Decades ago, many people stayed with one company their entire lives. The company would give them annual raises and provided for them in retirement through pensions or other retirement plans. Long gone are those days. In today’s world, it is common for large companies to lay off thousands of employees at a time. It is common for companies to downsize or outsource parts of their workforce. In addition, it is common for companies to give small or no raises at all, which is essentially a salary decrease after inflation. Nowadays, it is much more acceptable and common for people to move from one company to another every few years. In fact, Forbes published an article that claimed that employees who stay in companies longer than two years get paid 50% less over their careers assuming a ten year career. If your career is longer than ten years, you risk being paid even less than 50% of your potential.
When I first started learning project management, I learned the three basic concepts (known as the triple constraints) of scope, schedule, and cost. All projects have a start and an end and must be delivered on an agreed upon scope, on schedule, and within costs. Having these constraints allowed me to focus on all the tasks that must be done in order to complete a project on time. If more tasks became a part of the project, I then evaluated whether or not those tasks are a part of the agreed upon scope. If not, I did not have to worry about them since they don’t contribute to the end goal. See the diagram below.
Imagine walking into a new job and not getting along with anyone. Imagine being unable to do good work because you are not used to the level of bureaucracy and red tape that you need to go through. Or, maybe there are not enough processes in place for you to function effectively since you feel lost. Imagine feeling uncomfortable because you have trouble communicating in the same manner as your co-workers. Imagine feeling uncomfortable because the CEO takes on such a lax attitude about issues that you find extremely important. These are all issues of company or corporate culture, and being in a culture that you are comfortable with and thrive in is often ignored.
Are you in the market for a new home, a new car, or a new job? Would you like to get the best value for your money or the best salary for your experience? Well, I recently guest posted on a very popular personal finance and travel blog called Making Sense of Cents. In my post, I outlined some of my top negotiating tips that I have learned from negotiating products and services with large vendors in my career. I actually used those tips to negotiate the successful and quick purchase of my condo. Perhaps you can use some of the advice and general principles I have provided when negotiating your next big purchase. You can find the article here.
Recently, I watched a Youtube video from an entrepreneur named Gary Vaynerchuk. I have been a fan of his for a while and have been truly inspired by his thinking, his drive, and his accomplishments. Born in the Soviet Union, he and his family moved to the US when he was a young boy. He grew his father’s liquor store business from $3 million in annual sales to $50 million by taking the business online and creating Youtube content around wine to aggressively grow sales. Later, he started his own company, Vaynermedia, a social media brand consulting agency. He produces a lot of great Youtube content, speaks at various events, and actively engages people with social media.
Today’s post is from Jessica, a professional blogger who writes for Faxage-a leading company that provides Internet fax service for individuals and businesses.
Have you ever wanted to start your own business to make some extra money? Or do you currently own a business and would like to learn more about tools that may help enhance your productivity so you can be smarter about how you spend your time? After all, many of us live busy lives and constantly have to balance our time between conflicting priorities. What if there was a way for us to get work done faster and more efficiently?
Previously, I had talked about the importance of saving early and retirement vehicles such as a 401K. However, I didn’t go into too much detail about how they work, why they are important, and how they can help you. According to a Vanguard study, the median 401K balance of someone from the ages of 25-34 is just over $9,000. For someone from the ages of 35-44, the median balance is just over $26,000. In my opinion, those are very abysmal amounts especially considering the benefits of using one of these vehicles. If more people understood the importance of a 401K and all the benefits they bring, I’m sure that they would make a greater effort to contribute more. If you don’t have access to a 401K account, don’t worry, there are other tax advantaged retirement accounts that I will mention later.
Previously, I had written a post that suggested we all focus on building our skills. However, once we have acquired wider and deeper skill sets, how do we translate that into more money? Mastering a skill set is great, but it won’t help us earn more money if we don’t know what to do with those newly acquired skills. I mentioned that the money will come in response to the skills we developed. However, how exactly does that happen? I will expand on that statement. The money will come in response to the contributions we are able to delivery due to those skills that we have developed.
I once heard Warren Buffett state that a doctor or accountant or any type of professional will always command a portion of society’s income because of her skills. Even if there is inflation and prices go up, our skills allow us to command the same portion of society’s income. The implications of that quote are profound. We are not paid random amounts, instead there is a rhyme and reason to our compensation structures. Furthermore, we have some control over the pay we receive. The most important and impactful message I learned from this quote was to continue to develop and build my own skills strategically and to the best of my ability. The wider and deeper your skillset, the more opportunities there are for you. Instead of focusing on the money, focus on developing your skills and doing well at your job or business. As a result, the money will come in response to those skills.
Recently, I read the Schroder’s Global Investor Study titled “Are millennial investors facing a perfect storm?” which analyzed the expectations of investors, and in particular, millennial investors. I thought that some of the millennials’ expectations were extremely unrealistic and out of touch with reality. Unfortunately, having the wrong expectations when it comes to your investment returns and time horizons can seriously hurt you down the line. Although you won’t feel the effects until later in life, and often when it is too late, it is important to start planning correctly now since the impact of the decisions you make now will be magnified in the future.
Professional Development and Personal Finance Blog