Wherever you decide to put your energies, the key is to become more valuable to your current employer, customers, or clients. You do that by getting better at solving their problems, delivering products, and adding services that they want and need.
You may need to get more training, develop new skills, create more relationships, or put in extra time. But the responsibility for getting better at what you do and how you do it is totally yours. Always seek out opportunities for more training and self-development. If you need an advanced degree or some kind of certification to move up in your chosen trade or profession, quit talking about it and go get it.
The Success Principles by Jack Canfield
Saturday, March 7, 2009
Friday, March 6, 2009
The Importance of Investing
Following is an excerpt from The 9 Steps to Financial Freedom by Suze Orman.
The Importance of Investing
There are only three honest ways in this life to get money. The first is to work for it. The amount of time most of us are able to work will be limited - by age, health, elimination of our jobs-and there will be many years, for most of us, when we're spending money but not earning it. Do you know that most of us will spend more time in retirement than we ever did working?
The second way to make money is to inherit it. Are you among those who are hoping that an inheritance will be your saving grace? With the life expectancy inching up to the eighties and beyond, you might well hit your own retirement years before you ever see a penny. What is mroe, for the majority of us, inheritance is rarly a sure bet. One nursing home stay, a few investments gone bad, a large probate or estate tax bill-anything can happen.
The third way to make money is the most powerful and respectful way ther is. This is to invest the money you save during your working years wisely, so that when you no longer want to or are able to work, your money will work for you. The earning years of your retirement money can go on forever-money is a living entity. If invested with respect, if invested in time to let it grow, these earnings will take care of you well and go on to take care of those you leave behind.
The Importance of Investing
There are only three honest ways in this life to get money. The first is to work for it. The amount of time most of us are able to work will be limited - by age, health, elimination of our jobs-and there will be many years, for most of us, when we're spending money but not earning it. Do you know that most of us will spend more time in retirement than we ever did working?
The second way to make money is to inherit it. Are you among those who are hoping that an inheritance will be your saving grace? With the life expectancy inching up to the eighties and beyond, you might well hit your own retirement years before you ever see a penny. What is mroe, for the majority of us, inheritance is rarly a sure bet. One nursing home stay, a few investments gone bad, a large probate or estate tax bill-anything can happen.
The third way to make money is the most powerful and respectful way ther is. This is to invest the money you save during your working years wisely, so that when you no longer want to or are able to work, your money will work for you. The earning years of your retirement money can go on forever-money is a living entity. If invested with respect, if invested in time to let it grow, these earnings will take care of you well and go on to take care of those you leave behind.
Thursday, March 5, 2009
Getting out of Debt and Staying out of Debt
Yesterday I posted about borrowing from your 401 (K) to get out of debt or purchase a home. Another thing some people do when interest rates are lower is to refinance their home and take some of the equity as cash to pay off bills. This is fine if you change your spending habits. But many people do this and then rack up big bills again. Then where are they, a higher mortgage and high bills again.
Also, as stated in the last post. If you borrow from you 401 (K), that has to be paid back within 5 years or if you leave that job. If you use it to pay down debt but keep spending like you were, you will be hard pressed to pay the loan back in the time you are suppose to.
Also, as stated in the last post. If you borrow from you 401 (K), that has to be paid back within 5 years or if you leave that job. If you use it to pay down debt but keep spending like you were, you will be hard pressed to pay the loan back in the time you are suppose to.
Wednesday, March 4, 2009
Borrowing From Your 401 (K)
The following is taken from The 9 Steps to Financial Freedom, by Suze Orman.
Borrowing from your 401 (K)
You may be able to borrow from yourself to pay off your credit cards through your 401 (K) plan at work. Many employers will let you borrow up to 50 percent of the money you have in your plan, up to $50,000, to buy a house or pay off bills or for other situations that qualify. This could be one of the best sources of funds by far if you really are stuck. When you borrow money from a 401 (K), you have five years to pay back the money (rather than the forty years it could take you by paying the minimum on some credit cards). In addition, the interest you pay goes right back to yourself. It's your money, you've borrowed it from yourself, and you're paying it back directly into your account; all the payments plus interest go to you. Usually you will pay yourself about 2 percent above the prime rate, which is the basic interest rate set by the government.
A lot of people will say that if you borrow money from your 401 (K), you are losing out on the growth potential of the money. This is true, and it's a decision to be made cautiously and wisely. Nevertheless, if you are paying 18.5 or 21 percent on your credit cards, and can't transfer to a lower-cost card because of a bad credit report, it might well be better to borrow from yourself at 8 or 9 percent, miss out for a time on that potential groth, and start over again clean.
The prospective downside is that if you happen to leave the job or get fired, the money you borrowed is due in one lump sum at that time. If you can't pay it back, you'll pay taxes on the money as if it were ordinary income, if you're under the age of 59 1/2, you may also have to pay a 10 percent penalty on the amount you haven't paid back. If you are thinking of taking out a loan, and there is a possibility you may leave your current employer, you might want to reconsider your situation before you take out the loan; make sure you understand what you would have to do if you were to leave your job.
Borrowing from your 401 (K)
You may be able to borrow from yourself to pay off your credit cards through your 401 (K) plan at work. Many employers will let you borrow up to 50 percent of the money you have in your plan, up to $50,000, to buy a house or pay off bills or for other situations that qualify. This could be one of the best sources of funds by far if you really are stuck. When you borrow money from a 401 (K), you have five years to pay back the money (rather than the forty years it could take you by paying the minimum on some credit cards). In addition, the interest you pay goes right back to yourself. It's your money, you've borrowed it from yourself, and you're paying it back directly into your account; all the payments plus interest go to you. Usually you will pay yourself about 2 percent above the prime rate, which is the basic interest rate set by the government.
A lot of people will say that if you borrow money from your 401 (K), you are losing out on the growth potential of the money. This is true, and it's a decision to be made cautiously and wisely. Nevertheless, if you are paying 18.5 or 21 percent on your credit cards, and can't transfer to a lower-cost card because of a bad credit report, it might well be better to borrow from yourself at 8 or 9 percent, miss out for a time on that potential groth, and start over again clean.
The prospective downside is that if you happen to leave the job or get fired, the money you borrowed is due in one lump sum at that time. If you can't pay it back, you'll pay taxes on the money as if it were ordinary income, if you're under the age of 59 1/2, you may also have to pay a 10 percent penalty on the amount you haven't paid back. If you are thinking of taking out a loan, and there is a possibility you may leave your current employer, you might want to reconsider your situation before you take out the loan; make sure you understand what you would have to do if you were to leave your job.
Tuesday, March 3, 2009
More of Volunteering
Along with the great feeling you get by volunteering I also believe the more you give of yourself the more you get in other ways. It seems like after I became involved in the community service and leadership organization other things were happening in my life. I got more responsibilities at work which met an increase in salary. This allowed me to also achieve higher things in my personal life like buying my first home and being able to save up and pay cash for a car, which had been a couple of my goals.
The world responds to givers more positively than to takers. We naturally want to support the givers. Simply stated, givers get.
The world responds to givers more positively than to takers. We naturally want to support the givers. Simply stated, givers get.
Monday, March 2, 2009
You'll Get More Than you Give
When you volunteer, you will get back a lot more than you give. Research on volunteerism shows that people who volunteer live longer, have stronger immune systems, have fewer heart attacks, recover from heart attacks faster, have higher self-esteem, and have a deeper sense of meaning and purpose than those who don't volunteer. The research also shows that people who volunteer in their younger years are more likely to end up in more prestigious and higher-paying jobs than their nonvolunteering counterparts. Volunteering is a powerful way of networking and often leads to business and career opportunities.
Also, one of the keys to success is building a huge network of relationships, and volunteering lets you meet all kinds of people you would never had met otherwise.
I joined a volunteer and community service group about 8 years ago and also got active in leadership roles. I have made friends all over the country that I would not have met otherwise.
Also, one of the keys to success is building a huge network of relationships, and volunteering lets you meet all kinds of people you would never had met otherwise.
I joined a volunteer and community service group about 8 years ago and also got active in leadership roles. I have made friends all over the country that I would not have met otherwise.
Sunday, March 1, 2009
Norwex Products
I started using Norwex http://norwex.ca products a couple months ago and they are great. It is a line of cleaning products that are chemical free. Some of the main items are the microfiber cloths. They remove 99.9% of the bacteria from surfaces, resulting in a cleaner, healthier environment. They can reduce the consumption of cleaning chemicals in your home up to 90% while at the same time cutting down your exposure to toxic fumes.
The initial cost may seem high, but when you consider not having to purchase most of the cleaning products you are currently buying and to be free of using chemicals.
Dirt and dust are removed instead of being spread around. You have a cleaner indoor climate, which reduces allergies.
You can check the website above to locate a representative in your area.
The initial cost may seem high, but when you consider not having to purchase most of the cleaning products you are currently buying and to be free of using chemicals.
Dirt and dust are removed instead of being spread around. You have a cleaner indoor climate, which reduces allergies.
You can check the website above to locate a representative in your area.
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