How can you make the big switch between companies — or even between careers — less stressful? Follow our tips below to make the transition smooth.
Almost everyone will change jobs or switch careers at least once in their lives. It's an exciting time, full of possibility and optimism. But, like any life change, it can also have its own stresses. Here are a few ways to make it easier on you and your family.
Starting a new job gives you more opportunity to negotiate your salary than almost any other time in your career. Use it to your advantage. You might find that just by asking for more after the job is offered, you can make yourself thousands of dollars richer.
Maybe you got a fantastic new raise with your new job. Or, perhaps you need to pay for classes while you train for your new career. Either way, each new job probably means something has changed for your budget. Look over your finances carefully and make sure your spending aligns with your new income.
If you were in an employer-sponsored retirement plan at your last job, don't let it slip through the cracks. To keep everything in one place, roll it over into a Bank of Texas IRA or into your new employer's plan. Don't be tempted to take a cash distribution, which will likely involve lots of fees and taxes. And, if you aren't already saving for retirement, a new job is the perfect time to start.
At the start of your job, take some time to learn about your new benefits. Understanding how your new health insurance, tuition reimbursement, or stock options work now can save you time and money down the line. Make sure to use each of your benefits to their fullest potential — they're part of your compensation too.
Most financial professionals suggest that you have three to six months of living expenses in your cash reserve. However, the actual amount should be based on your particular circumstances.
No one loves paying taxes, but for most of us, they are necessary. We have three quick ways to make April 15th a little easier this year.
Don't be intimidated by the word "budget." We're not here to tell you to stop spending money. We're here to tell you to pay attention to how you're spending it, and to make sure you're happy with where it's going.
A defined contribution plan an employer offers to its employees to allow them to divert a portion of their income to retirement savings. Income taxes on the savings are deferred until withdrawal. A penalty tax is imposed for withdrawal of all or a portion of the funds before a specified age. Employers may match an employee's contribution dollar-for-dollar.
Our IRAs offer flexibility and security for your money. If you're looking to rollover your employer sponsored retirement plan, we can help. Call our ExpressBank at (800) 346-5312 or stop by one of our Banking Centers today.
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