MONEY Careers

Elon Musk Denies Scolding New Parent for Missing Meeting

A new biography claims Elon Musk criticized an employee who missed a work event to witness the birth of his child. The man behind Tesla and SpaceX says it never happened.

MONEY financial advisers

A Good Financial Planner Is Like This Year’s Hot Pitching Prospect

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Nick Turchiaro—USA Today Sports/Reuters Toronto Blue Jays starting pitcher Daniel Norris throws a pitch during first inning in a game against the Atlanta Braves at Rogers Centre.

Like the Blue Jays' Daniel Norris, a good financial planner is true to him- or herself.

“Stop asking questions, Maurer, and do what I tell you to do,” said the general agent for the Baltimore region of a major life insurance company.

At the time, early in my career, I was sure this guy watched Glengarry Glen Ross every morning before work. His lines were a little different, but they were no less rehearsed.

“I made over a million dollars last year!”

“I buy a new Cadillac every two years — cash on the barrelhead.”

I was told how to dress: Dark suits, white shirts, and “power ties” that weren’t too busy. Light blue shirts were allowed on Wednesdays. Never wear sweat pants, even to the gym. Enter and exit the gym in a suit. Your hair should never touch your ears or your neck. Facial hair was strictly forbidden. Jeans, outlawed.

When you have a “big fish on the hook,” invite them to the Oregon Grille, one of the nicer restaurants in the rolling horse country north of Baltimore. Get there a half-hour early and tell the maître d’ your name so that he can use it when you return shortly with your guest. Ask where you’ll be seated and pre-greet your waiter. Also let him know your name — along with your “regular” drink, so that you can ask for it momentarily.

As one in a class of newly minted “financial advisers,” who was I to argue with this six-foot-five collegiate lineman as he passionately outlined his method of perception manipulation? Who was I to argue with a million-dollar income and cash on the barrelhead?

Who was I to be original in a world that ranked sales and profit above, well, everything? Who was I to be myself?

This is the old school, and, thankfully, a new school is emerging. The new school doesn’t eschew teamwork, but it questions uniformity. The new school doesn’t worship individuality, but it also doesn’t fear personality. The new school isn’t anti-profit, but it refuses to elevate sales above the personhood of the advisor or the best interest of the client.

While the old school is proprietary and exclusive, the new school is open-sourced and inclusive. The old school insists while the new school nudges. The old school deflects questions and denies suggestions for improvement while the new school welcomes both.

The old school crafts a narrative to which it requires conformity. The new school sees the benefit in allowing advisers to tell their own story and attract the clients who resonate with it.

The financial services industry is not the only realm where this is true. Insistence on conformity may be even more evident in professional baseball, where one of the MLB’s most promising young pitchers is putting convention to the test.

Daniel Norris is a 22-year-old surfer dude who lives in a WalMart parking lot. His ride, a 1978 Volkswagen Westfalia, doubles as his residence. His manner and method might cause any prospective employer to hesitate before bringing him into the fold. But his ability to mow down major league batters with a fastball consistently in the mid-90s earned him a $2 million signing bonus and a spot on the Toronto Blue Jays’ roster. Of course, he’s instructed his agent to limit his allowance to only $10,000. Per year.

Here are three reasons why nonconformity is working for Daniel Norris and could also work for you:

1. He’s authentic. He’s not being different just for the sake of being different. He’s not rebelling against convention as much as he’s being true to himself and his values.

The point isn’t to not be everyone else, but to be yourself. This means that if dark suits, white shirts, power ties and Cadillacs are your thing, that’s what you should wear and drive. But if you prefer no ties—or bow ties—and Levi’s, well, you get the idea.

2. He’s a great teammate. There are certainly players who’ve questioned his unorthodoxy, but no one questions his dedication. “He’s in great shape. He competes on the mound,” says Blue Jays assistant general manager Tony LaCava. “He has great values, and they’re working for him.” And for Toronto.

Being yourself doesn’t mean being on an island. Some, like Norris, might thrive off of extended periods of solitude, but our greatest work often complements and affirms the great work of others.

3. He’s good. Really stinkin’ good. His 11.8 “strikeouts per nine innings” ratio was the best in the minors last season, according to ESPN. And he’s competing for a starting role in the majors ahead of schedule. If Norris were just another dude living down by the river in an old VW bus, we’d never have known about it. That he throws a 96-mile-an-hour fastball low in the strike zone — while doing so in a way that is true to his values — is what makes him special.

If you do things differently, especially in the financial industry, you may well encounter some resistance. You’ll likely have to work harder to prove yourself. But if you do so with a high degree of excellence, you’ll earn the respect of your peers.

There are a growing number of financial advisers who have diverted from the conventional path, and to good effect.

Carl Richards drew criticism from many in the industry when he confessed his greatest financial sin, but a willingness to acknowledge his imperfection endeared him to those skeptical of the industry’s propaganda campaign regarding adviser infallibility (read: everyone).

Carolyn McClanahan gave up her career as a medical doctor when she failed to find a financial adviser who would focus on her as much as her investments. She went back to school and started a planning firm that centers on clients’ values and goals. She’s also become a recognized expert in all things money and medicine.

Recognizing the dearth of women in the advisory realm, Manisha Thakor seems to personify much that the field is lacking, this imbalance considered. Manisha became an industry thought leader, a voice for women advisors and clients.

Michael Kitces is, at heart, a nerd. He struggled with individual client interaction, but turned his passion for education and teaching into a thriving business as the adviser to advisers. “To do anything other than what I do, given my story, would feel like a violation of myself and who I am,” he told me.

How might your life and work look different if you took the same conviction to heart?

Financial planner, speaker, and author Tim Maurer, is a wealth adviser at Buckingham Asset Management and the director of personal finance for the BAM Alliance. A certified financial planner practitioner working with individuals, families and organizations, he also educates at private events and via TV, radio, print, and online media. “Personal finance is more personal than it is finance” is the central theme that drives his writing and speaking.

MONEY job search

Fortune 500 or Startup? How to Tell What Size Company is Right for You

what size company to work for
Craig Roberts—Gallery Stock

These are the six factors to consider when looking for your next gig, says career coach Caroline Ceniza-Levine.

Size matters when it comes to finding a place to work that supports your career goals.

Of course, both big and small firms have advantages and disadvantages. A Fortune 500 company may have thousands of employees and monstrous bureaucracy, but great benefits and a lot of room for growth. On the other hand, at a start-up, the risks are higher, but the executive team knows the junior staff by name, you may have a chance to get a broader experience set, and you could be on the ground floor of tomorrow’s success story.

What’s tricky is that while company size does influence your career path, day-to-day role, and work environment, it isn’t the only factor.

And the generalizations above are not always true. A big company isn’t necessarily bureaucratic—it might have retained a collaborative, entrepreneurial culture. A small company isn’t inherently risky—maybe they offer you an upfront guarantee or they recently got funded.

Here are six career planning considerations that are influenced by size, and the pros and cons of small and large employers:

What Kinds of Resources Are Available

In general, big companies will have more resources.

This could mean more or better office supplies and equipment, professional development and training, benefits and pay, and a more comfortable work environment. This also means resources for your particular job—budget, direct reports, administrative support.

That said, it’s not necessarily true that small companies will have less (and big companies might be able to do more but be stingy), so try to get information about this during the hiring process. Ask pointed questions about, say, what your budget would be on certain projects, and do some research on sites like Glassdoor and using second- and third-degree LinkedIn connections who work or have worked at the company to find out the inside scoop.

What the Breadth of Your Responsibilities Will Be

Since big companies have more staff, it’s more likely the staff will have a more tightly defined (read: smaller) scope of responsibilities. This is a good thing if you want that structure.

But if you want variety and a chance to work across functions or touch a project from start to finish, a smaller company might be a better fit.

Again, size influences your scope but doesn’t determine it 100%. When you are interviewing, ask don’t assume what your responsibilities will be, whom you will be interacting with, and what decision-making authority you will have.

What Prospects for Advancement You’ll Have

Bigger companies have larger infrastructure, perhaps even more locations or industry areas where business is conducted. This typically means you have greater potential for internal mobility—the chance to move from the New York office to the London office, from serving financial services clients to media clients, from working in sales to working in marketing.

That said, small companies offer advancement via upward mobility. You take on more responsibility because you have to. While the small company may not have a London office to send you to, you may be asked to open one.

As you can see, big and small companies offer advancement opportunity. Ask about career growth specifically when you interview.

How Outsiders Will Perceive You

Small companies are typically less well-known than bigger companies. A brand name does convey advantages in introductions or on a résumé: When people glance at your C.V. and see you’re coming from Goldman Sachs (as opposed to Boutique Bank WHO?), they know what they’re dealing with.

That said, branding is more than a name. Some people hear big company and assume slow and not innovative.

And if your personal brand hinges on being seen as leading-edge or entrepreneurial, then a smaller company will be more consistent with your brand.

In addition, a company might be small but have big name clients. If you work for a small company that serves the Fortune 500 or other brand names, naming the clients is a way for you to get that pedigree on your résumé or in your pitch.

How Well You’ll Be Paid

Big companies can afford to pay more, but they might feel like they don’t have to because of their brand names and better resources.

Small companies might be limited on base salary but might offer equity participation or profit-sharing.

Compensation is tough to generalize. Don’t undersell yourself to a small company by assuming you need to take less. Don’t get overly aggressive with a big company and automatically negotiate for the top end of your range.

What Networking Opportunities You’ll Have

Big companies offer you more people to connect with, but those people are more dispersed, and you will have to be more proactive about reaching out.

Small companies offer fewer people to add to your network but it may be easier to get to know people and therefore build deeper connections.

As you interview, recognize there are advantages and disadvantages at both ends of the size spectrum. Focus on your day-to-day colleagues, senior leadership, and overall culture and how all of these fit with you, regardless of size.

Caroline Ceniza-Levine is co-founder of SixFigureStart® career coaching. She has worked with professionals from American Express, Condé Nast, Gilt, Goldman Sachs, Google, McKinsey, and other leading firms. She’s also a stand-up comic.

Read more from Caroline Ceniza-Levine:

MONEY College

Unsolicited Advice for the Class of 2015

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Dorann Weber—Getty Images

Tips for graduates about to enter the workplace.

More than a million people will be awarded a bachelor’s degree in the next month.

Congratulations!

Not that you asked, but a few words of advice…

If a company didn’t hire you because your SAT scores weren’t good enough, don’t feel bad. Be relieved. A company that short-sighted is probably a miserable place to work anyway.

Once you’re hired, no one cares what school you went to. They care about: Whether you’re pleasant to work with, whether you’re good at your job, and whether you make them feel good about themselves (in that order).

Be totally honest in job interviews. Embrace reality if you’re not a good fit.

Don’t feel bad changing careers. The odds that you have your life figured out at age 22 are barely higher than at age 18.

Get comfortable with the idea that some of what you were taught in school doesn’t apply to the real world. You’ll have to unlearn some things.

A long commute will ruin your life. There are only so many good podcasts that can support your sanity through rush hour.

A strict office dress code is your first sign that things are about to suck.

People get accustomed to their income, but the misery of an awful workplace and long hours are enduring.

Don’t suck up to your boss. They can smell your insincerity from a mile away. Impress them with good work.

Realize that a pound of emotional intelligence is worth a ton of book intelligence.

Say “I don’t know” when you don’t know.

Live in a big city at least once, and not one you grew up in.

Realize that some things you’re certain are true are either wrong or incomplete.

Realize that your youth is the biggest investment asset you have. You probably have 40 years in front of you to invest. Warren Buffett couldn’t dream about that kind of advantage.

Change your mind when the facts change.

Avoid people who don’t.

You’re under no obligation to have an opinion about anything.

You have a strict obligation to not have an opinion about things you don’t understand.

Get over the idea that because you’re done with college, you’re done learning. You’ve barely begun.

Make a budget. Stick to it.

Don’t complain about your student loans. You took them out. Nothing you can do about it now. Figure out the most practical way to pay them off as soon as possible.

Learn Excel. I don’t know why more schools don’t emphasize this. You’ll use it in most jobs, and it will make your life easier.

Read books. I love Twitter as much as anyone, but some topics take length to explain.

Don’t argue politics. With anyone. It’s a waste of energy. The odds that you’ll change someone else’s mind are the same that they will change yours.

Realize that rational people can disagree.

Don’t make big decisions when you’re emotional. The odds that you’ll regret them approach 100%.

Realize that everyone’s point of view is a product of the people they’ve met and the experiences they’ve had in life, most of which are outside of their control. This includes yourself.

Good luck.

For more:

MONEY job search

6 Tips for Landing a Last-Minute Summer Internship

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Eric Audras—Getty Images

Haven't started looking for an internship yet? These strategies will help you catch up in a hurry.

Summer is nearly here, and college students (along with some particularly ambitious high schoolers) who don’t already have plans are scrambling to snag a last-minute internship.

The reality is that by the time May comes around, many student-friendly jobs are already taken. “Organizations have been recruiting all year for internships,” says Philip D. Gardner, director of the College Employment Research Institute at Michigan State University.

Still, Gardner says, students who haven’t yet secured a spot shouldn’t give up hope. The internship market may not be as robust as it was in February, he tells MONEY, “but with some diligence, students should find them.”

Diligence, that is, combined with some smart searching skills. Keep these five tips in mind while on the hunt for the perfect summer job:

1. Ask the right questions

Summer positions aren’t beneficial for their own sake. The point of an internship is to give students real work experience that will eventually lead to a job in their chosen field, or help them decide whether that field is really where they want to work after graduation. So even last-minute job seekers shouldn’t leap at the first offer.

“Some offices offer internships to people trying to get cheap labor,” Gardner says. Students who coasted into positions with family friends or took the first offer “got an internship to put on their resume, but it didn’t get them where they wanted to go.”

According to Gardner, the key to finding a really useful internship is asking the right questions:

  • “What professional outcomes am I going to be able to obtain from this internship?”
  • “Will this allow me to develop teamwork skills or apply learning to problem-solving in this area?”
  • “Will I be able to obtain a good overview of potential careers in your organization, or have a chance to experience some of the basic fundamental responsibilities in this organization?”

Each industry has its own nuances that demand a unique set of queries, so Gardner advises students to talk to their college’s career services center to learn what they should be asking when meeting with potential employers. Plus, showing hiring managers that you’ve done some homework and are eager to learn about their field can only help your chances, especially at this late date.

2. Know where to look

It’s not enough to use the basic set of job search sites, like CareerSearch and O*Net, when hunting for an internship. Many industries also have their own niche job boards where positions that don’t appear elsewhere are posted. Check with your college’s career office, which often has knowledge of industry-specific job listings and connections with a variety of employers. He also recommends talking with professors, who might have tips on internships in their areas of expertise.

3. Give your resume a quick makeover

Hiring managers depend on your resume and cover letter when deciding who to interview for open positions, so it’s important to make sure yours is as perfect as it can be before you start sending out queries. Since time is of the essence, the fastest way to get your resume into shape is to solicit professional help.

Gardner recommends making an immediate appointment with one of your school’s career counselors. They’re a one-stop-shop for general advice—like what fonts to use, how much space each item deserves—and industry specific guidance, such as which achievements to highlight and which to leave out.

4. Become an interview expert

While a writing a good resume is essential, it’s difficult for any undergraduate to get a job based on solely on their past accomplishments. Students in their late teens or early 20s understandably tend to lack extensive work histories, meaning employers are usually going to value attitude and temperament over experience.

“Young people are going to be hired more often on personality traits than on knowledge or skills,” says Carol Christen, co-author of What Color Is Your Parachute? For Teens, a career guide for young people. “Are you willing to show up on time? Are you willing to ask questions?”

According to Christen, interviews are the primary way to show employers you have the right personality for the position. Moreover, she says, it can take as many as nine interviews for students to get comfortable, making practice essential.

How does one get interview practice before actually interviewing for a job? Mock interviews with college career counselors are one option, but a more time-efficient idea, championed by Christen, is to ask people already employed in your field for an informational interview.

Reach out to people and request a brief chat about their day-to-day responsibilities, how they got their job, and other inside knowledge. These discussions won’t give you experience talking about your own accomplishments, but Christen says they should help build confidence, develop connections, and teach students how to hold a conversation entirely around work.

5. Design your own internship

If your applications go unanswered, don’t give up. Look into volunteering at a nonprofit organization or political campaign in an area that will give you some exposure to career skills. Another option is to design an independent project that could be useful to a business or nonprofit—such as doing market research or looking into various fundraising options—and then ask if anyone on staff will “sponsor” the program by acting as a supervisor or mentor.

6. Next time, get started sooner

It’s possible to get a summer job if you start searching in May, but waiting this long is far from ideal. In the future, Gardner recommends, start looking for an internship as soon as you get back from summer break. He says underclassmen should start particularly early since recruiters tend to hit campuses in the fall and early winter. Getting a head start on the process not only means a higher chance of landing an internship, it also means you’ll have more options to pick from when deciding which position fits you best.

Read next: How to convert a summer internship into a full-time job

TIME Retirement

Retirement ‘More Myth Than Reality,’ Survey Finds

Pensioners in Retirement
Christopher Furlong—Getty Images A pensioner holds his walking stick on September 8, 2014 in Walsall, England.

61% of Americans expect to continue working past the age of 65

Only 21% of Americans say they plan to stop working at the age of retirement, according to a new survey.

The Transamerica Center for Retirement Studies (TCRS) surveyed 4,550 full-time and part-time workers about their retirement and savings plans. One in five said they would continue working as long as possible and 41% planned to reduce their hours. The study also found that 61% of Americans expect to continue working past the age of 65 or do not plan to retire at all.

“Today’s workers recognize they need to save and self-fund a greater portion of their retirement income,” said Catherine Collinson, president of TCRS. “The long-held view that retirement is a moment in time when people reach a certain age, immediately stop working, fully retire, and begin pursuing their dreams is more myth than reality.”

MONEY everyday money

The New College Grad’s Guide to Money

So long, college! Hello, adult life! Here's a quick and painless lesson in real-world finances for the class of 2015.

Person putting coin in mortarboard
John Kuczala—Getty Images

Graduates of the class of 2015, it’s time to further your education. Yes, you just spent four years amassing a crazy amount of knowledge. But despite all you’ve learned, you possibly still have an incomplete in one subject: money. Suddenly you’re at a financial turning point, facing challenges like finding a place to live and starting a new job. At the same time, your college friends have scattered across the country, the clock is ticking on your student loan grace period, and you are feeling broke, really broke.

Don’t worry. The basic money skills you need to get on your feet are easy to master. And by doing so right out of the college gates, you’ll have more opportunities off in the future—and greater peace of mind right away. So, drawing from the advice of recent graduates and experts familiar with your challenge, MONEY offers you this cheat sheet for launching your post-college financial life.

  • BUDGETING

    Money

    Make Technology Your Friend

    Remember life before college? Seasonal wardrobe updates, lots of dinners out, new cellphones on a regular basis? Well, Mom and Dad worked a good 20 years or so before they could afford that lifestyle, so don’t expect to carry on as you did when you lived at home.

    If you play it right, though, you can enjoy a taste of what’s important to you, with enough left over to start building a cushier future.

    The plan: Automate. Direct deposit and auto-deduction make it easy to set aside money before you can spend it. To make sure you have enough for large, regular monthly outlays like rent, savings, and student loans—more about those expenses later—set up your pay-check for split deposits. Put money for big necessities in one account, cash for everything else in another.

    Then it’s just a question of making those remaining funds last until your next paycheck. To do that, you don’t need a life of self-denial; just think about spending in terms of tradeoffs: Would I rather buy x now or y later?

    Handy tool: The Mint app tracks your cash and can build a budget from your past spending.

    One grad’s story: When Sean Starling, a 2013 Morehouse College graduate, started his first job out of school, he thought he was set. “I was like, ‘I’m making money now, and I can spend whatever I want,'” says Starling, 25. Repeatedly running out of cash—and failing to save enough—changed his mind. He used Mint to track his spending, then moved to Excel for more detail. With his budget now under control, Starling, a cost analyst, is repaying student debt and saving up for his September wedding. “Whether you use a piggy bank or Mint or an Excel spreadsheet,” he says, “find a way to make the savings process your own.”

  • HOUSING

    Money

    Share and Save

    Most likely, you’ll share your first home post-college with a roommate or two. And there’s a good chance their names will be Mom and Dad. Whomever you’re living with, make it a time for saving money.

    The plan: Moving out of your childhood home? Aim to spend no more than one-quarter of your income on rent, advises Ben Barzideh, a financial planner with Piershale Financial Group in Crystal Lake, Ill.

    Moving back in with the folks? Be sure to wash your dishes. But you’ll really warm their hearts if you take advantage of your rent-free digs and set aside at least 25% of your salary—the money you might have paid for rent—to start a getaway fund.

    Handy tools: Splitwise makes it easy for roommates to figure out who owes whom for different housing expenses. “It’s super-fast and streamlined,” says Zach Feldman, a 24-year-old New York University graduate living in Brooklyn. “It takes maybe 10 minutes out of the month to get my bills done.” The Venmo payment app makes it simple to settle up and verify that everyone has paid up.

    One grad’s story: Kristine Nicolaysen-Dowhan, 24, moved in with her mom and stepdad in Grosse Ile, Mich., after graduating from the University of Michigan in 2012. Her first paycheck went toward clothes for work; her second paid off debt. Within four months Dowhan was saving a whopping 75% of her salary. “The rest I just had as fun money,” she says.

  • CREDIT CARDS

    Money

    Handle With Care

    Credit cards are great—in moderation. They’re useful as backup in emergencies, and paying on time helps build your credit score—good for lower rates on future home and car loans. (Employers and landlords also use your score to gauge your reliability.) The downside: Plastic makes it easy to spend money you don’t have, at a high cost.

    The plan: Get a card—just one—and use it sparingly. (Starling reserves his card for emergencies and online purchases.) Activate text alerts in your account for upcoming bills. To help your score, pay on time and keep charges to one-fourth of your credit limit. And pay each month’s bill in full; if your card charges interest of, say, 20%, keeping a balance for a year means that every $100 you spend will cost you an extra $20.

    Handy tool: MONEY’s credit card guide points you to the best available cash-back credit cards—good if you pay your full bill each month—and the best card for first-time card users.

  • STUDENT LOANS

    Money

    Pick a Plan

    You can’t wriggle out of repaying student debt, but you can choose how you pay. Instead of a standard 10-year plan, you have other options: lower initial payments or more time to repay, in return for higher interest costs. You have six months after graduation to choose a plan (which you can change later).

    The plan: Run numbers to see what you can manage. On the average federal loan balance of $27,000 for a four-year public college, you’d pay $272 monthly under the standard plan; under another one that bases payments on your income, a person making $35,000 would begin paying just $146 but owe $3,100 more in total interest. Automatically deduct payments from your bank account; paying on time helps your credit score. At tax time, deduct your interest payments, up to $2,500, on your return (the deduction is phased out for singles making more than $80,000). Tax savings: up to $625.

    Handy tools: Get a list of your federal loans at nslds.ed.gov. Use the government’s Repayment Estimator to ballpark payments under different plans.

  • YOUR JOB

    Money

    Don’t Say Yes So Soon

    Relax. Based on horror stories of recent years, maybe you’ve decided you’re lucky to get a job, any job, at any salary. But you may have more bargaining power than you think. In the best market for new grads since the financial crisis, nearly two-thirds of employers—an all-time high—plan to raise starting salaries over last year, reports the National Association of Colleges and Employers.

    That positions you well for a salary negotiation, which can pay big dividends over time. A bump in pay of $5,000 by the time you’re 25 years old translates into a $634,000 boost in lifetime earnings, according to a study out of Temple and George Mason universities.

    The plan: Don’t accept an offer right away. Salary.com says 84% of employers expect applicants to negotiate their salary. And compensation data provider PayScale found that 75% of workers asking for more money got at least some of their request.

    When you do ask, tie your case (politely) to other offers you may have or to experience you bring—say, a previous internship—that will help you hit the ground running.

    Handy tools: PayScale, Salary.com, and Glassdoor will give you a realistic sense of salary ranges, taking into account factors such as company size and location.

    One grad’s story: When Kirk Leonard, 24, a 2013 graduate of Lamar University in Beaumont, Texas, was offered a job as an office manager at a local dialysis facility, he laid out the case for his future boss as to why he deserved higher pay: Having worked for the company before, he knew its operations. And he could start right away—saving the company the time and hassle of a job search. The payoff: a salary 10% higher than the original offer.

  • HEALTH INSURANCE

    Money

    Get Covered

    Another reason to worry less this year: Thanks to Obamacare, it’s easier and cheaper than ever to get health insurance to cover major medical expenses. Any plan you sign up for should include a free annual checkup and access to prescriptions for birth control.

    The plan: The cheapest route is probably to stay on (or return to) a parent’s plan—open to you until you turn 26. You may not want to, though, if you live far from your parents; finding in-network doctors and hospitals might be difficult, says Carrie McLean of eHealth.com.

    Insured through work? Since being young means you’re (probably) healthy, you might pick the company plan you’re offered with the lowest upfront cost and highest deductible (the amount you pay before insurance starts kicking in). But, warns Karen Pollitz of the Kaiser Family Foundation, be sure you can quickly scare up the deductible, which can be as much as $6,600 this year; a broken leg, for example, can easily cost thousands.

    On your own? Hit the government exchange. Plan labels range from Bronze to Platinum, based on premiums and out-of-pocket contributions. You’re likely eligible for subsidies if you make less than $46,680 in 2015. The silver plan is a good pick, since a break on out-of-pocket costs (if you earn less than $29,175 this year) is available only with that choice.

    Handy tools: To buy through the government exchange, start at healthcare.gov/lower-costs and see if you qualify for discounts. Making less than $16,105 this year? Check the map at kff.org/medicaid to see if your state offers a free plan.

     

  • EMERGENCIES

    Money

    Stash a Little Cash

    Stuff happens—stuff that costs money. Your car might break down… or a friend might invite you to his spur-of-the-moment Vegas wedding. Be ready without having to fall back on a credit card you can’t pay off.

    The plan: An emergency fund of about $1,000 is enough for you, says Barzideh. Set a little money aside from any graduation checks you might receive, and add $50 or so a month into a bank account—one that’s separate from your day-to-day account, so you won’t be tempted to raid it for everyday needs.

    Handy tool: Keep your money in an online bank like Ally.com. There’s no minimum balance or monthly fee; the interest rate is now 0.99%.

  • SAVINGS

    Money

    Get Richer Now

    You too can be a millionaire later in life. The earlier you start saving, the easier it is, and the more freedom you’ll have later on. “You don’t know what choices you’ll be considering in 20 or 30 years, but you do want to have choices,” says Brenda Cude, a professor of financial planning at the University of Georgia.

    The plan: The best place to save long term is in a 401(k) retirement savings plan, offered by employers of nearly 80% of workers. You aren’t taxed on the money you put in that 401(k), and it grows tax-free over the years (you’ll pay taxes on withdrawals). Most employers will match a portion of your contributions, typically 50¢ for every dollar on the first 6% of pay. Start small, putting aside $50 or $100 a month.

    If you don’t have a 401(k), you can put up to $5,500 this year in an individual retirement account called a Roth IRA, where your investments will grow tax-free. (You can open one up through any major fund company, such as Vanguard, Fidelity, or T. Rowe Price.) You get no upfront tax break, but you won’t be taxed when you take money out. And that’s good, since your tax rate will probably be higher later on than it is now.

    Wherever you save, the best starter investment is a mutual fund called a target-date fund. It will give you, in a single investment, a package of stocks and bonds that’s right for your age.

MONEY Workplace

9 Ways to Make More Money at Work

150428_CAR_BuildWealthAtWork
Jamie Kripke—Corbis

Career strategies for every stage.

Even if you’re not among the super-savers who are on their way to becoming 401(k) millionaires, there are plenty of ways to build wealth on the job. Whether you’re just starting out, in your peak earning years, or planning a career second act, here are 9 ways to fatten your paycheck.

1. Begin your career in a wealth-building city. To maximize your earning potential, minimize the amount you spend on housing—for most people the largest chunk of their monthly budget. According to Zillow.com, three metro areas where job growth exceeds the median 1.3% and housing costs are below the typical 2.9 times income are Dallas (job growth 3.3%, housing costs 2.5x income); Atlanta (job growth 2.4%, housing cost: 2.7x income), and Indianapolis (job growth 2%, housing costs 2.4x income). Plus, these are great places to live: Dallas suburb McKinney and metro Indianapolis both made it onto MONEY’s annual list of the best places to live, while Atlanta is home to the headquarters of Fortune 500 companies including Coca-Cola and UPS.

2. Don’t wait for a performance review to ask for a raise. Most companies do performance reviews in February or March—but set budgets before the end of the prior year. If you can make the case for a raise, start the conversation no later than December.

3. Lead with the dollars. You are more likely to get a raise, and a higher one at that, when you say what you want first and explain why you deserve it second. “It sounds like a trivial difference, but it produces a significantly different outcome,” says negotiations expert Robin Pinkley of Southern Methodist University. You’ll also do better if you couch your request in a range. Asking for an extra $5,000 to $7,000 a year beats plain old $5,000. You’ll seem cooperative and flexible—and make it harder for the boss to return with a lowball counteroffer, according to a new study by Daniel Ames and Malia Mason of Columbia University.

4. Become a free agent. Workers may get 3% raises in 2015, but execs who jump ship can expect 15%, says the executive search firm Salveson-Stetson Group. A raise like that at the age of 40 can boost lifetime income by 9%.

5. Repackage yourself. When you were starting out, you may have played up your full work history. As you advance in your career, tailor your résumé to experiences that speak to a specific job—for instance, how you boosted sales at your last position, says Marcelle Yeager, president of Career Valet. Also, put education credentials at the bottom, says professional résumé writer Dawn Bugni. That you got a bachelor’s degree 20 years ago doesn’t mean that much now.

6. Automate your job search. There are simple ways you can help prospective employers find you with little effort. For starters, make it easy for hiring managers to spot you by filling your LinkedIn profile with keywords associated with the type of job you want. The service will make suggestions for you, but look at job listings posted on the site by companies you want to work for to see what keywords they use as well. Also, sign up for the anonymous job site Poachable, and download the app Poacht.

7. Climb one more rung. After 45, only the top 2% of earners see real continued wage growth, on average. So it’s time to gun for one more big promotion. For example, while the median salary for a software engineer is $76,000, senior engineers can expect $101,000, according to payScale.com.

8. Switch ladders. Didn’t snag the pay you deserve? With the economy adding 266,000 jobs a month, you have options. After giving notice, arrange a friendly exit interview with the boss—her endorsement will be valuable in the next switch.

9. Have a Plan B. Your middle years are crucial savings years, but perilous careerwise. On average, unemployed Americans 55 to 64 have been jobless for 11 months. so lay the groundwork for a backup plan—whether it’s a short-term project, freelancing, or a business idea.

Adapted from “101 Ways to Build Wealth,” by Daniel Bortz, Kara Brandeisky, Paul J. Lim, and Taylor Tepper, which originally appeared in the May 2015 issue of MONEY magazine.

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