Managing your Personal Finances Wisely

Moneywise24 Personal Finance



How to go that extra mile 0

Posted on May 27, 2011 by admin

We all hear that it’s important to go the extra mile if you want to advance your career, just to do a bit more than what is asked of you, and stand out of the crowd. But what does it mean exactly, to go the extra mile?

In short, going the extra mile means doing everything that is in your power, to make people and your company benefit from your experience and knowledge. Naturally, you should be good and thorough at your job, but going the extra mile means doing things, which are not necessarily part of your job description. It means replying back to people earlier than necessary, it means pro-actively contacting colleagues or customers to provide information that may help them, it means volunteering for a project that it not part of your ‘business as usual’.

People who go the extra mile stand out of the crowd, because they have that little extra. They will usually not leave the office at 5 p.m., just because it is 5 p.m, or refuse to do a bit of extra work because they are not being paid for it. Doing just a bit more of what is asked might not necessarily pay out immediately, but it does increase your chances of advancing your career in future.

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Your Skills Are Wanted More Than You Think 0

Posted on September 07, 2010 by admin

As I was browsing through the internet just a minute ago, I stumbled across a few freelance websites. I know there are quite a few around, some are better than others. However, I want to introduce 2 website which caught my attention. Firstly because of their professional set-up, but also due to the fact that around 50% of their members are full-time freelancers, making a professional living. Having browsed through the websites, I am astonished about some of the professional services some people offer.

The first website is Elance.com. Elance offers a platform for employers and freelancers, who are able to find each other through a bid process. Elance freelancers offer anything from web design services, to financial services, writers, photographers, legal consultants, marketers, and much more. The lay-out of the website is clean, and in fact freelancers are able to display their total earnings to the community. Some have earned over $100k with their services, and around 50% of all freelancers do this work full-time. Furthermore, Elance offers an escrow service, so that money is sure to be paid by the employer, and to reach the freelancers’ bank accounts.

An alternative to Elance is vWorker.com. vWorker is built much in the same manner as Elance, with currently offering 2,409 open jobs. Also vWorker guarantees payment via escrow services.

A third website I found, which I thought is pretty funny, is fiverr.com. Fiverr is a platform where freelancers, or workers, can quote a job or the kind of work, any work, they are prepared to do for US$5. Many offers are crazy and funny, such as doing 10 backflips, or a running 7 miles in a gorilla costume. Others have a more serious nature, such as proofreading resumes, or practicing conversational skills in a foreign language for 30 minutes.

All in all, I am surprised about all the innovation on the internet. I haven’t tried out the sites mentioned, but I certainly may. Why not try and make a few extra bucks… the opportunities are there.

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Mind Your Own Business!! 0

Posted on August 12, 2010 by admin

I finished reading CASHFLOW Quadrant, by Robert T. Kiyosaki yesterday and I feel a bit obliged to write about it. On the one hand, because the book is partially filled with incomplete information, being too vague, and for some part promoting illegal practice (e.g trading stocks based on insider information), on the other hand because the book still does make some good points… and it’s a great motivational book by the way. I know, I know, when I read my first book of Robert Kiyosaki, I was quite positive about him, until I did some further research on the topic.

The Cashflow Quadrant basically describes four different quadrants, which characterize how people earn their money. Without wanting to go into too much detail, the left side of the quadrant represents employees and self-employed people, which count for around 80% of the world population and possess about 5% of the wealth on this planet. The right side of the quadrant represents the 20% of the population possessing 95% of all wealth: business owners and investors.

This means, that people on the left side of the quadrant are putting time and effort into a businesses, which are owned by people on the right side of the quadrant, and they get a small fee for doing so. Therefore, the one and only way to reach true financial freedom is to switch from being employed, to owning a business or becoming an investor.

The CASHFLOW Quadrant is not only a great motivational book, but it highlights a way of thinking, which most people are not familiar with; it tries to pull people away from their inner reality, which is usually to work hard and make a career at a large and noteworthy company, and to give them a taste of what life would be like if they would mind their own business, in stead of someone else’s business.

Robert Kiyosaki does give some real life examples, such as investing in real estate and then having someone renting it to pay back mortgage. Additionally, his advice is more based on psychology and ‘attitude matters’, than on the science of doing business.

Still, one phrase which caught my attention was ‘Mind Your Own Business‘. Relating this to what I read in the CASHFLOW Quadrant, and relating this also the all the negative criticism, I give it two meanings:

  • Reaching true financial freedom and exceeding the living standards of the average working population (this last phrase is important to me, as some people might find an average employee’s salary as satisfying) means building my own business and investment activities; it means that the time of work I put in my activities is detached from my earnings, and it means that I should be minding my own business, instead of someone else’s business.
  • Having greater confidence in my abilities, especially in my abilities to learn by doing. It is very easy to gain more and more, and even more information from various books, mentoring sessions, or coaching seminars… but many so-called gurus’ main business is just being a guru. Knowing this, I find greater potential in myself to select information I can truly learn from, from recognized authors in their field, and to take small steps towards building wealth and learn from that.

Mr. Kiyosaki seems to be under the attack of many criticists, obviously not without reason, claiming that Robert Kiyosaki is a motivational speaker rather than a refined business man, and fully incapable of providing financial advice. If you want to read more about criticism on Robert T. Kiyosaki and his work, you can visit John T. Reeds site, or the article ‘Rich Men, Poor Advice’ on the Wall Street Journal.

Rich Men, Poor Advice

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The Top Reason Why You Should Stop Looking for a Better Job 1

Posted on December 30, 2009 by admin

dollarHonestly, it costs me quite some effort and perhaps a bit of courage to write this article; finally, after having seen the book quite some times in my local bookstore but having ignored it due to its simple title, I decided to buy Rich Dad, Poor Dad - if it would have been called “an empiric study about the financial development of… ” I would have bought it sooner, in the end I currently live in Germany. I have still not read the entire book, and read through the first two chapters only yesterday. But still, I can say that those first two chapters have pretty much enlighted me. It is a funny thing, because many of what is written I know in some form of the other, but my entire life I have failed living it.

The book Rich Dad, Poor Dad is a story told by Robert T. Kiyosaki, who grew up in Japan. During childhood, he grew up with two ‘dads’: his real dad, a highly educated man with a good job, but constantly struggling with his financials, and the rich dad of his friend Mike, which is much like his second dad. Mike’s dad is a successful entrepreneur, and the main difference is how the two dad look at money, and the goals they pursue in life.

In the first chapter of the book, Robert T. Kiyosaki writes about how people are told during childhood and adolescence to get good grades, perform well through high school and university, in order to get a good job and a good salary. Thus, young adults graduate from college or university, obtain good jobs, and work hard on their career. They get themselves credit cards, they buy a fancy car, and with the first salary raise perhaps a home on a mortgage. People get married, get children, and as life gets more expensive, they work harder and take on second jobs… I do not want to lose myself in Robert Kiyosaki’s words, but the bottom line is that most people live in an illusion; the illusion of having a secure job, building a secure retirement, and that working hard for a large and well-known company is going to make them rich on the long-term. However, in the end these people end up working solely in order to be able to pay their bills and their liabilities.

In order to lead a truly fulfilled life (and I do not mean rich, simply fulfilled), it is necessary to find ways to let money work for you, in stead of the other way around. This means, for example, investing in stocks in order to see them rise in value, and to obtain dividend pay outs. It means investing in other forms of businesses, hire people to let them do the work for you. It means identifying opportunities, entrepreneurial opportunities, and be in charge. The biggest problem, however, is that most people are so caught up in their thinking of “education / good grades / getting a good job”, that these opportunities pass by without them even noticing.

I let the first chapter reflect for a moment yesterday, and the more I thought about it, the more I identified opportunities in the past, which I had let pass by due to my focus on making a career. I still remember vividly, that when I was 19 or so, I got interested in international trade. I bought some books on international trade, and how to become a trade agent, and in a newspaper I saw some offers from manufacturers of cellphones looking for agents. The costs for starting up an agency were extremely low, and it was a time at which cellphones were just starting about to hit the market… but I was discouraged by my family and friends, and unfortunately I listened to their advice, to get a job. One year later the cellphone business started booming for real…

Throughout my entire life, I have been looking for better jobs, better salaries, promotions, and the like. And I believe this will be one of my top priorities for 2010:

I pledge to stop focusing on making a career and losing myself deeper in the treadmill until I cannot get out. In stead, I will be on the outlook for business opportunities, aiming at gaining financial independence. And I will do anything, that is necessary.

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Laid off? Out of work? Life is all about creating yourself! 0

Posted on December 26, 2009 by admin

inventionAuthor: Ev Nucci

“Humankind cannot bear much reality.” T. S. Eliot

No matter how bad things are, like millions before you, you can create a new future. I have, so I know what I’m talking about. You find out who people are in the bad times, not in the good.

Re-writing your future is a state of mind

You are never too old , it’s never too late to start anew. And if you think you can’t take steps backwards in order to take steps forward, think again.

Danny Aiello began acting at 40, Rodney Dangerfield at 42, Gloria Stuart was 78 when she was nominated Best Supporting Actress for Titanic, Peggy Ashcroft was 77 when she won Best Supporting Actress, and Jessica Tandy won an Academy Award at 80 for Driving Miss Daisy.


Grandma Moses (one of the most important self-taught artists of the 20th century) started her painting career in her seventies and Bill Traylor started drawing at age 83. In business Irene Wells Pennington became known in her nineties when she straightened out her husband’s oil business, Colonel Sanders started Kentucky Fried Chicken in his sixties and Taikichiro Mori founded his business in his 50s and is the richest man in the world.

So you think you’re too old to start anew? I think not!

1. Failure is part of success. Don’t avoid it. You need to fail in order to succeed. Every failure is one step closer to success. If failing is a problem for you, then change your mindset. The one percent fail- up and perceive failure as learning opportunities. Without learning opportunities, or practice, how can you get better? Many people are so afraid of failing that they spend their lives avoiding their gifts; or worse, they failed a coupled times and gave up because of it. For years I gave numerous speeches that went well. Then I gave one speech that bombed and it was so humiliating I froze, months later I had a meeting that didn’t go very well. Those two experiences sent me to Toastmasters where I learned how to give a speech.

2. Become extraordinary. Do what you say you’re going to do. Accept responsibility and criticism. Being extraordinary takes work. Go the extra mile. Go above and beyond. Do what the normal person won’t do…be the extreme! And learn what extraordinary people do, study them, learn from them. While at Toastmasters, I learned I had an issue with criticism and had to learn how to accept criticism, to thank the person sharing it with me and to understand that it wasn’t personal. This was an issue I had to learn how to deal with from a professional coach. So the point is that I went from one problem and solved it, to discovering another problem and solved it to back to the original problem. That is what extraordinary people do–they don’t give up. Ever. And when people tell them they can’t achieve something, they think to themselves, “watch this!” Extraordinary people never stop learning, and it’s not about how many letters you have after your name, or what you school you went to, it’s about continuous learning–and knowing that the more you know, the more you don’t know.

Be extraordinary, handle criticism with grace and dignity.

3. Study your successes Take out a yellow pad of paper. Write down your successes. What were you doing? What value did you bring? What are you really good at? What does everyone say you are great at? What’s staring you in the face? What is your gift? What and where have you repeatedly succeeded? Where is there a cross between extreme anger and happiness? That is passion.

4. Study your failures The one percent fail- up. Failures are learning opportunities. Without learning opportunities, you can’t get better. What have you learned? What patterns emerge? What did you do that could have done better? Use this time as a time to evaluate and learn. I have learned the most in my life from my failures—not from my successes. In the next post we’ll address structured achievement relative to goals that will address setting a weekly fear/dream goal.

5. Happiness is not the key to success. It is a choice. Money does not make you happy. I know people that have jobs they hate because of the money they make, relatives that are wealthy, miserable and alone. Money doesn’t fill your home with laughter and love. Money is nothing more than a by-product of your job. Success is a choice. Happiness is a choice. You choose to do the job your were hired to do and choose when and how to leverage that job into another. Life is a series of choices.

6. Trust yourself. Watch for the yellow lights or listen for the voice inside. If something doesn’t feel right, it isn’t. I call it, “validate and verify.” Check out what it is that your voice is telling you. Don’t rush. What is that yellow light? Generally, I count how many yellow lights I see in a situation and if I count more than three, it turns to a red light and I don’t move forward. It signals the requirement to have a conversation, and flags that something isn’t right. Every time I didn’t trust myself or ignored the yellow lights—mistakes were made.

7. What miracles have you created in your life? Go to a quiet place and on a yellow pad of paper, write out every miracle you have accomplished in your life. Everything you achieved or created that you never expected to and is a miracle in your mind. List every one. On an index card write down the ten that are mind blowing to you. You simply cannot believe you ever achieved that goal. This is only for you, it doesn’t matter how big or small it is. This is your Miracles card. I put myself through college; it’s a miracle I went and graduated. That is one of about 50 on my yellow pad. Save the back of the index card for the next assignment which is in the next post. Until then, when you get a little depressed one of the things you will do is look at your Miracles card and remind yourself that nothing is impossible.

8. Have the courage to self-reflect. It’s takes courage to reflect on your dreams, vision of how you want your life to be, who you want to be, how it is currently structured. The reality is that we structure our lives around other people’s constraints. Our dreams and our visions are bigger than the constraints around us. If those constraints are too much, you must be willing to ask yourself some dangerous questions.

Take an honest look at your own life. How much is your life in alignment with how you are spending your time and energy? You have to take responsibility to thrive and flourish wherever you are. Think of yourself as a social architect, you create the rules of the game. Whoever has the goal, makes the rules. You may decide that you need to change some of the dynamics in your life in order to get yourself to the next level. You may have to change some of the players and your environment. Have the courage to look at your life and make those decisions.

About the Author:

Ev Nucci is CEO of Nucci Consulting Group, a retained search firm that specializes in the asset management industry. She spent the last three decades building high performance organizations. She started 5 companies, worked as an executive for Johnson & Johnson where she was part of starting two divisions, then ran 15 operating companies, did a start-up for Baxter, started her own company which she grew to to be an industry leader and she sold five years later to the industry giant. In 1996, she founded NCG and leveraged her talent for building high growth organizations to Wall Street. In 1998, she started working with a small fixed income firm, by the name of BlackRock and spent the next ten years working with founders and they have grown into the largest asset management firm in the world. Most recently she served as a consultant and Director for Armored Wolf, LLC a global macro hedge fund. She has interviewed over 15,000 people over the last three decades.

Article Source: ArticlesBase.comLaid off? Out of work? Life is all about creating yourself!

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