Whether you're bored or completely overwhelmed without enough resources, it may be time to leave your current position and seek out better opportunities. The Bureau of Labor Statistics finds that Americans are quitting their jobs at the highest rate since 2001. While it's normal to occasionally feel stuck or unsure of your next step, if those feelings persist and worsen then it's probably a sign you've outgrown your job. Economists, employers, and job recruiters share 5 common signs that it's time to change your work situations.
1.You're not being challenged
If your heart isn't in your work, then slogging through the daily grind isn't worth the pay. Maybe the company has changed from its original direction or your duties have been altered so that it's no longer the right fit. Take stock of the company's future and your place in it. If you can't see it aligning with your passions, then it's time to brush up on your skill and move on.
2. You're being under-utilized
You may find yourself bored and frustrated because you're being overlooked in the workplace. Whether you've been repeatedly passed over for a promotion or your bosses deny your requests, you shouldn't feel useless or ignored. Suzy Welch at CNBC describes the feeling, "You're stuck in the kind of job I call a 'velvet coffin' — comfortable, but deadly to your brain and spirit, not to mention your career."
3. You're not paid enough
Whether the company has downsized or your haven't received a raise in years, your compensation should be commensurate with your performance and skill levels. Similarly, if you've been asked to take on extra tasks but your pay doesn't reflect your increased workload, that's a sign that you're being underpaid. As always, consider the future and see if you have room to advance in your current position. If not, you should create an exit strategy.
4. Your health is affected
Stress can negatively affect your energy levels, your mood, and your physical health. Worse is the fact that high stress and anxiety can create a lethargy that harms your work performance. If your sick days are increasingly due to dread or fear, then your body is telling you that you need to find a healthier and more productive environment.
5. Offensive workplace behavior
Obviously, if your superiors or co-workers repeatedly exhibit negative, offensive, or inappropriate behavior, you have every right to look at other positions. While a company should provide protocols to report such behaviors to Human Resources, you may also want to consult an employment attorney who has your best interests at heart. Like putting your health first, you should protect your sense of security and safety.
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.