Millennials are set to become the first generation to earn less than their predecessors, new research suggests. The Resolution Foundation found that under-35s earned 8,000 pound ($10,600) less in their twenties than Generation X workers. If wages for millennials follow the same path as Generation X, average career earnings will be about 825,000 pound ($1.1m). That would make them the first generation to earn less than their predecessors over the course of their working lives. Research found that some of the pay squeeze was due to under-35s entering the job market as the recession hit, but it also concluded that generational pay progress had ground to a halt even before the financial crisis struck in 2007. (bbc.com)
It’s no surprise that doctors and lawyers earn six figure salaries, but there are many other jobs that also pay $100k or more. Glassdoor, a job search site, examined hundreds of thousands of compensation reports from U.S.-based employees over the past two years to list 11 surprising jobs where you can earn a six-figure salary:
- Reservoir engineer, $143,000 median annual salary
- Software architect, $139,000 median annual salary
- Airline pilot, $134,000 median annual salary
- Dentist, $129,968 median annual salary
- Special agent, $125,000 median annual salary
- Geophysicist, $119,380 median annual salary
- Drilling engineer, $116,500 median annual salary
- Regional sales executive, $103,500 median annual salary
- Nurse practitioner, $101,600 median annual salary
- Physician assistant, $100,392 median annual salary
- Equity research associate, $100,000 median annual salary
Stress has been linked with a string of issues including depression, dementia and cancer. But Professor Ian Robertson, the author of the book, The Stress Test: how pressure can make you stronger and sharper, argued that the right amount of stress can actually increase our productivity. Stress causes an area in our brain to create neodrenaline, which eases the communication between the different parts of our brain. As long as we have the right amount of the chemical, stress can push us to perform better. According to Professor Robertson, “there’s a sweet spot in the middle where if you have just the right amount, the goldilocks zone of noradrenaline, that acts like the best brain-tuner.” (independent.co.uk)
Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare. When asked to describe their plans for retirement, 27 percent of Americans said they will “keep working as long as possible,” a 2015 Federal Reserve study found. Another 12 percent said they don’t plan to retire at all. One of the reasons for working longer is that older Americans are short on savings. Today, 60 percent of U.S. households have no money in a 401(k) or similar retirement account. (bloomberg.com)
So what do the rich do every day that the poor don’t do? Drawing from the study by Tom Corley, Dave Ramsey summed up the differences between the habits of the rich and the poor. Here are 15 things the rich do differently from the poor:
- 86% of wealthy love to read vs. 26% of poor.
- 81% of wealthy maintain a to-do list vs. 19% of poor.
- 80% of wealthy are focused on accomplishing some single goal. Only 12% of the poor do this.
- 80% of wealthy make Happy Birthday calls vs. 11% of poor.
- 67% of wealthy write down their goals vs. 17% of poor.
- 88% of wealthy read 30 minutes or more each day for education or career reasons vs. 2% of poor.
- 67% of wealthy watch one hour or less of TV every day vs. 23% of poor.
- 6% of wealthy watch reality TV vs. 78% of poor.
- 79% of wealthy network five hours or more each month vs. 16% of poor.
- 84% of wealthy believe good habits create opportunity luck vs. 4% of poor.
- 86% of wealthy believe in lifelong educational self-improvement vs. 5% of poor.
- 74% of wealthy teach good daily success habits to their children vs. 1% of poor.
Tim Cook is making his first visit to India as CEO of Apple and Cook reveals his three keys for personal success to young people during an interview. Business Insider reported that during a local game a sportscaster asked Cook about his impression of the sport and his experience in India. He also asked Cook what his message was to young people who might want to replicate his success. Sportscaster Alan Wilkins asked: “We have a lot of young viewers… if you had three key points for personal success from the chief executive officer from Apple, what would you say to our young viewers?” Cook replied: “Do what you love, and put your whole heart into it, and then just have fun.” (businessinsider.com)
Linda Celestino, vice president of guest services at Etihad Airways writes on Fortune: “there are two kinds of success: external or professional success and internal or personal success. Sometimes, in our younger years, we believe we are only measured on our external success and professional achievement. We think that that’s how the industry or world competes, but success is not singular, or based simply on our fortitude. To achieve success, you need to find your purpose, communicate, and adapt.”
- Finding your purpose and what you truly, deeply believe in 1,000% is fundamental to your success
- Communication drives every negotiation when used to build relationships , whether it’s monetary, professional, or personal
- Adaptability and the ability to thrive in ambiguity is very important during challenging times
Due to the state’s decision to gradually raise its minimum wage to $15, more companies are looking into automation to reduce cost. To deal with the rising minimum wage, the fast-food chain Wendy’s plans to start automating all of its restaurants. The company said that self-service ordering kiosks will be made available across its 6,000-plus restaurants in the second half of the year. Wendy’s President Todd Penegor said it will be up to franchisees to decide whether or not to adopt the kiosks in their stores. The minimum wage for all 258 Wendy’s restaurants in California will gradually rise to $15 and automation and eliminating certain jobs are the solution for cost reduction. In the meanwhile McDonald’s also tests its own self-service kiosks. (investors.com)
FounderSociety shares 6 common mistakes that trip up first-time entrepreneurs. “As a first-time entrepreneur, taking all the right steps in the beginning is critical to your success in the long run. It’s important to stay vigilant and avoid falling victim to one of the many obstacles in your path that could end your career for good.” Here are the biggest threats first-time entrepreneurs should avoid:
- Losing focus
- Shooting too high too quickly
- Giving up too early
- Thinking it’s easy
“If you make less than $50,000 per year, you will soon be entitled to overtime pay,” said Hamilton Nolan on Gawker. “We are referring here to the Department of Labor’s overtime rule, which is widely expected to be updated some time later this summer. Though we won’t have an official number until the rule is final, it now appears that even if you are a salaried employee or some sort of manager, you will still be entitled to time-and-a-half pay for working more than 40 hours per week, as long as your total salary falls under the threshold.” According to activist Nick Hanauer, “the overtime threshold is to the middle class as the minimum wage is to low-wage workers.” The battle to raise the minimum wage has gotten more attention, but the battle to raise the overtime threshold could have a similar impact. (gawker.com)
Polly Mosendz writes on Bloomberg: “This year’s batch of Silicon Valley summer interns might earn more money than you. The median monthly base salary for an engineering-focused summer intern at some of the big technology companies is $6,800. Annualized, that’s $81,600 a year, according to data collected by Rodney Folz, a former University of California Berkeley student and soon-to-be Yelp intern. The national wage index is $46,481.52, according to data last compiled by the Social Security Administration in 2014.” (bloomberg.com)
Eighteen-year-old Emily Stutz, a Lowell High School senior, tries to raise money for medical school in an unorthodox way – panhandling. Stutz has maintained a 4.0-4.5 GPA for the last four years and worked three part-time jobs. But she doesn’t have financial mean to attend the universities of her choice. “My parents have had immense financial struggles and simply cannot come up with $20,000-$30,000 a year, nor are they able to cosign a loan for me,” Stutz wrote on her fundraising page. “I have no other adults in my life who are able to cosign and I am at a loss. I see my dream of becoming a doctor slip further and further away as the days pass by so I’ve decided I am going to do whatever it will take to get myself to college. If people will give to the ‘homeless’ panhandlers then maybe they will consider sparing a dollar or some change to an aspiring doctor who has all the academic, but no financial means to attend college,” Stutz wrote on her fundraising page. Panhandling is her financial plan to pursue her college dream. (cbslocal.com)
Your career is one of your biggest asset. Spend time to secure your career can help you reach financial goals and financial freedom. There are some bad habits that can derail your career. Liz Ryan at Forbes explains 10 bad habits that could end your career:
- Letting your temper show
- Being two-faced
- Betraying confidences
- Winning the battle and losing the war
- Sucking up to leaders
- Letting teammates down
- Putting your interests ahead of everything else
Brittney Helmrich writes on news.com.au: “How you start your morning sets the tone for the rest of your day, so your morning routine is important, especially when you’re in charge of an entire company.” Here are what successful entrepreneurs do when they wake up:
- “I go for a morning run. No set distance, no set time — I just set my alarm for 5:30am, jump out of bed, put on my running gear and run until I’m tired or bored, then walk back. Rain or shine, it doesn’t matter.” – Neil Andrew, account director and founder, Piccana
- “I make the bed. It helps me start every day off with knowing something is already accomplished.” – Brad Cummins, founder, Local Life Agents
- “The first thing I do is kiss my wife. My family is my foundation and core. I then meditate for about 15 minutes to draw in positivity and set the tone for the rest of my day. If I am positive, I will attract positivity and success.” – Ken Collis, CEO and owner, TLK Fusion
According to a survey by Harris Poll, fully 44% of American workers say they have lost sleep because they were worrying about work. “Numerous studies show that job stress is far and away the major source of stress for American adults and that it has escalated progressively over the past few decades,” according to The American Institute of Stress. Employee stress-related cases jump 28% over three years. Sleep difficulties can make it more difficult to manage stress, says psychotherapist Holly Parker, who lectures at Harvard on psychology topics. “It’s a troubling snowball of stress and sleep deprivation, fueling itself.” It’s no wonder that retirement is the secret to a happier and healthier life. (marketwatch.com)