Share to Twitter Share to Linkedin As the economy tries to recover from the pandemic, worries of inflation, rising interest rates and the Ukraine crisis have increased the potential of a recession. This potential grew stronger with the release of the new gross domestic product (GDP) estimates released in July. The Bureau of Economic Analysis reported that GDP fell 0.9% from April to June, marking the second straight quarter of declines. Two straight quarters of decline typically signal a recession, but the National Bureau of Economic Research won’t declare that for months. Due to the uniqueness of the moment – where interest rates and employment are rising as GDP falls – it’s unclear if we’ve entered a recession just yet. Markets have certainly reacted in anticipation of this moment, though, with the S&P 500 index down 17% in 2022 (although it’s up 5% over the past month). It's during recessions when companies cull back hiring and institute … [Read more...] about How To Shift Into Self-Employment During A Recession
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Share to Twitter Share to Linkedin When inflation rises rapidly, few workers are left unscathed. Those with traditional salaries and yearly cost-of-living boosts can make up a portion of the rising costs, although it often takes time to go into effect. For the self-employed , though, it threatens your very livelihood since it’s on you to make sure your income keeps up. This issue has come into focus with the recent surge in inflation, which grew 8.6% in the year ending in May 2022, reaching a 40-year high . This rise is the result of many macroeconomic trends, such as the economy bursting forward during the pandemic recovery, along with the impact of the Ukraine crisis, among other reasons. Salaries have yet had a chance to catch up. By February 2022, only 18% of workers could say that their household income had grown with inflation. Among those making $100,000 or more, 31% said that pay had kept up with inflation. For workers, these raises require a … [Read more...] about How To Keep Your Self-Employment Income Rising With Inflation
Share to Twitter Share to Linkedin Those who consider themselves self-employed can have many working definitions of what that means for their careers. For some, it could simply serve as a tool to bridge either a new job or retirement, while for others, it’s a way of life that becomes both an identity and a career. In either scenario, self-employment also provides signs of reduced depression and increased wealth among workers, when compared to regular employees. But these facts also tend to benefit more privileged groups , such as those who are male, white and generally well off to begin with. How, then, can the benefits of self-employment reach a wider audience? It’s an important question, one that has become more vital in the current economy. For instance, according to a pair of new studies highlighted by The New York Post , the number of self-employed mothers with children younger than 6 years old saw a significant increase when compared to rates … [Read more...] about How To Set Your Solopreneur Goals
Share to Twitter Share to Linkedin Waymo today announced the results of a new study where they claim their Waymo driver system outperformed a model of an idealized top-grade human driver at taking evasive action to avoid crashes caused by somebody else. If that’s true, the next question is, what’s holding Waymo back from full scale commercial deployment? Earlier, Waymo published a study where they recreated all fatal accidents which took place in the recent past in Chandler , Arizona, where they have operations. In the simulator, they had their system relive those accidents, playing the role of the at-fault driver (where they easily prevented all of them) and also playing the role of the driver who was hit or forced into a crash (where they avoided many of them with good defensive driving.) To go further, they have both improved their driver system to include evasive action — swerving and other maneuvers to avoid the crash. They also created a … [Read more...] about Waymo Claims Superhuman Ability To Dodge Accidents, So Why Aren’t They Launched?
Share to Twitter Share to Linkedin Acting your wage is the next viral trend emanating from TikTok after quiet quitting . According to the TikTokers, if your boss is only paying you minimum wage, that means you should just do the bare minimum amount of work. It’s about setting boundaries. The ethos is that if the company and managers fail to offer empathy, encouragement, the compensation you deserve and psychological safety to do your job without the fear of being yelled at or abused, there is no reason to overextend yourself working and let it affect your quality of life. Your efforts should directly match the rate of pay. According to proponents of this work style, there's no reason to work after 5 p.m. or on weekends. While white-collar quiet quitters are just biding time, blue-collar “act your wagers” are only doing precisely what they are paid to do and nothing more. Variations Of Quiet Quitting And Acting Your Wage Have Been Around … [Read more...] about ‘Acting Your Wage’ Is Detrimental To Long-Term Career Success
Share to Twitter Share to Linkedin When someone seeks out a professional service, they’re searching for the provider who can best address their current needs and, hopefully, provide sustainable solutions going forward. Likewise, businesses and entrepreneurs want to find clients who fit certain criteria so that they can be sure they will have the greatest impact and can deliver the most value. To facilitate these connections and improve the chances of “right-fit” clients and service providers finding each other, companies often build their marketing and outreach strategies around an ideal client profile. The more precisely they can define the audience they want to attract, the easier it will be to draw them to their brand and close more sales. Here, 15 members of Forbes Coaches Council explain how to refine and leverage an ideal client profile to attract an even more targeted clientele. 1. Determine What Your Target Audience Is Not I started by … [Read more...] about 15 Tips For Refining An Ideal Client Profile To Attract More Targeted Leads
Share to Twitter Share to Linkedin By Jennifer Nelson, Next Avenue Mya Payton, 58, of Southeastern Pennsylvania, is divorced with four children, the last of whom is in college now. "Over the course of the time my kids were in college — 2014 to now — their dad has been willing to pay for 50% of their college tuition and some related expenses, leaving each kid and me to fund/find the rest." Payton has paid her share through a combination of liquidating most of her non-retirement savings, taking out equity in her home, and forgoing all but the bare minimum to her self-employed pension plan (and in at least one year, not making any contribution at all). To help her last child, Payton said she is considering liquidating some retirement savings next year, when she turns 59½ and thus will no longer have to pay a 10% early-withdrawal penalty included in tax-deferred retirement-savings programs. Her goal, she said, is to "hopefully avoid [student] … [Read more...] about The Lowdown On Paying For Higher Ed
Share to Twitter Share to Linkedin By Liz Seegert, Next Avenue When Patricia Anderson got Covid-19 at the very start of the pandemic, she was lucky in a sense. She never went to the hospital, despite her body temperature dropping to 93 degrees. In March 2020, many patients were told not to seek emergency care unless they had a fever of 104 degrees or higher. Covid-19 was a newly emerging threat and at the time, there were few avenues of treatment. While the worst of the symptoms eventually faded, Anderson never really got better. She is one of the estimated 7 to 23 million Americans with long Covid — a condition which can encompass symptoms such as respiratory distress, cough, "brain fog," fatigue, and malaise, that last 12 weeks or longer after initial infection. These ongoing symptoms, and resulting impairments, are a long term challenge as both employers and workers navigate an ever-mutating virus. The Centers for Disease Control and … [Read more...] about Older Workers Are Struggling With A New Disability: Long Covid
Share to Twitter Share to Linkedin Roman jurists were trained to ask, cui bono ?, “who benefits?” from the alleged deed. That, indeed, is the key question regarding tuition increases. There is no doubt that tuition increases hurt many students and their families. They fuel debt. Notwithstanding President Biden’s controversial and arguably illegal $400 billion-plus initiative to cancel college debt, the young graduate in a time of high inflation has sound cause to worry about the bills that might well come due. And taxpayers have every cause to worry. But are tuition increases paradoxically a public good, acting as a benign boon to economically disadvantaged students that ultimately supports their scholarships? This is the argument that Wellesley College economist Phillip B. Levine contributed to an article last month in the Washington Post on the tuition increases that many colleges and universities have implemented this school year. He … [Read more...] about Is It True That Tuition Increases Are Robin Hood For Economically Disadvantaged Students?
Share to Twitter Share to Linkedin Do you have a best friend at work? The famous Gallup poll underscored the need for close and authentic social interactions with someone beyond cordial colleagues. We need friends at work; good friends. If you have three such meaningful friendships at work, you are seven times more likely to be engaged in your job and be 96% more satisfied in life. Not bad. While the Gallup poll asks if you have a best friend at work, Morag Barrett, Eric Spencer and Ruby Vesely, the authors of the new book, You, Me, We , push us to consider if we are someone’s best friend at work. It turns the question from passive to active. It puts you in the driver’s seat. “If you want a best friend at work,” share the authors, “you need to be that for someone else.” While the Covid-19 pandemic and hybrid work environment decreased hallway conversations, the need for friends at work has not dissipated. Not every day is a bed of roses in the … [Read more...] about You Need To Be A BFF Before You Can Have One