Success is attainable when a person is willing to do what it takes to achieve it. Sitting back and hoping for a miracle is no way to reach the top. Hard work, dedication, and a belief in one's self will allow a person to realize their potential and rise to the levels of achievement they are striving for. With some tips to become a more successful individual, even a beginner can pave the path towards their goals and one day reach them.
We are using each letter of the alphabet to give success-making tools and advice to help you advance and move the needle towards your future. As we hit V, W, and X, three more useful pieces of success-building information are at your fingertips. Use your mind and time wisely, take these tips into serious consideration, and become a stronger worker. Success is up to you, so if you want it, go for it!
A person must be of value to a company for them to be needed and well-appreciated. If you don't bring anything to the table, don't expect there to be an empty seat waiting for you.
As per Business Insider, "Successful people provide value to others. When you shift your focus off of yourself and onto the people you serve, you set yourself up for financial success: Do what you love. Serve others what they love. Get money in return."
If you don't bring value to a company, you will not last long there leaving little or even no room to grow. Plus, you'll find yourself wondering what your purpose is rather that using your abilities to make a difference. Know your value and use what you've got to make a difference in a field you're passionate about.
To become a success, a strong work ethic is imperative. Laziness, a ho-hum attitude, and procrastination will hinder your performance. A strong work ethic means you care about what you do and you put forth your best effort at every turn.
According to Spherion, "A job well done fosters a sense of personal satisfaction and professional fulfillment. These are the kind of workers employers are eager to hire and promote. When an important project needs to get done, these individuals can be counted on."
As per Chron, those with a good work ethic are "reliable, productive, dedicated, cooperative, and have strong character." If those five traits don't scream success, nothing will.
Do you have that "something special" that makes you stand out from the pack? It could be a particular talent, a winning attitude, extreme intelligence, or charisma that puts you into a category that others just can't match.
Having the "X Factor" makes a person unique and sought-after. Their standout quality propels them to the top because they fill a void that nobody else can cover. Similar to value one can bring to a company, the "X Factor" is even stronger and more specific. It can't always be pinpointed, but people know it when they see it.
If you believe you have a special gift, share it with others in the workplace. It may be unconventional, but change is always useful in shaking things up. Be a breakthrough and reach success in a way never seen before.
Hold tight, because Y and Z are coming soon. Success from A – Z is almost done, but your success is just beginning!
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.