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"In every thing give thanks."
Translations available in: English (original) | French | Spanish | Italian | German | Portuguese | Swedish | Russian | Dutch | Arabic

Be grateful for your job

It's too easy to complain about your present position, whether it be as a nightshift cashier in a supermarket or the CEO of a Fortune 500 company, without appreciating how you got there. Where would we be without mothers taking in laundry so that their children could take piano lessons, or fathers working second jobs so that their children could attend college? Before you go any further, stop and give thanks for the contributions others have made in your life.

You say, "But things are not going too well for me right now." Perhaps, but when Joseph was sold into slavery by his brothers he couldn't possibly conceive that God would turn their evil intentions inside out and establish him as a leader to save the nation. The Bible records story after story where adversity leads to advancement and loss leads to gain. There's a master plan unfolding in your life. Be wise, take the lessons you've learned into the future God has in mind for you. When evil comes, be comforted in knowing that God is in control. The Devil may be stoking the fire you're in, but rest assured that God has His hand on the thermostat!

The story of Job teaches us that the Devil has to be given permission to attack us. So if God is allowing the attack, surely He's planning our victory. He wouldn't allow us to be in a battle we couldn't win! God looks for hand-picked people He can send into difficult environments, that He might be glorified. He makes all things "work together for good" (Ro 8:28) so don't be intimidated. Just keep your eyes open and see what God is up to!

November 26, 2008 | 4:14 AM Comments  0 comments
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Warning: Selling “Hours for Dollars” CAN Be “Bad Business”–Are You Good?
Translations available in: English (original) | French | Spanish | Italian | German | Portuguese | Swedish | Russian | Dutch | Arabic

“Cutting to the chase”… Strictly selling hours of your life for dollars is the inverse of a practical and profitable business plan. The word “selling” is very important here because that’s what happens in every business transaction. A product is sold and purchased at an agreed upon price. The corporate exchange of hours for dollars is no different; it just has a different twist.

Everyone is the CEO of Their Own Corporation

What most people don’t realize is that you never really work for anyone but yourself. The only question is: What are you selling, and to whom? Even when you have a full time, salaried, “Corporate America” position, you are still running your own business. You are selling one unit of your existence (an hour of your life) at a set price (the associated fraction of your salary) to a customer (your employer).

Good Business vs. Bad Business

Selling hours for dollars is a flawed business plan. Let’s take a quick look at the components of a good business plan vs. that of the standard hours for dollars routine.

A good business plan:

Multiple Products – Providing multiple options to your customers.

Product Development Growth – Innovating and expanding the core capabilities of your product.

Multiple Customers – Your total income revenue is acquired from several sources. The loss of a single customer will not jeopardize your sustainability.

Scalable – Your business can grow naturally without disproportionately increasing costs. Also, it cannot be shutdown by the absence of a single worker.

Inventory Expansion – Inventory can be expanded to meet increasing customer demands.

The business of strictly selling hours for dollars:

One Product – A single hour of your life.

Static Product Growth – You can change your level of productivity within an hour, but you can’t change the dynamics of the hour itself (which is the metric you are being paid by).

One Customer – Your employer. If you lose your one customer, you lose your business.

Single Point of Failure – If something happens to you (injured, ill, etc.), your business suffers.

Ever Declining Inventory – Life has a limited inventory of hours. They cannot be reproduced.

The Silver Lining: You Must Find Your Passion

There is, however, a silver lining. When you are passionate about your work, even in an “hours for dollars” environment, you open the floodgates to a world of accelerated personal growth and contentment. Suddenly, you are working to learn, mindfully indulging in the task at hand. This passion is the byproduct of interest. You have to be genuinely interested in the subject matter of your profession. In other words, dollars cannot be the primary source of motivation. Once you find your passion, here are some ideas for maximizing your career growth potential:

Learn as Much as You Can – This becomes a natural process when you are truly passionate about your work. Obviously, the more you know the more valuable your time will be to others.

Pursue Unpaid Growth Opportunities – Get out of the “hours for dollars” mindset. See if you can barter your skill set with others in your industry. You educate them as they educate you. Knowledge is worth far more than money.

Provide Value from Within a Black Box – This is how you increase your level of impressiveness. Your efforts must make someone think, “Wow! How does he/she do that?” They can easily see your inputs and your results, but aren’t 100% sure how you got from point A to point B.

Innovate – If you think there might be a better way, try it. The worst case scenario is you’ll have to revert back to the way things are now.

Help Other People – The best way to get what you want is to help others get what they want. This will also aid you in establishing strong professional relationships.

Market Your Visibility – Don’t be bashful. Take credit where credit is due.

Avoid the “Hours for Dollars” Mentality

Even when working in an “hours for dollars” environment, you can avoid the “hours for dollars” mentality. Find something you’re passionate about and take it to the next level. Become a guru. This should help you to strategically position yourself as a “go to guy/gal”, someone your superiors (and industry insiders) see as a vital asset.

Doing so will ultimately free you from the bounds of an arbitrary hourly rate, because you (your business) will become entwined with the future objectives of your employer (and maybe even the industry as a whole). This typically translates into big raises, bonuses, etc. You’ll start getting paid based on the tangible value you provide. Eventually, this position of power can be leveraged to start a company of your own.

July 22, 2008 | 4:58 AM Comments  1 comments
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28 Unique Bits of Financial Brilliance
Translations available in: English (original) | French | Spanish | Italian | German | Portuguese | Swedish | Russian | Dutch | Arabic

Financial wisdom is not intrinsic to the mind, it’s learned. Most people who are brilliant with their finances received at least some third-party guidance. Maybe they absorbed the knowledge from a parent or grandparent. Or perhaps they pursued it on their own by reading personal finance books, blogs and magazines.

Either way, if you’re not doing well financially, you’re probably ready for some advice that makes sense. Here are 28 unique bits of financial brilliance from around the web, each linking back to a source article containing further instruction and insight. Enjoy.

I have enough money to last me the rest of my life, unless I buy something.
- Jackie Mason

1. Stop buying “stuff” you do not need! – “Purchases of a few hundred dollars add up quickly to thousands of dollars. On top of that, if you carry a balance on your credit card, you will pay on average 12% to 14% interest. These rates can skyrocket quickly if you are late on even one payment. In addition, you may become subject to late fees and penalties. All this to get something that isn’t even used or enjoyed. No thank you!” – via My Super-Charged Life

2. Start rolling an income snowball. – “Most people know how they’d make money in an ideal world. The problem is that most of these “ideal” schemes require lots of time, planning, risk taking, etc. On the other hand, most of us have skills that we could implement tomorrow to make money independent of an employer (this could be anything from doing landscape to hiring ourselves out as a consultant). So the first step in creating an income snowball is to write a list of things you can do to make money in ascending order of difficulty and speed of implementation.” – via The Growing Life

3. A car lasts longer than 5 years. Stop wasting your money! – “Cars are simply a method of basic transportation…that’s all they are. They are assembled hunks of metal sitting on four tires designed for the purpose of transporting us safely from point A to point B. I doubt Henry Ford ever envisioned the kind of luxuries we see in today’s automobile - voice activated radio controls, heated leather seats, heads up displays, and backup cameras installed in bumpers. If families invested the $400 a month wasted on new cars into a good, growth stock mutual fund for 30 years they could easily retire millionaires. Hope you like the car!” – via Frugal Dad

4. Live within your means. – “When you spend less than you make, you are buying flexibility and freedom. You gain the ability to change jobs or move to another area of the country. You are buying the ability to say yes to the things that matter because you save on the areas that aren’t as important to you.” – via Productivity501

5. Debt can make you money. It’s called good debt. – “Would you take a million dollar loan at 1% interest? I would. I’d immediately put it in a few interest baring accounts that are FDIC insured (I say a few because FDIC insurance doesn’t cover a whole million). At today’s rates, which are historically pretty low, you can make a guaranteed 3% on that money. That means the debt naysayers would be missing out on 2% of a million dollars, $20,000 a year.” – via Lazy Man and Money

6. Money management can have many positive side effects. – “My husband and I both work out our finances together. I’m still the budget maker and bill payer in the family, but since we make the decisions on how the money is allotted, we have to make the time to communicate, come to an agreement, and project our monthly financial plans. We’re more unified in our marriage than we’ve ever been.” – via simple mom

7. If you don’t have an emergency fund, start one now! – “It’s better to be safe than sorry. Nobody can anticipate when the roof will have to be repaired or an appliance will need to be replaced. The idea is to try to find ways to live below your means so that you can save for retirement and other long-term goals but at the same time make it a priority to set money aside in the event an urgent need arises.” – via Everything Finance

8. Financial freedom only solves small problems. – “You know what really determines our happiness levels? Not money, but how optimistic we are and how often we have monogamous sex. Money cannot solve big problems, like cancer or world hunger or happiness. Money solves small problems, like, can you have a big wedding, can you go on a good trip. Small problems are what people talk about when they talk about financial freedom.” – via Brazen Careerist

9. Financial calculators are your friend. Use them! – “In various posts I have referenced financial calculators that I like. I’m going to put them all in one post so they are easy to find for reference. As I find more, I’ll add them to this list.” – via My Dollar Plan

10. There is no specific template for business success. – “Living a life that’s not based on a template and being true to yourself may not mean paving a road in the sky like the Wright Brothers. However, if you tell everyone you want to start your own business, you will be doubted. They’ll tell you everything that’s wrong with your idea and why it won’t work: You have no experience. You’ve never run a business before, what do you know about sales? It takes money to make money. Almost no one starting their first business knows exactly what they are doing.” – via Illuminated Mind

11. Carrying a credit card is safer than carrying cash. – “The maximum liability for unauthorized use of a credit card is $50 according to federal law. The Fair Credit Billing Act protects you from suffering damages due to unauthorized use of your credit card. If you report a lost or stolen card before anyone uses it, you are not responsible for any charges. If you do not report it before an unauthorized use you are liable for a maximum of $50.” – via The Consumerist

12. There are numerous ways to make money on the side. – “The old phrase “spend less than you earn” is made up of TWO factors: spending and earning. Sure you can reduce your spending by a great deal, but very few people have saved their way to wealth. They have also earned additional income and then put that money to work for them.” – via The Wisdom Journal

13. Dream big! It will motivate you to save. – “We know that we want to retire early, but that goal is completely intangible. If I try really hard, I can conjure up an image of me waking with a sense of freedom to simply work when the mood strikes, but that dream isn’t very action-oriented. On the other hand, I can feel the wind in my hair as I dodge my husband (cackling wildly behind me) around a tree on our custom go-kart track. Now that’s some good motivation to live simply and keep saving!” – via On Simplicity

14. Financial intelligence is your most lucrative financial asset. – “Before investing in real estate or the stock market, invest in yourself by developing your own financial intelligence. As they say, knowledge is power.” – via The Change Blog

15. Concentrate on your passions and money will follow. – “Making money isn’t the backbone of our guiding purpose; making money is the by-product of our guiding purpose.” If you’re doing something you love, you’re more likely to put your all into it, and that generally equates to making money. - Warren Buffett – via Success Soul

16. Some sunken costs are worth letting go of. – “Persisting with bad decisions due to our irrational attachment to costs that we cannot recover has become so common that you can find them just about anywhere. Big organizations and governments excel at it. A government that insists on a war so the lives already spent “are not wasted” comes to mind, but I digress…” - via Litemind

17. The best things are free. Money cannot buy happiness. – “You’ve heard the saying ‘The best things in life are free.’ Do you believe it? Spending time with family and friends, laughing, enjoying the antics of a pet, seeing a child smile, experiencing intimate and heart-felt moments with a loved one - these times are precious, and free. Money brings comfort, and there is absolutely nothing wrong with enjoying that comfort. But it’s important to spend money on the things that matter to you and let go of spending that does not add value to your life. We spend on what we need, but we forget why we are doing what we’re doing, and the spending becomes a habit.” – via Think Simple Now

18. There are scores of simple ways to reduce spending. – “Use grocery store bags to line trash cans: This may not work if you use a massive trash can but we use a small sized one for which the grocery bags are a perfect fit. This not only helps us save some money, but reduces our environmental foot print and avoids the kitchen from stinking from a huge overflowing trash can.” – via Dumb Little Man

19. Wealth comes with wealthy thinking. – “Ask yourself, right now, how much you think you are worth in terms of your employment. I can almost guarantee you the figure you came to was based on your current salary. Now add a ‘0’ onto the end of the figure you came to; how does that make you feel? If you thought ‘there is no way I am worth that’, then you are a poor thinker.” – via Change Your Thoughts

20. Be careful when lending money to friends and family. – “It’s age old advice for a reason. The problem with lending money to loved ones is this: If you lend serious cash to someone you care about, you still expect it back right? Sometimes the people we care about expect the relationship you have with them to excuse or “forgive” loans that you have no intention of forgetting about… especially if you can’t afford to. Tempers flare, words fly like knives, and those knives sever relationships. Sometimes those wounds heal, and sometimes the damage is permanent.” – via In My Heels

21. Spending less keeps you grounded to what matters most. – “I like being frugal, living simply, spending less than I have to because it keeps me real. It keeps me grounded. Adds humility to my life. It’s like sticking my fingers in my ears and sticking my tongue out at pretentious people who think money is all that defines a person. I don’t want to be flashy and flaunty and feel the need to show what I have or make to find worth in myself. If that’s how I am trying to value myself, I might as well give up now, because it makes me worthless.” – via Remodeling This Life

22. Bike to work… or anywhere for that matter. – “I bike somewhere between one and three times a week to work. It’s a nine mile ride one way. Taking in the cost of gas in our area (currently $3.85/gallon), and wear and tear on the car, I estimate I save close to $4.50 each day that I ride my bike. And this does not take into account any residual health benefits that will down the road in life make the cost of any potential health care I might need lower due to being in better physical condition. Cost savings alone should make biking at least a consideration for anyone who lives within a few mile of their work location.” – via The Jungle of Life

23. Sit on purchases for at least 24 hours. – “When making a large purchase, it’s far too easy to get caught up in the emotions of having the item, which results in bad decisions. For any large purchase like a car, TV, new furniture, laptop, etc. implement a 24 hour rule. Instead of buying the item right away, go home and wait 24 hours to see how you feel about it. Chances are you’ll talk yourself out it, or maybe decide to purchase something a little less expensive.” – via Gather Little By Little

24. Don’t fall victim to advertising tactics. – “Big companies try many tricks to get us to buy goods we don’t really need. For example, don’t be swayed by 50% sales promotions; just because it is on sale doesn’t mean it’s good value or that you need to buy it. Don’t get excited over every 3 for the price of 2; otherwise you will just start to accumulate things you are never going to use. If you feel pressured by salesman, walk out — if you really want the product you can always come back.” – via Pick The Brain

25. Untargeted capital allows for a flexible lifestyle. – “Some people target all their saving and investing at something in particular–buying a computer, buying a new car, putting a down payment on a house, sending the kids to college. These are all worthy goals, but the sequence of them can easily eat up all your savings for virtually your entire life. I think people who do this miss out on certain large advantages that come from having some untargeted capital. Having a little capital saves you buckets of money. It also gives you a lot of flexibility in how you live your life.” – via Wise Bread

26. You have to decide what you really want. – “What would you like your net worth to be? When would you like to retire? How much money do you need to finance your life goals? What investments would you like to make? Are you going to create multiple streams of income? Are you going to invest in stocks and/or bonds? Are you going to invest in real estate? Are you going to hire a financial planner? Is your goal to create enough passive income so that you don’t have to work another day in your life?” – via Abundance Blog

27. Discuss money openly with your partner. – “Money can’t buy you love, but it sure can tear it apart. And while I can’t claim that my wife and I are perfect when it comes to money and relationships, I can say that we’ve come a long way, and we rarely ever have money disagreements anymore. It wasn’t always that way, and we’ve had our share of fights along the way, but we’re in a much more solid relationship these days because we learned how to talk about money, and how to align our financial goals.” – via Zen Habits

28. Saving your health can help you save your wealth. – “How many motorcyclists, bicyclists, skateboarders, etc. do see foolishly blazing around without wearing any form of protective body gear? It’s your life. A quality bicycle helmet will cost you $40 and 2 seconds of your time to put it on before you ride. If you don’t wear one and end up crashing and cracking your head open, it could cost you thousands of dollars in medical bills and take months, if not years, for your body to fully recover.” – via Marc and Angel Hack Life