Ref: http://www.freemoneyfinance.com/2008/01/11-great-ways-t.html
Read this excellent article here or visit: freemoneyfinance.com
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I get bashed from time to time for talking about how important it is to spend less than you earn. I've defended my rationale on this issue, but detractors wonder why I don't spend more time talking about growing income rather than limiting spending. Well, if you're one of those people, this post is for you. Buckle up, because we're about to enter the world of earning more money!!!!
Many of you know that I spent last year trying to earn an extra $10,000 above my salary (FYI, I'm including anything I can get above the 3% cost-of-living adjustment most people get from their employers.) I'm doing the same this year, and I thought many of you would like to join me. As a starting place, I'm identifying all the major ways I've compiled on how to make more money. Here's my list:
1. Ask for a raise -- Your job is your most important financial asset and using it to make more money represents the low-lying fruit of all money making opportunities. Of course you simply can't demand a raise for showing up. You have to ask for a raise in a way that maximizes your likelihood of getting one. Fortunately it's rather simple: do a great job, make sure others know about your success (especially your boss), then pitch the proper person on why you deserve a raise. If you do these things better than most, you can secure a 5-7% raise while the others are stuck with a cost-of-living adjustment. Also note, it's just as important to NOT do certain things when asking for a raise. Otherwise, you might torpedo your chances for the extra loot.
2. Get a promotion -- Ok, let's say you're squeamish about asking for a raise -- how about earning a raise by getting a promotion? It's generallyaccepted that if you have more responsibility you get paid more. But how do you go about getting a promotion? Basically it's the same way you go about building your case to get a raise -- perform well and make sure everyone knows about it. (Plus you can go "above and beyond" most others by doing things like taking professional classes to enhance your marketability.) Since this tip is dependent on the fact that a position actually opens up in your company, it's not quite as good as asking for a raise in my opinion.
3. Change jobs -- Just like it's usually the case that you'll earn more when you get a promotion, most people earn more money when they change jobs (either a lateral change that earns you more or a promotion via job change.) The key here is to market yourself correctly in the job hunt process so you can actually land a job that pays significantly more than your current position. Some job-hunting success tips: make the most of your cover letters, stick with a classic resume that highlights significant job accomplishments, and make the most of your interviews (which includes not asking stupid questions). I've applied these principles several times and I've averaged roughly 13% increases when I've made a move.
A couple other tips that are important when it comes to changing jobs:
Don't quit your job before you get another one. Quitting without another job is not a good idea and by doing so you're risking your most important financial asset. Believe me, I've seen the disaster. If you're stuck in a job you hate, take specific steps to get out of it, but don't quit without another position lined up.
Once you do get a job offer, ask for more money before you accept the position. Doing so can pay off big, netting you $1,000 a minute. Not a bad return, huh?
4. Turn your hobby into an extra income -- How would you like to do something you love and make some extra money at the same time? Then consider turning your hobby into an extra income. This could be anything from starting your own website to monetizing your artistic penchant to launching your own blog (if interested in this, see How to Get Your Blog to 100,000 Visitors and Beyond) to creating crafts to whatever.
I've done this with my hobby of writing. I've sold somewhere around 160 financial and business/marketing articles in the past ten years, earning me around $60,000 total. In addition, I started this blog on the same topic and it now generates a substantial amount of money (though I give away all the proceeds to charity). I have friends who've done the following: turned their love of cycling into a part-time job of repairing and maintaining bikes, turned their love of hunting and art into making decorative hunting knives that sell nicely at flea markets, and turning their love of baking into a side business selling high-end cookware. Is there something you love doing that could earn you some extra money?
5. Start a side business -- Ok, let's say you have a hobby like growing roses or playing video games -- something that may not lend itself easily to making extra money. Instead, you could start a side business (here are some additional tips) of something totally different. Not something you love doing, but not something you hate either. A few examples of what you could do:
- Take a job no one else wants to do (can you say "pooper scooper?")
- Become a lifestyle manager
- Advise college-bound students
- Stage homes
- Start a sign-in-the-yard business
- Take pictures or play music
There are literally all sorts of things you could do (including selling your blood -- admittedly it's not a "business", but I just had to throw in this idea to show how some people are so creative when it comes to making money)
Or, if you don't feel like you're able to start your own business, maybe you could buy an existing business.
6. Maximize your investments -- At first blush, it may not seem like there's a lot of extra income potential in earning an additional percentage or two on your investments. Over the short-term, there isn't. However, when time and compounding are considered, eeking out even an extra 1% could mean thousands of extra dollars for you. Personally, I like index funds because they beat most investments in the long term and take a minimal amount of time to manage. Combine them with the proper asset allocation and regular rebalancing of your portfolio and you're on your way to earning a good bit more from your investments.
7. Trade/barter skills -- This is a new one for me, but one that I've had a bit of success with. For instance, I've exchanged marketing advice for some legal counsel. Maybe you're a carpenter who can build something for a plumber who can fix your clogged sink. Or maybe you're a dentist who can offer free cleanings to a veterinarian in exchange for free pet visits. Or perhaps you could design a website for a chiropractor who could give you free adjustments. Or maybe you can offer dance lessons in exchange for someone tutoring your child. The possibilities are almost endless.
Yeah, this option doesn't put cash into your pocket, but it does save you money on something you need to have done. And it could serve as a launching point for your own new business -- you get some experience providing services for others and maybe you'll be able to sell some of those services to people who can't trade but would be willing to buy what you have to offer.
8. Use your current job skills -- Take what you do in your current job and consider selling those skills to others at night. If you don't like this option, consider teaching what you know to others. Simply take what you do 40-plus hours a week and extend it into a new business/side income.
9. Sell stuff you own and don't need -- If you're like the rest of America, you've got a boatload of stuff in your home that you don't need/use. So why not sell it and create some extra cash for yourself? With the popularity of EBay, doing this is often a cinch. And let's say you're in the 1% of people who don't have anything useful to sell -- maybe you could find some items at auctions and then sell them for a profit.
10. Use credit cards strategically -- In 2006 I earned almost $500 simply by charging purchases on a cash back credit card. My 2007 results aren't in yet, but I'll be way over this amount. Why? Because I picked the right card for my spending habits (which is THE key to making the most with credit cards) and charged as much as I could on it (including creative ideas like buying gift cards strategically.) In 2008, I'm planning on earning even more by using a hybrid cash back credit card method to earn upwards of 2.6% on my charges by combining uses of the Blue Cash from American Express card and the Chase Freedom Cash Visa Card. Eventually I hope to earn in the high three figures simply for doing what I'd normally do -- buying what I'd normally buy. You can do the same.
11. Get money owed to you -- As I've noted before, there are billions of dollars in abandoned and lost checking accounts, pensions, and so forth collected by governments. You should see if any of it is yours I'm a pretty good money watcher, but when I went to Missing Money I found that I had a claim (for "under $100") from a past job. Sure, it's not a ton of money, but someone out there is likely due a significant sum. Since it takes about one minute to check and see if it's you, what's the harm?
That's my list for now. I have a lot more ideas that I couldn't include on this list. If you'd like to check them out you can visit my making money category. But for now, let me ask you: do you have any other money making ideas to add?
For more please visit: http://www.freemoneyfinance.com
Showing posts with label job. Show all posts
Showing posts with label job. Show all posts
How to Make Sure You're Not on the Layoff List
By David Hakala on March 10, 2008
Ref: http://www.hrworld.com/features/avoid-layoffs-031008/
Read any newspaper, and you will learn that companies are laying off hundreds — or even thousands — of workers. It is a scary time because the decisions about who gets laid off seem entirely out of one's control. But in many cases, there are steps that you can take to increase the odds of keeping your job, or at least a job of some sort.
First, you need to make yourself more valuable than the next person. Remember the old joke about the two men who were running from a charging lion? “Do you think we can outrun him?” said one man to the other. “I don’t care about him,” said the other man, “all I have to do is outrun you.” It is a grim fact that in the race to avoid being laid off, the swiftest workers survive. You have to be more valuable than the next person in every way.
Do a great job. Average or mediocre employees are usually the first to be laid off. When rumors of layoffs start flying, it is all too common for morale and productivity to decline. But this is the time when you must put forth extra effort to do the very best job you can. Now is the time to work longer and harder.
Doing a great job means more than just showing up, putting in the hours and doing what you are told. It means finding ways to add value to the work that you do for your employer.
The Added-Value Action Plan
You can start adding value by reviewing your job description. Make a list of all your duties. Are you getting everything done exceptionally well? Next, write down all of the other tasks that you routinely perform (those that aren't in your job description) that add value to your work. Rate each of the tasks you do on a scale of one to five, with five being outstanding. How much value are you really adding?
Now is the time to look for other things that you could be doing to add value. Make a list of them and create an action plan to add them to your current workload. Specify how each new task would add value to your job in the form of money saved or earned for the company.
Collaborate with your boss on this added-value plan. Ask your supervisor how you can add more value to your job. Show him or her the worksheet you have made and the duites that you would like added to your job. What seems like added value to you may be a waste of time in your boss's eyes. Incorporate your manager's ideas into your added-value action plan. Show off what you are doing and ask to do more.
Once you complete your action plan, it is time to act on it. Post it on the wall and review it every day to make sure that you are doing all you can to keep your job.
Stay Positive
Be a pleasant co-worker, no matter how gloomy the layoff outlook may be. People who make others uncomfortable or demoralized are more likely to be laid off. Keep your spirits up no matter what.
Prepare to be flexible if layoffs become a reality. In some cases, you may be offered a job in another location. In other instances, you might be offered a lower-grade job at a reduced salary. These options are often better than none.
Finding a new job or starting your own business is yet another way to avoid being laid off. You can start now to renew your network contacts, work with recruiters or prepare a business plan.
When layoffs appear on the horizon, you don’t need to stand frozen like a deer in the headlights. You can work harder to keep your job or prepare to move on your own schedule instead of someone else’s.
For more articles please visit: http://www.hrworld.com/
Ref: http://www.hrworld.com/features/avoid-layoffs-031008/
Read any newspaper, and you will learn that companies are laying off hundreds — or even thousands — of workers. It is a scary time because the decisions about who gets laid off seem entirely out of one's control. But in many cases, there are steps that you can take to increase the odds of keeping your job, or at least a job of some sort.
First, you need to make yourself more valuable than the next person. Remember the old joke about the two men who were running from a charging lion? “Do you think we can outrun him?” said one man to the other. “I don’t care about him,” said the other man, “all I have to do is outrun you.” It is a grim fact that in the race to avoid being laid off, the swiftest workers survive. You have to be more valuable than the next person in every way.
Do a great job. Average or mediocre employees are usually the first to be laid off. When rumors of layoffs start flying, it is all too common for morale and productivity to decline. But this is the time when you must put forth extra effort to do the very best job you can. Now is the time to work longer and harder.
Doing a great job means more than just showing up, putting in the hours and doing what you are told. It means finding ways to add value to the work that you do for your employer.
The Added-Value Action Plan
You can start adding value by reviewing your job description. Make a list of all your duties. Are you getting everything done exceptionally well? Next, write down all of the other tasks that you routinely perform (those that aren't in your job description) that add value to your work. Rate each of the tasks you do on a scale of one to five, with five being outstanding. How much value are you really adding?
Now is the time to look for other things that you could be doing to add value. Make a list of them and create an action plan to add them to your current workload. Specify how each new task would add value to your job in the form of money saved or earned for the company.
Collaborate with your boss on this added-value plan. Ask your supervisor how you can add more value to your job. Show him or her the worksheet you have made and the duites that you would like added to your job. What seems like added value to you may be a waste of time in your boss's eyes. Incorporate your manager's ideas into your added-value action plan. Show off what you are doing and ask to do more.
Once you complete your action plan, it is time to act on it. Post it on the wall and review it every day to make sure that you are doing all you can to keep your job.
Stay Positive
Be a pleasant co-worker, no matter how gloomy the layoff outlook may be. People who make others uncomfortable or demoralized are more likely to be laid off. Keep your spirits up no matter what.
Prepare to be flexible if layoffs become a reality. In some cases, you may be offered a job in another location. In other instances, you might be offered a lower-grade job at a reduced salary. These options are often better than none.
Finding a new job or starting your own business is yet another way to avoid being laid off. You can start now to renew your network contacts, work with recruiters or prepare a business plan.
When layoffs appear on the horizon, you don’t need to stand frozen like a deer in the headlights. You can work harder to keep your job or prepare to move on your own schedule instead of someone else’s.
For more articles please visit: http://www.hrworld.com/
Laid Off: 16 Ways to Make the Best of a Bad Situation
By David Hakala
Ref: HRWorlf Article
A layoff can be one of the most stressful events in a person’s life. If your number comes up during downsizing, it can feel as if you have lost your reason for being. During this traumatic time, there are some steps you can take to ease the pain and make the best of things.
1. Keep your emotions in check. The first reaction to being told that you are being laid off is fear of loss, and fear is always followed by protective anger. But anger will not do you any good and can harm your exit strategy. Keep your cool.
2. Listen carefully as severance benefits are explained. Your mind may be on what you are going to do next, but what is being offered to you now is just as important. Ask about severance pay, COBRA insurance, your 401(k) plan and so on.
3. Ask about references. It’s reassuring to know that you can get one from your former supervisor.
4. Make sure that you collect all of your personal things. It is unlikely that you will be allowed back in the office once you leave.
5. Go home and grieve for a few days. Grief is a natural reaction to being laid off and is the first step in the healing process. You have to stop denying that the layoff happened and accept it. That is what grief is about.
6. Don’t blame yourself. Employees are selected to be laid off for reasons that are often beyond their control. Don’t look for reasons why you may have brought the layoff upon yourself.
7. Commit to the change. Once you have accepted the layoff’s reality, make a commitment to drive the change in your life instead of letting it happen to you.
8. Make concrete plans. Create to-do lists, schedules and action plans so that you can keep your life structured and measure progress toward your goals.
9. Apply for government unemployment benefits. Do this immediately, and participate in retraining and job-placement programs.
10. Keep to a schedule. Get up at the same time as you did when you had a job. Treat your job search as if it was your new job and show up for it on time every day.
11. Take advantage of outplacement services, if they are offered. Such services include training in job-search and interview skills that most people seldom practice. Outplacement services can also provide support and encouragement during this troubled time.
12. Get out of the house. Go out and exercise at the time you would normally leave for work. Some people treat a library or a job-training center as if it was their new office. The change of scenery can focus your mind on job hunting and help you avoid depression.
13. Polish up your résumé. Taking stock of your achievements will help ease the pain of the layoff, and setting a new career objective will help you focus your job-search efforts.
14. Take stock of your contacts. Make a list of everyone you know, and don’t avoid them. It’s tempting to hide sheepishly when you have been laid off, but this is the time to renew your acquaintances and let them know that you are available for work.
15. Update or create your Facebook or LinkedIn profile. Employers are using social networks to look for employees these days, so make these sites work for you.
16. Revise your household budget. Make painful cuts now to avoid even more painful ones later. Never assume that unemployment is going to be brief.
Being laid off is never easy. Taking these steps can help ease the pain and get you back on track to a rewarding new job.
For more articles please visit: http://www.hrworld.com/
Ref: HRWorlf Article
A layoff can be one of the most stressful events in a person’s life. If your number comes up during downsizing, it can feel as if you have lost your reason for being. During this traumatic time, there are some steps you can take to ease the pain and make the best of things.
1. Keep your emotions in check. The first reaction to being told that you are being laid off is fear of loss, and fear is always followed by protective anger. But anger will not do you any good and can harm your exit strategy. Keep your cool.
2. Listen carefully as severance benefits are explained. Your mind may be on what you are going to do next, but what is being offered to you now is just as important. Ask about severance pay, COBRA insurance, your 401(k) plan and so on.
3. Ask about references. It’s reassuring to know that you can get one from your former supervisor.
4. Make sure that you collect all of your personal things. It is unlikely that you will be allowed back in the office once you leave.
5. Go home and grieve for a few days. Grief is a natural reaction to being laid off and is the first step in the healing process. You have to stop denying that the layoff happened and accept it. That is what grief is about.
6. Don’t blame yourself. Employees are selected to be laid off for reasons that are often beyond their control. Don’t look for reasons why you may have brought the layoff upon yourself.
7. Commit to the change. Once you have accepted the layoff’s reality, make a commitment to drive the change in your life instead of letting it happen to you.
8. Make concrete plans. Create to-do lists, schedules and action plans so that you can keep your life structured and measure progress toward your goals.
9. Apply for government unemployment benefits. Do this immediately, and participate in retraining and job-placement programs.
10. Keep to a schedule. Get up at the same time as you did when you had a job. Treat your job search as if it was your new job and show up for it on time every day.
11. Take advantage of outplacement services, if they are offered. Such services include training in job-search and interview skills that most people seldom practice. Outplacement services can also provide support and encouragement during this troubled time.
12. Get out of the house. Go out and exercise at the time you would normally leave for work. Some people treat a library or a job-training center as if it was their new office. The change of scenery can focus your mind on job hunting and help you avoid depression.
13. Polish up your résumé. Taking stock of your achievements will help ease the pain of the layoff, and setting a new career objective will help you focus your job-search efforts.
14. Take stock of your contacts. Make a list of everyone you know, and don’t avoid them. It’s tempting to hide sheepishly when you have been laid off, but this is the time to renew your acquaintances and let them know that you are available for work.
15. Update or create your Facebook or LinkedIn profile. Employers are using social networks to look for employees these days, so make these sites work for you.
16. Revise your household budget. Make painful cuts now to avoid even more painful ones later. Never assume that unemployment is going to be brief.
Being laid off is never easy. Taking these steps can help ease the pain and get you back on track to a rewarding new job.
For more articles please visit: http://www.hrworld.com/
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