11 Aug 09 7 Personal Finance Tips for Switching Job

There is a common belief that, if you stick in a company for long, you are crippling your chances of getting a rewarding career. You may get the promotion, but the raise that accompanies the promotion is never decent; hence, one should switch the job as soon as a better opportunity peeps round the corner. In this article, I am not contesting this assumption; all I am doing is telling you what all to consider when you think about changing your job.

Do not get tempted by the shine of a dollar

Higher salary is worth the chase but, not at the cost of quality of work. Do not run after higher salary alone; consider factors like quality of work, work environment, future prospect, career growth, and available opportunity to learn before hopping from one job to another.

A perfect shot requires a perfect timing

If you are expecting a raise in salary after the annual appraisal in March, then wait till you get the hike. This is wise because, the salary you will get after the hike will become a new bottom-line from which you can negotiate even higher salary in the new job.

Do not settle for suitable-for-all CTC (cost to company)

CTC is a misleading term, so, do not forget to ask about the salary breakup, and when you find yourself stuck in the situation where two companies are offering same CTC, go for the one which gives more cash in hand. Always remember, you can negotiate the salary breakup of CTC; why not exercise the option?

Respect the notice period

Notice period is not just one of those laws that mean nothing. Do not take notice period lightly. Companies do sue their employees and seek compensation, which usually is higher than what an employee is paid in a month, if someone leaves the job without serving notice.

Tax Issues

I know, tax is a dreaded word, but one still needs to think about it. Get all your tax deduction papers and other related documents from your previous employer before switching your job.

Insurance coverage

If you were given medical, travel, or any other insurance by your previous employer, make sure, you get it from the new company as well. This will save you a good some of money, which otherwise will go to pay yearly premium.

Employee stoke ownership plan

You should ask your company, if you can encash the stock that you were given as a reward for your continuous hard work or long stay. You should also negotiate stock options in the new company.

Tags: Assumption, Belief That, Bottom Line, Career Growth, Chase, Cost Of Quality, Finance Job, Future Prospect, Insurance Coverage, Misleading Term, New Job, Notice Period, Perfect Shot, Perfect Timing, Personal Finance Tips, Rewarding Career, Salary, Serving Notice, Tax Deduction, Work Environment

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24 Feb 09 Family Life Versus Career

Life or Career: Which Do You Choose?

Men and women alike run into this question these days. Can someone have a busy, lucrative career and still have that warm, wonderful family life we all desire?

So many professions nowadays can consume all your time if you let them. For instance, a real estate agent is practically on-call day and night. So is a doctor! But most companies have recognized the need to allow their employees to lead normal lives outside the work place.

Recent studies have shown that employees who have strong, secure family lives tend to make more stable employees. They get sick less. They have fewer “family emergencies.” They contribute better in their work environment.

Though the thought that you’re indispensable to your employer can feel good for a while, the euphoria is fleeting as you realize that you haven’t had time to do your laundry. It’s been days since you said more than “hi’ to your kids. Your personal life and your family life begin to suffer and soon you’re asking yourself if it’s worth it.

Whenever we go into a new job, we want to be the best possible employee. We make concessions in our work hours to accommodate the new job because we want to be viewed at a “team player”. But often, if you start out this way, the boss expects this level of commitment throughout your work tenure. If you try to slack off, it can be seen as exactly that: slacking off.

Better to go into a new job with a firm grasp of what’s expected of you. Establishing this from Day One can go a long way toward not winding up in that scenario where you have no life and simply move from one day to the next in a kind of daze.

The hard, cold truth is that most of us spend more time with those people at work than we do with our families. But it’s also true that we make time for the things that are important to us. So it might behoove us to make some coffee and sit down with our spouse one Saturday morning to discuss the handling of weekly chores and errands.

Open lines of communication are important to the health of any family. Know what your spouse and children expect from you. This is a key element in letting your family knows that you are there for them and can be counted on; that you will be an active part of their lives in spite of a busy career.

That genuine effort parents make each week to spend time with their kids and each other pays off in the long run. When other families are crumbling, yours can be strong, healthy and happy. All it takes is a bit of effort on each member’s part. Think of that effort as an investment in your family and your own future happiness.

Tags: Career, Career Life, Chores, Cold Truth, Concessions, Euphoria, Family, Family Emergencies, Grasp, Home, Laundry, Lucrative Career, New Job, One Saturday, Personal Life, Professions, Real Estate Agent, Saturday Morning, Stable Employees, Team Player, Tenure, Wonderful Family, Work, Work Environment

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11 Aug 09 7 Personal Finance Tips for Switching Job

Do not get tempted by the shine of a dollar

A perfect shot requires a perfect timing

Do not settle for suitable-for-all CTC (cost to company)

Respect the notice period

Tax Issues

Insurance coverage

Employee stoke ownership plan

24 Feb 09 Family Life Versus Career

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