This Week In Your Wallet: Good News For Job Hunters
With Labor Day on the horizon, it seems appropriate to talk about a positive trend for job hunters: The tide is turning for middle-income job creation. For a while, hiring spiked specifically at the very top — and very bottom — of the wage ladder, but for the first time in a long time, growth in middle-income jobs have surpassed the rest. That’s according to an analysis by the Federal Reserve Bank of New York, cited by The New York Times. From 2013 to 2015, some 2.3 million workers earning between $30,000 and $60,000 landed positions in fields including education, social services, construction and transportation. To put that into context, that’s about 50 percent more than the number of people hired during the same period earning both more or less.
Sharing Miles Is Caring
And while we’re bringing you the good news… The Times’ Your Money columnist, Ron Lieber, shined a light on the fact that some airlines are making it easier to share (or give) miles to family or friends. How can people take advantage? For one, families can combine miles to earn an individual free ticket faster. Also, children who only fly, say, once a year, can put miles into a joint account to benefit their families. JetBlue offers “family pooling,” meaning up to two adults and five kids can combine their miles. Hawaiian Airlines and Sun Country Airlines are also playing this game. Here’s hoping American, Delta and the other biggies take the hint.
Forget The Joneses
Here’s a riddle: If your neighbor won the lottery, how likely do you think you’d be to buy a new car? Here’s the answer: Probably too likely for your own good. New research cited by The Wall Street Journal shows that many neighbors of people with lucky tickets end up purchasing more cars or other visible assets. Their savings and assets didn’t seem to change, but their things often multiplied. The study even found that neighbors of lottery winners were more likely to experience financial distress and bankruptcy. Bottom line: This is one of those phenomenons where understanding that it exists is likely the first step in helping yourself avoid it. And if you feel yourself going all gaga over the Joneses’ new marble countertops (or whatever), it’s a sign that you should revisit your own short, medium and long-term financial goals to make sure you stay on course.
Thinking Ahead
What’s the number one retirement mistake boomers are making, according to Forbes? Not planning with life expectancy in mind. Yes, those numbers are going up, which means that your retirement could last 25, 30, 35 years, maybe more. If you’ve never run a life expectancy calculator, I like this one. It’s a fun exercise, and you may be surprised at the things (ahem, seat belts, ahem) that drag your numbers down.
Have a great week,
Jean
