Personal Finance

5 Things You Need to Do Now to Get a High Paying Job

Many people want to secure a high-paying job to ensure they can easily make ends meet, but figuring out how to land one isn’t always simple. Fortunately, there are steps anyone can take to put them on the path toward a more lucrative position. Here are five things you need to do now to get a high-paying job.

1. Establish Your Expertise

In many cases, high-paid professionals are known for being subject-matter experts in their niche. As a result, spending the time to establish your expertise and cement your reputation as highly knowledgeable in your field works in your favor. It can position you as a go-to person for specific tasks or when particular types of information are required, which makes you a more valuable addition to any company’s workforce.

Overall, establishing your expertise isn’t as challenging as it seems. First, you need to excel in any related roles you currently hold, particularly when tasks align with the niche. Heading online and creating content that showcases your knowledge or establishes you as a thought leader can also work well. Similarly, engaging in forums to share your expertise as a means of helping others solve problems can work wonders.

2. Spend Time Networking

Forging professional relationships is a classic recommendation when you need access to job opportunities for a good reason. Many openings aren’t publicly advertised, meaning they’re only accessible if you have a direct connection through someone you know. Plus, by building these relationships, you may be able to secure referrals, which can elevate your position as a candidate.

Networking also has other benefits. For example, you may be able to find a mentor who can help you navigate your chosen field. Your network can also serve as a support system in some cases, providing guidance when you face unexpected difficulties.

3. Acquire the Right Skills

When it comes to career success, skill-building is critical. However, if you want to work toward a high-paying job, you need to make sure that you’re acquiring the right capabilities. While foundational skills are a must, it’s also wise to hone capabilities that relate to skill gaps in your industry. If demand for a particular skill is high, but the supply of professionals with the ability is low, it makes you a far more desirable candidate.

Along with acquiring abilities that relate to current skill gaps, try to identify the skill gaps that will exist in the near future that could prove lucrative. For example, capabilities that align with emerging technologies that have significant potential in your field can work well, as it allows you to bring something to the table that lets companies leverage these new advancements.

4. Develop Leadership Capabilities

Many high-paying jobs involve shifting into management roles. As a result, spending time developing your leadership skills can be an excellent way to increase your access to more lucrative opportunities.

There are several approaches that can work well for honing your leadership skills. Formal courses are an option, as well as volunteering to head up projects or any other work-related opportunity that lets you step up as a leader.

5. Take Smart Risks

In many cases, taking smart risks can make it easier to access higher-paying positions in less time. For example, when exploring new job opportunities, don’t be afraid of trying for roles that are just a bit outside of your comfort zone. In many cases, if you bring most of what the hiring manager wants to find to the table, you could still be a contender, even if you aren’t a 100 percent match. While it means you’ll face a learning curve if hired, it’s a risk that can pay off if you’re suitably dedicated to learning once you secure the role.

Another smart risk is taking a prominent role in a high-visibility project. If you meet or exceed expectations while doing so, you can elevate your reputation. Plus, it can put you on management’s radar, and that can open doors that may otherwise be closed. As a result, it could put a high-paying job within reach faster, making it worth the effort.

Do you have any other tips that can help someone get a high-paying job as quickly as possible? Have you tried any of the strategies above and want to tell others about your experience? Share your thoughts in the comments below.

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Should I Leave An Inheritance To My Children?

Many parents like the idea of leaving their children an inheritance, but they may wonder whether doing so is a good idea. Here’s a look at whether leaving an inheritance is required, the pros and cons of an inheritance, as well as whether leaving an inheritance to children is potentially a good move.

Do You Have to Leave an Inheritance to Your Children?

Legally, parents aren’t required to leave their children an inheritance. For parents with only adult children, the focus should undeniably be on living comfortably, not leaving money behind for their kids. That way, parents get to enjoy their lives and ensure their needs are met.

For parents with minor children, many would like to make sure that their kids’ needs are covered at least until they reach adulthood (or potentially longer if a child has a disability). That ensures any remaining parent isn’t overburdened by being the sole income source for the family and can decrease the odds that the children will need to adopt a lower standard of living as they grow up.

However, an inheritance of any type is entirely optional. If you consider it a priority, then you can certainly set up your financial life to make one happen. However, if doing so would cause you undue financial hardship, or you don’t think doing it is necessary – regardless of whether it’s potentially affordable – not giving them an inheritance is something you can do.

Pros and Cons of an Inheritance

Pro: Financially Provide for Your Children

Generally, the biggest reason to provide an inheritance to your children is to give them some financial security. This could be particularly important for families with young kids, school-age children, or even college-age young adults who aren’t yet old enough to handle all of the monetary side of life alone. Similarly, if a child has a disability that highly limits their ability to earn an income, an inheritance could provide financial security.

Con: Stymying Financial Independence

In some cases, a sizeable inheritance may stymy some children as they journey toward handling their own financial lives. For example, it could cause a failure to launch, leading a kid to move toward adulthood without any plan for managing their long-term monetary needs. Depending on how long the inheritance lasts, the child could then find themselves ill-equipped to take care of themselves once the money runs out.

Whether this is an issue that may or may not be a concern depends on the children’s ages, their general demeanor, the size of the inheritance, and other factors. However, it’s worth factoring in when deciding whether leaving an inheritance is wise.

Pro: Demonstrating Your Love

Many people consider the ability to leave an inheritance as a demonstration of their love and caring for their children. In this situation, the benefit is primarily emotional for the parent leaving the inheritance. Essentially, it makes them feel like they’re able to care for their children after they pass away, and that can provide some peace of mind.

Children may also deem an inheritance as a demonstration of their parent’s love for them. It’s seen as a sign that a parent cared enough to not just take care of them as they grew up but also provide support after the parent’s passing.

Con: Supporting Undesirable Behavior

Most inheritances are received as windfalls, and for children with certain undesirable habits, that could be problematic. For example, a child with a gambling, drug, shopping, or other kind of addiction that leads to potentially high amounts of spending may use the inheritance to support their habit.

At times, children may simply handle the inheritance irresponsibly, even if they don’t have an addiction. This isn’t unlikely in essentially all cases, but the chance is particularly high if a kid isn’t overly financially literate or otherwise doesn’t have a tendency toward responsible financial decisions. In those situations, the kid may overestimate how far the inheritance would go, causing them to spend it much more rapidly than a parent may expect.

Pro: Assisting with Challenging Goals

There are situations where an inheritance isn’t necessary to ensure the financial security of one’s children, but it could serve as a path toward achieving a more challenging goal. For example, it could allow a child to earn a new degree or more professional credentials that would otherwise be out of reach. Similarly, it could make homeownership or starting a business a possibility.

Con: Limiting Your Spending

In order to leave an inheritance, a parent has to spend less than they’ve managed to save. As a result, it could mean living on a restrictive budget when it isn’t technically necessary, as the parent technically has the funds available to live more comfortably.

Essentially, it can mean a parent is sacrificing their quality of life in hopes of providing their children with something better. While some parents may be okay with that choice, others may find it oppressive or that the decision causes them to have to struggle. In the latter cases, that could cause a parent to resent their children for a decision the parent made, which is never ideal.

Should You Leave an Inheritance to Your Children?

Ultimately, whether you leave your children an inheritance is a personal decision. As mentioned above, an inheritance does help your kids handle their financial burdens, which can be beneficial. Plus, many consider an inheritance a sign of your love for your children, and it’s a demonstration that your finances were in order enough to leave something behind for your family.

However, there are times when leaving an inheritance could be problematic. As a result, choosing not to provide one is an option. Just make sure that, no matter which approach you use, you have a formal estate plan outlining your wishes clearly. That way, your assets go where you want.

Do you think that leaving an inheritance to your children is a good idea? Can you think of any other pros and cons of an inheritance parents may want to consider? Share your thoughts in the comments below.

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Use The Qapital App to Maximize Your Savings

Saving money seems like it’s an incredibly straightforward thing to do, but it isn’t always easy to hit your goals. Fortunately, with the Qapital app, maximizing your savings gets far easier. The app allows you to automate your savings to a whole new level, and you can turn a wide variety of actions into savings triggers. If you’re wondering whether Qapital is right for you, check out this Qapital review so you can decide for yourself.

What Is Qapital, and How Does Qapital Work?

Qapital is a budgeting and saving app that focuses on harnessing automation to simplify setting money aside. Users can set up a wide array of savings goals within the Qapital app. Then, they can fund those goals by setting up rules that trigger savings activity.

Goals can be of any size and set up for any purpose. Users can also have several goals at the same time, each with their own set of triggers.

For the app to work, users have to link a checking account to their Qapital account. There’s also the option to connect a PayPal account or credit card, though those aren’t required. After linking the checking account, users can set up rules that direct their savings activity.

Where the saved money is held can vary. All users have access to an included bank account that can store funds, and it does generate a modest amount of interest. However, users with higher-level service tiers can also put the saved money into an investment account, allowing them to invest in ETFs instead, which can mean more growth potential.

It’s critical to note that while a Qapital account is associated with a separate banking account – which is FDIC-insured – Qapital isn’t the one managing the bank account. Instead, those services are provided by its partner bank. Additionally, brokerage services through the app are overseen by a partner institution, not Qapital directly.

What Are Qapital Savings Rules?

Qapital uses rules to help users automate their savings. Essentially, the rules are instructions, and each rule functions as a trigger, allowing savings activity to happen automatically when specific actions occur.

There are several rule types available. One of the most popular is a Round-up Rule, where the app automatically rounds up the amount of a purchase to the nearest $1, $2, $3, $4, or $5. The default round-up rule is $2, but users do have the option to change it when setting up the trigger.

Another straightforward option is the Set & Forget Rule. With that, users can designate a specific dollar amount to go toward a savings goal at a particular time. For example, a user could have $50 transferred to their Qapital account every week.

However, there are many other rules available, allowing users to transfer money to their savings account based on a wide variety of triggers. The IFTTT rule provides users with a lot of flexibility, as it’s possible to associate a savings trigger with a variety of unique actions. For example, you can have it send money to savings every time you use a social media app, which isn’t something you can do through nearly any other savings app.

There’s even a Freelancer rule that helps self-employed or gig workers ensure they’re setting enough money aside for quarterly taxes, as well as a Guilty Pleasure rule that makes sure that indulging also leads to savings activity.

How Much Does Qapital Cost?

The Qapital app does come with a 30-day free trial, but after that, users have to pay a monthly fee. The lowest cost option is a Basic account for $3 per month, and it allows for unlimited savings goals, rules to automate savings and other core features. For $6 per month, users at the Complete account level can access additional functionality, including the ability to invest using the app.

The Premier level gives a user access to every available feature. Plus, they get a first look at new capabilities coming to the app. It costs $12 per month.

What Are the Drawbacks of Qapital?

One of the most notable drawbacks of Qapital is the price, as getting access to the more advanced features does cost more than most people looking to build their savings would hope. Additionally, a downside is that Qapital doesn’t allow you to connect more than one checking account.

Users who don’t typically have a lot of money in the linked checking account also need to be vigilant. If a rule triggers money to come out of checking and into savings, it can accidentally lead to an overdraft if the checking account doesn’t have the funds available to support the action.

When it comes to the available investments, Qapital doesn’t provide as many options as a more traditional investment app. Users can only access ETFs, and the ones in their portfolio are predetermined based on the risk profile they create through Qapital. Users don’t get to pick and choose their investments, and they can’t sell individual ones or buy specific ones. Instead, it’s all based on the automatically selected portfolio mix, which some may find less than ideal.

Finally, if you need help from customer service, Qapital’s contact options are a bit limited. There’s no way to reach anyone over the phone. Instead, you only have access to an in-app messenger or email-based support.

Qapital Review Conclusion: Is Qapital Right for You?

Ultimately, Qapital is excellent when it comes to offering a wide variety of ways to automate your savings. The number of available rules outdoes what you’ll find almost anywhere else, allowing you to create a personalized set of triggers that help you reach your savings goals.

Just be aware that the monthly fee can get high, and be mindful of potential overdrafts if the balance of your checking account typically gets low during the month. Additionally, understand that investing through Qapital is one of the areas where your control is somewhat limited.

If you’re comfortable with that and any other potential drawbacks, then Qapital could be a great choice. If not, then you may want to look elsewhere.

Are there any points not in this Qapital review you’d like to add? Have you used Qapital and want to tell others about your experience? Share your thoughts in the comments below.

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