Our Two Cents, Old 401(k)s, & Outdated Career Advice

Welcome to Work & Wallet—a newsletter where finance meets career advice.

Our Two Cents with Denise Chisholm, Director of Quantitative Market Strategy at Fidelity Investments

Denise Chisholm talks to us about inspiring creativity, handling conflict on a team, and the hobbies keeping her energized outside of work. Here’s what she had to say.

Why did you choose to work in the financial industry?

It seemed much more interesting and challenging than what I was doing at the time. My husband was in financial services while I was working at other jobs in and around data analysis. His job looked more like what I pictured myself doing—continuous and constantly evolving research with unlimited streams of data to analyze. Ironically, he left financial services to pursue more creative endeavors (which included raising our kids), and I ended up staying. The “right” job on paper might get you to year five or 10, but it’s the job you love where 25 years happens in the blink of an eye.

How would you describe your current role?

I look for patterns in historical data to predict investing trends in equity markets.

What do you do to encourage creativity? How do you bring it into your role?

Laugh. Investing can be an intense, serious business. But that doesn’t mean we have to be intense and serious 100% of the time. When I host research meetings, I try my best to bring some levity...and, usually cookies. I’ve found that laughter (and cookies) can make people more comfortable. When people are more comfortable, they ask more questions. Investing involves process and science, but much of it is interpretation and art. The more conversation and questions there are, the more you can see the artistic and creative side of investing.

How do you handle conflict?

Investing is a good teacher, because there is always conflict. No one has a crystal ball and there is no right answer. Given that, it’s imperative that we listen to alternative approaches. Debate, which some might consider conflict, is vital for growth.

What hobbies bring you energy outside of work?

My family and two teenage daughters. They say kids are often the best teachers, and I think that couldn’t be more true. Recently, I taught my daughters personal financial lessons over the summer (5 weeks, 1 lesson a week, no homework). Sounds pretty intense, but it wasn’t at all—it was more conversation around the dinner table. We talked budgeting, borrowing, investing, taxes, and real estate. I probably learned as many budget tips from them as they learned investment tips from me.

If you could do anything over, what would it be and why?

Nothing. Not because it all went smoothly (spoiler: it didn’t), but because I find that I have learned more from my failures than my successes. You can’t take them away and still be who you are.

Who (or what) has been your greatest teacher? Let us know in the comments!

What to do with an old 401(k)

Starting the new year with a new job? Well, you've got options for your old employer's 401(k), and here they are in no particular order.

1. Roll over to an IRA

Consolidate your retirement accounts in one place while continuing tax-deferred growth potential.

2. Roll over to a new workplace plan

If your new employer allows, this option lets you consolidate your 401(k)s into one account while continuing tax-deferred growth potential.

3. Stay in your old workplace plan

If you’re able to, this option lets you continue tax-deferred growth potential; however, you can no longer contribute to the old plan.

4. Cash out

Your cash distribution will be subject to state and federal taxes, and if you withdraw before age 59?, a 10% withdrawal penalty may apply. Also, your money won't have the potential to continue to grow tax-deferred.

Looking for more info on what to do with an old 401(k)? Learn more here.

Job hunting advice you should and should NOT follow

If you’re looking for a career that’s more aligned to your New Year’s resolutions and goals, the advice you’re following should be new, too.

Outdated: Finding a job is a numbers game

The more jobs you apply to, the more likely you’ll get hired, right? Not exactly. If you apply to every job you see, you’re applying to jobs that aren’t a great match for you. With most large companies using applicant tracking systems (ATS) to automate their hiring process, your resume can get lost in the shuffle.

Updated: Be strategic about applying for work

When you target roles that are better suited to your skills, you’re more likely to be flagged as a possible match. Be clear on your must-haves and don’t bother applying to ones that don’t match up. It will save you time and energy that can be spent on better opportunities.

Outdated: Getting a job only comes down to who you know

Well, sort of. While it may still help to know someone on the inside—at least to get your resume seen—a lot has changed and workplaces are more diverse in their hiring practices than in days past.

Updated: Grow your network to expand who you know

Today there are ever-expanding opportunities to increase “who you know.” LinkedIn is tailor-made for professional networking (and you’re already here, so take the next step and grow that network). There are also webinars and free trainings all over the Internet where you can meet people in your field.

Outdated: Don’t admit your shortcomings

“What is one of your weaknesses?” Who wants to share their flaws with a group of strangers who possibly hold the keys to your financial future? Nobody, that’s who! Reframing your weakness as an opportunity to focus on can work, but how you do it matters.

Updated: Honesty is the best policy

An answer like, “my biggest weakness is I work too hard,” may come across as disingenuous. Instead, give a more human answer. “I lose focus sometimes,” or “I can get too caught up in the details.” Then, give some clear, relevant examples of how you handle these issues. This lets interviewers see that you’re able to look at yourself honestly and that you’re proactive about improving.

Want more? Check out the full list of outdated job hunting advice and what to do instead here.

Don't forget to subscribe and let us know what you want to read about next in #WorkandWallet.