Success is something nearly all of us want to achieve, but hoping and praying – while helpful from a spiritual or mental sense – won't get you there without hard work put forth as well. As we travel from A-Z, success is something you'll see is attainable, as long as you make the moves and put in the effort to lead you towards your goals.
We've already covered A – L, and if you've been following closely along, you're surely closer to success than you were before you started reading. Now at mid-alphabet, we're halfway to the finish line with tips and advice that will give you the tools to reach the places you're eager to go.
Continue on the path towards workplace success and use this guide as a navigator towards the top of the ladder!
Someone with superb management skills is already a step above the rest when it comes to reaching success. And if a person knows they aren't strong when it comes to managing time, resources, money, people, etc., they are smart enough to work with others who can aid in that area.
Proper management of work-related issues can be the difference between success and failure. Too much on one's plate, scheduling conflicts, and even when to make calls or send emails all factor into taking overall management into consideration and making use of all available time one has.
As per Skills4Work, "Efficient work management can be a force multiplier and has the potential to increase the effective working time." Leadership-Central adds the following time management advantages: reduces stress, helps you to remain focused, minimizes procrastination, augments productivity, and gives a sense of achievement.
A well-managed person is like a well-oiled machine. Always prepared and always ready to move forward.
In just about every area of business, you won't be at it alone. Whether with others on your team, with clients, investors, or competitors, negotiation will be an important part of the program. Having successful negotiation skills are imperative to communicate with confidence and a satisfactory end result.
As per Business Queensland, "Negotiating requires give and take. Good negotiations contribute significantly to business success, as they help you build better relationships, deliver lasting, quality solutions - rather than poor short-term solutions that do not satisfy the needs of either party, and help you avoid future problems and conflicts."
EC Sourcing Group notes, "Contrary to what some believe, negotiation skills are not about beating the opposition out of the other party. In fact, the best negotiators are ones who are able to create win-win situations, in which everyone walks out thinking that the deal is a good one."
Negotiate for your benefit as well as a good outcome for all involved. True success extends beyond your personal gain.
A "glass half full" mentality will get you further than one that sees the worst in people or situations. Entrepreneur suggests that "having a positive attitude can help us push through rough patches." And as any person in business knows, not everything will be smooth sailing all the time.
Entrepreneur recommends seeing failure as a new start. "When things go bad, our world gets shaken up, which requires us to grow, see new things and start afresh." Take a perceived failure or mistake and consider it a learning moment instead.
Switch and Shift adds that optimism creates a sense of clarity. "Workplace optimism emerges when there is progress. We understand why our work matters. We have clarity in the purpose of our work and how it contributes to goals. Clarity provides comfort. It provides reasons."
A positive attitude not only makes you feel eager to succeed, but it translates to those around you creating a harmonious and brighter workspace.
Stay tuned for more A – Z tips for success at work. The path to achievement starts with "A" and ends with YOU!
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.