We're almost at the finish line of our A – Z guide to achieving success in the workplace. Each letter of the alphabet is the first letter of a trait or behavior a successful person can embrace to become better at what they do. Passion and practice makes perfect, so use these helpful tips to move the needle towards the direction of your career aspirations and goals.
With S, T, and U up to bat, we will explain how stamina, thick skin, and an upbeat attitude are three character features a person ought to possess if reaching success is on the to-do list. Aim to work on developing these attributes and watch how you grow and prosper in the workplace and beyond.
Great results don't just fall into your lap, they take time and effort which means you must be all in, all the time. While physical stamina is important, especially if the line of work you're in is taxing on the body, mental stamina is just as, if not more vital when it comes to being our best at what we're putting our efforts towards.
According to WebMD, one way to increase mental stamina is to, "Consciously think more positive thoughts." Managing stress, visualizing goals, planning for setbacks, and getting a good night's sleep are all stamina-boosters as well.
Don Melnychuk, Ph.D. notes, "One of our most important business resources is our personal energy." He suggests keeping fit, staying motivated, and being well-nourished to improve work performance.
It takes a tough individual to deal with chaos in the workplace and to triumph over mistakes and failures. Not everyone will deal with you with sensitivity or even common courtesy, but the thick-skinned individual won't take things personally and can swiftly move along with confidence and a greater determination to succeed.
Tiny Buddha suggests finding the silver lining in a situation that may be unsettling. "When we can notice which criticisms wound us the most deeply, it shines a light on what our beliefs are. Not only can this help us to find neutrality again, with this outlook, criticism can actually become a valuable tool for self-growth."
According to wikiHow, "Having perspective will help you get through the day without getting too emotional. Remember, there's nothing wrong with feeling that initial wave of anger, sadness or defensiveness when you first receive a criticism. However, you shouldn't let emotions drag you down for the rest of the day." Shake it off and utilize the feelings as fuel to propel you forward.
A "glass-half-full" perspective will keep you positive and ready to work with purpose. Not every moment will be a bowl of cherries, but looking on the bright side and seeing the big picture is far more effective in reaching success than dwelling on what isn't perfect.
As per Jane R. Elgass of Univ. of Michigan, "For some employers, a good attitude is sometimes a more important consideration than skills. Try starting each day with a pep talk to yourself; make it a habit to enjoy the good moments; express, rather than suppress, your feelings; and surround yourself with a positive environment."
Inc. notes, "If you've got a positive attitude, you'll see obstacles as interesting or even fun. Even if you fail to overcome them, you'll find the process invigorating, which will make future obstacles easier to overcome." Put on a smile and you're already a success!
Stay tuned for the next installment of this A – Z series on success. We're almost done, but your success never has to end!
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.