The Olympics are inspiring for many reasons. Athletes see them as literal goals, while us mortals at home are moved by the competitors' perseverance, fortitude and collegiality. It's a beautiful thing for us to get together every few years across the globe and put our best feet forward.

You might never stand at the 420-foot top of a ski jump, but there are still lessons you can take from the Olympics into your career.

5. Put yourself in the right position for your career

One of the most interesting career lessons in these Olympics has nothing to do with sports. If you've been watching NBC's coverage, you've seen sportscaster Mike Tirico. If you watched the Super Bowl last Sunday, you also saw Tirico.

It's remarkable to go from calling the biggest game in the United States to headlining the Olympics, and it all happened because of a career decision Tirico made a decade ago, smartly detailed by Andrew Marchand for The Athletic.

He left ESPN, where he had established an impressive career with a role regularly calling football games, to go to NBC, in part because he had an ambition to call the Super Bowl, to which ESPN didn't have broadcast rights (it also didn't have rights to the Olympics).

When he first got to NBC, Marchand wrote, "Despite formerly being a 'No. 1,' Tirico only got occasional games." But Tirico had smartly positioned himself in the commentating line of succession, giving himself opportunities, between the Super Bowl and the Olympics, he never would have had if he had stayed being "No. 1" at ESPN.

The lesson? To chase your career goals, position yourself strategically where the opportunities are.

4. Sometimes the best investing decision is the obvious one

...within reason.

As you earn enough money to make serious investments, you face a question: Do you invest in the Magnificent 7, which "everyone knows is the best," or do you look for a hidden value stock that can skyrocket? (There is another option, which is investing in a fund, but bear with me here.)

You might think the Mag 7 is overplayed, and there's no way something that's had such a great rise will continue having such a great rise. But the thing is, sometimes companies that are performing well will continue to perform well.

Just ask the U.S. women's hockey team. Coming in as favorites, Team USA finished the group stage undefeated, scoring 20 points in four games and only getting scored on once.

Or ask Johannes Hoesflot Klaebo, the skier who just tied the record for the most gold medals at the Winter Olympics.

But then there are the counterexamples. Consider, if you will, figure skater Ilia Malinin; or Mikaela Shiffrin, the best alpine skier in the world "for three years and 11 months out of every four years," as the Wall Street Journal put it, who has had a dismal time at this and the last Olympics. Consider Chloe Kim, who missed a difficult attempt on the snowboard halfpipe and took home a silver.

The thing is, that's us looking at two weeks of performance out of a full career. If you looked at the Magnificent 7 in the last week or two, you might also think they're a lost cause. (With the hockey competition still going on, there's no certainty the U.S. will continue its dominant streak.)

The lesson? Sometimes "the best" get that reputation for a reason, but you have to trust returns over a reasonable time period. Do your research and make your own determinations on your investments, but take it from someone who sold Facebook stock at $65 in 2014: Big companies can get bigger.

3. Subjective judgment is a painful part of life

Imagine you were working for 15 years, steadily moving up from assistant to vice president at the same company, not causing any drama, picking up side projects for other teams, and getting consistently improving results.

How would you feel, then, if someone who got hired less than a year ago — who had lower numbers than you last quarter — got that promotion you've been hoping for?

That was something of the case for Team USA's Madison Chock and Evan Bates, the married ice dancers who have been skating together for 15 years. This was their fourth Olympics, and they came in determined to leave champions.

Instead, they lost the gold by 1.3 points to the French team, who only paired up last spring as they each faced controversial situations with their previous partners.

Figure skating is a famously subjective sport, as scores are made by a panel of judges making their best determination.

While efforts have been made to make the process more objective, hiring decisions are also famously subjective and can come down to something as simple as another candidate using a phrase that was on the hiring manager's mind, while you had a different word choice.

The lesson? You might never know why someone got the job over you, but that decision doesn't determine your worth or how good you are at what you do. U.S. figure skater Michelle Kwan never won gold, but we still consider her a legend.

"Sometimes in life you can feel like you do everything right and it doesn't turn out that way, and that's life and that's sport," Bates said after the results came out.

He went on to add, "We're married, so we're gonna be fine, we're gonna go home and we're gonna have a life," which brings us to our next lesson...

2. Professional success means less without personal fulfillment

In one of the most baffling moments of this — or any — Olympics, Norwegian athlete Sturla Holm Laegreid confessed to cheating on his ex-girlfriend in an interview after winning bronze in the 20-kilometer men's biathlon competition.

Fighting back tears, he said, "I'm not quite sure what I'm trying to say by saying this now, but sport has taken a back seat in recent days." He later told journalists he felt "not really here, mentally," and he went on to issue a statement apologizing for the comments, as they outshined what should've been a celebratory moment for Norway (his teammate won gold).

The lesson? As much as we want to compartmentalize and Severance our professional lives from our personal ones, we are the same person whether we're at work or at home. Professional success can feel hollow if you made missteps in your personal life on the path to victory.

1. You can unretire, but it might not go how you expect

One of the biggest stories coming into this Olympics was skier Lindsey Vonn's return to competition after retiring from the sport in 2019. It was an inspiring story as she bounced back to podiums in the lead-up to Milan-Cortina, including becoming the oldest alpine World Cup winner at age 41.

Then the dream of winning came crashing down. Days before the Olympic Games, Vonn crashed in a race, rupturing her ACL. She was still determined to compete, though — and within seconds of starting her run at the Olympics, she crashed again, breaking her leg.

There are many lessons people have made out of this tale, and it's easy to interpret it as saying unretiring is impossible and destined to end in tragedy. But consider this: Since returning to competition in 2024, Vonn made World Cup podiums twice, and she was good enough to secure a spot on the Olympic team.

"I have no regrets," she wrote. "Standing in the starting gate yesterday was an incredible feeling that I will never forget. Knowing I stood there having a chance to win was a victory in and of itself."

Let's not discount the finances. Vonn is one of the highest-paid athletes in these Olympics, per a Forbes estimate, and there's no doubt these additional competitions secured more endorsement deals for her.

There's more to the story of unretiring at the 2026 Olympics, as Vonn isn't the only athlete to have done so. Over in figure skating, Canada's Deanna Stellato-Dudek is preparing to compete in the pairs competition, which, at 42, would make her one of the oldest female figure skaters to compete at the Olympics. More than half her life ago, this would've seemed an impossibility. She retired at age 17 due to injuries, before returning to competition 16 years later.

"To know me is to know that I wasn't going down without a fight," she said this week while practicing after an injury, per The Canadian Press.

Similarly, American skater Alysa Liu retired from the sport at 16, after the 2022 Winter Games. Her retirement was less about physical injuries and more about taking control of her own life. The Liu we're seeing on the ice in these Games appears visibly free and happy.

"Before, literally, she never disagreed with anything anybody ever said," her coach told NBC News. "But now she has complete freedom to chime in and we respect that. So, she exercises her right all the time."

The lesson? You can unretire, but know that "success" in returning to work might look different from what you expect.

Maybe it's not returning to the C-suite to rocket a company to the top of the S&P; maybe success is finishing your work on your own terms, proving you can still do it, and making a little extra cash to cushion your retirement 2.0.

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Question: I'm 59 with $1.7 million in savings and just found out my team is being phased out in January. I'm getting a six-month buyout package. Should I just retire at 59½, or try to find another job?

Answer: The U.S. economy is generally in a good place, and the unemployment rate is fairly low. Yet many people are worried about layoffs going into the new year.

Part of it stems from what Glassdoor calls the "forever layoff" trend. Small layoffs of under 50 people are now the most common type. And because they only impact small pockets of employees, they're happening more frequently.

It's not surprising, then, that 26% of workers are more worried about being laid off now than they were six months ago, according to a November FlexJobs report.

If you've just learned that your team is being phased out in January, it's probably not the news you wanted going into the holiday season. But if you're getting a six-month buyout package, at least you have time to figure out your next move.

For people in their 30s, 40s, or even early to mid-50s, pivoting to a new job may seem like the next logical step. But if you're 59, you may be wondering whether it pays to look for a new job given your age and the state of the labor market.

With six months of severance coming your way, you'll be getting paid long enough to tide you over until at least age 59½, which is when you can tap a tax-advantaged retirement plan like an IRA or 401(k) without facing an early withdrawal penalty. And if you already have $1.7 million saved, you have a reasonable cushion to work with.

Still, that doesn't mean rushing into retirement is your best choice. You may want to explore other options so that you don't deplete your savings prematurely or end up in a situation you aren't happy with.

Consider a different type of work

If you'll be retiring when you're close to 60, you're ending your career early, but not that early. You still need to be careful with your $1.7 million in savings.

The 4% rule says you can take a $68,000 withdrawal from your savings your first year of retirement and adjust future withdrawals for inflation, all the while giving your nest egg a strong chance of lasting 30 years. So you'll need to ask yourself whether $68,000 is enough to live on, especially given that at 59, you're still a good three years away from being able to claim Social Security benefits.

You'll also need to decide whether you're comfortable tapping your savings at 59, rather than waiting. If you don't love the idea of giving up your paycheck completely, Christine Mueller Coley, Senior Vice President and Wealth Advisor at SteelPeak Wealth, says that in this situation, you can explore what she calls a "non-career role."

"Many of my clients have taken full-time positions in hardware stores, sporting goods stores, and similar workplaces," she says. "These jobs offer benefits, provide steady hours, and allow for a gentler transition into retirement without the stress of a traditional career role."

Most importantly, says Coley, a "non-career role" could provide you with health coverage, bridging the gap between early retirement and Medicare, which you don't become eligible for until you turn 65. That's especially important now, as Congress debates subsidies for the Affordable Care Act and the cost of health care.

Coley also says that local governments often hire for temporary roles, so that may be a place to look if you're interested in a six- or 12-month contract once your job comes to an end. Remote part-time jobs are worth looking at, too, she says, allowing you to earn some money without requiring a full-time job commitment.

Figure out what you really want

You may see your forced buyout as an opportunity to pivot into a more rewarding job. Or, you may be relieved that you've potentially been given the green light to retire.

Keith Spencer, CFP, founder and financial planner at Spencer Financial Planning, says it's important to figure out where you actually want to go from here.

"There are two major factors to consider," he says. "First, do you have enough money saved up to last through retirement at your desired lifestyle? Second, what do you want your life to look like over the next few years?"

The money aspect boils down to how much you want to spend. And if you have modest needs, $1.7 million in savings might be plenty, Spencer says. It's important, though, to be honest about your spending plans, because if you're used to a large salary and don't want to scale back, stopping at $1.7 million could leave you with a big shortfall.

Just as importantly, though, Spencer says you need to ask yourself whether you'll be happy not working.

"The prospect of retirement might sound enticing at first, but is it what you truly want?" he says. "I encourage my clients to think of it this way. Don’t just retire from something. Retire to something. Retire to something you’re excited about that will take up your time in a meaningful way."

Of course, Spencer recognizes that continuing to work and/or finding a new job will present its own challenges for someone on the cusp of 60. However, he says, "You can see the word 'challenges' as a positive or a negative."

All told, a situation like this requires you to dig deep and be honest with yourself.

"The prospects of [finding and adjusting to a new job] might fill you with excitement, dread, or something in between," Spencer says. "I’d encourage you to listen to what that inner voice is telling you as you think through these things."

Read More

• I Got Laid Off at 59 with an $800,000 401(k). What Are My Options?
• I Walked Away from a Stable Mid-Career Job — Here’s the Retirement Math Behind that Decision
• I'm 57 With a Great Remote Job, but My Company Wants Me in the Office Full-Time
• I'm 51 and My Portfolio Is Up. I Plan to Retire at 60 and Want to Start Moving out of Stocks. Is That Smart?

This year is poised to move fast — and not in the way you might think. Dreams of professional mobility are making many people wonder about climbing a new career ladder.

According to Gallup, the proportion of Americans seeking new job opportunities is the highest it’s been in the last decade. Meanwhile, people’s satisfaction with their current employer is at a record low.

Moreover, employees’ expectations for their employers are rising. Today’s talent is looking for better compensation and recognition, work-life balance and development opportunities in roles that make a difference.

Those trends are tailwinds for the financial adviser profession, where we expect to see thousands of new entrants in 2025.

Making an impact

Financial advisers help people identify their blind spots and protect what matters most: their families, their ability to retire comfortably and the goals that define their purpose. In 2024, 64% of Americans who worked with a financial adviser said they felt financially secure compared to a mere 29% without an adviser.

Moreover, 75% of Americans who worked with a financial adviser said they’ll be prepared for retirement compared to 45% of those without one. People with a financial adviser also expect to retire two years earlier with double the retirement savings of those who don’t work with one.

Interested in more information for financial professionals? Sign up for Kiplinger’s new twice-monthly free newsletter, Adviser Angle.

This is a career where professionals can meet people where they are, help positively change the trajectory of their lives and build a plan for the creation of intergenerational wealth.

Our advisers are there for families when they are needed the most — helping ensure loved ones can come together in difficult moments and grieve, knowing their finances are in order. And while that opportunity for impact is enough for many mission-driven individuals, there’s more.

Work-life independence

While other professions may require set hours, advisers have control over how they work and who they choose to work with. It’s an opportunity to help others live their best life — and for talented advisers to start living their best life, too.

Financial advisers have the freedom to own their own business and organize their own career. But unlike other entrepreneurial roles, they never have to feel like they are by themselves. Supportive team members and experienced advisers are always lending a hand and offering guidance.

Potential for income and equity

Most Americans believe when they work harder and deliver stronger results, they should earn more money. But for many salaried employees, that connection between effort and rewards isn’t always clear.

On the other hand, for financial advisers, hard work pays off — literally. If they help more Americans build financial security, they build more value for themselves. Our most successful advisers build generational wealth for themselves and for their families.

This earning potential is especially attractive for people who are successful in their current roles but feel like they’re reaching the top in their current careers and want to push higher.

In my role at Northwestern Mutual, I’ve met successful advisers from a wide variety of backgrounds: from accountants and lawyers to teachers, nurses, electrical engineers, athletes and even actors.

Through ample training and mentorship opportunities, countless career-changers have been able to break through ceilings and reach higher in a new profession that’s ripe with opportunity.

Growing need for financial guidance

More than 100 million Americans are uninsured or underinsured. The gap between Americans’ retirement goals and savings continues to grow. And 30% of U.S. adults say they feel financially insecure.

Meanwhile, America’s financial adviser population is aging — and many see retirement on the horizon. The average age of financial advisers today is 56, with 44% of advisers over 55 and only 10% under 35. According to a Cerulli report, 37% are expected to retire this decade.

To put more Americans on the path to financial security, the industry must grow the number of advisers who can make a positive, sustainable difference in people’s financial lives and meet the needs of the marketplace for comprehensive financial planning.

We are doing our part at Northwestern Mutual, by setting a goal to recruit more than 5,000 financial representative and intern candidates — from not only across the country, but across industries.

By continuing to recruit and train talented individuals who bring their own unique set of skills, perspectives and expertise to the table, we as an industry can better serve clients and help them reach their financial goals.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Since 1993, the Family and Medical Leave Act (FMLA) has protected employees who need to take time off from work to care for themselves or others. The federal law requires employers to provide workers up to 12 weeks off for medical leave, for the birth of a child or placement of a child for adoption or foster care, or to care for an immediate family member with a serious health condition. The law also covers a spouse, child or parent who takes leave to care for a military member with a serious injury or illness or to make certain arrangements (such as for child care) while a service member is deployed. Your employer isn’t required to pay you for the time off, but the law protects your job, and your employer must continue to provide your benefits, such as health insurance.

Michelle Paggi, a gerontologist and licensed psychologist in New York City, remembers how helpful the FMLA was for her mother when her grandmother was diagnosed with terminal lung cancer. Paggi’s mom, a health unit coordinator at a hospital, needed to take time off to care for Paggi’s grandmother and feared losing her job. “It was very aggressive cancer, and my grandmother had a lot of appointments. She needed my mom there as her primary caregiver,” says Paggi. “My mom was only in her fifties, so she needed the health insurance and was in no position to quit her job.”

Paggi’s mother found out about FMLA protections from a coworker, and she started accumulating overtime hours so she could continue to get paid when she took time off from work. “The FMLA gave her the flexibility to take care of my grandmother and still be able to hold on to her job,” Paggi says.

While many people know they can use the FMLA to take time off after having a baby, they don’t realize that it can also help when caring for a sick or aging relative. The law “recognizes the fact that there are over 53 million Americans providing on-going complex care for a loved one with a serious illness or disability or who is aging and requires care,” says Jason Resendez, president and CEO of the National Alliance for Caregiving. “According to our data, over 60% of family caregivers are working while providing care. Of those employed caregivers, over 50% are working full-time. There’s a balancing act between providing care and needing to put food on the table and stay in the workforce. FMLA provides a basic safety net for those caregivers.”

FMLA leave is not guaranteed to everyone. You’re eligible only if you work for a public agency of any size or a private company with 50 or more employees, you have worked there for at least 12 months, and you worked at least 1,250 hours during that year (about 24 hours per week). That covers about 56% of employees, says Molly Weston Williamson, senior fellow at the Center for American Progress.

People who care for extended family members are also excluded. For example, the law doesn’t cover time off to care for an aunt or grandparent, Resendez says. When Catherine Collinson, CEO and president of the Transamerica Center for Retirement Studies, was in her forties, she asked her employer about using the FMLA to help care for her grandmother, who had suffered a stroke (her mother had passed away years earlier). That’s when she discovered that caring for a grandparent isn’t covered by the FMLA.

Fortunately, she was able to make a flexible work arrangement with her employer so she could keep her job while caring for her grandmother, and the company’s employee assistance program helped her find backup care. Her grandmother lived for five years after having the stroke.

If you aren’t eligible for FMLA protections, talk about your situation with your employer and find out whether it offers any benefits. “Learn what is available to you,” says Collinson.

State programs

Because of the FMLA’s limitations, many states have attempted to fill in some of the gaps. Some states have required smaller employers to offer the leave or expanded eligibility to workers who need to care for siblings, grandparents, in-laws and sometimes domestic partners, says Usha Ranji, associate director for women’s health policy for KFF, a nonprofit health-policy research, polling and news organization.

More significantly, a growing number of states have implemented paid-leave programs. Thirteen states and Washington, D.C., have passed laws that guarantee paid family and medical leave, which typically include the needs covered by the FMLA, Weston Williamson says. The programs in four of those states take effect in 2025 or 2026. (KFF provides a list of the states at https://tinyurl.com/y2twjss9.) The types of care that are covered can vary by state. Some states offer paid benefits only for medical leave, or for caregiving leave and/or parental leave, but not all three.

You typically apply for paid family leave through your state’s department of labor or paid family leave agency. Workers and employers usually pay into an insurance system, which covers the benefits when workers take leave, Weston Williamson says. You may get a percentage of your salary, up to certain limits — 60% to 80% is typical, says Ranji.

How to take family leave

Start by contacting your employer’s human resources department. Although in many cases the need comes up at the last minute, you generally must provide advance notice of 30 days for scheduled events, such as a new baby or planned surgery.

A health care provider typically must complete medical certification to support the need for leave, which can be for several weeks at a time or up to the equivalent of 12 weeks per year. The law allows employees to take intermittent blocks of time for a single reason, such as flare-ups of chronic conditions or recurring caregiving responsibilities, says Maria Medina, HR knowledge adviser for the Society for Human Resource Management. Examples of situations in which the FMLA can be used continuously include a serious medical condition that requires recovery time, pregnancy that entails bed rest, or inpatient treatment for mental health conditions. For more information, see the Department of Labor’s FMLA resources at www.dol.gov/agencies/whd/fmla.

More Help: Some states offer paid family caregiver programs

In response to the COVID-19 pandemic, the federal government allowed states to use Medicaid funds to pay family caregivers, says the National Alliance for Caregiving's Resendez. More than 40 states expanded their ability to provide direct compensation to family members, although some scaled back their programs after the COVID public health emergency ended.

The person receiving the care generally needs to be eligible for Medicaid, and the family member may need to register with a home health agency to get paid for providing the care, says Alice Burns, an associate director of the Program on Medicaid and the Uninsured for KFF, a nonprofit health-policy research organization.

Eligibility varies by state. Some states cover care only for family members with developmental disabilities, while other states limit the program to relatives age 65 and older or with physical disabilities.

For more information, go to www.kff.org/medicaid or contact your state Medicaid program. Burns also recommends contacting an Area Agency on Aging near you to find out about state programs for older relatives. You can search by your zip code or city and state at https://eldercare.acl.gov.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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If you have a 401(k) or other retirement plan at work, your employer may add money on your behalf, commonly with matching contributions. For example, the company may provide 50 cents for every $1 you save, up to 6% of your annual salary. Say that you earn $100,000 and sock away $6,000 for the year in your 401(k) — the full 6%. Your employer would contribute an additional $3,000 for the match. 

To encourage employees to stay loyal, your plan may include vesting requirements that you must meet to keep the extra money your employer contributes. Your employer’s human resources or finance department should have provided you with a plan document that lists the vesting schedule details. Keep them in mind as you consider the impact of changing jobs. 

Vesting ins and outs

Vesting is the process through which you gradually take ownership of a payment or benefit. In this case, it involves becoming the owner of any employer contributions to your workplace retirement account. Retirement plan vesting follows a time-based schedule. If you quit or are fired before a certain period has passed, you forfeit money to your employer. Vesting doesn’t apply to your own contributions to the retirement plan; that’s your money from the start, so your employer can’t take it back. 

There are two approaches for time-based vesting. With a cliff schedule, it’s all or nothing. If you leave your job before working the number of years that your employer requires, you lose all the employer contributions. Once you pass the threshold, you get to keep everything. 

Alternatively, your plan may use a graded schedule that unlocks a percentage of your employer’s matching contributions for every month or year you’ve worked, depending on the plan design. If your plan follows a four-year graded schedule, for example, you unlock 25% of the contributions per year before qualifying to keep everything after four years. 

Say you receive $1,000 a year from your employer for the retirement plan, and after two years you have $2,000 of employer contributions. You then quit. If your plan uses a three-year cliff, you will forfeit all $2,000 because you haven’t reached the three-year limit yet. If your plan uses a four-year graded schedule, you keep 50% of the employer contributions (two out of four years). In this case, you leave with $1,000. 

You need to clear the plan vesting requirements only once. After you reach the required years of employment, all future employer contributions are 100% yours. 

Worker protections

Federal rules cap the amount of time that workplace retirement plans can require you to stay with an employer to become fully vested. Three years is the longest a cliff vesting schedule can last; six years is the longest period a plan can use for a graded schedule. Your employer may choose to use shorter limits or even have no vesting at all, but it cannot exceed those limits. 

Certain other rules apply, too. For one, you must be fully vested by the time you reach the target retirement age listed in your plan. For instance, if your 401(k) lists a target retirement age of 65 and you join the plan at age 63, you’ll be fully vested within two years, when you turn 65. The regular employee vesting schedule doesn’t apply. 

Additionally, if your employer shuts down the retirement plan, you immediately become 100% vested for all past employer contributions. If your employer lays off more than 20% of employees participating in the retirement plan, all affected employees are fully vested (employees who are not laid off are still subject to the standard vesting rules). 

And employers cannot use vesting for SEP IRAs or SIMPLE IRAs. These plans have different rules and contribution limits than a 401(k) and are mainly used by small businesses. If you are in one of these plans, any employer contributions become yours immediately.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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It's a tale as old as time: If you want to make a lot of money, the best college major for a lucrative career is to study engineering and avoid the arts, right? 

Well, what if you studied engineering and art? A working paper from the National Bureau of Economic research suggests the best option is an and, not an or when it come to college majors. 

"Graduates with double majors seem to experience much more protection from market shocks," including mass layoffs, disruptive technology and labor demand shifts, co-author Drew Hanks told the Wall Street Journal about the results of the study. 

Like an investor with a diversified portfolio, college grads with double majors tended to have fewer fluctuations in earnings than those with single majors, the paper found. That impact was most pronounced, the paper says, in grads whose majors were more differentiated (think: engineering and art, not chemical engineering and mechanical engineering). 

The researchers believe there is good reasoning for this effect.

"First, the broader range of skills possessed by double majors may position them for different jobs that are more protected from labor market fluctuations," the paper reads. "Second, double majors may generate an option value. For instance, if one major experiences a negative shock in labor demand while the other remains unaffected, a double major can pursue a job related to the unaffected major, thereby mitigating the impact of the adverse shock to their other major on their earnings."

Personally, I'm a big advocate for double majors — and this paper is vindicating my 19-year-old self's foresight. Brag incoming: I majored in both economics and creative writing as an undergraduate, and I've found both to be helpful in my career, both for what I learned and for the credentials they've provided. 

Studying economics helped me to see the world in a different way and think analytically, while studying creative writing helped me to be able to communicate and organize those thoughts. They informed each other in ways I couldn't have predicted and, wouldn't you know it, here I am using both in my role at Kiplinger. 

Beyond earning potential, pursuing a double major made my college life more fun. Instead of having to pick one lane and funnel myself into one definition, I played with different areas of study that I enjoyed. 

My other double major classmates also kept things interesting. For instance, I'll never forget when one of my classmates, who double majored in creative writing and mathematics, turned in an essay for a writing class peppered with equations that he made poetic.

After all, your college studies are about learning and exploring, not about earning potential... right? 

But if the undergrad in your life is focused on earning potential, you can always send them the latest information on the highest paying college majors — you just might want to suggest they pair it with one of the lowest paying ones for stability. 

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Nearly half (46%) of working professionals say they are considering quitting their jobs this year, according to a new study from Microsoft and LinkedIn, which surveyed more than 30,000 people in 31 countries between February and March 2024. 

The trend is reminiscent of the “Great Resignation” of 2021 during year two of the pandemic, in which 40% of working professionals left their jobs.

On the positive side, a February 2024 survey from ZipRecruiter showed that Americans are feeling more confident about their job-hunting prospects than they have in two years. Even so, dissatisfaction with persistent high inflation and their current jobs could equally be driving workers to seek new opportunities.

Are workers planning to quit their jobs due to higher inflation?

Although labor market conditions are contributing to workers' decision to consider career changes, inflation is also still squeezing Americans’ budgets. Changing jobs typically comes with greater pay gains and benefits packages, according to new data from ADP; job switchers saw year-over-year pay increases of 10% in March, up from 2.9% six months prior. 

Do people who leave jobs regret quitting?

About 80% of those who quit their jobs during the Great Resignation regretted their decision, according to a Paychex study. This is particularly true for Gen Zers who miss working in an office environment and Gen Xers who miss the work-life balance from their previous jobs. 

What does the job market look like right now?

The labor market posted 8.5 million openings in March, with health, government, private education and hospitality industries fueling job gains, according to a monthly government report from the U.S Bureau of Labor Statistics. Even so, according to Kiplinger’s economic forecast, April employment rose by a mere 175,000, a marked slowdown from the 315,000 gain in March. Health care continued its usual strong gains. Retail, wholesale, transportation and warehousing also reported above-average increases.

On the other hand, the unemployment rate inched up to 3.9%, with slightly more workers losing their jobs and a rise in the number of workers being forced to work part-time due to a lack of full-time opportunities. 

Annual job and wage growth

As many workers seek new opportunities and higher wages, Kiplinger reported that annual wage growth slowed to 3.9% in April. That’s the first time wage growth has been below 4% in nearly three years, according to Kiplinger. 

Data from the Bureau of Labor Statistics (BLS) shows that total employment is projected to grow by almost 4.7 million from 2022 to 2032. However, it’s worth noting that the 20 highest-paying jobs are all in healthcare fields, with most requiring advanced degrees. 

If you changed jobs in the past two years, or you’re thinking about changing jobs in 2024, higher pay is likely at the top of your list. However, other reasons to pursue a new job may also include relocation, more flexible hours, greater benefits and the option to work remotely. 

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Scams target people of all ages, from older adults to teenagers, especially as more and more of our lives play out online. In fact, people aged 18 to 59 were 34% more likely to report losing money to fraud than those over 60 in 2021, according to the Federal Trade Commission (FTC). 

Now, the FTC has put out a warning specifically to college students to look out for a particular scam targeting that group of people. In particular, fraudsters are using the lure of a job offer, like a virtual side hustle or summer gig, to get money from students.

The way the scams usually work, the FTC says, is through either a fake job ad for personal assistants on job sites or social media or through an email doctored to look like it came from someone the student knows, like one of their professors or college offices. 

If a student bites, the scammers will mail them a check to deposit. They'll then ask for the student to send some of the check money to another account, the FTC says. What will end up happening is that the check will eventually bounce, while the student has already sent money to the scammer.

How to catch a fake job scam

The obvious thing to look out for to avoid this scam, the FTC says is any job that mails the student a check before they start working. If that happens, "that's your cue to stop."

But there are also ways to look out for this scam before getting to that point. If a student is looking at a job posting or unusual email about a job, they should search the internet for the name of that company (or the person) and see if people have talked about it being a scam. 

If an email looks like it came from a professor or college office, the student should reach out to that person directly. Don't reply to the email — call, email an address they know for them, or stop by their office if still on campus. Additionally, let college students know if they're contacted about a job, they should ask for the job duties, pay and hours in writing. Scammers may refuse to send that information. 

As a final note of advice, the FTC says college students should "talk to someone you trust" to get their opinion on a job opportunity. That's your cue to use your own experience and wisdom to help them out — and if they complain, remind them that you may be helping them avoid needlessly losing money. 

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Chief growth officer, government program analyst and environment health safety manager are among the fastest-growing jobs over the last five years, according to LinkedIn's annual Jobs on the Rise list. 

Notably, more than 68% of this year’s Jobs on the Rise didn’t exist 20 years ago, including seven in the top ten. 

The U.S. job market has gone through broad changes in recent years, with the onslaught of work-from-home opportunities and rising wages to the dizzying influx of AI tools and automation. As of mid 2024, the labor market is looking good. But whether it continues to maintain strength throughout the year remains to be seen. 

Even so, with a number of U.S. job seekers considering a career change in 2024, it makes sense to find out which jobs show the most or least potential for growth. 

Are you in the market for a new job? We’ve highlighted the top 10 fastest-growing jobs in 2024 (with a mention of the 15 next fastest-growing fields), according to data from LinkedIn and ZipRecruiter. 

1. Chief Growth Officer

Chief growth officers create and execute an organization’s strategies for driving revenue by expanding market presence. Common industries include technology and the Internet, IT services and consulting and advertising services. Current gender distribution: 27% female; 73% male.

2. Government Program Analyst

Government program analysts evaluate the efficiency and effectiveness of public sector programs. Most common industries include administration of justice, transportation equipment manufacturing and insurance. Current gender distribution: 61% female; 39% male.

3. Environment Health Safety Manager

Environment health safety managers, or HSE managers, ensure companies foster a safe and sustainable workplace for employees. Most common industries include oil and gas, wholesale building materials and electrical and electronics manufacturing. Current gender distribution: 25% female; 75% male.

4. Director of Revenue Operations

Also known as Director of Revenue Management, the director of revenue operations helps oversee businesses' revenue generation practices. Most common industries include technology and the Internet, IT services and consulting and advertising services. Current gender distribution: 39% female; 61% male.

5. Sustainability Analyst

Sustainability analysts, sometimes known as environmental analysts, evaluate an organization's environmental, social and governance (ESG) efforts. Common industries include business consulting and services, real estate and food and beverage manufacturing. Current gender distribution: 63% female; 37% male.

6. Advanced Practice Provider

Also referred to as a nurse practitioner or physician assistant, advanced practice providers are licensed medical professionals who provide primary care services for patients. Most common industries may include medical practices, higher education and insurance. Current gender distribution: 76% female; 24% male.

7. Vice President of Diversity and Inclusion

Vice presidents of diversity and inclusion cultivate inclusive workplaces by designing and implementing policies. Most common industries include non-profit organizations, higher education and civic and social organizations. Current gender distribution: 70% female; 30% male.

8. Artificial Intelligence Consultant

Artificial intelligence consultants advise organizations on the implementation of AI technologies in their business operations and product offerings. Most common industries include technology and the Internet, IT services and consulting and business consulting and services. Current gender distribution: 26% female; 74% male.

9. Recruiter

Recruiters are also known as talent acquisition specialists in some companies. In the role, they source, evaluate and help hire qualified candidates. Most common industries include IT services and consulting, staffing and recruiting and business consulting and services. Current gender distribution: 54% female; 46% male. It’s worth noting that recruiters specializing in sales, legal and healthcare have seen especially high job growth.

10. Artificial Intelligence (AI) Engineer

AI engineers develop, implement and train AI models and algorithms. Most common industries include technology and the Internet, IT services and consulting and transportation equipment manufacturing. Current gender distribution: 19% female; 81% male. According to the U.S. Bureau of Labor Statistics (BLS), AI engineers will see 23% growth in the next eight years, much faster than average.

Other fields likely to see job growth in 2024

Other jobs that round out LinkedIn’s 25 Jobs on the Rise list and show potential for accelerated growth in 2024 include:

• External Communications Manager
• Product Security Engineer
• Physical Therapist
• Grants Program Manager
• Director of Land Acquisition
• Transmission Planning Engineer
• Influencer Marketing Manager
• Director of Development Services
• Director of Legal Operations
• Workforce Development Coordinator
• Head of Public Safety
• Plant Director
• Infection Preventionist
• Heads of Partnerships
• Instructional Systems Specialist

Nearly every role in LinkedIn’s top 25 offers hybrid or remote job opportunities requiring differing levels of education or training. But competition for these roles can be fierce, with LinkedIn reporting that job search intensity, which measures the number of people actively applying for jobs, is up 21% yearly.

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The Federal Government, the largest employer in the U.S. wants to ban questions regarding salary history for potential employees in its interview stages, to help reduce gender discrimination amongst employees.

The new regulation would apply to new federal employees in the General Schedule pay system, Prevailing Rate pay system, Administrative Appeals Judge pay system, and Administrative Law Judge pay system.  

According to the Forbes gender pay gap report, women earned an average of 17% less than men in 2022, translating to women earning 82 cents for every dollar that a man makes. 

As pay for Federal employees is more transparent than those in the private sector, we can see how the gender pay gap plays out for the federal government’s civilian workforce. And in 2022, although the pay gap persists, it was lower than for workers across the rest of the U.S., with a 5.6% gap. 

The new proposed regulation was released by the U.S. Office of Personnel Management (OPM) — which is in charge of around 2.2 million federal employees. The change would mean federal agencies would not be permitted to use a candidate's past or current salary to determine pay in interviews for most federal jobs. 

Currently, 30 states have imposed a salary history ban according to Paycor, and if the Federal government approves this change it's likely to help close the gender pay gap further. This also ties in with Biden’s 2021 executive order to act on diversity, equity, inclusion, and accessibility in the American workforce. 

How Would the Salary History Ban Work?

When a candidate applies for a job in the Federal government, salary bands will play a role in highlighting the pay range of a job, wage increases and promotions. 

Before the proposal is finalized, it will go through a 30-day public comment period. Once in full swing, the change will impact around 1.5 million federal employees that work full-time as well as those that are in non-seasonal roles.

After the new rule comes into force, hiring managers will still be able to look at a candidate's qualifications and experience and determine the initial salary offer from that, Rob Shriver, deputy director of OPM told Axios.

Although the proposed change is good news, the number of women in low-paid jobs will still be a factor that contributes to the gender pay gap but, says OPM Director Kiran Ahuja “these proposed regulations are a major step forward that will help make the federal government a national leader in pay equity.” 

They say change is the only constant in life, but that doesn’t make it any less challenging to navigate even under the best of circumstances. This is especially true when it comes to career transitions. Work is so often the bedrock of our financial stability — not to mention a key resource for our overall health, mental well-being and sense of identity — so even positive career transitions to pursue a passion or take a leap into something bigger can bring the stress of uncertainty.

Whatever your circumstances, there are steps you can take to harness a career transition, stay proactive and safeguard your financial health even when things feel out of control. Here are three tactics that can help you regroup and find your footing for the next phase of your professional journey.

1. Refocus

Making a career change can be turbulent whether it was voluntary or unplanned. If you’re facing a job loss, remember that curveballs like this are sadly sometimes a part of life. Take the time to refocus your attention on your financial health and take it one step at a time.

One way to chip away at uncertainty is to arm yourself with as much information as possible so you can form a personal plan of attack and control what you can. Ground yourself with the details of your employment contract, any severance package and how the dates of final payments will work out. Don’t forget to find out what’s happening with employer-sponsored benefits. Oftentimes, companies experiencing layoffs may extend coverage for a transition period for affected employees, giving you a buffer to access offerings such as health insurance, retirement savings accounts and company stock programs.

Having all these details in front of you can help you figure out more tangible next steps for yourself and organize a strategy to protect your overall financial trajectory. Even if your job is safe, it can be a good practice to build up the flexibility to make a pivot should the need arise.

2. Fill the gaps

Once you have a clearer picture of your workplace situation and choices, it’s time to connect the dots to your personal finances. Divide and conquer important areas of your financial health by identifying your needs and planning to cover any gaps between your prior job’s coverage and your next career step:

• Budget. Check your typical monthly expenses as well as any additional costs on the horizon, then take steps to preserve your assets and reevaluate your budget. If you’ve been laid off and meet certain work and wage requirements, you may qualify to receive unemployment benefits from the government (this will vary by state). This might be the time to fall back on your rainy-day fund, but you’ll want a solid idea of how long you can reasonably expect to rely on any emergency savings you have.
• Health insurance. Look into your coverage choices, such as paying to extend your former employer’s group plan through the Consolidated Omnibus Budget Reconciliation Act, or COBRA; purchasing a different policy through the federal Health Insurance Marketplace under the Affordable Care Act; or listing yourself as a dependent on a partner or parent’s plan if you’re under 26.
• Retirement. With your short-term financial transition at the top of the priority list, retirement may feel far away, but resist the urge to make any early withdrawals. Keep tabs on your prior workplace accounts. You generally have four options: leaving assets in your former employer’s plan; rolling over your savings to a new employer’s plan, if allowed by the employer; rolling over savings into an individual retirement account (IRA); or taking a cash distribution. If you’re not sure which route fits your needs, it can be a good idea to consult with a professional, such as a financial adviser or a tax adviser.
• Equity. And if you received equity awards from your former employer, the impact of the change in your employment status will depend on the type of plan you had and the specific details of your company’s plan. Find out how your former employer is managing the transition and any contact information you’ll need to tap into any resources they’re providing. Don’t leave any money on the table.

3. Dare to dream

You also don’t have to go it alone: There are professionals who can help you think through your decisions and plan for success, such as a personal counselor to help you manage the human side of your career transition, a financial adviser or coach to offer insights around the specifics of your finances, or an accountant or estate attorney to help you safeguard your assets and plan ahead.

Once you’re clear on what you want, it may be time to begin reconnecting with people in your network, brush up your résumé or work on learning something new. Remember that even though much of life happens outside our control, you are in the driver’s seat when it comes to the choices that lay ahead of you. And with these strategies and best practices, you can help maintain a sense of control over your financial health.

This material has been prepared for informational and educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

If you feel like there are reports of layoffs every day, you're apparently not alone. A vast majority of Americans are worried about job losses across the U.S. and in their own industries, a new survey found.

A whopping 75% of Americans said they were concerned about widespread job losses in the U.S. in a Morning Consult report released Thursday. Nearly half — 49% — of respondents said they're concerned about job losses in their own industry, while 44% were concerned about job losses in their own company. Two-fifths of Americans said they were concerned about losing their own job. 

Between generations, millennials were the most concerned about losing their own job, with 56% saying so, while only 17% of baby boomers reported the same in the report. The report surveyed 2,200 American adults. 

A public image disconnect on jobs and layoffs

Layoffs in the thousands at high-profile companies like Meta and Amazon have been dominating headlines, contributing to the narrative that no job is secure. Meta began an expected 10,000 layoffs this month, and in March, Accenture announced 19,000 job cuts while Amazon announced 9,000. They're dizzying numbers, and combined with rumblings of a forthcoming recession, it makes sense that people are worried about potential layoffs. 

The interesting disconnect, though, is that these worries come as the labor market is at a strong point statistically. In March, 236,000 jobs were added, according to the latest data from the Bureau of Labor Statistics. That report came in a string of solid monthly jobs reports. 

However, the Kiplinger Letter economic experts, who analyze this data regularly, said in Kiplinger's latest jobs outlook that there are signs of cracks in the labor market, despite these apparently strong numbers. The unemployment rate declined in March, it's true, but that's because the number of people coming into the labor force looking for work declined. 

How to feel in control amid layoff news

While you probably can't control macroeconomic forces and executives' decisions, there is actually still plenty within your control personally. If you're worried a layoff is headed your way, you can continue to follow basic personal finance health measures to keep yourself on solid ground. 

Take count of your savings and investments and see if you have an appropriate mix of funds in appropriate places. If you don't already have one, you can start an emergency fund with a few months of reserves set aside. And think about where to put those funds — if you think you'll need to access your savings soon, for example, you may want to opt for putting any extra cash into a high-yield savings account vs. a CD, where you can access it at any time without penalty. 

On an ongoing basis, keep track of your budget, and, if you have debt, work on paying it off, Shane W. Cummings, wealth adviser and director of technology/cybersecurity at Halbert Hargrove, suggested to Kiplinger readers about how to prepare for a job loss. 

And it's never a bad time to dust up your resume and reach out to your network to maintain professional connections. Even if you don't end up needing a new job after all, you'll have reviewed your recent professional successes — and connected with friends who might share the same anxieties. 

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Whether you’re bowing out, taking a step back or seeking an entirely new line of work, a second-act career change to nonprofit work is a move that’s becoming increasingly popular with executives from many different sectors. The way they see it, this kind of work allows them to transfer the talents, skills and expertise built during a corporate career to meaningful work in the nonprofit sector.

Facing a major life change often helps executives realize that they’re not ready to be done adding value. Especially for those considering retirement, a solid, satisfying life plan is as important as a long-term financial one, since research shows that negative health outcomes can often accompany a “purposeless” retirement.

Get Started With Discernment

To get started, you’ll find there’s significant value in spending time on reflection and discovery. Think about what your strengths are, what activities you find meaningful and what you want to spend time on. If you’d like to do this reflection in a more structured setting, consider working with a career-transition counselor.

Anything can happen during this discernment. You might rediscover a long-buried interest in young people, the arts or animal welfare. Perhaps current events have encouraged you to support issues like affordable health care, equitable education or fair housing. Or you might feel a passion for climate change. One retiring executive recently told me, “When I retire from this job, I want to work on saving the planet for my grandkids.”

Which Role Makes Sense for You?

Once you’re clear about your passions and interests, there are many ways you can make a meaningful contribution:

• Part-time volunteering. Many organizations need people to help with marketing, operations, communications, fundraising and development. They’re looking for volunteers with significant experience, fresh commitment and lots of energy. The great thing about volunteering is that you can set the pace and level of commitment to work best with your lifestyle.
• Board membership. If you’d like to get more involved, consider raising your hand to be a nonprofit board member. Before moving forward, ask plenty of questions about board members’ time commitments and fundraising requirements, which are common on most nonprofit boards.
• Leadership role. You might be interested in an executive director (ED) position, or perhaps a role as a member of the ED’s team. Just remember that the only “downshift” it will represent will likely be in your compensation package. Leadership is always hard work, and many nonprofits are working diligently despite limited budgets and resources. If you’re hoping for more free time and flexibility in your second act, a leadership role may not be for you.

How to Find the Right Organization

Next, start searching for a nonprofit that fits with what you learned during your discovery process. Let colleagues and friends know what you’re thinking and add a question about nonprofit participation at all your networking meetings. You might be surprised at the range of interests your colleagues represent, and they can serve as good “ins” for you with nonprofit leadership.

When you’re down to a couple of candidates, ask for informational interviews with board members and leaders of your top-ranked groups. Attend events hosted by your nonprofits of interest to see what resonates with you.

As you’re looking for a place to land, you’ll need to create a narrative that will make sense for a new role. Make a list of your transferrable skills and interests so that you can convince an organization of the ways your for-profit experience will transfer to their world. Create a clear narrative that outlines the kind of work and organizations you’re interested in and update your LinkedIn profile with that information.

Even Volunteering Is Still a Job

Whatever you do, don’t minimize the time and effort this pivot can represent. Some executives enter into a board membership or a leadership role with the attitude that it will be a major downshift, only to find that the work is just as challenging as their corporate careers ever were.

Of course, the intangible rewards can be significant, as you find ways to bring all your skills to bear on a purposeful, rewarding second act.

Want to learn more? Marcia Ballinger has written a terrific book, Make the Jump: Reinvent Your Career in the Nonprofit Sector, which covers each of these topics in much greater depth.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Beth Hendler-Grunt is the president of Next Great Step, a career-counseling firm for recent college graduates, and author of The Next Great Step: The Parents’ Guide to Launching Your New Grad into a Career.

New college graduates will be looking for jobs at a time when many employers are desperate to fill openings. How can they take advantage of these favorable labor conditions? Before applying for a job, recent graduates should really think about the skills they have and what they’re really good at so they can explain to an employer the value they can bring to a company. A lot of young adults will say things like, “I’m a hard worker,” but that’s not a skill. Think about the top three things you want to be known for, and be able to share an example of how you demonstrated that skill.

A lot of young adults go to the online jobs boards and send out 100 applications because they think, The more job applications the better. That’s not how to get a successful outcome. Target and research the kinds of companies you want to work for. Once you go down that path, the company will be more excited to interview you because you’ve taken the time to figure out how you can help them be successful.

Is networking still important? What’s the best way to do that when many managers are still working from home? LinkedIn is a great way to network, but instead of just going on LinkedIn and asking to connect, take a few minutes to look at someone’s profile. Once you connect, you should have access to their e-mail. Send them an e-mail telling them that you’re interested in the work they’re doing and would like to speak with them. Many people are willing to give you 15 to 20 minutes on the phone or on Zoom if you’re thoughtful about it and explain what you’re looking to accomplish. Also, many graduates underutilized their alumni network. People love to talk to fellow alumni.

Speaking of Zoom, any advice for job seekers who are asked to conduct an interview through Zoom or a similar virtual tool? Some companies are using one-way interviews to screen job candidates. Instead of a call from HR, they’re sending a link to job candidates and telling them to go on video and record answers to three questions. There’s no one on the other end. It’s very stressful, but it’s a big money saver for employers. But whether it’s a one-way or two-way interview, be prepared. Practice recording yourself answering questions and to see what you look like. You want to have eye contact, and to do that you need to look into the camera. Don’t have a messy bed in the background. Don’t put your back to the window because your face will be darkened. Dress the same way that you would for an in-person interview from head to toe, because dress is also a state of mind. We’ve heard crazy stories where employers have asked people to stand up to see if they have on pajama bottoms.

What are the biggest mistakes new grads make in job interviews? The first mistake is that they don’t prepare enough. They research the person who is interviewing them but don’t research the company. With the resources we have now, it’s so simple: Type the name of the company in Google and then type “in the news.” Are they public? Who is the CEO? What’s their latest stock price?

The second mistake is that job candidates get nervous and ramble, or they don’t listen to the actual question. People aren’t going to hire you if they can’t talk to you.

After Karen Bush cleaned out her mother's overstuffed home 18 years ago, she realized she never wanted to leave that kind of mess for her children. So she tidied up her own house and then helped friends do the same.

Bush, 56, eventually turned this into a business, Great Falls Organizers in Great Falls, Va., with Veronica Falkenberry, whom she met when their daughters played softball together. "We both realized we were doing the same thing but not getting paid. We looked into it and realized this was a viable service that many people could use," Bush says.

A decade later, the pair is beginning to think about retiring in the next four years, but they are uncertain about how to sell their business. "Really, the business is our expertise and our involvement with our clients," Bush says.

This uncertainty is something small business owners often wrestle with. Even the owners of the smallest of businesses need to have an exit strategy and should not assume a lack of interested buyers. Because the business is often the owner's largest asset, the decision to sell has big financial ramifications. "Just waking up one day and wanting to sell your business at a moment's notice can be catastrophic," says Rick Miller, a CPA and principal of Miller Advisors, an accounting firm in Brentwood, Tenn. "You must have a plan to sell your business."

Clean Up the Books

Selling a business can take anywhere from six months to five years. Starting early gives you time to adjust, leading to a better sales price. For instance, Patricia Farrell, an attorney and partner at Meyer, Unkovic & Scott in Pittsburgh, finds that some small business owners don't have important documents, such as employee confidentiality agreements and vendor contracts, organized and available electronically. The company may not have the right insurance to protect the personal assets of directors and officers in a lawsuit. Farrell ensures all of this gets corrected ahead of time. "Think about it like selling your house," she says. "To get more money, you might have to spruce up the bathroom and take a look at the gutters."

You should also separate owner-specific business expenses, such as a company-paid cellphone or car. With these costs removed, potential buyers get a true picture of the company's finances, and you have a better idea of your expenses in retirement, Farrell says.

Consider having the business's finances audited, especially if you do the books yourself, says Jon Rubin, a middle market investment banker for family-owned companies and entrepreneurs at Westbury Group in Westport, Conn. An outside review by an accounting firm gives buyers more confidence in your company's performance.

An accounting firm can also produce a quality of earnings report. Although not a full audit, it validates the company's reported earnings and identifies onetime expenses and other adjustments to show a more profitable business. This also gives you an expert to refute any concerns the buyer raises during due diligence. Without that help, "it would be like arriving unarmed to a gun battle," Rubin says.

Pricing and Taxes

Advisers use different methods to price a company. One way is to compare the valuations of publicly traded companies that are similar to the privately held business up for sale. Another is to look at acquisitions of similar companies with publicly disclosed prices. A third method is a discounted cash flow analysis, which forecasts the value of the acquisition based on anticipated future cash flow, Rubin says.

Buyers generally base what they're willing to pay on a multiple of the seller's earnings before interest, taxes, depreciation and amortization, or EBITDA, says Stuart Smith, national director of business value strategies at Wilmington Trust in Wilmington, Del. Sellers with stronger fundamentals, such as loyal customers and better margins, receive higher multiples.

The sale of a business also has tax implications for the owners. Most small businesses organize as a passthrough entity, such as S corporations or limited liability companies, with earnings passed on to owners who are taxed at their individual rates. In contrast, C corporations pay taxes at the corporate level before any earnings are passed on to shareholders.

The proceeds from a sale of a pass-through entity are only taxed once -- when owners pay their personal federal income taxes -- rather than potentially twice for a C corporation (once at the corporate level and again when shareholders pay personal income taxes on their share of the proceeds), depending on the transaction's structure. That can make pass-through entities more advantageous for some business owners.

In general, sellers may also want to structure the deal so that more of the proceeds are taxed as long-term capital gains, which have a top rate of 20%. If the proceeds are taxed as income, the tax could be as high as 37%, depending on the owner's federal tax bracket. Whether to sell business assets or stock can be part of that decision. "The most common pre-planning task a seller should perform is a hypothetical calculation under each of those scenarios to see how the results can vary," says Kurt Piwko, a partner in the national tax office for Plante Moran in Southfield, Mich.

As you consider offers, the potential buyer's plans for your company may be a factor. If you want your business to survive you, don't choose a buyer who wants your company solely for the market share. Entrepreneurs hungry to grow your company may be more appropriate. Owners who care about their employees might consider selling the business to an employee stock ownership plan, or ESOP, Miller says. The ESOP, which acts as a retirement account for the employee-owners, is overseen by a trustee, who would negotiate the deal. Retiring employees receive a payment based on the value of their shares.

The form of the payout can also vary depending on the buyer, Rubin says. For instance, buyers that are large publicly traded companies or privately held firms that make strategic acquisitions often prefer all-cash deals. If a private equity firm is the buyer, you're more likely to get some cash upfront as well as some rollover equity in the new company. An investment banker or a business broker can help you explore different options and identify potential buyers. For companies worth at least $5 million, Rubin recommends hiring an adviser that is registered with the Financial Industry Regulatory Authority.

What Comes Next

Selling a business can be like "the grieving process," Smith says, noting that some sellers get cold feet and back out of the sale. "For many of these owners, they have built their business up with blood, sweat and tears," says Michael Lindquist, a private client adviser at Bank of America Private Bank. It's not easy to let go.

Moving on may be a lot easier if you know how you'll fill your time. Many of Lindquist's clients wait a few years before starting another business. Some continue working for the company as an employee or independent consultant for a set number of months after the sale of the business is final. If that's your plan, work out those details during negotiations, but bear in mind it may be hard to watch someone else make decisions for the company you built.

About seven years ago, Mike Glicksman, 64, of Wyckoff, N.J., decided to sell his company, which manufactured covers for flat screen televisions and keyboard protectors. He had run the business since the early 1980s. An employee who had worked with Glicksman almost from the beginning bought the business and paid for it over six years. Glicksman says he thought the new owner would need him to stay heavily involved as an adviser, but that wasn't the case.

Initially, Glicksman struggled with what to do next. He bought a company that mailed coupons to consumers but dissolved it after two years. Eventually, he turned to volunteer work, including serving as vice chair of the northeast New Jersey chapter of SCORE, a national network of mentors who work with other business owners. Now he spends about 25 hours a week volunteering and finds it extremely rewarding. "Owning your business kind of identifies you," he says. "Before selling, really have a plan. Think about what you want to do next, and actually write it down."

Leah Gordon, 43, lives in Hugo, Minn., and directs the nurse anesthetist program at St. Mary's University of Minnesota. Kiplinger's talked to her about the challenges created by COVID 19 for nurse anesthetists and the problem student nurses--and the health care industry—are facing because they can't complete their bedside clinicals.

What does a nurse anesthetist do? When you heard about patients with COVID getting breathing tubes, it was primarily nurse anesthetists manning those intensive care units, placing the lines to give the medications and putting the breathing tubes between the vocal cords into their lungs.

How has the pandemic affected your job? My full-time job is as a professor and the nurse anesthetist program director at St. Mary’s University of Minnesota. I did work one day a week at an outpatient gastro­enterology center. In order to be a really good instructor, it’s important to keep my skills fresh.

Your side gig is on hold? When COVID hit, the first thing our governor did was suspend elective surgeries. Plus, they wanted all the personal protective equipment brought to a central location. That meant we couldn’t do any cases because we couldn’t use our gowns, we couldn’t use our shields and we couldn’t use our masks.

You must have taken a financial hit. A nurse anesthetist out of school right now is earning $180,000 to $190,000. I feel like a jerk even talking about it because I’m very, very fortunate, but when you lose that side hustle, all of a sudden $50,000 is gone. I earn too much as a professor to qualify for unemployment. But I have a $1,900-a-month student loan payment, and to not have my side job right now is challenging—and I’m not sure if I’m going to get it back.

What about the rest of your family? My partner is a registered nurse who works for the same surgery center—that’s how we met. He was furloughed for a few months, but now he’s back at work.

Will your students be able to graduate? We’re still figuring it out. Right now, most classes are online, and it’s really hard to learn a medical specialty at your house. You have to be able to do lab work and learn skills with your instructor side by side with you. We don’t really have simulation capability to teach our students how to put in an epidural or a spinal. At a minimum, our students have to complete 2,000 hours of bedside care, and our program is only 2 1/2 years long. We’re talking about whether we’re going to add a semester and try to create some credits for them so they can qualify for student loans.

Do you think COVID will affect the health care system longer term? I’m very concerned about everybody being able to get to the bedside and through their training. If you look at the nursing shortage in the country right now—which is only projected to get bigger—to not have nurses getting their clinicals, we’re going to have some workforce issues.

Though most recent graduates aren’t technically millennials, both Gen Zers and millennials who are new to the job market face unprecedented challenges in 2020. Hiring has picked up as the economy reopens, but even so, the class of 2020 is entering one of the most depressed job markets in decades.

I was hired as a staff writer at Kiplinger in March, just weeks after I graduated from Middlebury College (full confession: I am a member of Gen Z, not the millennial cohort). As an employed recent graduate, I feel very fortunate. But I can’t say the same for many of my friends. Much of the tried-and-true advice for job seekers no longer applies. You can’t, for example, stack your calendar with networking coffee chats and obey social distancing guidelines at the same time.

Hone your strategy. Though unemployment is high across the board, people age 18 to 34 have been disproportionately affected, according to a recent Axios-Harris study. One-third of people who are 18 to 34 have been laid off or placed on temporary leave, compared with 22% of those who are 35 to 49, and 15% of those who are 50 to 64, according to the study. But even in this environment, many companies still need employees, and firms are eager to hire recent college graduates. Even if you’re unable (or unwilling) to travel, keep an eye out for virtual networking events and remote job postings. “We have definitely seen an increase in remote postings as well as remote events,” says Christine Cruzvergara, vice president of higher education at Handshake, an online platform that connects recent graduates with employers.

Steer clear of cluttered job-posting sites that will send you down a rabbit hole to out-of-date or filled jobs. And you don’t have to pay an expensive service to get access to the jobs that are suited to your skills. Websites such as LinkedIn and Handshake allow you to filter your searches by location, industry and job type so you can connect with employers who are hiring. To access Handshake, you’ll need to sign in with your academic credentials and have an .edu e-mail address.

Hiring is up in several employment categories, including delivery services, call centers, e-commerce warehouses and online tutors. Among major companies, Amazon fulfillment centers, Facebook product and engineering teams, and Nestlé factory/distribution and corporate sites are hiring. You can find a comprehensive list of companies hiring recent grads on Handshake’s 500 List, a compilation of the top 500 hiring employers.

If you’re living at home while you search for a job, get your finances in order, says Lori Atwood, a certified financial planner based in Washington, D.C. If you have earnings from a temporary or part-time job, use the money you’re saving on rent to build up your cash reserves. That way, you’ll have an emergency fund when you move out.

You may need to be flexible about location, too. The job market is shifting, and the best places to find a job might surprise you. Some of the best cities for job seekers right now are Madison, Wis., Charlottesville, Va., and Fargo, N.D., according to a study by Zippia.com, a career expert website. These cities have low unemployment, which means less competition, and a high number of jobs in essential industries, such as health care, telecommunications, information technology systems, and public works.

Ryan Ermey: Welcome to Your Money's Worth. I'm Kiplinger's associate editor Ryan Ermey joined from her attic, still I think, by senior editor Sandy Block. Sandy, how are you?

• Episode Length: 00:34:01
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Sandy Block: Still in the attic in my home office, which we are going to talk about, right?

Ryan Ermey: Yes. We're going to get to that in one second. It is the topic of our first segment, but I always appreciate reader input and we got some good input about our last episode. Some of you may recall that we talked about the rules for giving to charity that have recently changed and that have become more prescient in these times. And a reader, Andy from South Jersey, one of my people, Sandy . . .

Sandy Block: Your peeps!

Ryan Ermey: . . . wrote us in to tell us that across the country, more than 800 local community foundations are philanthropic intermediaries that have deep relationships with the local nonprofit charitable organizations as grantees and capacity builders. And you know, these are a really good way to find good local charities in your area. So he says, for example, "In South Jersey, the Community Foundation of South Jersey highlights impactful organizations we trust through our proven and promising initiative." So if any donor across the country or Canada, I hope that we have some Canadian listeners sandy, do you think we have?

Sandy Block: You're welcome, Canadians. Yes.

Ryan Ermey: Yeah. Or at least our former colleague Miriam, for sure. She might be the only one.

Sandy Block: She's not in Canada, though. She's just Canadian.

Ryan Ermey: That's true. But she may be wanting to give to Canadian charities in her hometown in Toronto.

Sandy Block: This is true. That's true. Yeah. Good point.

Ryan Ermey: He says, "It's a tremendous local resource, the local Community Foundation to understand what nonprofits are making an impact and exercising leadership across a diverse array of charitable causes. You can find a community foundation locator at cof.org and in Canada at communityfoundations.ca. And we will be putting links to those in the show notes. So if you're looking for charities that can make an impact in your locality, then give that a look and thank you to Andy.

Sandy Block: Yes. Thanks, Andy.

Ryan Ermey: On to the topic of our first segment. Now, Sandy, you and I both have . . . I mean, I have what I would call a home office. It happens to-

Sandy Block: I think your home office is your dining room table, right?

Ryan Ermey: It happens to be my dining room table. My podcast set up has lived here until this past weekend when my roommate wanted to have some brunch get-together and couldn't have the unsightly microphone sitting on the table. We had to get the runner and the bagels and the schlemiel. I mean, it was a whole set up. So it had to go up to my room. But we're back at the table, me and the cheetahs. So the question is Sandy, can I deduct this from my taxes? I'm doing all my work from this home office.

Sandy Block: Well, no, you can't. And there was a time, although in your case, and we'll get to this, I'm a little skeptical. Just a couple of years ago, if your employer required you to work from home, you could deduct at least a portion of the cost of your home office, which in effect is the percentage of your home that's dedicated to your home office. And that would apply now because we didn't say, "Hey." Our office is closed. I mean, it's not like we are working at home for our own convenience. We're working at home because we have nowhere else to go, right? But, unfortunately, and people are just becoming aware of this, now the big tax overhaul that was enacted at the end of 2017, got rid of a deduction for unreimbursed business expenses for employees, and that included the home office deduction. So if you work for someone else and you're working from home, even if you spent some money and I suspect a lot of people did to get a more comfortable office chair, monitor or something-

Ryan Ermey: Oh, yes.

Sandy Block: None of that is deductible if you're working for someone else. This deduction is gone. So, that's the bad news. The good news is if you work for yourself -- and that includes independent contractors who may have worked in an office before but are effectively self-employed or even have a side gig -- then this deduction is available to you. You should definitely take it, because if you're working for yourself, you want to deduct all the expenses that you can. So in that case, you should be keeping track of these costs. Now the reason I'm a little skeptical of your set up, Ryan, is in order to qualify for a home office deduction, let's pretend you work for yourself, not for Kiplinger's, you have to have a space in your home that is exclusively dedicated to your work. I'm not sure if the IRS is listening. I think they would be skeptical because you just gave up that the space that you use to work is also used for brunch. That may disqualify you from this deduction.

Sandy Block: It doesn't mean it has to be a separate room. I mean, I actually have a room that I work in in the attic, but if you're an apartment dweller, you could qualify for this deduction even if you just have a portion of your bedroom with a desk and a chair and your computer.

Ryan Ermey: Cordon it off.

Sandy Block: Yeah, cordon. As long as it's exclusively used for business. What the IRS doesn't want people doing is saying, "I work all over the house. I work in the living room. I work in the kitchen," and then deduct the whole cost of the house saying that it's all your home office. So it has to be fairly regular, but once you cross that barrier, and again, this only applies to people who are self-employed, the rest of us are out of luck, then you can deduct . . . say your office space is 10% of your home. You can deduct 10% of your mortgage, 10% of your utilities, 10% of your homeowners insurance.

Ryan Ermey: That's big.

Sandy Block: Yeah, it is. It can really add up. And the IRS also offers a short version where you just measure the square footage and multiply it by five, up to a maximum of $1,500. So that's the shortcut, but if you're really serious about cutting costs, I would do the actual cost and do the math and figure out how much of your expenses are dedicated to your home office. And if you're, again, if you're working for yourself, independent contractor, even side gig, it's not just your home office. All the things that you've purchased to make your home office more livable are deductible expenses. So yes, self-employed. You and I do not get this deduction. We just, even though maybe we spent a little bit of money, I don't know, making our offices more office-like, we're out of luck with that.

Ryan Ermey: Well, so I haven't spent too much but my roommate, to bring him back into the conversation, he bought . . . I mean, he has a dedicated space in his room that has a desk he bought, let's say a ring light so he can look good in video conference, laptop stand, all of those kinds of things. So does the deduction only apply to that percentage portion of whatever taxes you're paying on your home or do these things that he bought, can he write the entire cost of that desk off or the entire cost of that laptop stand off?

Sandy Block: Assuming he works for himself.

Ryan Ermey: No, he's got a side gig now that . . .

Sandy Block: Okay. For a side gig, yeah. And as I said, if you're working for yourself, you just need to come up with some kind of bookkeeping software or something and write all that stuff down. If it's something that he purchased to enable his business and it is his own business, yes, it is deductible and he needs just to keep track of all those things. So, yeah, definitely. If he bought things so he can do videos for his business, for sure that's deductible. So if you're self-employed, you have to be a record keeping machine because you're eligible for so many deductions, your mileage, postage, whatever. That's smart because a lot of self-employed people don't make a lot of money and the less you pay in taxes, the more you keep. So, yeah, for the self-employed, all those things are deductible. As I said, for the rest of us, if we bought chairs or big monitors and things, the best you can do is ask your employer to reimburse you for some of them. Good luck with that.

Ryan Ermey: Good luck. All right. Well, we surely have some content about this on Kiplinger.com that we'll put up in the show notes, and I'll be sure to let my roommate know he can save some money. Maybe he'll even let me keep my stuff out on the brunch buffet.

Sandy Block: Seems only fair.

Ryan Ermey: If you or someone in your household is immuno-compromised, can your boss make you come into work? Alison Green answers back to work questions after the break.

Ryan Ermey: We are back. And we're here with Alison Green, who I'm excited to have on or have back on, I should say. She's been on the show before and was wonderful on that appearance and her blog Ask a Manager is one of my absolute go-tos for workplace questions and advice. So, Alison, thank you so much for coming back on with us.

Alison Green: Thanks for having me.

Ryan Ermey: So lots of folks have been working from home and discovering that they can do their job just fine remotely. And as offices open up, people may be feeling uncomfortable returning, either because maybe they live with an immunocompromised person or they can't arrange childcare or for whatever reason. Can people refuse to go back to the office -- and, if not, what should people do if they're uncomfortable returning and their workplace is opening back up?

Alison Green: So many people are struggling with this right now. My inbox is just chock full of letters about this. And the answer is, it really depends on the specifics of your situation. So if you yourself are high-risk, the law will give you some protection. The Americans With Disabilities Act says that you should be able to ask to continue to work from home as a medical accommodation. Now your employer isn't necessarily required to agree to that. But what the law says is that they have to have a dialogue with you about what accommodations would work. They can suggest other things instead. They could suggest putting you in a more isolated space or setting up plexiglass barrier, but they do have to work with you on a solution. Now if you are not high risk, but you live with someone who is, the law does not give you the same protections. But even so, you can still talk with your employer and explain the situation and try to work something out.

Alison Green: And in a lot of cases, employers might be willing to work with you. You just have to know to ask. Now if you have to stay home because you have young kids and schools and camps and daycare centers are still closed, there are some legal protections. They're not great ones. If your company has fewer than 500 employees, there is a new law that gives you up to 12 weeks of expanded family and medical leave. It's at two-thirds of your regular rate of pay if you can't work because of childcare issues right now. Or you can collect unemployment if you're unable to work because of childcare needs, but obviously most people are hoping to avoid that and stay employed if they can. So if none of those options work for you, and there are people who don't fall in any of those categories, you can try pushing back in your company.

Alison Green: You might have more luck if you do it with a group of coworkers, because a group of people pushing for change can be harder to ignore than one person, but a lot of people are in this boat and there's not great answers for everyone. People are feeling like they have to choose between keeping their job in the middle of a very bad job market or protecting themselves in their families. It's a really hard situation.

Sandy Block: So Alison, to follow up on that, in general what should people do if maybe they are ready to go back to work, but they feel like their workplace is unsafe either because the office is telling people not to wear masks or they don't have any social distancing guidelines or they're allowing as many people as possible to pile into the elevator? Do you have any suggestions for people in that situation?

Alison Green: Yes. Speak up. And, again, if you can get a group of coworkers to all speak up together, you're going to have more power. You're also going to have some protection if you speak up with some other coworkers. If you're worried that speaking up will put a target on you or get you marked as difficult or not a team player, which are all things people worry about, if you speak up with a group of coworkers, federal law prohibits employers from taking action against you for doing that. It's actually the same protections that protect union organizing do apply even if there's not a union in the mix.

Alison Green: Now that doesn't mean that employers don't violate that law all the time. They do, and so you do have to be careful. But do know that there's some protection and really speaking up and pushing back with your coworkers and saying, "We're ready to come back, but these are the conditions that we think we need to see in place before we're comfortable doing it." Sometimes that can have an impact. Not every time. Again, it's just a terrible situation for a lot of people. But some people are finding that they can get change made that way.

Ryan Ermey: So some offices like ours -- Sandy and I are going to be in the dining room and the attic recording for a little while here -- plan to be closed for a little while longer. And even after things open back up, I think a lot of workplaces anticipate allowing more of their workers to work from home a fair amount more. Now everyone should go check out your blog and I'm certainly a regular reader, but what are some common issues that you've seen arising as people are acclimating more to a working from home world? And how have you been going about telling people to deal with these things?

Alison Green: Oh gosh, I have had so many new themes crop up since all of this started. It's just changed everything about work. One that I'm seeing a lot is employers who never really liked the idea of letting people work from home but had to allow it when the pandemic started, but they still aren't really comfortable with it. And on some level it seems like they believe that people working from home aren't working or aren't as productive as they would be in the office. And you see that come out in all sorts of ways. You see managers who want people on video calls all day long to make sure that they're really working. I've had multiple letters about that. People have managers who suddenly start micromanaging people who were previously trusted to be competent professionals who didn't need that. It's really odd. A lot of employers are using this as an opportunity to see how working from home can work for them longer term. But some employers are losing it, because they feel like they have less control over their employees now.

Ryan Ermey: One dilemma that I saw come up on the blog is that some people's workplaces have tried to monitor their internet use or track their computer. Is that legal? Is that allowed?

Alison Green: It is legal and allowed. In most states they have to tell you that they're doing it. But the assumption that this all rests on legally is they're paying for your time, you might be using their equipment, they can monitor what you're doing. So, yeah, there are employers who are insisting that now that their workforce is remote, they have to have keyboard loggers or others spyware on their computer.

Ryan Ermey: Wow.

Alison Green: They're not calling it spyware, but it is spyware. It all goes back to managers not knowing how to manage people when they're remote. And so they grab at control, instead. But monitoring people is not the same thing as managing people. I mean, we've long had a crisis of management where people get promoted into management jobs and have no idea how to do it. You're just really seeing it now that they can't see people in person.

Sandy Block: Well, that's a good lead up to the next question, because as a result of the pandemic a lot of people maybe realize that they don't like being spied on their managers or they've been furloughed or laid off and they are looking for another job. How have the rules changed when it comes to looking for a job? And I guess, follow up to that, if you want to continue working from home on a more permanent basis, is that negotiable?

Alison Green: So I wish I had a more optimistic outlook to share about the job market. Things are not great right now. So many people are out of work and it's not a great time to be looking for a job. And employers know that, and some of them seem to be taking advantage of it. Not all of them, of course. I mean, some employers have been great. But some have been treating people in ways that they wouldn't have done earlier, because they feel like the balance of power has shifted and people are less likely to quit over it or if they do. They can be more easily replaced now. So it's not a great time for workers.

Alison Green: It's not a great time to be job searching, but that doesn't mean people aren't getting hired right now. They are. And I would never want someone to feel like they have to stay in a bad situation because they're afraid to leave, but it's definitely a time to proceed with caution. It won't stay like this forever, but right now there's so much uncertainty at companies and so much instability, it's just a really tough time to be looking.

Ryan Ermey: Do you think that there's a possibility that workplaces that were formerly insistent that people come into the office -- now that so many businesses have gone to remote work -- do you think that coming out of the pandemic there will be more opportunities where companies are going to say, "We did this whole remote thing. It worked. Why not hire more people on a telework basis?"

Alison Green: I do. I think a lot of people had been assuming that would be the case across the board with every company, that manager's eyes would be open and they would see how great this was and there are cost-

Sandy Block: Work wherever you want, right?

Alison Green: Right. And there are cost savings for employers to not have to rent office space-

Sandy Block: Sure.

Alison Green: . . . and to be able to hire people anywhere and not be limited just to your local labor market. But a lot of companies are pretty excited to start bringing people back to work. And in some cases it's legitimate. They're right that they've lost something in terms of the ability to collaborate or stay in touch. With other jobs, not so much. I mean, a lot of people will tell you they've been doing their job just fine, if not better, since they've been at home. And it's . . . I don't know. I think there's something of a disconnect between a lot of the workforce and a lot of employers. But I do think that, yes, definitely some employers are seeing, "Oh, this is workable in a way that we didn't quite embrace before but we can now, and there are cost savings here for us." And I do you think you're going to see and are seeing companies embrace remote work in a way that they hadn't quite gotten to before this happened.

Ryan Ermey: Well, all fabulous advice, Alison, as always. And before you go, remind the people where they can find all of the stuff that you're working on.

Alison Green: I answer reader questions every day at my website, which is askamanager.org. And my book is "Ask a Manager: How to Navigate Clueless Colleagues, Lunch-Stealing Bosses, and the Rest of Your Life at Work."

Ryan Ermey: Those pesky lunch-stealing bosses.

Sandy Block: I hate it when that happens.

Ryan Ermey: All right. Well, thank you so much for coming on. Everyone go check out the website. Check out the book and, yeah, we'd love to have you on again soon. Thanks so much, Alison.

Alison Green: Thank you.

Ryan Ermey: If we're talking about a new Michael Jackson biography, you know it's time for Wild Pitches. Don't go anywhere.

Ryan Ermey: We are back and before we go, it's our favorite all time segment, Wild Pitches, tales of our wackiest PR pitches. Sandy, what do you got?

Sandy Block: I've got one, just in time for Father's Day and we did talk about some Father's Day gifts last year, "60 Minutes of Utter Silence for Dad." Now when I was a teenager, that's what you'd call dinner, right? This falls into the category of pitches I've talked about that are a little bit tone deaf because at a time when a lot of people are feeling very isolated because they can't spend time with the people they love and they can't go out. To me, the last thing somebody wants is to spend 60 minutes in a float. And what this involves is a float pod where guests float atop 180 gallons of water and 1,000 pounds of Epsom salt.

Sandy Block: "The specialized salt solution provides a zero gravity environment that allows the body to float effortless in water set to skin temperature." It gives a lot of other stuff about the benefits. First of all, I don't know about you, but I can't imagine in a million years my dad would want to spend 60 minutes floating in a pot all by himself.

Ryan Ermey: No, probably not.

Sandy Block: But I actually heard of people who embrace this. They find it very relaxing, but seriously-

Ryan Ermey: You think you could take a vodka tonic in there?

Sandy Block: I think a lot of men would be saying, not men, just women saying, "Is there a game on? Can I listen to a podcast here?" But I think that the larger issue is, as I said, a lot of people, particularly parents, have been spending a lot of time alone. They haven't been able to get out and they haven't been able to spend time. So to give them a gift where they would spend 60 minutes not talking to anyone really doesn't seem like an appropriate gift at this time. I think the real gift that people can give to their fathers is the gift of themselves. And I understand that for a lot of people, that's not possible because maybe they don't want to put them at risk of getting coronavirus.

Sandy Block: Maybe a lot of people have parents in retirement communities or nursing homes that are closed to visitors. But you can certainly call. You can do a Zoom. You can write a letter. I think that experiential gifts are great gifts for older parents, because most of them have too much. But I think putting them in a pod for 60 minutes . . . there may be some dads out there that think that's a great idea, but I really can't think of any. So, that's my wild pitch. What do you got, Ryan?

Ryan Ermey: Well, so mine says, "More than a decade has passed since the world lost Michael Jackson, the King of Pop whose life continues to be so relevant today it's being celebrated in a new Broadway show to open March 2021. Author and music producer Gary Revel reveals never-before-told facts about Michael in his updated edition of "Don't Stop Dancing: Stranger Than Fiction" that takes an investigative approach toward uncovering what Revel calls, quote, 'secrets of the life, music and career of a man considered to be one of the greatest entertainers in music history.'" Now, this sounds like, first of all, regardless of what you believe about Michael Jackson and I've seen the HBO documentary so I have certain-

Sandy Block: Opinions.

Ryan Ermey: . . . leanings on that front. He's not a man whose secrets you really want to know. The more secrets you find out about Michael Jackson-

Sandy Block: The worse it gets. That's right.

Ryan Ermey: . . . the more troubling it gets. And I get a lot of pitches like this because when I was still an intern at Kiplinger's, I interviewed Gene Simmons about-

Sandy Block: Gene Simmons of Kiss. For those-

Ryan Ermey: From Kiss, if people don't remember. Yes.

Ryan Ermey: Who was at the long tongue and the whole thing. I interviewed him about a book of his called Me, Inc. And to spare you the . . . I mean, I guess I'll put it in the show notes if people want to read it, but I wasn't very nice to the book. But regardless, that story got me on a list of celebrity book pitches, whether they're financial or not. And I wouldn't recommend anyone read this. I mean, look, if you're really into Michael Jackson and want to read the book, go check it out. But if not, we have some finance-related books that we've recommended in the magazine in case you're short on summer reading. We have The Big Short, which people may remember.

Sandy Block: Yeah. Also a very good movie. If you don't want to read the book, I thought the movie was very well done as well.

Ryan Ermey: But, yeah, in case you haven't heard of it or seen the movie dive into the financial crash of 2008 and the world of bonds and real estate derivatives. Exciting.

Sandy Block: It was exciting.

Ryan Ermey: It is exciting, though. Yeah. It's just funny that that's what we added in the magazine. Bonds and real estate derivatives. I mean, Michael Lewis is fabulous, who wrote this book. Any one of his books about finances is worth reading. "Lewis tells the story through a quirky crew of investors who predicted the crisis and breaks down complex topics for the lay person." Our colleague Eileen Ambrose contributed How to Retire Happy by Stan Hinden. "A former Washington Post financial writer turned his retirement into a column, and then this book. He gives it to you straight, what he wished he knew before retiring and how to navigate 12 key decisions as you reach retirement." Sandy, this was a little while ago that we put this list together, but one of these is your recommendation -- "Capital," a novel.

Sandy Block: Yeah. It's Capital by John Lanchester, who I think writes for the New Yorker. And I loved this book because it was a very much of the time. It was in the spring of 2008 in a rapidly gentrifying neighborhood in London. I think it has a lot of relevance to our times with all the conversations we're having about income inequality, which is really the theme of this book. People started getting these disturbing notes in their mailboxes. It's very well written and it just captures how people were really living very large until they weren't. So it was just very readable and it was a lot of fun to read and I think it would have, now that we're in another downturn, I think it would be relevant and interesting. And it's just a good read. I mean, get it on your Kindle from the library or something.

Ryan Ermey: Another one of our recommendations which I haven't read, but reading the description sounds more relevant now than ever, is called Nickel and Dimed: On (Not) Getting By in America by Barbara Ehrenreich. "A journalist goes undercover to live among the working poor chronicling poignant, eye-opening stints as a waitress, maid, nursing home aid and Walmart sales clerk." Something that's so worth reading right now, given how the pandemic has really taken an enormous toll and how society has had such high expectations for the working poor who have had to work throughout the pandemic. So absolutely, I'm going to see if I can pick up a copy of that myself.

Sandy Block: This book is fairly old and I actually interviewed her years ago, but it's every bit as relevant now as it was then, because what she gets at is that if you are among the working poor, just life is so expensive. You get into this cycle of poverty that's very, very hard to break out of. She had to live in really crummy hotels, but she couldn't afford to cook for herself on the salary that she was making. So she had to go to fast food places. It just shows how difficult and as you said, at a time when we're paying attention to essential workers and these people are actually putting their health at risk to work, I think this book -- it'd be interesting to see if she's put a new forward on it because it's every bit as relevant as it was 20 years ago.

Ryan Ermey: And before we go, Sandy, you are the chairperson of the Kiplinger's book club.

Sandy Block: Yes, I am.

Ryan Ermey: The founder, I should say, that we've started during the work from home period here. What are you reading these days?

Sandy Block: Actually, we're reading, this is for people who love magazines. Well, what I'm reading or what the book club's reading?

Ryan Ermey: Oh, both. I love that you're multitasking.

Sandy Block: Oh, I'm a book ninja. I mean, I read tons of things. But the book club is reading, this is very relevant to our business, it's called Save Me the Plums by Ruth Reichl, who was the editor of Gourmet until it was abruptly shut down. And it's just got all kinds of good juicy stuff about, again, Conde Nast. The amount of money they spent before the internet ate their lunch is just astonishing. I mean, it's just juicy and fun to read. So, that's what our book club is reading. I'm making my way through the second in the LBJ Robert Caro series. I've been reading that off and on. Yeah.

Ryan Ermey: Oh baby. Master of the Senate or whatever that was.

Sandy Block: Yeah. The second one is the one I'm through. And just last night I stayed up reading a book I liked a lot called Writers and Lovers, which is also very good. So don't get me started.

Ryan Ermey: It's thousands of pages, that Lyndon Johnson thing, and he's still only up to 1959 or something, right?

Sandy Block: Oh, I know. I mean, he hasn't even . . . yeah. He just got elected to the Senate.

Ryan Ermey: Holy moly.

Sandy Block: I mean, there's a whole chapter on his kidney stones, but it's a really fascinating chapter. I learned a hell of a lot about kidney stones.

Ryan Ermey: Well quickly, I just finished up Trick Mirror, the book of essays by Jia Tolentino.

Sandy Block: Oh, I liked that. That was good. Yeah.

Ryan Ermey: Absolutely fabulous. And really, I think, insightful writing and interesting thinking about my generation. She's, I think maybe a year older than me.

Sandy Block: Yeah. I would say so. Yeah.

Ryan Ermey: Really fascinating stuff. And I'm just starting The Vanishing Half.

Sandy Block: Oh, I put that on hold. Want that.

Ryan Ermey: . . . which I'm very pleased to have gotten through book of the month.

Sandy Block: Oh, really?

Ryan Ermey: Yes, indeedy. And for people who might be interested, it's about a pair of twin sisters who are black, but one of them chooses throughout her life to pass for white. And it goes through . . . I mean, I just started it.

Sandy Block: That book's getting a ton of buzz. I can't wait to read it.

Ryan Ermey: Really, really excited to read it. So I'll have to check back in once I finish it and let you know how it was. But there you have it, folks. If you're in need of summer reading, financial or otherwise, we've got you covered. So stay healthy and stay literate.

Ryan Ermey: And that'll wrap it up for this episode of Your Money's Worth. For show notes and more great Kiplinger content on the topics we discussed on today's show, visit kiplinger.com/links/podcasts. You can stay connected with us on Twitter, Facebook or by e-mailing us at podcasts@kiplinger.com. And if you liked the show, please remember to rate, review and subscribe to Your Money's Worth wherever you get your podcasts. Thanks for listening.

Links and resources mentioned in this episode:

• Find a Community Foundation (U.S.)
• Find a Community Foundation (Canada)
• Tax Deductions for People Working From Home
• Coronavirus at Work: Your Legal Questions Answered
• Askamanager.org

Often with dangerous jobs, the pay doesn’t come close to compensating for the risk. In fact, plenty of perilous jobs pay paltry sums compared to other options. Take fishermen and loggers. They can expect median salaries of under $35,000 a year, $23,000 less than the mean for all workers. Yet the fatality rate for fishermen is nearly 39 times the rate for all occupations, the highest of any profession, in fact. Loggers, at nearly 28 times the overall fatality rate, rank second.

The COVID-19 pandemic shook up the risk scenario in the workplace. Overall, workplace injuries and illnesses were down 5.7% in 2020, compared to the previous year. But a closer look at the numbers reveals that while injuries dropped significantly, illnesses went way up.

The pandemic also made a new group of low-paying jobs among the riskiest in the nation. Nursing assistants had the highest number of days of any profession away from work in 2020, the most recent year available, according to the Bureau of Labor Statistics. They had 1,024 days away from work per 10,000 workers in 2020, an increase of 14 times the rate in 2019. Yet nursing assistants make a mean wage of just over $30,000.

Going back the last few years before the pandemic, there were generally between 10,000 and 11,000 respiratory illnesses among U.S. workers each year. In 2020, however, there were nearly 429,000. Conversely, the days away from work decreased slightly for heavy and tractor-trailer truck drivers, whose mean wage was just over $50,000, between 2019 and 2020.

As perilous as work has become for many during the pandemic, fewer people were injured on the job in 2020 than in any year since 2013, according to the most recent data from the Bureau of Labor Statistics. Still, those data showed an American worker died every 111 minutes from a job-related injury. The most common cause of death on the job was transportation-related incidents, which resulted in 1,778 deaths that year, more than 37% of all work-related deaths.

Not surprisingly, workers in jobs that involved transportation and moving material accounted for the biggest proportion of occupational deaths at a total of 2,258, accounting for more than 47% of the total work-related deaths in the U.S.

We believe that if you're going to take a risky job, you should at least get compensated handsomely for it. So we crunched the numbers on injuries, fatalities and salaries to identify eight occupations offering paychecks that make up for the elevated risks by paying more than the national median of about $58,000. Top earners in many of these fields can enjoy six-figure salaries, in some cases even without college degrees. Plus, many of them won’t be replaced by technology, which spells job security.

Take a look at these risky jobs that pay well.

Data sources: All data provided by the U.S. Bureau of Labor Statistics, unless otherwise noted. Most statistics from 2020, unless otherwise indicated. That year, the fatality rate for all occupations was 3.4 deaths per 100,000 workers.. "Top pay" represents the annual salary of a worker in the 90th percentile of an occupation, unless otherwise noted. We used the most updated data provided by BLS. In some instances, that was as far back as 2019 or older. Also, in some instances, the bureau provided median salary information, while for other occupations, it provided average salary information.

• Number of workers: 42,770
• Rate of injuries/illnesses: 34.3 (3.4 for all workers).
• This represents a decrease of the 2019 rate of 61.8 per 100,000 FTEs
• Median annual salary: $115,080
• Top pay: $197,400*
• Annual fatalities: 4

Flying may be safer than driving, with crashes exceedingly rare, but pilots still manage to get hurt. The most common injury to pilots is back strain, no doubt exacerbated by countless hours spent in flight decks. Still, the pay might well make the risks worthwhile. Annual median wages for airline pilots, copilots and flight engineers are the highest of all our risky jobs.

You can save yourself the cost of college by heading straight to flight school, though most airlines prefer to hire degree-holders. You'll need the edge. Competition for openings can be fierce, given industry consolidation and the job market's overall weakness. You'll also have to clock the flight hours necessary to even apply for an airline job. The Federal Aviation Administration requires applicants for pilot and first officer positions to have a minimum of 1,500 hours of total flight time.

But if you rack up enough experience and airborne hours, annual pay with the major airlines can soar to $200,000 or more, according to AirlinePilotCentral.com. Similarly plump salaries can be had if you land an offer from one of the flying freight giants. FedEx and UPS pay their captains at least $212,000 and $233,000 a year, respectively, starting in just their second years. Bonus: no whiny passengers.

*According to Airline Pilot Central, United offers its 12th year captains of Boeing 777 planes the highest minimum annual salary of all the legacy airlines.

• Number of workers: 33,700
• Rate of injuries/illnesses: 122.6 per 10,000 workers
• Median workdays missed due to injury/illness: 43
• Mean annual salary: $60,970
• Top pay: $98,070
• Annual fatalities: 1

Digging up information can be pretty strenuous work. Gumshoes sustain most of their injuries in car accidents and physical altercations. But even those tallies are relatively low, so the above-average pay for private eyes may be worth the slightly elevated risk.

Most detective work does not have an education requirement, but the ability to learn on the job is a must, and previous related work experience is a plus. You'll also need a license in most states; requirements vary. And if you specialize in certain fields, say insurance fraud or computer forensics, a related bachelor's degree might be necessary for some corporate investigators.

That expertise can not only help you solve whodunits but also push up your pay. Investigative agencies, both large and small, are by far the biggest employers of detectives. Distant runner-ups are law firms and state and local governments.

• Number of workers: 3 million
• Rate of injuries/illnesses: 1023.8 per 10,000 workers
• Median workdays missed due to injury/illness: 8
• Median annual salary: $75,330
• Top pay: $103,000
• Annual fatalities: 12

Registered nurses were among those most affected by COVID; they endured a whopping 78,740 injuries and illnesses in 2020, an increase of more than 290% over 2019 when there were 20,150 injuries and illnesses among registered nurses, according to the Bureau of Labor Statistics. In 2020, the number of cases in which registered nurses had days away from work increased by 58,590 cases (290.8 percent) to 78,740 cases, according to the Bureau of Labor Statistics.

The states with the largest increase in cases among nurses who had days away from work were Michigan, where cases rose more than 1,000% and Iowa, which had an increase of more than 900%. .

Typical wages about 88% above the national median might help compensate for the pain. California registered nurses earn a particularly comfortable wage, into six figures in nine West Coast metro areas.

You need a bachelor's or associate's degree in nursing or a diploma from an accredited nursing program in order to become an RN. If you extend your education to a master's degree, you can earn even more; median annual pay for nurse practitioners is nearly $90,000, and top earners make $120,500 a year.

According to Indeed.com, the average base salary for a registered nurse is nearly $89,000 as of May 2022. That ranges from $80,266 for nurses with less than a year of experience to $104,907 for those with more than 10 years of experience. New York is the highest paying city where registered nurses earn an average of nearly $103,000 a year. But Iindeed says just 62% of registered nurses in the U.S. think their salaries are enough for the cost of living in their area.

• Number of workers: 16,700
• Rate of injuries/illnesses: 1,542.1 per 10,000 workers
• Median workdays missed due to injury/illness: 10
• Median annual salary: $77,300
• Top pay: $107.5 million
• Annual fatalities: 10

When your job is to exercise and physically compete on a regular basis, your body is bound to get a little run down. More than half of the injuries reported by athletes are sprains, strains and tears. But what's becoming a little worse for wear when you get to play the game you love for a living?

The above-average pay doesn't hurt, either. It would behoove players to save that extra income. Athletic careers offer little stability and are often short-lived. According to Indeed.com, the average professional athlete base salary as of April 20222 was $115,429, including $222,275 for the NFL. The highest paying city for professional athletes was New York, where the average salary is $133,762.

According to the job website Ladders, the top-paid American athlete is Dallas Cowboys quarterback Dak Prescott who earns a jaw-dropping $107.5 million a year.

But just 45% of professional athletes in the U.S. report being satisfied that their salaries are enough for the cost of living in their area.

• Number of workers: 665,000
• Rate of injuries/illnesses: 121.7 per 10,000 workers
• Median workdays missed due to injury/illness: 15
• Median annual salary: $64,610
• Top pay: $102,530
• Annual fatalities: 105

Police work is truly risky business. Exhibit A: The number of work-related deaths for cops is the greatest of all the occupations on this list. Still, the fatality rate is just 18.6 per 100,000 workers, about on par with taxi drivers.

If you don't mind mixing it up with the occasional physical altercation or high-speed chase, paychecks 59% higher than the national median may be worth sustaining some sprains, strains and tears (the most common injuries for police officers). You can enter the police academy after graduating from high school or getting your GED, though many agencies require some college coursework or a college degree. But you have to be at least 21 years old to become an officer (younger recruits can be cadets and do clerical work until they're of age). A college degree can help fatten your paycheck, however. A B.A. in criminal justice can push salaries into six figures, according to Payscale.

Indeed.com reports the average base salary for a U.S. police officer is $55,390. This ranges from $46,900 for officers with less than a year of experience to $76,650 for those with more than ten years of experience. The highest paying city is San Jose, California, where officers make an average of $131,000. According to Indeed, 53% of police officers report being satisfied that their salaries are enough for the cost of living in their area.

Note that while the Bureau of Labor Statistics data for wages for police officers refer to 2021, the most currently available injury and illness information dates to 2018.

• Number of workers: 48,030
• Rate of injuries/illnesses: 180 per 10,000 workers
• Median workdays missed due to injury/illness: 22
• Median annual salary: $63,960
• Top pay: $82,460
• Annual fatalities: 11 in 2019

Train-track tragedies are as uncommon as they are heartbreaking. Overall, railroad safety has improved dramatically over the past decade. Heading the crews of freight and passenger trains and rail yards, railroad conductors and yardmasters have the highest rates of injury of all rail transportation workers, but they have the potential to score the biggest paychecks, too. You need just a high school diploma or the equivalent to get started, and you have to be certified by the Federal Railroad Administration to become a conductor. Most employers require one to three months of on-the-job training. Amtrak and some freight companies offer their own training programs, while smaller railroads may send you to a central facility or community college to prep you for the job.

• Number of workers: 14,740
• Rate of injuries/illnesses: 248.0 per 10,000 workers
• Median workdays missed due to injury/illness: 23 for surface mining, 46 for underground and 60 for continuous Median annual salary: $60,300
• Top pay: $78,060
• Annual fatalities: 5 for surface mining, 7 for underground

Not surprisingly, pumping the Earth for its resources can really suck the life out of you. Extraction workers, a broad category of workers who mine and drill for oil, gas, coal and the like, recorded a total of 92 deaths and 3,990 injuries in 2011. And while some extraction jobs offer scant compensation for such risks, pay for certain mining machine operators is more tempting.

Education requirements are minimal to get started (some jobs don't even require a high school diploma). But if you go into mining with a college degree, you stand to earn a fatter paycheck and added safety as a mining engineer. Indeed says mining engineers, who inspect mining areas and design underground systems of entries, exits and tunnels, make an average national salary of more than $97,000 as of April 2022. Their job is also dangerous as they are often close to heavy machinery and are exposed to air pollution and in danger of being hurt in a cave-in.

• Number of workers: 729,600 in 2020
• Rate of injuries/illnesses: 122.2 per 10,000 workers
• Median workdays missed due to injury/illness: 15
• Median annual salary: $60,040
• Top pay: $82,930
• Annual fatalities: 68 in 2019

With high demand to plug in our various devices at home and work, electricians are practically guaranteed prosperous careers.

But this profession comes with its stumbling blocks — literally. Electricians' injuries are most often caused by falls. That's not surprising, considering they often spend lots of time at construction sites and on ladders. If you watch your step, you typically stand to enjoy paychecks 43% higher than the national median.

You can start your career as an electrician with a high school diploma (or the equivalent) and a paid four-year apprenticeship, which you can find through the U.S. Department of Labor. But having a Bachelor's degree can help boost your income; according to Payscale, a college-educated electrician can earn up to about $93,000 a year. Most states also require you to be licensed.

According to Indeed.com, the average base salary for an electrician is about $56,800 as of May 2022.