25:["$","$L26",null,{"category":"$27","relatedArticles":[{"id":"cG9zdDoyMTY4NDk=","databaseId":216849,"postId":216849,"author":{"node":{"id":"dXNlcjo5NA==","databaseId":94,"userId":94,"avatar":{"url":"https://secure.gravatar.com/avatar/72c05cde57f4d7ee65af27e91a5315c2?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Eric","fullName":"Eric Reed","lastName":"Reed","name":"Eric Reed","postCount":{"pageInfo":{"offsetPagination":{"total":907,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"ereed","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo4OQ==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":89,"categoryId":89,"link":"https://smartasset.com/career/articles","name":"Career","postCount":{"pageInfo":{"offsetPagination":{"total":38,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"career","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$28","date":"2023-11-09T09:44:45","excerpt":"

There are two ways to look at your net worth by age. The first is to measure your wealth against the median wealth of your age group and peers. This can be modestly helpful as a benchmark, but by and large it tells you nothing about your own needs. The far more helpful approach is […]

\n","featuredImage":{"id":"cG9zdDoyMTkzNzg=","databaseId":219378,"altText":"","date":"2023-11-08T19:45:06","fileSize":198407,"mimeType":"image/jpeg","modified":"2023-11-09T09:39:38","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2023/11/iStock-1404928327.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-11-9","readable":"November 9, 2023"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxNjc=","databaseId":167,"userId":167,"avatar":{"url":"https://secure.gravatar.com/avatar/ddd04b792d5bd154ea791bf3a9ec0edb?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Jaclyn is Director of Economic Analysis at SmartAsset. With a bachelor of arts in economics from The College of New Jersey, she evaluates data for trends that affect your financial life. As a spokesperson for SmartAsset, she has been cited by Bloomberg, CNBC, Business Insider, Fox News, The Hill and many more. \r\n\r\nJaclyn was previously an editor for CNET Money, where she covered banking, investing, credit cards and real estate. She also served as managing editor of small business content for Bizfluent, Work.Chron and AZCentral, and as a research consultant for NAPCO Media. As a past real estate licensee and Reatlor®, Jaclyn managed contracts for residential properties, while working closely with first-time homebuyers, investors and mortgage brokers.","additionalMeta":{"expertise":"Financial Planning, Investing, Taxes, Real Estate","__typename":"User_Additionalmeta"},"email":null,"firstName":"Jaclyn","fullName":"Jaclyn DeJohn","lastName":"DeJohn","name":"Jaclyn DeJohn","postCount":{"pageInfo":{"offsetPagination":{"total":57,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"jdejohn","__typename":"User"},"reviewedBy":null,"writtenBy":{"id":"dXNlcjo5NA==","databaseId":94,"userId":94,"avatar":{"url":"https://secure.gravatar.com/avatar/72c05cde57f4d7ee65af27e91a5315c2?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. 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Here is a rough estimate of what your net worth should be at age 35 and beyond.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":5,"title":"What Should My Net Worth Be at Age 35? - SmartReads by SmartAsset","__typename":"PostTypeSEO"},"slug":"what-should-my-net-worth-be-at-35","status":"publish","title":"What Should My Net Worth Be at Age 35? ","uri":"/career/what-should-my-net-worth-be-at-35","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo5NA==","databaseId":94,"userId":94,"avatar":"$29","description":"Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. 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","

The far more helpful approach is to consider your own financial goals. What do you need to build the life you want, and to afford your own lifestyle in retirement?

","

At age 35, you still have a lot of flexibility in your net worth. Unlike many other age groups, there really isn’t a “should” for people in their 20’s and mid-30s, and you can even afford a comfortable retirement if you have nothing saved up at all. Talk to a financial advisor to start making a personalized financial plan.

","

Median Net Worth

","

We can use the median household as a benchmark for measuring net worth.

","

U.S. Census Bureau data uses age 35 a hinge. For households 35 and under, the median net worth is about $22,000 according to the most recent data from the . Households age 35-44 have a median net worth of about $97,740. While this data doesn’t necessarily reflect what someone might have in a specific year, it does suggest that either or both the power of compound interest and career progression have a large impact on net worth over time.

","

This means starting to implement healthy financial strategies today can have an outsized return for your future.

","

Compare Your Net Worth to Your Goals

","

","

Again, median numbers may not be particularly helpful for your personal circumstances. For example, a doctor who couldn’t even enter practice until age 28 with $200,000 in debt may have a net worth still in the red at 35, but he can more than likely overcompensate in the long run thanks to his compensation.

","

The point is, you should measure your net worth by your own, individual situation. What your net worth should be depends entirely on what you have and what you, personally, need.

","

When it comes to retirement, the net worth that you should have at age 35 depends on the retirement you want to afford. The more money you will want at age 67, the more money you need to have at age 35. There are a number of ways to measure this.

","

Overall, the rule of thumb is to judge by your salary. Typically, by the time you enter retirement you want to have 10 times your annual salary saved up in your retirement fund. One common benchmark is to have two times your annual salary in net worth by age 35.

","

So, for example, say that you earn the U.S. median income of $74,500. This means that you will want to have $740,500 saved up by age 67. To reach this goal, at age 35 you may want to have about $149,000 in savings. This will keep you on track with ordinary benchmarks.

","

However, you can also judge this by doing the math on what you need to save each month to reach your goals. In that case, your benchmarks can be much lower. In fact, your net worth at age 35 can be nothing at all.

","

","

Say that you are looking to save the benchmark $740,500. You contribute 10% of your income each month to your retirement account, for an annual contribution of $7,450 per year. You have this money held in an S&P 500 index fund earning the market’s historic average of 10% annual returns. You are 35 years old with nothing saved at all and you intend to retire at full retirement age of 67.

","

Based on this profile, you will have $1.79 million by the time you retire. This is not only more than you need, it is plenty of money to afford a very comfortable retirement. Talk to a financial advisor today to build a plan to grow your net worth.

","

Bottom Line

","

Your net worth by age 35 will help you continue saving for your future. What you should have on hand depends entirely on your personal financial goals, but at this age there is still a lot of room for flexibility.

","

Retirement Savings Tips

","$35","

Photo credit: ©iStock/MStudioImages, ©iStock/Ridofranz, ©iStock/andresr,

"],"experts":null,"link":"/career/what-should-my-net-worth-be-at-35","published":{"datetime":"2023-11-9","readable":"November 9, 2023"},"shareInfo":{"title":"What Should My Net Worth Be at Age 35? ","origin":"/career/what-should-my-net-worth-be-at-35"},"isNewsArticle":false},{"id":"cG9zdDo1NzkyOQ==","databaseId":57929,"postId":57929,"author":{"node":{"id":"dXNlcjo1MA==","databaseId":50,"userId":50,"avatar":{"url":"https://secure.gravatar.com/avatar/10ca58872f36412ceff58616bb971c22?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise include retirement and home buying. Amelia's work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford. Originally from Alaska, Amelia now calls Brooklyn home.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Amelia","fullName":"Amelia Josephson","lastName":"Josephson","name":"Amelia Josephson","postCount":{"pageInfo":{"offsetPagination":{"total":334,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"ajosephson","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybTo4OQ==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":89,"categoryId":89,"link":"https://smartasset.com/career/articles","name":"Career","postCount":{"pageInfo":{"offsetPagination":{"total":38,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"career","ancestors":null,"parent":null,"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$36","date":"2016-12-21T10:00:54","excerpt":"

\n","featuredImage":{"id":"cG9zdDoxNzI3Mzg=","databaseId":172738,"altText":"The Average Salary of a Dentist","date":"2022-11-08T17:44:32","fileSize":38015,"mimeType":"image/jpeg","modified":"2022-11-08T17:44:32","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2016/12/average_salary_dentist_1-1.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-3-21","readable":"March 21, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/career/the-average-salary-of-a-dentist","metaDesc":"The average salary of a dentist is $158,310 per year, but becoming a dentist is a long road and, for most people, involves taking on six-figure debt.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":4,"title":"The Average Salary of a Dentist - SmartAsset","__typename":"PostTypeSEO"},"slug":"the-average-salary-of-a-dentist","status":"publish","title":"The Average Salary of a Dentist","uri":"/career/the-average-salary-of-a-dentist","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo1MA==","databaseId":50,"userId":50,"avatar":"$37","description":"Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise include retirement and home buying. Amelia's work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford. Originally from Alaska, Amelia now calls Brooklyn home.","additionalMeta":"$38","email":null,"firstName":"Amelia","fullName":"Amelia Josephson","lastName":"Josephson","name":"Amelia Josephson","postCount":"$39","slug":"amelia-josephson","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo4OQ==","children":"$3c","databaseId":89,"categoryId":89,"link":"https://smartasset.com/career/articles","name":"Career","postCount":38,"slug":"career","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

There are more than 113,000 dentists in the U.S., according to the Bureau of Labor Statistics (BLS). That’s not surprising given that most Americans are visiting the dentist at least once a year: The CDC found in 2014 that 62% of Americans between the ages of 18 and 64 had visited a dentist in the past year. That’s close to the percentage (64%) of Americans who have dental benefits.

","

That means a steady stream of business for dentists, and it also contributes to the profession’s high salaries. Let’s take a closer look at the job landscape for dentists and the average salary of a dentist.

","

The Average Salary of a Dentist: The Basics

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According to the BLS, the 2018 mean annual salary for dentists was $175,840 per year. The number of dentists is projected to grow by 19% between 2016 and 2026. That’s much higher than the 7% projected growth rate for all fields.

","

The top-paying state for dentists is Delaware, where the annual mean wage for dentists is $264,440. Other high-paying states for dentists are Alaska, Rhode Island, Minnesota and New Hampshire. The top-paying metro area for dentists is Amarillo, TX, with a mean annual wage of $279,580. Other high-paying metro areas for dentists are Longview, TX; Fond Du Lac, WI; Reno, NV; Sebring, FL; and New Haven, CT.

","

Dentists enjoy a high salary and can feel confident that their field will grow in the years to come. But becoming a dentist is no walk in the park. According to the American Student Dental Association, the average student debt for all indebted dental school graduates in 2016 was $285,185. Roughly four out of five 2018 dental school graduates reported debt levels of more than $100,000. Since 1990, the amount of debt that dental students take on has increased fourfold.

","

The Average Salary of Oral and Maxillofacial Surgeons

","

Not surprisingly, oral surgeons tend to earn higher salaries than non-surgeon dentists. The mean annual salary of an oral and maxillofacial surgeon is $242,370 per year, $116.52 per hour. Among the highest-paying states for oral surgeons are California, Nebraska, Indiana and Maryland. Among the highest-paying metro areas are Washington-Arlington-Alexandria; Chicago-Naperville-Elgin; Los Angeles-Long Beach-Anaheim; and Grand Rapids-Wyoming.

","

The Average Salary of a Orthodontist

","

Orthodontists, too, earn higher salaries than dentists. The average salary of an orthodontist is $225,760 per year, $108.54 per hour. The highest paying state for orthodontists is Massachusetts. Other high-paying states are South Carolina, North Carolina, New Jersey and Iowa. The top-paying metro area for orthodontists is Boston-Cambridge-Nashua. Other high-paying metro areas are North Port-Sarasota-Bradento (Florida); Sacramento-Roseville-Arden-Arcade; New York-Newark-Jersey City; and Washington-Arlington-Alexandria.

","

The Average Salary of a Prosthodontist

","

The average salary of a prosthodontist is $191,400 per year, $92.02 per hour. The BLS lacks state- and metro-specific data on prosthodontist pay. Prosthodontists construct oral prostheses that fill in gaps in patients’ teeth or jaws.

","

The Average Salary of a Dental Hygienist

","

","

The average salary of a dental hygienist is $75,500 per year (or about $35 per hour, assuming a 40-hour work week). The top-paying state for dental hygienists is Alaska, where dental hygienists make an annual mean wage of $114,320. Other high-paying states for dental hygienists are California, Washington, Arizona and New Jersey. The top-paying metro area for dental hygienists is Fairbanks, AK, where the annual mean wage in the profession is $113,190. Other high-paying metro areas are San Jose-Sunnyvale-Santa Clara, CA; Anchorage, AK; San Francisco-Oakland-Hayward, CA; and Santa Rosa, CA.

","

The Average Salary of a Dental Assistant

","

The average salary of a dental assistant is $39,770 per year, $19.12 per hour. The top-paying state for dental assistants is Minnesota, where the annual mean wage is $49,880. Other high-paying states for dental assistants are the District of Columbia, New Hampshire, Alaska and North Dakota. The top-paying metro area for dental assistants is Santa Rosa, CA, where the annual mean wage in the profession is $53,190. Other high-paying metro areas for dental assistants are Minneapolis-St. Paul-Bloomington, MN-WI; Napa, CA; Rochester, MN and Fargo, ND-MN.

","

Bottom Line

","

Dentists tend to have a good work-life balance and earn high salaries. However, becoming a dentist involves a considerable investment of time and money. Those who train to become specialists such as oral surgeons and orthodontists stand to earn over $200,000 per year.

","

Tips for Managing Your Money

","$3e","

Photo credit: ©iStock.com/RapidEye, ©iStock.com/Tempura

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\n","featuredImage":{"id":"cG9zdDoxNzI4MDY=","databaseId":172806,"altText":"The Pros and Cons of Outsourcing","date":"2022-11-08T17:46:01","fileSize":53074,"mimeType":"image/jpeg","modified":"2022-11-08T17:46:01","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2016/09/pros_and_cons_of_outsourcing_1-1.jpg","__typename":"MediaItem"},"modified":{"datetime":"2023-5-30","readable":"May 30, 2023"},"multipleBylinesByRole":{"editedBy":null,"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":null,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/career/the-pros-and-cons-of-outsourcing","metaDesc":"Outsourcing is something many Americans feel has had a negative effect on their livelihoods. Is there a case to be made for the practice, though?","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":7,"title":"The Pros and Cons of Outsourcing for Small Businesses - SmartAsset","__typename":"PostTypeSEO"},"slug":"the-pros-and-cons-of-outsourcing","status":"publish","title":"The Pros and Cons of Outsourcing","uri":"/career/the-pros-and-cons-of-outsourcing","tags":{"nodes":[],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":{"id":"dXNlcjo1MA==","databaseId":50,"userId":50,"avatar":"$40","description":"Amelia Josephson is a writer passionate about covering financial literacy topics. Her areas of expertise include retirement and home buying. Amelia's work has appeared across the web, including on AOL, CBS News and The Simple Dollar. She holds degrees from Columbia and Oxford. Originally from Alaska, Amelia now calls Brooklyn home.","additionalMeta":"$41","email":null,"firstName":"Amelia","fullName":"Amelia Josephson","lastName":"Josephson","name":"Amelia Josephson","postCount":"$42","slug":"amelia-josephson","__typename":"User"},"editedBy":null,"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo4OQ==","children":"$45","databaseId":89,"categoryId":89,"link":"https://smartasset.com/career/articles","name":"Career","postCount":38,"slug":"career","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":false,"contentBlocks":["

Outsourcing is the practice of hiring someone outside of your business to complete a specific project or task. The work that would either fall onto the business owner’s plate or require an internal hire can be completed by a third party. Outsourcing is completed by a number of different types of people and businesses, from individual freelancers to large businesses specializing in a single function. Outsourcing is different from offshoring, which has been a big political issue in the past.

","

Find out now: How much should I save for retirement?

","

Outsourcing vs. Offshoring

","

The terms outsourcing and offshoring are often used interchangeably, but it’s helpful to know the difference between the two concepts. Outsourcing means using a third party to make a product or perform a service the company used to make or perform itself. When a startup or small business uses a third-party company to administer its benefits and HR, it’s outsourcing. When a consumer uses a service like TaskRabbit to hire someone to perform a service, he or she is outsourcing, too. You can outsource to U.S.-based companies or individuals. Outsourcing doesn’t have to involve foreign providers of goods and services.

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Some companies do outsource to foreign countries, though. For example, a U.S. car company may manufacture cars in the U.S. which include parts made in Mexico. The manufacture of those parts was outsourced to a Mexican company. But when a company offshores, it moves some of its own operations to another country. So, if the same U.S. car company opened its own factory in Mexico it would be offshoring. If a company opened call centers in other countries it would be offshoring, too. In most U.S. political discussions, people use the term “outsourcing” to refer to either outsourcing to a foreign company or offshoring – or both.

","

Pros of Outsourcing

","

So what are the pros and cons of outsourcing? There are benefits that impact the company that outsources directly and others that could impact the local or foreign economy. Here are the top four pros to outsourcing.

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1. Outsourcing Can Increase Company Profits

","

Companies generally decide to outsource the production of goods and services if they think it can save them money and, by doing so, increase company profits. The most frequently cited example of this has to do with labor costs. Companies might outsource and/or offshore to a country that has lower labor costs. While some might see the local job loss as a negative effect of outsourcing, the increased profits that can result are hard for companies to resist. Companies may also outsource to save themselves the expense of training and hiring all in-house employees or to scale their business.

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2. Outsourcing Can Increase Economic Efficiency

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Sometimes companies outsource because of the opportunity costs of doing or producing a good or service themselves. For example, a CEO of a tech startup might outsource HR because she feels her time would be better spent meeting with venture capitalists and getting her tech team up to speed than with managing employee benefits.

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When highly skilled people can outsource lower-value tasks and spend more time on high-value tasks, businesses tend to benefit. Proponents of outsourcing say that it can also increase overall efficiency in the economy by distributing tasks to people who have the appropriate skill level for those tasks and letting highly skilled workers be more productive.

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3. Outsourcing Can Distribute Jobs From Developed to Developing Countries

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Some defenders of outsourcing say it’s true that outsourcing to foreign countries (and offshoring) results in the loss of some U.S. jobs but that less-developed nations benefit and that those benefits outweigh the costs to rich countries like the United States.

","

Americans might object to this, they say, but outsourcing can lead to higher wages and more job opportunities in the developing countries to which U.S. firms outsource. Some analysts view this as an advantage, saying that over time it can narrow the gap between rich countries and poor countries.

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4. Outsourcing Can Strengthen International Ties

","

","

Some experts feel that the more countries trade with each other the less likely they are to go to war with each other and the more easily they can cooperate in pursuit of shared goals. To the extent that outsourcing strengthens relationships between companies in two or more countries, it might also strengthen the relationships between the governments of those countries.

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Cons of Outsourcing

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When you’ve decided to outsource work, no matter how much, it can have a big impact on who you hire, the business itself and potentially the economy. Let’s look at the four biggest cons to outsourcing on a wide scale.

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1. Potential Job Loss in the U.S.

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The drawback to outsourcing that gets the most press is the loss of jobs in the U.S. (or whichever country is doing the outsourcing). The fact that workers in other countries may be getting job opportunities they hadn’t had before is little comfort to members of, say, U.S. manufacturing communities hit hard by factory closures.

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2. Lack of Transparency

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More and more, consumers want to know where their products came from and who made them. Outsourcing makes this kind of transparency difficult. A U.S. company might outsource part of its business to a company in, say, Bangladesh, which might also outsource to another Bangladesh company for staffing.

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So if the staff at a Bangladesh factory is working in unsafe conditions, is that the fault of the staffing company, the Bangladesh manufacturing company, the U.S. clothing company or all three? Outsourcing makes it harder to follow the money and labor to gain insight into a company’s supply chain.

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3. Labor Standards May Slip

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Some critics of outsourcing say that it leads to a general slippage in the labor and environmental standards that apply to the goods and services Americans consume. This is a critique that’s often cited by opponents of NAFTA.

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If a U.S. company outsources to a country with lower wages, more lax labor laws or lower environmental standards, the resulting good or service may not be up to the standards that the U.S. government has agreed should apply in our country. That’s not just a problem for U.S. consumers who want to feel good about where their products come from. It’s also a problem for workers in other countries who can’t get the wages they need to succeed and communities who feel the impact of pollution overseas.

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Plus, it increases the net contribution to climate change if more goods are produced in countries with lower environmental standards. Outsourcing may also crowd out local small businesses and small farms in developing countries.

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Related Article: The Pros and Cons of NAFTA

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4. It Can Backfire for the Outsourcing Company

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Outsourcing isn’t always a money-saving home run for the companies that do it. They might find that the company they’ve outsourced to misses deadlines, doesn’t perform well or otherwise, has a negative effect on business. There may be communication problems or costs might exceed expectations. For smaller companies, in particular, outsourcing can be a gamble.

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The Bottom Line

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Outsourcing is a complicated issue that tends to provoke strong reactions. Your feelings about the issue might change based on where you live, where you work and whose opinions you read or listen to, but it’s good to have the basic arguments for and against outsourcing in the back of your mind when you hear about it in political debates.

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Tips for Business Owners

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Among the many reasons Americans can lose sleep at night, money stress is a major concern. But many employers are alleviating financial worries with the creation of financial wellness programs, which both attract and retain quality candidates. Financial wellness programs aim to help …

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","

A financial advisor can help you create a financial plan for your needs and goals.

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What Are Financial Wellness Programs?

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Employers may offer financial wellness programs to help their employees improve their finances. Additionally, it’s an employment incentive that can help employees minimize the financial stress in their lives and improve their real financial success. Financial wellness programs can provide training, tools, resources and perks that aid employees throughout their financial journey.

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Offering financial wellness programs helps companies stay competitive, especially in a staffing market. In addition, because employer compensation packages are one of the many incentives that attract quality candidates, many companies see the value in creating these programs. In 2019, Gartner, a technological research and consulting firm, predicted that employers offering financial wellness programs would increase 20% by the year 2023.

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Examples of Financial Wellness Programs

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Your employer could offer a wide range of financial wellness benefits, from resources to help improve your financial literacy to insurance offerings to boosting your retirement savings. Here are a few examples to explain how these plans work.

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Employer matching programs

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Using an employer’s matching program is a great way to improve your future financial security. Some of the common matching offerings include:

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Education programs

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There are programs available for employees to learn essential information to prepare for financial emergencies with the available employer benefits. There are many variations of programs available that can include some if not all of the following components:

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Credit counseling sessions: Credit counseling sessions help consumers manage debt. For example, some counselors can assist employees with student loan deferments, handling forbearances, and getting approved for an income-driven repayment plan.
Workshops: The focal point of financial education workshops is to educate employees about credit scores, savings accounts, retirement savings and more. Usually, these sessions are held over lunch with financial advisors from local credit unions and other similar organizations there to run them.
Financial aid guidance: Employers may provide remote, interactive financial aid guidance to help working parents understand college aid options available such as FAFSA.

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Insurance plans

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While many companies offer health insurance as an employment incentive, others may provide different insurance offerings to strengthen your asset protection. Some insurance policies can include:

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Long-term care coverage
Life insurance
Disability insurance
Pet insurance
Umbrella insurance
Adoption and fertility insurance

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Financial assistance programs

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Outside of providing insurance, retirement benefits and educating employees, employers may contemplate incorporating programs for financial assistance within the economic well-being strategy for their employees. These are to acknowledge other elements employees might not have thought of that could factor into their finances.

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Types of offerings include:

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Medical bill negotiation
Mortgage assistance
Stock options
Relocation assistance
Health savings accounts (HSA)
Flexible spending accounts (FSA)
Career develop stipends
Deferred compensation plans
Bonus plans

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Other Benefits of Financial Wellness Programs

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Your employer may also offer assistance achieving long-term security by connecting you with a financial advisor. These financial professionals can help you create a comprehensive financial plan that touches on wealth management, investments and estate planning.

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Other benefits include:

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Will preparation
Tax preparation
Gym memberships
Credit monitoring
Identity theft protection
Company car and gas card
Child assistance

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Bottom Line

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When it comes to improving your financial well-being, knowledge is power. So, whether your employer offers a financial wellness program or is planning on offering one, you’ll want to become familiar with all of the tools, resources and perks at your disposal. In addition, understanding the best practices for leveraging these programs can better your financial security. Therefore, make sure you’re well-versed to take full advantage of your company’s financial wellness program. And, if you’re looking for a new employment opportunity, make sure to ask any potential employer what benefits are available so you can make the most informed career choice.

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Tips on Saving for Retirement

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