Farnoosh Torabi's Blog, page 34

Style Tips To Make You Look Taller

What if you could instantly look taller with nothing more than the clothes in your closet – and no need for six-inch platform heels! We invited Annie Ladino, fashion editor and chief stylist for Shop It To Me for her top style tips to make anyone – at any height – appear taller and slimmer. Read more here.

We want to hear from you: What is your secret for appearing taller? Connect with me on Twitter@Farnoosh and use the hashtag #FinFit.

Study: Save More? Think of a Prize

Looking for a way to improve your savings habits? Recent findings suggest you should keep your eyes on the prize.

Americans aren’t saving enough. That was already common knowledge when, in February, the Consumer Federation of America and the American Savings Education Council found that not even half of non-retired respondents feel they’re saving enough for retirement. The same survey also found that not even half of respondents knew their net worth. So how do we start saving more?

This week, researchers at the National Bureau of Economic Research released a paper entitled, Do Lottery Payments Induce Savings Behavior?“ Economics professors from the University of Maryland,  Northwestern and  Maastricht in the Netherlands surveyed 100 students at the University of Maryland.  Participants were asked to choose from a variety of savings accounts. One option was a traditional savings account where the students were rewarded with interest payments over time. Other “prize-linked” accounts were set up with a lottery system. And, although the lottery accounts paid a lower rate of interest than the traditional accounts, participants had a 5% chance of wining $200 over the study period.

After conducting the study and observing the behavior of participants, researchers found that people were more likely to save and will save longer with a potential prize in mind. By in large, participants chose the lottery accounts for their big potential payouts – even though the prizes weren’t guaranteed and, in all, didn’t total to as much as the interest yielded from traditional accounts. Researchers say what these results suggest is something as elementary as the practice of keeping a piggy bank: we’re more likely to save when we can foresee a payout or goal. Unfortunately, there aren’t prize-driven savings accounts in the U.S. but these findings could shed light on why programs like layaway and 401(k)s, for example, are so effective.

Side note: if you’re looking for a way to improve your saving behavior today, the study also references research that finds it can also be effective to name your accounts based on prizes/financial goals like “college fund,” “vacation home” or “summer cruise.”

Photo Courtesy,  401(K) 2013.

3 Reasons NOT to Hire a Career Coach

Career coaches or counselors can be extremely helpful for those going through a major life transition: someone just out of college, a young professional jumpstarting a career, or even a jaded lifer seeking a second one.

In full disclosure, three years ago I hired a career couch; I needed advice on how to leave a job I was stuck in, transition into the unfamiliar territory of freelancing, and even more than that, I was embroiled in a heated political battle at the office I was trying to leave. Her guidance got me safely out the door and into a better career.  But did I need her?

Looking back on it, I believe the answer was probably no. She was a security blanket in a storm of uncertainty during the recession, a cheerleader when I didn’t feel like standing up to my boss, and a sounding board for my own successes. Most of what she said during our twice monthly sessions, deep down, I already knew. I just needed a little push in the right direction.

So before you shell out the shekels to hire a career coach, here are 4 reasons not to: 

They Cost as Much as a Shrink

A career coach does offer a therapy of sorts and the costs reflect it, with rates rivaling  that of a private practice psychologist. When I saw a career coach, it cost me $150 an hour (but I know many charge upwards of $250) — and that’s more than the out-of-pocket expenses for my doctor, dentist and acupuncturist combined! And unlike these other services, you could argue that the advice of a career coach is widely available online or in a book from the library for free. That’s not to say that high-level coaches specializing in executive consulting and/or rolodex-sharing aren’t worth every penny. But first do your research to see if you what you’re looking for can be found in a more wallet-friendly way.

A Friend Could Do the Job  

What a career coach does do – more than regurgitate well-known career advice — is to be your own personal “nudger”.  If seen over a course of weeks or months, they can help you stay on top of your long term goals and set solid timelines for change. They’ll also help you brush up on your communication skills, navigate tough situations at work, and let you (or maybe even force you) to practice your “why I deserve a raise” speech over lattes. 

In a word, they act like your friend — someone who has your back when you need a boost of extra confidence.  But if you can’t afford a coach, why not find a trusted friend,work colleague or loving spouse who can fill in just as well?  Enlist someone in your life to be your career confident.  Or, if you know someone in a similar work situation, recruit them as your career “buddy”.  Regular meet-ups and clear benchmarks will help each of you stay on top of your goals.  

Credentials Can Be Hard to Come By 

Although a wide range of professionals call themselves “career coaches”, there are no industry standards, special schools or degrees required to call yourself one.  The danger here is that pretty much anyone can claim expertise, says Michael Melcher, founder of executive coaching service, Next Step Partners.  As reported to AOL jobs, he says that during the recession there was a rash of out-of-workers who re-invented themselves as various kinds of “coaches”, posing as experts when they weren’t.  At minimum, you should expect that a Career Coach is well-versed in business, consulting, and/or counseling, or perhaps they specialize in your field.  Do your homework: look into their background and ask for client referrals to make sure they can back up their claims.

Photo Courtesy of: sgsu.org.uk 

The Financial Skinny: Mobile Banking Security

A vast number of us use our smartphones for a little of everything – including major banking transactions. Whether it’s making purchases over your phone’s internet or using your bank’s mobile app, digital is increasingly becoming how we bank. In fact, a recent report from the Federal Reserve found that nearly half of smart phone owners used mobile banking in the past year. And they’re using it for more than just checking balances(87%,) but also transferring funds (53%) and making deposits (21%.)

The report, however, also found issues with security. Digital account takeover and new-account fraud each rose by approximately 50% in 2012, according to  Javelin Strategy & Research’s eighth annual Banking Identity Safety Scorecard. These two types of fraud can impact consumers severely and, according to Javelin, are more difficult to detect than any other major fraud type.

 

To keep your transactions secure, here are the FDIC’s latest tips for safe mobile banking.

Secure Your Mobile Device

Plenty of mobile banking crimes happen when a phone is lost or stolen. In the event your device is out of your possession, leaving it completely unlocked exposes your accounts to thieves and scammers. However, most smart phones allow you to password protect the phone. Create a “strong” password, consisting of a unique combination of numbers and/or letters (not 1234 or the last four digits of your Social Security number.) Also, make sure to set a ”time-out” for your phone so, if left unattended, it will autolock after a certain period of time.

Remotely Disable Your Lost or Stolen Phone

If your device is lost or stolen, there are ways to ensure your banking information doesn’t fall into the wrong hands. Most cell providers will allow you to remotely disable your phone until you find it or erase its contents altogether if stolen. Here’s a brief tutorial on how to perform the functions on iPhones, Androids, Blackberry models and Windows phones. Also, if your phone is lost or stolen, be sure to quickly notify your financial institutions – just as you would with a missing credit or debit card . Doing so will help prevent or resolve problems with unauthorized transactions.

Be On Guard

Finally, when it comes to preventing mobile banking fraud, the best defense is still a good offense. Before downloading any app that might require you to enter sensitive financial information, research it thoroughly. Don’t necessarily trust an app just because it looks legit. It could, in fact, be designed that way to lure you in to collect your information. To be extra safe, only download apps from the official web site of the bank or company that you are doing business with or from a legitimate app store. Also watch out for unsolicited communications supposedly from your your financial institution. Often, these are “phishing” messages, designed to redirect you to a scam site once you click on the provided link. Don’t fall for it. Always visit your bank’s site by first entering it into the address bar of your web browser.

Photo Courtesy, Phil Campbell

5 Celebrity Money Mistakes

There’s never a dull moment when you’re a celebrity. Headlines are quick to point out their imperfections, including some of their financial mishaps. Here’s a look at five famous financial faux pas and the lessons learned. Read more here.

The list of celeb money mistakes goes on. What others can you think of? Connect with me on Twitter @Farnoosh and use the hashtag #finfit.

Consumer Reports: How to Buy a Lawn Mower

One of my least favorite chores growing up was mowing the lawn. With an old mower my family refused to replace it was quite the task. Lawn care doesn’t have to be so tedious, though. And to help keep your yard in tip top shape, Consumer Reports has some tips on finding the best lawn mower and keeping it in great shape.

It’s no secret that a well-manicured lawn adds to the value of your home. In fact, last year’s National Home Improvement Survey by HomeGain polled  nearly 500 real estate agents nationwide and found that investing in your lawn can yield a 215% return on investment. This summer, a great (and the most obvious) place to start is by purchasing a quality mower.

Opt for Self-Propelled

The folks at Consumer Reports put more than 45 mowers to the test, mowing 18 acres of grass at the company’s Florida test site. Their takeaway: the easiest mowers to use are self-propelled models with variable speeds for varied terrain. And while your search should include a self-propelled mower, it should exclude models with big wheels. Because, as the reports explains, they may seem more heavy duty but they’re in fact just heavier and harder to navigate.

The $400 Honda HRR2169VKA topped Consumer Reports’ list, followed by the  $330 Troy-Bilt TB-320 12AVC35U. If you’re looking to save on a mower, and get a workout, you might want to consider a push mower. They’re best if you have a relatively flat, small yard. For that job, Consumer Reports recommends the $220 Craftsman 37432.

Keep Your Mower Humming

Getting the best performance out of your mower means machine maintenance and proper usage. First, keep its blades sharp. You can replace your mower’s blades or get them sharpened at your local hardware store. Get them sharpened monthly or, at least, twice a year. If you’re the DIY type, Lowes even has a video tutorial on how to replace or sharpen your mowers blades online.

Also, don’t neglect the underside of your machine. Be sure to regularly clean off clippings and debris after mowing. When it comes to usage, you want to only mow dry grass. Not only is dry grass easier to cut and bag, but wet grass can cause rusting in your mower. And, despite common practice, don’t try to follow your exact wheel tracks when cutting the grass. Overlapping some will ensure a more even cut.

Photo Courtesy, miggslives.

Is Starbucks Really the Best Coffee?

While it’s no surprise that brewing your own coffee can help save money, what home brewed brands are worth the money? I put coffee lovers to the test. Read more here.

And, as always, we want to hear from you. What’s your absolute favorite home-brewed cup of joe? Connect with me on Twitter @Farnoosh and use the hashtag #FinFit.

The Summer Internship: Nail It or Fail It

Internships are making headlines again, and it’s not only because school’s out or Vince Vaughn and Owen Wilson made a so-so movie. A fresh study finds that those who accept unpaid internships are less likely to receive job offers.

According to the National Association of Colleges and Employers’ 2012 Student Survey survey, nearly 60% of 2012 college graduates who took part in paid internships received at least one job offer. That compares to just 37% of unpaid interns who received job offers, which was only slightly better than those with no internship experience whatsoever (36%)

So should students hold out exclusively for paid internships? If only it were that simple.

The study suggests that differences in the type of work done by paid and unpaid interns is what contributes to the discrepancy in job offers with paid interns being more likely to engage in “real work,” spending the majority of their time on analysis and project management.

Of course, one could argue that point. And many articles have recently shined an important light on how some unpaid internships are simply illegal and should be avoided.

But let’s assume how you perform on the internship actually counts. I tapped J.T. O’Donnell, founder of CAREEREALISM.com for her top advice on ways interns can make their mark, receive “real work” and plant seeds for a job offer.

Dress the Part. You may think this a no-brainer, but Farnoosh recalls how one summer intern she had at TheStreet.com was sent home for wearing mini shorts and a tank top. To work. On Wall Street. Even if the office is casual and it’s 90 degrees outside, always look to your manager for wardrobe guidance. If she wears a suit everyday, you may want to at least keep your attire business casual. It shows respect for the gig – unpaid or not.

Remember Your Posture.  Your body language speaks volumes. You may be able to control giving the stink eye, but have you given much thought to your posture? A poised posture exudes confidence and makes you a better worker. In fact, one study shows correct posture can boost productivity by more than 50%.  On the other hand, slouching conveys boredom and/or lack of enthusiasm. Sit tall like you do in Sunday morning yoga class and activate the crown chakra. 

Proactively Update.  It’s important to give your direct reports concise updates by email or a chat once a week. Your managers may be deeply engrossed in their own work and forget that they haven’t followed up with you – and better to give them incremental progress reports and learn if you’re working on the right track…rather than learn three weeks into an assignment you’ve been doing it all wrong.

Anticipate Your Boss. Don’t wait to be told what to do. Of course, you won’t have all the instincts the first week on the job, so it’s important to really listen, observe and ask questions in the early days. From there you should be able to understand what your team needs. Should they fail to hand you enough assignments, suggest some additional items you can take care of.  Always think: How can I add value?

Be Accountable. If you make a mistake, own up to it. Managers hate excuses. Don’t try to blame someone or something for what went wrong on your watch. You’ll get more respect for being honest.  Even if you anticipate missing a deadline or something is holding you back in your work, be up front sooner rather than later. They’ll be much angrier if you fess up at the last-minute.

Stay in Touch. When you send out your “Thanks It’s Been Great” email at the end of the summer, mention that you’d love to stay in touch – and do. Follow your coworkers on Twitter, LinkedIn and send occasional messages continuing to show interest in the company. Offer examples of how your summer internship has, say, helped you better understand the coursework or execute a class project. It’s not uncommon for interns to return the following summer, a clear sign you’re full-time material.

Photo Courtesy, Victor1558.

Spotify, Pandora & Rhapsody: Which is Best?

Online music services are more popular than ever, with free and paid options for listening from nearly any device, depending on your subscription of choice: Rdio, Mog, Grooveshark…and now Amazon’s Cloud Player, which will compete with Google Play and newly-announced Itunes Radio and Match.

It makes me wonder: will anyone ever own music again?

The beauty of these services, of course, is that they provide unlimited, on-demand, streaming music from a huge library of content — all for about $5-$10 with mobile or, many have limitations or ad-supported tiers you can use for free.  

When you break it all down these music subscription services are more alike than they are different, but here are three options and why one may be more right for you: 

Spotify: Music  Aficionados

With Spotify, you’re the DJ in the Driver seat.  A combination of on-demand and radio, Spotify is one of the best-known all-in-one music players for local and streaming content.  The $9.99 Premium package unlocks on-demand music for any device, plus downloads songs and albums for offline listening (the $4.99 tier doesn’t include mobile). You can integrate your own music, or, listen to Spotify’s ever-expanding music library; it’s good for creating and sharing playlists with friends or strangers, getting suggestions for new music, or being inspired by what your friends are listening to in real time (while what you’re playing is public, too — a pro or con depending on how embarrassing your taste in music is!).  You have to have a Facebook account to use it, but Spotify interfaces nicely with Squeezebox and Sonos.   

Cons include a max number of hours you can listen for free a month (though newbies have no limitations for the first six) and commercials play occasionally with the free subscription. The song selection can be limited, too: due to licensing, what’s available one week might not be there the next, and finally, features like showing the duration of your playlist, or being able to skip/pause songs are missing, features I take for granted. 

Pandora: Laid Back Listeners

With Pandora Radio, it’s more like you give the Driver a few directions, and then sit back and enjoy the ride.  The service behaves a lot like regular radio, except now your radio station is smart and getting smarter, making guesses about what you might like and introducing you to new music you might not have heard otherwise.  Pandora creates up to 100 radio stations after you select your preferred artists, genres, or composers. You can listen unlimited via the Web, or, up to 40 hours per month on a mobile device.  But best of all, unlike the other two, this is service is 100% free (if you don’t mind listening to ads once in a while. For $36 a year, PandoraOne eliminates all ads).  But as such, you’re dependent on the choices Pandora makes for you: users can’t select what artists or albums to play, nor pause or rewind songs.   You’re only allowed to skip one song an hour.  Not having control of the steering wheel won’t be for everyone. 

Rhapsody: Eclectic Music Lovers 

With Rhapsody, it matters what you drive: if you’re a Mac-user and don’t want to listen through their browser, too bad.  And want to test-drive before you buy?  Forget it — there’s no free version of the service except for a limited 14-day trial, which for the casual listener, might be a turn-off.  But with the $9.99/month access for one mobile device (or $14.99 for three in a shared plan), you get all the desirable features: an ad-free experience, unlimited listening, storage for your music, music recommendations and radio stations, offline listening and more.  Also, Rhapsody’s been around for a while so it’s music library is huge — much better for finding rare or obscure cuts.  Compared to newer music services like Mog or Spotify, Rhapsody’s interface might seem a little clunky– but the desktop app is versatile, a lot like Itunes. 

Photo Courtesy of:  Deviant Art

Your Last-Minute Father’s Day Gift Guide

This Sunday, we celebrate the country’s more than 70 million fathers. That’s right! Father’s Day is approaching and, if you haven’t already gotten gifts for the dads in your life, there’s a lot to consider.

Americans are expected to spend $13.3 billion on a gift for dad this Father’s Day, according to an by the National Retail Federation. The average consumer is set to shell out nearly $120.

“Never expecting more than a nice day out or a special family dinner, dads are usually easy to shop for, and families this year will make sure to find the perfect gift for their favorite man this Father’s Day,” said NRF President and CEO Matthew Shay. “From patio sets and grills to ties and gardening tools, retailers will offer specials and promotions in the coming days for families as they scour retailers’ websites and stores for something they know dad will love.”

So what will dad love, exactly? Personal finance site, GoBankingRates.com surveyed dads and found that some of the most budget-friendly gifts are often not store-bought, but rather made by hand. Luckily, according to a separate survey, 24.7 percent of dads say they’d like to receive something homemade for Father’s Day 2013.

Whether you’re the crafty type or looking for the perfect store-bought gift to show your love and appreciation, here are a few gift ideas that won’t break the bank – all less than $100.

Apple TV

Apple TV is one of the company’s latest and greatest inventions. At just $99, it’s a great gift for dad, allowing him to move his favorite hubs for digital media: Hulu, Netflix, Youtube, MLB.TV and others to the television screen. It’s a small device that, when simply connected to your television and given access to your online subscriptions, will let you stream them on a big screen. It can even be operated from an iPhone or iPad.

Ereader Gift Card

If your dad already has an iPad, Nook or Kindle, give him the gift of reading. Buy actual or electronic gift cards that will allow dad to stock his ereader with book and magazine subscriptions. Cards through iTunes, Barnes & Noble and Amazon and can be purchased in amounts between  $10 and $100. Best yet- electronic gift cards are instantly accessible and redeemable within just a few clicks. Perfect if you’re shopping at the last minute.

Help Him Grill

Does your dad love nothing more than to fire up the coals for a little BBQ? Well, we all know the toughest part of grilling is getting the grill clean after. Give him an assist with the Grillbot. The small device is the futre of grill cleaning, fully automated with wire brushes, a rechargeable battery and three high-power motors to get the job done with just the push of a button. It costs $100.

Tickets to an Event

What dad probably wants from you is quality time. This year, bond with him over his favorite sports team. CheapTickets.com is one destination for discount tickets to sporting events. The Oribtz-owned company is a secure site to find deals like – for example – $46 to see the Dallas Cowboys play the New York Giants, $20 for the Atlanta Braves playing the New York Mets or $32 to see the 2013 NBA Draft in New York City.

Dinner with Dad

Finally, another way to spend time this Father’s Day is a nice dinner, and nice doesn’t necessarily mean expensive. OpenTable has collected  Father’s Day 2013 deals and specials. Search out a dinner deal in your area using the website. Just pick the city where you’ll be eating, then click on “Father’s Day – Sunday, June 16″ under “Your Local Dining Scene.” You’ll find deals like free beer, free desserts and discounted brunch specials.

Photo Courtesy, FutUndBeidl.