This Wednesday's Unemployment Chat

Thanks to BudgetPulse, we had another great chat this Wednesday January 6, 2010 at 7 PM EST 4 PM PST. I co-hosted this week and we discussed the topic of Unemployment.

Unemployment is one of the largest global issues right now, not just in the US. Below are some of the questions, topics and things discussed during the Twitter chat session.

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Items Discussed

• Stimulus plans are more about winning votes than savig the economy
• Friend on unemployment is changing sectors.
• do you run the risk of being a job hopper? How long should you stay at the job you didn't want?
• Stimulus $ was intentionally backloaded to match up w/election years. If situation so dire, why not spend all right away?!
• Not even all the fed stimulus spending has really rolled out yet.... apparently only 30% has. Job Growth more over 2010, 2011.
• If you can make more through unemployment than a job you are offered should you take the job or stay unemployed?
• Some people think they'll only be unemployment a few weeks, but that may turn into a few months (or longer)
• California employment doesn't seem to be improving - apparently unemployment there is 12+%
• Important to know that unemployment benefits are only about 50 - 70% of your most recent salary/wages
• Emergency Fund
• Health Care Alternatives
• HSA - Health Savings Account
• High Deductible plans
• Mandatory health care
• Many go without and then end up paying if a catastrophe of sorts does hit.
• COBRA, but it can be expensive #bp High risk pools in most states. Individual and family plans exist too.
• Business Startup Fund
• When to file for unemployment.
• Right Away - after you are given notice and are qualified. Same day is best since it takes a few weeks to kick into effect
• In these days of freelancing and contract "employees" not everyone qualifies for unemployment 
• If ur fired for just cause, or not showing up to work you can't just collect it. For some reason people think this
• it's important to note that you don't automatically qualifty for unemployment
• I agree and think that happens to a lot of ppl. By the time they file and get in funds their finances are already wrecked.
• What would you do if you were laid off today? 
• Become a person of Value
• Career Plan
• Review Expenses and Budget
• Emergency Fund
• Plan ahead for Unemployment
• Family Savings Rate
• Weigh upside of your expenses before cutting them
• Unemploytrepreneurs should consult pro re impact on benefits. 1099 work; controlling forprofit legal entity raise ?s

What expenses to cut?

• Entertainment and Dining out
• Cable TV - More value from internet than from TV
• Cut Expenses now, don't wait till you are unemployed
• Cheaper shampoo
• Downgrade internet
• Figure out what value you get before cutting. Are you willing to give it up?
• Make sure what you cut does least damage in your life
• New Clothes
• Gourmet ingredients for cooking
• small things that add up - coffee, bagel, magazine, gum
• Eating out. Anything monthly - examine it.
• Cut back on cell phone plan or go prepaid
• Magazines
• What not to cut?  Gym

Getting re-employed

• Personal Branding
• pink slip parties, volunteering, social networking, asking people for "informational interviews" on their job/career paths
• networking in the same group is a no go. Connecting groups has value though
• Talk to people via phone not just via net
• there is a lot of empty networking where people just bring business cards. Why not just bring a phonebook
• LinkedIn and Facebook
• Build your network for potential job leads before you actually need them. Social media a great place to start.
• Sometimes it's not who you know but what you know
• a couple killer recommendation letters are always a major plus. It's who you know. Annoying but true.
• networking at local events was the best way to get job leads. Also helps to build long term relationships.
• Look for work internationally
• a lot of young professionals are taking jobs in China.

People who joined in this week

@BudgetPulse @FrugalNYC @moneystrands
@FrugalDad @enemyofdebt @freefrombroke
@EverydayFinance @clarifinancial @RainyDaySaver
@BSimple @skduck2003 @jesssteyers
@MoneyEnergy @extremejacob @SpendOnLife
@BudgetsAreSexy @B4UInvest @thedavidbeach
@KWdesignonline @Matt_SF @FabFinclySav
@patreniaspears @chrisnooney @fiscalgeek
@JonMorrow @CraigKessler @MoneyCrashers @newNYers

If you would like to join us for future Personal Finance chats, the #bp chats take place every Wednesday at 7 PM EST 4 PM PST and usually lasts an hour.  You can also follow along with this PF-Chat list I created on Twitter.

Recommended Book: The 4-Hour Workweek, Expanded and Updated: Expanded and Updated, With Over 100 New Pages of Cutting-Edge Content.
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8 Sites To Help You Network

Facebook and Myspace are fine for networking with your friends, consumers and peers. If you want a more focused approach to networking for your business, the below list from Entrepreneur Magazine's March 2009 issue may be more of what you need.

1. APSense.com - Tap into an affiliate marketing revenue stream by promoting products and sites on your business profile, and get paid for the friends you refer. Sounds like you can network and get paid for it too!
2. Biznik.com - Join your local business community to connect and collaborate with nearby entrepreneurs, and find out about local seminars and events. Sounds like a good place to start your business networking.
3. Entrepreneur Connect - Share ideas, join groups, publish content and promote your business on Entrepreneur's own network. A bit of self promoting from the magazine, but I think the magazine and site are great resources on their own for small businesses.
4. FastPitchNetworking.com - Create a profile, product listing and blog, and take advantage of email marketing and virtual trade shows. Not sure what to make of this description. If you have experience with this one, please let me know.
5. GoBigNetwork.com - Get serious about fast growth in this startup communityh focused on finding funding, talent and expert trade. Sounds like a good place to be for those more experienced in their entrepreneurship skills.
6. Konnects.com - Build a network among other startup entrepreneurs and launch your own branded network when you're ready. This sounds like a generic NETWORKING description, what do you think?
7. Marzar.com - Connect with other business owners while promoting products and services in the marketplace. Another generic sounding description. I'll have to just take a look at this site.
8. Xing.com - Search this global site for business partners, contacts and professional opportunities. I've heard of this one and it's one of the bigger networking sites. Not sure if a startup one person business can take advantage of this right from the start.

Are you a member of any of the above networking sites? If so what are your thoughts and experiences with these sites?

For additional links to frugal tips and tricks follow me on Twitter. If you would like to contribute to FrugalNYC in any way, feel free to contact me via email. Click here to add FrugalNYC to your RSS reader or Subscribe to FrugalNYC by Email.

Frugal Is Back

In the March issue of Entrepreneur Magazine I saw an article called Frugal is back. It is geared towards businesses and the article essentially boils down to six points

Systematic Savings - Don't skimp on the wrong things. Make sure you know how your business and employees function and do their work before cutting costs. Make sure costs cut will not decrease productivity, it should increase it.

Bartering - You've probably heard this a million times before, so I just make it simple. If you don't have the cash, exchange services with your business partners. It's a win-win.

Save by incentives - Giving your employees part of the cost savings can help encourage them to save your company money.

Don't get cheap on Coffee - If you don't give your people the right tools, in this case the right coffee, they will get it somewhere else. So know where to skimp, but don't skimp on the wrong things. Pay for good beans, use ceramic mugs (if paper is a must, visit freepapercups.com), and check out online deals.

• coffeecow.com
• coffeeforless.com
• coffeegiant.com
• coffeewhiz.com
• discountcoffee.com

Don't buy - Business is about Cash flow. So Lease, rent or borrow equipment. Less cash out means more cash to put to better income generating business activities.

Negotiate purchases - Buy cheaper goods by negotiating better deals. Negotiate yearly, if not more often. Establish upfront terms to negotiate regularly.

I think these tips are very helpful for a small business looking to grow and save cash. What about you? You can find the original article here.

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Job Hunting Strategies

With so many companies laying people off, and the abundance of job seekers, we all need all the extra help we can get to get that next job. Some essential strategic tools we all need to use can give us that edge. I've been on both sides of the interview desk and thought I would share some information I've picked up from experience and reading.

Here are some strategies that we can use to find that next job.

• Flexible but realistic goals.
• Make a list of a network of everyone you know personally, professionally and online.
• A Resume that makes you stand out from the rest.
• A plan that gets your resume out to the right people.

When looking for a job, the product you are selling is yourself. Namely the services you are offering your new employer. Your resume should tell your new employer, quickly, how you can help them make or save money. It's best to write down all your past accomplishments, and then use that list to convey how you can do the same for your new job.

Most resumes get tossed, I've been on both sides of the coin, though I've yet to perfect a resume. A resume should be crafted to fit the job you are applying for. Yes, that will take time, but that will also make you stand out from all other candidates who did not do this. At its best, a resume will function much like an ad or commercial, it will make the audience want to purchase what is being advertised. How do you do this? Make your resume easy to scan. Most resumes get only a few seconds before it gets tossed. If something catches the readers eye, you are one step closer to that job. Make sure you list "Areas of Expertise" and what "Values You offer" near the top of the resume.

Once crafted you need to get your resume out to your network and to recruiters. Posting your resume to niche job boards such as Dice (for IT) offer better results than general sites such as Monster. Here are some job boards you may know about and a few you may not.

Job Boards

• Hotjobs
• Monster
• Dice (great for IT, I've found a job through this in the past)
• Craigslist.org - look on this site, but choose the area (eg. NYC) that you are interested in finding a job.
• Indeed.com - A search engine for jobs. It searches other job boards.
• SimplyHired - Another search engine for jobs.

Are you looking for a new job? What tips do you have for us? What job boards do you use? If you have used any of the above with good results, please share your experience with us.

For additional links to frugal tips and tricks follow me on Twitter. If you would like to contribute to FrugalNYC in any way (guest posts, articles, ideas, interesting links, advice, financial assistance, or anything else), feel free to contact me via email. Click here to add FrugalNYC to your RSS reader or Subscribe to FrugalNYC by Email.

Should You Pursue An MBA In 2009?

Photo courtesy of lumaxart

Pursuing an MBA may be what most people do not want to do right now.  If you are a contrarian, then you know it's the best time to do so!  When everyone is running from something, a contrarian will take the opportunity and use it to their advantage.   It's pretty tough for the average MBA graduate these days.  Those who are still pursuing an MBA degree must feel a good degree of pressure.  With the number of jobs shrinking and debt rising, anyone in the situation could feel like atlas, with the burden of the world on their shoulders.

Why am I writing about this today?  It's the end of 2008 and many people are making long term decisions and resolutions for the New Year!  I think many people may be heading back to school due to the employment climate.  If you can afford to head back to school, it's probably a great opportunity to do so.  Once you receive your degree, the employment opportunity should be better than it is today.  This decision, in my opinion, is both frugal and wise - for long term planning.  Am I thinking about pursuing this?  What do you think?

Before you do pursue an MBA or any other post graduate degree, you may want to ask youself some questions and figure out why you want to do this.  Knowing why you are doing something is the most important step in any long term decision that will affect you and your family.

Asking yourself why you want to pursue an MBA degree before you begin, and finding "Your Right Answer" should be the first step before you start.  Whatever the reason is, whether you want to earn more money, you want to become an entrepreneur, to meet like minded people or any other personal reasons; knowing the answer to why you want to do something is the most important step you need to take.

There are no guarantees in life, that just makes life that much more exciting.  I want to wish everyone good luck and great success in 2009!  Thanks for your continued readership!  I would love to hear your thoughts on this, especially those pursuing an MBA and those who already do.  Follow me on Twitter for additional links to Frugal tips and tricks. If you would like to contribute to Frugal NYC in any way, articles, ideas, posts, interesting links, advice, financial assistance, or anything else, feel free to contact me via email. Click here to add this to your RSS reader.

One minute guide on life and work

Below were some ideas that popped in my head after a read a lifehack article.

• Make mistakes early on, they are the best teachers in life.
• Learn from others' mistakes, they are great steppingstones.
• Read the manual, many of the answers to your questions can be found there.
• Ask for help, if you come across a new or unfamiliar subject, check the Help menu (for software) for your answer or ask someone more experienced for help.
• Habits and repetition are the only ways to truly learn. Changing your habits can only be done by repetition.
• Ask questions. Knowing what questions to ask is the hardest part to an obstacle. Once you do, you will find the answer. Think google, if you type in the right search phrase (or question), it will lead you toward your answer.
• If you get stuck on thinking, do something. If you get stuck doing something, think about what you are doing in context to your goal.

Hope you find this helpful. Do you agree or disagree with any point? Do you have anything to add?