Community

How to be Financially Savvy When Changing Jobs

Renee A. Hanson, CFP® , ChFC®, CEP®, CDFA™, CFS® , BFA®, APMA®

The tight labor market is enticing many people to evaluate options to start a new career. If you’re among those who plan to quit your current role in search of a better opportunity, it’s important to consider how doing so could affect your finances. Here are some things to think about before you hand in your two-week notice.

Compare the complete package. Many factors contribute to work satisfaction. Weigh these factors when evaluating whether to stay in your current job or take the leap into a new opportunity. you. A prospective employer should be able to outline your expected career path along with a timeline for advancement. Consider whether you could be walking away from a bright future at your current workplace. Is there a chance your employer would sweeten your terms to keep you on board?

If you decide to take the leap and have a new job offer in hand, here’s what else to consider.

• Pay – Better pay is often the main motive for changing jobs. However, pay comparisons are not always as clear as they seem, particularly when moving from an hourly to a salaried position or a position reliant on commission. With a salary, you may be expected to work extra hours without the benefit of overtime, but bonuses can potentially boost your earnings. • Benefits – Benefit packages vary from employer to employer. How much paid time off is your employer offering? Will you have quality options for health, dental and life insurance? Will they cost more? Does the company match 401(k) contributions? There is value in other perks as well, such as an on-site workout facility, dry cleaning or daycare facility that can save you time and money. • Culture – Pay attention to the culture of your prospective workplace. How do you see yourself fitting in? Does the workplace seem to be collaborative or hyper-competitive? Where do you thrive? Is there flexibility to work from home? All of these things can make or break a new job. • Commute – Is the new job closer or further from home?

If the new job is further away, you will spend more time commuting. You will also incur extra expenses either in Putting the needs of clients first is the approach I believe in. I’ll work with you to find bus fees or gas, oil and wear and tear on your vehicle. the right financial solutions to help you plan for your unique goals. And together, we’ll These costs may offset potential salary gains. track your progress over time, adjusting your plan along the way to help get you where • Opportunity – Think through where a new job can take you want to go. Negotiate while you can. Most prospective employers expect some give-and-take during salary and benefit discussions. Think of ways to quantify the value you would bring to the business and be prepared to counter if an offer does not meet your expectations. Transition your benefits. Use your paid time off before leaving your current position. Ensure continuity of health care coverage by enrolling in COBRA until your new benefits kick in. You will have decisions to make about your 401(k) savings. You can keep them where they are, transfer them to your new employer’s plan, or roll savings into your own account. You can also cash out your savings, but this will incur a tax penalty and detract from your retirement goals. Leave on good terms. Ideally, you want to maintain good relations with former employers. Provide ample notice to help them find a replacement. Ask for a letter of referral. Participate in an exit interview if one is offered. Talk to your financial advisor. Job changes are life events that impact your financial future. Lean on your advisor’s expertise to adjust your financial plan as you transition in your career. Renee A. Hanson, CFP®, ChFC®, CEP®, CDFATM, CFS®, BFA®, APMA®, is a Private Wealth Advisor with Affinity Wealth Advisory Group, a private wealth advisory practice of Ameriprise Financial Services, LLC. in Phoenix, Arizona. She specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact her visit www.affinitywealthadvisor.com or call (602) 923-9800. Her office is located at 7010 E. Chauncey Lane, Suite #200, Phoenix, AZ 85054-3115. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, Inc. All rights reserved. File # 3685575-RUSH (Approved 08/2023)

Renee A. Hanson CFP®, CEP®, CDFA®, CFS®, ChFC®, APMA®

Private Wealth Advisor

Affinity Wealth Advisory Group

A private wealth advisory practice of Ameriprise Financial Services, Inc.

602.923.9800

7010 E. Chauncey Ln Ste 200 Phoenix, AZ 85054 renee.a.hanson@ampf.com affinitywealthadvisor.com

Ameriprise Financial Services, Inc. Member FINRA and SIPC.

Community

Local Residents Invited to Unique Opportunity to Help Military Families

By Lin Sue Cooney Photo Courtesy of Hospice of the Valley

One of the most fulfilling things we can do in life is serve others. Ideally, the happiness we derive is all the thanks we need. But an amazing program called Legacy Corps is making it even more rewarding to help others.

Based at Arizona State University, this national AmeriCorps program matches people in communities across the country with veterans and military families who need support. Hospice of the Valley is thrilled to be the first Arizona partner and receive a grant to fund the program for the next three years.

Of the 20,000 patients we serve annually, about 1,400 are veterans, who often find themselves physically and emotionally overwhelmed. Many need assistance with transportation, grocery shopping or light housekeeping. Now we can help lighten the stress.

“Hospice of the Valley is excited to implement this grant from Legacy Corps and touch more families in our veteran community,” says Volunteer Services Director Stacia Ortega.

Volunteers who join the program are called Legacy Corps members and receive special training in caregiver support. Their participation is invaluable to military families who need socialization, companionship and inhome respite care to ensure their loved ones are not alone while a caregiver takes a much-needed break.

In addition to training, Legacy Corps offers incentives like a monthly allowance and a college tuition award after a year of service. Those who are 55 or older can pass this award to a child or grandchild.

Legacy Corps’ national project director, Jack Steele, says the grant enables Hospice of the Valley to recruit and train 24 volunteers this year.

Among the current applicants are a 19-year-old woman who has volunteered with various nonprofits since age 15 and a 43-year-old speech therapist who wants to help veterans living with dementia. “They both express a vital quality: a passion for national service and excitement about making a difference in their communities,” says Eileen Dullum, Legacy Corps program coordinator for Hospice of the Valley.

David Swindell, director of ASU’s Center for Urban Innovation, which oversees the Legacy Corps grant, sees the program evolving. “Next year, we hope to offer our first course for volunteers to learn about and deliver respite care while earning course credit at ASU.”

To learn more about Legacy Corps for Veterans and Military Families, visit hov. org/volunteer/Legacy-Corps.

Lin Sue Cooney is director of Community Engagement at Hospice of the Valley.

Community

Local Nonprofit Seeking Nominations for Arizona’s 48 Most Intriguing Women

Women from across Arizona who are currently making an impact in their communities in a meaningful way are being sought as nominees for Arizona’s 48 Most Intriguing Women.

Now 11 years old, 48 Arizona Women, the sponsoring Valley-based organization, started as an official Arizona Centennial Project in 2010 to recognize the state’s most remarkable women having a positive impact in their communities, often with little fanfare. The organization’s mission is to, “Transform lives, build stronger communities and help positively shape Arizona and the nation.” Partnering with the Arizona Historical Society, 48 Arizona Women honors professional and non-professional women from diverse backgrounds whose leadership and commitment are contributing in a positive way to the future of Arizona.

“The first group of 48 honorees were selected in 2012 and included U.S. Supreme Court Judge Sandra Day O’Connor, Cindy McCain, and Arizona State Treasurer Kimberly Yee,” says Connie Robinson, chair of the 48 Arizona Women Steering Committee. “But they also included a former governor, educators, a bull fighter who became a CEO, an advocate for the treatment and cure of Niemann Pick Type C disease, a former mezzosoprano with the Metropolitan Opera, a pastor who ministers to incarcerated women, a mayor who transformed a city, an ambassador who became Secretary of the Air Force and many dedicated philanthropists, volunteers, doctors, artists and entertainers in leadership positions throughout the state.”

Open nominations are currently being accepted through September 30 and local residents are encouraged to nominate anyone they feel is worthy—from a next door neighbor to an elected official. Nominations can be completed online at 48women.org. Paper nomination forms are available by calling 602-896-9000 or can be downloaded from the website.

“This program was created to raise awareness for the amazing work women are doing to improve and enhance the lives of Arizonans,” Robinson says. “While some nominees will be wellknown, others will be working diligently but less publicly in their cities and towns.”

A committee comprised of a diverse group of community leaders, public and private sector leaders, and residents will evaluate nominees on several key factors: the impact that their leadership, accomplishments and dedication have had on the state and the nation; their influence as role models and visionaries; and their ability to relate to a wide range of people.

Honorees will be announced in early 2022 and featured in a 140-plus page coffee table book titled Arizona’s 48 Most Intriguing Women—A New Decade, telling each woman’s story in words and photos. All honorees will be formally recognized in spring 2022 during a 48 Women Luncheon as well as a VIP reception for the launch of the book. The book will be available for purchase throughout Arizona in mid2022.

“Our goal for the book is to incorporate it into the Arizona school curriculum as well as make it available in libraries around the state,” Robinson says. “Children need everyday role models who are bringing meaningful change to their lives and the communities in which they live. We also want to create awareness among Arizonans of the richness and uniqueness of the state’s history and the dedicated people who have contributed to it.”

For more information about nominations, including a list of categories, visit 48women.org or call 602-896-9000.

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