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Advice for 2023 Grads From a Millennial That Graduated in 2010

05.26.2023 by admin // Leave a Comment

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Congratulations, Class of 2023! As a millennial who graduated in 2010 I saw a lot of uncertainty in the job market as we came out of the Great Recession and have advice for graduates based on this experience. While the US is not technically in a recession right now, there is uncertainty in the job market for new grads. This is making it tougher for new grads to get jobs right now. Additionally, while tech companies tend to offer high salaries, many tech companies have been laying off workers over the last 6 months making it harder to get one of these higher paying jobs. According to the National Bureau of Economic Research graduating in a recession leads to large initial earnings losses of about 9% of annual earnings in the initial stage eventually recede but don’t disappear until about ten years after graduation.

Don’t get discouraged by this news. While it’s tough, there are still ways to thrive. I graduated in 2010 and saw a lot of this first hand. We had less paid internship opportunities in college. Entry jobs didn’t begin opening up until much later. We also saw many of our friends who graduate a year or two above us get a job offer and then have it revoked, get laid off after only months of working or struggle to get that first job after graduation. Based on what I saw during the Great Recession and how we all took control of our jobs and our finances in the decade since here is my advice for graduates.

Be Prepared To Share Your Resume and What Jobs You’re Interested In At A Moments Notice

My top career advice for graduates is to always be prepared. Practice your 30 second elevator pitch on your background, what you’re looking for and how you add value. Always have your resume up to date, even if you’re content in your current job.

You know you need to prepare for a job interview, but how prepared are you for a chance encounter? While in person chance encounters are less likely during social distancing, they can still happen through word of mouth. Perhaps one of your parents, a relative, a friend or a neighbor hears of a job and contacts you. Will an opportunity land in your lap? It’s unlikely. But, if you tell people you’re looking for a job and put yourself in situations where you meet new people these types of chance encounters are more likely to happen.

These are the situations you need to be prepared for. If there is an opportunity, they’ll ask for your resume to share. They’ll ask about what types of jobs you’re looking for, so they can think about if they know of any openings.

Do have your resume always up to date. Do be clear with what you’re looking for. Don’t say you’re open to anything. By keeping it too vague it’s hard for someone to help you. That doesn’t mean you need to know exactly what you want. Here are a few ways you can answer it:

Talk about your background – what did you major in? What were you most excited about in your internships and classes?
Location – are you looking for a job locally or are you open to moving for a role? Do you have a preference?
Are you looking for a full time or part time role? Are you open to a role that starts as part time but could lead to something full time?
Speak to your skill set – what areas are you strong in?

See Also: How to Ask for a Job Referral

You May Not Land Your Dream Job… and That’s OK

Competition for jobs at the salary you want is higher right now. So, chances that you’ll land your dream job are slimmer. But, that doesn’t have to be a bad thing! Think back to when you were applying to college. Did you end up at your dream school? Did it all work out in the end?

To put things in perspective, you’re also in your early 20s. Most people do not know exactly what they want to do with their lives at this age. It’s a myth that everyone knows exactly what they want to do when they graduate college. It’s important to be flexible. Take a job and figure out what you enjoy and what you don’t enjoy about that job. Then, continue looking for ways to enjoy that job more, or look for another job you’ll enjoy more.

The job opportunities available now may be wildly different than your major. Your opportunities may even be going back to where you worked part time in high school. That’s ok. No company is going to frown upon the interim job you took during a pandemic.

Know What Seems Like Settling May Be The Best Thing That Happens To You

I stumbled into the tech industry at the recommendation of my career center at college. I had no idea what my dream job would be then. We were in middle of the recession so I got an offer and accepted. Turns out it was the best thing that could have happened. The tech industry is an amazing industry to work in. I met countless mentors and sponsors that helped torpedo my career. Now, everyone wants to work in tech! But back then, almost no one I went to school was trying to get a job in tech.

Some of my friends in tech sales that graduated around the same time have shared they joined a tech inside sales program because those were the jobs that were available. Sales reps at several high tech companies say they earn an average of over $142,000 a year. Here they were in the middle of the Great Recession and they ended up getting their foot in the door to one of the best paying jobs that doesn’t require an advanced degree.

Use Your College Career Center To Identify Open Positions and Helpful Contacts

Career Services on campus is a great resource for current students and recent alumni. They have access to tools that can help you identify what careers to pursue. Often, they’ve helped alumni get their jobs and have maintain those relationships. When you’re trying to get an in at a company they may know of an alumni to reach out to. They also have relationships with companies that hire entry level positions. Career Services may even be the most important office on campus according to an opinion piece on Forbes.

Network With Alumni

If you’re looking at jobs at a company my advice for graduates is network with current alumni at the company. That way, you have a connection that you can reach out to for a referral if a job does open up. Don’t expect alumni to reach out to you with any opportunity they hear. It’s likely they are busy. Instead, monitor the open jobs at that company and reach out again when you see one you’re interested in.

First, reach out to alumni you have relationships with asking if they know of opportunities. Remember to be as specific as you can with what you are looking for. Join LinkedIn Alumni groups for your college and also look to join ones on Facebook. Sometimes there are even subgroups for a certain location. Post in these groups and share your story. Many people are happy to help, and may help offer advice even if they don’t know of any job opportunities currently available.

Consider a Paid or Unpaid Internship In The Short Term Instead of a Full Time Job

While you’re looking for a full time role, one path to potentially get a full time offer is to accept an internship. An internship is helpful if you don’t have much experience on your resume and you need a little more experience to start landing interviews. Internships are also helpful if the company isn’t hiring full time right now but may be hiring for full time positions in a couple months.

Add To Your Experience Through Volunteering

Not all experience is from internships and part time jobs. You can also show your experience through your volunteer experience. Use this experience to show how you’ve built leadership experience, reliability and additional skills that are relevant to the jobs you are applying to. Not all volunteering has to be in person or even at a non-profit.

If you see a local business struggling and they don’t have a social media presence offer to help them set it up for free and add that experience to your resume. This also opens up opportunities for future paid work. They may recommend you to their network and you can begin charging for your time.

Be Frugal For The Next Few Years

My top financial advice for graduates is to be frugal for the next few years. It’s not the best economy right now and we don’t know how long it’ll take to recover. So, once you get a job keep conserving as much cash as possible. It’s not like there is a lot to do now anyways with businesses closed and limited travel options available. Plus, if you have a remote job you don’t have to buy more than a few shirts for Zoom calls.

Ways to keep living like a college student include cheap housing and cheap food. Keep living at home or move in with roommates into a starter apartment. If you’re moving out, try to negotiate rent. Vacancies are up right now so you’re more likely to have success negotiating things like a free month of rent. The next biggest expense is transportation. Hold off on buying a car especially if you don’t know where you’ll end up living. Use your current car as long as you can. If you don’t have a car, buy a used car and shop around for deals.

Hang out with friends outside instead of going to a restaurant. Go on a walk, or bring food for a picnic. Drinks and food at restaurants are expensive and with many bars closed there are less cheap drink specials to be found. Eat at home. When you buy groceries, look for coupons and deals. There are also ways to spend less on food by buying cheaper options. For example, buy oats and make oatmeal instead of single serve yogurts. You can find dinner recipes and meal planning tips to save money.

Is frugal living not for you? This doesn’t have to be a permanent lifestyle, but the longer you’re able to live frugally like you lived in college the easier your finances will be. You don’t have to cut back in all areas either, the single most important expense is housing.

See Also: How to Save Money in Your 20s

Start An Emergency Fund Once You Land A Job

Once you land a job, whether it be part time or full time, start an emergency fund. An emergency fund is an amount of money set aside to cover emergencies if they arise. The money should be easily accessible and liquid (such as money held in a checking account or savings account) that you have for when things go wrong. This includes an unexpected health bill, unexpected car repair, if you lose your job and so forth.

At this point, don’t worry about how much money you should have in an emergency fund. Your focus once landing a job is to start an emergency fund, even if it’s only contributing $5-10 a paycheck. If your family gave you some money for graduation put some of that cash in your emergency fund. Get in the habit of consistently contributing a little money with every single paycheck, and automate the savings so you don’t even have to think about it. Once you are more settled, you can start building your emergency fund.

Advice for Graduates Summary

As you step into the world as graduates, here are some pieces of advice to keep in mind. Always have your resume (and LinkedIn) up to date and ready to be shared. Be ok with not landing your dream job, and know that sometimes a different path ends up being better than you could have ever expected. Use LinkedIn to network with alumni. And, while it’s always most important to focus on increasing your income don’t forget to be frugal with your money and start an emergency fund as you begin to get your financial footing.

Unlock Your Coding Potential: Where You Can Learn How To Code

03.21.2023 by admin // Leave a Comment

While it may seem scary to get started, there are many easy, low cost ways to start learning how to code. Learning how to code can open up a world of opportunities for both personal and professional growth. It can help you develop skills in problem-solving, logic, and creativity, and can lead to a career in a variety of industries. There are many resources available for learning to code, including online tutorials, coding bootcamps, and college courses. The key to success is to find the approach that works best for you and to stay motivated and dedicated to the learning process. In this guide, we will explore some of the best places to learn how to code. We will also provide tips and resources to help you get started on your coding journey.

Learn How To Code Through Online Courses

There are many online courses and tutorials available that can help you learn how to code. This is a great option to start with because you can do it from home, it is cheaper, and you can start with a few introductory classes that help you determine which route you want to go. Depending which online courses you select, you have the option to go at your own pace and schedule or attend at a set time with other classmates.

A few options to start include LinkedIn Learning Programming Languages Courses, Coursera’s Coding for Beginners, and Grow With Google.

While this is one of the cheapest options, you also may not be able to expand your network and have connections through the classes to employers.

Learn How To Code Through In-Person Coding Classes

Many extended learning programs through your local school district, community colleges and 4-year colleges offer courses that teach you how to code. There are lots of coding jobs available that don’t require 4-year college degrees. If you learn better through in-person classes, there are plenty of options cheaper than private 4 year college classes.

To find where you can learn how to code through in-person coding classes start by looking at the website for your local school district and local community college. Some schools will also have partnerships with companies looking to hire coding skill sets and you’ll be able to apply for jobs through on campus recruiting and their career center.

Learn How To Code Through Coding Bootcamps

Coding bootcamps are another option to learn how to code. Typically, coding bootcamps last a few months, which is significantly shorter than traditional computer science degree programs.

You can get into the job market faster with a coding bootcamp compared to a traditional CS degree. The curriculum is focused, so if you have your eyes set on a particular job you can choose the coding bootcamp where you’ll learn that particular skill. Bootcamps typically offer hands-on projects and real-world experience that can help you build a portfolio of work. This portfolio can then be used to secure interviews for a full-time job. Bootcamps also offer opportunities to network with other students and industry professionals.

While there are many benefits to coding bootcamps, there are also cons. Coding bootcamps can be expensive, with some programs costing over $10,000. They are also time intensive and require a significant time commitment. It may not be possible to attend a bootcamp with your current work or family commitments.

The quality of coding bootcamps is also not always the same. The quality of education can vary greatly between programs, so it’s important to research and choose a reputable bootcamp with a strong track record of success. Forbes created a list of the best coding bootcamps, and also compares the costs and hiring partners of each bootcamp. While coding bootcamps can be effective for learning specific skills, they may not offer the breadth or depth of education as more traditional four year degrees.

Teach Yourself Through Reading Books And Other Written Materials

Lastly, you can teach yourself coding through reading books and other materials. You can go at your own pace and schedule. This is a good option for those who prefer a more self-directed learning approach and don’t need structure. There are pros and cons to teaching yourself how to code through reading books and other written materials.

Teaching yourself is cost-effective. Books are cheaper than attending a class. Many coding for beginners books on Amazon are around $20 each. And, you can even rent books for free from the library. You can also have flexibility by going at your own pace and schedule and can spend more time on areas you need more practice with.

On the other hand, sometimes lack of guidance from an instructor or mentor can be hard. Like with any self-paced learning, you are only accountable to yourself and sometimes that can result in difficulty staying motivated. Teaching yourself through reading also doesn’t come with hands-on experience which is essential for becoming a programmer. Lastly, coding technologies and best practices are constantly evolving. If you focus only on written materials, they may be outdated.

Where You Can Learn to Code Summary

Learning to code is an essential skill in today’s digital world, whether you’re looking to switch careers or simply want to enhance your technical skills. Fortunately, there are many online resources, courses, and learning platforms available to help you get started. From free coding tutorials to paid courses and interactive coding challenges, our guide covers the best options to suit your needs and budget. Start your coding journey today and unlock your potential as a programmer.

Evaluating Equity Comp: Are Stock Options or RSUs Better?

03.14.2023 by admin // Leave a Comment

Considering a career change or have multiple offers in hand? How do you compare equity compensation? Equity compensation can be a catalyst to growing your net worth. Putting a true dollar value on equity compensation is tough when you’re looking at a private company. When the company is publicly traded though, you can look at the latest stock price and know how much the equity grant is currently worth. However, it’s tough to know how much the equity comp will be worth when it vests. When evaluating different equity compensation at publicly traded companies, which is better stock options or RSUs? In this blog post, we’ll explore the pros and cons of stock options and RSUs to help you determine which is the best choice for you.

What are Stock Options?

Stock options are the right to buy a specific number of shares of company stock at a pre-set price following a vesting period. If your pre-set price is $10 and the stock is currently at $50 you pay $10/ share. This is known as the exercise or strike price. When you hit the first vesting period you can exercise your stock options. After you hit that vesting period, you have the right to purchase company stock at that predetermined price whenever you want. It can be that same day, it can be 2 years later – the choice is yours.

To motivate employees to work hard and drive the stock price up a company might grant a large number of options that are significantly below the current market price. Combined with your flexibility to sell any time after they vest, you may have the ability to purchase shares significantly below the current market value. Conversely, if the stock price does not go up significantly, you may not be able to benefit from the equity compensation at up. The stock price could even decline to the point where your equity compensation ends up worthless.

What are Restricted Stock Options (RSUs)?

Restricted Stock Units, or RSUs, are a form of compensation offered by employers to employees. They are company shares that are restricted, meaning that you can’t sell them right away. Instead, you will be given shares that vest over time. When you accept RSUs, they will come with a vesting schedule. Often, you’ll see vesting schedules that span 3 or 4 years. This schedule will show how many shares will vest on which dates. Typically, there will be one day per year and each of those days will be a year apart. On that date you are given those shares at the price of the stock that day. They have no tangible value until the vesting date. If you leave the company before the vesting date that means you walk away from this future compensation.

How Are Stock Options and RSUs Different?

Stock Options and RSUs Redemption

Stock options and RSUs can both have similar vesting schedules. The vesting schedule will depend on what the company offers. Usually, equity compensation is a way to encourage employees to stay at the company. As a result, you’ll often see vesting schedules that span a few years. You may get 1/3 of the equity grant at the end of year 1, 1/3 at the end of year 2 and the last 1/3 at the end of year 3. If you leave the company before your RSUs or stock options vest, you will forfeit the unvested shares.

While they both have vesting schedules, what happens upon vesting is different. When your options vest, nothing happens unless you decide to exercise your option to buy. If you exercise your option to buy, you can initiate an exercise-and-hold transaction (cash for stock), initiate an exercise-and-sell-to-cover transaction or initiate an exercise-and-sell transaction (cashless) depending on your personal situation and goals.

When your RSUs vest, you now have shares of the company you can sell at any time. You are given the shares, and taxed through your paycheck if you sell to cover or have to pay taxes on this additional income at tax time.

Stock Options and RSUs Selling Times

While they both have vesting schedules, stock options and RSUs differ in flexibility to sell. When stock options vest, nothing happens until you decide to exercise your options. You can decide to sell your options that day, or years later. However, your vested options are still tied to your employment with the company. If you decide to leave the company you will likely need to exercise your vested options within 90 days.

With RSUs, when they vest, you have shares of the company you can sell at any time. If you sell within a year it will be taxed as short term gains/ losses. If you sell after a year, the RSUs will be taxed as long term gains / losses.

How Stock Options and RSUs are Taxed Differently

Both stock options and RSUs will not be taxed when you first receive them. But, they will be taxed upon vesting. And, how they are taxed upon vesting is different.

How Stock Options Are Taxed

With stock options, how you are taxed depends on what type of stock options you have. There are two main types of employee stock options – non-qualified stock options (NSOs) and incentive stock options (ISOs). If you have NSOs, you are taxed as ordinary income when you initially exercise the stock for the difference between the current stock price and the price you bought it at. With ISOs, you get taxed when you sell the shares. If you sell the shares after holding less than a year you’ll be subject to short term gains taxes and if you sell the shares after holding longer than a year you’ll be subject to long term capital gains taxes.

How RSUs are Taxed

RSUs are given to you at $0 and they converted to the value of the company stock when they vest. When RSUs vest, that is a taxable event whether you choose to sell that day or not. Therefore, you will be taxed on the full amount at the total fair market value of your stock grant on the vesting date. When you sell your RSUs your taxes will be calculated based on the strike price. The strike price is the price of the shares when they become vested. If the shares were originally $100/ share when you got your RSU grant, but the shares are worth $50/share the day they vest you will be taxed on the $50/share price. Upon vesting, this is when you get to decide if you want to keep the shares or sell them. Whether you decide to keep or sell the shares, it’s recommended to sell enough to cover the ordinary income tax for the shares.

Are RSUs Better than Stock Options?

Ultimately, whether RSUs or stock options are best depend on your personal goals and how much you think the package you were offered will be ultimately worth.