Setting goals is an effective way of getting many things accomplished. However, for personal finance and similar activities, there is an even more important task at hand: setting priorities. Prioritizing is a process similar to goal setting, but there are some subtle and conspicuous differences which are important to know and master.
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Setting Priorities
Thursday, January 21st, 2010
What it Takes to be Balanced
Tuesday, January 19th, 2010There are few things in life that come for free and the vast majority of those that do are completely worthless. Whether something costs money, energy, or time does not matter, only that there is some marginal cost for a benefit. Such is the law of responsible consumerism: something should only be bought if its benefits outweigh its costs. Just like everything else, being a balanced person comes with great benefits as well as great costs, which are sometimes not always in balance themselves. (more…)
Letting Your Employees Roam
Sunday, January 17th, 2010Google is famous as one of the best places to work in the technology industry. Stellar benefits, great pay, flextime, and many more qualities make Google home to some of the best and most coveted jobs in the world. One of the most well-known parts of working for Google is a sort of recreational free time during which employees are allowed to work on whatever they please without supervision. Creativity begins to flow, productivity increases with morale, and employees are happily generating new and fantastic ideas for the company to mull over and release to the public, creating more revenue and prestige for the behemoth.
Google has seen great success with this program and so will most companies, not only in IT. Allowing creative and imaginative time keeps brain power refreshed and at full supply, which can be very important in demanding environments including (but certainly not limited to) technology and software, accounting, and marketing. Let your employees roam and you will see new ideas for the company, increased productivity and morale, and definite loyalty. After all, if somebody enjoys his or her job, why would changing jobs become an issue?
I encourage all managers out there to take this chance to make a change in the workplace. Give your employees an hour one day next week to feel free to let their minds wander. See where it takes you. Increase the time spent gradually, until you have a fair amount of time for creativity and exploration.
Are You Credit-Ready?
Thursday, January 14th, 2010Personal finance advice often creates two camps: those who oppose credit cards and those who support their usage (with responsibility, of course). I fall into the proponent camp, because I think building good credit is a great way to finance a car or house without paying in cash, which is difficult for most to accomplish. Additionally, cash back and rewards cards are a nice way to generate a windfall. As long as credit usage is within reason, it is an easy way to get more out of shopping.
This does not mean, however, that I encourage all to go out and sign up for credit cards. College students, low-income families, and newly hired, entry-level workers often fall into the pitfalls of 0% APRs with the promises of fortune. This article contains guidelines for making the decision as to whether or not you are ready to take on a credit card. I think it will be useful for both those with no credit experience and those who are looking to take on a second or third (or more) credit card.
Can you get it?
The first thing you need to know is whether or not you will actually get the credit card for which you are applying. Sometimes, having a low income, little experience, many inquiries on your credit report, or being young will negatively affect your application and result in rejection. Before wasting an inquiry on a card, decide if you have good odds of getting it. I was rejected from a Shell card recently, and this was disappointing and lowered my score for nothing.
What kind of card is it?
Is this a cash back or rewards card? An introductory 0% purchase APR card? A balance transfer card? How are you going to use it? Depending, but especially if this is a card with a low introductory rate, consider how much you are going to be racking up in debt. 2011 will come quickly.
Is the card good?
A good card is defined with the following qualities: No monthly, annual, or otherwise “membership” fee*, few asterisks in the explanation, low interest rate (below 20%), good grace period for payments, and a free rewards program. Examples are Chase’s Amazon.com Visa, which is my personal credit card.
* The exception is for prepaid cards, which almost always have a fee. These are for people who cannot get a regular credit card, but still want to build their credit.
If you get into trouble with your credit card, who will be paying for it? What is your contingency plan, should you become unemployed or disabled? Are you buying things on credit, or are you planning to pay off the card at the end of every month?
A guideline: If you can’t afford it now, you can’t afford it later. Trust me.
How to Be Balanced at Work
Tuesday, January 12th, 2010Those of us who were not so fortunate as to be born into money have to work for a living. Sometimes, while working, we will be asked to do things we would rather not do, whether it be physical labor or an act with which we have moral dilemmas. Similarly, work is a place to get things done, rather than to socialize or take a break. Doing so may get one reprimanded or fired. So can you balance your health and sanity with your progress at work without getting into trouble?
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Balanced Business: Balanced Advertising
Sunday, January 10th, 2010There is a certain nuisance we have all experienced while being amused: advertisements. Blinking, yelling banners popping out of browser windows, movie previews for those completely irrelevant to our chosen film, and commercials for cars, fast food, and make-up regularly interrupt our entertainment time and disrupt enjoyment of our lives.
From a business perspective, this is not such a bad thing. If people are complaining, at least the company is not being ignored – a far harsher fate than being despicable. But interruption advertising is a dying art, as Seth Godin et alii have said for years now. They are correct. People do not want to be disrupted. They want their advertising to be relevant and they do not want to know they are being sold to. This is why Google’s Adsense program has been so successful.
Now onto the advice. It is of no concern to you how people are perceiving your advertising. As long as it gets your name out, it is doing its job. After this, it is up to them to buy or to fly, and to share with others. Your only concern is that people are perceiving your advertising. You want to be seen. You also want to be liked, but that is up to your PR person.
Balance your advertising with actual, good value. Baking soda commercials should show tips for how to use it to clean or to bake, or to make your teeth bright and shiny. Never say, “Buy this product,” but rather, “This is what my product can do for you.”
Alas, many companies have failed to learn this lesson. Have you had your life intruded upon by advertisements lately? Anything particularly infuriating or otherwise upsetting for you?
Finance: The Pareto Principle
Thursday, January 7th, 2010Anybody studying economics, business, or many other areas has heard of The Pareto Principle: the law that states that 80% of results come from 20% of effort. It is a common rule used in businesses to express that 80% of business will come from 20% of clients, and 80% of clients will come from 20% of marketing effort, and so on.
While not necessarily and inherently accurate, it can be used in a variety of situations to some degree of truth and honesty. One such situation is that of a very important sector in personal finance: saving money.
If 80% of your savings will come from 20% of what you do to save, then it is important to identify the 20% and do more of it, while discontinuing ineffective areas.
What Does Music Do For You?
Thursday, January 7th, 2010Music has become an important part of our lives over the millenia of our existence. Whether listening to the radio, buying a CD, or even just watching advertisements on television, music sets the background to our lives and works its way in wherever possible.
Whether relaxing or infuriating, all music has an effect on all people. So what does music do for you? Is it background noise that gets creative juices flowing? Perhaps it is a way to cool off after a long day of work. Maybe it helps you study and take tests by creating memories. Or perhaps you never listen to it too in depth to notice how it affects you. However you feel about music, share it in the comments.
The Types of Yoga
Tuesday, January 5th, 2010
Image by lululemon athletica via Flickr
Yoga, becoming increasingly popular in the Western world, is derived from the Sanskrit word for uniting or controlling. The practice has taken on many forms throughout the centuries and is now commonplace everywhere, including in the United States, where it was alien even a decade ago. Yoga is an excellent way to balance body, soul, and mind and many have taken it up. Perhaps you are considering it and do not know where to start. This is a rough guide to some of the terms you will see describing classes and videos and which you should choose for what purpose.
Hatha
Hatha yoga is somewhat of an umbrella term used to describe many different practices. It means nothing in particular in the United States, but if you see this label on a class, expect it to be slow-paced and easy-going. It is probably an introductory course meant for beginners, though anybody can take benefit from it.
Vinyasa
Vinyasa is also an umbrella term for many different postures. These classes are usually a little more intense, based off of Sun Salutations as a warm-up (before moving onto more intense stretches toward the end), and have movement based off of breath. Expect to get into very deep lunges and be prepared for a workout.
Ashtanga
Ashtanga, commonly mutated into “Power Yoga” in the United States, is a very intense series of poses, always completed in the same order. Each movement moves along quickly to the next, making this a very strenuous yet relaxing class. I do not recommend trying Ashtanga until you are comfortable with the movements of Hatha and Vinyasa, and you are very flexible.
Iyengar
This style of yoga is dedicated to positioning and alignment. Expect to hold a stretch for a prolonged time and the use of props to aid in correct posture to avoid injury. This is based off the teachings of yogi B. K. S. Iyengar.
Kundalini
This style is the one often seen in movies in which there is chanting. A more spiritually-oriented practice, Kundalini yoga focuses on freeing energy from your lower half and allowing it to flow upward through rapid and repetitive movements, rather than holding a posture for a prolonged period of time. This is somewhat similar to Qigong.
Bikram
Bikram yoga is often called “hot yoga” because it is performed in a room at a temperature of approximately 100 degrees, to allow muscle relaxation and purification through sweating. Bikram yoga is often an awakening and unique experience meant for those in good shape who can handle physical activity at such a temperature.
There are many other types of yoga, but these are the most common practices. Choosing which one to follow requires a little thought. Always be sure to attend more than one class before making a choice on which one to attend permanently, as sometimes one coach is better or resonates more with you than another will.
Networking Like a Pro
Sunday, January 3rd, 2010As any businessperson knows, networking is one of, if not the most, important activities one can undergo for career expansion. Learning who’s who and mastering relationship-building can be the qualification that makes or breaks a person in today’s rapidly-changing and rapidly-judging world. Sorority alumnae know that they have much better job prospects right out of college because of who they knew while taking classes – not how well they did. This article is about how to network like a professional – one of those people who always knows everybody, even before meeting them.
There is one main point you must know, and that is to always be networking. Every single conversation, hand-raising, sharing of personal experience, and discussion (or debate) must have networking at the primary goal.
Be Task-Oriented
Keep thinking that the point of every conversation is to build your network in some way. Perhaps you drop your career or new projects in conversations if you think they are relevant. Be sure to find out who else the person to whom you are talking knows, and address them later if you would like, opening the conversation with, “I spoke with your friend [John Smith] and he [or she] recommended you to me. Hi, I’m…”
Remember Your Manners
The key point of the above paragraph is to keep it relevant. To break this rule is to become rude. Also, always keep an open mind. While argument is allowed, sarcasm of closed-minded, blatant ignorance is not. Support your side fairly but also hear out the opposition, and you will make a friend. Remember: if you wouldn’t say it to your mother, don’t say it to anybody else.
Ask for Recommendations
If you have a problem or a solution you think may interest friends-of-friends, feel free to bring it up and ask the other half of the conversation whether he or she knows anybody who may be interested or who can help. This is a quick and easy way of building your network from just friends to including acquaintances and relevant strangers (which is suspiciously similar to a mailing list, only with a better chance of success as people like faces).
Say “Yes” Accordingly
If you receive an offer or are asked to perform a service, be sure to agree to it then and there if you ever plan to at all. Do not check your schedule. Do not say, “I’ll let you know.” I know from experience that people forget and get too busy. Make an obligation or tell them, “I’m sorry, but I have been very busy and will not have time to help you with this right now. You can try John Smith, or you can get back to me in a month when life has slowed down.”
It gets easier…
As you continue to network, networking gets easier. If you have built up rapport with your audience and you have a reputation worth spreading, people will begin to do your work for you, so long as you have not broken any of these rules. Expect to get calls from people who were recommended by friends-of-friends and people with whom you have never even spoke.
What are your tips for networking? How do you do it? Do you see the advantages – the greatness of your labor coming to fruition?
