Podcast Roundtable: What Does A Low Unemployment Rate Mean For You? | Ep. 192

• Tiffany opens the discussion referencing an article advising people to seek raises or new jobs before June due to the 3.5% unemployment rate creating an employee-friendly market.

I've been saying that since fourth quarter last year... start asking because unemployment right now is at 3.5%. So it's really low. So that means employers are itching for people.

• Jonathan notes that tech and real estate sectors are seeing layoffs while other industries remain strong. He emphasizes that many employees are under-educated about merit increase processes and that companies often have additional budget flexibility beyond initial offers.

If everybody on your team... is getting their meets... somebody got extra. At least a couple people got extra. And then the question is, why not you?

• Jay recommends getting agreements in writing and setting SMART goals. She suggests negotiating non-salary perks like conference attendance or training when raises aren't available.

I always recommend getting it in writing... write out your goals for the year so that it's clear of what your expectations are.

• Tiffany shares her success negotiating a title change when a raise wasn't possible, which later opened doors to higher roles.

One thing that I've successfully negotiated for was a title change... it allowed other opportunities to open because it pushed me up a little further.

• Jonathan advises preparing for merit discussions by understanding that calibration happens October-January and decisions are often made before employees are notified.

• Panelists suggest negotiating flexible work arrangements, additional PTO, cell phone reimbursements, or other perks when salary increases aren't available.

• The conversation shifts to healthcare costs and benefits optimization. Tiffany explains using HSA funds and credit cards strategically for unexpected medical expenses like braces.

• Nia recommends the Department of Labor's Employee Benefits Security Administration to locate old 401(k) plans when changing jobs frequently.

If they were deducted from your paycheck, they are your funds and you're entitled to them.

• Panelists discuss the portability of HSAs versus FSAs, noting that HSA funds remain yours even after leaving an employer, and some employers contribute directly to these accounts.

Once that money hits your account, it's mine. Like, they can't take it back.

• Tamika highlights the Dependent Care FSA benefit that can reduce taxable income by up to $5,000, though it requires upfront payment before reimbursement.

• Nia advises comparing year-to-date payroll deductions against annual benefit statements to catch any employer errors in forwarding 401(k) contributions.

We often... have to consider, are they managing that plan correctly? And are they forwarding your contributions as they should?

• Tiffany emphasizes reviewing pay stubs regularly since payroll errors happen and employees must catch them.

• Tiffany warns about fraudulent GoFundMe campaigns created immediately after someone's death, urging verification before donating.

• Jay and Ronnie discuss tax season scams including fake preparers promising unrealistic refunds and misleading 'write-off' advice on social media.

If it's too good to be true, nine times out of ten, it's too good to be true.

• Tamika shares warnings about investment scams and Zelle fraud where callers spoof bank phone numbers. She recommends hanging up and calling back using verified contact information.

If you get a phone call from your bank... always say, let me call you back. I'm going to call the company back and I'll call the number that I know.

• Panelists advise shopping multiple lenders for auto and mortgage rates, noting average credit card rates now exceed 19%.

• Jonathan cautions against lifestyle marketing on social media, referencing reality TV shows that portray rented lifestyles as wealth.

Lifestyle marketing is definitely a thing. And unfortunately, in the finance community, it runs rampant.