Dive into the pivotal era of 'The Great Resignation' with the latest episode of NerdWallet's Smart Money Podcast, where Sean Pyles, Liz Weston, Sarah Rathner, and Holden Lewis discuss the complex process of exploring new job opportunities. In an age where employees have the leverage to negotiate and reassess their career paths, listeners will gain insights on the importance of evaluating total compensation, which goes beyond the paycheck to aspects like benefits, work-life balance, and the initiation periods for new roles. Crucial resources for researching and comparing job offers, as well as tactical advice for those pondering a switch amid a labor shortage, are presented to orient listeners on how to tread these changing tides effectively.
Shifting the focus to life's big moves, the podcast also zeroes in on the crucial decision between renting and buying when relocating to a new city. The episode delivers valuable strategies to understand neighborhood dynamics and cultivate a community, stressing the significance of experiencing potential areas first-hand and leveraging online tools to get the lay of the land. Whether you're considering first-time homebuyer programs or deliberating the rent versus ownership dilemma, the team at NerdWallet's Smart Money Podcast equips you with the necessary tools and considerations to make informed choices tailored to your lifestyle and financial wellbeing.
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The Great Resignation has prompted workers to consider new job opportunities. Those contemplating a change must assess their total compensation, which includes benefits beyond salary, such as health insurance and retirement plans. Work-life balance is also part of this total package and contributes to job satisfaction. Researching and comparing potential new job packages is crucial, using resources like salary.com and directly networking. With a labor shortage, employees can negotiate better terms. Understanding waiting periods for benefits at the new job is important and, if possible, should be negotiated.
Choosing where to live encompasses more than just a home; it's about the right environment. Experts recommend spending time in potential neighborhoods to get a feel for the place beyond internet listings. Online tools like Walk Score can measure walkability and access to local amenities. In moving to a new city, building a community through social activities and local engagement is key. The cost of living differences is also significant. Using cost of living calculators to compare cities, as it affects financial stability, is essential in the decision-making process.
Discovering homeownership opportunities involves utilizing online resources such as NerdWallet to find first-time homebuyer programs and understanding that incentives often target low to moderate-income earners, but may also be available to those with higher incomes. Renting before buying is recommended to get familiar with different neighborhoods and the housing market. This approach allows time to explore and determine where to live long-term while assessing financial and personal readiness for homeownership.
1-Page Summary
The term "Great Resignation" captures the trend of many employees quitting their jobs, with four million Americans leaving in July 2021 alone, according to the Bureau of Labor Statistics. It’s a phenomenon that has many workers wondering if it’s time to seek new opportunities. Before making that leap, it's critical to thoroughly assess total compensation and research potential new opportunities.
Before resigning, it's pivotal to think beyond the annual salary. A comprehensive evaluation of the rewards package, including health insurance, cell phone reimbursement, or gym memberships, is necessary. Current benefits need to be valued, understanding what the employer’s contribution entails, and considering how future needs might affect the appreciation of benefits such as infertility coverage or orthodontic care for children.
Consideration should be given to benefits that vest over time, like stock options and 401(k) matches. Workers should be aware that while their own 401(k) contributions belong to them, employer matches might be distributed over time, and leaving prior to certain vesting milestones could result in significant financial loss.
Sean Pyles voices the importance of work-life balance in conjunction with salary and benefits, implicating these as part of the total compensation that factors into job satisfaction.
Once the total compensation at a current job is understood, it's essential to compare it to the potential new job's package. Tools and resources such as salary.com, Glassdoor, and Robert Half offer valuable insights on compen ...
The Great Resignation and Deciding if Now is a Good Time to Find a New Job
Selecting the right neighborhood and city to live in is a crucial decision that involves evaluating the community's ambience, amenities, and cost of living. The hosts and guests discuss strategies for identifying the best environment to suit individual preferences and needs.
The hosts stress the significance of acquainting oneself with various neighborhoods before settling down. They suggest that renting for six to twelve months in a new city is vital to truly understanding different areas. They compare the benefits of vacationing or spending long weekends in prospective cities to just researching online. Lewis, for example, speaks about the insights gained by physically driving around neighborhoods that can't be ascertained from an internet listing, such as the topography of an area. Meanwhile, Holden emphasizes taking the time to walk around target neighborhoods to get a firsthand feel that online tools can't provide.
Despite the value of in-person exploration, online tools still play an important role in neighborhood selection. Sarah Rathner recommends using a neighborhood's Walk Score as a starting point to evaluate walkability and access to amenities. Sean Pyles shares his own preference for being within a ten-minute walk of the main community area, highlighting the importance of determining the type of environment you want.
Transitioning to life in a new city includes cultivating social connections. Rathner proposes using existing connections, like acquaintances, to join plans and meet new people. Pyles shares his experience of making friends through his pet at the dog park and through shared activities, like joining a rugby team. Rathner also encourages participation in solo-friendly activities such as neighborhood book clubs, classes, or volunteering and recounts meeting her husband at an improv comedy class, noting how such settings can foster meaningful connections.
Community involveme ...
Finding the Right Neighborhood and City for Your Lifestyle and Needs
Charlie inquires about the best methods for finding housing opportunities and incentives. Various paths can lead to homeownership, with resources and renting playing crucial roles in the journey for first-time buyers.
Holden Lewis informs Charlie that online platforms such as NerdWallet provide valuable information about first-time homebuyer programs organized by state. NerdWallet, notably, has a page dedicated to these programs where users can select their state to view details of programs available to them.
Lewis elaborates that the financial incentives for homeownership are particularly accessible for those with low to moderate incomes. He adds, however, that even someone with a higher income and good credit score may find beneficial programs. As an example, Lewis cites Washington State, where first-time homebuyer programs are in place for individuals earning up to $145,000.
Charlie, currently renting, voices apprehension about transitioning to homeownership, indi ...
Strategies for Discovering Homeownership Opportunities and Incentives
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