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Should You Continue Working From Home? The Pros and Cons of Working Remotely After Covid

05.17.2021 by admin // 8 Comments

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Working remotely has pros and cons. There are many benefits including saving time and money commuting, more flexible hours and ability to lead a healthier lifestyle. But, working remotely also comes with new challenges. It’s harder to connect with coworkers, it’s easy to start working more hours and could even potentially limit your career opportunities. In 2020, many office jobs moved to remote work and not by choice. We learned working remotely tips that helped make this shift easier. But, many businesses and people operated under the assumption that work from home was temporary at the beginning.

Companies have already started saying they’re open to continuing remote work. Some companies like Google expressed the possibility of a hybrid work from home model only to backtrack a few months later and share that workers can work remotely and expect 20% to work entirely from home. Other employers like Facebook said early in the 2021 that team members can work remotely from anywhere forever. On the opposite end of the spectrum JPMorgan’s CEO Jamie Dimon has shared he wants work to look like it did before starting in Oct. As we move from forced work from home to options on where we work in the future, what work model is best for you? Is it full time office, hybrid work from home or working remotely full time? Below are working remotely pros and cons to consider before you decide how you’ll work in the future.

What Does Working Remotely Mean

First, what does working remotely mean? Working remotely allows professionals to work outside their traditional office environment. Instead of commuting to an office each day to work at their desk, they can work out of their house or another nearby place like a coffee shop.

Working Remotely Pros

Many of us had a crash course in working remotely in 2020. Working remotely in the middle of a pandemic, and working remotely normally are not the same though. For starters, kids are in school and not in remote learning next to you. You’re not staying at home 24/7. Usually, there are also opportunities to work from a coffee shop, or other public area, mask free. And, if you do have coworkers in the area you can arrange a lunch or coffee date to meet and collaborate. As a result, the full benefits of working remotely weren’t all realized in 2020. There are many benefits to working remotely when we aren’t in the middle of a pandemic that should be considered when you make your decision.

Save Time Commuting And Getting Ready For Work

The biggest advantage of working remotely is the amount of time you save on commuting and getting ready. According to a study by the US Census Bureau, Americans spend anywhere from 30 minutes to 1 hour 30 minutes commuting every single day depending on state. If you commute an hour a day, working for 49 weeks a year you’ll spend 245 hours commuting a year! And, that doesn’t even include the amount of time you spend getting ready for the office.

Instead, you can spend this time doing a workout, with your family, preparing healthier meals, extra sleep or enjoying a hobby. It’s important to set boundaries here. When everyone is working remotely it’s very easy for work meetings to creep into the time you normally would have been commuting. It’s important to set boundaries so you minimize this risk.

Save Money By Eating At Home and Not Commuting

There are a few ways you save money by working remotely. The most obvious is the money you used to spend on commuting including gas, tolls and car maintenance. Did you also realize you save money on work outfits, dry cleaning, and lunches? By working remotely, you can dress in less expensive clothing that doesn’t require dry cleaning. It’s also much easier to make lunch as you’ll have your entire kitchen at your disposal.

Live A Healthier Lifestyle

When you’re working from home you have your fridge, your kitchen and all of your appliances. You have more options for what you can cook. Even if it’s just quickly warming up leftovers the opportunity to eat healthier at home is there.

When you’re working from home you can also set aside time for an at home workout. This could be a run during lunch, a Peloton cycle ride before or after work when you’d normally be commuting or another preferred workout.

This benefit was not often realized during the pandemic as gyms were closed, grocery shopping pivoted and the overall stress of the pandemic. As life begins resuming to normal and we are all safer with lower community transmission and vaccines it will become easier to live a healthy lifestyle while working from home.

Flexible Time Working

In order to have a successful work remotely culture, your company needs to pivot to defining success based on outcomes. It’s not about working 8 hours a day at certain times anymore. It’s about hitting the deadlines you committed to and producing quality work. With this shift, you have more flexibility in when you work. There will still be standing meetings you are expected to attend but you can pick your kids up from school and make up the time at another hour or another day. Work time isn’t completely flexible, but it is much more flexible than the typical 9-5 in the office. This flexibility is incredibly helpful as kids resume their usual extracurricular activities. You’re able to drive them to the activity and work from the car or activity location if needed.

Working Remotely Cons

Working remotely in 2020 had some cons that don’t normally exist. For example, being at home 100% of the time and very limited opportunities to work from a coffee shop for the day. Without the ability to freely move around we saw ourselves sitting in the same chair for hours on end. There are other cons to working remotely that may seem temporary but can continue if you’re not careful.

Not Setting Work Time Boundaries Leads to Increased Time Spent Working

If you don’t set boundaries for when you’re working and when you’re not you can easily work longer hours. Your laptop is already open and set up, it’s easier to log in again after hours to finish something. If you work in a global team you may set up early and late meetings to meet with team members in their time zone. All of a sudden your 8 hour days become 10-12 hour days.

Because you boss doesn’t see you in an office they may not even realize how many extra hours you are putting in unless they are online at the same time as you and are communicating with you that often during the week. The ball is really in your court to set boundaries for when you’re working and when you’re not. Put blocks in your calendar. Communicate with your boss when the workload gets to be too much.

Working From Home Can Result in Unhealthy Eating

How disciplined are you when it comes to eating? As much as you have your entire kitchen at your disposal when you work from home, you also have your snack drawer readily available. You’re not stuck with whatever you packed for lunch or whatever is in the cafeteria. If you eat your lunch at 10AM at the office you are limited to what food is in a vending machine or in the cafeteria. But at home? If you eat your lunch at 10AM you have enough food to have a second lunch at noon, and a third lunch at 3PM. Or you mindlessly snack all day not realizing how many calories you’re consuming.

Working From Home Can Result In Becoming More Sedentary

Office jobs tend to lead to a sedentary lifestyle in general. But, when you’re commuting to the office you’re walking to your car, walking from the car to the office, walking to the bathroom and naturally take a few more steps even when you’re sitting in a chair most of the day.

When you work from home, you literally can sit in the same chair for 8 hours and at 5PM realize you have only taken 400 steps all day. Blocking off your calendar for a 20-30 minute walk every day can help with this. There is also an opportunity to identify calls and meetings that don’t have to be in front of a computer. If you’re catching up with someone go on a walk while you’re taking a call. Or, if it’s a call you need to listen into but don’t need to be active in go on a walk while on that call.

Harder to Establish Close Connections With Coworkers

When office jobs shifted rapidly to remote work back in March 2020 we all learned about what worked well and what didn’t together. In many cases though, you were working with people you already had established relationships with. Now, in 2021, hiring has started to pick up again. Coworkers are considering new opportunities and backfilled with someone you don’t know. How do you establish relationships with new team members, and even new managers? Not only that, how do you maintain the relationships you already have?

There are a lot of remote working tools like Slack, Microsoft Teams and Zoom. You need to create opportunities to connect with coworkers as you won’t randomly run into them. Set up 1×1 calls and know what they are interested in. If they are a foodie and a cool new restaurant is opening send them the menu and say you thought of them when you read this news. Know their birthday and reach out to say happy birthday to them.

Working Remotely May Impact Your Career Advancement Opportunities

Are you the only person on the team that is working remotely? If so, you may have less face time and interactions with leadership than the rest of your peers. You may also be the only one joining the Zoom remotely and the rest of the team is in the same conference room. This gives you a disadvantage as it makes it harder to hear, you can’t participate in side bar conversations and it’s harder to speak up. Despite this, there are still ways to advance your career when you’re the only team member that’s remote. However, you are at a slight disadvantage compared to the rest of your peers.

Your career options will be less impacted if your whole team is remote, or if most of your team is in a hybrid model. It’s much easier to participate in remote meetings when everyone is remote. Any side bar conversations are done through offline texting or IM. Everyone has the same difficulty getting a word in. Everyone is on an equal footing and it’s up to individuals to advocate for their career goals, work with their mentors and career sponsors to advance their careers.

As many companies didn’t fully embrace working remotely prior to the pandemic these same companies will go through another learning curve transitioning to full time remote or hybrid remote. New processes will need to be put into place to help keep the playing field even when it comes to career opportunities. No longer can career progression be tied to who you see in the office.

Is Working Remotely Right for You?

Don’t let pandemic fatigue influence your decision for choosing whether or not to work remotely. Especially when we’re all excited for the time we can see and connect with people in person again it’s very easy to jump to wanting to go into the office again.

Consider what is best for you based on the pros and cons of working remotely. What is your team dynamic at work? Think about what is best for your health? What is best for the way you work? You don’t have to go full time to the office or full time remote either. If you like some of the working remotely benefits and also don’t like some of the cons a hybrid work from home model may be best for you.

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Categories // Career Tags // Work Remotely, Working Remotely

The Ultimate Guide To RSU Compensation

08.24.2020 by admin // 1 Comment

what are RSUs? Definition of RSUs. Restricted Stock Units, why you need RSUs in your comp package, typical RSU package, rsu compensation

Restricted Stock Unit compensation (RSUs) is a popular way of giving company equity to employees at tech startups and large public companies. When you hear about how much money people at tech companies make it’s often because they have equity as part of their compensation package. When looking at your compensation package don’t just look at the salary. Also understand what your benefits are worth including your RSU package. Often we look at benefits like health insurance and retirement options like the 401(k) company match. But, what about equity compensation? Equity compensation is a perk companies use to give you an ownership stake in the company. This includes RSUs, ESPP and employee stock options.

If you don’t have RSU compensation today, you are missing out. If your company offers RSU packages as one of their benefits, negotiate for RSU compensation during your next merit raise cycle or during your next promotion. Or, apply to companies that offer Restricted Stock Units as part of their compensation package. Learn below what RSUs are, what RSUs are worth to you, when you get RSUs, RSU tax considerations and the drawbacks of RSUs.

What Are RSUs or Restricted Stock Units?

RSUs, or Restricted Stock Units, 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+ 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.

What Is RSU Compensation Worth to You?

The value of your RSU package depend on a few things: the number of shares offered, how well the stock is projected to do and the vesting schedule.

How Much Are Your RSUs Are Worth When Granted?

To understand the current dollar amount of your restricted stock options multiply the number of RSUs by the stock price the day it is granted. When considering a job offer with RSUs, they may provide a dollar amount for RSUs. If you are provided a dollar amount, that means your RSU package will originally be worth that amount no matter what the stock price is. The day the RSU package is granted, you’ll know how many shares equate to that dollar amount.

How Well Do You Think The Stock Will Perform?

Consider how well you think the stock will perform during your vesting schedule. Is it a growth stock or value stock? Here, I’ll compare a growth stock (Amazon) to a value stock (Cisco). On January 1, 2019 Amazon stock was worth $1718.73. In comparison, Cisco was trading at $47.29. On August 21, 2020 Amazon traded at $3,284.72 a share and Cisco traded at $42.25 a share. That is a huge difference! If you had accepted a job offer at Amazon your RSUs are worth almost double! If you accepted the job offer at Cisco your RSUs actually decreased in value. Even with the quarterly dividend of $0.35 a share, your RSUs are still worth less. Note, this is one example of past results, and this doesn’t mean either of these stocks will perform similarly in the future.

When comparing compensation packages at two companies, don’t only look at what the RSU package is worth at that moment in time. Consider how you think the stock will perform over the next few years. The lower RSU package may end up being worth more money.

Amount of Time For All Of Your RSUs to Vest

Know how long it will take for your RSUs to fully vest. How long do you have to stay with the company to get the full RSU package? Do you intend to stay with the company for that amount of time?

When Do You Get Restricted Stock Units?

Typically companies offer RSUs at time of employment. Other opportunities to get RSUs include promotions. Similar to annual merit increases, some companies have annual equity awards. Once a year they give RSUs out to select employees. If you’re unsure if your company offers RSUs, go to your internal benefits page and see if it’s one of the benefits listed. You can also ask your manager or HR business partner. When you’re talking to them, ask them the criteria for getting RSUs. It can never hurt to ask.

Do I get RSU Money Right Away?

Usually you don’t get RSU money right away. RSUs typically have a vesting period. A vesting period is a period of time before the shares are owned by the employee. If you leave the company before the end of the vesting period you’ll walk away from those shares.

Cliff Vesting – after a certain amount of time has passed you will receive 100% of the shares all at once. For example, say you are granted 30 shares. 3 years later you get 30 shares all at once. The date you get all of your shares depends on what is in your RSU agreement.

Graded Vesting – you will receive smaller chunks of your RSUs more frequently. For example, say you are granted 30 shares in January 2021. In graded vesting you could get 10 shares in January 2022, 10 shares in January 2023 and 10 shares in January 2024. The dates you receive the small chunks of RSUs depend on what is in your RSU agreement.

Hybrid of Cliff and Graded Vesting – You receive a certain amount at once, and then smaller amounts at regular intervals following that. The dates you receive a certain amount all at once and the dates following depend on what is in your RSU agreement.

How are RSUs Taxed?

RSUs will not be taxed when you first receive them. But, they will be taxed upon vesting. This is because you were given RSUs at $0 and they converted to the value of the company stock when they vest. Even if the stock goes down the very next day, you will be taxed at the total fair market value of your stock grant on the grant 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. 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, you will get taxed upon the shares vesting.

To avoid getting hit with a huge tax bill your company may have an option to sell RSUs at time of vesting to cover taxes. Additional tax withholding options include same day, net shares settlement, sell to cover and cash.

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What Happens if my RSUs go Down in Price After They Vest?

If RSUs go down in price after they vest they will be treated like any other stock that is currently showing a loss. Nothing will actually happen until you sell and the price can continue to go up or down. If you sell at a price that’s below the RSU stock price it will be considered either a short term or long term loss on your taxes pending when you sell.

Do I Have to do Anything When I Get Confirmation I was Awarded RSUs?

Sometimes you do have to do take an action when you get confirmation that you were awarded RSUs. Just because you’ve been told you are getting RSUs doesn’t mean there are no actions on your part. Sometimes you need to accept the RSUs by a certain date or you actually won’t get them! The written confirmation that you get awarding you RSUs should detail out any instructions or next steps you have to take. Make sure you read this written confirmation thoroughly. When you accept the RSUs make sure you know what you are signing, it’s not only about making sure you click accept. Sometimes what you are signing contains a non-compete.

What Are The Drawbacks of RSU Compensation Packages?

Non-Compete Clauses

When you are accepting your Restricted Stock Unit grant, do you know what you are signing? You may be signing a non-compete. If you’ve already signed a non-compete for your employer this agreement may be nothing new. Be aware of what you are signing before you sign. After you sign print a copy for your records in case it’s hard to find after the fact.

Leaving the Company

Restricted Stock Units are designed to incentivize employees to stay at a company. Of course, you can still give your notice that you’re leaving at any time when you have unvested RSUs. However, you’re now putting in notice knowing that you’re leaving money on the table. With vesting, you won’t get the full amount of your award until the vesting schedule is complete (usually 3-4 years). If you get RSU awards every year, that can quickly grow to a sizable amount you’re walking away from. If you leave the company you will forfeit your unvested shares. Any shares that have vested that you haven’t yet sold you will continue to keep.

If you are looking to leave your company, don’t forget to negotiate the amount of unvested RSUs you’d be leaving on the table as part of your negotiation for your new compensation package.

High Risk, High Reward at Startups

Early stage or start-up companies (pre-funding or even after series A) tend to have the valuation of shares as quite low. The opportunity for appreciation is the highest, but there is also a chance your RSUs end up being worth $0.

Ability to Sell RSU Shares Once They Vest

If you work for a publicly traded company you should be able to sell your shares upon the RSUs vesting. If your company is private though, they may have restrictions on when you can sell the equity you’ve been awarded at the company. When you are awarded RSUs, read the terms and what the terms outline for selling vested shares to avoid any surprises.

For quick answers to all Frequently Asked Questions about Restricted Stock Units Fidelity has a FAQ guide that is pretty helpful.

Categories // Career Tags // Corporate Benefits, Extra Income, Passive investing, Personal Finance Terms to Know

Advice for 2020 Grads From a Millennial That Graduated in 2010

08.14.2020 by admin // Leave a Comment

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College graduation has come and gone. The pandemic, unfortunately, has not. It’s a tough job market out there for new grads. Glassdoor Economic Research found that new grad related job openings fell 68% in May from the same time last year. They also found that 7 of the top 10 companies attracting the most new grad applications are tech companies. This is no surprise since tech companies tend to offer high salaries.

It’s not just job postings either, good salaries are tougher to find during recessions as well. 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:

  1. Talk about your background – what did you major in? What were you most excited about in your internships and classes?
  2. Location – are you looking for a job locally or are you open to moving for a role? Do you have a preference?
  3. 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?
  4. 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

Millions of Americans are unemployed or furloughed. Competition for jobs right now is tough. 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.

See Also: Career Advice for Young Professionals

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.

Categories // Career Tags // Invest in Yourself, Job Search, Money in Your 20s, New Grad, Saving Money Tips

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