(k), make sure to take advantage of it, as it is the easiest option for saving for retirement.

Questions about our study? Contact press@smartasset.com.

Photo credit: ©iStock.com/shironosov

 

The post Best Places to Work in Manufacturing – 2020 Edition appeared first on SmartAsset Blog.

Source: smartasset.com

The Workplace of the Future: How to Prepare and Preserve Your Career

Workplaces have always evolved with technology, trends, and research. The changing environment of our global economy and advances in technology mean organizations have to adapt to stay competitive. This also means employees should keep their eyes forward and focus on the skills that will keep them employed and open new career opportunities. 

Looking into our immediate future, we’re seeing offices embrace telecommuting tools and implement flexible schedules to retain qualified employees and maintain social responsibility for the health and wellness of their teams. 

With increasing reliance on technology, we’re also seeing a large shift towards prioritizing soft skills. Early adopters of artificial intelligence technology are reporting a 16 percent increase in the need for business leadership roles as the need for researchers drops and advanced technology fills the gap. 

The best way to prepare for the office of the future is to set career goals and develop new skills, like how to run a productive meeting and collaborate within a team to increase productivity. Taking ownership of your skills and output can impress your manager and set you up for success when you negotiate your salary at your next performance review. 

Read more about workplace trends and how to invest in your future below:

Sources: Global Workplace Analytics | NPR | CareerBuilder | SHRM | Gartner | Gensler | Lifesize | KFF | Cengage | Deloitte | IWG | World Economic Forum | Journal of Experimental Social Psychology

The post The Workplace of the Future: How to Prepare and Preserve Your Career appeared first on MintLife Blog.

Source: mint.intuit.com

How Much Should I Spend on a Car?

How Much Should I Spend on a Car?

The sad thing about cars is that like boats and diamond rings, they’re depreciating assets. As soon as you drive yours off the lot, it immediately begins losing value. Some people are lucky enough to live somewhere with a reliable public transportation system. And others can bike to work. If you don’t fall into either of those categories, however, a car isn’t something you can put off buying.

Check out our investment calculator. 

If you’re preparing to purchase a new or used vehicle, you might be wondering, how much should I spend on a car? We’ll answer that question and reveal ways to make sure you’re not overpaying when you buy your vehicle.

The True Cost of Buying a Car

Next to buying a house, buying a car is likely one of the biggest purchases you’ll make in your lifetime. And if you want a quality vehicle that isn’t going to break down, you’re probably going to have to pay a pretty penny for a new ride. The average cost of a brand new car was about $33,543 in 2015, compared to $18,800 for a used one.

When you buy a car, of course, you’re paying for more than just the vehicle itself. Besides the fee you’ll pay for completing a car sales contract (known as a documentation fee), you might have to pay sales tax. Then there are license and registration fees, which vary by state. In Georgia, for example, you’ll pay a $20 registration fee every year versus the $101 that drivers pay annually in Illinois.

The amount you pay up front for a car can rise by 10% or more when you add taxes and fees into the equation. And if you need a car loan, you might have to put 10% down to get a used car and 20% down to get a new vehicle. If you decide to roll the sales tax and fees into the loan, you’ll cough up even more money over time because interest will accrue.

Once the car is in your possession, you’ll have to pay for insurance, car payments, parking fees, gasoline and whatever other costs come up. In a 2015 study, AAA found that a standard sedan cost Americans $8,698 annually, on average. As convenient as having your own car might be, it’ll be a huge investment.

Related Article: The True Cost of Cheaper Gas

How Much Should I Pay?

How Much Should I Spend on a Car?

The exact amount that you should spend on a car might change depending on who you ask. Some experts recommend that car-buyers follow the 36% rule associated with the debt-to-income ratio (DTI). Your DTI represents the percentage of your monthly gross income that’s used to pay off debts. According to the 36% rule, it isn’t wise to spend more than 36% of your income on loan payments, including car payments.

Another rule of thumb says that drivers should spend no more than 15% of their monthly take-home pay on car expenses. So under that guideline, if your net pay is $3,500 a month, it’s best to avoid spending more than $525 on car costs.

That 15% cap, however, only applies to consumers who aren’t paying off any loans besides a mortgage. Since most Americans have some other form of debt – whether it’s credit card debt or student loans that they need to pay off – that rule isn’t so useful. As a result, other financial advisors suggest that car buyers refrain from purchasing vehicles that cost more than half of their annual salaries. That means that if you’re making $50,000 a year, it isn’t a good idea to buy a car that costs more than $25,000.

How to Buy a Car Without Busting Your Budget

If you’re trying to figure out how to make your first car purchase happen, know that you can do it even if your finances are currently in disarray. If you look at a website like Kelley Blue Book before visiting a dealership, you’ll have a better idea of what different makes and models cost. From there, you can set a goal and work towards reaching it by saving more and keeping your excess spending to a minimum.

Once you find a car you like (and that you can afford), you can save money by challenging or cutting out certain fees. For example, you can lower or bypass dealer fees for shipping and anti-theft systems. If you’re planning on getting an extended warranty, you can shop around and see if there’s another company offering a better deal on it than your car manufacturer.

Meeting with more than one dealer and comparing offers can also improve your chances of being able to find a vehicle within your price range. So can timing your purchase so that you’re buying a car when a salesperson is more open to negotiating, like near the end of a sales quarter.

Try out our budget calculator.

If you need financing, it’s important to make sure you’re not getting saddled with a car loan that’ll take a decade to pay off. Long-term car loans are becoming more common. In 2015, the average new car loan had a term of 67 months versus the 62 months needed to cover the average used car loan.

The longer your loan term, however, the more interest you’ll pay. And the harder it’ll be to trade in your car in the future, especially if the amount of the loan surpasses the car’s value. That’s why some experts suggest that buyers get loans that they can pay off in four years or less.

The Takeaway

How Much Should I Spend on a Car?

How much should you spend on a car? Only you can decide that after reviewing your budget and figuring out if you can pay for the various expenses that go along with owning a car.

Keep in mind that getting a new or used car will likely involve taking on more debt. If you can’t make at least minimum payments on the debt you already have, it might be a good idea to get a part-time job or concentrate on saving so you won’t have to take out a huge loan.

Update: Have more financial questions? SmartAsset can help. So many people reached out to us looking for tax and long-term financial planning help, we started our own matching service to help you find a financial advisor. The SmartAdvisor matching tool can help you find a person to work with to meet your needs. First you’ll answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to three fiduciaries who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.

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