This year is tough for college graduates looking to enter the job market. Even more than last year: a study shows a 1.7 percent decline in the salaries offered for entry-level positions when compared with the same time last year. 2010 colledge grads can expect an average offer of $47,673, compared with $48,515 in 2009.
However there are still careers where the median starting salary is above the average. Let’s review the top ten jobs that offer the highest starting pay:
1. Engineering (median starting salary $53,400)
Engineers use math and science to develop solutions to technical problems. There are many specialties, including industrial engineers, aerospace, and biomedical. A steady growth is expected in this field. Read this »
When you are in salary negotiations for a new job, the ideal situation is to get your employer to give you a number first. This way, you don’t inadvertently lowball yourself. But sometimes giving out a number first is unavoidable. So how do you know what is reasonable for a position? Here are a few tips!
Know when to give a number. Sometimes, job postings will ask for your salary requirements. They use this information to weed out people who are over-qualified (too expensive) or under-qualified (too cheap.) You don’t want to place yourself in either pile, so instead, say your salary requirements are negotiable. Then, once you’ve secured the position – and only after trying to get a number from them first – should you give them your requirements.
Find out what other people at the company are making. No, you can’t ask, but you can check out websites like GlassDoor.com and Vault.com, where people anonymously share their salaries. This is probably the most accurate way to get the correct figure, but keep in mind that your experience and responsibilities may differ from someone else with the exact same title. Use the numbers you see as simply a guide. Read this »
Retirement plan providers make money even if you don’t. After the market crash in 2008 the value of our 401(k) plans sank dramatically. Regardless of a plan performance, most providers still get a cut of the expense ratio on the funds. After cost deduction for bookkeeping, administration and marketing, there can be money left, which, in most cases, stay with the plan providers and sometimes is used to market their investments to other companies rather than going back to investors.
You may not know where all your money is going. It’s often difficult for an investor to know the exact breakdown of fees for their 401(k) plan. Even if you know the breakdown, it can be hard to figure out what portion of it is an excess revenue. It may soon change: as lawmakers are closing the loopholes, the plan costs become more transparent, which usually lower fees.
You should not be paying the same fees for your 401(k) plan as if you bought it on your own, but you might be. Mutual funds are sold in different share classes depending on different factors. E.g. index funds are typically the cheapest option since they’re not actively managed, while small plans with fewer investors are usually more expensive. Read this »
For most people, being laid off means a major drop in income, even with unemployment payments and severance pay. It will probably take more than passing up lattes and renting fewer videos to make ends meet. Here are a few suggestions for saving hundreds of dollars each month:
1. Look at Your Car Insurance
As the commercials say, “Are you paying too much for car insurance?” If you have an older car that is paid off, it may not make sense to buy collision insurance. If the Blue Book value of your car is low compared to your insurance premiums you are probably paying more for collision insurance than you will get back if the car is totaled.
If your car is fairly new, you may want to increase your deductible to lower your insurance costs. After all, you are probably driving a lot less while you are out of work.
2. Talk to your credit card company
Many credit card companies have special payment plans for those who are unemployed. For example, Capital One will waive late fees and allow you to pay only the interest on your balance for three months. Read this »
