11 Jul 2017

Let’s Talk Money, monitorLIVE Event Explores Professional and Personal Financial Wellness

Even though mental health practitioners often cover a wide variety of difficult subjects in their work, money can be an especially challenging topic to broach. So much so, that sessions can begin and end without even addressing fees or payment schedules with clients. Financial wellness is tied to mental health, and we need to learn to talk about it, according to clinical psychologist Mary Gresham, PhD, who recently addressed a group of psychologists gathered in Atlanta, Ga., for APA’s second local networking event, monitorLIVE. monitorLIVE events connect psychology professionals and thought leaders so they can learn about and discuss issues that impact and elevate the discipline.

Dr. Gresham noted that mental health practitioners have models of good marriages and good communication to teach to clients, but they may lack good models of financial wellness. Most leave money matters to finance professionals, even though mental health practitioners should be the ones applying therapy to the field, she said. While financial planners may take a class in coaching, they haven’t studied behavior, relationships, or any of the other deeper issues related to financial wellness. This, Dr. Gresham believes, is where psychologists can step in and effectively address those issues.

One way to begin addressing financial wellness with clients is through the use of schema—a cognitive framework that can help in the understanding of the concept. Doing so will allow you to interpret implicit and explicit beliefs about money and how they can impact individuals’ lives.

Dr. Gresham explained that money beliefs begin early, at about age three or four. She provided an example—a child thinking money grows in one’s pocket. Practitioners can address these misnomers in the context of behavioral finance, developed by the work of Daniel Kahneman and the late Amos Tversky, which examines how individuals make errors in their thought process around money, like believing money grows on trees or, in Dr. Gresham’s example, in a pocket. Behavioral finance explores how rational or irrational one can be about money matters, such as choosing to take one dollar today to immediately satisfy your desire for money, or taking $1.10 next year, which is actually a 10 percent increase, but might not feel like it.

Dr. Gresham went on to say that schema development depends on cultural beliefs, like thinking rich people are bad and poor people are good (or vice versa), or believing that if you work hard, money will come to you. These beliefs affect us, but they are simplistic, and we need to develop them to make them more sophisticated. This necessary development can happen through research on the cultural differences having to do with money, like the particular rules and customs about money that exist within the families of first-generation immigrants,such as not paying interest on a loan, and how those rules differ from cultural norms here in the United States, where borrowers might not like it, but interest is acceptable.

Another area in behavioral finance Dr. Gresham discussed with the audience is financial trauma. Even though many people suffer from financial trauma, whether they’ve lost everything in bad investments, or because of a spouse’s spending habits, there is not enough research on how to assist people with those experiences. “How do you help people come back from financial trauma and rebuild their lives? We need that research,” she said.

During her conversation, Dr. Gresham also touched on gender issues around money, such as women having lower financial levels of literacy than men and the lack of encouragement of women to enter the financial planning field.

She also noted that practitioners must examine money issues in their own lives, pointing out the costs associated with getting an education in the field and the need to understand what it means to be a self-employed business person by learning to communicate fees and by researching market rates, insurance rates, and retirement plans. Dr. Gresham suggested APA’s Division 42 and the book, “Handbook of Private Practice: Keys to Success for Mental Health Practitioners.”

Keep an eye out for future monitorLIVE events coming to a city near you.

Did you find this presentation useful?

12 3
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.

Did you find this booklet interesting or useful?

8 0
28 Jun 2017

Six Questions to Ask Before Applying to Any Psychology Grad Program

Six Questions to Ask Before Applying to Any Psychology Grad Program

You've started your search for a doctoral program, but do you know how to pick the one that's right for you?

"In psychology, we pride ourselves on being evidence-based, but sometimes we forget to look at all the data when we're making our most important career choices," says John Norcross, PhD, a University of Scranton psychology professor and co-author of "The Insider's Guide to Graduate Programs in Clinical and Counseling Psychology" (2010).

According to graduate program directors and other experts, you've done your homework if can answer these six questions:

1. What kind of job do you eventually want?

Imagine your future career, and work backward to determine the kind of training and education you need. If you'd like to help companies select employees and build better teams, look into industrial-organizational psychology programs. If you want to investigate learning and memory, check out experimental psychology programs. If you hope to someday help judges determine who is competent to stand trial, explore forensic psychology programs.

"Talk with the psychology professors at your undergraduate institution about pathways in psychology, and read books and websites about psychology careers," advises Cynthia Belar, PhD, executive director of APA's Education Directorate. Then, check out APA's online database, "Graduate Study in Psychology," which provides descriptions, admission requirements and application deadlines for more than 600 psychology graduate programs in the United States and Canada.

2. How much debt can you reasonably take on?

Figure out how much you can expect to earn once you have your degree, and then use that number to calculate the amount of graduate school debt that's reasonable for you. According to 2009 data from APA's Center for Workforce Studies, the median starting salary for assistant psychology professors is $53,000, while a clinical psychologist can expect to start out earning $58,000. Given those salaries, it could take years to pay off the median debt loads of new psychologists: $120,000 for clinical PsyDs, $68,000 for clinical PhDs and $38,500 for research-focused PhDs.

If you don't want to be eating ramen into your golden years, limit your applications to psychology programs that offer financial aid in the form of fellowships, scholarships, research and teaching assistantships, and traineeships. "While cost shouldn't be your only basis for selecting a doctoral program, you don't want to wind up saddled with debt you didn't expect," says Elizabeth Klonoff, PhD, co-director of the San Diego State University/University of California, San Diego Joint Doctoral Program in Clinical Psychology.

3. What is the added value of selecting an APA-accredited program?

If you're studying clinical, counseling or school psychology, choosing an APA-accredited doctoral program increases your career options. Many internships require students to attend an APA-accredited program, and some state licensing agencies and employers — including academic institutions and government agencies — likewise require a diploma from an APA-accredited doctoral program.

APA accreditation also helps provide some assurance that you'll receive a quality education. To be awarded accreditation, a program must demonstrate that it meets a set of standards established by APA's Commission on Accreditation — for example, it has to have qualified faculty and adequate facilities and student support services, and it must publicly disclose its requirements and policies. View a list of APA-accredited doctoral programs.

4. What are the internship match rates of the graduate programs you are interested in?

Before you can earn your degree in clinical, counseling or school psychology, you'll need to complete a yearlong internship. Unfortunately, there's a shortage of internship programs, with a quarter of psychology graduate students unable to find internships through the Association of Psychology Postdoctoral and Internship Center's match. Not having one can indefinitely delay your degree. So, before you apply to grad school, be sure the programs have good records for matching students to APA-accredited internships, says Klonoff. To find out programs' match rates to all internships (not just APA-accredited ones), visit the APPIC website (PDF, 1.4MB). APA-accredited graduate programs are required to list their match rates to APA-accredited internships on their websites. "A program that has historically matched really well is likely to match well in the future," says Klonoff.

5. What are your potential programs' EPPP pass rates?

Another issue for future therapists: Practicing psychologists must pass the Examination for Professional Practice in Psychology, a computerized test of 225 multiple-choice questions. It's designed to evaluate your knowledge of core areas of psychology such as assessment and treatment and the biological bases of behavior. Pick a program with a high pass rate — for a list of pass rates by graduate school, visit the Association of State and Provincial Psychology Boards website

6. Who are the schools' top researchers?

If you're aiming for a research-focused program, study university websites to identify faculty members under whom you'd like to work. Ideally, you should pick a program where several professors are doing research that interests you, says M. Ellen Mitchell, PhD, dean of the College of Psychology at Illinois Institute of Technology in Chicago. "If you want to do developmental psychology, it may not be the best decision to go to a program with only one faculty member whose work is in that area, unless that person's work aligns very closely with what you want to do," she says.

If possible, meet future faculty advisers at professional conferences or when you visit campuses for pre-admission interviews. "That's probably the best way to assess whether there's a good fit," says Rod Wellens, PhD, who chairs the University of Miami psychology department. "Also, look at the past performance of a potential faculty mentor — are their students publishing and getting good postdocs or other employment positions?" Check the professors' webpages for a list of their current students and postdocs. Then enter those students' names into PsycINFO and Google to search for their publications or other information about their work. 

If a particular faculty member shows he or she is really interested in working with you, that school should zoom to the top of your list, says Norcross. That's because a good faculty adviser is key to graduate school success. "They can offer individualized advice, serve as role models, and assist you in selecting an internship and launching your career," says Klonoff.

By Jen Uscher,  a writer in Brooklyn, N.Y.


This article was originally published in the September 2011 gradPSYCH Magazine

Did you find this article useful?

2 0
20 Jun 2017

Stop Wasting Time: Keys to Great Meetings

Stop Wasting Time: Keys to Great Meetings

Whether it's a gathering of health-care providers, faculty, students or a mix, here's how to make your meetings productive

Meetings that start late, last too long and accomplish little can stress attendees far beyond that lost hour, says Steven Rogelberg, PhD, of the University of North Carolina at Charlotte who studies meeting science. Research shows bad meetings can lead to job dissatisfaction, employee fatigue and what he calls "meeting recovery syndrome"—time spent cooling off after a frustrating meeting, which often includes destructive commiseration with colleagues.

"The next thing you know, the weight of the crappy meeting is higher, and it can spill over into other areas of work," he says.

How can everyone make meetings more effective, even enjoyable? The best gatherings happen when meeting leaders view themselves as stewards of everyone else's valuable time, says Rogelberg. Good stewards plan meetings thoughtfully, manage group dynamics, find out in advance why people want to meet and promote other people's contributions rather than their own.

Here is more wisdom from experts for attendees and leaders on how to meet-up better.

Be on time. Arriving late to meetings undermines productivity from the start—and upper management members are often the worst offenders, says Daniel Post Senning, co-author of "The Etiquette Advantage in Business" and great-great-grandson of manners guru Emily Post. "Often, they believe the rules don't apply to them."

Lateness may cause more than irritation: In a paper under review, Rogelberg and Joseph Allen, PhD, found that when a person showed up less than five minutes late for a meeting, productivity didn't suffer. But when an attendee or leader showed up five to 10 minutes late, "satisfaction, effectiveness and productivity of the meeting dropped dramatically," says Allen, an associate professor of industrial-organizational psychology at the University of Nebraska at Omaha.

Wallace Dixon, PhD, psychology department chair at East Tennessee State University, leads by example by starting and ending his monthly faculty meeting precisely on time. "If you don't, you insult the people who got there on time, reward the people who got there late and convey to everyone their time isn't that important," he says.

Be prepared. Arriving "late, frazzled, with nothing but a leaky coffee cup doesn't leave a good impression," Senning says. Bring something to take notes with and a steady attention span. Complete any assigned reading in advance. "Nothing is worse than showing up to the meeting and finding that no one has read the documents that [you sent, and] you then have to explain to everyone what they should have read," says Allen.

Make your phone (mostly) invisible. Despite the leave-the-device-at-the-door practice made popular by President Obama and Amazon, in most settings it is considered OK to bring your smartphone to meetings if you keep your attention on the speaker, says Senning. He recommends telling people in advance if you plan to use your phone to take notes or images of PowerPoint slides. But if people are gravitating to their devices in meetings, it may be a sign that the meeting needs to be more engaging, says Rogelberg. "Devices are signals," he says. "Psychologically, the person is trying to regain control of the time."

Diversify the discussion. No one attendee should monopolize the conversation—and no good facilitator should let anyone do it. Dixon says he will pull faculty aside later if they are talking too much in meetings because it bothers other staff and "they will lose faith in you as a leader if you don't handle it," he says. All attendees can share in that responsibility by making an effort to contribute even if public speaking isn't their forte, says Allen. His research has shown that when people make an effort to participate in a meeting—especially when there is a decision-making component—they are happier with the meeting's result and the meeting is more effective.

Move it along. Dixon places a time limit on each discussion item when he plans his faculty meetings and enforces those limits with his smartphone's timer. Another way to prevent run-on discussions and create a sense of urgency, Rogelberg says, is to switch from hourlong weekly or monthly meetings to shorter, more frequent "huddles": 10- to 15-minute meet-ups designed to save time and boost efficiency. If a leader has a difficult time staying on task, any attendee can help move a meeting forward by tactfully redirecting his or her attention to the agenda, says Allen.

Be constructive. Meetings can unravel when attendees cut one another off, dismiss each other, hold side conversations or argue. Avoid such tension, such as by saying, "I agree with some of what you're saying" instead of a short-tempered, "I just don't agree with you," says Brenda Fellows, PhD, of the Haas School of Business, University of California. Along those lines, Dixon advises the department chairs he mentors never to put a contentious issue to a vote in a meeting because it makes people uncomfortable. "Voting only divides, it never unites," he says. "When you resort to a vote, you have stopped talking."

Additional reading

Participate or Else! The Effect of Participation in Decision-Making in Meetings on Employee Engagement
Yoerger, M., Crowe, J., & Allen, J.A. Consulting Psychology Journal: Practice and Research, 2015

Meeting Design Characteristics and Attendee Perceptions of Staff/Team Meeting Quality
Cohen, M.A., Rogelberg, S.G., Allen, J.A., & Luong, A. Group Dynamics: Theory, Research, and Practice, 2011

"Not Another Meeting!" Are Meeting Time Demands Related to Employee Well-Being?
Rogelberg, S.G., Leach, D.J., Warr, P.B., & Burnfield, J.L. Journal of Applied Psychology, 2006

By Jamie Chamberlin


This article was originally published in the December 2016 Monitor on Psychology

Did you find this article useful?

3 0
20 Jun 2017

What Do Superheroes and Psychologists Have in Common? monitorLIVE Event Explores the Intersection of Passion and Profession

Much like superheroes, psychologists often have origin stories—impactful events that have shaped their professional identity and defined their mission. This was a major theme of the June 1st monitorLIVE event in Los Angeles, during which clinical psychologist and superhero enthusiast Andrea Letamendi, PhD, shared her origin story that began as a graduate student.

As Dr. Letamendi explained, her origin story was marked by an experience of, “psychic disequilibrium," which occurs when individuals do not see their own identities reflected in their environment. As a graduate student, Dr. Letamendi rarely saw herself represented in her chosen field of psychology—she met few psychologists who shared her cultural background, history of immigration and discrimination, or passions and hobbies, including comics.  This struggle activated her personal supervillain, “Imposter Syndrome.” The villain resurfaced during stressful times such as during comps and dissertation research, making her feel like she did not belong in graduate school or in the field.

She was finally able to defeat the Imposter Syndrome villain with the antidote of being her true professional and personal self. She had been ignoring her love of comic books, which was a large part of her authentic identity. She did not know that the field of psychology offers a variety of career options and many ways to incorporate hobbies and interests into professional careers. She became a true superhero when she combined her passion for comics with her background in psychology to create her side hustle, an extra income stream that allows people to pursue an interest while keeping their full-time job.

Dr. Letamendi shared that side hustles can restore the professional identities of practitioners, helping them remember why they were initially drawn to the psychology field. Side hustles also help with daily burnout and compassion fatigue. She now connects her identity with her psychology background through her podcast, “The Arkham Sessions,” where she analyzes every episode of “Batman: the Animated Series” through the lens of a clinical psychologist. She examines characters and analyzes their behaviors and personalities. Dr. Letamendi’s childhood dream came full circle when DC Comics made her Batgirl’s psychologist in one of its published stories.

The point to a side hustle is not only to make money, but also to fulfill one’s creative passion. This is why Dr. Letamendi’s podcasts are free, in the spirit of “Giving Psychology Away.”

Dr. Letamendi’s mission, shaped by her origin story, is to increase public knowledge of mental health and to encourage help-seeking among people who would not otherwise seek treatment. Although she accomplishes this mission through her daily work, her side hustle gives her the opportunity to live and work authentically.

monitorLIVE events connect psychology professionals and thought leaders to learn about and discuss issues that impact and elevate the discipline. Keep an eye out for future monitorLIVE events coming to a city near you.

Review photos from monitorLIVE: Los Angeles. This networking event from APA brings together psychology professionals and thought leaders to learn about and discuss issues that impact and elevate the discipline. The featured speaker in Los Angeles was clinical psychologist and superhero enthusiast, Andrea Letamendi, PhD. Dr. Letamendi offered her perspective on fusing a psychology background with a passion to open career opportunities one may never have considered.

Did you find this presentation useful?

20 4
05 Jun 2017

When Your Research Gets Criticized or Politicized

When Your Research Gets Criticized or Politicized

As researchers, we are used to having our peers challenge our research and ask questions. It’s part of the scientific process that we hold so dear. But sometimes, our research results can generate unexpected outcomes that run counter to public or political opinion, resulting in personal attacks that are not based on the facts.

If you ever find your research is being attacked because of political views people have attributed to it, you may be unsure how or even whether to respond. Before you do anything, it might be helpful to consider the reason for the attacks.

A 2011 study on politics and social science research reports that ideas play into politics, and those ideas tend to shape people’s reactions to facts more than the actual research does. While people have their own reasons for consulting available research findings, their acceptance of the research has less to do with the actual research results than the message they want to convey. They may attack findings so they can continue to communicate their own messages.

According to a 2015 Pew study, many more people hold positions on issues that are strictly liberal or conservative today than they did two decades ago, which suggests that your research might not just come up against political-minded people in the policy world. The general public may attack your findings, too, if those findings go against what they believe.

This is why Dr. Susan Courtney, Professor and Chair of the Department of Psychological & Brain Sciences at Johns Hopkins University, makes sure her students know that criticism from the public is part of the scientific process. “I try to prep my students from the very beginning of the research planning process to anticipate potential criticisms of the work so that they have already prepared answers when the expected criticism arrives,” she says.

So, should you find your research has become a part of a political debate, Courtney advises not to take it personally, but to respond professionally, only focusing on the scientific issues. Make sure you are very familiar with related literature, so that you can openly acknowledge alternative interpretations of the data, but also effectively defend your study and your results.

The OHSU School of Medicine offers curricula specifically designed to help researchers respond to feedback in a constructive manner, both orally and in written venues. It also has journal clubs that provide students with experience in responding to feedback on research, and seminar classes that often include mentoring on how to answer questions live.

If the feedback isn’t in a live format, but rather in an email or a social media post, you should probably talk to your dean or professor before responding. If your school doesn’t offer mentoring opportunities designed to help you with written responses like at OHSU, you can always go to your Principal Investigator, your Dissertation Advisory Committee, or any faculty member who advises on research for advice on an appropriate response.

The American Psychological Association Science Directorate provides three key pieces of advice. The first is to develop what’s called a one-pager about your research that explains the aims, the context, and the findings of your research, including information such as potential applications if relevant. APA suggests developing one-pagers to explain your research to congressional and other policymakers, but they are very useful in responses to media or other public inquiries as well (see examples). Second, make full use of your university public relations and media staff before responding to any sort of political attack. Third, let the APA Science Government Relations Office (pkobor@apa.org) know as well if your research is attacked by a government policymaker. APA makes it a priority to defend research that is subject to unwarranted political attacks, and co-leads the Coalition to Promote Research which was formed to help defend peer-reviewed research that is attacked in the congressional arena.

If you are the PI, the Union of Concerned Scientists’ (UCS) freely available guide, Science in an Age of Scrutiny: How Scientists Can Respond to Criticism, and Personal Attacks, offers several suggestions, including evaluating the tone of the feedback and investigating the legitimacy of its source before responding, and refraining from responding in a way in which your response can be edited or manipulated.

The UCS advises to stand by your research and to let your data speak for itself. If you come across people attempting to discredit the findings you are reporting because they don’t fit into their agenda, or simply because they do not agree, convey to them that you are reporting facts, not opinion. Educate them about the meaning of research by letting them know you are neither for nor against what you’ve researched, because that isn’t how research works. The point of research is to examine a topic of importance and to present findings unbiasedly.

The good news is, many in the public respect research and understand that the scientific process may produce unexpected or challenging findings. The American Association for the Advancement of Science summarized several articles that appeared in the March, 2015 issue of the ANNALS of the American Academy of Political and Social Science, and determined that “the public tends to hold scientists in high regard. People also generally welcome learning more about a controversial issue, such as geoengineering, in which their minds aren’t already made up. So, the situation is far from hopeless.”

Did you find this article useful?

2 0
23 May 2017

A Collection of Educational Psychology Articles Booklet

A Collection of Educational Psychology Articles Booklet

Psychologists working in the field of education study how people learn and retain knowledge. Their research unlocks clues about the way people process information that can help every student learn.

This booklet, A Collection of Educational Psychology Articles from APA Journals, zeroes in on a range of educational issues from student challenges in learning mathematics to improving teacher-student relationships.

If you enjoy these articles, don’t stop here. APA’s Journals Program maintains a database of hundreds of papers on educational 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.

 

Did you find this booklet interesting or useful?

8 1
11 May 2017

Can I work here?

Can I work here?

Industrial/organizational psychologists offer their advice for helping job seekers determine whether a potential employer offers a good fit

Workers who feel valued by their employers are more likely to be satisfied with their jobs and be motivated to do their best. They're also less likely to want to leave the organization in the next year, according to APA's 2016 Work and Well-Being Survey, which polled more than 1,500 U.S. workers.

The survey also found that work-life fit—or how well a job fits with the rest of an employee's life—plays an important role in employee retention, says David W. Ballard, PsyD, MBA, who directs APA's Center for Organizational Excellence. "Americans spend a majority of their waking hours at work and, as such, they want to have harmony between their job demands and the other parts of their lives," Ballard says. That means that to remain competitive, employers need to create environments where employees feel connected to the organization and have a work experience that's part of a rich, fulfilling life.

How can psychologists determine whether a potential employer will give them that positive experience and work-life fit? Some industrial/organizational (I/O) psychologists point to the importance of matching an employee's values with that of the organization. Others say previous work experiences—such as the factors they did and didn't like about a job or supervisor—are key indicators of what to look for in a new role. Overall, though, determining whether an organization is a good match has to start with a thorough understanding of your career priorities, I/O psychologists say. "It is as much about what your needs and preferences are as it is about the organization," Ballard says.

Look inward. Before the job search, psychologists should pinpoint what their work interests are, says I/O psychologist Edgar Schein, PhD, a professor emeritus at the MIT Sloan School of Management. Start by conducting a self-analysis of your career to date to help you determine your strengths, your values and what motivates you—or, as Schein calls it, your "career anchor." His research on career anchors has shown that most people place different amounts of emphasis on the importance of eight categories or preferences. They are technical/functional competence; general managerial competence; autonomy/independence; security/stability; entrepreneurial creativity; service/dedication to a cause; pure challenge; and lifestyle.

So, for example, among clinical psychologists, some want to work for an organization because they are more security/stability oriented, while others want to set up private practices because they want to be on their own.

He points out, however, that often one's anchor can't truly be discovered before spending several years in the workforce. "This really is a deeper level of knowledge about oneself that isn't usually something people know when they graduate," he explains. "They need 10 years of experience to really figure themselves out."

Network with experts. Early on in your career, Schein recommends reaching out to psychologists who are in jobs you can imagine moving into. "Find someone ahead of you in your career and get a sense of what work is like for them at that job," he says.

Determine personal priorities. Job seekers also have to think about their personal priorities and interests before they start their job searches, says Helena Cooper-Thomas, PhD, a professor of organizational behaviour at Auckland University of Technology in New Zealand. Her point is backed by new research: In a meta-analysis of 92 studies with nearly 35,000 participants, employees whose interest profiles matched their job profiles were more likely to perform better, help others in the organization and stay with the company longer. The study, led by Michigan State University I/O psychologist Christopher Nye, PhD, shows that it's not a person's overall interest in a particular kind of work, but how their interests across various types of work match with the skills and tasks involved in a particular job. The researchers surmise that this match—known as person-environment fit—is a much better predictor of job performance than the more general interest or personality measures often used by college career centers (Journal of Vocational Psychology, 2017).

One way job seekers can determine whether their interests match with those of other company employees is to search for the employer on LinkedIn, Ballard says. There, you can often find employees' public-facing profiles, which can offer insight into the skill sets and longevity of people who work there.

Consider a "misfit" job. Candidates should also consider where they can tolerate or even benefit from "misfit," Cooper-Thomas adds. "If you're the type of person who likes to have fun at work by playing pranks or telling jokes, you probably wouldn't do well in a secure facility, while those with a competitive streak may conflict with the compassionate and calm values found in some health-care settings," she says.

But having knowledge or skills that are different from one's colleagues can result in more innovative ideas and helpful solutions, which can help employees get noticed and accelerate their careers, she points out.

Do more research. Once psychologists determine the factors that matter most to them in a job, they should read up on any organization they are interested in, paying particular attention to its mission or values statement, says Ballard. "Something that's often telling about an organization's attention to employee well-being is whether or not it has something about creating a positive or healthy work environment and supporting staff built into its mission statement or values," he says. He also recommends doing an Internet search using both Google and Glassdoor to see how the organization is portrayed and whether, for example, they've been embroiled in any controversy. "Look not just at the things the organization itself posts, but also the kinds of comments, statements and reactions they get from other people," he says.

Get specific in your interview. Of course, it's always helpful to ask about an organization's culture during the interview process—the drawback is that there is no guarantee that the recruiter's espoused values are the values in use, warns Cooper-Thomas. What can be more helpful, she suggests, is asking your interviewers to be more specific by sharing an incident at work that reveals the organization's values in action. Interviewers could discuss a time they were particularly proud of their employer, for example.

Cooper-Thomas also notes that every organization has different layers of culture, so job seekers should try to ascertain whether they would fit with the people they would work with on a daily basis, such as supervisors and colleagues. She suggests paying particular attention to how employers treat people: Is the receptionist friendly and helpful? Did the interviewers show respect by arriving on time? Did they answer the job seeker's questions honestly?

Gauge your potential support system. Also ask interviewers about the amount of autonomy employees have within the organization, the organization's structure and the kinds of support available, Ballard says. For example, if you're looking for a job where you're providing clinical services, you'll want to know whether there is administrative, billing and collection support.

In addition, pay attention to how formal or informal the work environment appears to be, as well as how diverse and inclusive it is, Ballard says.

And if it's important to you, talk to the recruiter and your potential supervisors about flexibility and work-life fit to find out if you'd have the ability to modify when, where, and how much you work to accommodate your needs.

Think about the "fun factor." Early career psychologists have spent many years studying and planning their career paths, and are usually quite passionate about further developing them, says University of Chicago Booth School of Business professor Ayelet Fishbach, PhD. But when it comes to sticking with a job, people thrive most when they're doing interesting work with people they like, according to research by Fishbach and behavioral science doctoral candidate Kaitlin Woolley (Journal of Personality and Social Psychology, 2015). So, in addition to looking for benefits such as career development opportunities, it's important to consider whether you can expect to enjoy, be challenged, fulfilled and experience social connections in a work setting, the authors say. "A workplace that offers immediate benefits in terms of engagement and enjoyment is a place where people stay," Fishbach says.

Find out what a typical day would really look like. Finally, Schein encourages job seekers to get personal with the people they're interviewing. That means spending time to get to know the one or two people you have met in the organization by asking them why they got into the field and how they like their jobs. This tactic works best toward the end of the interview process, he says, or even as a follow-up call once a job is offered.

"What you really need to find out is not about all the benefits and bonuses that might be available to you, but what you'd really be doing day by day and would the people around you be supportive of that," Schein says. 

Trust your gut

Before you take a job, ask yourself the following questions:

  1. Will I be pursuing my true interests in this position?
  2. Will I have the work-life balance I want?
  3. Do my co-workers seem to mirror my values?
  4. Will I feel valued by this employer and in this position?

By Amy Novotney


Did you find this article useful?

1 0
10 May 2017

7 Things to Consider Before Starting a Side Hustle

7 Things to Consider Before Starting a Side Hustle

Making extra money on the side sounds great, right? Thanks to the internet and mobile technology, new ways of making money after work are becoming a norm in our society. Side hustles can serve several different purposes – from creating an emergency fund, retiring early, or making a down payment on your first house.

It seems like there are endless stories about people striking it rich from a random side gig, but there's actually much more to it than meets the eye.

Side hustles, no matter how small, are still a business. Just like you have to hustle to get ahead in your actual job, the same goes for side hustling, and it may be even harder because you are building it from the ground up!

Here are 7 things to seriously consider before starting a side hustle:

1. Do you have a business model?

This can be a fairly intimidating aspect of starting any type of business, especially if you don't have any prior experience. The most important part of building a successful brand is learning how to plan correctly and find your target market.

Here are a few things you'll want to think about when you are planning your side-hustle strategy:

  • Does the service you are providing actually provide value?
  • How will you advertise and find clients or customers?
  • What is the realistic amount of time it will take to get your business up and running?
  • Is there a specific legal structure that would work best for your type of business?
  • What are the tax implications that you may face later down the road?

While you may be thinking that your business will just be a hobby that you do in your spare time, it's always smart to make sure that you understand every aspect of your business before getting started.

Don't be afraid to hire an attorney to help you create a strong legal structure that will separate the business from your personal assets. If you don't, it's possible that your personal assets could be vulnerable in the unfortunate circumstances of a lawsuit.

You may also want to pay an accountant to give you guidance on the best tax strategy for your side hustle moving forward. If there is anyone you don't want to forget about, it's the IRS.

2. You may need startup capital

In addition to the professional services mentioned above that you may need to cover the cost for up front, there are also other business expenses that you may need to prepare for.

Even a service as simple as pet-sitting requires extra money in gas and potentially pet insurance.

Many side hustles don't require a massive amount of startup capital, but it's always a good idea to sit down and create realistic estimates on what it will cost you to run your business.

3. It can take more time than you think

The time that it takes to run a successful side hustle has to come from somewhere, and it's usually what would be your time to relax on the couch or go to a movie on the weekend.

Depending on the nature of your side hustle, you may need to schedule your time very carefully to make sure you are still able to do things that help you recoup from your actual job.

4. Your primary income comes first

It's easy to get obsessed about the extra income that is coming in from your side hustle, but your primary job still needs to come first.

One of the biggest risks involved with creating secondary income streams is that you are essentially burning the candle at both ends. The last thing you want to do is experience "burnout" at your main job or have your performance slip to a point where you could be fired.

No matter how great your side hustle is, if it doesn't at least match or even exceed your day job income – it needs to take a back seat.

5. Do you have a goal?

With as much time as side hustles actually take to become successful, you'll want to make sure that you have a goal going into it that will help keep you motivated to put in the extra work.

It could be as simple a goal as saving extra money for vacations, or as big a goal as retiring from your job 10 years earlier than you originally planned. Whatever it is, make sure that it's important enough to push you to put in the extra time.

6. You'll probably have to learn to sell

The reality of keeping a business alive is that you'll have to feed it with new sales. If you have no background in sales at all, trying to convince other people to give you their money for a product or service can be fairly intimidating.

While there are certainly sales strategies and tactics you can learn – it's going to take trial and error. Every time you have a successful sale, there may be ten times that you get turned down.

Just like with anything else, practice makes perfect.

7. It could fail

Before you take the leap into part-time entrepreneurship, you need to understand that your venture has a real chance of not making it. There are a number of reasons for this, but at the end of the day it's just the nature of business.

They just don't always make it.

Fortunately, if you provide a great service or product that gives value to your target consumers, you're much more likely to thrive.

Don't let this list discourage you

Even though the above list may make side hustles seem like an intimidating challenge, they are still an incredible tool for getting ahead financially and meeting your biggest goals sooner than you originally planned.

As long as you take your side gig seriously and treat it like a real business, you have a great chance to find success and create a viable second income stream.

-- 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).

Did you find this article useful?

0 0
05 May 2017

Why You Should Consider Pursuing a Side Hustle

Why You Should Consider Pursuing a Side Hustle

You've probably seen plenty of chatter out there about the emergence of the "side hustle" in recent years. In the personal finance world, it's an extremely popular topic to write about because so many people are looking for ways to make money right now.

A quick Google search will yield page after page of side hustle ideas that range from easy tasks like dog walking, to more complex strategies like becoming a virtual assistant or a social media manager.

While most of the ideas out there can seem a little fluky at first, side hustles (and ultimately secondary income streams) can actually provide a huge advantage for the people that commit to them.

Here are some reasons you should consider pursuing a side hustle this year:

Repay your student loans faster

One of the biggest challenges for mental health professionals after graduating is dealing with substantial amounts of student loan debt.

There are several strategies you can deploy to manage or pay student loan debt off faster, but one of the most effective ones is fairly straightforward: make more money.

It's easy to get wrapped up in all of the different aspects of personal finance, but the reality is that it comes down to simple concepts like saving more or making more. If you can do both, you'll be a financial rock star.

Admittedly, increasing your income sounds much easier said than done. However, a successful side hustle allows you to generate money independently from your primary income source, and can be a huge asset in paying off student loan debt early.

Even just an extra $250-$500 per month in side hustle income over the first ten years of your career equates to $30,000-$60,000 extra that can be applied toward student loan debt. You don't have to make a ton of money in your spare time to generate massive amounts of money over the long term.

More freedom to change jobs

Let's face it, the days of staying at one company or one job for extended amounts of time are quickly fading away.

According to CNN Money, a recent study by LinkedIn found that young professionals will change jobs as many as four times by the time they are 32 years old. Changing jobs is now seen as a faster way to advance in a career by negotiating salaries up by as much as 15% with each move.

So what does that have to do with side hustles?

While we would all like to have smooth transitions between jobs, it's just not always the case. Having extra money coming in from a small side business could be the difference between settling for a job you don't enjoy or holding out for the perfect gig.

Essentially, a side hustle can buy more time and also cut down on the anxiety that's often associated with being between jobs.

Saving up for a house or emergency fund

Most people have experienced that sinking feeling of writing a rent check every month, knowing that they could be building equity with their own home instead. The same goes for not having enough cash available in an emergency fund.

It's a little harder to sleep at night when you know you aren't quite prepared to handle a life curveball that might come your way.

Even if income from a side hustle isn't consistent, it can be a powerful way to build up a nice emergency savings fund of 3-6 months of income or a 10%-20% down payment on your first home.

A head start on investing

When you first start earning good money at a job, it's surprising how quickly that money gets allocated to other areas like rent or student loans.

Everybody knows they are supposed to be investing as much as possible for retirement and wealth building, but early in your career (when you have the most time for compounding interest to go to work) it can be a massive challenge.

Using the same numbers as the above example, the power of a small side hustle is pretty impressive: $250 per month of secondary income invested in the market (assuming a stock market average of 7% returns) over 10 years becomes $41,449.34.

$500 per month with the same criteria over 10 years becomes a whopping $82,898.69.

Potential full-time entrepreneurship

Side hustles can be a sneaky way to make a smooth transition to full-time entrepreneurship. While it might not be the goal from the beginning, it is entirely possible that whatever side hustle you choose to pursue eventually becomes your full-time job!

Most commonly, this happens because side hustles are built around things that people really enjoy doing. It's almost essential that a secondary income stream comes from some type of passion project, or by seeing and fulfilling a need in your current field that isn't being met the way you think it should be.

Once the income from a side hustle matches your primary income consistently over time, you have the option to pursue it full time with fairly low risk.

The other great thing about building a side business is that there isn't a rush to make anything happen too quickly. Having a strong primary income allows you to build something slowly over the course of years with much less risk than jumping into a larger business venture from scratch.

Don't expect it to be easy...

With all of this said, successful side hustles aren't nearly as easy as a lot of websites out there might have you believe. If you are seriously considering a second income stream, just understand that it will take the place of watching your favorite TV show in the evenings or replace a large part of your free time on the weekends.

It's really just like anything else – if you go into it expecting that everything will be very easy, you're probably not going to be successful doing it.

Take your time and do plenty of research on the competition, find out if there is a real need for the service you want to provide, and then go in on a secondary income stream with reasonable expectations.

-- 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).

Did you find this article useful?

2 1