Latest news with #MandiWoodruff-Santos
CNBC
2 hours ago
- Business
- CNBC
Job market is 'trash' right now, career coach says — here's why
The U.S. job market isn't looking too hot for recent college graduates and other job seekers, according to economists and labor experts. "The job market is kind of trash right now," said Mandi Woodruff-Santos, a career coach and personal finance expert. "I mean, it's really difficult," she added. "It's really difficult for people who have many years of experience, so it's going to be difficult for college kids." That may seem counterintuitive. The national unemployment rate in May was relatively low, at 4.2%. The layoff rate has also been historically low, suggesting employers are holding on to their workers. Yet, hiring has been anemic. The pace of employer hiring in April was the lowest in more than 10 years, since August 2014, excluding the early months of the Covid pandemic. More from Personal Finance:Millions would lose health insurance under GOP megabillAverage 401(k) balances drop 3% due to market volatilityTrump administration asks Supreme Court to lift ban on Education Department layoffs The rate at which workers are quitting — a barometer of worker confidence about their job prospects — has also plummeted to below pre-pandemic levels, a stark reversal from the "great resignation" in 2021 and 2022. "It will be a tough summer for anyone looking for full-time work," Heather Long, chief economist at Navy Federal Credit Union, wrote in an e-mail Friday. "This is an 'abundance of caution economy' where businesses are only filling critical positions and job seekers, especially recent graduates, are struggling to find employment," she said. While the job market may be limping along by some measures, Long also said a recession doesn't seem "imminent." Businesses added more jobs than expected in May, for example. But those gains have slowed significantly — a worrisome sign, economists said. Employers appear reluctant to hire in an uncertain economy. CEO confidence plummeted in the second quarter of 2025, seeing its largest quarterly decline on record dating to 1976, according to a survey by The Conference Board. Uncertainty around geopolitical instability, trade and tariff policy were the largest business risks, according to Roger Ferguson Jr., the group's chair emeritus. The share of CEOs expecting to expand their workforce fell slightly, to 28% in Q2 from 32% in Q1, and the share planning to cut their workforce rose 1 point, to 28%. "The steady erosion in the US job market cannot continue forever — at some point, there will just not be much left to give," Cory Stahle, an economist at the Indeed Hiring Lab, wrote in an analysis Friday. "In a low-hiring, slow-growth environment, employers can only hold onto their existing employees for so long before they too will have to be let go — increasing unemployment even as job opportunities continue to shrink," Stahle wrote. Don't underestimate the "power of personal connections" to help get noticed in a competitive job market like this one, said Woodruff-Santos, the career coach. Her No. 1 piece of advice: Make yourself "uncomfortable" in order to network and build professional relationships. "You need to put yourself in situations where you may not know everybody, you may not know one person, where you may actually need someone to give you a bit of a helping hand, and to feel confident and OK doing that," Woodruff-Santos said. If you're pushed to accept a job you don't love to make ends meet, make a plan to keep current in the field to which you aspire, she said. In other words, build the skills that will eventually help you get that job, perhaps by taking a training course, getting a certificate or doing contract work, she said. Also, consider joining a professional organization, putting yourself in the same room as people in your desired field and with whom you can connect, she said. These steps raise your chances of getting attention from future employers and keeping your skills sharp, Woodruff-Santos said. She also had some words of encouragement. "The job market has been trash before," she said. "It'll be trash again. This probably won't be your first trash job market. And you're going to be OK."
Vox
07-04-2025
- Business
- Vox
I can't afford a house right now. Am I screwed?
is the host of Explain It to Me, your hotline for all your unanswered questions. She joined Vox in 2022 as a senior producer and then as host of The Weeds, Vox's policy podcast. 'Should I buy a house?' That's the question that a listener, Miranda, brought to Explain It to Me, Vox's weekly call-in show. 'I think that's always been the go-to investment for past generations,' she says. 'You buy a house and that's kind of your retirement plan, and that just doesn't seem realistic or even attainable.' Miranda is far from alone in questioning whether homeownership is still the reliable engine of building wealth as it was for past generations. The US is in the midst of a housing shortage as millennials and Gen Z reach their prime home-buying years, but many are locked out of the market. Gone are the low post-Great Recession interest rates, all while the net worth of homeowners eclipses that of renters. Explain It to Me The Explain It to Me newsletter answers an interesting question from an audience member in a digestible explainer from one of our journalists. Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. It's a complicated calculation, one that Mandi Woodruff-Santos knows well. She's the host of Brown Ambition, a wealth and finance podcast. 'I bought my house in 2018, which feels like a thousand years ago,' she says. And initially, she wasn't completely sold on the idea of homeownership. 'I didn't realize how little I desired to actually own a home until my husband was like, 'Get me out of this concrete jungle! I want to touch grass.'' Eventually, a house just outside New York City won her over. 'We were able to find a home in a great neighborhood that was within walking distance of the train. I saw this little house, and I thought, 'I want that house.' And that's how I ended up here.' How do you determine if homeownership is right for you? And if it isn't, what are other ways to build wealth? That's the topic of discussion on this week's episode of Explain It to Me, which has been edited for length and clarity. You can listen on Apple Podcasts, Spotify, or wherever you get podcasts. If you'd like to submit a question, send an email to askvox@ or call 1-800-618-8545. We've been told for years that buying a home is this important milestone for adulthood and the first step to building equity and wealth. But with the current prices and interest rates, the barrier to entry feels especially high. What do you make of that advice about home buying? It's kind of like when you become a new mom: Don't get any of your parenting advice from someone who hasn't been a mom in like the last two years. You need fresh intel, and the reason is that so much changes. If you're getting advice from your parents, relatives, and, frankly, journalists, too — we tend to be a little bit on the older side — if you're getting advice from people who are not in the current market, it's not as applicable because they bought in an entirely different environment. Related How young people can avoid the financial pitfalls of previous generations There are choices I made in 2018 that I definitely wouldn't tell anybody to make now. I think it's really smart to ask for opinions and to be open to other points of view, but just understand the context from which they are giving you that advice. What do you make of the question from our listener? Is buying a house something she should be working toward? If you understand maintenance, if you understand property values and how they can be impacted by things like development and weather patterns — if you understand all these things and you still really want to buy a house, then yeah, go get your house! The ultimate thing is — can you afford it? If you're getting advice from people who are not in the current market, it's not as applicable because they bought in an entirely different environment. Now there are all sorts of different trains of thought about if a house is a good investment. I think you have to understand why you're buying a house. Are you buying a house for your family to live in for the next 10-plus years? That's a very different equation to me than if you're buying a home that you're hoping to fix up and flip on the market in a year or two, where you want to see a much higher return on investment. But if you're someone like me who's like, 'I want a place where my kids can grow up' — that is less about the ebb and flow of the current market and more about if this is a good long-term decision for me. So what I would look at today if I'm thinking about buying a house are mortgage rates. They aren't cute right now. Very ugly right now. But they're not as ugly as they could be. In the '80s, people were just walking out the door with double-digit interest rates. So interest rates aren't great, but they're not the worst they've ever been. What's more difficult these days is inventory. I wouldn't just buy whatever's there because you want to buy something. If you can wait, wait until you find a home that you really like and fits all your needs. It's worth it. Speaking as someone who is stuck in a starter home, I got my cute little 2 percent interest rate, but I'm in the tiniest little house in my neighborhood and we are busting out of the seams. Also, look at your lifestyle. At the end of the day, it's your choice. You're going to be living in it. Get clear with yourself on what you want. So if you sit down and you find out where you are emotionally, where you are when it comes to lifestyle, and you determine that buying a house is for you, what are the first steps? What do you suggest that a person do? Your credit score is going to determine how expensive that mortgage is going to be. I would say six months before you think you're ready, you want to look at your credit and take an assessment. Mortgage rates right now are around 5, 6 percent, 7 percent. They'll be even higher if you have poor credit. You want to avoid taking out additional loans six months before you apply for a mortgage because mortgage lenders don't like to see new debt right before they're going to potentially approve you for a loan. If you can wait, wait until you find a home that you really like and fits all your needs. Ideally, you're not going to have a fluctuating income. So if you're going to get a new job, that's fine, but it can make it a bit more complicated. Your lender wants to see a couple of years' worth of income, and they like to see it from one employer because this is about them wanting to pick a candidate for a loan who's pretty reliable. So for my freelance girlies, my solopreneurs, like me, it's not impossible, but you may want to talk to an accountant about how you can structure your business so that you are paying yourself as a W-2 employee. Also, saving up beyond that down payment. There are these things that pop up, and there's nothing worse than realizing you don't have the money in the bank for these extra expenses. If you're a first-time homebuyer, I would absolutely spend time researching first-time homebuyer programs. There are some through the federal government — and Lord knows what's happening with them right now — but check out the Department of Housing and Urban Development's website. Check out the Federal Housing Authority. See if you qualify for a first-time homebuyer loan. There's also a program called NACA, based in homeowner education. So if you go through their education program, they help buyers who are not maybe the most marketable candidates for a mortgage access to homeownership. There are credit unions, local banks — you may find state programs. Related Why buying a house feels impossible right now So that's if you want to buy a home. But say you can't buy a house or just don't want to. How do you build equity? What can you do? Yes, a home can be a vessel for increasing equity and building wealth. But it is not the only game in town. Ever heard of index funds, mutual funds? You can absolutely invest in the stock market, invest through your 401(k), and max out your Roth IRA. Also, invest in yourself. I don't mean go get a brand-new degree. What do you value in life? And if that's travel for you, if that's helping to care for family members, if that's moving to the city you've always wanted to move to, or just taking a chance on yourself and investing in an experience that aligns with what you value and what you want. At the end of the day, you can look back on that and say, 'Yeah, I did that for me and I have no regrets about it.' Who's to say that's not a wise financial decision? Maybe a calculator or an economist, but at the end of the day, you've got to live with yourself. I love that approach because there are all these different methods to finances, and I don't think that there's a 'right way.'
Yahoo
06-02-2025
- Business
- Yahoo
Empower Your Career: Lessons for Professional Success
Mandi Woodruff-Santos, widely known as 'Mandi Money,' has dedicated her career to empowering women - particularly women of color - to recognize and claim their value in the workplace. As the host of the Brown Ambition podcast and founder of MandiMoney Makers, she uses her platform to provide career and financial guidance, helping individuals build the futures they deserve. Recently, she visited Yahoo's New York offices to lead the professional workshop "Empower Your Career: Lessons from MLK for Professional Success," a seminar exploring how Dr. King's values - such as integrity, empathy, and community - can be applied to career advancement. Ahead of the event, she sat down with Built By Girls to offer her invaluable insights into career growth, the role of technology, and the power of community. From the outset, Woodruff-Santos made it clear that her mission is to challenge traditional career advancement methods and encourage women to take a different approach. While staples such as resumes and cover letters have long been considered essential, she prefers to focus on building strong professional networks that attract high-value opportunities. 'Many good jobs are not even posted on job boards,' she noted, urging women to use the communities they create to find opportunities instead of endlessly applying for jobs. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. A key part of Woodruff-Santos' strategy involves embracing technology, particularly artificial intelligence (AI), to make the process more efficient. She encourages job seekers to use AI tools to optimize their resumes and tailor them to specific job descriptions. 'Two can play that game,' she mused, referring to how companies already implement AI to screen candidates. 'Even though you may be a great match, if you don't use the right language, the right combination of keywords, there can be a bot out there who's like, 'Oh no, Mandi, she's not a great fit,'' she explained. By leveraging AI tools, applicants can work smarter - not harder - and increase their chances of landing their dream job. However, while technology is a valuable tool, it is not the only one - nor the most important resource - when it comes to securing key roles. Woodruff-Santos stressed the undeniable importance of community, urging young women to embrace the idea that success isn't a solo journey. 'We are not meant to do hard things by ourselves,' she stated, emphasizing the importance of building relationships with peers and colleagues. Not only can these connections create a lasting impact on one's current job, but can also open doors to future opportunities. 'Jobs may last 10 years, they may last 10 months,' she cautioned. Rather than placing too much importance on a single job or title, Woodruff-Santos encourages women to cultivate professional relationships that provide long-term career support and opportunities. By highlighting the transformative power of technology and community in advancing women's careers, Woodruff-Santos is helping others level up their professional lives. Following some of these tips and leveraging AI tools, women can streamline their job searches and position themselves for high-value opportunities, and ensure they are seen and recognized for their skills - helping to close the gender gap one job at a time.
