u  Career development and financial management

I. Career development

1. Current career development has transformed from stable continuous types into unstable interrupted forms, unlike the life-long employment in the past.

2. Instead of staying in one enterprise (life-long employment), it is better to keep the single professional career (life-long career).

3. The factors for a successful career development depend on comprehensive preparation for next job, balance between family and work, and self-actualization.

4. Get prepared in advance for career arrangements, including career direction, career contents, sequence of stages and length of time, so that you can make decisions easily when opportunity comes.

5. In current time of “professional job assignments”, it is basic to have only one specialty. More and more companies adopt “professional multitasks” organizing strategy to accelerate the adaptation of the changing environments.

6. For getting more chances of promotion and performance in an organization, one more professional ability means one more “attack” opportunity.

7. Please contact branch offices of Workforce Development Agency, Ministry of Labor, Employment Service Stations and Labor Affairs Bureaus of local governments for orientation trainings, skill tests, employment services and start-up counseling.

II. Financial management

Arrange personal and family financial arrangements:

1. Arrange financial managements: Establish four personal financial statements, including statements of income, expenditure, asset and liability, to know your current status, cash inflow and outflow, and resources that can be used to accomplish financial targets.

2. Liability management: Benign liability: house loan, investment and entrepreneurship, etc.; non-benign debt: credit card debt and usury, etc. To understand how to reduce or pay off debts.

3. Expenditure management: Learn how to keep accounts, track consumptions records and manage income and expenditure well.

4. Savings: Keep savings as a fixed habit and save certain percentage of monthly income into a saving account for investment.

5. Risk planning: Check if there is enough insurance coverage when you suffer diseases and accidents. Are there preparations for accidental disability, temporary or permanent situations for not able to work? Do you have contingency allowance for yourself and family?

6. Children education planning: Inspect the education planning and funds that you want to prepare for your children. How much does it need?

7. Retirement planning: Calculate the fees of living expenses, medical care and nursing services after retirement in advance. Is your pension enough to cover? If there are deficiencies, how to make up the gap?

III. Debt negotiation

1. Legal source of pre-negotiation: According to Statute for Consumer Debt Clearance, debtors those who are in debts to financial institutions should request for debt negotiation settlement plan to the largest financial institution creditor before debt settlement proceedings and liquidation. Or request for mediation of debt clearance to the court of residence or the mediation committee of the household registration.

2. Meanings of pre-negotiation: After debtor has requested for negotiation application, all financial institution creditors make a viable arrangement proposal with the debtor to solve the debt problems according to the debt-paying ability.

3. Debts that can be proceeded in pre-negotiation: Only having one of the following debts, such as loan for consumption, loan for owner-occupied residence, debts of credit card or cash card, that belong to financial institutions can apply for pre-negotiation.

4. Assistance of pre-negotiation provided to the debtor: Pre-negotiation provides a mechanism for resolving debts between debtor and all financial institution creditors. Arrange a settlement plan according to the debtor’s actual paying ability to avoid proceeding to judicial process of rehabilitation or liquidation for not affecting personal credit records and social reputation.

5. Negotiation and counseling services: Bankers Association, R.O.C. counseling service line: 02-85961629. Contact financial institutions for pre-negotiation counseling services. Or you can make a query via internet to access the websites of Bank Association, Financial Supervisory Commission, R.O.C. and financial institutions.