14 Aug 2017

The Art (and Science) of Excellent Mentoring

The Art (and Science) of Excellent Mentoring

This series provides evidence-based rules of engagement for developing high-impact mentoring relationships and addresses some of the most salient and consistent ethical challenges and tensions for mentors in any organization or context. *This series does not yet offer CE credit.

The two-part series includes the following topics:

Becoming a Master Mentor

Learn the interpersonal habits and behavior strategies of Master Mentors, including techniques for forming and managing effective mentorships.

Ethical Issues in Mentoring Relationship

Utilizing a mentoring Code of Ethics and ethics vignettes, this workshop emphasizes the values, attitudes, and behaviors of ethically conscientious mentors.

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14 Aug 2017

Ethical Issues in Mentoring Relationships

Decades of research indicates that mentorships lead to significant positive career and personal outcomes for mentees.  But mentoring relationships are also interpersonally complex, fluid, ever evolving, and sometimes dysfunctional.  This workshop addresses some of the most salient and consistent ethical challenges and tensions for mentors in any organization or context.  Mentoring relationships are framed as fiduciary relationships in which mentors own a fundamental obligation to avoid harm to the mentee and to promote the mentee’s best interests whenever possible.  Utilizing a mentoring Code of Ethics and ethics vignettes, this workshop emphasizes the values, attitudes, and behaviors of ethically conscientious mentors.

Learning Objective
Describe at least 5 of the principles bearing on ethical mentorship.

*This program does not offer CE credit.

W. Brad Johnson, PhDPresenter
W. Brad Johnson is Professor of psychology in the Department of Leadership, Ethics and Law at the United States Naval Academy, and a Faculty Associate in the Graduate School of Education at Johns Hopkins University. A clinical psychologist Dr. Johnson is a fellow of the American Psychological Association and recipient of the Johns Hopkins University Teaching Excellence Award. Dr. Johnson is the author of numerous publications including 13 books, in the areas of mentoring, professional ethics, and counseling. His most recent book is: Athena Rising: How and Why Men Should Mentor Women (2016, with David Smith).

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25 Jul 2017

How Did You Get That Job? A Q&A with Consultant Dr. Melanie Kinser

The knowledge, skills and experience gained through your psychology training can successfully transfer to a variety of jobs. As a consultant, Melanie Kinser, PhD, leverages her understanding of psychology and business to help leaders and safety professionals strengthen organizational culture and in turn, strengthen their bottom line. Learn how you can apply your psychology education to a similar career path.

Melanie Kinser, PhDSpeaker:
Melanie Kinser, PhD, focuses on translating complex topics into practical strategies that are realistic for her client's demanding work environments. Her clients include Fortune 500's, startups, and non-profits. She has partnered with organizations in the US, Canada and Australia in industries such as Technology, Healthcare, Energy, Pipeline Construction, Manufacturing, Higher Education and Nuclear. She has a Master’s and Doctorate in School Psychology from the University of Missouri. Dr. Kinser has published articles on organizational change and leadership development as well as presenting at several national conferences.

Garth Fowler, PhDHost:

Garth A. Fowler, PhD, is an Associate Executive Director for Education, and the Director of the Office for Graduate and Postgraduate Education and Training at APA. He leads the Directorate’s efforts to develop resources, guidelines, and policies that promote and enhance disciplinary education and training in psychology at the graduate and postdoctoral level.

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21 Jul 2017

Leadership: A Three-Part Series

Leadership: A Three-Part Series

In this 3-part web series, you'll learn the fundamentals of servant leadership, a leader or an organization that seeks first to serve others. The presentations cover effective communication, managing people and processes and positively transforming people and organizations. *This series is eligible for CE credit. Earn 1 CE credit for each session.

Each program runs about 1 hour:

Leadership and Communication

No communication skill is more important than listening. Knowing the basic barriers and shortfalls of communication and doing something about them is a big step in improving our ability to communicate effectively.

Leading and Managing People and Processes

In order to accomplish a mission, establishing a process is important. However, people complete the processes and ensure the mission is accomplished. Learn the importance of maintaining a dual focus on people and processes.

Leaders Implementing Positive Change

It takes strong leadership to help people and an organization transition in order to make a change. Change is the event, transition is the means of getting there. Learn what it takes to implement positive change by focusing on the transition process.

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12 Jul 2017

A Beginner’s Guide to Investment Vehicles

A Beginner’s Guide to Investment Vehicles

Of all the questions in the personal finance world, "What should I invest in?" easily comes to mind as the most common. Truth be told, there's really not a 100% correct answer or blueprint for people that are just starting out in their careers.

However, if you arm yourself with as much information as possible, it's so much easier to jump in and create your own investment strategy.

Even before we jump into potential strategies and goals, it's important to have a baseline understanding of what's out there to actually invest in! In this two-part investing series, we are going to take a look at the most common investment vehicles that will be available to a beginner investor.

For the purposes of this article, we are going to avoid real estate investments (for now). The following list will give a baseline definition of the investment vehicle, as well as important characteristics like what level of fees are typically involved and how much risk is associated.

Here are a few of the main investment vehicles that you need to know about early in your career:

1. Stocks

Diversification: Low

Risk: High to Moderate

Fees: Low

Stocks Definition: “Security that signifies ownership in a corporation and represents a claim on part of the corporation’s assets and earnings.”

What you need to know:

Almost everyone has heard of stocks (commonly called shares or equities) in some form or fashion. When you buy stock, you are essentially buying a small part of a specific company.

To purchase stock in a company, you have to use a broker like Schwab, E-Trade, Fidelity, etc., to manage the transaction. The broker will charge a fee per transaction that you make through their purchasing platform. Because there are so many brokerages available online, fees in recent years have become extremely low and can range anywhere from $4 to $7 per trade.

In terms of risk, stocks aren't all created equal. The quality of a company that you are buying is a major factor in how risky a stock can be. Blue chip stocks like Coca Cola, Exxon, and the other large companies that you can think of tend to be seen as less speculative, whereas smaller, unproven companies can be more risky to buy.

You do not need a fund manager to invest in stocks, unlike some of the other vehicles on this list.

2. ETFs

Diversification: High

Risk: High to Low

Fees: Low to Moderate

ETF Definition: “An exchange-traded fund is a ‘marketable’ security that tracks an index, a commodity, bonds or a basket of assets like an index fund.”

What you need to know:

ETFs have become extremely popular in recent years, because they combine a variety of investing options with a large amount of diversification while having low fees.

An ETF essentially tracks a sector like energy, or an entire market like the DOW or NASDAQ. So, if you were to buy an energy ETF, you would actually be buying shares of several companies that are contained in that particular sector.

The range of investment options with different ETFs allows investors to choose their particular level of risk.

3. Mutual Funds

Diversification: High

Risk: High to Low

Fees: Moderate

Mutual Funds Definition: “An investment vehicle that is made up of a pool of money collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.”

What you need to know:

Mutual funds are an extremely popular investment vehicle because they specialize in diversification. Like an ETF, when you invest in a mutual fund you are actually buying a variety of stocks.

There are many different types of mutual funds, but for the purpose of this article we are going to focus on "actively managed" funds.

Actively managed means that there is a fund manager that oversees the investments made within a specific mutual fund. Their goal over time is to guide the fund in a way that hopefully outperforms the market.

This active management does lead to extra fees associated with the mutual fund, which will have an effect on your overall return on investment. In addition, mutual funds can have a higher tax burden than other diversified investment vehicles (like ETFs) because more transactions are made by the fund manager that are subject to capital gains tax.

There is a large range of investment options associated with mutual funds, and even mutual funds that invest in a range of other mutual funds!

4. Bond Funds

Diversification: Moderate

Risk: Moderate to Low

Fees: Moderate to Low

Bond Fund Definition: “A fund that invests in bonds or other debt securities.”

What you need to know:

A bond is a debt investment in which the investor loans money to a borrower, and then after a certain period of time is repaid with interest. Bonds are typically thought of as much more stable than stocks, but have lower returns on an investment.

Bond funds operate in a similar way to mutual funds, and are often actively managed by a fund manager. Rather than buying stocks, a bond fund will invest in a variety of bonds.

Interest rates can have a major effect on bonds and bond funds, so it's important to keep track of how the Fed is currently setting rates (at the time of this writing, the Fed is slowly raising interest rates).

5. Money Market Accounts

Diversification: Low

Risk: Low

Fees: Low

Money Market Account Definition: “An interest-bearing account that typically pays a higher interest rate than a savings account, and which provides the account holder with limited check-writing ability.”

What you need to know:

Money market accounts operate in a similar way to a regular savings account and are seen as one of the safest investment vehicles.

The investor places money in the account, and is given a return by the bank at a set rate over time. These accounts can be a good option for investors that may not be ready to jump in fully to investing, but don’t want inflation to diminish the value of their available cash.

Usually, banks will take money that is invested in a money market account and buy low-risk vehicles like certificates of deposit or debt securities with a short maturity rate. The idea is to create a return on investment without risking too much to market volatility.

This is just the beginning...

There are obviously many more investment vehicles out there (we didn't even mention real estate!), but the key to early investing is to keep everything as simple as possible. If you stick with understanding the basic options and grow your strategy from there, you'll have a long and successful stint with investing over the course of your career and life.

In part two of this series, we'll discuss how to define your investing goals and ultimately develop the right strategy to meet them.

-- Bobby Hoyt is a former high school teacher who paid off $40,000 of student loan debt in a year and a half. He now runs the personal finance site MillennialMoneyMan.com full-time, and has been seen on CNBC, Forbes, Business Insider, Reuters, Marketwatch, and many other major publications.

The opinions and advice expressed in this article are those of the author and do not necessarily reflect those held by the American Psychology Association (APA).

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12 Jul 2017

How to Create an Investment Strategy Early in Your Career

How to Create an Investment Strategy Early in Your Career

One of the most intimidating aspects of personal finance when you are just starting out in your career or beginning to get ahead is choosing an investment strategy that works. Unfortunately, we are all bombarded with "get rich quick" investment products and messages on almost a daily basis. It muddies the water and distracts from the reality that building wealth is a process that just doesn't come easily.

No matter what path you choose in investing or what anyone else tells you, the ultimate factor is time. You want your money to be subjected to the incredible force of compounding interest for as many years as possible.

What you choose as the vehicle to build your wealth is up to you, and honestly there are a lot of ways to do it. In our last investing article, we detailed some of the most basic investment terms and vehicles to create a foundation to build on.

This article is going to dive into the actual process of picking a strategy that works the best for your career and life.

Here are four important factors to consider while choosing an investment strategy:

1) What are your goals?

Just a few decades ago, the biggest reason for the average person to invest was pretty simple. You worked for a set amount of years while putting money into investment accounts, with the hope that you would be able to retire at the end of your career and live off of your various investments.

Today, things have changed drastically. Millennials in particular are rewriting the definition of what retirement actually means. Young people are wanting to retire earlier, work less and enjoy their families more, and also are willing to cut back on lifestyle costs to put more money away.

So, before you decide anything, you need to look at your life and career and decide what you want it to look like.

Do you want to retire early? Then you'll need to grow your retirement accounts as aggressively as possible and make sure your money isn't locked up in IRAs until you are 59 1/2.

If you want to take the traditional route, there are a range of investment options available to you. Your biggest goal would be to make sure you maximize your returns over time and make educated guesses on when you think you'll realistically want to retire.

2) See what options are readily available first

Of course, before you jump into any type of plan to build wealth through investing, you need to fully understand what options are available to you through your career path.

Does your company have an attractive 401(k) match? If so — that's essentially free money that you'll want to max out first before applying investment funds elsewhere. Also, how limited are the investment options within that 401(k)?

You might be working with a company that has an annuity-based retirement system, where you have no control over the funds that you contribute to retirement every month. If that's the case — there's a good chance that you'll want to supplement your retirement plan with an IRA that allows you to buy ETFs (exchange-traded funds), mutual funds, or individual stocks and bonds as you please.

If you're self-employed, you really have a wide range of options depending on your business income. The best strategy here would be to hire a great accountant that can guide you on what type of account(s) will work best to keep your taxable income low.

How much debt do you have? It's no secret that getting a degree in the mental health profession isn't cheap. Many mental health professionals have high student loan debt loads. When you are deciding what to do with money that you've set aside for investing, how do you know that you shouldn't apply it to your debt instead?

The answer is fairly simple: What's the interest rate on your loans?

If you have a higher interest rate at 6% or more, you might want to consider putting your money there first. Any time you pay off higher interest debt, you are keeping a lot of money that would have gone to interest in your pocket. So, paying off your debt is almost a guaranteed return.

If you look at stock market average returns over history, they have averaged anywhere from 7–12% (depending on the source you're reading). If you feel confident that you will outperform your student loan interest rate in the market, you might want to put your money there.

Just understand — investing is never guaranteed and there is a risk of losing your money, so make sure you take that into consideration when dealing with the debt vs. investing question.

3) Taxes have a huge impact!

Taxes are rarely on people's minds at the beginning of their careers, but if you ignore them, they can eat a hole into your investment returns.

That's why it's typically a good idea to use a "tax advantaged" investing strategy. Most commonly, that means putting money into designated retirement accounts like a Roth or Traditional IRA.

Very quickly, here's the difference between those two popular IRA choices:

Roth IRA: Money is taxed at your current income tax rate when you contribute money to the account, and then grows tax free until you take the money out at retirement.

Traditional IRA: Money is not taxed when you contribute to the account, but when you take it out at retirement it will be taxed at whatever tax bracket you fall into later down the road.

Why is this important? It has a ton to do with your investment strategy! When you are young, you generally are in a lower tax bracket, so the investment funds may be better served in a Roth IRA. That means that those funds will be taxed at a lower rate and then grow over the course of your career tax free.

If you opt for a traditional IRA, you are essentially betting that your tax bracket will be lower in the future than it is now.

It's always important to consult with a tax professional when making these choices, but know that even the best accountant can't predict future tax rates. You'll have to make the best informed decision you can and hope for the best.

4) Are you paying too much in fees?

You need to be aware that fees can eat away at your returns over time in a drastic way.

Every time you make a trade in your investment account, you'll have to pay a commission. Those $4 to $7 dollar fees might seem small, but they can slowly pile up to a huge amount over 30-plus years of investing. Buying and selling too often and based on impulse within your accounts is a good way to lose a large sum of money over time.

There are also management fees to consider. Mutual funds in particular are often packed with fees that you may not even know about, and your investments will suffer over the long term.

The popular personal finance site NerdWallet recently conducted a study that showed even a 1% fee could cost a young investor up to $590,000 over a 40-year investment period.

Bottom line—pay attention to the fees.

5) Do you want income, or growth?

This is a huge debate in the personal finance world right now. Buying dividend-producing stocks is a popular investment strategy because particular equities with a high-dividend yield (or amount paid to you quarterly in the form of cash) can essentially produce a passive income. That sounds great, right?

The rub is that historically, dividend stocks don't produce quite as much growth as other equities that don't pay a dividend.  Some argue that while dividend income is nice, they would much rather own companies that reinvest those potential dividends back into the company so it can grow larger and more valuable (and in turn make your stock more valuable).

Like everything in investing, there isn't necessarily a "right" answer. Everything is based on your financial goals and what you are most comfortable investing in and understand the most.

Finally and above all else—never invest in a vehicle that you don't fully understand. You can create all of the goals and strategies that you'd like, but if you don't know what you're actually buying with your investment funds, you're probably going to lose money.

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11 Jul 2017

Leadership and Communication

In one of his published articles, communication expert John A. Kline said, “If you can’t communicate, don’t try to lead.” But what is effective communication? Effective communication is more than just speaking or writing effectively; effective communication is simply the effective sharing of meaning. And no communication skill is more important than listening. Knowing the basic barriers and shortfalls of communication and doing something about them is a big step in improving our ability to communicate effectively. Kline shares basic insights and real life stories about his lifelong quest to become a better communicator.

Learning Objective
Apply skills that improve my communication skills.

John Kline, PhDPresenter
John A. Kline, (PhD, Iowa 1970) was a college professor, then from 1975-2000 the Air Force expert in Communication and Leadership. In 1986 he achieved Civilian (SES) status equivalent to a two-star general. From 1991 until 2000 he was the Air University Provost with responsibility for faculty, academic programs, libraries, technology, budget and support of 50,000 resident and 150,000 distance-learning students annually. Kline has written several books and many published articles, and is now the Distinguished Professor of Leadership and Director of the Troy University Institute for Leadership Development. He focuses on servant leadership and seeks to make a positive difference in the lives of others.

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06 Jul 2017

Improving Practice Delivery Series

Improving Practice Delivery Series

From the solo practice to the large group practice, whether for profit or not-for-profit, the concepts presented in this series can help strengthen the organization in which services are delivered. *This series is eligible for CE credit. Earn 1 CE credit for each session.

The four 90-minute programs focus on:

How to Create and Implement a Vision for Your Practice

Learn about creating an over-arching vision for your practice and how to use it to guide both clinical and practice/administrative decisions.

Managing Staff and Organizations in Support of Practice Excellence

Learn how to promote excellence in service delivery via employment contracts, policies and procedures, and mentoring to advance staff development.

Expanding the Scope of Your Practice to Address the Needs of the Community

Keep your practice relevant by positioning it to meet the changing needs of the community you serve.

Practice Health Metrics

Keep your practice thriving and growing by tracking your basic metrics (accounts receivables, referral patterns, productivity, etc.), thus assuring the overall health of the practice for the future.

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05 Jul 2017

A Collection of Basic Experimental Psychology Articles Booklet

A Collection of Basic Experimental Psychology Articles Booklet
This booklet, A Collection of Basic Experimental Psychology Articles, features articles on some timely topics, including how the Internet inflates people’s estimates of their own knowledge and how mobile technology can be used to crowd source data collection for psychological research.
 
If you enjoy these articles, don’t stop here. APA’s Journals Program maintains a database of hundreds of papers on basic experimental psychology. And as an APA member, you enjoy highly discounted access that enables you to explore these and other research topics online at www.apa.org/pubs/journals.

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30 Jun 2017

A Collection of Core Psychology Articles Booklet

A Collection of Core Psychology Articles Booklet

This booklet, A Collection of Core Psychology Articles from APA’s publishing office, drills down into some of the most fascinating topics in the field, from personality disorders to youth violence and homelessness.

If you enjoy these articles, don’t stop here. APA’s Journals Program maintains a database of hundreds of papers on core psychology. And as an APA member, you enjoy highly discounted access that enables you to explore these and other research topics online at www.apa.org/pubs/journals.

 

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