The 11 smartest things to do with your end-of-year bonus

The 11 smartest things to do with your end-of-year bonusThe 11 smartest things to do with your end-of-year bonusAccording to CNN,91% of businessesnow have variable compensation programs - salaries coupled with bonuses or commissions.Bonuses tend to come around the holidays, meaning that many employees are in for a nice supplemental check soon.While it can be tempting to splurge on the latest iPhone or treat yourself to an extravagant vacation, excessive spending may not be the most productive way to handle your bonus. Making a long-term plan and investing your hard-earned money in retirement, an emergency fund, a health account, or even yourself will pay off mora in the long run.Katie Brewer, CFP and founder of financial planning firmYour Richest Life,previously told geschftsleben Insider previously told geschftliches miteinander Insider that you should put 80% of your holiday bonus to serious money and 20% of it toward fun money.Before blowing your check on gifts, trips, or gadgets , consider directing it towards these 11 options.Increase your 401(k) contributionYou should already be contributing to your employers 401(k) retirement account and taking full advantage of any availablecompany match programif one is available - but if you get a bonus, thats a great opportunity to increase that contribution.The more you can set aside today, the better off youll be in the long run, thanks tothe power of compound interest.Just know that the 401(k) contribution limit for 2018 is $18,500,according to the IRS.Max out other retirement savings accountsIf you havent yet reached the contribution limits on other retirement plans, such as a traditional IRA or Roth IRA, direct your bonus towards one of those.There are afew key differencesbetween the two accounts1. The income limit.Anyone can open and contribute to a traditional IRA, whereas theres anincome capon the Roth IRA for the 2018 year Only married people earning less than $189,000, or single people earning less than $1 20,000, are eligible. The maximum yearly contribution for both accounts in 2018 is $5,500 (or $6,000 for people age 50 or older).2. Taxes.Contributions to a Roth IRA are taxed when theyre made, so you can withdraw the contributionsandearnings tax-free once you reach age 59 1/2. Traditional IRA contributions, on the other hand, are tax-deductible when theyre made. Both contributions and earnings are taxed when you withdraw them departureing at age 59 1/2.The advantage to the Roth IRA is clear You only pay taxes on a portion of your savings (your contributions), while with a traditional IRA, youre taxed on every penny (contributions and earnings).Roth IRAs areparticularly well-suited to millennials. However, even if youre not a member of richtung Y, its worth considering if you dont exceed the income cap.Start a 529 savings plan for your kidCollege tuition hasmore than doubledsince the 1980s, currently at an all-time high.Time has a way of flying by, and before you know it, youll be r esponsible for a hefty tuition bill. Take your bonus and put it towards a529 savings plan, a state-sponsored and tax-advantaged investment account that you can start when your child is born.These plans allow a single parent to contributeup to $14,000 a year- $28,000 for a couple - for each of their childrens college educations. It also allows anyone (a grandparent, godparent, or particularly generous neighbor) to contribute to the fund.Pay off lingering debtIf you have debt - whether its student loans, car loans, or credit card debt - a bonus can be a great way to start tackling it aggressively. If the interest rate on your debt is high, youll want to pay it off as fast as possible - interest can cost you thousands in the long run.If you arent sure where to start, consider the advice from 13 real people whopaid off thousandsof debt.Start, or contribute more to, an emergency fundNot setting aside money in an emergency fund is a common (and costly) mistake - its easy to ignore th e possibility of your car breaking down, a medical emergency, or losing your job, but these are all scenarios that could quickly become expensive realities.Use your bonuscreate an emergency fundif you havent done so already.The amount of savings you need is highly personal, so it isnt usually measured in terms of dollars rather, its months of living expenses that money could cover. A general rule is that its smart to have six months worth of savings tucked away, butyou may need more or less depending on your situation.Contribute to a healthcare flexible spending accountIf your employer offers a healthcare flexible spending account, it could be a smart investment. Its a pretax benefit account you can use to cover a variety of healthcare products and services, from acupuncture and physical therapy to vaccines and over-the-counter medicine (note that OTC medicines are only eligible when prescribed by a physician).You can put up to $2,650 of tax-free money into this account in 2018,acco rding to the IRS. Note that you must spend the money saved in an FSA by the end of the year.Contribute to a health savings account (HSA)Another health-related benefit you may be able to tap into is the health savings account (HSA), into which you can put pre-tax money and use towards medical costs whenever you want, not just during the plan year. The contribution limits are higher than FSAs - $6,900 for a familyin 2018 - and theres no limit to how much can be rolled over at the end of the year.To qualify for a HSA, the IRS requires you to be on a high-deductible health care plan (HDHP) - a plan that offers a lower health insurance premium and a high deductible. This option is particularly advantageous for those who are generally healthy and dont have to go to the doctors office or hospital that often, such as 20- or 30-somethings without children who are looking to save for future health care expenses.Its one of the more popular benefits these days, Britta Meyer, CMO at consumer-d irected benefits administratorWageWorks, told Business Insider. It allows you to contribute on a paycheck by paycheck basis, and you can keep it for as long as you want, even if you change jobs.While you can use it to pay for qualifying healthcare expenses today, you can also use it as a complementary tool for retirement planning, asthe funds will always be availablefor you to use.If you can afford it, you can contribute to it even in the early years of your career when you may not have a lot of medical expenses, Meyer said. You can contribute year after year and develop a healthcare nest egg that grows over time and will always be there for you.Contribute to a dependent care flexible spending account (FSA)If you have younger children, dependent care FSAs are worth considering. This account works very similarly to the healthcare FSA in that you can contribute pre-tax money, but is specific to dependent care services, such as preschool, summer camp, daycare, or before and after schoo l programs. Again, you must spend the money in your FSA by the end of the plan year.It is probably the single most underutilized benefit, Meyer said. Employers offer it quite frequently, but people are not taking advantage of it.Set aside money for big purchasesThere are bound to be big expenses in your future - a home, car, vacation, and kids, to name a few - that require diligent savings.The best way to prepare for these expenses is to create savings goals and then set aside money as early as possible. Use your bonus to jump start these savings goals, or add to previously established ones.Consider investment platforms outside of retirement savings plansAn end-of-year bonus is a good opportunity to start investing in low-cost index funds, which legendary investorsWarren Buffett and Jack Bogle recommend.Evenmillionaires preferthis simple investing strategy for the high returns and low costs.There are also online investment platforms known as robo-advisers, which manage your invest ments for you through unique algorithms.You could also make a lump-sum investment with your bonus - when you invest your money all at once rather than over time, according to Richard Graziadei, managing director ofTIAA-CREF Putting a bonus to work right away is a smart thing to do. Get it invested - if youre going to invest it - within a few weeks. Dont wait three, six, or 12 months.Of course, youll want to make sure your general finances are in order before youinvest- but if you have a sound emergency fund, have prepared for future expenses, and are debt free, the quicker you put your money to work and jump start its growth, the better.Invest in yourselfSelf-educate by enrolling in a course, attending a work related conference, or investing in books. The wealthiest, most successful people are constantly exercising their brains and looking for ways to continue learning long after college or any formal education is over.On a similar note, invest in your health - consider using y our bonus for a gym membership, yoga classes, juicer, fitness magazine subscription, or anything else that will better your health and strengthen your mind.Also consider picking up a hobby - even the worlds most successful people have them. Hobbies can make you even more successful by helping you develop additional skills.This article was originally published on Business Insider.

And the Winner for Most Expensive Law School Is

And the Winner for Most Expensive Law School IsAnd the Winner for Most Expensive Law School IsAccording to the National Law Journal, Columbia tops the charts as the priciest law school in the country. Last year, tuition at the school was $60,274. Coincidentallyor notColumbia is also 1 when it comes to percent of grads who go on to BigLaw. In 2014, 66.24% of its graduates were hired by the nations largest 250 law firms. Columbia was NLJs 1 Go-To school (aka most beloved by law firm hiring partners and recruiters) in 2013 as well. Congratulations, Columbia Law class of 2014, on shelling out the most cash for your degree. Luckily, you are also the most likely to be enjoying the bliss of first-year associate life at Skadden, Cravath and the like.Is high tuition directly related to Columbias glowing employment statistic? Other members of the Top 10 of NLJs list BigLaw feeder schools (UPenn, UChicago, NYU, Harvard, Cornell, Northwestern, Duke, UVA, Stanford) are also in the soaring cost ca tegory. The Go-To law schools all cost more than $55,000 a year (Cornell is the runner-up for most expensive 2014 tuition was $59,360), and they are the only law schools that cross that threshold. Their tuition rates are also increasing at a higher rate. Between 2011 and 2014 average tuition at the Go-To schools spiked almost 13%, from $49,907 to $56,292. Among all ABA-accredited schools, the increase was just shy of 10% in those three years ($32,227 to $35,312).Apparently ansicht tuition statistics are not representative of what everyone actually pays, due to financial aid offerings and prospective students ability to negotiate if they have aid offers at multiple schools. Still, at most of the Go-To schools, over 50% of students pay full price. And obviously the higher ticket price is worth it to them to maximize chances their post-grad employment options. Executive Director of Law School Transparency Kyle McEntee told the NLJ that this willingness to pay model is unconscionable in higher education. The whole situation does feel icky what is to stop rising price tags at the few institutions that can offer students a better shot at BigLaw? How high will the cost of law school go? So long as a significant portion of enrollees continues to pay full price, its hard to imagine these tuition rates levelling off anytime soon.Read More Which Law School Do Firms Love Best? Some People Are Paying Way Too Much for Law School (Bloomberg) An Elite Educations Going to Cost You (NLJ) (sub. req.) This law school charges more than $60K tuition is up 13% in 3 years at top BigLaw feeder schools (ABA Journal) Columbia is No. 1 on list of law schools with highest BigLaw placement Yale isnt among top 10 (ABA Journal)Follow Vault on Twitter VaultCareers,VAULTLAW, InstagramVaultCareersandFacebook

Translator Job Interview Questions and Answers

Translator Job Interview Questions and AnswersTranslator Job Interview Questions and AnswersThe need to translate from one language to another is growing as businesses go global and the translation business is exploding. If youre fluent in another language and are interested in working as a translator, youll need to know how to answer interview questions specifically about a translator job. Employment Opportunities for Translators Translators have many options for work in the field, from participating in virtual conference calls to translating documents and recordings, subtitling movies, or working in courtrooms or hospitals. Spanish is the language most in-demand, followed by Japanese, Korean, Chinese, and French. Translators can have flexible schedules albeit with tight deadlines, and with sites like Gengo (featuring international clientele), Translatorcafe and Verbalizeit, you can choose projects that match your skill and fit your calendar. Translators work in a variety of fie lds including education, law, literary, science, and technology. Many translators may work full-time jobs, some work part-time, and some translators are freelancers who work within their own schedules. Another job thats similar to translating, and requires the ability to translate, is called Transcreating, and in fact, it may also be a component of a translating job. Transcreating is a mix of translating and copywriting with a local focus to adapt text culturally and linguistically to the audience. Essentially, a transcreator needs to be able to not only translate the spoken or written words but needs to tweak the language to get the point across. This isnt always easy since different languages, or even different dialects of languages have words, expressions, and phrases that just dont match perfectly to English words. If youve applied for a job and are waiting for your interview, it may help to review some questions, so you can get an idea of how to answer them. Here are some typic al questions youll encounter in aninterviewabout yourexperienceand more. Work Experience as a Translator Your interviewer will want to know about your experience as a translator and your foreign language skills. He or she may ask questions such as Do you have a certain area of specialization or do you work on generic translation projects of many types?Do you hold any translation certifications?What kind of training do you partake in to continue to improve your skills?Have you trained fields relevant to interpreting work (e.g., medical, legal, social work, education)?What types of clients do you typically work with?Would you ever want to work on your own and start your own freelance translation business or translation agency?Why did you decide to become an interpreter? Interrolleal Experience Depending on the translating job youre interested in, you may have to absprache with people and interpersonal skills may be important. You may be asked questions like behauptung What ki nds of people do you have the most difficulty working with?What type of ethical dilemmas have you encountered as a translator and how did you deal with those?What would you do if you were interpreting and a person said something that you did not agree with or found upsetting?When you are interpreting, do you attempt to establish a rapport with the person or do you prefer to keep the relationship formal and more detached?What types of ethical dilemmas have you encountered and how did you resolve them? Your Skills Theres more to being a translator than being able to read and understand another language. Plus, different languages will have different issues depending on grammar, type of alphabet, and so on. Expect questions such as How well can you understand different dialects and accents?How do you handle body language and gestures which are not understood by another person with a different cultural background?How do you handle a situation when you didnt hear exactly what was sai d but you understand the general gist?Do you try to translate every single word or idea expressed, or do you try to summarize what was said?What would you do if you made a mistake in translation or did not understand a term?How do you prepare for an interpretation session? Do you translate every word verbatim or offer a summary? Preparing For Your Interview Now that you have a good idea of what types of questions to expect, take some time to craft your own possible answers so you can be prepared for your interview. Practice saying them out loud, so youll feel more comfortable and confident during your actual interview. If, by chance, you have a friend, colleague, or family member willing to pose as an interviewer, have him or her ask you these questions so you can get even more practice before your actual interview.