Category Archives: Careers

Side Gig: Adjunct Professor

An Adjunct Professor is a Professor who is not on the tenure track.  Most Adjunct Professors are professionals who have an advanced degree (MS, MBA, MA, JD, or Ph.D.) and have full-time careers outside of academia.  Many teach evening, weekend, or online classes.  Adjunct Professors are utilized to teach both undergraduate and graduate classes based on their own current level of education and specialization.

If you have an advanced degree, want to earn some extra money, and like the idea of teaching without becoming a full-time professor, working as an Adjunct Professor might be a good side gig for you. There is currently a big demand for Adjunct Professors.  That is due to the increasing enrollment at colleges and universities.  It is also due to the growing availability of taking online classes.

Students are no longer limited to physical classrooms.  They can now take a class anywhere in the world provided they have a laptop and internet access. That provides more teaching opportunities for Adjunct Professors to teach online.

Qualifications

The primary requirement to work as an Adjunct Professor is to have an advanced degree.  To teach at a community college or junior college, the instructor generally must have 18 credits beyond a Bachelor’s Degree and be enrolled in classes towards a Master’s Degree.  The general rule to teach undergraduate classes at a four-year university is to have completed a Master’s Degree.  To teach graduate level classes, most universities require a Ph.D. or at least be enrolled in a Ph.D. program.

A Broken System

After talking with many different people who teach as Adjunct Professors, they all claim that the Adjunct Professor system is broken.  They all make that statement because the pay is low and almost zero benefits are offered as part of the compensation package.  On average, an adjunct professor earns $2,700 per class.  The average salary for a Tenured Professor is $84,000 plus full benefits and job security.

Not Ideal For Full-Time Employment

If being an Adjunct Professor is your full-time job, I agree that the salary is low based on the level of education required to do the job.  However, when I was in college, most of the Adjunct Professors who I had also had full-time careers outside of the classroom.  They taught classes at night or on the weekend to supplement the salary from their full-time position.  For side money, if someone teaches 5 classes per year, at $2,700 per class, that equals $13,500 per year.  In my opinion, that is decent money for a side gig.

Part-Time Benefits

Being an Adjunct Professor allows a professional to teach without having to stress over all of the requirements that an Assistant Professor faces on their way towards becoming a Tenured Professor.  An Adjunct Professor does not have to conduct research and consistently publish articles in academic journals.  An Adjunct Professor’s main duties are to develop the syllabus, facilitate the class, grade assignments, and meet with students to ensure that they are learning the required materials.

Development

As an Adjunct Professor, not only do you get to share your own professional experience with students, but you get the chance to actively enhance your own professional development.  While Adjuncts don’t have to conduct research, they do get to interact with Tenured Professors who are experts in their area of study. That contact with Tenured Professors allows Adjunct Professors to stay current with all the new cutting-edge information in their discipline.

Networking

There is also the opportunity to interact with other Adjunct Professors.  This opens countless networking situations with local professionals in your field of study or in other departments.  This contact with other instructors can truly be useful in helping you to find ways to improve the students learning experience.

Sacrificing Time

There are also some potential negative points to consider before becoming an Adjunct Professor.  It is time-consuming to prepare lectures, grade assignments, and to meet with students.  However, once you prepare a lecture, you can use the outline for classes you teach in the future.

The Path To Becoming Tenured

Another issue to consider is that teaching as an Adjunct Professor is not the pathway to becoming a Tenured Professor.  Even if you teach a variety of different classes as an Adjunct Professor over the period of a few years at different colleges, a major part is missing.  As mentioned earlier, Assistant Professors must conduct research and be published on their path to becoming a Tenured Professor.  How you teach is as important as where and what you teach on the road to becoming a Tenured Professor.

Side Gig

I feel that working as an Adjunct Professor is a great side gig, but a poor choice for full-time employment. It allows you to put your advanced degree to use in an academic setting.  It is decent part-time money to use for enhancing your savings or to use to pay off a graduate school debt that you might have incurred.  It is a great way to help students by sharing your professional experience to complement the required curriculum of the class.  Lastly, it is a great way to network and stay current with new trends in your area of expertise.

Conclusion

Currently, I am considering becoming an Adjunct Professor.  I have the opportunity to teach evening and weekend classes at a local community college.  It is an opportunity to earn extra money, but I just do not know if I am willing to commit my free time to a second job.

Have you ever worked as an Adjunct Professor? Was it a positive experience?  Do you recommend it as a side gig?

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Be Intentional

I recently attended a leadership training seminar at a local college.  This seminar was about managing the multi-generational workforce.  The facilitator covered many topics and I am not going to get into any of those details in this post.  He said many interesting things, but the one statement that made me think was that he said that we should always be intentional.

Everything we do should be with intent.  Our actions should have an intended outcome.  Our words should have an intended message.  Even our thoughts should be focused and have a purpose.

The purpose of this training was meant for workforce development.  The message can easily be applied into everyday life.  It is ideal for managing money.

Too many people just coast in life.  They walk around making noise and bumping into things.  By not having a plan, they will just land at a random destination.  What could possibly go wrong with that approach?

To be successful in all your affairs, practice being more intentional.  A great place to start is with how you manage your personal finances.  You should know the why behind everything that you do.

Savings

Do you know what your savings rate is?  You should be able to answer this question without giving it any thought.  Is it 10%, 20%, or more than 30%?  Your savings rate is the most important factor that will determine if you will reach financial independence or not.  It is also one of the rare aspects that you have control over.  Nobody can control what the S&P 500 will return this year, what direction interest rates are headed, or if there will be a spike inflation.  Everyone, however, can control what their saving rate is.

Spending

Your savings rate is directly impacted by your spending.  Do you just spend money without thinking?  Do you go to the mall, outlets, or online and buy things that you do not need?  If you want to change this trend, become intentional with your spending.  Before you buy something, ask yourself if you need it or truly want it?  If you must spend the money, did you shop around for the best price?  Is there a low-cost alternative to making the purchase?  Even if there isn’t a better alternative, at least you did your due diligence and gave thought to the purchase.

Debt

Does your credit card bill arrive, and you cringe when you look at your balance due?  Do you make late payments or just pay the minimum balance on your credit cards?  Do you know what your credit score is?  Do you know what your debt-to-income ratio is and what a healthy ratio should be?  Do you know how to calculate your debt-to-income ratio?  If you want to improve how you manage debt, take a more intentional approach.  Learn what your credit score is, identify if you have too much debt for what your income is, and ultimately establish a plan to get out of debt.

Earnings

I bet you know what your annual salary or hourly wage is?  You get a paycheck every week or bi-weekly, so you are reminded frequently about that rate.  Do you feel that you are underpaid?  Doesn’t everyone?  Maybe you are underpaid or maybe you are overpaid.  Before you ask for a meeting with your supervisor demanding a raise, you should do your homework.  Be intentional and research what the market rate for your position is based on your location and level of experience.  If you are under market rate, you might have a case.  If you are over market rate, but not satisfied, you might need to develop more skills or ask for a more challenging assignment.

Investing

If someone asked you what type of investor you are, could you answer them?  Are you a market timer?  Do you buy and hold equities?  Are you a passive investor who invests in a few different mutual funds?  Do you simply try to capture what the market returns with a total stock market fund?  Do you use value tilts?  Do you buy dividend stocks?  Are you trying to get rich by investing in Bitcoin?  You are free to decide how you invest your money, but you should know the why behind your plan.  Your approach to investing should be intentional.  Nobody knows what the future market returns will be, but you should at least know what you are intending to accomplish with your asset allocation.

Financial Independence

Do you know how much money you need to have in savings to reach financial independence?  To declare financial independence, the general rule is to have 25 years worth of living expenses in savings.  That is based on a 4% withdrawal rate that most financial professionals consider to be acceptable.  Do you know if you have obtained this milestone or how close you are?  Most people who reach financial independence do not get there by accident.  They live intentionally for many years.

Early Retirement

Do you have a target-date as to when you want to retire?  It might be next week, or it might be in 10 years.  If you have an established early retirement date, what are you doing to make that goal a reality?  Are you doing everything you can to maximize your salary and taking on side gigs?  Are you saving until it hurts?  Do you have the right mix of investments to both reach your goal and sleep comfortably at night?  If you do, you are acting in an intentional way.

Conclusion

The nice thing about being intentional is that you can start this process now.  Start by reviewing your current financial situation.  Can you answer why for all your financial decisions?

If you have a financial plan, use it as a guide.  If you do not have a written plan, write one.  That is a good starting point if you want to become intentional.  Review your plan for areas of your financial situation that might need to be amended.

Some fixes are quick, and others require time to implement change.  Moving forward, wherever money is concerned, ask yourself why before you make a final decision.  If you cannot answer why you are doing something, give it some thought and find out what your true intentions are.

This is just another example of how to improve your financial situation.  It provides a pause before you act.  Sometimes giving a decision an additional few seconds of thought can turn a bad decision into a good decision or a good decision into a better decision.

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Joining a Board of Directors

Have you ever thought about joining a board of directors for an organization that you are interested in serving?  I recently was invited to join the board of directors for a local non-profit organization.  It was flattering to be invited.  Of course, I jumped at this opportunity to be of service.

My wife has always been involved in community and church service.  Slowly, her good nature has rubbed off on me.  Over the past few years, I have volunteered to help the clients at the local chapter of The ARC to prepare for job interviews.  It is such a rewarding experience.  When I finish with a lesion, I feel that I receive back more in gratitude than they receive in development.

By joining this board, I see it as an opportunity to give back more to the community.  The board that I joined is for The Mature Workers Program that is part of the National Council on Aging.  It was a good fit for me since I work in HR for a not-for-profit healthcare organization.

There are many benefits to joining a board of directors:

Career

Joining a board of directors is a smart move for your career.  It looks great on your LinkedIn profile.  It shows that you are service orientated.  By being on a board of directors, it reflects that you are a well-respected individual by people of influence.  It shows that you see the big picture.  When a potential employer sees that you volunteer as an advisor, they interrupt it as that you want to contribute to something that is bigger than yourself.  Those are all great characteristics that might not normally stand out on a standard chronological resume.

People of Influence

Many boards attract people of influence.  It is common for boards to be made up of lawyers, executives, community leaders, business owners, and other financially independent people who are passionate about an organization or cause.  It is an opportunity to meet and interact with these folks.  It is a chance to partner with them and work to improve the organization that you now help to oversee.  It is a networking opportunity that is not readily available to everyone.  By closely interacting with these individuals, there is the potential to develop close relationships with them because you share a common bond.  Work to foster those relationships.  You never know how or when those connections can be helpful in the future.

Community Pride

Do you care about the area where you live, an organization, or a cause?  By joining a board of directors, you are able to have input.  Today, everyone has an opinion, but by being on a board of directors, you have an option that matters.  It is an opportunity to become a community leader and to develop an abundance mindset.  Even if it is on a small level, it is still a trusted role.  It is a position where people care what you have to say.  Everyone might not agree with you, but you still have a voice and a vote when it comes to the management of the organization that you serve.  It is truly a position of respect.

Leadership Skills

Being on a board of directors will help to develop you into a leader.  You will have to review and approve of budgets.  You will have input when it comes to shaping policy.  You will be presented with the goals of the organization and how management is working to reach these goals.  As the member of a board of directors, you are responsible to lead and to present input that shapes the best practices of the organization.  Your negotiation skills will be sharpened.  You will learn true team building skills as you work with other board members to shape the future direction of the organization.

How to Join

In most cases, you must be invited or elected to join a board of directors.  There are organizations, however, that are looking for people to join.  First, do research on organizations that you are interested in.  Try to identify organizations that have a mission, vision, and values that you feel strongly about.  Do some deeper digging and find out if you have any connections to the organization.  Use LinkedIn to identify possible connections.  Share your interest in the organization and look for ways to volunteer.  After you learn if the organization is a fit, make a formal request to join the board or to be nominated if the selection is based on an election.

Conclusion

The organization that I am now on the board of directors for wants to increase the number of clients that they serve.  They have an adequate marketing budget.  They run television ads, radio ads, and attend most community events where people over the age of 55 might attend.

At my first meeting, I suggested that they allocate some of the marketing money towards social media and brought up the idea of creating a blog.  The suggestion went over well.  It is going to be added as a topic for debate and to be voted upon at a future board meeting.

I have truly enjoyed my short experience serving as a board member.  It feels good to be able to give back.  It has been a privilege to volunteer my time.  I am looking forward to future board meetings and for the opportunity to be of service.

Have you ever served on a board of directors?

If yes, please share your experience.

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Know Your Competition

We start competing the moment we are born.  Competition is everywhere.  Completion is natural.  It is the cycle of life.  Eat or be eaten.  We must compete every day.  Only the strong survive.

When I was a boy, our dog had a litter of puppies.  They too were competing from their earliest days.  They would compete to get to the bottom of their basket to stay warm.  The puppies would compete with their brothers and sisters to get closer to mom to eat.  When I would watch and care for this litter, it did not take long to establish who the alpha of the litter was.  He always ate first and would not roll over when playing with the other pups.  How could such a young and tiny dog have established such will?

You might not see yourself as an alpha or even a competitive person.  If you are working on reaching financial independence, odds are you are more completive than you might think.  I would guess that you are very competitive.

Before I really gave it much thought, I never saw myself as a competitive person.  For the most part, I am a laid-back guy.  Growing up, I played baseball but was not very good.  The only football that I have ever enjoyed playing was when I played Madden.  The chess club or the debating team were also not for me.  I always saw myself as a Type B personality.

The first time that I realized how competitive I truly was when I read about capitalism.  I realized that I was competitive when I read that capitalism as an economic system where trade and industry are controlled by private owners who compete for profit.  I have been competing for a buck since I started earning a paycheck.

Even though I have only won a few trophies and awards in my life, I am hyper-competitive.  My whole adult life has been focused on competing.  I am not referring to being in competition with my neighbors.  What they have is not my concern.  The type of competition I am referring to is competition with myself and society to reach my goal.

I set a lofty goal.  My goal was to become financially independent.  For anyone to reach financial independence, there will be a great deal of competition.  On the road to that level of success, a person will have to face off against and defeat internal and external competing forces.

Postponing gratification is a form of competition.  The ability to save money is always at odds with the desire to spend money.  It is like there is an angel on one shoulder saying to save as much as possible.  On the other shoulder, there is the temptation to spend and waste money.  Temptation says if you want to be happy, buy that new car, house, or boat. You can afford it and you deserve it.

It is easy to give in to temptation.  Who wants to work hard and sacrifice to get ahead?  How can anyone sacrifice for decades to become financially independent?

Spending and having a good time is much easier than saving and investing for the future.  Internal competition is fierce.  At times, It is an internal fist fight.  It certainly felt that way for me.  As the saying goes, it is harder to conquer yourself than to conquer a city.  in order to conquer self, a person needs to develop emotional intelligence.

While it might be harder to conquer yourself, the external competition is also not exactly easy.  Most resources are limited.  Everyone is fighting to get ahead.

If you own a business, you are competing with other businesses and market forces to be successful.  Even if it is a side gig, there is still competition.  To survive, a business owner must provide the best products or services at the lowest price.

While it might appear that being an employee is easier than being an entrepreneur.  Being an employee is far from being easy.  An employee must compete to land a job.  There is competition to keep the position.  There is competition with peers to advance in the organization.  If your boss is a jerk, dealing with them brings on a level of competition.

The competition does not end after you earn the money.  There are competing forces who want to take your money.  Marketers are out to sell you stuff that you do not need.  They don’t care if you land in debt.  They are just competing to sell you something and to take your money.

You might have to compete at home to keep your money.  You might have your emotions under control, but your family has their own needs and desires that need to be considered.  It is not easy to keep a family on a budget.  It takes creativity to keep a family satisfied and not bored.

They might be the most difficult completion that you have to face.  You should not play a zero-sum game at home unless you want to have your family resent you.  It is wise to approach this level of competition with good faith and to negotiate.

Competition truly is all around us.  We face competition daily.  It does not mean that you are not competitive just because you were not the captain of the basketball team in high school.  For some people, it takes longer for their competitive drive to develop.

If you have decided that you want to be successful in this world, that thought alone requires a competitive nature.  If you are taking the required steps to get ahead in life, you are more competitive than you give yourself credit for.  If you are working on reaching financial independence by paying off debt, saving, sacrificing, and investing, you are extremely competitive.

Do you see yourself as being competitive?

Please share in the comment section below.

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2017: Year in Review

2017 is in the books.  2017 was a year to remember.  It was full of surprises.  You never know what is around the corner.  At the start of 2017, creating a blog was not on my list of things to do.  The Financial Journeyman blog is now almost 9 months old.  That is just the result of being present and taking advantage of what life has to offer.  I have even greater expectations for 2018.  Below are some of the major highlights from the past 12 months:

Career

2017 started off on a high note.  My boss called me the first week of January and told me that I was getting a promotion. With the promotion came an 11% raise and a $1,000 bonus for a project that I completed in the fall of 2016.  I was excited and did not know that this promotion was coming.

The only major change the occurred was that I now had one employee to manage.  I did not see it as a challenge.  My new employee Jill is a super smart and motivated Millennial who has overcome some major hurdles in her life.

Over the past 12-months, it has been a pleasure to help my assistant develop.  Jill is on the right path.  She is contributing to her 403B account, just completed a Graduate Leadership Training course at Binghamton University, and is consistently asking me to be a part of projects that I am working on.  It is my goal to help her transition into a management role in the future.

Meeting the Bogleheads

In February, I attended my first local chapter meeting of the Bogleheads in Philadelphia, Pa.  I have read the Boglehead’s two books and browsed the forum for many years.  To break-up the boredom of winter, I decided to attend a local chapter meeting.

It was great to meet and spend time with this group of people who are working to reach financial independence by following the teachings of Jack Bogle.  If you are interested in passive investing and using low-cost index funds, I suggest you visit Bogleheads.org and check out a local chapter meeting.  I am looking forward to attending the February meeting in Philadelphia.

The Financial Journeyman

On April 8th, The Financial Journeyman was created.  It has been quite an experience.  As a result of creating this blog, I have been able to interact with so many great people.  I am meeting new people every week.  The purpose of this blog was to share my journey toward financial independence with the world and to try to help others who are on a similar journey.  This blog has become so much more than I expected.  I look forward to what the new year has in store for this blog.

Reaching $1,000,000 Net Worth

I was not sure if I was going to share this milestone.  After much thought, I have decided to share it because my blog is anonymous.  The purpose of sharing this milestone was to inspire others what is possible if you live below your means, limit debt, save as much as you can, and invest your money wisely.  It felt great to reach a $1,000,000 net worth at age 40.  I am grateful to have this financial foundation as my wife and I continue to work on our ultimate goal of early retirement.

10th Wedding Anniversary

In August, my wife and I celebrated 10 years of marriage.  It is crazy that 10 years went by so fast.  It has been a productive decade.  It has been the best decade of my life.  I feel blessed to have Lori as my wife.  She is my best friend.  There will always be ups and downs in life.  While I have experienced more ups, it is great to share all of it with my wife.  I truly believe the best is yet to come.

London & Paris

To celebrate our 10th wedding anniversary, we traveled to Europe for a week-long vacation.  It was our first trip to Europe. We had an amazing time visiting both London and Paris.  We got lucky with the most favorable exchange rates between the Dollar to Pound in recent history.  If you like to explore new cities and enjoy history, take a trip to London.  You will not regret it.  Just be prepared to spend some money because it is expensive.

Rockstar Finance

I have been a fan of J. Money for a few years.  When I created my blog, I had the goal of writing a post that would be good enough to be featured on Rockstarfinance.com.  It took me about 10 weeks to write and edit How the Mob Influenced My Asset Allocation.  It felt great to see my post shared there.  I now feel like a legitimate personal finance blogger.  I am proud of the “As Featured on Rock Star Finance” tag on my blog.

If that was not exciting enough, I had a second post Keep Your Hands Off My 401K featured as well.  My audience has grown tremendously as a result of the exposure that I received from Rockstar Finance.  The personal finance bloggers who hang out on the Rockstar Finance Forum are a great group of people who work to help everybody in the personal finance space succeed.

ESI Money

ESIMoney.com is one of my favorite personal finance blogs.  Some people build wealth by way of entrepreneurship and others do it by working for someone else.  ESI Money is focused on building wealth by climbing the corporate ladder.  That has been the approach that I have followed up to this point in my career.  Along with providing comprehensive investment advice, ESI Money has a cool motivational series that features interviews with millionaires.  I was featured as M25 in this series.  The interview received a great response.  In case you have not heard, John from ESI Money now owns Rockstar Finance.

New York Personal Finance Meet Up

I was not able to attend FinCon 2017.  I did, however, attend the next best event for personal finance bloggers.  That event was the New York Personal Finance meet Up.  The New York Personal Finance Meet Up was an informal meeting of more than 20 personal finance bloggers and internet entrepreneurs.  It was great to meet and chat with some of the financial independence bloggers who I often read.  It was also an opportunity to meet new people who are working, saving, and investing with the goal of reaching financial independence.

Keep Thrifty

The last highlight of the year was to be interviewed on Keep Thrifty.  Keepthrifty.com was one of the first personal finance blogs that I started to read after I created The Financial Journeyman.  Chris and Jaime write excellent content about paying down debt, saving, taking a mini-retirement, and raising a family.  It was a pleasure to work with Jaime to write and edit this interview.  She did a good job of getting me to share more about myself than I have in any previous post.  Please check out the interview if you would like to learn more about the beginning of my journey to financial independence.

Conclusion

2017 was a great year.  There were many pleasant surprises.  While I had high hopes for a productive year, I did not expect it to be as good as it ended up.  Moving forward, I am simply planning on continuing to do what has worked in the past and keep my eyes open for new opportunities.  My goals for the upcoming year are:

  • Continue to save at least 50% of our total gross income
  • Become proficient in Travel Hacking (Travel to Ireland for free)
  • Publish 5 blog posts per month
  • Continue to grow blog traffic
  • Attend FinCon 2018

Please keep an eye out for the fourth quarter blog performance metrics from The Financial Journeyman in early January 2018.