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Issue 37: The Money Issue

Forget Leaning In, It’s Time For Women To Push Back

Good news: You’re the boss. Bad news: You’re the boss

My promotion was cause for celebration for everyone but me. Friends clinked glasses at happy hour, and though I smiled over martinis, I felt dread. I’d worked so hard for my new title, but I already crammed my art into the nooks and crannies of the occasional free evening. For a (very) mild pay raise and resume-fattening responsibility, I’d be giving up more time and energy to do work that frankly bored me. Saying so aloud seemed like spitting on my privilege.

Only one person in my life understood my ambivalence: my father. The first in his family to go to college and land a gig that required pressed shirts and briefcases, he’s prone to waxing nostalgic about his college construction job, the one he took to pay off the tuition that was supposed to give him a “better” life. Laying bricks left his body sore and his mind unfettered; he missed knowing that when he put his hammer down for the day, his life was his own.

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Money

Your Dream Job Is A Lie

Forget being tethered to one job for the rest of your life. You have options.

It’s time to let go of the fantasy that there’s a “one and only” dream job waiting for you—the career soulmate to provide you with 35 years of self-fulfilled bliss and full dental care. That position doesn’t exist for most, according to a recent Gallup poll, which found millennials to be the least engaged generation at work. Nearly 30 percent admitted that they lacked “the opportunity to do what they do best.”

Findings like this paint a bleak picture of the millennial’s place in today’s workforce. But before you resign yourself to decades of 9-to-5 drudgery, consider that the lack of a single career actually means the possibilities are endless. To take advantage of as many opportunities as possible, think about leaving a job sooner rather than later. You wouldn’t be alone. In 2014, the median amount of time that workers had spent with their current employer was 4.6 years. Among ages 25 to 34, however, that timeframe drops to three years. There’s no stigma about having four different employers on your resume over a decade. Your future boss (if you choose to even have one) may appreciate your ability to adapt and embrace fresh challenges. Give yourself 18 months to two years at each job if you must, but don’t feel obligated beyond that. New beginnings can be your new normal.

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Money

Your 100-Year Financial Plan

It’s quite possible that you’ll live past 100—you’re going to need to start saving now. Here, a retirement plan across five key milestones

The dated model of retirement is crumbling, yet there’s nothing concrete to replace it. Terrifying articles suggesting millennials save $2 million by retirement is laughable. But so is turning to a panel of financial advisors—whom don’t have an answer beyond, “I don’t know, dude, what do you want your retirement to look like?” Factor in the possibility that many of us may live to be 100, and it’s clear we need a fresh set of rules. Here, we plot a new retirement plan across five key milestones.

AGE: 25

Retirement relics say you should have the equivalent of a year’s salary saved by now, but that seems unlikely when there are student loans to pay down and a social life to be had. Don’t panic, but do start saving now—even as little as $25 a month can pay off handsomely in the long run. Stuart Scholten, investment adviser representative at NFP in the retirement division, recommends setting aside 12 to 15 percent of your gross annual pay starting now. If reading that figure makes you feel like hyperventilating, check out Digit, an app that analyzes your spending habits and tucks away extra money into your savings account without you ever missing it.

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Money

Boost Your Money IQ

The golden age of self-education is upon us

You can curse your teachers for prioritizing the periodic table over personal finance, but we’re in the golden age of self-education, and it’s time to take matters into your own hands. Financial literacy may not boost your income, but it will help maximize those hard-earned Uber checks. Here are the best resources for learning how to budget, save, invest, and thrive.

Download:

Mint

...is the easiest way to create and manage budgets, a one-stop dashboard that syncs accounts, credit cards, loans, investments, and property holdings to organize all your financial activity.

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