Where to Apply for Jobs During the Pandemic – Who’s Hiring?

September 24, 2020CreditBy toptierfinancial

If you’re out of work because your position was cut during the pandemic, you are certainly not alone. Many service-based industries have made substantial job cuts since March, and the employment landscape is constantly shifting beneath our feet. Hopefully, you are already taking the basic steps of staying in touch with your state unemployment office to make sure you receive your benefits. That office should also be able to point you to many resources that could help in your job search. However, you might also consider that some industries and sectors in the economy are hiring right now and may be more stable in the future. Here are some jobs you may consider moving forward.

Sectors that Jumped in August

The most recent report from the Bureau of Labor Statistics showed that a few industries made impressive hiring gains in August. Government hiring was up significantly, mainly due to positions related to the census. Retail added almost 250,000 jobs, professional and business services accounted for 197,000 new positions, 174,000 people started jobs in leisure and hospitality, 90,100 people were hired in health care and social assistance, and the transportation and warehousing sector added 78,100 jobs.

Some of these sectors, most notably leisure and hospitality, were hit hard by the pandemic and many of these “new” jobs might just be filling roles that went away when the pandemic began. Still, these numbers provide some hope for workers seeking employment in restaurants, bars, and other travel or hospitality settings.

Big Employers

The current environment, with future economic uncertainty still looming, may make the perfect time for joining a large established company. Large employers can often offer stability when others cannot. This is particularly true when the company’s business model is well-suited for the realities of the life during the pandemic. Enter Amazon.

Amazon’s hiring plans have made major headlines this year. As MarketWatch reports, just this month Amazon announced 33,000 new jobs in its corporate and technology divisions, and today it announced 100,000 new positions. This is actually the fourth major hiring announcement Amazon has made this year.

Amazon is not the only company on a hiring spree this year. Other companies with business models related to online shopping and shipping/transportation having been doing quite well and hiring new workers.

And that industry is not the only game in town, either. Companies in other industries are hiring, too. the Muse has published a list of large companies hiring during COVID-19, covering a wide array of industries and job types.

Small Businesses

Working for a large company has its perks, but you may also want to consider smaller businesses. Some small businesses are beginning to hire more regularly, after weathering the initial storm of the pandemic. Before COVID-19, the low unemployment rate had made it hard for some small businesses to attract and retain good employees. Now that more people are looking for jobs, good opportunities at small businesses may be more competitive.

If a small business made it through the pandemic and is hiring full-time positions now, that may be a positive indicator of the company’s stability moving forward. Definitely don’t count out successful, smaller employers.

Pandemic-Proof Occupations

One way to think about a job search is by asking who is hiring now. Another way is to think about which jobs are pandemic-proof. The disruption of the pandemic has divided jobs into those that are “essential” and those that are not. With a potential second wave on the horizon, or even without a second wave, many job-seekers may prefer the stability that comes with an essential role.

The Economic Policy Institute has labelled the following sectors “essential.” That is not to say that these sectors did not experience declines this year. Instead, it is an indicator that they were most resilient. It could be a smart move to transition to one of these career fields, though most will require specific skill-sets and training:

Food and agriculture
Emergency services
Transportation, warehouse, and delivery
Industrial, commercial, residential facilities and services
Health care
Government and community-based services
Communications and IT
Financial sector
Energy sector
Water and wastewater management
Chemical sector
Critical manufacturing

Moving Forward

Being out of a job is difficult, but there are some promising signs that hiring will continue improving in certain sectors. Consider learning any new skills required, dusting off your resume, and taking advantage of the opportunities that are available in the job market now. Even if landing a dream job is not an option right now, you will likely be much better off by getting full-time employment and then continuing to look for a better fit in the future.

If your employment situation is having a negative impact on your personal finances and credit, talk to a credit counselor for free help.

 

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You Lost Your Job? Here’s How to Find Your Financial Footing

December 5, 2019CreditBy toptierfinancial

It doesn’t matter if you were fired or laid off, whether you saw it coming or were completely blindsided: Losing your job is disorienting. You’ll feel like you’re in a fog. And yet, in that fog you still need to answer some important questions:

How will you pay rent? Put gas in your car? What about your student loans?

The average length of unemployment is almost 22 weeks, according to the Bureau of Labor Statistics, so it’s important to quickly adapt your finances to your temporary new normal.

Working through these tasks in the first seven days can help you find your financial footing as you figure out the next step in your career.

Day 1: Apply for unemployment

“Filing for unemployment insurance is a critical piece to getting back on your feet,” says Kyle Goulard, a certified financial planner in Portland, Oregon.

Contact your state’s unemployment office the day you lose your job. In most cases, you can file your unemployment claim online. The process can take a few weeks, so don’t delay.

Day 2: Assess your savings

Take stock of what you’ve squirreled away over the years. How far will it get you? Factor in any severance or payouts for unused vacation days, which will help you stretch your reserves.

In an ideal world, you’ll have enough savings to get you through a few months. In reality, you may only have a few weeks’ worth. Prioritizing bills and cutting back spending can help stretch that (more on that below).

Your 401(k) might look like a lifeline, but resist the urge to cash it out. Between taxes, penalties and lost retirement earnings, that’s an incredibly expensive move. Consider it a last resort, and you’re not there yet.

Day 3: Strip down your spending

“As soon as you lose your job, you should switch to an emergency bare-bones budget,” says Bruce McClary with the National Foundation for Credit Counseling.

That means cutting nonessentials, including gym memberships, ride shares, cable, streaming services and other subscriptions.

These changes feel extreme, but they’re only temporary. You can readjust your spending once you find another job.

Day 4: Call your creditors

Contact any lenders, utility companies and credit card issuers that you owe money. Many will have options to help out, including reducing or suspending payments, McClary says. The key here is to be proactive.

“It’s definitely taken into consideration when a borrower reaches out first,” McClary adds. “It can change the entire conversation.”

Day 5: Don’t neglect your student loans

Most student loans have built-in protections to help with this exact situation.

You may be able to temporarily suspend your loan payments through deferment or forbearance, or change your repayment plan to lower the amount due each month. Call your loan servicer to figure out the best option based on your loans.

If you’ve already missed a payment, you may have some wiggle room. Federal student loans aren’t considered in “default” until they’re 270 days past due. Avoid getting to that point, says Dana Kelly with the National Association of Student Financial Aid Administrators.

“Little dings are gonna happen, but you don’t want anything major. Especially when truly there is no need for it to happen,” Kelly says. “You can simply make a phone call and get yourself on better footing while you’re finding that next job.”

Day 6: Prioritize financial obligations

You may need to make some hard decisions if you don’t have enough money to go around. But how do you decide what gets paid and what doesn’t?

“Your top priority should be on making rent, keeping the lights on, putting food on the table,” says Scott Newhouse, a certified financial planner in Thousand Oaks, California.

Debt comes next. McClary says to prioritize collateralized loans, like your mortgage or auto loan. Defaulting on those could lead to losing your home or car.

With credit cards, continue to make at least the minimum payment for as long as possible. Missing payments will damage your credit score, which can take years to rebound. And you may need your credit cards to cover expenses down the road.

Remember: Continue talking with your creditors, especially if you need to miss a payment. You’ll have more control over the situation if you keep them in the loop.

Day 7: Sort out your health care

Health insurance through your employer typically won’t terminate the day your employment does. Often, you’ll have coverage at least until the end of the month, but you’ll need something to bridge the gap until your next gig.

Job loss is considered a “qualifying event,” meaning you can get health insurance outside of the annual open enrollment period. Explore the following options:

Your parents’ plan, if you’re under age 26.
Your spouse’s employer-sponsored plan.
The health insurance marketplace (Healthcare.gov).
Continuing coverage through your former employer via COBRA insurance.

One option that should not be on the table: forgoing insurance.

“This is a ‘must-have’ without question,” Goulard says. “The only thing worse than being unemployed is incurring health care costs without health insurance coverage.”

This article was written by NerdWallet and was originally published by The Associated Press.y

More From NerdWallet

How I Ditched Debt: From ‘Extravagantly Broke’ to Comfortably Frugal
How to Stop Anxiety From Ruling Your Finances
Don’t Let Try-Before-You-Buy Shopping Bust Your Budget

Kelsey Sheehy is a writer at NerdWallet. Email: [email protected].

The article You Lost Your Job? Here’s How to Find Your Financial Footing originally appeared on NerdWallet.

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How to Start Your Own Side Hustle

November 19, 2019CreditBy toptierfinancial

Side hustles, otherwise known as second jobs, aren’t a new thing. Perhaps because more and more adults in the U.S. are taking on supplemental employment, second jobs have adopted this new “side hustle” moniker. 

The difference is that when people say “side hustle,” they are often talking about something they do on their own time—typically as an independent contractor, rather than an employee.  

According to Bankrate, 45% of U.S. adults have a side gig and, on average, they earn $1,122 per month of supplemental income. Beyond simply raking in cash, side hustles also allow workers to explore interests without quitting their day jobs. In fact, 27% of side hustlers said that they’re more passionate about their side hustle than they are about their primary employment. 

Considering joining the legion of US workers who are taking on extra work? Here is your guide to starting a successful side hustle:

First, find your side hustle gig

The first step to setting up a side hustle is finding one that’s right for you. Not only do you need to consider your talents, experience, passions, and contacts, you also need to consider the numbers. 

Not every side hustle is created equal. Certain industries, like web and software development, design and creative assets, and writing and translation make the best freelance and side hustle gigs for generating the greatest demand and highest pay. 

The side gig that interests you the most might not be the one that will make ends meet—especially when you’re taking on extra work specifically for the money. Make sure you find a side hustle that harnesses not only your interests and experience, but also an ideal industry outlook.

Write out a simple business plan

Writing out a side hustle business plan might feel like an unnecessary step, especially for those who are simply taking on some freelance work on the side. Taking the time to map out your side hustle business plan, however, can help you solidify your short-term and long-term goals. 

Create a simple business plan for your side hustle by writing out the following sections:

A quick summary of your side hustle.
A description of your industry and where your side hustle fits into it,
An analysis of your competition and your target customer.
Your plans for marketing your side hustle.
A description of your side hustle finances, like your rates and anticipated expenses.
A detailed description of the services or product you plan to offer through your side hustle.
A quick bio of yourself and your qualifications, along with those of any other contributor to your side hustle.

This side hustle business plan has additional value as communications material. A version of your business plan could serve as an “About” page for your side hustle website, or even just a blurb for the side hustle entry on your LinkedIn page. Plus, you can send a copy of your business plan to potential clients or customers as a quick primer on your offerings. The structured, thought-out nature of your business plan could add a uniquely professional touch.

Set up separate business accounts

Even before you start spending and earning for your side hustle, you need to set up separate accounts for your side hustle finances. At the very least, you should set up a business checking account so that you can access a separate business debit card for your side hustle expenditures. 

 

If you have to buy materials, software, or workspace for your side hustle, do so with your new business debit card. That way, you’ll have all of your business expenses in one place. As you rake in revenues for your side hustle, whether through sales or fulfilled invoices, funnel them into your business checking account. 

 

It will be tempting to simply mix your personal and side hustle finances, but doing so will make filing taxes a nightmare every quarter and especially every spring. Having all of your freelance income and expenditures separate from your other finances will make paying your quarterly estimates and filing for a return as easy as pulling up bank statements.

Get accounting software

Getting accounting software for your side hustle will also allow you to keep your professional finances tidy. Many business accounting software options come with features designed specifically for freelance work. If you plan on invoicing clients for your services, then top accounting software options will allow you to send professional, customizable invoices. Some software options will even allow clients to fulfill invoices through online invoices with a few clicks. 

 

Many freelance accounting software options will also help you find freelance tax deductions that you can file in your return. Many expenses you’ll incur through your side hustle will be eligible for a tax deduction, and accounting software can make it easy to sift through and spot them within your bank statements. The best of the best accounting software options will even allow you to pay your quarterly tax estimates and file your return directly through their interface. 

Manage your time well

Side hustles are just that—hustles. Managing your time well is crucial to having a successful side hustle. Some days, you might feel like every single waking moment is filled with work, especially if your day job has long hours. Be sure to stick to a sustainable, delineated schedule for your side hustle work. Otherwise, the dangers of burnout could become all too real—for both your side gig and your primary job. 

Don’t quit your day job just yet

Which brings us to the last step for starting a successful side gig: Don’t quit your day job just yet. Getting caught up in the excitement of a side hustle is easy—especially if your side gig involves pursuing a passion. But remember why you started out with it as a side hustle in the first place. The steadiness of your day job can help you focus on the creative aspects of your side hustle, without the financial pressures that come with completely diving into a new venture head-first. 

Starting a successful side hustle: The bottom line

Ready, set, hustle! You’re familiar with all the logistical steps you need to take to set your side hustle up for success. Taking the time to create a solid foundation for your supplemental employment will help you ultimately succeed in whatever goals you have for your side hustle. Whether you simply want to access additional income, you need to access additional income, or you want to pursue a passion, these six steps can help you do just that. 

 

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