MONEY Jon Stewart

3 Ways to Be More Like Jon Stewart

The comedian demonstrates how to execute a job departure at the top of your game.

As you’ve probably heard, Jon Stewart, the beloved host of Comedy Central’s “Daily Show,” announced this week that he’ll soon leave the show after 17 years.

It seems clear from his own words—and the desperation of his employer to find a bankable replacement—that Stewart is departing of his own accord and on his own terms. And yet, unlike his former acolyte and fellow late-night star Stephen Colbert (who will take over David Letterman’s chair on CBS in the fall), Stewart will apparently leave his perch without a planned landing.

His reasons? “I don’t know that there will ever be anything that I will ever be as well suited for as this show,” he told NPR’s Terry Gross last year. “That being said, I think there are moments when you realize that that’s not enough anymore, or that maybe it’s time for some discomfort.”

It’s a sentiment that many of us can identify with, even if directing feature films or a future in national politics aren’t likely to figure into our own second acts. The fact is, countless mid- and late-career professionals feel restless in their jobs, find that they have nowhere left to go at their organizations, or simply feel burned out.

Whether or not that description fits you, there’s a great deal that almost anyone can learn from the funnyman’s gracefully planned exit.

1. Know when it’s time to say goodbye

Do you constantly complain about work? Do your achievements go unrecognized? Do you end each week frustrated and dread Mondays? Do you see no professional path ahead? “Yes” answers to any or all of these are probably a good sign that you may have gotten all you can out of your job and it’s time to consider other professional options, because chances are those feelings are having a negative impact on your work.

By most accounts, Stewart is still at or near the top of his game; according to the Wall Street Journal, “The Daily Show” was number one among younger viewers by a wide margin as recently as last season. Follow his example and recognize your lack of focus before your audience, your boss, or your subordinates do.

“You have to choose the right moment,” says career coach Roy Cohen. “Ideally it’s when the stars seem to align, whether that’s the company offering a buyout or right after you have wound down a successful project.”

That way you’ll be able to go out on your own timetable, with financial stability, and heading in your desired direction.

2. Lay the groundwork for your second act before ending your first

Stewart isn’t leaving “The Daily Show” on a whim. He took a three-month break during summer 2013 to direct Rosewater, a critically acclaimed film about an Iranian journalist and political prisoner. This sabbatical appears to have given Stewart a chance to do a test-run of life outside his comfort zone, and it certainly proved that he could hold his own doing something very different.

Cohen says doing that kind of thinking ahead of time is key for anyone considering a career move.

“First, engage in an assessment of your biggest goals,” he advises. “Ask yourself honestly: What do I like? What don’t I like? Where have I succeeded? Where have I failed?”

He also advises those considering an exit to start planning early and do a reality check on how long the transition will take. “I’ve had clients who didn’t carefully plan their exit and then felt they had shortchanged themselves in their second acts,” Cohen warns.

For some people, careful planning will mean searching for and landing another job before leaving their current one. (Call it the Stephen Colbert approach.) For others, it’s taking classes that will expand your skill set, or just saving up enough money to give yourself the time to figure things out and set off in the next direction.

Or there might be an in-between approach that involves a part-time or consulting arrangement to help your former employer through the transition—and sustain your bank account—while also carving out enough time to get a fresh degree or otherwise establishing your bona fides in a new field.

3. Make your people into stars

Stephen Colbert, Steve Carell, John Oliver, and Ed Helms are just a few of the once-obscure, now well-known comics that Jon Stewart helped launch and move onto bigger things. You can be sure they’ll ardently support him in any next endeavor, and probably spend a good deal of social, political, or financial capital to do so.

Of course, mentoring and otherwise helping others advance their careers is part of the job description of most managers. But taking this role seriously can have reciprocal benefits down the road when it’s time to explore new professional avenues.

If you’ve been generous with your time, accolades, and connections, your former employees will likely do the same when you are looking to start your next chapter. They’ll become an active network of supporters, able to bridge you into new industries and professional communities; clue you in on and recommend you for exciting opportunities; and may even give you your next dream job.

MONEY Workplace

How to Deal When You’re Promoted Above Your Peers

Illustration by Mikey Burton

When a promotion kicks you out of the coffee klatch, you’ll need to keep your former peers from becoming your future critics.

Right after you celebrate that well-earned promotion, reality hits: You’re now the boss of people who had been your peers. “When you become a supervisor, the relationship structurally changes, whether you like it or not,” says Good Boss, Bad Boss author Robert Sutton, a Stanford University professor who studies organizational behavior.

Going forward, your work will be judged on your ability to lead people with whom you used to consort and complain. If that’s not enough pressure, you’re now at risk of being the one complained about. Make the transition seamless with these steps.

Meet One-on-One

Sit down with each person to discuss the change in leadership. “You’re in learning mode,” says Linda Hill, a Harvard Business School professor and co-author of Being the Boss. Ask staffers to share their short- and long-term goals, skills they’re building, and obstacles that get in the way of doing their jobs. You’ll convey respect and gain valuable info that can help you achieve buy-in.

Also, if you were promoted over a colleague, “address the elephant in the room” and alleviate worries about your ability to work well together, advises Atlanta social media strategist and job coach Miriam Salpeter.

Step Back Socially

You can be a great manager and preserve friendships by slightly altering your behaviors. Continue attending happy hour, for example, but stay for only one drink, suggests Hill. Allow your staff space to vent. “We all need to blow off steam sometimes,” says Katy Tynan, author of Survive Your Promotion! (Just make it clear to your people that if something is really bugging them, they can talk to you, she adds.)

Also, disconnect from your subordinates on all non-work-related social media. “Many times you’re doing people a favor, since it puts less pressure on what they can and can’t share on their profiles,” says Salpeter. Do let employees know before unfriending them, though, so that they don’t take it personally.

Prove You Don’t Play Favorites

Prepare to make—and to justify—difficult decisions, particularly regarding raises and promotions. To be seen as objective, try to grade everyone using the same metrics, and be sure people know what those metrics are, says Keith Murnighan, a professor at the Kellogg School of Management at Northwestern University.

To show humility, solicit feedback from subordinates on your own performance, says Gentz Franz, a University of Illinois lecturer who studies job succession. “It’s incumbent upon managers,” he says, “to open the lines of communication if they want to create a collaborative work environment.”

MONEY Careers

The Stock Market Is No Place for Millennials

150212_INV_MILLENSTOCKMRKT
Roberto Westbrook—Getty Images

Investing in yourself, not the S&P 500, often makes more sense for young adults.

When most people think of investing, they think of the stock market. But that is rarely the best place for young professionals to invest their hard-earned money. Instead, they need to be investing in themselves.

You’ve undoubtedly heard that it’s important to start investing early for retirement. Whoever tells you that will most likely mention the concept of compound returns, as well.

Compound returns are great. Heck, it’s widely repeated that compound interest is the eighth wonder of the world. But I’m not sold on the stock market strategy for twentysomethings with limited cash flow.

Most recent graduates come out of school filled with theoretical knowledge about their major. Although this knowledge can be useful at times, it is often a challenge to apply it to real-world situations. It’s kind of like dudes with “beach muscles”: They hit the gym hard every day so they can look great on the beach. If they ever get into an altercation and actually have to use their strength, though, they fail miserably. That’s because they have no practical experience.

The same goes for theoretical knowledge in the real world.

We never learn about life in college. We don’t learn how to make or manage our money. We are not taught how to communicate effectively or be a leader. And we certainly do not get trained on how to create happiness and love in our lives. These are the valuable things we need to learn, yet we get thrown out into the world to fend for ourselves. So we have to take it upon ourselves to learn and grow organically after college.

The good news is there are plenty of programs, courses, and seminars that actually teach this stuff. But they cost money.

It’s this type of education that I am referring to when I say that young professionals need to invest in themselves. The notion that the stock market will set you free (in retirement) is only half right. It does not take into account myriad possibilities, one of which is that investing in yourself early in your career may be a better choice.

Let’s assume that you start out making $50,000 a year and indeed have a choice. Here are two simplified scenarios:

Option 1: You invest in a taxable investment account every year from the age of 25 to 50, starting with $5,000, or 10% of your first-year salary. Both your salary and your yearly retirement contribution grow 3% annually throughout your career. In year five, you’ll be making nearly $58,000 annually, and you’ll be putting $5,800 away toward your retirement. And assuming the investment vehicle has a 7% compound annual growth rate, you’ll have $350,836, after taxes, in 25 years.

Option 2: You take that initial $5,000 and invest in yourself every year for five years. You choose to attend various training programs covering the areas of leadership, communication, and other practical skills that you can put to use immediately. You gain life knowledge, allowing you to perform better and maybe even connect with a career about which you are passionate. As such, your income increases by 50% over five years — to $75,000 — rather than simply inching up by 3% per year to $58,000. Then, in year five, you start contributing about $17,000 per year to your retirement ($5,800 plus all the extra money you’re earning, after taxes). Projecting forward 20 years using the same rates for contribution growth and investment returns as in Option 1, you’d end up with $829,635 after tax.

After playing out both scenarios above, we can see that Option 2 leaves you with $479,000 more than Option 1 does.

Certainly, I have made a few assumptions — one of which is that you invest all your extra earnings in Option 2 rather than raise your standard of living. And there is no guarantee that by investing in ourselves, we will increase our income. However, this same argument can be made for investing in the stock market. The difference is that by investing in ourselves, we maintain control over that investment. It’s up to us to learn necessary life skills to excel at whatever we choose as a career or life mission.

On the other hand, when we hand over our money to the stock market, we give away that control, basing all results on historical averages. I’m a big proponent on focusing on what we can control. And, as young professionals, our biggest asset is our human capital, or our ability to earn income. Why not focus here first, and save the investing for tomorrow, when our cash flow is at a much healthier level?

———-

Eric Roberge, CFP, is the founder of Beyond Your Hammock, where he works virtually with professionals in their 20s and 30s, helping them use money as a tool to live a life they love. Through personalized coaching, Eric helps clients organize their finances, set goals, and invest for the future.

MONEY Second Act

How This Woman Turned a Layoff Into a $3 Million Business

150209_CA_secondact_1
Sarah Wilson

After being let go from her retailing job, Heidi Rasmussen joined her husband to launch the health discount card freshbenies.

At age 15, Heidi Rasmussen began working in retailing, at the same department store where her stepfather put in 35 years. After eight years in store management and 12 years in corporate, Rasmussen had reached the rank of divisional vice president by 2012. Then, while she was out for a memorial service, she found out over the phone that she’d been let go—one of hundreds downsized that day. “Many people were just devastated,” says the now 46-year-old. “But that’s not my outlook. I’m always thinking, There’s something better.”

It took her a week to find it. Her husband, Reid, had already left his job as manager at an insurance agency to launch a business. His idea: Get insurers to offer workers discounts on expenses like prescriptions and urgent care. Struggling to get his concept off the ground, he appealed to his wife to apply her marketing brain. “I decided to transform the idea into an engaging brand,” she says. “It was a total step of faith.”

Working at full stride, Rasmussen came up with a card that bundles 10% to 60% discounts on vision and dental care with 24/7 phone consults with doctors and help with billing errors.

Employers who buy cards for their workers (typically $8.50 a pop) make up 90% of the business. Both the companies and their workers—who often get cards paired with high-deductible health plans—can save if an employee’s call to a doctor heads off an office visit. Likewise, pinpointing billing errors pays off for everyone.

Then she tested the pitch with 30 women she knew (women are behind 80% of family benefit decisions, she says). The group vetoed the name “concierge card” because “it sounded too hoity-toity.” Freshbenies’ original spokescharacter was blond, but Rasmussen made a switch to brunette after the group reacted negatively. And she learned that $12 was the most they could charge for their direct-to-consumer card.

Rasmussen expects freshbenies to bring in $3.5 million in 2014, up from $1.3 million in 2013. While the couple left higher-paying jobs, “that looks like a small tradeoff for the opportunity to work together on something that we love.”

By the Numbers

$82,000: how much savings they tapped to launch. That amounted to about 55% of her severance. About $25,000 went to a consulting firm that advised them to pitch to HR managers—a total bust. They had more success reaching out to insurance brokers who set up employer benefits.

2 years: how long they could have gone with no income. For their personal expenses, which came to $8,000 a month, they relied on the $350,000 they had saved, leaving their 401(k)s alone. “We were already very frugal and living below our means,” says Rasmussen, who lives in McKinney, Texas.

2016: when she hopes to triple revenues. In two years, Rasmussen expects freshbenies to bring in $12 million a year. The company is adding at least a dozen insurance brokers as clients every month. “Now that I’m starting to get in front of some really big brokerages,” she says, “I know they are going to want to work with us.”

MONEY Workplace

Why America Should Follow Japan’s Lead on Forcing Workers to Take Vacation

Japanese woman on beach
Getty Images/Flickr

Japan has plans to legally require its workforce to take a break. If only the U.S. would be so kind.

A law forcing you to take vacation days? Sounds like a bureaucratic gift, but in Japan, it’s meant as a workaholic intervention.

Legislation will be submitted in the country’s current session of parliament that will make it the legal responsibility of employers to ensure that workers use their holiday time. Japan has been studying such legislation since 2012, when a consensus concluded that the health, social, and productivity costs of Japan’s extreme work ethic were too high.

While it may seem crazy to Americans to require a person to take a vacation, we suffer from more than a touch of workaholism in this country.

In Japan, 22% of workers toil for more than 49 hours a week; in the U.S., it’s 16%. But in France and Germany, only 11% of the population puts in that many hours, according to data compiled by the Japanese government.

And when it comes to unused vacation days, we are second only to Japan among developed nations. The average Japanese worker used only 7 of the 18 vacation days allotted each year, or 39% of their annual paid leave, a survey by Expedia Japan found. According to a study by Oxford Economics, U.S. workers who had paid time off typically left 3 vacation days on the table. And if you look just at the 41% of U.S. workers who said they did not plan on taking all their vacation, the average number of unused days jumps to 8.

We’re also similar to Japan in another way: the percentage of workers who don’t take any vacation at all. A whopping 17% of the Japanese workforce does not take a single day of paid vacation, compared with 13% of Americans. Both of those figures are startlingly high in light of the fact that there wasn’t a single Australian in the Expedia Japan survey who didn’t take off at least one day in the past year.

Trending in the Wrong Direction?

While Japan is working on decreasing unused days, America seems to be heading the other way. Use of vacation days are at their lowest point in the past four decades, the Oxford Economics study found.

Fears of keeping your job, being passed over for promotions or lead projects, coming back to a staggering pile of work, or feeling like you’re the only one who can do your job all push Americans to stay at the office—or, when they do actually take a holiday, to do some work remotely. Employment website Glassdoor found that 61% of us have logged on while we were supposed to be logged off.

This shift can hurt us big time when you consider that employees who use more vacation days end up with better performance reviews, according to internal research by audit firm EY. Increased vacation time has also been linked to increased worker productivity, other research has shown.

Japan has another key piece of legislation that the U.S. lacks: It guarantees workers 10 paid days off a year.

Unlike most other countries with advanced economies, “the United States is the only advanced economy that does not guarantee its workers any paid vacation time and is one of only a few rich countries that does not require employers to offer at least some paid holidays,” noted a report by the Center for Economic and Policy Research, a Washington think tank. Nearly a quarter of Americans receive no paid days off at all.

Considering that workers in the European Union enjoy—and use—a minimum of 20 paid vacation days and as many as 13 paid national holidays, it seems Japan isn’t the only country that could use a little legal help taking a break.

Read next: How to Disconnect From Work (Without Getting on the Boss’s Bad Side)

MONEY first job

How These 4 Celebrity Chefs Broke Into the Kitchen

In any field, you need to start at the bottom. In the restaurant business, that can mean some dirty work.

If there’s one thing Reuters has learned from a year of asking celebrities about their first gigs ever, it is that you never forget your first job. No matter how famous or powerful they have become, America’s foremost achievers all remember that very first moment of bringing home a paycheck.

This month, to coincide with the monthly jobs report, we talked to the celebrity chefs who have taken over our airwaves. Before they started creating gourmet meals, they began at the bottom just like the rest of us.

  • Bobby Flay

    Bobby Flay works the line at Gato, his new restaurant, rated No. 9 on the New York Times' year-end list of the city's best new restaurants, on June 3, 2014.
    Evan Sung—The New York Times/Redux

    First job: salad chef

    “After getting kicked out of high school once, I finally dropped out as a sophomore. My dad said, ‘If you’re not going to school, you have to get a job.’ He wasn’t asking, he was telling.

    “He was a partner in a Broadway-district restaurant called Joe Allen, and I filled in as a busboy for two weeks. I was literally walking out of the restaurant when the chef said to me, ‘Do you want a job in the kitchen?’ I said ‘OK, sure.’

    “So I put on my cook’s whites and started working at the salad station. One day I woke up and thought, ‘I can’t wait to go to work today.’ I knew something was different.

    “I was paid $190 a week. I remember opening my first paycheck and being shocked at the amount of taxes they took out: $46. It was criminal. But this was around 1981, and with $144, I felt like I could do anything I wanted. I could buy all the beer I could possibly drink.”

  • Thomas Keller

    Chef Thomas Keller arrives at The French Laundry’s 20th Anniversary Celebration, Saturday, July 5, 2014, Yountville, CA.
    Alex Berliner—AP

    First job: dishwasher

    “I started out washing dishes, which turned out to have a huge impact on my life and career. This was at a restaurant in Laurel, Maryland called the Bay & Surf, which was run by my mother. The dishwashing station was next to where they cooked crabs, so sometimes I got to help the chefs.

    “I think my brother and I got paid a little something, but we were far too young to be on the payroll – I was only in 6th or 7th grade.

    “As a dishwasher I may have been considered the lowest person in that restaurant, but I learned that I was just as important as anybody else. If I didn’t do my part, then nobody else could do their jobs.”

  • Emeril Lagasse

    Chef Emeril Lagasse
    QVC

    First job: bakery assistant

    “I worked at the Moonlight bakery on Bedford Street in Fall River, Massachusetts. I used to go there with my parents, and one of the owners took a liking to me and gave me a job a few days a week after school. It was mainly washing pots and pans, and I made a dollar an hour.

    “I was infatuated with baking: the smells, the bins, the flour and sugar and eggs. Not a lot of guys there spoke English; these were hardcore Portuguese bakers. But I guess they liked me, because I started going on deliveries, and eventually they taught me how to bake.

    “By the time I was 14 I would work in that bakery from 11 at night until 7 in the morning, and then go to school all day. I would sleep after school, my parents would wake me up for dinner, and then I’d go back to the bakery to start all over again.”

  • Michael Chiarello

    Chef Michael Chiarello
    Dave Kotinsky—Getty Images for NYCWFF

    First job: dishwasher

    “If you ask chefs of my generation, probably at least half of us started out as dishwashers. I grew up in a small farm town in California’s Central Valley, and there weren’t many restaurants around, but I walked right into one of them when I was 14 and asked for a job.

    “Once the dishes were done, there was nothing to do, so at some point the cook asks you to help out. That was the goal, since I always wanted to be a cook.

    “I made less than minimum wage, and spent the money on fishing and hunting gear, since I was a country boy. Eventually I put myself through chef’s school by raising litters of golden retrievers.

    “Dishwashing is actually one of the most respected positions around. It’s the heart of the kitchen, because as that area goes, so goes the rest of the restaurant.”

MONEY Careers

Now Might Be the Time for a Career Change

Money's Donna Rosato tells Leigh Gallagher that things are looking up for job seekers as employers are looking to hire more full-time workers.

MONEY job hunt

Is Working at a Startup a Good Idea?

Money's Donna Rosato talks about the advantages and disadvantages of working for a startup, and how to make a good impression in any job interview.

TIME leadership

12 Behaviors That Successful Leaders Should Never Tolerate

messy desk
Getty Images

Tolerance is a virtue — most of the time

By and large, tolerance is a good trait. The differences we encounter enrich our lives and organizations. But to attain a successful life and meaningful leadership, we must refuse to tolerate the things that deplete, and ultimately destroy, us.

Start by declaring these things intolerable in yourself and those around you—and see what changes as a result.

1. Dishonesty

Living an honest life allows you to be at peace with others and yourself. Dishonesty imposes a false reality on your life and those around you.

2. Boredom

Successful people are generally exploring something new. Life is too short for inactivity and staying in your comfort zone.

3. Mediocrity

It’s easy, and a constant temptation, to settle for less. But what makes some people stand out is their willingness to make the hard choices that allow a life of greatness.

4. Negativity

Every negative thought keeps you from being your best. If you hear yourself complaining, out loud or to yourself, find a way to shut it down.

5. Toxicity

At work or at home, a toxic environment will literally make you sick. If it doesn’t feel right, if it makes you tired or fills you with dread, cut yourself loose.

6. Disorganization

Clutter and disorder cause stress and affect your emotional and mental well-being. Get rid of what you don’t need and keep everything else where it belongs.

7. Unhealthy anything

Unhealthy food, unhealthy relationship, unhealthy habits—choose what you do wisely. Remind yourself that you deserve better, and then give yourself better.

8. Regrets

We all have regrets, but you can’t move toward your future if you’re dwelling on the past. Learn from it, right any wrongs where you can, and leave it behind.

9. Disrespect

Relationships are at the heart of success, and respect is at the heart of good relationships. Disrespect—whatever the form and whomever it’s directed toward—is one of the most destructive forces you can harbor.

10. Distrust

Distrust often arrives through a succession of little compromises here and there, so be watchful. Focus on building your own integrity and surround yourself with others who do the same.

11. Anger

We all feel anger, and in its place it can move you to action. But holding onto anger is paralyzing and accomplishes nothing. Learn to direct anger toward problems, not people, and then get over it.

12. Control

Don’t worry about the things you can’t control. Focus your energy where it can do good, and learn to let go of the rest.

Pay attention to the difference between the things that are truly positive in your life and the things you just let happen.

Remember, you are sum of what you tolerate!

Your browser is out of date. Please update your browser at http://update.microsoft.com