If You Don’t Follow Through on a Plan You’re Going To Lose
Jun 5, 2024
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Financial expert Jade Warshaw and career expert Ken Coleman tackle topics like explaining job termination, buying cars, dealing with buyer's remorse on a home, questioning a marriage, making large purchases, handling worries about money, and more on the podcast.
Evaluate job offers based on long-term potential, not just immediate salary.
Consider additional education or training to enhance income potential.
Plan financial gifts for children's home purchases to ensure long-term stability.
Explore tech training programs to transition into high-demand fields for income growth.
Deep dives
Reconsider the Job Offer
Estelle is considering a job offer that is $40,000 less than her current salary but offers potential for significant income growth. The new job involves a commission structure with a goal of surpassing a million in sales by six months. However, after a year, the income projection falls short of her current salary for the first two years. The company foresees over $150,000 in sales by the second year. Estelle is debating whether the financial risk is worth the potential long-term gain.
Consider the Financial Impact
Estelle is experiencing workplace challenges and contemplating a $40,000 pay cut for a job offering commission-based income growth. Although the role presents opportunities for financial advancement, taking such a significant decrease in pay is causing hesitation. With existing car debt and a minimal savings account, Estelle needs to carefully assess if the financial strain of the pay cut aligns with her current budget and financial goals.
Evaluate Other Job Opportunities
Estelle has received a job offer with a $40,000 pay cut, prompting her to explore considerations beyond financial factors. Despite challenges at her current workplace, she hesitates to accept the new offer without weighing additional options. By comparing different job prospects and considering the potential impact on her income and financial stability, Estelle aims to make an informed decision suited to both her professional and financial objectives.
Considering Additional Training for Increased Income Opportunities
With a desire to enhance their income potential, a couple contemplates whether pursuing additional training or education, such as becoming a registered behavior therapist, is a viable option. Despite concerns about costs and time commitments, they explore the potential income benefits that various training paths may offer, aiming to make an informed decision to advance their financial prospects.
Exploring Options to Boost Income through Tech Training
In search of income growth opportunities, a professional with caregiving expertise is intrigued by the prospect of tech training as a potential pathway to elevate their earnings. Deliberating on options like Bethel Tech's tech training programs, the individual considers a shift towards a new field that aligns with industry demands and offers a potential income upgrade.
Navigating Tax Considerations for Gifting Funds to Adult Children
In a bid to support their adult children's home purchases, a couple with a substantial net worth deliberates the best approach to gifting financial assistance. Exploring the tax implications of gifting $50,000 to each child for a down payment, they seek to optimize their financial planning to responsibly aid their children while ensuring financial stability for the long term.
Strategizing Financial Assistance for Adult Children's Home Purchases
With a significant net worth, a couple aims to assist their adult children with down payments for home purchases. Reflecting on potential avenues such as trusts, custodial accounts, and educational funding through 529 plans, they weigh the impact of financial gifts on their children's future financial independence and consider strategies to support their offspring's home ownership goals.
