Do you use LinkedIn or are you planning to set up a professional profile? Before you hop on board, be aware of what you shouldn't use the business platform for and other 'no-nos' that could jeopardize your credibility or professionalism. Here are four 'nots' to look out for:
Using an Unprofessional Photo
This will not help your cause
talgroupinc.files.wordpress.com
Just like most social media platforms, LinkedIn is about image. But this isn't the place for your oiled-up beach bikini shots (unless you're a Sports Illustrated model) or feeding llamas at the petting zoo with the kids. You want colleagues and connections (past, present, and future) to see who you are, but the LinkedIn visual is a certain side of what is surely a multi-faceted you.
As Wisebread recommends, "Make sure the photo is clear, professional, and relatively recent." For tips on taking a professional photo for LinkedIn, The Balance Careers has a photo rundown to follow, everything from size to simplicity…even selfies.
Post Updates Meant for Other Social Media Platforms
Glad it was nice, but this stuff should never go on LinkedIn
cdn.dribbble.com
Politics, puppies, gossip, and grief are fine for Facebook and Twitter, but leave personal perspectives off LinkedIn. Unless you are sharing work or industry-related content, nearly anything else you post can come off as inappropriate, even offensive to those in your field – some of whom may shy away from employing you or working with you in the future. "Don't use (LinkedIn) for a casual social interaction," warns Wisebread.
LinkedIn suggests, "Share content, advice, and opinions that boost your professional credentials. It's all about relevancy."
Connect with People Just to Get a Job
Do you really want to connect, or use her connections?mindsetdigital.com
You may be out of work and you're hoping new LinkedIn connections can hook you up with the right people, but this is not the best way to go about it. You can search for jobs on the platform yourself and apply in the manner companies require. Unless you are already connected to someone who can introduce you to a colleague who is hiring, asking relative strangers to do you a favor is just in bad taste.
Alison Doyle, a Career and Job Search Expert writes for LinkedIn, "I am always a little annoyed when someone I don't know well asks me for a referral or recommendation. If I don't know you well enough to be able to attest personally to your value, I'm not going to jeopardize my relationships with my connections by referring or recommending you."
As Forbes explains, "Never send someone a connection invitation and then, the minute they join your network, send them a request for them to introduce you to someone they know. There is no better way to signal 'You're just a means to my end!'"
Neglect Your Resume
When was the last time you gave yours a once-over?
e8189c6175d75089a765-c71906071e65887d4f10e044d8aad7ab.ssl.cf2.rackcdn.com
If you posted your resume when you first joined LinkedIn (which could have been years ago) and haven't looked at it since you may be limiting yourself from reaching the right people. Take a look at what you currently have listed and tweak/update accordingly. As LinkedIn recommends, " Don't raise any red flags by having a LinkedIn profile that doesn't match your resume. Double check job titles, employer names and dates of employment."
Not only should your information be accurate, concise, and compelling, but it should be written well also. Wisebread notes, "Even though it's a social media site, grammatical errors on LinkedIn can immediately cast you in bad light. Proofread every word you write."
You know the 'nots,' now get on with using LinkedIn in a professional and purposeful way. Make networking work for you!
The Federal Reserve sets the guardrails for the federal funds rate, and through that helps control the money supply for the nation.
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.
diy gifts
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.