Richard's Grab Bag
Strengths are a combination of what two things?
Answer #1
What are two ways to stand out in the COVID-era hiring process?
Have a stong online presence, use resume scanner buzzwords, network, and more!
Name 3 benefits employers can offer besides health insurance.
Prescription Drug Insurance, Dental & Vision Insurance, Disability Insurance, Life Insurance, Paid Time Off, Retirement Planning, Tuition Remission, etc.
Name two methods or programs you can use to track your spending.
Mint, Envelope Method, YNAB, Excel Sheet, and more.
What is stock?
A share of the value of a company, which can be bought, sold, or traded as an investment and which gives the investor small partial ownership of the company.
What is design thinking?
Design thinking is a non-linear, iterative process that teams use to understand users, challenge assumptions, redefine problems and create innovative solutions to prototype and test. It is human-centered and most useful for tackling problems that are ill-defined or unknown.
What is the most common type of interview?
Behavioral interviews (premise that past performance will predict future performance). Other interview types include technical, case, and more.
What is a deductible?
A deductible is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses
What percentage of your income should you strive to spend on needs, wants, and savings?
50, 30, 20 Rule!
What is diversification?
The practice of investing in a large variety of stocks, bonds, and/or funds as a way to as a way to reduce your overall risk.
Name at least 3 out of the 6 steps in design thinking
Accept the reality you live in
Empathize or approach the problem with compassion
Define your question or issue
Ideate the multiple possibilities
Prototype different solutions
Test them and repeat the loop
Will also accept: Get curious, talk to people, try stuff
Name three things that can be negotiated in a job offer.
(Base) Salary, Signing Bonus, Start Date, Telework, Vacation Days, Workdays/Schedule, Professional Development, & more!
How much of your income should you strive to set aside for retirement in your 20s (including employer match)?
10-15%
What is interest that accrues interest on itself?
Compound Interest
Why would someone invest in mutual funds rather than buying and selling individual stocks?
Mutual funds include a LOT of stocks (typically 90+), so if an individual stock loses value and you purchased it as a part of the mutual fund's "package" it will not have a large impact on you. If you only bought that individual stock, all of your eggs are essentially in one basket.
What are the 4 "domains" of Clifton Strengths?
Executing, Relationship Building, Influencing, Strategic Thinking
Name 3 questions you can ask in an informational interview.
Informal conversation with someone working in an area of interest to you. An effective research tool and is best done after preliminary online research. It is not a job interview, and the objective is not to find job openings.
What are your main responsibilities as a...?
What is a typical day (or week) like for you?
What do you like most/least about your work?
What kinds of problems do you deal with?
What kinds of decisions do you make?
How does your position fit within the organization/career field/industry?
How does your job affect your general lifestyle?
What are two types of retirement plans an employer can offer?
1. Defined contribution- percentage of employees salary is set aside by a company for a retirement account- i.e. 401(k), 403(b), 457(b), 401(k) ROTH, 457(b) ROTH.
2. Defined Benefit Plan/Pension- based on a formula of average pay and length of service (less common today).
3. None
Name 3 things that impact your credit score.
Payment history, amounts owed, credit history length, credit mix, new credit & inquiries.
What is the major difference between Roth IRAs and 401(k)s?
401(k)s use pre-tax dollars and are taxed when withdrawn. IRAs use after tax dollars making qualified distributions free.
What are "Wicked Problems"?
Those where you don’t know what you’re looking for until you find it- ones you can build your way forward with. i.e. design.
How long does the average hiring manager spend on one resume?
6 seconds
What do HSA and FSA stand for and what is the difference?
Flexible spending accounts & health savings accounts: Voluntary pre-tax dollars you can use to pay for healthcare expenses.
Difference is that an individual controls an HSA and allows contributions to roll over, while FSAs are less flexible and are owned by an employer.
What is the average tax rate for single earners in the US?
22-24% (I'll accept 15-30%)
What is a major difference between mutual funds and index funds?
All index funds are mutual funds, but not all mutual funds are index funds. Both invest in a variety of asset classes (like stocks and bonds). However, most mutual funds are actively managed (subject to a fund manager's independent preferences) and incur higher fees (or "loads"). Index funds are passively managed by following a stock market index (like the S&P 500) and include lower fees.