Work

Benefits of Working Significant Overtime Consistently

Everyone wants to live an abundant and happy life with the people that are important to them. To support this aim, you keep on finding the best job that can support your daily needs as well as the needs of your family. However, finding a job that you truly love is a challenging task. It takes long time and process to find the job that belongs to your passion.

Definitely, employment is what you need to establish the life that you want for you and for your family. Meanwhile, there are some instances that you work overtime consistently. Do you think it is beneficial for you? Well, let us find out after you have read up to the end of this article.

 

Benefits of Working Overtime Regularly

If you choose to work overtime on a regular basis, you can expect a great amount of savings. As a result, you can have a reliable and dependable money making engine that can give you a luxurious as well as abundant way of living.

Even more important, you must also establish a great and well efficient program to keep your mind and body on its top shape. This is a very important factor to in order to make the most out of your work. Thus the condition of your health is an essential ingredient in order to have a reliable and productive employment program.

By simply having an excellent health regimen, you can have the chance to be a physical, mental, emotional, social, intellectual as well as spiritual well-being. With this, you can live with a high degree of satisfaction and happiness with the quality of your life. In addition to this, you can also help your family live in the best possible way.

It cannot be denied that working overtime consistently can be the best and powerful way to achieve a specific amount of money that you have been aiming for a long period of time. As a result, you can do the things that you love. Additionally, you can also go to the places you love. You can also buy the materials things that you want to possess.

To sum it up, your hard work, persistence, enthusiasm, perseverance as well as your patience in your job is a reflection of the good things that you have in life. Without your efforts, you cannot attain the goals and dreams in life. If you want to have a particular huge amount of money, then it is the best way to achieve it. Working overtime can help you to get the amount of money you desire. You can do this in a fast, easy, reliable as well as professional manner by simply giving your best efforts on your employment.

 

Take safety precautions when working overtime

On the other hand, apart from its positive effects, working for long hours has also its own disadvantages for a busy and aspiring working individual like you. It is therefore highly suggested for you take a balance between your employment and health.

While working overtime, there is a possibility that you can encounter some work injuries that may lead into a more serious problem. Therefore, you must formulate a well laid out plan of action to establish both a successful employment and health.

Do Young Adults Need Life Insurance?

Life insurance is not always a topic in which families take a moment to sit down and talk about. It is almost a taboo subject; a horrifying prospect for parents, and young adults tend to think death only happens to the old. Life insurance can greatly aid families in this time of grief. Those that have the added stress of financial complications struggle more through this difficult time, something that can be avoided. Families can feel secure that they can provide the best service for their passed loved ones without financial burden.

young adults life insurance

Young adults also tend to think they can wait until they find a job, in which the employer will provide them with life insurance as an added benefit; however, while those types of life insurance policies are helpful they usually do not give quite enough coverage. A little research will quickly show life insurance companies can easily assist young adults in finding the right policy to fit their needs and lifestyle.

There are many other advantages to a young adult acquiring life insurance besides the financial assistance and peace of mind for family members and loved ones. Applying for life insurance is easier when you are young and in good health, options for different policies are broader and chances of being accepted into them greater. Also keep in mind the younger the applicant the cheaper the policy can be with a greater pay out.

A benefit of a policy that has a larger pay out is the ability to help with the future of college loans for children, payments for mortgages and paying off any debt that may have been accrued. A life insurance policy is an essential in assisting families and having security that they will continue to be taken care of after one is gone.

Another added benefit of a young adult obtaining a life insurance policy is contribution to a retirement fund. Some life policies offer a broad range of products including a nest egg for retiring, buying a home or paying off a large debt. One way a policy like this works is, the insured individual pays a monthly amount that is then invested by the company. The money earned on the investments are allowed to be used by the insured in anyway they so choose, it is a great to have money aside for a retirement fund.

In reality no one wishes to ever use their life insurance policy early; however by remembering it is truly for the long term benefit of family, the decision becomes clear. A young adult can acquire a better policy, have more security for their family and even have security for themselves in retirement and creating a nest egg. Realize by speaking with a young adult about life insurance it is not only about the uncomfortable topic of death but, a smart choice for an individual to ensure peace of mind for themselves and loved ones.

How do I Pick My Insurance if I Have a Choice at Work

Choosing a health plan at work can be confusing and often overwhelming. The specifics will vary with each employer, but there are ways employees can evaluate their options to find their best mix of cost and coverage.

Picking Insurance

Cost
Cost for the employee falls into two categories:
1. Up-front premiums.
2. Charges at the time of service.

The premium is the amount taken out of each paycheck for the employee’s share of the insurance company’s charge for the plan. Most employer plans are designed so that premiums are deducted pre-tax, meaning the employee saves on federal income and Social Security taxes and possibly also state income taxes.

Charges at the time of treatment are the out-of-pocket amounts patients must pay to receive medical services. Co-pays, deductibles, and co-insurance can vary a lot depending on the chosen plan and services used. In evaluating this factor, the employee must remember that, under healthcare reform, any service designated by the federal government as preventative should be provided at no charge to the patient.

The cost factor in choosing a plan often comes down to balancing higher premium cost against lower charges for treatment and vice versa. But this relationship between premiums and out-of-pocket does not always hold because of the variable of coverage.

Coverage
Depending on plan design, coverage will vary among plans in multiple aspects:
1. Is a service covered at all?
2. Is there a cap on the service (number of visits, frequency of tests, etc.)?
3. How much flexibility does the patient have in choosing the provider or opting for a procedure?
4. How often are referrals and preauthorizations required?

Don’t assume a service is covered by all plans just because it is covered by one. If an individual plans to use a particular service, she should review all the plans she is considering to make sure coverage is available for that service.

Perhaps the service is covered but the plan puts a limit on the number of visits. The employee should compare any such limits with his anticipated use of the service. If the plan will not cover his full utilization, the employee must determine if, for him, the extra out-of-pocket expense is worth the service or if another plan is the better approach. Depending on the employer, the employee might also have options such as a Flexible Spending Account (FSA), a mechanism for the employee to set aside pre-tax dollars to use for any medical expenses not covered by insurance.

As a general rule, the more flexibility the patient has to choose doctors and services without getting a referral or preauthorization the higher the premium cost. Plans can range from the HMO, which requires all medical services be arranged through a primary care physician, to a traditional indemnity plan, which places almost no restrictions on where the employee can seek care. The employee must look at her own situation to decide how much choice and flexibility she is willing to pay for relative to the other factors.

Five Smart Financial Moves if You’re Starting a New Job

Making the switch to the new job is often an exciting experience,one where the new challenge and and new opportunities help make one look forward to reporting to work. But before everything is done and dusted, there are a number of steps or precautions that you need to ensure are in place before you start off on a new job.

Financial Moves Before a New Job

Taxes

You need to make sure that your job takes into consideration the tax requirements of whichever area you are working in, so that you do not get a rude awakening when calculating your net income. This is important because apart from federal taxes, taxes may vary from state to state in the United States or if you are working abroad. The methods that the firm uses when filing returns is also important, so that your federal mandatory earnings may not be misplaced.

Benefits

You need to take into account what benefits accrue to you, and how these affect your net income and your standard of living. These of course should include health insurance, housing and transportation allowances, meals as well as allowances that ease the execution of your job, like travel allowances.

Pension Fund Schemes

You should always query what schemes are in place in terms of pension or saving schemes, as these vary from work place and are critical to securing your future livelihood as well as your future finances. Sometimes firms develop their own schemes which have slightly higher returns and encourage their employees to invest in these schemes and it is aspects like these that one should look out for. Firms also work closely with different schemes that offer them preferential rates. You may want to examine these options as well.

Direct Personal Savings

Despite all official saving schemes that one has in place, one would wisely have a way of putting aside a nest-egg of sorts. This may be in the forms of direct remissions from your salary to that particular savings account that you put aside for a rainy day. When you are starting on that new job, try and ensure that this practice, if it has been in place, is maintained, or if it hasn’t, then now would be a good time to start.

Credit Management

In a society or economy that thrives on deferred payments, managing your credit is an important aspect of daily financial management. When you start on a new job, ensure that pending credit payments can be servicing in a planned and systemic manner, one that helps keep interest payments from accumulating as well as ensuring your credit rating remains good.

Several other aspects of financial management come into play when starting a new job but these five should at least get you on the way to making the transition to financial security significantly easier.

Should I Use a High Deductible Health Care Plan?

Expenses for medical services can be very costly these days. For a person to go without health insurance is a dangerous financial risk. If a major illness or accident occurs a family can find themselves facing enormous medical bills. Medical expenses quickly add up and the inability to pay them can wipe out someone’s finances entirely. Many hospitals refuse to see patients who are uninsured unless it is a dire emergency.

At this point the patient is usually just stabilized for transport to another hospital that accepts the uninsured. Often people choose to take the risk of going without insurance because they think that they will not be able to afford the insurance premiums. Or they simply choose to take the gamble of going without health insurance because they are normally healthy and seldom need to seek medical care. Most health insurance policies offer many different packages to fit a variety of budgets. Health insurance deductibles affect the amount required for the premium, choosing a higher deductible will result in a lower premium.

This option is better than having no insurance at all. With a higher deductible a person has more out of pocket expenditure initially; however once that deductible is met the insurance will then cover whatever portion of the expenses they are required to pay. The insurance policy will specify the exact amounts of the deductible, what procedures are covered by the insurance, and what portion the insurance will pay. Most people are surprised to find out how quickly they can meet their deductible within a few physician office visits. If a major illness strikes and hospitalization is required that deductible could be met in as little as one day. A bill for the deductible amount is going to always be a better option than having to pay the entire bill for a hospital stay out of pocket.

One benefit to having a deductible is that a person knows exactly what amount they will be responsible for paying. There will not be any big surprises because they know what to expect. For people living paycheck to paycheck surprise bills can really throw off their budget. By knowing the exact amount required to meet the insurance deductible they can plan accordingly. High deductible plans are a great option for those looking to save money on insurance premiums and most people are in a safe position to take advantage of these savings.

People with chronic illnesses such as diabetes might find it more beneficial to go with a lower deductible, however for those who are generally healthy there is no need to pay a high premium for insurance that they may not even use.

Another benefit to having a high deductible is being a healthier person. Knowing that they have a high deductible often encourages people to take better care of themselves to avoid getting sick in the first place. This is a win-win situation, they are saving money on their health insurance premiums while getting healthier in the process.

The Pros and Cons of Taking an Unpaid Internship

As you progress through college, you will begin to notice more and more of your classmates pursuing internships in cities all over the United States and even the world. While this sounds like a luxurious experience, it can often be anything but. Companies world-wide are aware that they can hire college students as unpaid interns. Instead of being paid monetarily, these students are “paid” with the knowledge they gain through their experience, and must receive college credit to make the free labor legal. Interns usually must put in more hours than other paid employees, and do work that is far less rewarding.

Unpaid Internship

While most people would question why anyone would sign up to work in this kind of environment for no pay, internships have become an essential stepping stone for anyone trying to enter a professional field after college. Not only are they expected, but oftentimes they are required. It’s not all torture, though, when pursuing this type of job. There are a ton of positive aspects of these internships as well. The connections made can be invaluable, but it depends on the effort you put forth in your work. It is easy as an intern to be a small fish in a big pond, but if you make yourself heard, you can meet and impress some of the most important people in your industry. Once you have garnered these contacts, it is vital to keep in touch with them as you approach graduation. In such a competitive job market, if a position is available and it comes down to you versus an opponent who did not intern for the company, it is likely you would be the favorable candidate.

In addition to meeting some fantastic people in your industry, internships can often be parlayed into other opportunities. If you have multiple impressive internships on your resume, an employer will be more likely to hire you over someone who has little to no experience whatsoever. Taking an unpaid internship shows you are willing to sacrifice compensation to pursue something you are truly passionate about, and that you care about excelling in your field. Also, employers will often be sympathetic to financial needs. Many will allow interns to work three or four days a week, which would allow for a second job that pays. Though you will be busy, you will also be building out your resume even further.

In the end, choosing to pursue an unpaid internship is a decision you have to make based on your wants, needs, and abilities. If not, there are other ways to prove yourself. You can get involved on campus in various organizations pertaining to your interests, and pursue leadership roles that will impress employers. Unfortunately, though, because internships have become such an integral part of college education, many employers will expect to see at least one on your resume; so, if there is a way to pursue one, it will undoubtedly pay off in the long run.

An Introduction to Internships

Some view internships as resume builders, and others view them as free labor. So should you accept an internship? Better yet, should you accept an unpaid internship? No matter how you view this real world experience, there is no question that by having an experience as an intern under your belt you become a valuable asset to any perspective employer. Finding, accepting, and excelling at an internship can be what puts you over the top in a competitive career field. Here are the steps you should take in order to find the perfect internship match for you.

Internships

Stage 1: The Search

This is the stage where you search out an internship in the field you are interested in. First, search for internships in your area and areas within a 15-20 mile radius. Look online, call local businesses, check with friends of the family; do anything you can to find an internship opportunity. If you are interested in leaving the state or even the country, there are internships that will take you there as well.

Stage 2: Application Process

Applying for internships can take a while, but if it is something that you really want it is worth the time. Answer the questions honestly. Make sure you do a little research into the company of which you are applying so that you know exactly what they are looking for. By doing this, you can boast the skills you have that would best benefit the company. The application is the first impression the company will have of you, so make it good!

Stage 3: Interviews

Though the application is the first impression the employers will have of you, the interview is what will make or break you. Review your application and the questions that were asked. This will help you prepare for what kind of things the company may ask. You should also review the information that you discovered about the company. Employers want to hire people who know about them. It not only tells them that you know about their company, but it also flatters them. Speak slowly, stay calm, smile, and look the interviewer in the eyes. Do not fidget, play with your hands, or look around the room. Show the interviewer that you mean business. Another good, and rather obvious, tip is to practice interviewing. Many college campuses have counselors hired for the specific purpose of helping students perfect their skills before an interview. Take advantage of these options and it will pay off in an internship offer.

Stage 4: The Wait

This is the stage in which your patience will be put to the test. It can take weeks to hear back from perspective internship offers. However, do not be afraid to call, email, or stop in to ask about the selection process and if there has been a decision made yet. This will make you look ambitious and determined. Employers want to see these qualities in an intern and it will excite them to see you taking initiative.

Stage 5: Accepting an Internship

Just about the time you think you are about to burst from the wait, if you followed these tips and stages, at least one of the internships you applied for will call or email you with an offer to join their team. Accept or decline graciously and then go celebrate! A good way to celebrate would be to go on a shopping spree for work appropriate clothes! Not the most exciting thing in the world, but it is necessary. Make sure to ask the company if there is anything you need to do or bring with you on the first day, so that you are fully prepared. Show up at least 10 minutes early with a smile and a positive attitude, and show this company just how good of a choice they made in picking you.

If you do exceptionally well, there is a chance that the company may offer you a job after the internship is complete. You will also be able to use your boss as a reference for future endeavors. Just remember, an internship can be one of the best investments you make in your future. Whether it is paid or not, an internship is more than worth your time.

What is a Cafeteria Plan?

A cafeteria plan is an employee benefit plan that allows an employee to choose where he wants his money to be invested. Also sometimes known as or a business plan, it is called a cafeteria plan because it allows the employs to have certain budget to spend in line with the facilities available or that the company has options in.

The benefits can vary; different forms include cash, health insurance, adoption assistance, paid leave and other benefits. The employee gets to choose between different types of benefits and to create a mix and match sort of plan that can include cash and/or a qualified benefit plan.

Most cafeteria plans today are operated through a salary reduction agreement. This enables the plan to be able to include a tax saving opportunity that can be enjoyed by both employer and employee.

The cafeteria plan is easy to set up; all that is needed to start a formal cafeteria plan is a document summary and a plan description.

This starts by reviewing a company’s cafeteria plan policy and helps to outline the expenses that are eligible for reimbursements. For instance if an employee is considering child daycare to cater for their child while they are at work, they can work out or estimate the daily out of pocket expenses which would usually help to cover up the daycare expenses. These are then multiplied by the weekly charge and by the number of weeks the child is the system, inclusive of holidays and vacations.

It is important to note that all the deductibles are exhausted during the year. After this, include the respected annual expenditure you believe you will claim and divide the final figure by the number of disbursement intervals that the company has planned for it’s financial year. This final figure will be taken out of your paycheck every period.

As long as you are in an eligible year, you then get to send the eligible expenses you incurred. These are filled in against a reimbursement claim form, after which a copy is made and then it can be sent either by fax or mail to the cafeteria plan provider for reimbursements.

While the cafeteria plan reduces on income tax payments for employees and employers, it is not a benefit that you will find typically with every firm. This is because it is not a federally enforced requirement for employers. As a result, not all companies offer a cafeteria plan or have a cafeteria plan policy but it is suitable for a wide range of businesses; even small business enterprises are eligible for this kind of policy.

However, it does pay to have one, apart from the usual tax savings advantages it offers; a job prospect certainly appears more competitive when a cafeteria plan is an option.

Should I Participate in My Companies Employee Stock Purchase Plan?

Employee Stock Purchase Plans, ESPP are frequently offered as a perk by many large-scale, publicly traded companies. With employee stock purchase plans, companies offer employees the chance to own a part of their future, as well as their place of employment through stocks. An employer will usually offer a discounted price for shares in the company. Often, companies will also allow the payment on the cost of the stock to be deducted directly from a paycheck, eliminating the hassle of paperwork, as well as spreading the cost over a span of time.

Stock purchase plans benefit everyone involved. The employer gets the boost in revenue shares through the employees buying stocks. This allows the company more assets to innovate and expand. The employer also gets to tout the fact that the company is employee owned thus attracting the best and brightest talent who are enticed by the possibility of owning a portfolio. The price of the employer’s stock may also rise if enough of the employees buy enough shares to force a price hike. The employee gets a discounted share in the company, a vote in the share-holders’ meeting, and the pride of owning a portfolio. There is also the distinct possibility that the stock may mature and grow which would net the employee a tidy little profit.

Of course, there are downsides to this form of employee compensation. As a stock can rise dramatically leading to exponential profit, it can also decline sharply eliminating your stock purchase or at the very least rendering them almost worthless. This is a continuing source of anxiety for investors. If your company’s CEO resigns and the stock that you just purchased drops, there is a real potential that you may instantly lose money. If that hypothetical were to happen your company could also lose much money in the blink of an eye as the price of their shares also drops.

This demonstrates the need to be conservative when playing the market, even when it comes to employee stock purchase programs. Only invest in the employee stock program if you truly believe in the company that you work for. If you really believe that they will not only be around in five years but also will be posting a profit, then by all means, invest in your workplace. If you think that management is incompetent and the products are shoddy, then don’t waste your time or money. Other red flag warnings to decline on an ESPP include recent scandals, deficits, and reduction of other benefits. These can be indicators that the company is not on stable financial ground and needs to raise funds.

A good rule of thumb to follow when it comes to the employee plans is this; Would I invest in this company even if I didn’t work for it? If the answer is yes, then go see Human Resources and fill out the paperwork. If the answer is no, then ignore the discount being offered and leave your money in your wallet.