MomsToWork.com » Diary of an Unemployed Finance Mom 2.0

Freelancing without the headaches: 43 Days Since Layoff

job mom 2.0 — Fri, 19 Jun 2009 11:54:33 +0000

Many moms with a fear of paperwork and billing are reluctant to try independent contracting and freelancing.

But now there’s a way to enjoy the fruits of freelancing without the pain of doing your own taxes, invoicing, etc.

Here’s what I’ve discovered … read on slacker moms.

There’s a lot of freelance and contract work out there these days – and depending on your skill-set, it may be a great way to bridge the gap between your previous full-time job and your next great opportunity.

Or it may become your next great opportunity! By “freelance” and “contract” work, I mean working on a project-basis as a web developer, consultant (many varieties here – social media, business, SEO/SEM, etc…), writer, journalist, blogger, anything in tv/film/commercial/music production, graphic designer, etc. It really includes anything that involves working as an independent contractor rather than an employee.

But freelancing does come with its share of headaches.

You are 1099′d rather than W-2′d. English translation: your contract employer doesn’t take out taxes for you and you are expected to pay them quarterly
You do not receive health or other benefits; and
You can’t participate in a 401(k) plan.

Basically, you are entirely on your own.

In my countless hours of twittering and surfing the web, I came across a company that can make freelancing a breeze. They’ll take all the headache away and leave you to do what you do best: your freelance work.

MBO Partners provides independent contractors with the back-office support, tax advantages, and benefits of a W-2 employer (access to an Anthem Blue Cross/Blue Shield group health plan; Aetna dental, life and disability plans; and an accelerated, tax-advantaged 401(k) plan with Fidelity) without limiting your career independence and the legal hassle of incorporating.

Once you find an assignment, MBO will set up your contract and engage you as a W-2 employee. Then, as you work, MBO will bill your client(s), collect your billings (eliminating a HUGE hassle for you), withhold taxes, give access to excellent group benefits, and reimburse your business expenses. They even cover you under their General and Professional Liability insurance at no cost to you. Click for a summary of the benefits MBO offers.

Of course there’s a Services Fee for MBO’s offerings – at first, they charge 5% of your gross billings. Once they collect more than $125,000 of your billings in any year, your Services Fee goes down to 1.5% for the remainder of that year (based on your anniversary date with MBO). MBO deducts these funds from your online account before calculating your taxes—so the Services Fee is actually a tax deduction.

MBO’s service could make sense for some of you freelancers out there, especially if you’re new to the game and aren’t sure you want to spend the money to incorporate. Or if you need access to all those great benefits …

Editor’s note: This is the ninth installment of “Diary of an Unemployed Finance Mom 2.0.” This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. You can read the other posts by clicking on the related posts button below.

Follow her trials and tribulations on Twitter @jobmom

Unemployment Insurance Rocks! 40 Days Since Layoff

job mom 2.0 — Mon, 15 Jun 2009 15:34:07 +0000

If you find yourself out of work, please take advantage of one of the best things Obama has done thus far. Apply for his expanded unemployment benefits. You will likely qualify even if you are receiving severance, and quite possibly if you were (*gasp*) fired. I’m receiving over $500/week. Hurry up and go claim yours. Right now. Every little bit helps.

I didn’t expect to get it.

I was ready with all of my arguments – I would explain that I now have to pay for COBRA, that I’m putting ~1/3 of the monthly severance payments away for taxes (which I now must pay quarterly), that I’m incurring tremendous expenses in my job search (however deductible, I won’t see that money again until April 2010). I would try to make them understand that I’m the primary breadwinner – that my husband is freelance and that his salary is a mere fraction of what I [used to] bring home. I was even ready to talk about the toddler and how expensive he is. Basically, I was ready to try anything.

Enter Ms. Jones of the [MY HOME STATE] Department of Labor. “Did you sign a Separation Agreement and Release?” she asked. “Of course,” I replied. “Just fax it over and I can release your back checks. So long as you sign a Separation Agreement and Release, your ability to collect unemployment is unaffected by the fact you are receiving severance.”

What a way to start a Monday morning!

Editor’s note: This is the eighth installment of “Diary of an Unemployed Finance Mom 2.0.” This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. You can read the other posts by clicking on the related posts button below.

Follow her trials and tribulations on Twitter @jobmom

Thanks, Bloomberg! Day 35 Since Layoff

job mom 2.0 — Thu, 11 Jun 2009 12:39:06 +0000

Thank you, Mike Bloomberg. What a great service your company, Bloomberg L.P., offers to users of Bloomberg Professional who lose their jobs. And it’s crazy how few people know about it!

If you are a former Bloomberg Professional user, either call their general number at 212.318.2000 (east coast)/415.912.2960 (west coast) or your former Bloomberg representative and ask to be set up with a “free trial.”

Using your Bloomberg Anywhere device, they’ll set you up with 60 days of the service. (Don’t worry, you can extend for an additional 60 days if necessary, and even beyond if you ask nicely.) You’ll have access to news, messaging, company information (including the FA functions), people search, launchpad – basically everything except for real time quotes – and the best part is the fantastic resource that is the JOBS function.

JOBS is a huge job board, populated with listings for i-banking, sales, trading, hedge fund and other opportunities relevant to the many basis points of unemployed bankers, analysts, sales/traders and the like. I’ve just started to explore it, and there are many opportunities that interest me.

I hope there are many that interest you, too.

This is the seventh installment of “Diary of an Unemployed Finance Mom 2.0.” This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. Follow her trials and tribulations on Twitter @jobmom

Targeted Career & Job Search Advice: I Want More! Day 29 Since Layoff

job mom 2.0 — Fri, 05 Jun 2009 13:08:22 +0000

This is the sixth installment of “Diary of an Unemployed Finance Mom 2.0.” This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. Follow her trials and tribulations on Twitter @jobmom

First the generic career advice …

There seems to be an endless amount of generic career advice everywhere right now – all over the many jobsearch sites (e.g., TheLadders.com, CareerBuilder.com, Monster.com, etc…), Twitter via the many “career coaches” out there, articles in almost every newspaper (local and national).

There was an interesting blog post in The Wall Street Journal this morning on this subject by Dawn Jordan, one of the writers in the series Laid Off and Looking.

I couldn’t agree more with Ms. Jordan.

She says most of the advice is extremely broad, attempting to speak to everyone – what she calls the “one size fits all” approach. “Yet, it seems like 95% of the information, advice and tools I have encountered are totally generic. They speak to the unemployed population en masse instead of speaking to me.”

That universe spans recent college grads to people with professional degrees to mid-level managers to C-level execs, and beyond. Tools and tips that one demographic might find useful could be completely useless (if not detrimental) to another.

I wrote about an example of this in my last post where I discussed the generic resume critique offered up by the good people at TheLadders.com.

Then the specific, made to measure career advice

Counterpoint to everything generic: meet Jack Young (@Recruiter on Twitter, where we met) who’s been an Executive Recruiter for over 20 years.

He has a very interesting idea. He hosts webinars called “Allow Me to Introduce Myself.” He has a website of the same name.

Each Webinar features one of his clients, an employer who is conducting an active search. It does cost $15 for a candidate to register, which turned me off at first.

Jack did an amazing job of asking excellent, pointed questions of the employer, questions about his particular preferences regarding resume issues (gaps in the timeline? for older job-seekers – how many years to show? pictures on resumes? does format really matter?), cover letter matters (do you read them? can they help? hurt? both? do they ever trump an inadequate resume?) and interview questions/responses.

Jack’s format gives the candidate a unique look into the mind of the specific employer to whom he or she is submitting an application. That way, the candidate can tailor his or her materials to that employer’s tastes. Talk about targeted advice! (And the $15 fee also guarantees that Jack will pass your resume along to the employer featured on that specific webinar.)

Valuable insight into what the employer wants from a job candidate

In this market where there are so many qualified, experienced candidates, it’s invaluable to have the inside scoop into what the employer is looking for and how to best differentiate yourself.

Once armed with that knowledge, your chances of landing the job increase exponentially. Networking with people at your target company is one way to do this – though sometimes, it’s difficult (even with a huge social and professional network) to get to the right people at the right places. It’s impossible to literally know everyone. Jack Young has identified a fantastic way to help candidates who run up against such a roadblock. And differentiated himself in the process.

Frustrated!…and Amused: Day 19 Since Layoff

job mom 2.0 — Wed, 27 May 2009 12:40:21 +0000

This is the fifth installment of “Diary of an Unemployed Finance Mom 2.0.” This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. Follow her trials and tribulations on Twitter @jobmom

So I knew this day would come. Of course it would. The day when I’m not getting anything crossed off my list. The day when no one is calling me back. The day when I want to throw something at my computer! Yep, kids, that day is today. (I expect many more of these days…I just haven’t had one since I’ve started this job search.)

I mean, of course I got the little things done. Uploaded my resume to Theladders.com and to brazencareerist.com, filed my weekly unemployment claim (TIP: if you’re collecting unemployment, you need to certify certain things on a weekly basis in order to continue to qualify for benefits – the certifications vary state by state – so check your state’s requirements – you can usually do this online, or via an automated phone system.), made a few phone calls to people whom I hope can help me. But I feel stuck. 19 days after I was laid off last time, I had at least ten really good leads. As of today, I have exactly zero. (Not rejections, mind you – I haven’t found anything for which I want to apply!)

She wanted to instill the fear of God in me, so that I’d pay the small price of $695 for someone to “completely rewrite” and “completely reformat” my resume so that it looks “more executive.”

But then I got an email that made me laugh. A LOT. And OUT LOUD. Just as an experiment, I submitted by resume to the good people at theladders.com for review. I’ve had four jobs over the past nine years, and I’ve never gotten anything but stellar feedback on my resume. It’s clear and concise, well-written and descriptive (at least that’s what I think, as have many others who’ve seen it in this format before – and I know it’s effective, since it’s never taken me very long to get a bite).

Well, the reviewer from The Ladders had something else in mind. She wanted to instill the fear of God in me, so that I’d pay the small price of $695 for someone to “completely rewrite” and “completely reformat” my resume so that it looks “more executive.”

For $695, they’ll also draft a “Summary” section for me, complete with “Objectives.” Folks at TheLadders.com, I don’t have a “Summary” section or “Objectives” for a reason. I’m not a C-level executive who’s marketing themselves in a Six-Sigma sort of way. I’m a professional – lawyer, investment banker, hedge fund analyst – and when I’ve reviewed candidates’ resumes (I was actively involved in recruiting and inverviewing at each of my former jobs), I’ve immediately tossed the ones with “Summaries” and “Objectives.” And so have my colleagues. I know, because I’ve asked. And I’ve gotten the same response from my fellow resume-reviewers every time.

I’m sure that, sometimes, TheLadders.com resume review service gives great feedback that actually makes sense. It would help if the reviewer actually looked to see what industry you were in and took into account your experience level so their feedback could be tailored to readers of your resume – instead of cut and pasted from a bank of canned responses. I’m not impressed.

So, my fellow job seekers – before spending ridiculous amounts of money to have your resume written by a “professional,” a few things: First, have close friends or former colleagues who are in your field review it – their advice is invaluable; Second, if that version of your resume isn’t effective, find a professional resume writer with experience in your field. All resumes for all jobs are not created equal. Recruiters and resume-readers in each field are looking for something different – make sure you’re giving your target audience what they want to read! But please do not blindly spend exorbitant amounts of money to have your resume rewritten by a “general” professional resume writer – you won’t get your money’s worth.

Now on to Part II of my day – getting started on that book proposal!

First, I’m a Mom: Day 13 Since Layoff

job mom 2.0 — Wed, 20 May 2009 18:00:23 +0000

This is the fourth installment of “Diary of an Unemployed Finance Mom 2.0,” laid off late last week. This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. Follow her trials and tribulations on Twitter @jobmom

I’ve always maintained that looking for a job is a full-time job. And that is still a truism for me. But having a toddler at home throws a wrench in things sometimes. Last week, it was the swine flu scare. Today, it was hysterics at nap time upon toddler’s return from pre-school when he saw me working in the office. When hubby has days off (he’s freelance, so that happens every now and then), our nanny gives him a heads up so he can hide so our toddler doesn’t see him. That way, toddler can make a bee-line to the crib, with baba and “b” (blankie) in hand, and go down for a nice, long (sometimes three-hour!) snooze. But I just can’t do that. When I hear his little voice, I melt – I need to see that cute little face and hug him and smell him and try my best not to take a bite! He’s just so awesome these days. And then there’s that fantastic severance I got.

See, I was laid off once before. That’s right, I’m twice a victim of this nasty credit crisis and ensuing recession. Last time, though, things were very different. Toddler was a baby of seven months old. And perhaps more importantly, my severance sucked (to put it mildly). I only got eight weeks, and was completely freaking out about money and needing to get a job ASAP. Not the “right” job, any job: we had a mortgage to pay and were maintaining a very expensive lifestyle (hubby traveling back and forth to where he was working, a 1.5 hour plane ride – not cheap!). And I admit, I wasn’t exactly a great “baby” person. He was very cute, but I have a lot more fun interacting with him now that we can (sort of) have a conversation.

And so last time, I worked – I mean, really worked. From 7 a.m until 7 p.m. (minimum), I was at the computer and on the phone. All day, every day. I woke up at 6 a.m to work out and shower before starting my marathon job search day. And I loved it. Or at least I thought I did.

It was a strange time for me. Friends and family would ask, “So are you enjoying your time off? Spending lots of time with baby?” I’d just smile and say yes, for fear of having my head bitten off by the judgmental folk with whom I surround myself. I suppose I was so afraid of being caught without a job when that severance ran out that I didn’t stop (not even for one moment) to breathe and take stock of things and actually enjoy some time off including some very important bonding time with my baby, as non-verbal he was back then.

This time is different. Maybe it’s because of the severance. Maybe it’s because I’ve been through this before and know how to tap all my resources. Maybe it’s because we had already scaled back significantly before I was laid-off, prompted by the general downturn in the economy and cemented by my horrifically horrible bonus. Maybe it’s because with unemployment at 8.6%, many of those basis points in finance, I know I’m not finding a job in my first two weeks among the ranks of the unemployed. And maybe it’s because I really want to be happy – which now includes spending time with my son – both during this time and after I’ve figured it out (well – figured it out at least for now).

Job seeker first, mom second no longer

Blinded by fear, last time I was a job seeker first and a mom second (a far second at that).

Now, with eyes open, I am beginning to see more clearly what really matters to me. Money is very important. I can’t lie. We are a two-income family (with a fledgling small business on the side), and we truly need both incomes. Toddler’s college fund must be funded, his nanny must be compensated, his pre-school tuition bill must be paid. And we love things like great clothes, fabulous shoes and vacation.

But finding the right job with the right people, or the right “track two” opportunity, which gives me time to spend with my son (even if only the time with him afforded me by my last job, which was about an hour in the early morning, a few hours at night, and all weekend) is now paramount.

Perhaps it will involve a little creative negotiating when a real opportunity presents itself – in time we shall see. But I’m committed to making it happen.

I hear toddler. He just woke up from his nap. I’m going to pluck him out of his crib and give him lots of snuggles. And that will make my day.

First tweet up: Day 8 since layoff

job mom 2.0 — Mon, 18 May 2009 00:19:27 +0000

This is the third installment of “Diary of an Unemployed Finance Mom 2.0,” laid off late last week. This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. Follow her trials and tribulations on Twitter @jobmom

Thursday: Day 8 since layoff

I worked on both hedge fund stuff and the book proposal. I reviewed the sample treatments I got from my friends in publishing, and starting to work it out in my head.

I also submitted my resume to an online hedge fund recruiting site, www.glocap.com. They are typically looking for things I’m not – very juniors, very seniors and quants.

Just to give you some perspective, last time I checked the site (mid 2007), there were 9 pages of hedge funds jobs, at least seven of which (or approximately 70 job opportunities) were in the Northeast.

Yesterday, the site listed only 10 opportunities in my area. I threw my hat in the ring for two, mainly for sport.

First tweetup: “Nice to tweet you!”

Thursday evening, I went to my first tweet up. For those of you who have never been, a tweet up is when you meet up with friends you’ve made on twitter (and/or friends of friends) for networking and fun – and usually drinks. Tweet ups are an excellent way to network with people who are engaged in social media and, I’ve found, are eager to brainstorm with you and help in your job search.

Not only did I meet some really amazing people, but I also picked up that awesome “between business cards” phrase and a new headline for my LinkedIn account – “Consulting and Looking Selectively for My Next Great Opportunity” (or something to that effect – I’ll update that this afternoon).

I also plan to talk to my sister, who works in HR. She is an expert on LinkedIn – she uses it to post jobs, and has joined many networking groups. She’ll show me the ropes, and then I’ll show them to you.

* * *

Have fun this weekend – take care of you – exercise, eat well, keep an open mind. Since looking for a job is a full-time job, you need to rest. Don’t feel bad about it! You have to stay positive and in a good mindset to make your new job happen. And always be ready to network and talk to new people – you never know who you’ll meet, and how they might be able to help you!
XOXO,
Job Mom 2.0
Have a great weekend!

Read job mom 2.0′s previous diaries here.

Swine Flu Delays Job Hunt: Day 6 Since Layoff

job mom 2.0 — Mon, 18 May 2009 00:13:02 +0000

This is the second installment of “Diary of an Unemployed Finance Mom 2.0,” laid off late last week. This story is real, nothing is fabricated. For the sake of her privacy, and her hopes of landing a new job, she’s going under the pseudonym, job mom 2.0. Follow her trials and tribulations on Twitter @jobmom

Between business cards: 6 days since lay off

Tuesday didn’t go exactly as planned – and you have to know that sometimes, that’s the way it goes. You have to just move on.

Being “between business cards,” a phrase I picked up at Thursday night’s tweetup is tough – though looking for a job is a full-time job (more on that another time…), as a mom, I want to seize this opportunity to spend more time with my kidlet.

I worked all morning – tweaked my resume and made a few calls. And then toddler’s pre-school called – suspected outbreak of swine flu!

Were they kidding? I dropped what I was doing, called the pediatrician on my way to pick toddler up, and spent a good few hours at the doctor’s office. Turns out, toddler is fine – I spent an afternoon with him when he needed me – and that’s just fine. The job search sure isn’t going anywhere.

Meetings, brainstorming, networking: Day 7 since lay off

Wednesday was a “track two” day – I met with one of my best friends from forever to work on outlining a book proposal we’ve been talking about for years. Now that I have more time (and since the job market sucks, I want to hedge my bets), we decided to go for it. We brainstormed. We lunched. She got me a massage. Great day all around.

When I got home, I had a call with a friend who works at a prestigious hedge fund – he gave me excellent feedback on my resume, and in the evening I tweaked it. I sent him the final version, and he passed it along to one of his tennis buddies who is a top hedge fund recruiter. Fingers crossed.

Editor’s note: Ask your friends to proof your resume (on hard copy) before it is finished. They’ll often pick up stuff you didn’t see. JP

Read job mom 2.0′s previous diaries here.

MomsToWork.com » Diary of an Unemployed Finance Mom 2.0

Freelancing without the headaches: 43 Days Since Layoff

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