It’s an amazing employment opportunity – or is it?
Scammers often hijack the job market and ensnare hopeful job seekers into their schemes. If you’re job-hunting, it’s a good idea to review the way these scams play out and how you can avoid them. To help you out, we’ve put together a short primer on what you need to know to stay safe from job scams. How the scams play out There are several variations of job scams. Here are the most common ones:
How to spot a job scam Learning to identify the signs of a job scam can help you avoid them and find gainful employment. Here are some red flags to watch out for while job-hunting:
Job-hunting can be stressful, but getting caught in a job scam can bring that stress to a whole new level. Stay alert and stay safe by following the tips outlined here. Your Turn: Have you been targeted by a job scam? Tell us about it in the comments.
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Q: My adult child is going through some financial difficulties. I’d love to help them out of this tight spot, but I’m wondering if this is a wise choice. Should I offer financial support to my adult child?
A: In recent years, newly minted adults have become more dependent on their parents. According to a report by Merrill, more than three-quarters of parents in the U.S. provide financial support to their adult children. This includes allowing their kids to live at home, covering student loan bills, paying for their phone/data plans and more. This development is likely due to high amounts of student loan debt, low starting salaries and the increasing cost of housing. All of these factors, and more, make finances especially challenging for many young adults. Of course, parents will naturally want what’s best for their children, so they are often quick to offer financial assistance. However, as you mention, all this begs the question: Is offering financial assistance to adult children really in their best interest? There’s no one-size-fits-all answer to this loaded question. In fact, the answer will depend on several factors, as well as your relationship with your child. Before saying yes to a request for financial support from an adult child, ask yourself these questions: Is my own financial situation stable right now? Before offering substantial support to another person, even if that person is your child, you need to make sure your own needs are being met and that your future is secure. Are you finishing the month with money to spare, or barely making it to the next payday? Are you financially prepared for retirement? Do you have any outstanding debt? If you are comfortable enough to offer support without feeling pinched, dipping into savings or scrimping on the money you’d dedicate toward your own future security, you can afford to offer this assistance. However, if you stand to lose your own financial wellness by covering your child’s bills or student loan payments, you won’t be doing anyone a favor by offering to support your child. Is my child’s situation by default temporary? Life is dynamic, which means your child’s need for assistance today can change tomorrow by way of a fantastic job offer or another great opportunity. Or can it? At times, your adult kid might find themselves in a tight spot that is inherently temporary. For example, they may be completing a necessary, but unpaid, internship. Or, they may have gone back to school for additional training so they can increase their earning potential. Perhaps they’re currently undergoing medical treatment and have high medical bills to pay. Under these circumstances, you may want to consider offering a bit of support until the temporary tight spot is over. If, however, your child is asking for financial support because they are living a lifestyle that is beyond their means, you may want to think twice before acquiescing to their request. Will offering financial support hinder my child’s financial independence? One of the biggest drawbacks of offering monetary assistance to a grown child is the possibility that your child will come to depend on that money. If your child has not yet learned to manage their finances responsibly and continues to make poor money choices, offering financial assistance is likely not in their best interest. You won’t be around forever, and it’s best to let your child learn how to spend within their budget, save for the future and in general, to live responsibly. How will my financial support affect my relationship with this child? Giving breeds positive feelings, and many people believe that offering monetary support to their child will improve their relationship with him or her. However, it’s important to note that this is not always the case. First, the child may come to equate the relationship with the exchange of funds. Also, when you decide to stop offering support, this can create a point of tension between you and your child. Finally, if you can afford to give, but you know this giving will be accompanied by resentment on your part, it’s not fair to yourself, or to your child, to provide financial support. How will I structure my financial support? If you decide to go ahead and offer financial support to your child, it’s important to set clear guidelines for how you will be providing this assistance. Will you offer a set monthly amount, or adopt a give-as-needed approach? Will you expect your child to pay you back, even partially, when their financial situation improves? Finally, is there a date you plan to stop offering assistance or to reevaluate whether your child still needs this support? Setting clear parameters before offering support can help you avoid hurt feelings and uncomfortable situations down the line. Offering financial support to an adult child can be a lifeline–or it can be a way to enable detrimental habits. Be sure to ask yourself the questions listed above and to make an informed decision before offering monetary assistance to a grown child. Your Turn: Do you, or would you, offer financial support to your adult child(ren)? Tell us about it in the comments. You’ve tracked your spending, created a budget, worked on ridding yourself of debt, and are well on your way to a financially secure life.
Now you’re ready for step four, in which you’ll have the money talk with your partner. Talking finances with your partner may not be your idea of a shared romantic moment, but communicating openly about how you manage your money is a crucial part of having an honest and trusting relationship. It’s fairly common knowledge that arguing about money is the leading cause of divorce in the U.S., and no one wants to be the next statistic. Unfortunately, though, people often grow defensive when discussing the ways they choose to spend their money. How, then, can two partners have a calm, productive discussion about money? Here are six tips we’ve compiled to help guide you in this super-important conversation. 1. Plan the discussion in advance: It’s never a good idea to bring up a potentially explosive topic without warning. Instead, broach the topic to your partner a few days before you want to have the “Big Money Talk” and ask if you can have an open discussion about money sometime soon. This way, you’ll each have time to prepare the details you’d like to talk about, and you’ll both be ready to focus on the conversation without distractions. 2. Start with a vision: Instead of starting the conversation by bringing up a time your partner overspent or wondering aloud why your better half doesn’t seem to be saving enough for the future, start with a vision you can both share. For example, you can talk about how wonderful it would be to take a luxury vacation to the Cayman Islands, or how you’d love to start saving for a home. This way, you are communicating a shared dream and putting a positive spin on your money talk, which will set the tone for the rest of the conversation. 3. Listen carefully to your partner: You may be the more responsible, or the more detail-oriented partner, but it’s still important to listen carefully to what your partner has to say. Your partner will have their own ideas about money management, and you may be surprised at the insights they have to share into your own spending habits or expensive vices. 4. Talk openly about sharing expenses and savings: At a certain point in your relationship, you may decide to share expenses, split them evenly and have each partner cover different expenses, and/or to pool your savings. Whether you’ve already reached that level with your partner or you plan to bring up the topic now, be sure to talk openly about the way you feel so you have a better chance of avoiding future resentment. For example, if you earn more than your partner, should you be splitting expenses evenly? Can one partner take additional financial responsibilities, such as paying the bills, in lieu of contributing an equal amount of income to the pot? If one partner goes over budget, will they be responsible for patching up the difference by contributing more money? All of these questions, and more, are important to discuss up front to help prevent future blowups and/or hurt feelings. At this time, consider linking one of your accounts or opening a shared account at Ingersoll-Rand FCU. We’ve got convenient checking and saving accounts to suit every preference. Just stop by and ask how we can help. 5. Consider having a slush fund: Sharing expenses and a budget can be liberating in a partnership, but it can also feel constricting. Sometimes, you just want to splurge without having to explain the purchase to your partner. You may also want to spend money on a surprise gift for your partner without them knowing you’ve just dropped a large sum of money on an expensive purchase. Having a slush fund, or money set aside for your personal “just for fun” spending, can help you maintain a sense of independence and keep some of your purchases private. You can keep this fund in a separate checking account under your name at Ingersoll-Rand FCU. 6. Set up a weekly or bi-weekly time to talk money: No, you don’t need to have the Big Money Talk every week, but it is a good idea to touch base about finances once a week, or once every two weeks. You can talk about recent purchases, big expenses that are coming up soon, surprise bills and more. Setting aside time to talk about money will keep the stressful money arguments out of your everyday conversations. You did it! You had the money talk with your partner, and you are closer than ever. Be sure to stick to your commitments and to bring up any money issues that may arise during your regular money talks for continued harmonious collaboration about all financial matters. Your Turn: How did you bring up the big money issue with your partner? Share your tips with us in the comments. |
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