A recent study reported by the Wall Street Journal looking at the relationship between salary and happiness has concluded that  75,000 dollars a year is the point at which people remain most happy. Above this number there is no measurable increase in one’s personal satisfaction.

It doesn’t mean that you will be less happy if your earn more, just that you won’t be any happier above the $75,000 mark.  So if you count yourself among those in this group, take a moment to reflect on how lucky you are.  On second thought, you are probably already happy so that won’t be necessary.

source: lifehacker

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What is a Financial Planner?

A financial planner is someone who acts as an adviser to his or her clients. They find out what the client’s financial goals are and use this information to create a plan. This plan gives clients a roadmap to follow in achieving their financial goals (such as retiring by a certain age, having a certain amount of money saved for something etc.). Contrary to what some believe, a financial planner is a lot different from an accountant, as financial planners advise how to use money, whereas an accountant keeps track of the money.

Financial planners are considered “jacks of all trades” because they must know a lot about the financial world. They must be well versed in stocks, savings bonds and other forms of investments. This does not mean that they do not consult with others, however. Good financial planners also consult with a client’s other advisers (lawyers, accountants etc.) to fully understand a client’s situation so that they can offer good information. Because of the variety of things they must do, a financial planning career is very intriguing for those who like variety in their day-to-day activities.

What Does it Take to Become a Financial Planner?

A financial planner should have a bachelor’s degree that includes coursework in mathematics, statistics, economics, & business. A degree is not a requirement, but in nearly all instances a planner will need the Series 7 and Series 66 or 67 license to conduct business on a client’s behalf. These licenses allow them to act as a representative of a securities organization and give financial advice.

What is the Pay?

Financial planners, like many others in the corporate/business world, are usually very well paid. Many financial planners earn at least $55,000 a year, with some pulling in as much as $100,000 or more per year. How much you make will depend on whether you’re working for a financial firm or going it alone. Typically, as long as you have a good client base, freelance financial planning is more profitable.

Cautions About Financial Planning Careers

A career in financial planning is not for everyone. Some people are cut out for the work, but others are not. Some of the cautions about financial planning include:

• The high level of stress. You are responsible for other people’s money. You need to be prepared to deal with clients who may be angry with you if their money doesn’t work for them as well as they want it to, or if, by some chance, you make a mistake and they lose money.
• Keeping up with trends. The finance world is constantly evolving. As such, you need to be able to stay with the times and be aware of what’s going on so that you can smartly advise clients. This can add to the stress level.
• If you don’t like “sales” then you may want to avoid this career field. Even if you start with an organization they may or may not provide you with any leads. Building your client base will be your responsibility.

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Life happens sometimes and it becomes necessary to accept a position due to the ordinary pressures of busy lives. The car was on the fritz for the last time and you needed to replace it. We needed a bigger house to accommodate our growing family. My daughter wanted to join a ballet class with her friends. Whatever the reasons might be, you took a job that enabled you to meet your living expenses, and now 5 , 10 or 20 years later, are wondering where the time went and you might be feeling just a little stuck.

If this sounds like you, don’t despair. Remember, life sometimes does begin at 40. First, determine what your interests are or if you have any unique skills. This can be a challenging exercise, but discussing it with family or close friends can yield answers. Next, do a financial assessment of what your salary needs are to meet your household budget. Finally, the master key to finding a better job is to begin researching top companies that offer careers aligned with your interests.

Every year, Fortune Magazine publishes a list of the top 100 companies to work for. Chances are, that company you are working for is not on the list. Other surveys abound such as the Human Rights Campaign list of best companies for LGBT employees, Working Mother Magazine’s list of top companies, and Black Enterprise Magazine’s list of best companies for diversity. A simple search of the internet will start you on your journey of finding the right company to target. Remember, companies are like shoes. You might have to try on quite a few before you find a comfortable fit.

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Besides the base salary, the total compensation earned yearly include bonus of around $25,000 and other benefits, including tuition reimbursement, car allowances, and relocation that add about $15,000 on an average. The base salary and bonus may vary from one company to another. Some companies offer a higher base salary and fewer bonuses, while others offer a high year-end bonus.

Business companies look for MBA graduates to widen their business areas to get more profit. A professionally qualified MBA graduate can assist the company to meet the business targets. As the profit level of a company increases, there may be increases in the remuneration to its staff. This is the main factor that increases the average salary of a business professional. Also, some leading business companies offer competitive and exciting salaries and benefits to qualified and experienced MBAs solely to attract them. Year-after-year the salary scale goes up; each year showing a large difference with its preceding year.

A significant salary change can be seen in a person’s salary if he or she completes an MBA program while working in an organization. But, there are a number of factors determining the salary offer like the area of specialization, prior earnings profile, pre-MBA work experience, geographic location and cost of living, and the academic record in the business school he or she attends. Compensation packages will also be offered. Consider a person working in a reputed business company earning a salary of $25,000 per year; the salary will increase up to $50,000 or $60,000 after his MBA graduation.

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An RN or staff nurse starts out at about $59,000 a year. You have to become a certified registered nurse and preferably have an associate’s degree. It is work to achieve that but worth it in the end.

This career is a hot choice on the list of salaries for careers simply because there will always be an abundance of sick or hurt people. Doctors will always have to have nurses to help them. Also, there is great job security in this field, like with many medical careers. A paralegal for an attorney starts at $54,000 a year. You will need to earn an associate’s degree. Your job will be assisting the attorneys with legal documents.

A financial advisor starts at $66,000 a year. You will only have to earn a Bachelor’s degree. This career will also have staying power. People with money will always need help in managing it. Pharmaceutical sales starts at $90,000 a year. You will need to get an associate’s degree. This is a great job because people will always need pharmaceuticals and you will get to rub shoulders with lots of doctors, which can become a good perk.

An investment specialist starts at $54,000. In this career, the more degrees you have the higher your pay will go up each year.

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