Author Archives: Khooppres

Aim to Win In This Economy – Retooling Yourself (Part 2)

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The first post in the Aim to Win series was entitled Personal Branding During The Employment Search.  This post outlined tips that can assist in separating you from the masses while seeking new job opportunities.  Well, what do you do when you’ve branded yourself to win, but you’re still coming up short?  If you’ve found yourself beating the pavement, but nothing appears to be working out for you, it may be time to perform a self-assessment to ensure that you possess the skills that are required to compete in today’s economy. 

All across the country, communities are reeling from the impact of technological advances and the export of jobs offshore.  If you were in the textile, manufacturing, or customer service industries, you have likely been downsized or are aware of someone who has.  If your skills align with one of these industries, it’s time to chart a new career path. 

An opportunity to develop new skills should not be dreaded but embraced.  You now have a chance to think about what you’d really like to do and pursue it.  While writing this post, I am reminded of Katy Perry’s song, Firework.  One of the verses within the song says:

Maybe your reason why all your doors are closed

So you can open one to lead you to the perfect road…

As human beings, we like comfort.  That being said, many of us will not push ourselves to change until we are forced to.  What dreams or career aspirations have you deferred because you didn’t think you had the time to pursue them?  Perhaps you’ve always wanted a career in nursing or graphic design, or maybe you have no clue what career path is right for you.  You are not alone, and there are plenty of resources available to help you get started.  If you are unsure of where to begin, consider completing a career assessment or personality questionnaire.  A reputable site that has a wealth of information is www.careerpath.com .

Once you’ve identified your interests and are willing to take a chance on you, you’re well on your way to a new career!  Your new career objectives may require additional training.  Don’t shrink away from your aspirations because you fear the unknown, or are unsure of how to pay for it. Because of the economic downturn, Congress implemented several tax incentives to help individuals pursue educational programs.  However, you must act quickly; many of the tax incentives that are now available will expire within the next couple of years.  Additionally, please note that certain income range requirements may apply, and if you are married but filing separately, you do not qualify for education-related tax deductions or credits.  For more information on related requirements, please visit www.irs.gov.

  • Tuition and Fees Deduction – As a result of the American Recovery & Reinvestment Act (stimulus funding), students can take a tax deduction for college tuition and mandatory school fees.  You do not have to itemize to receive this deduction.  Eligible expenses are reported directly on the 1040 or 1040A.  This deduction is temporary.  2011 is the last year that taxpayers can take this deduction.
  • American Opportunity Act provides a refundable tax credit of up to $2,500 on an annual basis.  This tax credit is scheduled to expire at the end of 2012. 
  • Lifetime Learning Credit is a tax credit of up to $2,000 per year for any level of college education – even graduate school.  There is no minimum level of enrollment required.
  • Student Loan Interest – Tax payers may deduct up to $2,500 of Student Loan Interest.

In addition to the tax credits and deductions noted above, you should explore applying for educational grants as well.  This is free money!  An example of a grant that you may be familiar with is the Federal Pell Grant.  This is a need based grant with a maximum annual benefit of $5,550, and the best part of all is it does not have to be paid back.  For additional information on how to find educational grants, please visit www.educationgrant.com. 

Now that you’ve identified your interests and eliminated the financial fear factor, you should spend some time assessing future career trends.  An article on www.careerplanner.com, Top Jobs for the Future, stated that career trends are about change, and every change has a “driver”.  Common drivers are:

  • Cost Savings
  • Efficiency – Ability to do things faster and easier
  • Safety and Reliability
  • Environmental Impact

It doesn’t matter what industry you’re in, the drivers listed above are key factors in all business decisions.  So which industries should be on your radar?  The following list is not all encompassing but does include career options with great promise.

  • Skilled Trade – Consider careers that require physical presence.  Examples of this include carpenters, plumbers, auto mechanics, hair stylists, and dental hygienists.  These are jobs that cannot be shipped offshore.
  • Healthcare – People are living longer, and we are already seeing a higher demand in products and services for our “seasoned” generation.  As a result, the future looks very promising for healthcare workers.
  • Marketing – Are you creative?  If so, this is an area you should consider.  With the Internet craze and increased competition, companies have to be able to differentiate their products and services.  A word of caution – mediocrity does not “live” here.  If you’re good, a career in marketing can be very lucrative.
  • Energy – With energy prices on the rise, the dialogue on alternative energy sources will increase.  Pursuing educational programs that are focused on rebuilding our infrastructure or creating products and services that save energy is a safe bet.

Pursuing a new career may not have been in your plans, but I recommend you make the best of it.  Additionally, our world is changing at lightning speed.  You cannot view education as a onetime event.  Staying abreast of industry trends in whatever career field you choose is a necessity if you want to compete in today’s economy.  Embrace your change and buy a cool backpack!

Aim to Win in This Economy – Personal Branding During the Employment Search (Part 1)

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Last week, President Obama gave the State of the Union address.  Many have described his speech as inspiring and uplifting.  During his speech, he talked about signs of economic recovery.  While it is not happening as fast as we’d like, it is happening.

As I reflect on the report of the economy and unemployment, I am concerned that the recovery for the African American community appears stagnant.  Although the national unemployment rate dropped by .4 percentage point in December to 9.4%, the rate for African Americans, 15.8%, showed little change.  In isolation this may not seem like a big deal considering that historically, unemployment rates for African Americans have always been higher than the national average.  But, when you look at the impact of the mortgage crisis and the disparity in unemployment rates together, the outlook for the African American community does not appear to be as bright as the outlook for our Nation.

Although the report is bleak, we are not a people that will simply retreat with our “tail between our legs” at the first sign of trouble.  However, as President Obama mentioned during his address to the Nation, the “game” has changed.  Are you ready to play?  Over the next couple of weeks, I will complete a three part series entitled,  Aim to Win in This Economy.  The first posting in the series is about personal branding during the employment search.

With unemployment rates at record highs, employers have a large pool of qualified candidates to choose from.  The competition is fierce.  That being said, you must present your “A” game – make sure you’re at your best.  Many times positions are filled before they’re ever posted.  Well, you might say, how can I compete when a job is filled before it’s offered?  Be proactive.  If you are waiting for the Sunday paper to identify job openings, you will not win in this economy.  The reality is this, if you are unemployed, your “job” is to get a job.  There are always career fairs and information sessions going on.  Take the opportunity to go out and meet the individuals that often make the decision on whether or not you get an interview with the company.  Included below are a few things to keep in mind when attending these events:

  •  Dress the Part.  At a minimum this should be business casual.  Never wear tennis shoes or urban wear to a career fair.  Although it’s not a formal job interview, it is the employer’s first impression.  First impressions are lasting impressions; make sure you make a good one.  If you have tattoos or piercings, recognize that the prospective employer may perceive certain things about you.  This may be controversial, but I recommend that you remove the piercings and cover the visible tattoos.  Remember, you’re the one seeking employment.
  • Have copies of your resume on hand.  Your resume should be printed on quality paper, and should be free of grammatical errors.  With recent technological advances (i.e., spell check and grammar correction), employers can be unforgiving.  As a precautionary measure, have someone proofread your resume.
  •  Follow-up.  If you have extended conversations with potential employers, remember to request business cards and follow-up to ensure that you leave a lasting impression.  This step should be completed right after the event.  
  • Clean up Facebook and check your credit.  Yes, employers do review Facebook during the hiring process.  Check your security, clean up your photos, and review your Wall for derogatory comments / postings.  My last blog posting was entitled Get Your Credit Straight!  If you get an interview, it is very likely that the employer will perform a background check and review your credit.  Take an offensive position; make sure that you’re aware of what’s included in your credit report.

I know you may be thinking this is a lot of work considering that you don’t even have an interview.  In this economy, this is often what it takes to get the interview.  Once you get an interview, the following steps will position you for success:

  • Research the company.  Spend some time on the company’s website and develop questions to ask during the interview.  Additionally, sites like www.careerbuilder.com have resources that can assist you in preparing for the interview.  The service is free, and you can only benefit from using it.
  • Dress at the level above the job you’re applying for.  For instance, if the attire for the job is business casual, you should wear a suit.  It is always better to be over-dressed than under-dressed.  Also, personal hygiene is important; your nails should be trimmed, hair neat, clothes pressed, shoes polished, accessories modest, and by all means, do not wear fragrances. 
  • Don’t forget to say thank you.  Once the interview is over, an important step that is often overlooked is a thank you note.  This is very important.  A nice hand-written thank you card or email to your interviewers is appropriate and expected.  Don’t lose out on an opportunity because you forget this critical step.

I hope you’ve been enlightened and are now ready to charge ahead!  The next posting in this series will focus on Retooling Yourself to Win in this Economy.  As always, I’d love to hear from you.  Please share your lessons learned or recommendations on how to achieve success during the employment search.

Get Your Credit Straight!

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One of the most important things to remember in wealth creation is your credit rating is important.  If anyone tells you it’s not, it is very likely that they are credit challenged.  The reality is, in spite of well thought out plans and precautionary measures, life happens.  It can be an illness or a leaky roof.  At some point in your life, the unexpected will occur and it will cost you.  Additionally, in today’s society, in order to obtain basic necessities (e.g., job, insurance, etc.), a good credit rating is required.

I know there can be several reasons for impaired credit, and that a poor credit rating does not mean you’re a bad person.  However, many organizations rely on information in your consumer credit report to assess your integrity and how well you honor your commitments.  Today’s job market is very competitive; you don’t want to win the job, but lose out on employment because a consumer credit review revealed poor judgment.

Poor credit is costly.  What’s most alarming is if asked, many of us don’t know our credit rating, and have never reviewed our credit report.  How can you change something when you’re unaware?  You don’t want to sit across the table from an employer or creditor and realize that they have access to information about you that you don’t have.  It can be a very embarrassing experience.  First and foremost, you are responsible for the consumer choices you make.  Your credit reports and scores are merely the result of your choices – your report card.

As a result of the Fair Credit Reporting Act (FACT Act), consumers are eligible to obtain a free credit report from the three major credit bureaus on an annual basis.  To obtain yours, visit www.annualcreditreport.com.  Although your credit reports are free, there is a nominal fee for the related credit scores.  A credit score is a numeric value that ranks you according to the information included in your credit report at a given point in time.  Credit scores typically range from 400-850; the higher, the better.  The table below provides the range for credit scores:

If you’ve obtained your credit reports and scores and are discouraged because of the story yours tells, all is not lost.  Over time, you can improve your credit rating.  The following six steps are essential components of an effective credit restoration plan:

  1. Pay your bills on time.  Do not allow your bills to exceed 30 days past due
  2. Correct false information in your credit report.  A survey conducted by the U.S. Public Interest Research Group (U.S. PIRG) concluded that 79% of all credit reports contain errors  
  3. Settle charge-off accounts, collections, and other past judgments; address most recently reported derogatory information first.  Your credit report will include contact information for your creditors; use it to negotiate terms for paying off outstanding debts.  It is very important that you honor the agreed upon terms
  4. Keep revolving account (credit card) balances below 50% of your credit limit
  5. Contact creditors to add positive information to your credit profile
  6. Do not “lend” your credit to anyone.  In all likelihood, if they need to use your credit, it’s because they’ve ruined their own.  Don’t allow them to ruin yours

Improving your credit rating takes time.  However, it can only be accomplished if you are aware of the problem.  Ultimately, accept responsibility for your choices.  If others have contributed to your negative credit rating, it’s still your responsibility unless you are a victim of identity theft.  To learn more about identity theft, visit www.ftc.gov.  Remember, taking ownership of your future means understanding the impact of decisions from your past.

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