Financial Regrets and Understanding the New Overtime Rules

I had the opportunity to go onto Stacking Benjamins and talk about the new Overtime Rules. Please note that we recorded this before the DOL released their final ruling, which changes the salary to $47,476 per year. I talk about $50,440 in this podcast, but it’s $47,476.

I’m at the end, but the round table is interesting too–I learned a ton listening to financial experts discussing their own financial errors. My biggest error? Thinking that because both my husband and I worked in Pharma we could buy individual pharma stocks and become fabulously wealthy. Yeah, no. (No worries, we weren’t trying to do insider trading–we didn’t buy the companies we worked for.)

Anyway, here’s a link to the Podcast: What Are Your Biggest Financial Regrets?

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8 thoughts on “Financial Regrets and Understanding the New Overtime Rules

  1. It is actually $47476 – only a dollar difference, but attention to detail might be your problem.

  2. I would like to see a written explanation on what a worker could expect with these new rulings. I happen to have 2-fold viewpoint on this matter as I have worked with a salary and as an hourly paid employee. Both have benefits but right now I am very leery of the new laws as I can see the abuse being factored into the decisions made by employers as to pay. I personally switched from a salary condition of pay to ah hourly pay, to insure I would be paid correctly for the many hours I was putting in. As a type A personality style worker, I would work to achieve work goals and I would give up time from family to do this. As I got more aware of my skill set, I would prioritize my time and would arrange my work life and home life to not have conflicts. This was the big reason I went to an hourly paid position. As long as I worked the required hours, I would not be expected to be available on my off hours. This new ruling makes me cringe as more and more companies are demanding control over when they want to employees available to work. One could say having a salary guarantees your pay but how many hours are you expected to really work. The companies (at least the ones doing it by me) who offer salary paid positions do it because they expect employees to work more than a 40 hour work week (minimum of 45 could group to 60 plus hour work week) with no extra for any overtime. Plus there are those employees who work the system, that their hours of work are “prime” hours to the detriment of others ( early leave time at end of day and every weekend off and holidays) I would like to see a full written report on how these laws are really supposed to be utilized.

    1. It’s the same law as always for exempt and nonexempt–it’s just that the income threshold (in most fields) before they can classify you as exempt has roughly doubled.

  3. I work with people who are exempt but always on breaks or on their iphones doing personal stuff. I swear one guy is reading War and Peace on the thing, his head is down so much. If we made less and were subject to this rule, many people would probably be going through iphone withdrawal!

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