How to Sniff Out the Right Career

Finding the right career path to follow and to excel in is never easy. Our preconceived misconceptions can get in the way more than any other opposition to success. The trick to finding your perfect career path is in finding out what hides behind a job title – what the actual duties are and evaluating yourself honestly to see if it would make you happy. Confucius said it best; “Choose a job you love, and you will never have to work a day in your life.” The following tips and questions are intended to help you determine the path that’s right for you.

What do YOU bring to the table?

The first step is to evaluate what makes you who you are. Everyone has strengths and weaknesses, things they can handle and things that would make them go insane. This checklist of questions will start to provide the answer to the question of what kind of job would best suit you. Ask yourself what it is you are best at and what drives you most. Is it…

1. The need to help others accomplish their goals?
2. A passion for finding solutions to problems no one else can?
3. Curiosity about the impact various solutions have on the outcome of a project or the environment?
4. Making a work process easier, quicker or more efficient?
5. Sharing knowledge with others?
6. Finding a position that gives you a creative outlet?
7. Being creative?
8. A conviction for a product/method you want to convince others about?
9. Are you interested in pursuing a career while getting to know a different country/culture?

If your answer falls into any of the categories between 1 and 9 it’s definitely worth finding out which career would be the best fit for you in this sector, and what to aim for in improving your situation. You need a passion for what you are doing in order to shine at your job and be an important contributor.

What kind of work would fit you best?

If your answer was 1 and/or 5

You would probably be well fit for a training position. Sure you will have to learn the ropes first, but with this mindset you would be good at imparting motivational training, actively helping plan careers and offering educational options in a step by step scenario.

If your answer was 2 and/or 4

Finding solutions to problems usually implies that you are hands on and can visualize a process without problems. This would best place you in the production area of your company, where you can observe the processes and optimize them.

If you answered 3, 6 and/or 7

Ditching the company lifestyle for a trade where you can truly express yourself might be a good answer for you. What that trade will be lies in your talents to create.

On the other hand, you also might find yourself being an asset to the marketing department of a company. Not only do you have to be creative to market your product, but you have to know how it will impact your target market. It’s all about the when, where and how.

If your answer was 7 and/or 8

Sales would be the department lucky to have you. Being able to convince others of a product or method you believe in, is invaluable to any company. Creativity is needed to find the right approach for the target buyer. What is good for one buyer may not be for another, that’s why it’s important to be able to address buyers in a way that appeals to them.

If your answer was 9 in addition to any of the other combinations

Taking on a career in a foreign country will definitely make a positive impact on your resume. The question is where do you want to go and how do you go about it? The answer will lie in doing your homework. You can look into career passport site for help on every aspect of foreign careers. Ranging from finding a position to relocation advice and help, it’s a nice tool at your disposition. Living and working abroad is a sure way to broaden your horizons and realize your dreams.

What will you ask before starting your career with a new employer?

When you apply for a position that you are qualified for, make sure your employer meets your standards as well. Today, with the help of the internet you can get quite a bit of information before submitting your application.

·        If they have job descriptions posted for the position you would like, read them carefully and ask yourself if this is what you want to be doing over the next few years.

·        Read the company philosophy. Is it one you can share with them? It’s hard to work for a company if you resent their motives and objectives.

·        Do they promote from within? How much room is there to grow? If you work for a company that can’t offer the opportunities you are looking for, you are wasting time.

·        What are the benefits your new employer offers new hires? Are there special incentives such as income protection insurance or other benefits?

·        Does the company offer training programs to keep you up to date in your field? If not, are they willing to take on some of the cost that would be involved if you were to obtain the training elsewhere?

·        If you are from a different area or country, will the company help with relocation costs? Do you know anything about the area you are going to move to?  Will you be able to adapt to the new culture?

These questions are far too important to ignore. They will make the difference between a future career and a job. The key thing, in any decision that brings about change, is to know what you want and where you want it to lead you. You can’t build a house without a foundation and the same goes for the right career path -you can’t build a career on a position you aren’t happy with. Put your nose to the ground, start sniffing out the right one, and make a commitment to your future happiness.

Article submitted by Arlene Chandler, a freelance writer who enjoys discussing career and business-related subjects. When she’s not enjoying a good book out on her patio, she writes about leadership skills, job searching tips, and income protection plans from Suncorp. 

Money for Life Coaching does not recommend or endorse any financial product or service.  Please ensure that you seek your own independent financial advice before purchasing a financial product or service.

Maryjo - My Road to Financial Integrity

Everyone’s road to financial integrity is somewhat unique. Each person needs to decide for themselves where to start, what’s critical for them and where they can have the most impact. For me, the road I’m on started when I realized I didn’t want to work forever and if I wanted a different lifestyle I was going to have to set some goals and make some changes in my life. The first thing I did is track every penny I spent. This is a recommended step in most financial integrity programs, and although I thought it would be a real pain to do, I’ve found after a year that it’s actually very easy and quite enlightening!

The next step for me was to identify 3 questions I promised I would ask myself on a regular basis. The answers to these 3 questions have led me to a multitude of cost saving practices that are further helping me meet my financial goals. The questions are:

1.     How can I do this for less? Here is an example of how I applied this question. I don’t have a lot of extravagances but getting my hair cut and colored on a monthly basis is one of them. I routinely would spend upwards of $80 to accomplish this. I know I could go to a cheaper place or dye my own hair but neither of those options appealed to me. So on a visit to my hairdresser I told her of my dilemma – my desire to stay with her but my need to cut expenses. She suggested two ways I could cut my bill. First, since I live in a warm climate and generally have my hair appointments in the evening when all I do is go home and go to bed afterwards, she suggested I skip the blow drying which is an extra charge. Done. Then she suggested I get my hair trimmed only every other visit or as needed, further cutting my bill. Done. Now I routinely pay half to two-thirds what I used to pay and still have great hair!

2.     How can I reuse or recycle instead of buy new? I travel for business and always like to have water with me. I used to buy my water at the airport, spending $3.00 or more on each flight. Now I carry an empty water bottle with me, take it through security, and fill it at a water fountain before I board the plane. I’m not only saving money but being “green” too!

3.     Can I suggest a cheaper alternative? A lot of times I spent money just because I didn’t speak up. I used to go to restaurants with friends on a regular basis – expensive, and often so noisy it was hard to have a good conversation. Now my friends and I get together at each other’s homes, or better yet, we each pack a cooler with food and drink, grab some beach chairs, and meet on the shoreline to watch a sunset together. It’s relaxing, quiet and beautiful, and inspires great conversation. And everyone agrees it was a great idea!

Being more mindful of what I’m spending and thoughtful about the questions I ask has helped me on my road to financial integrity and freedom – retirement day is closer than I’d ever dreamed!

Teach Your Children - Colleen

Stories abound these days of people who are drowning in credit card debt and who are now paying the price for living beyond their means. When I read these stories, I feel grateful for my dad. Had these unfortunate people been raised by my dad, they would probably not be in such a predicament.

My dad taught me and my sisters from an early age what money is, its value, and how to manage it. Here are some of his main lessons:

Money is for many things, not just for spending

When I first received an allowance at about the age of seven, my dad gave me three empty jars, each with a label on it. One jar was labeled “spending,” another “savings,” and the third “church.” We were to allocate our allowance among these three jars in any way we wished. With these three jars at hand, it never occurred to me to put all of my allowance in the “spending” jar. Instead, I put a dime of my 25-cent allowance into the “spending” jar, another dime in the “savings” jar, and a nickel in the “church” jar for my offering the following Sunday. My dad taught us that money is not just for spending; it is for saving and sharing as well.

Keep track of your cash flow

A few years later, my dad came home with gifts for me and my sister. We each received a book, bound in faux-leather, with the word “cash” embossed in gold on the cover. The pages were filled with columns. My dad showed us how to record our “income” in one column and our “expenses” in another. He told us “income” is the money we receive, like our allowance or gifts from Popo and Gung Gung (my grandmother and grandfather) or money we earn from doing extra chores. “Expenses” are when we spend our money, and it is important to keep track of how much is spent and what it is spent on. He taught us to subtract the “expense” column from the “income” column so we would always know how much money we had. From my first entry in that cash book of 10 cents for a bag of chips to my current use of the slightly more sophisticated Quicken software, I have kept a watchful eye on my cash flow.

You can’t have everything you want, so make wise choices.

In high school, my sisters and I were given a budget at the beginning of each year for our school clothes. We had $300 to spend in any way we wanted. But my dad warned, once the money was gone, that was it. We were not to come crying to him for more money. I didn’t dare test this boundary. I was convinced that if I had blown that $300 on a few pairs of shoes and a handbag, there was no telling what humiliation I would have had to face -- indignities such as having to squeeze into last year’s clothes, or to wear my older sister’s hand-me-downs, or even to be seen in public only half dressed! Both of my sisters and I learned to sew because it was much cheaper to make clothes rather than to buy them in those days. I scored a small victory when one of the cool girls at school complimented me on the dress I was wearing and asked me where I had gotten it. I nearly burst that dress with pride when I told her that I had made it myself! My dad taught us that you can’t have everything you want. You have to make choices, and you had better choose wisely because once the money is gone, it’s gone.

These lessons were not easy for me to learn as a kid. I may have resented the restrictions and the discipline at the time. I would have liked to have had more stuff, the latest stuff, the best stuff. But any “pain” I felt back then would have been eclipsed by the pain of learning these lessons the hard way, and as an adult. Just recently, I told my dad how much I appreciated what he had taught me.

I urge you parents to teach your kids how to value and manage their money. They may not like it now, but you will be giving them a gift far more valuable than the latest videogame or designer clothes. You will be giving them the tools to lead a life of Financial Integrity.

Am I already at the peak of fulfillment?

My fiancé has a pet bird. This was almost a deal breaker on our second date because I thought keeping a bird locked in a cage was the height of animal cruelty. But I quickly learnt that Gabe sees his cage as his home. We always leave the door open, but he prefers to ‘stay in’ and play with his most beloved toy: a bell.

Knowing his love for bells, one weekend as I was preparing to leave (birds are great pets because they’re pretty self sufficient) I had the brilliant idea of putting both of his beloved bells in his cage at the same time. The idea being: twice the things - twice the fun. But quickly I realised this wouldn’t be the case. This is because Gabe can only play with one bell at a time and so the second bell would not bring him any greater happiness. Actually, the second bell, while perhaps a diversion from the first, would most likely just be in his way, taking up precious space in his cage. It was a revelation: twice the things not necessarily meaning twice the fun.

The reason it felt like an epiphany was because I’ve been reading about this concept in the finance book; Your Money or Your Life where they called it the ‘fulfilment curve’. They demonstrate this theory with a simple graph; an upside down U showing pleasure increasing with the attainment of goods and services (at a cost) and then the curve petering out after more and more money is spent on said goods and services. I had understood the concept, but I guess I wasn’t a believer. I couldn’t help thinking that another thing or experience would be great; an overseas trip, a new trinket for my house, another pair of shoes. I felt my fulfilment curve would be a never ending arrow to the sky if I could spend, spend, spend.

So seeing that Gabe had reached that elusive point of maximum fulfilment, the coveted ‘enough point’ in his life, I had to wonder why? How? And I found that the answer was to do with his lifestyle – i.e he lives in a cage. In his cage, no bell is boring, one bell is fun and two bells doesn’t leave much space to live. Could the same simple formula apply to my lifestyle? Doing the 100 Thing Challenge, where I reduced my clutter by limiting myself to 100 personal possessions, I discovered a small taste of what ‘enough fulfilment’ means. I discovered I had all these great hobbies collected over decades: painting, dancing, swimming, travelling, gardening, to name a few. But one of my lifestyle constraints: time, limited my enjoyment of all of these. Looking at my level of fulfilment I realised it was better to put my resources into pursuing only 1 or 2.

So while I originally thought that I’d never be the kind of person to find the peak of my fulfilment curve, my budgie showed me that all I need to do is look at fulfilment in context with my life. For me there is no point dreaming about travelling for a year as I continue to build my house ‘to settle down’. No point continuing my painting when I don’t really enjoy it. I think there is huge benefit to be gained from understanding and accepting the limitations in our lives, seeing the cage that we have and then making the most out of it. So while there is a big wide world out there with lots to buy and do, in my everyday lifestyle I’m really very happy with what I have. Perhaps I had reached my point of ‘enough’, of ultimate fulfilment, without noticing. Perhaps I have my bell, and now I also don’t need two.

Is My Superannuation Enough?

Retirement is always on the horizon. As citizens we hope that our government pensions will provide enough money to allow us a comfortable retirement. Unfortunately that is not the case for majority of Australian Citizens. Life expectancy has gradually increased over the last century. This is a double-edged sword. While women living to 82 and men to 77 will allow more time to enjoy our lives, we must keep in mind that it will mean that our superannuation pension must stretch further than ever before.  

How Money Much Do You Need For Retirement?

Bills don’t stop rolling in after you retire. Retirees will need to pay for rent, utilities, medical bills, auto insurance, and food. And that’s before adding in the entertainment that we hope that we can engage in after we retire. Current retirees who are fine with living a modest lifestyle will need:

·         $21,930 a year if they live alone

·         $31,675 if they live with a spouse.

Current retirees who are fine with living a modest lifestyle will need:

·         $40,407 of they live alone

·         $55,249 a year if they live with a spouse.

How Much Money Will Be Available to Us in Superannuation?

The amount of superannuation that seniors will receive is not a set amount because 9% of every paycheck that they have received over their lifetime been placed in their superannuation account. According to a study on retirement income conducted by Challenger, retirees will require over $600,000 if they want a comfortable retirement. Unfortunately the amount of superannuation that a lower or middle-class man or woman can expect is far lower. Current retirees have an average superannuation of:

·         $275,800 if they are men.

·         $218,600 if they are female.

This number will of course fluctuate based on when you began working, how much you earned throughout your life, and if you took any time off work. But the fact remains that the majority of lower and middle class Australians will have used their superannuation fund within 10 to 15 years.

The Answer to the Superannuation Problem?

I’m not sure what we can do as a nation to solve the retirement fund crisis that many of our seniors are currently experiencing. But we can make some personal changes to our own lives to ensure that our retirement funds will stretch a little further. You can do this by adding to your superannuation fund or creating a personal retirement savings account.

Before beginning to add money to tour superannuation or savings account, you should determine how much you will need to add to your retirement fund. You can do this by checking out this superannuation calculator here. To use the calculator you will need to know how much you currently have in superannuation and your yearly income. Once you have entered that data, the calculator will tell you how much you will have at retirement, when those funds will run out, and how much you will need to save to have the lifestyle you desire. All that is left is to work out how much you can afford to put towards your retirement now.

If you want a worry free and work free retirement, you need to carefully plan out your finances. Don’t expect your superannuation funds to provide all the support you desire. You may need to contribute money to your retirement fund. You can increase the amount you can add to your retirement fund with these money saving tips!

General Advice Warning

This information is of a general nature only and is not intended as financial planning, superannuation or investment advice. You must make your own assessment as to the suitability of products and/or strategies in respect of your own particular circumstances, objectives and needs. Before you make any investment decision, ensure that you have read the relevant product disclosure documents. We always recommend that you seek your own professional financial planning and superannuation advice by contacting us on 02 6583 7588 or enquiries@directadvisers.com.au.

Fred: I got off the treadmill

When I was younger, I hopped from one job to the next, believing that I would find that one perfect position, my dream job. In my dream job, I would be proud of my work, do good for the world, be respected as a high-status professional, and be paid handsomely. I often moved from one position to the next within a year or two, jumping whenever the grass appeared greener elsewhere. This constant dissatisfaction took its toll on me, leaving me always wanting more, always changing colleagues, and eventually becoming lonely and disconnected in my work. Because of this disconnect, my results weren't what they could have been.

I was working full-time at a job I enjoyed but didn't love. I was commuting about 1.5 hours per day. I never had enough time for all the outdoor activities I cherished. I wanted to be outside more, instead of spending the best part of each day in a cubicle. I spent a lot of money on new things that brought momentary happiness, only to end up with a cluttered garage. I had a wonderful dog, but not enough time to spend with her. I was always tired, drinking soft drinks and munching sugary snacks at work to stay awake. I was nearly 100 pounds overweight.

Then I discovered the Financial Integrity Program. Within five years of concerted effort, I crossed over to financial independence. Now I use my time for writing, volunteering, sailing and ultra marathon trail running. ). If I had begun following this nine-step program earlier in life, I would have reached financial independence even sooner! Clearly, the time to begin is now.

Financial independence can give us the ability to choose to do what we enjoy, rather than continuing on the paycheck-to-paycheck treadmill. Income opportunities have a way of falling into our laps when we're doing what we love. Repeatedly as I've helped other people with fun projects, I've been offered paid work. If I run short of funds, I'll accept!

The Ant Philosophy

Over the years I've been teaching kids about a simple but powerful concept—the ant philosophy.

I think everybody should study ants … They have an amazing four-part philosophy.

Here is the first part: ants never quit. That's a good philosophy. If they're headed somewhere and you try to stop them, they'll look for another way. They'll climb over, they'll climb under, they'll climb around. They keep looking for another way. What a neat philosophy, to never quit looking for a way to get where you're supposed to go.

Second, ants think winter all summer. That's an important perspective. You can't be so naive as to think summer will last forever. So ants gather their winter food in the middle of summer.

An ancient story says, “Don't build your house on the sand in the summer.” Why do we need that advice? - Because it is important to think ahead. In the summer, you've got to think storm. You've got to think rocks as you enjoy the sand and sun.

The third part of the ant philosophy is that ants think summer all winter. That is so important. During the winter, ants remind themselves, “This won't last long; we'll soon be out of here.” And the first warm day, the ants are out. If it turns cold again, they'll dive back down, but then they come out the first warm day. They can't wait to get out.

And here's the last part of the ant philosophy. How much will an ant gather during the summer to prepare for the winter? All he possibly can. What an incredible philosophy, the “all–you–possibly–can” philosophy.

Wow, what a great philosophy to have—the ant philosophy. Never give up, look ahead, stay positive and do all you can.

To check out a great slide show on what we can learn from ants – click here

Source:  Jim Rohn  - http://go.success.com/newsletter_archive/YA/2013/07/JR/JR-NL-20130722.html

4 Ways Single Parents Can Look Out for Family Finances

Looking out for the financial well-being of your family can be tough, and it’s an even harder task to take on if you’re going at it by yourself. When money is tight, it’s easy to spend in the moment and difficult to plan long-term, and for many single parents, creating a stable financial environment for their family seems like an unattainable feat.  If you’re stuck in this mindset but want to improve your monetary state of being, here are a few steps you can take to relieve some stress and create a brighter outlook for you and your family.

Insure to Be Sure

No one is quite sure what tomorrow will bring, and while it’s great to have an optimistic demeanour, it’s important to be sure your family could handle a worst case scenario. If your family is living off of your income, it’s vital to take the measures to be certain that if something unfortunate were to happen to you, your family could recuperate financially.

As much of a dent that another monthly payment might make in your budget, insurance really is worth investing for when looking out for your family’s future, and while there are many types of insurance on the market, income protection and life insurance are two of the most practical options for a single parent to consider. Income protection insurance is there to help keep your source of cash flow coming in if you were to suffer from a serious illness or accident that prevented you from being able to work, and life insurance helps provide your family with some monetary security if you were to pass away.

Address the Important Issues First

It’s easy to want to spend the weekend taking your kids out on the town or enjoying a road trip to the beach, but make sure you have the important considerations worked out first. As the sole source of income to a household, you have to shoulder the responsibility of planning for the future, so make a list of the monthly expenses that cannot be put off of or pushed back to a later date.

Rent, groceries, and bills are the easy choices to put on that list, but make a note of other things that are just as important to save for even if you won’t necessarily be paying them off right away; for example, retirement and education funding are easy to neglect because you don’t see the pay-off from the start, but it’s still important to start a savings pool for those items as soon as you can. To help keep you on track, establish a minimum amount that will go into your savings account every month, and treat that payment just as serious as you would any other bills.

Start a Finance Journal

To really help you stretch your dollar further, it helps to get an accurate representation of where all your funding is actually going, and starting a finance journal is the easiest and simplest way to do this. By logging every purchase you make, you’ll be able to see where each dollar of your income has gone, and analysing your spending habits will make it much easier to see where you can cut back and improve. It’s usually the little things that add up the most, and if you’re spending five dollars on a coffee every morning, you’ll see how much you can save simply by brewing your own at home; the point is to figure out where you’re doing well with your finances along with what areas you can benefit from changing.

Look Realistically at Your Current Job Situation

When you’ve been employed with a company for a long period of time, it’s easy to accept that your current job is where you’re at, but it’ s important to never stop shooting for something better. Whether it’s occasionally sending your resume off to other employers or asking your current boss about raises, promotions, or benefits, it’s necessary for the well-being of your family to keep pursuing more lucrative opportunities. Even if you’re earning enough to make ends meet, be realistic when considering what your time and skills are really worth, and if you feel that you could be earning more, step out of your comfort zone and strive for a more stable opportunity.

It can be easy to feel a lot of pressure when you’re looking out for your family by yourself, but it’s a rewarding feeling getting your finances on the right track. It takes some careful planning, budgeting, and analysing, and while it’s normal to feel scattered and stressed from time to time, try to keep in mind that you’re doing it all for your family’s sake; if your actions can help your family have a better life both today and tomorrow, the initial frustration and anxiety is always worth the payout. 

Thanks to Arlene Chandler - a freelance writer who enjoys helping people overcome their financial obstacles. She currently writes about finance advice and insurance for Suncorp.

This post is not meant to endorse, promote, or recommend any specific financial service or company.

Improve Your Personal Finances By Asking Yourself These 3 Questions

 Quick Way to Improve Your Family's Financial Situation

A huge mistake that I see repeated constantly among new investors is the desire to setup a portfolio without any meaningful rationale behind the action besides a generic, "I thought I should do something to begin preparing for retirement," or "I'm an adult now, so I should have a retirement plan because that is what you are supposed to do."

While this attitude is certainly better than the alternative of not caring about your family's income statement and balance sheet at all, it is not an optimal way to go about your mission of making money.

1. What Are You Trying to Achieve with Your Investment Portfolio?

The best place to start is often identifying your objectives:

•          Why are you saving money?
•          Why are you interested in making money from your investments?
•          Put another way, what, specifically, are you trying to accomplish?

It is shocking how many investors never actually sit down and ask themselves that question. Instead, they hurl their cash at a random index fund or throw it in savings bonds, hoping that it amounts to something by the time they dip into their piggy bank.

Don't just say, "I want to move somewhere warm in the future." Be specific! Say something like, "Within 4 years and 2 months, I want to move to a home in the Miami area at least 2,500 square feet, paid for in cash so there is no mortgage."

These are important considerations because money is nothing more, and nothing less, than a tool. By itself it has no intrinsic value. The sole purpose of it is to be there when you want to convert it into goods and services from society. It requires planning.

2. How Much Money Do You Need to Achieve Your Objectives?

Once you've figured out what it is you want your money to accomplish, you need to figure out how much it would take to do it comfortably. I'm a fan of using the monthly after-tax cash income model.

Under this technique, you figure out exactly how much liquid, cold, hard, cash you need sitting in the cheque account every month, after paying all expenses and taxes, to live the way you want to live.  Ambiguous platitudes such as, "I want to be comfortable" are next to useless. You need specifics because it is only when you have a clear benchmark that you can determine if you are succeeding or failing.

The figure at which you arrive is going to be different from everyone else. Some people can be as happy as a lark on $3,000 a month. Still others require $15,000 a month. For others, it would take $100,000 a month. That is because each of us has a unique psychological profile, passions, hobbies, and comfort level at which we thrive. For some folks, driving a brand new Lexus or BMW seems like a complete waste of resources. Another individual might feel as if it is one of the greatest joys in life; an experience that makes driving to the office or dropping the kids off at school far more enjoyable. There is no right or wrong answer here, but you do need to be completely honest with yourself.

3. What Is Your Strategy for Making Money?

It is amazing to those of us who work in finance and have enjoyed success how few people actually try to make money in any meaningful amount. Most people are so brainwashed by the post-Industrial Revolution socioeconomic structure that they think the only way to make a living is to sell their time for a pay cheque.

Yet, almost all of the truly successful in society did no such thing. I've said it before but it is worth repeating:

•          Ray Kroc sold hamburgers through his McDonald's chain.
•          Bill Gates sold software through Microsoft.
•          Walt Disney sold Mickey Mouse cartoons and theme park tickets through his entertainment companies.
•          James Cash Penney sold everything from men's dress shirts to toaster ovens through his retailer, J.C. Penney.

You can sell your time and do well, especially if you are a member of the upper management at a large corporation or a not-for-profit such as a regional hospital chain. It is not, however, the only way you can do it.

How are you going to make your money? When you buy an investment, you are really just acquiring an asset that is selling something for you other than your time. If you own shares of Colgate-Palmolive, the dividend cheques that get deposited into your brokerage account came from the sale of dish soap and toothpaste.

What is your strategy? Are you going to focus on oil and natural gas assets? Are you going to buy up businesses such as retail shops or hotels in your home town? Find a way to focus on your strengths so you can minimize your risk. Stick with it, let compounding work its magic, and you might just find, like so many before you, than "money begets money", to paraphrase the self-made genius, Benjamin Franklin.

Source  :  http://beginnersinvest.about.com/od/planningforthefuture/a/Improve-Your-Personal-Finances-By-Asking-Yourself-These-3-Questions.htm?nl=1

First 5 Steps to Achieving Great Things

Greatness doesn't just happen. The best leaders take steps to ensure that when they do something, they do it better than anyone else.

You're good. You wouldn't be where you are if you weren't. But you know you're capable of better than good. You're capable of achieving truly great things.

Problem is, days go by, then weeks, months--maybe even years--and you're still cranking out good. You've yet to design that unbelievable product, write that great novel, dominate that market. Everyone admires you, but you've a growing sense of disappointment in yourself.

How do you change that dynamic? How to you move from delivering good, to delivering Holy Cow!every time? Try these five steps:

1.       Prioritize.

First things first. If you want to achieve something great, best decide what it's going to be.

This may seem like a flash of the blindingly obvious, but I've noticed an interesting and consistent positive correlation between those who know what they want to achieve and those who achieve great things. As my mother used to say, "If you aim at nuthin', you'll hit it.".

Can you jot down on a notepad the two or three great things you want to achieve? No? Then start there.

2.       Plan ruthlessly; execute relentlessly.

The highly successful leaders I work with distinguish themselves from the merely competent by one thing: They have a plan, they work the plan, but they aren't trapped by the plan.

While this sounds like a simple mantra, merely competent leaders stumble in its execution--specifically, they either design a plan, but don't work it; or they work the plan, but shudder to a halt when they reach a barrier or uncover a problem.

The answer? Once you start implementing, don't stop until you've finished. Adapt on the fly, improvise as best as you can, but unless something truly horrendous will happen otherwise, keep going.

Here's a small example of what I mean: I deliver a lot of online webinars. Some of them are "canned" (recorded in advance) and some of them are live. I've noticed that with the canned webinars, I'll often start and restart many times, unhappy with my choice of words or the tone I've struck. With the live webinars, once I've started, I've no option but to keep going. And guess which webinars almost always turn out to be more vibrant, and better received? The live ones.

3.       Get out of your inbox.

Leaders in thrall to their inbox, once only apparent when you visited someone at their office, now, you can see it everywhere: peck, peck, peck; on airplanes, at lunch, during rest room breaks. Any where, any time there is a minute to spare.

Here's the thing: if you're in thrall to your inbox, you're working to other people's agenda, not your own (a view I was intrigued to see shared by one surprising individual).

It may be over-promoted and it's often over-complicated, but the ability to achieve Inbox Zero (or something close to it) isn't optional for great leaders. If you're serious about achieving great things, you need the time and space to do it, and if you're using every break available to scroll through your inbox (or your social media stream), then I have news for you--you ain't doing great things.

4.       Get out of your office.

You truly want to achieve great things? Get the heck out of your office.

Not just because it removes you from all the interruptions and distractions that being in your own environment makes you subject to, but because it takes you out of the comfort zone of maintenance activities.

Your office desk, chair and computer monitor is where you do the 80 percent of merely good work, day in, day out. Find a retreat space, a unique corner somewhere, where you can specifically go to work on your major achievements. It may be a conference room down the hall, it may be the local coffee shop, it may be a broom cupboard--doesn't matter--just find a space that isn't the place where you do 'normal stuff'.

5.       Review, revise, adapt, push on.

It's day two. You've made a start on your great project. What to do today? Try this formula I arrived at in achieving one of my own big goals: Review what you did yesterday; revise anything that looks a little off; adapt your overall plan as necessary, and most importantly, push on.

Source  :  http://www.inc.com/les-mckeown/5-steps-to-achieving-great-things.html?cid=em01017week25a&nav=su

The Personal Finance Quiz That 86% Of Americans Failed

Turns out that people are just about as likely to overestimate their financial savviness as they are their good looks. 

A new survey by the FINRA Investor Education Foundation found that 75% of U.S. adults say they're pros at managing their finances, but only 14% could ace a five-question quiz on basic financial concepts.

This was no small study sample size either. A whopping 25,000 consumers took the quiz.

Think you can do a better job? Take the FINRA quiz below, then click http://www.usfinancialcapability.org/quiz.php to see explanations for the answers.

Take the FINRA Financial Literacy Quiz

Question 1

Suppose you have $100 in a savings account earning 2 percent interest a year. After five years, how much would you have?

More than $102

Exactly $102

Less than $102

Question 2

Imagine that the interest rate on your savings account is 1 percent a year and inflation is 2 percent a year. After one year, would the money in the account buy more than it does today, exactly the same or less than today?

More

Less

Same

Question 3

If interest rates rise, what will typically happen to bond prices? Rise, fall, stay the same, or is there no relationship?

Rise

Fall

Stay the same

There's no relationship to bond price and interest rates.

Question 4

True or false: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less.

True

False

Question 5

True or false: Buying a single company's stock usually provides a safer return than a stock mutual fund.

True

False

Go to http://www.usfinancialcapability.org/quiz.php to do the quiz online and get an explanation of the answers.

If you were one of the 86% who struggled with this financial literacy test, visit us at moneyforlife.com.au.

The 4 Smartest Things You Can Do Every Morning

These down-to-earth tips will help get you going in the morning, and keep you productive all day.

Does this sound like you? You roll out of bed exhausted every morning. Your brain was going like gangbusters all night, keeping you awake with thoughts and plans about your business.

Now you’re ready to execute—if you could just find the shirt you were planning to wear to that important client meeting. Where’s the address again? Uh-oh, your phone isn’t charged, so you go on the computer to look up the location.

Next thing you know, you’re sucked into emails. You look up, still in your bathrobe, and an hour has passed. Where did the morning go? Now you’re going to be late—and your phone still isn’t charged.

Four simple morning habits can change you from a harried slob in a bathrobe to a paragon of productivity.

1. Check your to-do list. You do have one, right? Okay, this habit really starts the night before, when you make a to-do list before going to bed. “Dumping” your to-do’s onto paper (or digital calendar) helps you clear your mind so you’ll sleep better (no worries about forgetting stuff).

Before you dive into your day, take a moment to glance at your schedule. If you’re like many people, your to-do list might have a dozen or more items on it.

Figure out which are the must-do’s.

These are typically things that involve other people (like travel, meetings or sales calls) or deliverables with firm deadlines (a big order has to ship today; a project is due). Unless you see a lot of down time, resist the urge to pack your to-do list with “just a few more things.” It’s important to leave some buffer time to deal with all the emergencies that inevitably come up when you’re running a small business.

2. Do something for yourself. Whether it’s exercising, meditating or even just taking a really long, energizing shower, some type of activity that feeds you and centres you is a smart way to start the day.

Any of these activities can help you get in touch with your subconscious—it’s amazing how solutions to problems that seemed insurmountable when you’re sitting at your desk can suddenly present themselves when you’re not thinking about them. (One of my business partners swears she gets most of her best ideas while running.)

I know—maybe you barely have time to take a quick shower, much less take a long one, work out or meditate in the morning. All I’ll say is this: Everyone I know who makes time to do it says it pays off.

Another colleague of mine skipped his morning workout for a week, trying to give himself an extra half an hour a day to work on a big project. He ended up wasting more than half an hour a day because he hit the 3:00 slump every afternoon and was no use to anyone.

3. Have a routine. I’ve observed a lot of people who are quite organised, and they have one thing in common: a routine. Hey, it’s morning, your coffee hasn’t kicked in yet, you’re not thinking totally clearly and you need to get things done without really thinking about them.

Having a routine helps you auto-pilot yourself through the basic tasks of the morning (what to eat, what to wear) before you really dig into the tough stuff.

President Obama famously told Vanity Fair he only wears blue or gray suits. Why? It saves time and energy—instead of making decisions about what to wear and what tie goes with what, he saves his brainpower for important decisions. Routinizing your morning can help you be more productive, too.

4. Start with something big … or small. There are two schools of thought about getting started on your to-do list in the morning. One approach says start with the biggest, most important must-do of the day. The other advises you to start with a few quick tasks you can quickly check off your list to gain a feeling of accomplishment.

Personally, I like to mix it up depending on how I feel that morning. No matter how I’m feeling, I start my day with my email (ignoring the “rules” of time management). If I feel gung-ho and ready to go, then I tackle something big, putting aside distractions (phone calls, Twitter) for at least an hour while I work on it.

If I’m feeling slack and need a nudge, I move on to some easy to-do’s—maybe updating my calendar, proofreading an article or sending a follow-up email to a client. That gives me the push I need to keep moving on to bigger things.

However as a general rule, I try to do my least enjoyable tasks first, because then I get to reward myself with the enjoyable tasks and no longer have those unenjoyable tasks ahead of me.