When was the last time you took a few vacation days and left work behind? In a 2016 Indeed poll of approximately 2,000 adults, 20 percent didn’t take a summer vacation and 59 percent of those who did worked while on the break. A busy work life with little to no time to unwind puts you at high risk for burnout. A well-planned sabbatical could be just what you need to recharge.
Taking an Extended Break
Employees may have a couple of options when it comes to getting away for a while. A sabbatical is a period of employer-approved leave that may or may not be paid; it can be as short as a month or as long as a year. When it’s over, you usually return to your job and pick up where you left off.
If you want more time away or don’t want to continue with the same employer, a career break may better suit you. Many who choose this type of hiatus quit their job and use the extensive period away from employment to travel, volunteer or work abroad. When the career break is over, they search for another job, often with a renewed sense of commitment.
Does Your Employer Have a Sabbatical Policy?
Many companies see value in offering a sanctioned gap year to top talent, especially when it comes to high-value employees with a thirst for adventure. If you’re interested, check with your company’s human resources department or scan your employee benefits package to see if a sabbatical policy exists.
When You Return
Once you have your sabbatical behind you, know how to leverage your time away during interviews and other career-related conversations. What lessons did you learn? How did the break make you better? What skills did you improve or acquire during your time away? Let your answers reflect the unique benefits only you can provide.
The information provided in Eddleman’s Economic Insight is not intended to be used as investment advice; rather it is provided as general economic news and information for your awareness or for discussions with your investment professional. Please consult your investment professional or CPA for advice specific to your situation! Past performance is not indicative of future results
With higher education costs escalating faster than traditional inflation, it’s important to treat the college selection process as the serious investment it is. Whether you, your child, grandchild or other loved one is researching colleges and universities, calculating the actual value of higher education can help whittle down the options and justify the escalating costs. Here are three interesting metrics to consider:
- Total Debt at Graduation — Earning an undergraduate degree is a crucial milestone, but starting a new life chapter saddled with tremendous debt can disrupt that momentum. States and institutions can take different approaches to student loans, so pay attention to the student debt trends at each university or college to set realistic expectations.
- Alumni Earnings Above Expectations — While U.S. News & World Report provides a popular college ranking list each year, the minds behind The Economist created their version with a unique, finance-oriented premise. The magazine’s first-ever ranking of four-year, nonvocational colleges is based on how much money graduates earn compared to how much they could have made had they studied elsewhere.
- Highest 4-Year Graduation Rates — While overall graduation rates matter, the ideal situation is earning the degree in as little time as possible since college costs can skyrocket as more semesters are added. Looking at graduation rates for those who completed college in four years can help prospective students find campuses with similar work ethics.
College is a booming business, and it’s critical to consider the financial impact from a variety of angles, especially if your goal is to help yourself or someone else on the path to lasting success
The information provided in Eddleman’s Economic Insight is not intended to be used as investment advice; rather it is provided as general economic news and information for your awareness or for discussions with your investment professional. Please consult your investment professional or CPA for advice specific to your situation! Past performance is not indicative of future results.