Exciting news — the economy is thriving, and confidence is high. With the unemployment rate at 3.6%, its lowest since 1969, and hundreds of thousands of new jobs this year, people feel more secure about their job prospects than they have in nearly two decades, based on The Conference Board's data. Almost half of us consider jobs to be “plentiful,” and the percentage of those who view jobs as “hard to get” dropped by 3% from April to May. If you’re aiming to capitalize on this positive trend to secure a new position, check out the four transferable skills that can help you land a job in any field, think about finding a mentor to guide you through the current job market, and be sure to steer clear of the nine common job application pitfalls that can hinder even the most experienced applicants. If you're on the job hunt or hiring, have you noticed anything lately that stands out? Is all this job confidence warranted? We'd love to hear about your experiences. Reach out to us at info@savinghunt.com.

Women-Owned Businesses: Growing Yet Facing Challenges

What’s rising faster than the summer heat? The number of businesses led by women! They surged an impressive 58% from 2007 to 2018, as reported by American Express. Currently, women own 40% of businesses in the U.S., employing 14% of the workforce and generating $3.1 trillion in revenue. From last year, ownership in health, beauty, and fitness sectors jumped by 55%, while food-related businesses saw a 45% increase, according to Guidant Financial’s latest 2019 Small Business Trends Report.

However, not all is smooth sailing. Only 71% of female-owned businesses are profitable, compared to 80% for their male counterparts. As discussed with female founders like Rent The Runway’s Jenn Hyman and Cindy Eckert of Sprout Pharmaceuticals, securing funding can be incredibly challenging. Female entrepreneurs obtained just 2.2% of venture capital funding in 2018, and although business loans to women rose by 13% last year, the average loan size was still 31% lower than what men received. If you’re running a business, consider examining your business plan for necessary updates, ensure you're pursuing your passion (as passion often leads to profit), and evaluate what needs a thorough cleanup.

Travelers Beware: Increased Bumping Risks

Heads up, summer travelers: there’s a higher likelihood of being bumped from your flight. U.S. airlines denied boarding to 6,175 passengers in the first quarter of this year, nearly triple the number from last year. (Note: this figure only includes involuntary bumps, not those who volunteer for vouchers or later flights.) This surge is partly due to the grounding of over 70 Boeing 737 Max planes linked to two fatal crashes in recent months. Most airlines have strategies to minimize involuntary bumping. For instance, if oversold, you might receive a text notification before arriving at the airport, allowing you to rebook or accept a voucher. If opting for a voucher, especially if you're already at the gate, don't hesitate to negotiate beyond the initial offer. Remember, if you don’t ask, you won’t receive.

Demand More From Your Financial Adviser

This week, wealth adviser Carlos Dias, Jr. shares insights on what many financial advisers might not disclose. For instance, your advisor (especially if affiliated with a bank, brokerage, or insurance firm) may not adhere to a fiduciary duty, which means they might prioritize their profits over your best interests. While Certified Financial Planners are fiduciaries, not all financial planners hold this designation. When uncertain, don’t hesitate to ask about their status. Another valuable tip: you can negotiate the fees your adviser charges, which can significantly impact your finances. For example, on a $500,000 portfolio, a difference of 1% versus 2% in fees translates to a $5,000 to $10,000 difference annually — it adds up over time. Dias advises comparing rates like you would for any other financial service. If you’re not satisfied with your adviser’s fees and they’re resistant to change, consider discussing a potential firm switch to see if they might be open to adjusting their rates. Lastly, if your adviser used client testimonials to persuade you to join, they may have violated the law. (Specifically, Rule 206(4)-1(a)(1) in Section 206(4) of the Investment Advisers Act of 1940 states that client testimonials are considered fraudulent and deceptive.) Avoid being swayed by flashy pitches or endorsements from others. Just remember the classic “results not typical” disclaimer found on many diet products… Just because it worked for someone else doesn’t guarantee it’ll work for you.