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Show HERALD DAILY Sunday, September 9, 2007 C9 THE WILL STREET JOURNAL The Weekly Guide to Managing Your Money fflil 2007 Dow Jones WSJ.comSunday d Company, Inc. All Rights liesen Job Seekers: Put Your Web Savvy to Work By Sarah E. Needleman seeking career or scrambling to job cuts like those hitting the mortgage industry, many workers are hunting for new jobs. And many of them, even those who changed employers as recently as a few years ago, are finding a Whether job marketplace transformed by one where Web the Internet-a- nd savvy can be critical for success. The economic climate isn't the best: U.S. employment last month fell for the first time in four years, the Labor Department said Friday. (In reaction, the Dow Jones Industrial Average fell 1.9 for the day. It was down 1.8 for the week.) d Larry Stewart of Chattanooga, Tenn., says his recent job search, the first he'd had to conduct in nearly two decades, took place almost entirely online. He started by perusing the job postings at GreatInsuranceJobs.com, a Web site that lists positions only in the insurance industry. When he found an ad for a district-manage- r firm, he job at a health-insuranc- e applied by completing an online form and uploading his resumeV Mr. Stewart used email to coordinate dates and times for interviews and, in preparation, studied the firm's Web site. He received a job offer by email, taking a new post at a 20 increase in salary. Here are pointers on an Internet-pojob hunt: wered Networking In recent years, several networking Web sites specifically for have business professionals cropped up, including Linkedln. com, Execunet.com, Ryze.com and Netshare.com. While you're using phone or email or industry gatherings to network with colleagues and acquaintances, you can also use these sites to connect with people in your field that you don't know well or at all. DO... V ; Be organized, keeping track of the resources you use and the people with whom you speak. prepared to talk to recruiters at any moment and keep a copy of your resume handy. Be Post anything online, including in biogs and discussion boards, that you wouldn't want an employer to see. X Seek job leads or advice from people in your network without also offering yourself as a resource to them. searching resume databases. Because the Web doesn't impose a word limit, don't worry about squeezing your resume" onto one page. But avoid a document Stress over the length of resumes, since recruiters typically them on a computer screen. ; view ervices professionals, chances are you already know someone who belongs. Networking sites are designed to help professionals enhance their careers, not necessarily to change jobs. As a result, being a member shouldn't automatically raise red flags at your current employer. That said, many recruiters search profiles on networking sites to find potential job candidates. Ben Foster, a product manager at firm in Califora nia, changed jobs after getting a message on Linkedln from a recruiter who'd seen his profile. 200,000 Approximately corpo- recruiters be rate and search-fir- INVESTOR'S CALENDAR positions they've been hired to fill. Senior-levcandidates should also check out job boards such as long to Linkedln, which has more than 13 million members in total, according to a spokeswoman. - Many networking sites for business professionals charge membership fees. But most also offer free access to basic features so you can determine if joining is worthwhile. job years old today. Wow. Wall Street Journal Sunday launched in September 1999, and every birthday we fill you in on the progress of this, the No. 1 personal-financ- e publi cation in the U.S. Recent years have been hard for most news-- Eight you. Also, have your resume mimic the nonindustry-specifi- c language common in the job ads you apply to, such as "team player" or "creative thinker." Recruiters say they often enter the same terms when DON'T... The way most work is you set up a profile that offers basic information about yourself, such as where you work and went to school, areas of expertise and professional and personal interests. You can search other people's profiles and contact them by using the sites' messaging systems, You also can ask a member you already know to make a virtual introduction for you. If you join networking sites that cater just to your industry, such as theFeng.org for financial-s- Turns Eight searchable database. To boost the odds of your resume showing up in a recruiter's search results, include words that are specific to your industry and position. For example, if you work in technology and know programming languages or Java, list those such as C terms so recruiters seeking candidates with that expertise will find Tips for a Successful Job Hunt e your job objective so you can use niche Web: resources such as industry-specifi- c job sites. WSJ Sunday TheLadders.com, 6FigureJobs.com and ExecutivesOnly.com, which list only positions paying annual base salaries of $100,000 or more. You also can find job ads exclusively for high-payin- g positions at executive-networking sites including Execunet.com and Netshare.com. Many job sites offer "advanced search" options that you can use to narrow your search criteria. Many also offer email updates of new postings that meet your criteria. Consider posting your resume to job boards. Executive recruiters Sites While building your network, search online classified ads for opportunities. A good start: aggregate Web sites such as lndeed.com and SimplyHired.com, which link to job ads all over the Internet, including companies' career pages. For more targeted results, you can focus on job sites that cater to your area of expertise, such as www. for marketing marketinghire.com professionals. Both topJobsites.com and qulntcareers.com list job sites by industry. Many trade associations also list jobs exclusively in their fields on their Web sites. Don't want to relocate? Search Web sites that list career opportunities only in a particular area, such as sacjobs.com for jobs in the Sac- and corporate hiring managers often search them for potential candidates. Be sure to use sites that offer a confidentiality feature that will protect your private information from unwarranted exposure. Internet-Friendl- Resumes y your ' resume Internet friendly? It should be formatted for sending in the body of an email as well as as an attachment, since Is recruiters' preferences vary. Many recruiters now use technology that filters resumes into a ramento, Calif., region. firms Many executive-searc- h list on their Web sites the senior that's more than three printed pages in length. Career coaches generally advise job hunters to keep their resumes as brief as possible and tailor them for the employers they're targeting. Digital Dirt If you're looking for a new job and have never run a Google search on your name, now is the time. By seeing what information comes up in an Internet search engine's results, you can do the same general background check that most employers perform before inviting professionals on an interview or handing them a job offer. Anyone can write about someone else on the Internet, so unflattering information about you-- or someone with the same name as show up in search-engin- e you-co- uld results. By regularly searching for digital dirt about yourself, you may be able to do some damage control. Likewise, you can search the Web for digital dirt and insights about a potential employer. One possible source: blog from former employees. postings EDITOR'S f NOTE .. PaPers. Circula: lion is down. rev Advertising enues are fall- ing. News staffs are shrinking. Sunday Journal is not immune to such problems. But so far we're managing, thank you, even prospering. We've added new dexing & ETFs" and "Small Bust ness" columns, quarterly r mutual funds updates and special features like this week's "College Savings" report. Sunday Journal advertising has remained strong, and our circulation robust. Today, we we come the Times Union of Albany, N.Y., to our partnership of now, 71 newspapers reaching 8.7 million households. As you may know, our parent, Dow Jones & Co., is being acquired by News Corp., a diversi- fied, global media company with offerings that run the gamut from elite national newspapers to saucy tabloids, from "The Simpsons' to the novels of Joyce Carol Oates. Regardless of corporate own-- ; ership, Sunday Journal intends to keep the promise we made to you eight years ago: To pub-- ' lish the most timely, helpful information anywhere about managing your money, with an unwa vering commitment to the independent, tearless, unbiased jour nalism that is the hallmark of The Wall Street Journal. Thanks for your support. We'll see you next year. David Crook Editor Email: forum.sunday03wsj.com By Jonathan Clements Getting Going $ THIS WEEK Online: General Electric's NBC tomorrow starts offering pilots of its new fall shows through Amazon.com's download store, after the breakdown of a similar deal TV Universal with Apple's iTunes. Micro De- vices launches its.delayed Barcelona microprocessor tomorrow. AMD hopes the new chip will help it gain momentum versus rival Intel, which overhauled its chips last week. Street Journal Sunday writers regularly contribute to 12500 - I Contract Expires: The United Auto Workers contract with the Big Three auto makers expires Friday. Barclays Vote: Barclays shareholders vote Friday on the bank's proposed takeover of ABN Amro Holding. The Barclays offer is competing with a higher bid from a consortium of European banks. STREET JOURNAL Lawrence David Crook Rout Eornm Senior Editor Karen News Mark Tyner Damato Art Director Ewt Telephone: email: SUM (609) 4300 Route 1 North South Brunswick, N.J. 08852 President, Partner Bi sinesses (212)6.59-121- Paul.Bell6dowjones.com Director. Mark Pope Tire Journal Report Special Projects (212) Mark.Por)edowjone.cora Steven A. Townaley Director of Sales (212)597-573- 3 Steven.Tbwiwleydowjiiiie.eom CORPORATE HEAIiqt ARTERS 200 Liberty Street New For A Wk, N.Y. 10281 SPWIAL JotRNAI. Si Offer. Call -- 1 . Fri.: 13113.38 V 11500 t i i J f M i i All i J J A S 2007 Source: WSJ Market Data Group ' BSCRIPTKW to the Commerce Department's Bureau of Economic Analysis, the national savings rate is perilously close to zero. Many people seem to think this is just fine. Even if they aren't socking away any money, these folks figure they are on track for a comfortable retirement. But are they? Consider six popular ex cuses for not saving. still Stocks Fall: After a 1.8 drop last week, the Dow Jones Industrial Average remains up 5.2 for the year to date. The Nasdaq Composite Index fell 1.2 last week and is up 6.2 so far in 2007. Falling Apple: Apple stock fell 4.8 last week, as the company slashed the top iPhone price $200, two months after its debut. Chief Executive Steve Jobs apologized to unhappy early adopters and promised them a $100 credit. Ratings Probe: Regulators are probing the big bond ratings firms-Stan- dard & Poor's, Moody's Investors Service and Fitch Ratings to determine whether they're independent enough of Wall Street firms. New Gatorade: PepsiCo is intro- Gatorade to ducing a boost the sports drink's flagging lead over sales. Pepsi has a Coca-Col- a in noncarbonated drinks, but Coke is pushing to expand. popcorn, will eliminate a chemical additive used for butter flavor amid concerns that inhaling it could cause lung disease. ACT II gross estates of $1.5 million or more. These returns were mostly for people who died in will use any excuse LAST WEEK Popcorn Peril: ConAgra Foods, maker of Orville Redenbacher's and Paul D. Bell Vice J " 12000 listen at WSJ.compodcasts WALL JA lour Money Drug Risks: A Food and Drug Administration advisory panel holds a hearing Tuesday on risks to kidney patients from Johnson & Johnson and Amgen drugs. The FDA added its toughest "black box" warnings to the drugs Aranesp, in March. Epogen and Procrit Ahn 13000 Matters, a Journal podcast updated wth advice each tresh personal-financ- THE DJIA Six Bad Reasons Not to Save for Retirement Folks to save. . 13500 " weekday, after Friday's close, 12050.41 on March 5. 14000 AMD Launch: Advanced Wall GLASS HALF FULL Even tumble, the Dow Jones Industrial Average Is closer to the peak of 14000.41 f reached July 19 than to the year's lowest microwave Deals & Offers: : MetroPCS Communications offered over $5 billion in stock for Leap Wireless International.. ..Yahoo agreed to buy online advertising company BlueLithium for $300 million. CORRECTION: The first name of Lynnette Khalfani Cox, a money coach and author, was misspelled .as Lynette in last week's "Starting Out" column. have plenty 2004. That year, there were 2.4 million deaths in the U.S., according to the Centers for Disease Control and Prevention. of In other words, just 1.6 these folks left behind $1.5 million or more. The bottom line: You may indeed inherit a truckload of money. But the vast majority won't. of lr 0 1"l If you're in your 20s, retirement might seem too distant to worry about. Yet, if you delay saving until your 30s or 40s, it can be awfully tough to accumulate your de- sired nest egg. For instance, if your goal is to amass $1 million by age 65, you would need to sock away $858 a month starting at age 25, calaccording to the savings-goa- l culator at www.dinkytown.com. But if you put off saving until age 35, your required monthly savings jumps 70 to $1,455. What if you wait until age 45? The number soars 219 to $2,739. These figures assume a modest 4 annual investment return, but also no inflation. The longer you postpone saving for retirement, the less help you'll get from the financial markets, so more of your nest egg has to come from the raw dollars you sock away. Delaying can also mean missing out on an employer's matching contribution to a 40i(k) or 403(b) plan. That match might be worth 50 cents for every $1 you invest. Indeed, older workers often regret that they didn't start saving earlier. Among those aged 45 to 64, 71 wished they had begun saving when they had their first job, according to a full-tim- e survey conducted for Thrivent Financial for Lutherans. In fact, when these folks were asked what advice they would offer to younger generations, 86 said they would counsel them to start saving for retirement as soon as possible. o-- sl IvA 5 "I have a pension." If you're entitled to a traditional pension, that's wonderful. But are you sure you're eligidefined-bene-f- it ble? 2 "My house Is worth a bun- dle." Over the three years through 2004, many families saved pitifully little and took on heaps of debt. Nonetheless, over that stretch, the typical family's net worth grew an inflation-adjuste- would view this as a last resort. To see just how much a reverse mortgage might cost, try the calculator at paying parattention to the "loan summary" section. ticular d to $93,100, according to the Federal Reserve's Survey of Consumer Finances. A big reason: Many families saw their homes soar in value, boom thanks to the real-estat- e earlier this decade. Recently, of course, home prices have softened in many parts of the coun1.5 try. But even if your home has maintained its value, don't use that as an excuse not to save. The fact is, it is tough to retire on your gains. e Sure, if you live In San Francisco, you could free up a lot of home equity by moving to North Dakota. But how many people will make that sort of move? More realistically, you might stay In the same city or town, but trade down to a smaller home. That should free up some home equity that could then be spent. Problem Is, the smaller home you desire might not be a whole lot cheaper than your current place-a- nd the real-estat- e commission and other expenses Involved In moving will eat Into your gain. Alternatively, you could tap your home's equity through a reverse mortgage. The costs, however, can be staggering, so I 3 "My Investments are doing great." Some people reckon they don't need to save much, because their investments have performed so well in recent years. This contention parallels a frequent criticism of the official savings rate, which is that it doesn't include capital gains. But before you buy such arguments, think about the investors who retired in the late 1990s af- ter clocking big gains during that decade's bull market. Their had ballooned in portfolios value, so they figured they had enough to retire. Trouble is, the great returns of the 1990s effectively borrowed from the future-a- nd the bill came due during the 2000-200- 2 bear market. The lesson: Yes, It feels good when the stock market races ahead of the economy's growth rate. But those sorts of gains sustainable, so you shouldn't use them as an excuse to cut back your savings rate. aren't receive fat 4T8 In 2005, the Internal Revenue Service received 39,500 estate-ta- at fx returns that reported According to a survey by the Employee Benefit Research Institute and Mathew Greenwald & Associates, 62 of Workers expect that, once retired, they or their spouse will receive a tradi- tional pension. Yet only 41 of these households currently have a defined-benefpension plan. It seems many Americans are counting on receiving a pension, even though they aren't eligible today and even though these plans are disappearing fast. "I'll work In retirement." The Thrivent Financial survey found that, among those aged 45 to 64, 43 intend to work in retirement. I think that's great. Working in retirement will give you extra income, while also offering some intellectual stimulation and a sense of purpose. Still, this alone isn't a solution to America's retirement-saving- s woes. Working part time might be appealing in your 60s. But by your 70s, it may have lost much of its allure and your health may not allow it. At that juncture, you will have to support yourself without the help of a paycheck-a- nd that means you will likely need a heap of savings. 6 Jonathan Clements also writes the "Getting Going" column that appears Wednesdays in The Wall Street Journal. Write to him at: Jonathan.clemenU9wtJ.com L |