Susan’s story – From full time to part time

In 1996, I quit my high-paying job in media relations for a production company that produced shows for resorts, casinos and cruise ships around the world. I was a single mum with a daughter I needed to get through her last years of high school, then college. I was burned out on teaching full time, which I’d done for 15 years before my 18 years in show business, and couldn’t make enough money by just teaching to do what I needed anyway. 

So what to do to make as much money as I was making in show business? And what about health insurance?

It was a scary time.

Both of those careers took 50-70+ hours a week, but I could work from home for many of those hours. So I wanted to put something together also where I could continue to be home as much as possible and be active in my daughter’s life.

So here’s how it evolved.

First, I shed the image of myself as a media relations director or a teacher.

Then I put together a patchwork of five part-time jobs.

I took a daily paper route, became the daily gatekeeper for two parking lots, remodeled my garage into a bed and breakfast cottage, began substitute teaching so I wouldn’t have to make lesson plans or grade papers, and kept a part time media relations job.

My days looked like this:

Up at 4AM. Deliver 300 newspapers by car (my daughter would come with me on Sundays to help with the big papers). Open the gates to the parking lots by 6AM. Make a breakfast for the bed and breakfast by 7AM. Substitute teach from 7:30AM – 3PM. Clean the cottage after school with my daughter for the next occupants by 4PM. Work on publicity by phone, email and fax while my daughter did her homework. Close the gates with my daughter at dusk. Constantly monitor the phone for bed and breakfast bookings and substitute teaching jobs. Bed by 9PM for both of us.

I made $1,000/month as a paper carrier, $600/month as the gatekeeper, $100/night with the bed and breakfast, $100/day as a substitute teacher, and $1000/month as the part-time publicity person. Almost more money than I could make as a teacher or media relations director combined.

I signed us both up for Basic Health insurance. And I paid fewer taxes than ever because I had so many write-offs.

I also cleaned houses and did before and after school child care for a while, but soon gave that up since I was making more money than I needed to make.

I’m retired now, I just wanted to write and paint and putter.But retirement suddenly got more expensive than I planned. So I took a job two days a week delivering the local bi-weekly paper for $500/month. And do occasional copy editing. And sell the occasional painting. And apply for and receive the occasional grant for writing or painting.

And I still have time to putter. Once a part timer. Always a part timer.

It’s still possible to earn a living  part time – and a good living at that. Don’t discount part time jobs. There’s a part time career there somewhere in these hard times. Be creative and open in your thinking, and put together your own part time puzzle.

Dos and Don'ts of Credit Cards

It's not a bad thing to have a credit card. In addition to providing a little extra flexibility if you need to purchase items, credit cards can protect you against fraud. So if you have a dispute over the goods or services purchased you can make a claim from the card provider.

Many cards offer additional benefits on purchases, such as reward points, vouchers, frequent flyer benefits or cash back. If a card provider offers a reward system for a service or product you use regularly, then regular purchases can provide you with a nice extra benefit.

Regular card purchases and payments also create a "credit footprint" which helps agencies identify you and establish a record of your track record on credit. Sometimes not having a record can be a hindrance if you need to get credit - cards can be a good way to establish a credit history provided they are used sensibly.

With this in mind:

1. Don't have too many credit cards

Every card that you use will need to be repaid, with multiple cards this payment obligation rises steeply and for most people who have problems with credit card debt, having too many cards is usually one of the problems.

What can be done?

Try to consolidate card repayments onto a single card, ideally with the lowest interest rates. Some products have 0% balance transfer windows, which gives you a chance to pay off the balance and not accrue further interest. Cancel and destroy any cards you do not need or use regularly.

2. Don't keep making minimum repayments

Credit cards usually won't cost you anything extra if you pay off the balance each month. Minimum purchase payments however will only remove the balance at a slow rate and also attract interest from the card provider, costing you more in the long term.

What can be done?

If you cannot pay off an outstanding balance in full, you should at least try to over-pay the minimum amount. This will reduce the outstanding amount faster and also send positive signals to credit agencies that you are managing your debts.

3. Do shop around - Be wary of Annual Percentage interest Rates (APR)

Some cards that offer bonus features (especially store credit cards) have especially high APRs. Failing to make a full repayment on these will attract a large interest repayment on the monthly bill. Cards with higher APRs are usually designed for those with bad credit records or problems with credit acceptance.

What can be done?

If you are cutting down your credit card portfolio, start with the higher APR (more expensive to repay) cards first. If you are not in a sub-prime credit situation, then you shouldn't be paying 30% interest on card credit - use a comparison site to shop around for more competitive offers.

4. Do keep track of what you spend

Credit cards suffer from an "out of sight, out of mind" approach and it's easy to overspend unless you are keeping track of purchases. As well as spending (and having to repay) more than intended, this can also lead to credit limits being exceeded which usually attracts penalty payments from the lender.

What can be done?

Keep track of what you spend each month, and what your balance is if you make partial repayments. Sign up for an online account service so you can easily monitor where you are with your balance, and alter your spending habits accordingly if you are near your account limit or ability to make repayments.

5. Do keep in touch with your lender

If you are facing credit difficulties or know you will have problems with repayments, then contact your card provider and let them know. They would much rather have you seek out a compromise payment solution than leave the account to fall into arrears - it shows you are taking action to address the situation.

What can be done?

Most creditors will arrange a repayment plan, and you may be able to get some additional help if you are unable to repay your loans.

5 Scientifically Proven Ways to Work Smarter, Not Harder

Working harder can be an easy habit to slip into, though. Sometimes it's hard to switch off at the end of the day or take time out on the weekend and stop thinking about work. Here are five ways to avoid that trap:

1. Take more breaks.

In one of my favourite books, Stephen Covey tells a story about a woodcutter whose saw gets more blunt as time passes and he continues cutting down trees. If the woodcutter were to stop sawing, sharpen his saw, and go back to cutting the tree with a sharp blade, he would actually save time and effort in the long run.

The analogy is an easy one to remember but harder to put into practice. Here's what Covey says about sharpening the saw in our lives:

Sharpen the Saw means preserving and enhancing the greatest asset you have--you. It means having a balanced program for self-renewal in the four areas of your life: physical, social/emotional, mental, and spiritual.

Sharpening the saw is a great habit to get into in all areas of our lives, but I think it can be especially beneficial when it comes to work and helping us avoid burnout.

On average our brains are only able to remain focused for 90 minutes; then we need at least 15 minutes rest. (The phenomenon is based on ultradian rhythms.) By taking period breaks roughly every 90 minutes you allow your mind and body to renew--and be ready to fire off another 90-minute period of high activity.

For some people, 15 to 20 minute breaks might be tough to pull off, but taking short breaks throughout the day can still help you to refresh your mind and reset your attention span.

2. Take naps. 

Research shows naps lead to improvement in cognitive function, creative thinking, and memory performance. In particular, napping benefits the learning process by helping us take in and retain information better.

The improved learning process comes from naps actually helping our brain to solidify memories. According to Max Read, "Research indicates that when memory is first recorded in the brain--in the hippocampus, to be specific--it's still 'fragile' and easily forgotten, especially if the brain is asked to memorize more things. Napping, it seems, pushes memories to the neocortex, the brain's 'more permanent storage,' preventing them from being 'overwritten.'"

One study into memory found that participants did remarkably better on a test following a nap than those who didn't sleep at all.

Not only are naps beneficial for consolidating memories and helping us remember new information (handy if your job includes a lot of research during the day!), they're also useful in helping us to avoid burnout, since research shows burnout is a signal that says you can't take in more information in this part of your brain until you've had a chance to sleep.

3. Spend time in nature. Daniel Goleman, author of Focus: The Hidden Power of Excellence, suggests spending time in nature to help us reset our attention span and relax our minds.

One experiment he mentions tested how relaxed people were when taking a walk down a city street versus in a quiet park. The study found that the level of attention needed to navigate a busy city street is high enough that the walk doesn't let the brain relax enough to reset our focus levels:

Unlike natural environments, urban environments are filled with stimulation that captures attention dramatically and additionally requires directed attention (e.g., to avoid being hit by a car), making them less restorative.

Spending time in nature, however, allows your mind to fully relax and unwind and helps you focus longer when you return to work. Plus, other research has found that for students, motivation to learn is higher when they are outside instead of in a classroom.

4. Move and work in blocks.

I recently read a blog post by Joel Runyon about a method he calls "workstation popcorn"

The idea is that you set up at various cafés, workspaces, to get chunks of work done throughout the day. Workstation popcorn starts with a clear, thought out to-do list: you create a plan for what you will accomplish at each location so you can immediately jump into those tasks.

Joel breaks up his to-do list into sections--one per café that he plans to visit--and each section into three clear tasks. Once he gets through the group of tasks he has set, he moves on to the next café on his list.

Of course, you can sort out your task list however suits you best, but the important part to note is having a clear finishing point based on your task list rather than the time you will move to a new location. And when you move, cycling or walking is a good way to go, according to Joel:

Use this time to practice your Zen, take a break from your screen, and get some movement into your day. Keep your phone in your pocket, and move. Take a break away from work for at least thirty minutes.

Joel also noted in his post that he has been more productive, more active during the day, and is working fewer hours since he started this process.

5. Check your email first thing. 

This one is fairly counterintuitive; basically everyone says not to check email right away, but I do and find it extremely useful. Here are some ways checking email first helps me to be more productive during the day.

If you work in a remote team, a business trend that is increasingly more common, you'll know what it's like to have half of your team (or more) working while you're asleep. If you need to work closely with others, it's important to check in before you start your workday and make sure you're on the same page as everyone else.

Dealing with important issues first thing helps me make quick decisions about whether my day needs to be adjusted to fit in with what everyone else is doing or whether I can proceed with the tasks I already had planned.

What tips do you have for working smarter?

Source: http://www.inc.com/jeff-haden/5-scientifically-proven-ways-to-work-smarter-not-harder-tues.html

I'm just too busy. How do I find more time?

I'm just too busy. How do I find more time?

"I feel like I'm always rushing, always stressed, and still don't have enough time for the things in life that are most important to me.”

“This stresses me out a lot. What can I do?"

Always rushing?  These time management tips can help you to set a new pace.

Many people find themselves too busy these days, which causes stress.  The reasons vary from person to person, but the following are some main ones why people find themselves too busy, along with time management and stress management ideas to help:

It's OK To Say No
Many people end up overscheduling themselves because they feel uncomfortable saying "no" when people ask things of them. This may be because they don't want to admit to themselves that they can't "do it all," or perhaps because they don't want to disappoint others.

Unfortunately, they ultimately disappoint themselves by not having enough time to do what's important to them. Does this apply to you? If so, learning to say no might be a good time management priority. 

Be Clear On Your Priorities
Others become overscheduled because they add activities to their schedules for the wrong reasons, and end up spending their days doing things that don't reflect their values and priorities. Then they find themselves struggling to fit in what's important to them. Necessities like adequate sleep and other healthy habits fall by the wayside. Is this you?

To find out, make a list of what's most important to you. List things like family, friends and career. Then look at how you spend your days. See how much time goes to these things. Is it a good match, or are you spending an inordinate amount of time doing things that aren't as important to you? It's never too late to make changes.

Map It Out
A common time management trap many people fall into is that they don't know where their time goes, or they overestimate the amount of time they have available and underestimate the amount of time each activity takes to complete, and become overcommitted.

How many times have you found yourself adding new activities to your schedule when you don't really know how you'll find the time to do them? If you remember several such instances, you may need to keep a careful schedule, writing down everything you do. Don't agree to new activities until you've found a way to pencil them in, overestimating the amount of time you think it will take to complete them.

Manage Money Wisely
It's become increasingly common for people to work more than they'd like because finances demand it. Many people are working longer hours and even more than one job. Do you find that you're working hard to pay the bills, and when you're not working, you're still worrying about money?

Do you know where your money goes? To get out from under debt and financial woes, you need a plan that involves spending less, saving, paying off debt, and possibly earning more (not by working more but by getting paid what you're worth).

Stay Organized
In addition to keeping an organized schedule, as mentioned above, it's important to maintain an organised home. Most people don't realize how much time and money are sucked up (not to mention stress created) by living in an environment where things are difficult to find and relaxation is a challenge.   
                                                                    
To Thine Own Self Be True
Knowing yourself well can also help you to avoid getting overwhelmed. How? For one thing, by knowing your limitations, you avoid taking on too much. For example, if you know you're not the best manager of people, you can avoid putting yourself in a position where you'll be asked to do management-type tasks, saving yourself stress and the extra time and energy it would take to learn to do this better.

Also, if you constantly put yourself in a position of taking on more than you can handle, take an honest look inward to help you figure out what's behind this. That way, you can stop.

Signs of Credit Card Debt Overload

With most things in life, identifying a problem gets you a lot closer to its solution. Credit card debt is no exception. The sooner you recognise that you have a problem, the sooner you should be able to implement some strategies to address it.

Due to the overwhelming convenience of credit cards, we often find ourselves almost addicted to using them daily without realising that we are digging ourselves further and further into debt.

You miss some of your set credit card payments

There are some clear signs to watch out for that will confirm what you may already suspect - your credit card debt is out of control, and it is time to pull the reins in on your credit spending.

You miss some of your set credit card payments.

Irregular repayment of due debts can be a clear sign of someone experiencing debt stress. Perhaps you find yourself making large lump sum repayments one month (when you have the cash to do so) while other months you skip a repayment completely.

Your credit card balance appears to be in arrears - with set interest not covered.

If you are having cash flow difficulties leaving some debts unpaid every other month, you are probably carrying too much debt and need to restructure your finances before you completely lose control and need to consider bankruptcy.

You are using your credit card for everyday essentials such as milk & bread

Unless you are one of these people who would like to squeeze every last drop in rewards and bonus points out of your credit card, you are unlikely to intentionally make everyday essential purchases on credit. While most of us will use the plastic when shopping in the supermarket, we generally use cash to buy a litre of milk at the local convenience store.

When you use credit cards to make a purchase, you do not generally feel the same loss of money as you do when you pay for your purchases in cash. The purchasing experience on plastic is seamless and does not feel as if you are spending money at all. It was purposefully designed to be so in order to pull those unaware more and more into debt.

Your credit card balance is increasing every month

If the balance of your credit cards is growing faster than your savings, you are on a way to debt disaster and must STOP.

Spending money today in anticipation that your next pay cheque will clear the debt is a dangerous approach. People who take this attitude find that they have no money this month to even cover the bare necessities because they have already spent this month's wages on last month's expenses.

You have no savings left - all income is applied to debt repayment

In the past everyone who was working was putting money aside for a rainy day. Most people had a savings account. However, the problem with using credit cards is that we borrow money from tomorrow to pay for something today. Consequently, many Australians have next to nothing in their savings and put every available dollar on credit card debt repayment.

If you find yourself without a savings account or a savings account that has been shrinking each and every month, it could be another sign of credit card stress taking over.

Cash withdrawal from credit card

We all understand that withdrawing cash from our credit card is very costly and is best avoided unless there is simply no choice. Anyone who is starting to use their credit card in place of a savings account is certainly heading fast towards a debt disaster.

The interest rates on cash advances are usually extraordinarily high and can, in their own right, cause severe credit card stress.

Cash advances on credit cards should always be your last resort. If you are finding that you need to supplement your income with weekly or monthly cash withdrawals from your card, you are in financial stress and need to take urgent action.

Source: Honey Loans.

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.