Graduated Learning: Life after College

I got my degree, I got a job…now what?

Go ahead, join a startup April 3, 2018

Filed under: Careers,Uncategorized — Stephanie @ 8:43 pm
Tags: , ,

The other day, Desirae tweeted about an article she came across about whether or not you should join a startup company right after college.  The general gist of the article was that you shouldn’t join a startup right away, because even if the salary/benefits seem good, if/when the company goes belly up, it’s like you never worked there.

Um, what?

He says that after the company goes bankrupt, you’ll have nothing to put on your resume because no one will have heard of the company or be able to look it up.  Which is an odd thing to say on multiple fronts because you WILL have things to list on your resume (all of your experiences at the company) and even if the company doesn’t exist anymore, you still have fellow coworkers/bosses who can be contacted as references with other emails/phone numbers.

He also complains that all the work you’ll be doing is “grunt work” and therefore you wont have any “relevant experience” to show on your resume.  On the one hand I know that if you are entry-level person at ANY job, there’s going to be some starting work that’s not super exciting or stimulating. But you need to learn things, you can’t expect to be thrown onto a super important project your first day on the job.  You work your way up, regardless of the size/age of a company!

Of course, I’m basing my response to this article on my own experiences.  I worked at a startup for 2 years straight out of college.  And then I got laid off.  But my resume had plenty on there from all my useful experiences there, and a few months later I was able to get a new job.

And even at my new job, I started with the less glamorous work, but I’ve learned so much these past 10 years and worked my way up to gain more responsibilities.

What do you think of the article?  Is joining a startup a waste of time right out of college?  Or a worthwhile experience?  Did you join or start a startup?

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Rolling over my 401(k), and other transitions May 16, 2008

Well, I got the official paperwork today telling me about all the options I have for the money in my former employer’s 401(k) plan.  They’ve given me plenty of options, some of which I think are not so good (i.e. taking the money out for myself), and the two that I’m mostly considering:  roll over to an IRA or roll over to a new 401(k) plan.  The problem with the latter option is that I don’t have a new job yet, and I don’t know if I’d even be able to roll over the 401(k) with them (it differs for different companies).  So it seems that my best bet is to open a Traditional IRA and roll my 401(k) into that.

I’m going to open up an IRA with the same company that I have my Roth IRA with, and presumably buy a life-cycle/age-based/target-date fund with a target date of 2050 or so.  My one concern is, even though these funds are supposedly diversified, I am thinking of investing in both IRAs in that fund…that’s not very diversified!  However, there are minimums for purchasing a fund in many cases, so perhaps I’d just let my money grow using those funds (and continuing to invest in my Roth IRA), and slowly build until I have more money to spend on different funds.

At any rate, I’m thinking it’s still my plan to roll over to an IRA.  I’m a bit ticked off that my old company’s 401(k) company is going to charge me a $40 processing fee, but hey, not much I can do.  They charge it for pretty much every option that I would do.

As for my other transitions (since I got laid off), I’ve filed for unemployment and been informed of how much I’ll be earning each week, and of course, looking for a new job.  And as I look at different job postings, I’m starting to understand what I do and don’t want to be doing.  This is a pretty helpful development, since I was so overwhelmed initially thinking of all the different career paths I could follow.

I’ll keep you updated!

 

I got laid off…now what? May 6, 2008

Yep, you read it here first folks. I got laid off. Thank that beautiful economy of ours, I guess. But now that I’m unemployed, what do I do?

Be thankful for the emergency fund

Remember that emergency fund that every personal finance guru, blogger, author, etc. tells you about? You’ll be very relieved when you find out you have that nice cushion to fall back on. And really, that whole “pay yourself first” idea really works. I never noticed the money was gone (every month I had an automatic transfer over to my ING account), and now that I need it, it’s sitting there waiting for me to draw from when I need to.

Take care of the transitions

Depending on what your severance package provides (or if you didn’t get one at all), you’ll probably look at a few things. Did you get any severance pay? Congratulations. Stash that into your bank account ASAP, and be thankful that your company was nice enough to help you out there. My company did provide some severance pay, but a friend of mine got laid off recently and got pretty much next to nothing. It’s really dependent on your company.

What are you going to do about insurance? Again, some of this depends on your company; they may immediately stop paying the premiums for your insurance, or provide you a grace period. Either way, you should learn about the COBRA. This is where you are given the opportunitiy to continue your insurance plan, but you must pay the premiums, at up to 102% of the cost. Many people can just find alternate, often cheaper plans that still cover their needs. Depending on your state, you might be required to have insurance (which is the case in Massachusetts). From what I’ve heard, if you don’t elect to continue through COBRA, but then something happens and you need insurance, you can retroactively get it taken care of. Don’t quote me on that, I’m looking into it.

Were you enrolled in a 401(k) or similar program? If so, you have a few options that I know of. They are summarized rather nicely in Get Rich Slowly’s page. I am most likely going to either roll my 401(k) over into an IRA, or, if I find new work soon enough and it’s a feasibility, I will move my 401(k) to my new company’s 401(k). What I will NOT do, and I don’t recommend you do it either, is cash out my 401(k). You have to pay a penalty, and taxes right then for your money, and now you are back to square one with your retirement planning.

And if you had an FSA account (I did), you’re probably going to have to just submit the rest of your claims ASAP, and lose any money that you didn’t spend. I guess this wasn’t something I considered when I initially signed up, but I guess that’s something to think about…how quickly you’ll spend the money in your account. I’m not sure what happens if you spent more than you accumulated, if you have to pay back the extra. I’ll have to check on that as well (for you guys, not for me).

Looking ahead

It’s rough, but it’s time to get back out there! Let your friends know that you are looking. I went ahead and listed it on my facebook profile…which worked out nicely, because a friend saw that and offered to talk to someone in his company that works in my desired area of research. Having good friends willing to help you out is definitely a plus. This is not the time to start networking with people you’ve casually met in the past…hopefully you’ve been networking all along…of course, if you haven’t, you might as well start now! It just looks a little fishy when you suddenly talk to someone you sort of know who can help you find a job. But don’t be afraid to. Update your profiles on your social/business networking sites, and confirm that the available information and connections is accurate and represents you in a positive light. My next step is to look at companies that interest me, and then determine if I have a personal connection to that company, either through friends or through my alumni network.

In the meantime, I’ve also started looking at the assorted job posting sites out there, like monster.com and career builder. There are plenty of others that I’m looking at, and if you want, I can post those, too, though I’m not sure how popular of a site they all are.

Well, hopefully you aren’t all in the same boat as me. Let me know what you’ve found helpful, or if you’re looking for information that I didn’t include, since I probably just omitted it for no useful reason.

[Edit: I forgot to mention applying for unemployment. There’s a good overview here, and for Massachusetts, you can find out how to file claims and such here. If you have trouble navigating that site, let me know. I managed to figure it out.]

 

 
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