Success in the workplace isn't something that just falls into your lap, as much as some of us wish it would. In order to be productive and reach new heights, each person needs to be accountable for their actions and proactive in their endeavors in order to reach the level of success desired.
Some people seem born to succeed and make their way up the ladder nearly effortlessly. But these folks are few and far between; the rest of us need to work at it with all we've got to make it to the places we want to be and to achieve our own personal definition of "the dream."
Whatever "success" may mean to you, this A-Z series offers tips, showcases behaviors, and explains why certain actions lead to success.
Starting with A, B, and C – Ambition, Boldness, and Commitment – achieving success is as easy as A, B, C… as long as you make the decision to pave the path to progress.
Desire and enthusiasm are a necessity in order to succeed. Without ambition, there won't be a drive to reach new advancements and take the initiative to go the extra mile.
As per Success, ambitious people, "see themselves capable of being the best. They see themselves with the capacity of being really good at what they do."
Fast Company notes, "Ambitious people are goal-oriented and are always striving towards the next accomplishment. Ambitious people break away from consistent 'groupthink', and expose themselves to new ways of thinking."
Determination and hard work to achieve success is what ambition is all about. As The Kahle Way puts it, "(Ambitious people are) willing to do whatever it takes to get the job done."
Having the courage to be strong in your decisions and a willingness to try new things and take chances are key components towards achievement. As per Fast Company, "Act with purpose, but allow room to explore, experiment and discover."
Success adds, "Successful people work to confront the fears that hold most people back. The ability to confront your fear is the mark of the superior person."
Don't waver in your decision-making. With firm background knowledge and past experience, go with your instincts and make moves that will propel you to where you want to be. Hesitation leads to stagnation.
As per Success, "The top people in every field are completely committed. They believe in themselves; they believe in their companies; they believe in their products and services; they believe in their customers."
Persistence and perseverance are a must if you are devoted to your work. According to HubSpot, "The ability to persist on a given path regardless of setbacks, unexpected events, bad news, and resistance -- to continue steadfastly or firmly in some state, purpose, or course of action in spite of conditions -- is a trait common to those who make it."
See your projects through to the end and don't throw in the towel when the going gets tough. Success doesn't always come quickly or easily, but those who stick through it will reap the well-earned rewards of their undertaking.
Here are more tips for success at work with D, E, and F.
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.