Meeting the right people and making the most of those interactions is what effective networking is all about. Over the course of your career, you'll have plenty of opportunities to network, be it one-on-one or at conventions, trade shows, and the like. But there is more to networking than showing up and exchanging handshakes and business cards. When you have the chance to meet and mingle, follow these five success-boosting strategies to network like you mean it! You never know who you'll meet and how your career path can benefit from the engaging encounter.
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Be Conversational, Not "Salesy"
The best way to get off on the right foot is by being genuine. Sales pitches and prepared lingo will come off as inauthentic and give the impression that you may as well be talking to anyone. Be natural and conversational, and let the meeting take shape organically.
As Entrepreneur suggests, "Keep your exchange fun, light and informal – you don't need to do the hard sell within minutes of meeting a person. The idea is to get the conversation started. People are more apt to do business with – or partner with – people whose company they enjoy. Remember, networking is all about relationship building."
If you find yourself networking within a large crowd at a convention-type setting, it may seem near impossible to concentrate. But you will need to drown out the noise, ignore the chaos, and direct your attention on the person you are talking with at any particular moment. Because if they feel they don't have 100% of your concentration, you may find yourself leaving a poor impression.
Sally Haver, a senior VP at The Ayers Group tells Monster, "When people spend 50 percent of the time looking over my shoulder, I don't feel warm and fuzzy." The grass may be greener on the other side (of the room) but give the person you are speaking with the respect they deserve. Dismissing someone in the hopes of finding that "bigger and better" attendee can result in you standing alone.
Listen (at least as much as you talk)
When time is limited, you may be inclined to talk yourself up. Sure, people want to hear about who you are and what you do, but they are part of the interaction too. This isn't Shark Tank. It's not all about pitching yourself with the goal of getting something in return. Networking is a two-way street with plenty of room for everyone to share the road.
As Entrepreneur recommends, "Don't hijack the conversation. The most successful networkers (think of those you've met) are good at making other people feel special. Look people in the eye, repeat their name, listen to what they have to say, and suggest topics that are easy to discuss. Be a conversationalist, not a talker."
What Can You Offer?
Yes, you want to network to benefit your own agenda, but by helping others, you'll help yourself in the process. As Inc. notes, "If you want to connect with someone, find a way to help that person. It's always worth the trouble to find out a contact's desires and concerns. The chances are high that you'll be able to find something worthwhile you can offer. It's easy to assume that a wealthy and successful contact already has everything he or she desires and wants nothing from the likes of you. If you're thinking that way, get over it."
Monster adds, "There's no better way to establish a business networking relationship than to contribute to the solution of your new contact's pressing problem. If someone states a challenge that they're facing, respond—no later than the next morning—with something of value that addresses their issue."
As Inc. puts it, "Be generous. That doesn't mean you should only reach out to contacts or do things for them when you expect something in return."
As they say, "Do unto others…"
Keep in Touch
Networking doesn't end when the meeting is over. The whole point is to establish an ongoing rapport that will propel both parties towards a better working relationship that is mutually beneficial.
As Monster recommends, "Set yourself up for the next contact. If you intuit that a new contact will have lasting value, start building a bridge to your next exchange before you say your first good-bye."
Entrepreneur suggests, "Get in touch within 48 hours of the event to show you're interested and available, and reference something you discussed, so your contact remembers you."
Keep connected, stay in touch, and see how your relationship can flourish as you advance in your careers.
Network for successcareer.uconn.edu
The next time you network, you'll have the tools to make every moment worth everyone's while. Make networking really work!
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.