We're covering the many ways to achieve success in the workplace, sharing useful tips and advice that range from A – Z to enlighten, encourage, and engage people in all fields. There are lots of chances to make smart choices, to move forward with a positive attitude, and to make educated adjustments in work habits in order to get better and better, day after day, until goals are met or even surpassed.
As we run through the alphabet using the letters to inspire success-making moves, J, K, and L are up to bat. See how jumping in, knowing who you are, and letting it go are all important when it comes to achieving success at work. They may sound simple, but are you actually doing these things?
See what changes you can make to increase productivity, become a more efficient worker, and reach the milestones you've been striving to complete. Success won't come to you without effort, so put your best foot forward and you'll step up the ranks with pride with every stride!
Be proactive! Don't wait to be asked to do something or to join in on a meeting or discussion that you believe you can bring value to. Be vocal, be participatory, and be involved. Sitting on the sidelines will get you passed over in no time. Be seen and become part of the action.
By jumping in and being a leader as well as a team player, your presence will be valued and you'll be better equipped to make smart choices in the workplace leading to eventual success. According to Forbes, "(Successful people) view their job descriptions as just the beginning of what they can do with their job. After they've completed their mandatory tasks, they will always ask to take on more projects that challenge them." Simply put – do more and you'll get more.
Know Who You Are
It is important to know what you stand for, what drives you, and what you want out of your performance in the workplace. Be a leader and don't "go with the flow" just to be accepted by your peers. If you have strong convictions and the ability to stand up for yourself, you will head toward success rather than remain stagnant in mediocrity.
As per Forbes, "Successful people are confident and can lead themselves, as well as others. They have their own vision and mission and seek to bring it to life on a daily basis."
By knowing who you are both personally and professionally, you will make choices that reflect what is important to you, leading to a fulfilling career filled with self-worth and pride, as well as a sense of accomplishment.
Let it Go
There comes a time when a project isn't going as planned, roadblocks create the need for a new path to be carved, budgets get cut, or you're just not proceeding in a way that is fruitful. Rather than holding on to a lost cause, a successful person will let it go. This allows them to refocus and start anew with better and smarter ideas. Harping on the past will go nowhere, but learning from mistakes or failures will bring brighter tomorrows.
As Inc. puts it, "Holding onto to your latest mistake will only serve to slow you down. Successful people are not anchored by the past. They learn from it--fast--and move on to a bigger challenge."
Stay tuned for the next installment in our A – Z series for success in the workplace. Letter by letter, improvement will be made and success will be one step closer!
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.