MyMoneyMinute.com

Your Digital Imprint

In this ever-changing but still new Digital Age, information travels fast.  Who you are is portrayed online both by you and others, most typically through social networking sites such as Facebook, MySpace, YouTube, and Twitter.  I like to refer to this as your digital imprint.

Many have debated whether it should be done, but the fact is prospective employers are reviewing your digital imprint as part of their hiring process.  Checking popular social networking sites helps an employer get the makeup of a job candidate, for better and worse.  Associated Content says that “according to the executive search firm ExecuNet, about four out of five recruiters regularly run web searches to screen job applicants.  About one in three job seekers have been eliminated from consideration based on information the hiring company has discovered on social networking websites.”

Managing Your Digital Imprint

With high unemployment and many candidates to choose from, employers can afford to be very selective.  Properly managing your digital imprint can give you that extra leg up by providing a great impression of who you are.  Workvine.com offers the following tips (in bold) to help manage your Digital Imprint/

• Conduct a search. Google yourself to see what, if any, information is out there.
• Optimize positive links. Set up a professional page in your name.  Create positive associations with your name on the web.
• Make the most of social networking sites. Be selective about who you allow in your network, since employers may notice with whom you like to associate.  Be particular about who comments on your page and edit comments when you deem necessary.  Your college frat buddies may have a lot of crude inside jokes that you just don’t want employers viewing!
• Speak out selectively. Be careful when you comment on blogs or news websites, or at least use an alias.  Often the relative anonymity of the Internet allows us to articulate many views & opinions we wouldn’t dare say in public.  Think about what & how you say it before you type.
• Be prepared to explain. We have all made mistakes, and with your Digital Imprint, that mistake can be around for a very long time.  If you find remarks by or about  you that cannot be removed, be prepared to address them with your employers.  They may be willing to give you a pass on those crazy Spring Break pics if it was ten years ago and you show yourself to be a more mature person!

I hope you’ve enjoyed the past two articles where we’ve gone “Beyond the Paper”.  You can link to the first article below:

Beyond the Paper:  Creating a Video Resume

Good luck with your job search!

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jobs digital imprint, employment, facebook, myspace, resume, social network, twitter, web 2.0, youtube

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I went to see a recruiter once, and after talking to him about employment opportunities, he told me their company creates a video of each applicant in their database that they would use as to supplement to your paper resume when connecting you with prospective employers.  In other words, a video resume, created to help you stand out from all the competition with mere words on paper displaying their qualifications.  So he opened up software that uses a webcam to record up to a 3 minute video, where I introduced myself and explained a little bit about the work that I would enjoy doing.

3 Tips when Creating a Video Resume

1. Smile! This is your chance to show them that you can appear comfortable in their surroundings.  Show that you are personable, not dreary.
2. Avoid “TV Announcer” voice. You don’t have to alter your voice to sound as if you’re the guy that does movie trailers.  Pretend like you’re having a conversation with someone and you will come across more genuine.  No voice posturing needed.
3. Cheat Sheet. I wrote a few bullet points of what I wanted to say down on a piece of paper, folded it half, and hung it over the computer monitor right next to the webcam.  It helped me cut down on “umms” and “uuuhhhhs”, and allowed me to maintain eye contact with the camera, rather than looking away or down from the camera.
4. Be Professional. You don’t have to act like a goofball just to prove you’re not a stick-in-the-mud.  Don’t end up like this guy.

Employer Reaction

Video resumes are still a relatively new venture.  Some worry about the legal aspects of viewing video resumes can lead to charges of racial or gender discrimination.  But overall, it seems as if employers are open to embracing and adapting to a new social, digital era.

Nearly two years ago, Vault.com surveyed employers and found that while only 17% had seen a video resume, 89% were open to viewing one if submitted to them.

Career websites like CareerBuilder and Interview Studio, among others, offer video resumes as a part of their career search platform.  It also could provide the individual job seeker a way to showcase his presentation skills to particular employers.  More recently, a personal video resume has enabled one man to pursue his dream.

As with any new use of technology, just proceed creatively, yet cautiously.  Know your prospective targets and use video to play to their likes to maximize the greatest use of your electronic portfolio.

Have you ever used a video to supplement your resume?

Employers:  How do you feel about video resumes?

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photos by: SOCIALisBETTER

jobs employment, interview, jobs, resume, video resume

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Texas Independence Day

I was listening to the news yesterday morning, and I was reminded that it was Texas Independence Day.  On March 2, 1836, Texas formally declared independence from Mexico, citing reasons including:

• The Mexican government invited settlers to Texas promising constitutional liberties and republican form of government, but Mexico reneged on these promises and established a military dictatorship.
• Texas’ affairs were decided in the distant provicial capital of Saltillo, without much input or understanding.
• The right to keep and bear arms was denied.
• No system of public education was established.
• The settlors were denied freedom of religion.

Your Finances

Each reason for Texas’ independence cited above reminds me of being stuck in an ever-increasing household debt load.  Sure, if the only problem was they felt their voice wasn’t being heard all the way in Saltillo, then maybe it was bearable.  But you add the denial of faith, guns, and education, and Texans had enough. 

In your personal finances, maybe one credit card is manageable, and adding a $400 car payment no big deal.  But once you add monthly payment obligations for another car, a boat, student loans, and a house — well maybe then you feel as if a military dictator has moved in with you!

At some point, you have to say “enough is enough.”  Take charge of your finances.  Declare independence from your debt, and map out a game plan to find success.

I know for me, the moment I declared independence from debt was when I realized my student loans would be around as long as my house payment would!  It was frustrating to see a lot of hard work result in decades of student loans, without a huge benefit in return.  Our household created a list of debts, and implemented a household budget.  We now save for trips and bigger purchases and pay for them in advance.  My hope is we can do that with our next car — hopefully our current cars will stick around long enough to make that happen!

Tell me the moment when you realized you needed a Declaration of Independence from Debt.  Leave me some comments below!

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Personal Finance Budget, debt, debt snowball, Declaration of Independence, Texas

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It’s Mardi Gras time.  Fat Tuesday was yesterday, and in most Western Christian traditions, Ash Wednesday marks the beginning of Lent, the forty-day long liturgical season of fasting and praying leading up to Easter.

Here’s Lent in a nutshell according to Spirit Home:

The three traditional practices to be taken up with renewed vigour during Lent are prayer (justice towards God), fasting (justice towards self), and almsgiving (justice towards neighbour). Today, some people give up a vice of theirs, add something that will bring them closer to God, and often give the time or money spent doing that to charitable purposes or organizations.

Give UP for Lent

Most common vices people give up are alcohol, or sweets, like chocolate.  But I challenge you to sacrifice some of your normal spending.  It can be both a religious & financial reward!

Here’s a few things you could give up for Lent that are financially rewarding:

1. Eating out at sit-down restaurants
2. Eating out altogether
3. Going to sporting events
4. Going to concerts
5. Getting a manicure/pedicure
6. Buying more clothes
7. Give up smoking or caffeine
8. ??? (add something in the comments below!)

Add something for Lent

What can you add that could be spiritually and financially rewarding?

1. A monthly household budget
2. Join a website that uses personal finance software to categorize & track  your expenses)
3. Read a financial related book (The Total Money Makeover or Automatic Millionaire)
4. Take a financial course (Financial Peace University or Crown Financial Ministries)
5. Read the book of Proverbs
6. ??? (add something in the comments below!)

Give TO something for Lent

This is a no-brainer.  We should give to those less fortunate or to the organizations that help them.  But I also challenge you to give your time — it often costs us more, and certainly provides us more benefit and personal reward of being intricately involved in a cause.

What will you be doing for Lent?? What would you add to the above lists??

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Personal Finance Budget, charity, frugal, giving, Lent, Mardi Gras

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This Wednesday, I’m headed to Southern California to be in my college friend’s wedding.  I got an amazing deal on the flight — $220 including fees & taxes, round-trip from DFW!

I don’t know about you, but all I usually hope to do is avoid any disasterous experiences when I’m flying.  Except the last time I flew to California.  That was the time I upgraded to 1st class.

I know, I know.  I didn’t need to fly 1st class, but I’ll give you my excuses justifications *ahem* reasons why I did it anyway.

My Excuses / Justifications / Reasons for Upgrading to 1st Class

I went out to California to visit family for Christmas.  My wife was already out there on business, so we met up out west and spent time with family.  We ended up booking the same flight home to Texas, except her company booked her a first class ticket, and I was back in coach with all the other riff-raff   Being the good husband that I am, I agreed to check into upgrading so we could sit together on the flight back home.  Turns out the upgrade was ‘only’ $100.

Could I have taken that $100 and paid down a student loan?  Sure.  But sometimes it’s fun to enjoy luxuries.  We’re very careful to pick and choose ours, and always make sure they fall somewhere within our budget.  It also fell within our allotted “Christmas Trip” budget-line, so we were okay with it.

The 1st Class Experience

I loved it.  By the time everyone else was boarding the plane, you were already stretched out and a chapter into your book.  Plenty of leg room for my 6′3″ frame, hot towels, a meal on an otherwise meal-free flight, and of course, free alcoholic beverages!  And no, I didn’t try to drink $100 worth of mixed drinks to make up for the price of the upgrade!

The closest experience I can relate it to is going to a professional basketball game, and sitting court-side vs. the nosebleed seats.  You just never want to go back to the cheap seats after the experience!

Taste the Snowball

Our debt snowball will be rolling for quite some time.  A quick victory of knocking out a small debt can keep you motivated to continue snowballing the larger debts.  Every so often in little ways, I like to be able to have a taste of the good life; or “taste the snow” in my snowball.  It keeps me motivated to continue my debt snowball by reminding me that today’s sacrifices will pay off with future reward and security.

Sometimes you have to lose a battle to win the war.

What about you?

Well I’m back to flying coach this week with a smile on my face and even more determination to knock out our debt. 

Any comments on my choice to upgrade to 1st class? 

Have you lost some financial battles to win the war??

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photo by Richard Moross

Personal Finance 1st class, Budget, christmas, debt, debt snowball, flying, frugal, snowball, taste the snowball, upgrade

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Hope everyone’s having a great weekend!  Here’s my favorite articles I read this week.

Carnival of Personal Finance

My article on What We Learn from Tragedy was selected for the 192nd Carnival of Personal Finance.
Thanks to Canadian Personal Finance Blog for the selection!

Links O’ The Week

PT from Prime Time Money gives us 15 Things You Should Never Pay For.  Well, actually 14, but who’s counting?

Bargaineering posted an article on the Basics of Retirement Planning.

Then again, Crackerjack Greenback’s 100th blog post has him Rethinking Retirement.

Learn Financial Planning says Your Car is Not an Investment.

Taxes

My Dollar Plan provides us The Ultimate Tax Resource.

Get Rich Slowly tells us of Bankrate’s 2009 Tax Guide.

Economy

We’re all beginning to save because we have too much consumer debt, but the government wants us to spend & borrow to keep the economy going?  Consumerism Commentary discusses The Paradox of the Thrift.

The Digerati Life asks for discussion on Obama’s Foreclosure Bailout Plan.  I happily obliged and participated in the comments!

Children & Family

Need to explain the bad economy to your children?  My Two Dollars gives us a post called Money Management Advice from My 9 Year Old.

Frugal Dad talks real life issues regarding More Adult Children Moving Back Home.

The Simple Dollar writes that he is still struggling with choosing a guardian for his children.

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Links O' The Week

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Here’s a quick hit for you this morning — Restaurant.com is having an 80% off sale on its gift certificates.  This means a $25 gift certificate to your local restaurant can be purchased for $2.  TWO DOLLARS!

Promotional Code is valid through February 28th, 2009.

7 Easy Steps to 80% off at Restaurant.com

1. Log on to Restaurant.com
2. Search for restaurants in your area
3. Click “Add to Cart” to choose a gift certificate to purchase
4. Enter discount code: DINE
5. Click “Proceed to Checkout”
6. Follow directions for payment processing
7. Print out your gift certificate!

Restrictions may apply.  Usually you are required to spend a certain dollar amount at the restaurant to qualify your $25 gift card.  For example, we went to a local sushi restaurant once that participated in the restaurant.com deals.  It was required to spend $50.  So basically, we got $55 worth of sushi for about $30.  All told, it was a great time and nice to not totally break the bank to enjoy some sushi! There are plenty of other types of participating restaurants.

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Deals

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The M$M Economic Stimulus Plan

This is Part 2 of 2 in this series.  Click on this sentence to read Part 1, which covers what fundamental principles should be a part of any government stimulus plan.

Yesterday, President Obama signed the $787 billion economic stimulus into law.  I think it misses the mark and violates in many respects the fundamentals of spending taxpayer money to stimulate the economy.  My alternative proposals are below; all proposals must satisfy Fundamental #1 by being targeted, specific action to seek a particular goal.

1. Incentives

Following the guidelines of Fundamental #3, it must be government economic policy must encourage good personal financial behavior.  Therefore, instead of direct stimulus checks, I propose stimulus matching funds be used on home down payments, pre-paid tuition, and health savings account deductibles (HSAs).

The best type of government stimulant is one that provides it’s citizens incentive to save up and pay for their shelter, education, and health care.

Real Estate. For the sake of simplicity, I’ll propose that for every dollar you save for a down payment up to 10% of purchase price, the government will match your down payment.  This could also be a graduated, tiered incentive (save 10%/match 5%, save 20%/match 10%, etc.).  It can also be capped at a specific dollar amount (match up to $25,000), or the cap can vary by market depending on cost of living.  Other stipulations:

• No credit cards, cash advances, or 401(k)/403(b) withdrawals will receive matching funds — it MUST be cash earned & saved. You will not be able to rob Peter to pay Paul and expect government to support your behavior.  Do it on your own dime.
• No 80/20s, ARMs, interest-only, or HELOCs allowed.  If you want the matching funds, it must be a 30-year or less mortgage with a fixed interest rate.

Point is, you stimulate the downtrodden real estate market, and most importantly, the benefits go to those that have been fiscally sound and did not overbuy during this last real estate bubble.

• They were the victors because they DID pay their bills and WERE responsible with their finances, while most of us were not.
  
• Allow the victors in our economic crisis be the ones to bring us out of the recession.
  
• Reward their good behavior & provide incentives to the rest of us to copy it so we don’t end up down this path again.

Education. If there’s one area that’s exploded over the last decade, it’s college tuition.  The burden of student loans has grown exponentially since the early 1990s.  The education cartel increases in power with each new academic year.  If anyone knows the burden and risk it is yours truly.  Unfortunately, I have more student loan debt than anyone I know, but I also have a plan to get rid of it faster than anyone I know!

• I propose matching funds for pre-paid tuition to any accredited institution of higher education.

• Reward parents with 529s, and reward students that are working while putting themselves through school.

• Again, no credit cards, cash advancements, or 401(k)/403(b) withdrawals will be matched.

Health Care. Medical bills are the leading cause of bankruptcy, and a drain on our economy.  Health Savings Accounts are becoming vastly popular, because it can be obtained outside the employment environment at a decent cost.  I propose matching funds for deductibles on HSAs.

• Provides incentives to save money for when emergencies happen.
• Reduces the amount of bankruptcies caused by medical bills.
• Provides incentives toward the HSA and away from COBRA & the employment-based health care model.

2. Direct Investment

In compliance with Fundamental #2, direct government investment should have long-term benefits.  My answer is to (a) build and improve infrastructure & (b) invest in our children’s future.

Infrastructure. If we’re going to spend hundreds of billions of dollars on a stimulus, do it with specifically-targeted projects that will provide long-term benefits, that get people working immediately.

• Fix bridges, overpasses, and roads.
• Build & expand light rail systems. I know here in the Dallas-Fort Worth metroplex, our light rail network could be extended into the suburbs to ease traffic congestion.  This would be money well-spent, because it is near-term jobs with long-term benefits.

Children’s Future. Each child that is born in the U.S. receives a one-time $2,500 investment into a personal retirement account at birth.

• 4 million children are born in the United States annually = $10 billion investment/year.
• Unlike 401(k)/403(b), no withdrawal allowed for any reason until person reaches retirement age (65).
• An 8% annual growth rate = $445,000 retirement account for each citizen at age 65.
• Parents allowed to match initial $2,500 investment + $1,000/year into each individual account until age 25.

This promotes both parents & children to save for retirement, and shifts our paradigm to thinking about the future.

3. Tax Cuts

We also need to provide incentives to our businesses and those with entrepreneurial spirit.  Ideas & small business are the true backbone of the American economy.

• $10,000 tax write-off to businesses for each new employee hired in 2009 (net gain).  The amount of a cut can vary, but this will encourage those who are on the fence about hiring another worker to go ahead and hire someone.
• Provide tax breaks or government-initiated loans for wind farms to implement aspects of the Pickens’ Plan to reduce our dependency on foreign oil.

NOW IT’S YOUR TURN.  THOUGHTS/SUGGESTIONS?  ADDITIONS/DELETIONS??

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The My Money Minute Stimulus Plan (Part One)

Politics down payment, economic, fundamental, matching, Pickens Plan, pre-paid, recession, saving, stimulus

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Congress has passed a $787 billion economic stimulus bill, much to the disapproval of many Republican leaders.

In my humble opinion, this stimulus package, due to be signed by President Obama today, misses the mark.  Lots of money is being spent on projects that either (a) provide only temporary jobs or (b) provide no employment whatsoever.

“So what would you do, Jason?”  Well, glad you asked..

Part One:  Fundamentals

Before any specific proposals are given, a stimulus plan should first begin with basic, fundamental philosophies.

Fundamental #1

This is the taxpayer’s money.  Be efficient, not frivolous.

If it’s one thing we can learn from government spending, throwing money at a problem without a clear objective will not solve the problem.  For a Republican “I told you so”, bring up our education bureaucracy.  For a Democratic “I told you so”, point out no-bid contracts in our War on Terror.  Money is needed for both education & defense, but the point remains we are often inefficient with how we spend it.

Fundamental #2

Short-term cash injections must have long-term benefits.

I understand that unemployment is rising and near-term jobs would help significantly.  Even if the jobs do not last forever, the money should be invested in projects that help our nation & economy long-term.

Fundamental #3

Economic stimulus funds must reinforce & encourage good financial behavior.

In other words, no more blanket stimulus checks where we send $600 to every taxpayer.  You know what I did with my stimulus check?  Paid off debt.  So did many others.  Those that did spend their stimulus check only contributed to a temporary fix to a long-term problem.  Now the money’s spent and our economy is still sluggish.  Worst of all, the government reinforced bad financial behavior by giving people money and telling them to spend it instead of taking care of their household first.  Encouraging the citizenry to buy a flatscreen instead of paying down a credit card is not sound financial policy.

Come by tomorrow and see specific proposals in Part 2 of The MyMoneyMinute Economic Stimulus Plan!

Are there other fundamentals you would add to a government stimulus plan?

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The My Money Minute Stimulus Plan (Part Two)

Politics down payment, economic, fundamental, matching, pre-paid, recession, saving, stimulus

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Well I finally caught up with all my blog reading since being gone on vacation!  That means I have a pretty hefty Links O’ The Week this time around.  Without further adieu, here is our Valentine’s Day edition of Links O’ The Week!

Learn

When you have a significant other, you are always learning about them, and about how relationships work.  So it is with personal finance.  We must constantly be learning to grow.

No Credit Needed challenges us to Dedicate 7 Hours for Healthier Finances.  This is a 7-post series, so I linked to the final one.  Review it and let me (and NCN) know what you think.

Money Grubbing Lawyer helps you to Plan for your Digital Death.

Christian Personal Finance gives us 10 Tips for Surviving a Layoff.

The Wisdom Journal came up using the TRACK Method to Achieve Your Goals.  Take a look!

Laugh

Michael James on Money posts on Teenage Jobs that Pay Well.  I put this here because it reminds me of some of the things I did for money when I was a teen!  Seriously though, lots of good ideas in this post.

Live

When life happens, we need a team of experts to help.  Scordo is right on the ball when he recommends 6 people you should build relationships with.  I added one in the comment section — Spiritual Counsel.

Ashley & her husband from Wide Open Wallet started a business.  Congratulations on taking the plunge into self-employment!

My Journey To Millions noticed a higher percentage of audits on estate tax filings in his post on Audit Worries.

So You Think You Can Write? The Wisdom Journal found some links to help you get paid for writing.

Money Grubbing Lawyer asks the tough question:  Would you rather talk about Money or Sex?

Frugal Dad challenges us to Start A Sunny Day Fund.

Frugal Dad goes back-to-back here, with a post asking Is Frugality The Anti-Stimulus Plan?

Being Frugal gives A Full Cup Review.  A Full Cup is a website about learning and locating coupons.

Mrs. Micah evaluates Online Money Management Tools, including Mint & Geezeo.

No Debt Plan talks Can Not, Will Not, and Why Not? What are your excuses for not getting out of debt and in control of your finances?

Love

Stuff Christians Like asks, “Are you offering things that don’t cost anything?” in his post on Giving people the easy stuff.

Christian Personal Finance reminds us that God’s Economy is strong.

As teammates in a relationship, one may do most of the money management.  Mrs. Micah provides advice on How Much Should We Ask Our Spouse To Do?

Happy Valentine’s Day and have a great weekend!

photo by Jan Tik

Links O' The Week

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