Looking to move up in the world…or at least at work? If a promotion is on your radar, there are things you can do to get closer to making one a reality. If you believe you are deserving of a bump up – be it a higher salary, greater responsibility, a more prestigious job title, or increased job security, here are three surefire ways to increase the chances you won't get passed over for a well-deserved promotion. Your boss only wants the best, and you've got the goods to back it up!
There's only one YOU! laruno.com
Your position must be valuable and you need to do a great job at what you do. If any old "Joe Schmo" can come along and fill your shoes seamlessly, why would promoting you be beneficial? Stand out, show your worth, and be the one who cannot be swapped with someone similar. When you are irreplaceable, your employer will want to keep you around and give you credit for your special skills, leading to a promotion.
Monster recommends, "Be Indispensable. Whether it's inventing a new program that will save your firm money or becoming a client's go-to person, put your boss in a position where he can't afford to lose you."
One way to shine? LiveCareer says, "Create a powerful personal brand. What is it that you want people to conjure when they think of you? What is the experience you want them to have when they work with you? This is entirely within your control, so don't neglect it."
There is only one you, so prove you're #1.
Keep it Professional
Professionalism at its finest s3.amazonaws.com
As per CNBC, "According to best-selling author and CNBC contributor Suzy Welch, to get ahead, you need to act professionally and come across as in control of your career."
Gossip, drama, and other types of non-professional/irresponsible behavior will keep you from getting further in your career. No matter the office environment or general atmosphere (even the most laid-back of settings), maintaining professionalism is always a good thing. Maturity and mindfulness is key to showing you are serious about your job and care about the well-being and success of the company.
As LiveCareer warns, "Nothing can derail someone's future with an organization faster than negative information — and being involved in gossip in any way is the fast path to the end of your career with your employer."
Career Builder suggests avoiding these "professional faux pas" at all costs:
- Regularly arriving to work late or leaving early
- Using vulgar language within the workplace
- Taking an excessive amount of sick days
And as far as remaining drama-free? The Muse explains, "Especially in an office environment, we have to work closely with different personalities and in less-than-ideal situations. Unless there's a real problem (read: you feel unsafe or can't complete your work), keep complaints to yourself."
Go Above and Beyond
Be committed s3.amazonaws.com
Clocking in and clocking out will score you a paycheck, but a promotion? Not likely. You need to prove you're a go-getter who is looking for more, by doing more.
As per Chameleon Resumes, "One of the biggest mistakes executives make is thinking they can just do what's expected of them and still get a promotion. You may not realize it but this is actually a form of arrogance. No one gets a promotion for just doing their job."
CNBC's Welch shares, "If you want to show your boss you're ready for that next step, then you're not just going to do what's asked of you and what's expected of you. You're going to expand your job to help the company [and] help your team."
LiveCareer recommends, "An excellent promotion tip is to volunteer for additional projects or assignments. Asking for more work demonstrates your interest and desire to help your department and company succeed — and puts a spotlight on your value to the organization."
Is a promotion in the cards? If you know you deserve one, make it known. Prove you're serious, smart, and strong and success can be yours by way of promotion. Good luck!
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.