Imagine you're at a dinner party, and you're going around the table asking everyone what they do.
"I'm an investment banker."
"I'm in advertising."
"I work for a nonprofit."
The word "nonprofit" can garner some pretty quick judgments. Maybe this person is an idealistic do-gooder that doesn't understand how reality works. Maybe this person has a handsome trust fund and can happily live on a subterranean salary for the rest of their lives. But before the judgments start flying, many people at some point in their lives consider the nonprofit route. Here's why you might want to, too.
A nonprofit, contrary to popular belief, is not exempt from making a profit. The term means that it doesn't distribute revenue to private investors or owners, but instead puts that money towards perpetuating the mission. These organizations include everything from the United Nations Children's Fund (UNICEF), to the American Museum of Natural History, to the American Cancer Society. They span in category from arts and culture to history to medicine. Whatever sector you're interested in, there's probably a nonprofit out there that would align.
Purpose
Perhaps the most important aspect of finding any job that you will stick with for a long time is having a sense of purpose. Many people feel burnt out from corporate America because they don't have the opportunity to contribute to the greater good of the world beyond "profit." That's a reason to get up and go every morning: to know that you are helping someone who needs it.
Salary
It's also possible to make a competitive salary while working for a nonprofit. While it's unlikely at first, it's not impossible. Many people shy away from nonprofits because they don't think they will be able to make a living. However, your nonprofit job does not have to be your only source of income. We compiled a list of high-paying odd jobs that can help you supplement your salary.
People
While people that work for nonprofits are not all going to be angelic all the time, they share a common mission. Inspiration is one of the most powerful forces in any workplace. Many people that work for nonprofits are personally connected to the subject matter, and therefore they are more engaged and motivated to do more.
Opportunity
If you're working for a small nonprofit, there will likely be a lot of opportunity to grow and develop your career. Whereas in a larger company, you might be confined to your original job requirements, nonprofits have a spirit of collaboration on all aspects of business operations. You may find that you discover a new skill or talent that you'd like to pursue. Some nonprofits can give you the flexibility to learn on the job.
While not all nonprofits are the same (yes, there will office politics and a hierarchy), it might be the right route if you're looking to branch out your skills for a good cause. It's not only service work, too. There are plenty of opportunities to find jobs that mirror corporate life in the nonprofit world. Be creative.
For more information on how you can start working for a nonprofit, click here.
6 Certifications to Take Your Career To The Next Level For $100 or Less
Developing further skills can boost your career at any stage.
Whether you are looking for a new job or trying to grow in your current one, getting a certification can be a great way to improve your skills.
Anyone can put that they are proficient in a computer program on their resume but having a certificate can help you stand out amongst the competition and give credence to the strength of your skills.
But what's the best way to invest in yourself without breaking the bank? Some certification programs can cost hundreds if not thousands of dollars. We are going to walk through six of the best certifications you can get for $100 or less.
Tableau
"File:Sales Dashboard Full screen v2.png" by Marissa-anna is licensed under CC BY-SA 4.0
Tableau's data visualization capabilities are comparable to Domo and Power BI.
Who is it best for: Those who work with analyzing and presenting data.
Cost: $100 for Tableau Desktop Specialist; additional certifications are available for a larger fee.
More companies than ever see themselves as data companies. Being able to understand data and use it to guide decisions at your company is often critical to taking on a leadership role. Not to mention, being able to present the data in a clean, attractive, and compelling way can help get buy-in from others in your organization or clients. That's why Tableau is a great tool to have in your toolbox.
Tableau allows you to create interactive visual analytics dashboards. In layman's terms, you can take data; create graphs, maps, or charts; and then allow end-users to interact with these graphics to better understand the information. It's a fantastic tool allowing non-technical users to gain insights for data-driven decision-making.
Tableau Desktop Specialist certification starts at $100 and has no expiration date. There are many videos on Tableau's site to prepare for your exam as well as Tableau Starter Kits allowing you to play around and learn the different capabilities of the program. Tableau offers a 14-day free trial as well as free license for one year for students.
Additional certifications after Desktop Specialist are Desktop Associate and Desktop Professional. Those working with a Tableau server may also be interested in a separate certification as a Server Associate or Server Professional.
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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 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.
