Your Career

Defying the common Myths

Ask the carrer counselor for the hottest job prosfects, and you will hear that the future belongs to those who can command the computer.that's great news fot anyone who cottons to modems and megabytes. The computer thus indeed stand to create more carrers than any invention sincethe wheel. But if you follow the herd to high-tech when your heart lies elsewhere, you may be making an expensive mistake. The wisest counsel in looking for a job is to pursue your own desire.

A surprising number of determined men and women are finding exellent jobs in the fields that the carrer prophets have written off.They are doing it by challenging some of the common myths of job hunting.If you are determinedto get into even the most glutted occupation, you cannot allow yourself to be daunted by common carrer myths.

do not,for example, let the Labor Department job projections be your guide. They are full of occupations that no longer exist and fail to mention many new fields, such as robotics or hazardous-waste management.National labor forecast often obscure opportunities in your own community.

Don't fret about getting caught in so-called female ghettojobs.
Don't accept the nyth that a high-tech boom means a low-tech boom bust. far from it,. there is a surge in demand for personal services. As the population ages, one of the fastst-expanding carrers will be geriatric nursing. But the real sleeper among service occupations may well be teaching. millions of computer buyers will need instructions , and so will millions of semi-literateworkers. Hundreds of corporations already run remedial english and math classes.

Don't fall for the line that it is better to be a specialist than a generalist. Ph.D.'s are broadening themselves by enrolling in intensive short-term introduction to business courses and becoming everything from factory managers to security analysts.Among the best-paid generalist are the so-called issues managers. They scan the horizons for developmentsthat could affect a corporation's business. Issues managers have diverse background in the social sciences, hard sciences, finance, law, journalism and public relations.

Don't thinl you have to have a M.B.A. - a master's degree in business__to get ahead. The degrre may get you in the door, but after that you will have to scramble like everybody else.

Don't assume that big corporations offers the nost opportunities.

Don't be afraid to start your own business. The hours are long and pauperoutnumbere princes, but working for yourself gives you the chance todo things your way.

Don't figure you have to go to the big city to find your fortune. The most plentiful jobs are in construction, transportation, finance and wholesale trade. One reason for these new opportunities is that long distances between city and countryjust are not what they used to be. Telephone computer networks and improved trucking routes have shortened them. And many of the goods being produced such as products of microchip technology are often ligh, compact and perfect for long-haul trips to market.
If you want to find employment and are willing to pick up and go.small towns and rural areas may offer your best chance.

Tips:
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How To Find Your Best Career Match.Click Here!

Special considerations for grandparents

Typical Grandparent Goals

Concern about the estate planning implications of college savings choices. Many grandparents see a dual benefit in advancing their grandchildren’s education and reducing estate tax exposure.

Control and accessibility. You may want to retain control of your funds and keep them easily accessible to you in case of unexpected expenses.

Ease of management. You probably want an investment vehicle that doesn’t complicate your overall financial management.

Flexibility. You may have several future college students to think about. They may be spread around the country and their financial situations may vary greatly depending on the financial security of their parents and their other grandparents.

Your Place in the Overall Education Savings Plan

If you decide to assist your grandchildren, it’s important to involve their parents in the decision-making process. Your desire to pay college bills directly or to set up educational trusts impacts the financial aid application filed for the student.

And if you gift money or other property to your grandchildren under the Uniform Gifts to Minors Act (“UGMA”) or Uniform Transfers to Minors Act (“UTMA”), any future earnings or capital gains will be reported to the child and may require the parents to prepare tax filings.

Be sure to consider the benefits of a 529 plan. Many grandparents find it to be a particularly attractive investment program. Your ownership and use of the 529 plan to pay grandchildren's college expenses has no impact on their eligibility for federal student aid under the current rules.

Surveys show that many grandparents want to help fund the college education of their grandchildren, particularly if they already have enough money to ensure a comfortable retirement income. Grandparents in this position should investigate college savings options just as parents do, but often with different objectives in mind.

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Retirement versus College

Tough choices: retirement versus college

Paying for college is not your only financial concern. Providing for your own retirement can be even more important since no one offers grants, scholarships, or federally guaranteed loans to support you when you leave the workforce.

Ideally, college and retirement should be part of the same financial plan, but you should still expect some trade-offs as you try to balance these goals. You may have to work longer than you would like or your children may have to borrow more money than they would like. The important thing is that it is possible to meet these two major financial responsibilities.

Keep these key facts in mind when thinking about retirement and college savings:

* Most advisers agree that you should take full advantage of special retirement accounts such as 401(k), IRA, and 403(b) tax-sheltered annuities before funding your college savings accounts. These retirement plans offer special tax advantages, and, in some cases, matching contributions from your employer.
* Assets in retirement accounts will not affect your child’s prospects for federal financial aid (unless you actually take distributions from them during the college years). Neither will life insurance or annuities. If your child is earning a small amount from working, a Roth IRA can be a great way to invest unspent income.
* IRAs can even be a secondary source of college funding. Tax law permits you to tap your traditional or Roth IRA for qualified college costs without incurring the 10 percent penalty for distributions before age 59 1/2. Income tax may apply, however.
* Except in unusual circumstances, your 401(k) is less accessible for college. You might be able to borrow from your 401(k), but any money borrowed will have to be paid back in short order.

Just remember that using any of your retirement money to pay for education costs means it won’t be there for your own retirement expenses. You probably don’t want to support your children through college only to risk becoming a burden to them in your later years.

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Your goal: affording the college of choice

Most people look at the price of a college degree as an expense, like the electric or cable bill. But what if you looked at it as an investment? According to the U.S. Census Bureau, in the year 2007, the average male college graduate, aged 25-34, earned 58% more than the average male who completed only high school or had a General Education Development (GED) certificate. Among women the same age, college graduates earned 78% more than non-graduates.

Over a lifetime, the additional earnings resulting from this “investment” in education could easily exceed $1 million.

Still, the question remains: How will you finance that investment?

Pay as You Go
Your child could help pay for college by getting a job, but students must already juggle studies and other college activities. Even a part-time job might detract from their primary focus – getting an education.

You can also plan to pay college expenses out of your future income as long as you realize that doing so might require substantial cutbacks in other areas of your family budget.

Pay Later
Some might suggest that you approach college tuition as you would buying a home – borrow the money to pay for college and simply repay the debt with higher earnings after graduation. Though many parents see advantages in having children contribute to their education expenses, a college education can be as costly as buying a home. How many parents want their children to start out with such substantial debt?

Find Someone to Help Pay
Scholarships and grants are the ideal financial aid. They don’t have to be paid back. But according to the College Board, less then 22% of all federal financial aid comes from scholarships and grants, while over 71% is loans (The rest is federal work-study and the value of education tax benefits.)*

Save Now for More Freedom and More Choice Later
Saving now is the best way to ensure that you have options later. After all, you would like your child to select a college that offers the best education and not necessarily the best financial aid.

You probably also want the comfort of knowing that you won’t be dependent on outside sources like loans or scholarships to meet college expenses.

Many strategies and investment vehicles are available to help you maximize your college savings. Selecting a suitable strategy and the best combination of investment vehicles is critical. For each option, you face the task of evaluating key characteristics including:

* The potential for growth
* Risk of loss
* Tax implications
* Ownership and control
* Ease of management
* Fees and expenses

The decisions you make now can have a significant impact on how much money is available for tuition payments in the future. In this tutorial, we focus on the most common components of a sound college savings plan – a plan that can give you and your future college student a high degree of financial security and the confidence that you can afford the college of choice.

College Savings basics

Imagine your child coming to you with an acceptance letter from "the" college. The one he’s been dreaming of all through high school. The one that perfectly matches her career aspirations. Perhaps even your own alma mater.

Only one thing could make you prouder – knowing that you have done your homework, too. That no matter where your child is accepted or what financial aid is offered, you have the resources to afford the college of choice.

Numerous surveys and studies have been published describing how parents prepare for future college costs. You probably don’t need a survey to tell you what you already know:

* Kids grow too fast.
* College is expensive.
* The time to start saving and planning is now.

Your child’s college tuition could be one of the largest expenditures you ever make. And, if you have more than one child, the financial commitment is even greater. The financial challenge you face is shared by millions of others.

Fortunately, American families with a desire to save for future college expenses now have more options than ever before. Traditional investment options—savings accounts, taxable investment accounts, annuities, and U.S. Savings Bonds—are now joined by powerful new investment vehicles including Section 529 college savings programs and Coverdell education savings accounts.

New investment programs bring new opportunities, but they may make decisions more difficult for people who want the best education possible for the children in their lives.

With these pages, we hope to help you gain a basic understanding of your options so that you can maximize the return on every dollar you set aside for a child’s future. Our focus is on the relatively new and increasingly popular “529 plan,” but we also explain other commonly used savings and investment vehicles.

Remember, even if your goal seems overwhelming now, the proper planning and saving can put the cost of any college within your reach.