They say the only thing that's constant is change. And boy, is that ever true when it comes to job hunting.
Hi, I'm Rob West. If you're ready to look for a job, there's some things you need to consider to make your job hunt a happy experience. Some you know, some you may not. Some of the ways of finding work are timeless, but others are definitely new. For example, there was a time when you just polished up your resume, sent it out, and then waited for a phone call or email from a hiring manager. That's definitely no longer the case.
But let's talk first about the rules that haven't changed. And we'll start with one that gives many job seekers a queasy feeling, and that's networking. By some estimates, about 85% of jobs are filled without ever being advertised. With networking, who you know can be on par with what you know. So make a plan to contact at least one person you know in your line of work every day and let them know that you're looking and the kind of job you're seeking. Keep a list of people you've talked to and notes about the conversation.
That's not so hard, is it? But this is how you really overcome the fear of networking. Always ask the other person if they're also looking. Offer to be on the lookout for opportunities for them as well.
If you make a good part of the conversation about the other person, you won't feel like you're being a burden. Another thing that hasn't changed is that you must always be looking for ways to improve your job skills. And that's if you're actively seeking a new job or not.
It's easier than ever these days to find online classes for additional training. Concentrate on skills that transfer to other types of businesses or industries. For example, things like customer service, HR, and bookkeeping. Then update your resume and LinkedIn profile to show those skills or certifications. And specify how they've increased revenue or cut expenses in your current or previous jobs. Now, we've talked in the past about how important it is when interviewing to never say anything bad about your current or previous employers or on social media.
Odds are it won't affect your old boss much, but it certainly can hurt you. Hiring managers routinely screen a prospect's social media postings, and if they see you bad-mouthing someone, they'll assume you'll do it to them, too. And while we're at it, do I have to say never post any kind of objectionable material on social media? In a Career Builder survey, 57% of employers said they found content on social media that made them eliminate an otherwise promising candidate.
So never put anything up you wouldn't want your grandmother to see, and these days she probably would. So all of that still holds true, but what has changed is that you have to take social media to a new level. It's not just about avoiding bad content. You want to use those platforms to highlight your favorable attributes. That same Career Builder survey found that 70% of employers use social media to check up on candidates, and this should drive the point home. 43% said that an applicant's social media content contributed to their decision to extend a job offer. That's how important social media has become.
So you want to use Facebook, Twitter, and Instagram to highlight your career-related skills, not just to post recipes or brag about your Cancun vacation. Now, if you haven't been in the job hunt for the past couple of years, there's an entirely new thing you have to adapt to, and that's making a good impression in a video interview. Because one survey has revealed that a whopping 86% of companies are now using video platforms for interviews, and they plan to keep using them. So if you've never done a video interview before, it's a good idea to set up a practice session with a family member or friend so you can get comfortable with the process. Position your computer so there's a professional-looking background, or at least nothing that appears untidy. Adjust your camera so you're eye-to-eye with the interviewer. Dress much like you would for an in-person interview. Alert others in the house not to disturb you during the interview, and close the door to keep out noise and pets from the room.
Don't want your cat walking across your keyboard during the interview. Also, have a copy of your resume and other related paperwork handy in case the interviewer refers to it. And finally, follow up the online interview with an email no later than the next day.
Do those things and you're far more likely to have a happy job hunting experience. All right, your calls are next. 800-525-7000.
That's 800-525-7000. We'll be back before you know it. Stick around. Great to have you along with us today on MoneyWiseLive. I'm Rob West, your host, taking your calls and questions today on a Friday as we apply God's wisdom to your financial decisions and choices.
We'd love to hear from you. We have some lines open here as we just get started with our phone calls. 800-525-7000. That's 800-525-7000. Let's head right to the phones. Illinois, John, you'll be our first caller today.
Go right ahead, sir. Thank you for taking my call. I'm going to send over $20,000 to my brother in Arizona from an inheritance. I'm going to send it in $5,000 increments. Aside from a wire transfer, what would be your first, second and third choice in sending that money in terms of safety?
Yeah, I appreciate that, John. Why, though, a second and third option? Because a wire transfer would be my preferred choice. It's considered extremely safe. It's a secure transaction, which is initiated by authorized personnel at a bank or a non-bank wire transfer service.
And once they're initiated, they can't be canceled. So that would be both a quick, reliable, but also a safe way to move money. So would you be able to just go with that option? I would prefer not to, where the money, the bank that it's in, I have reason to believe. Well, I don't trust that a mistake will not be made. Ah, I see.
Okay. Yeah, the challenge is, I guess the other option would be to send a certified check, a certified bank check. You know, the other transfer services like Zelle and Venmo, they're going to have limits that would be lower, I think, than the amount you're looking to send with these $5,000 increments. So if you're not going to use a wire transfer, I'd probably go with a certified check if I were you.
And may I ask, what about an ACH transfer from the bank to his credit union? Yeah, but you'd be talking about the same institution, though, that you didn't feel comfortable with doing the wire, correct? That's true, yeah.
Yeah. I mean, that uses the automated clearinghouse network, which is intrabank, and all of the banks, you know, this is the network between banks. But, you know, I like the wire better, and if you're relying on the bank to issue the ACH using the automated clearinghouse to transfer between another bank versus the same bank initiating that wire and sending it out, I'd probably go with the wire transfer. You know, in the same way that the ACH would, it would also rely on the bank to act on your wishes. But I think I would go, you could certainly use either of those.
I'd choose the wire first. And then if you wanted to go with more of a paper approach, you could go and get that certified check. You'd have it physically in your hand, and then you'd be relying on the safety of the delivery service where you could insure it and track it. But obviously it would not be going electronically. You'd have to rely on, you know, whatever shipper you were using at that point.
So I think, John, I would feel best about a wire, but I wouldn't have a problem with an ACH. I see what you're saying. And in terms of, what about the U.S. mail as opposed to UPS or FedEx? Yeah, if it's me, just given some of the challenges I know many have experienced with the U.S. Postal Service as of late, I would trust the reliability of one of the other carriers that you referenced, either FedEx or UPS. And you could certainly put insurance on it, but more importantly you can track it. And I would do priority overnight with that. But I think in either case, my preference, I think, in order of importance might be wire and then ACH and then personal cashier's check. All right.
Let me ask you one other thing. What about the cashier's check versus a personal check? Well, I would use a bank check, you know, initiated. So that would be drawn on your account, certified check from the bank, and that would be the way that I would go. That way, you know, you've got obviously the paper trail, and you would with your personal check as well, but I'd probably go in and get that certified check if I were you.
So that at least gives you some options, John. I trust you'll make the right decision. I hope it all works out for you. We appreciate you checking with us, sir.
800-525-7000 is the number to call. We have some lines open today. On the broadcast today, I'll be tackling what is, I think, a tough issue for a lot of folks when it comes to money, and that's the whole topic of envy. You know, we think of our finances, and we realize that, well, envy is a common human emotion, and it's destructive. Well, how do we overcome our tendency to envy what others have? God's Word has some thoughts and some wisdom against envy, and I think perhaps the cure that I'll share today that comes right out of God's Word, so we'll talk about that a little later in the broadcast. Of course, your questions as well here on a Friday with lines open.
800-525-7000. We can tackle whatever financial topics you want, whether that's saving or giving. Maybe it's your spending plan or long-term investments. By the way, speaking of investments on the heels of Chairman Powell's comments, out in Jackson Hole, the market finished off, at least the Dow Jones, over 1000 points lower, about 3% off. S&P 500 down even more at 3.3%.
NASDAQ nearly 4%, and one day's worth of trading shaved off the market down 497 points. So we saw an acceleration into the final hours of trading today on the Chairman's warning of some pain ahead as the Fed fights to bring down inflation, clearly signaling continued increases with interest rates as they're taking inflation very seriously and they're being very real about how challenging it's going to be to get inflation down to an acceptable level. For a long time, we've just kind of accepted that near zero interest rates and 2% inflation are the order of the day, and we have anything but that now with rates continuing to rise. Inflation, at least at last check, over 8%. Most of that concentrated up in energy, utilities, and food, but clearly prices up across the board and impacting significantly a whole host of areas that make up our economy and what spills down into the day-to-day expenses of average Americans.
The Fed is very focused on getting that number down, probably to a target by year-end or early next year of 4% as opposed to the 2% number we typically like to see. So still some work to go on keeping this economy running smoothly and getting prices back down where they need to be. So we'll continue to watch that, but pretty brutal day in the market. Good news is if you're a long-term investor, well, these ebbs and flows are terribly concerning because we're looking at the long view, not the short view. That's the key when it comes to investing. The longer term, the perspective, the better decision we can make today. And when it comes to investing, let's try to get emotions out of it and keep our plan and our strategy in mind, not deviate from that. I can't tell you how many people I've talked to recently that said because of the market volatility, I went all to cash.
Boy, let's try to avoid that if at all possible. We're going to be back with your questions just around the corner, 800-525-7000. This is MoneyWise Live. I'm Rob West and stick around. Great to have you with us today on MoneyWise Live, biblical wisdom for your financial decisions. I'm Rob West, your host. We're tackling your financial questions today.
What's on your mind here on a Friday? We'd love to tackle it with you, talk about it and help you move forward with confidence. We've got, it looks like three lines open, 800-525-7000. Let's head to Nashville. Debbie, thank you for calling. Go right ahead.
Thank you for taking my call. I will be turning 68 years old next week and I am ready to retire. But how do I make the decision on whether financially I can or not? I have, my home is completely paid for, so are the vehicles. I have $250,000 in 401k.
I have another $250,000 in my checking account. And I started taking my full Social Security at 66. So the last two years I've been working full time and drawing Social Security.
Okay, very good. So you've already got your Social Security. Have you done your budget, Debbie? Do you have a good feeling for what it's going to take for you to live on a monthly basis once you retire? Have you revised that and looked at that?
Yes, yes. And my husband has retired also and between the two of us we will have an income of $4800 a month just from Social Security. Okay, and what do you estimate your monthly need is? Between taxes and all, about $2000. Okay, so if you've got $4800 a month coming in from Social Security but you really only need $2000 to live, is that what you're saying?
Yes, sir. Yeah, so you'll have quite a bit of surplus there even without working and that's without even touching any of the investments. So I think from a financial standpoint, from what I'm seeing here, you're in really good shape to retire because you're going to have quite a bit of surplus every month from Social Security alone. The $250,000 in the 401k can continue to grow. You've got a quarter of a million dollars in the bank. I'd probably say a year's worth of expenses is probably enough. That's $25,000 so you could even put another $225,000 to work if you wanted to and if you wanted that $250,000 plus the $225,000 which is $475,000 to generate an income at some point. I mean we would typically look at a withdrawal rate of 4%. That's another $19,000 a year or about $1500, $1600 a month but you don't need that. So that means that full amount can just continue to grow on a conservative basis so if you needed to tap into it for major medical expenses or assisted living or something down the road, you'd have that. And obviously whatever you're adding to that account from surplus every month to the tune of perhaps $2800 a month. So I think from a purely financial standpoint, Debbie, you all are in great shape. The next question is just what does God have for you in this next season of life which is a really exciting question to be able to ask but does that make sense to you?
Yes, it does. I just kind of needed, you know, it's just a scary thought. Scary but exciting.
Yeah, it should be and I think that's right. As believers we approach this season wholly, I think differently, H-O-L-L-Y, because we realize that God's calling on our life doesn't ever expire and you have an incredible amount of wisdom and experience to bring to his service even if that's not in the form of paid work. I think just being able to ask that question, knowing that you all have obviously ordered your finances in such a way that you've lived modestly, you've saved diligently, you're experiencing the benefit of that now with your expenses covered and so it gives you ultimate flexibility as my mentor Ron Blue says to live or die, give or go.
And you know, I think that's a great place to be so the Holy Spirit can really just guide and direct here. So listen, all the best to you. By the way, a happy birthday a week early and I think you all are in a really great position. So thanks for checking in with us today. All right? Thank you so much. All right. God bless you, Debbie.
To Grand Island, Nebraska. Rose, thank you for calling. Go ahead. You're welcome.
Thank you for your ministry and God bless you. I was just calling to inquire. I had taken disability at age 64. And during that time, my husband said, you know, I think I should start taking my Social Security. And he's still working full time. So my question was, is he limited as to how much he can earn and still take his Social Security? No, once he reaches full retirement age, which at 67, he should be there, you can earn as much as you want. And there is no impact on your Social Security benefits. If you took early Social Security prior to full retirement age, you'd give up $1 for every $2 you earned over the limit, which is 19,560. But that's only if you take it early. And so once you reach full retirement age, you don't have any reduction. And even if that reduction were to occur, you get that back over time.
Once you reach full retirement age, it's fully restored to you over a number of months through higher checks. So he should be in good shape to earn as much as the Lord provides. Awesome. Can I ask you one more question? Yes, ma'am.
Go ahead. After I turned 65, and then they turned my disability payment over to Social Security, is that treated different? I was limited to how much I could earn each month.
And I'm working for the church. So I wondered, after age 65, am I limited to how much I can earn? Yeah, specifically related to disability.
Well, I took it at 64. So at 65, does it not go over to Social Security? It does. Yeah. And so there is a limit while you're collecting disability.
The question would be, is there a change when you reach full retirement age? That's a good question. I don't have an answer right off for you on that. We'd be happy to take a look at that and see if we can find something. And if we do here, we'll make sure to mention that between now and the end of the program. Rose, thank you for calling today.
God bless you. And folks, we've got a couple of lines open, 800-525-7000. We're going to take a quick break when we come back. Wellington, Florida, Maria, Miriam, Francis, we're coming your way. And perhaps your question. This is MoneyWise Live. Stick around.
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