January 28, 2008
Are You Really Worth It?... Leading Employees with Strong
Personalities... Slimmer Waist, Fatter Wallet... Keeping Money
in the Bank... and More.
** Are You Really Worth It?
By Adrian Newman, co-founder of the WLI
We all think we're great.
That's a pretty bold statement, I know. However, let me explain
it in further detail and you'll see what I mean.
Most of the time, most people think of themselves as being
good, honest, hardworking people whose decisions are, more
often than not, the right decisions.
Unless we're told we've done something wrong, we
automatically assume that most things we do are right.
And yet, every day, we hear about murders and other violent
crimes. We see companies filing for bankruptcy. We see
celebrities checking into rehab. You hear about another DUI
accident or some kind of scandal involving inappropriate
behavior or a story that makes you say "What's this world
coming to?"
Still, for most of the population, we all think we're right and
our words and actions have some sort of justification. And
when we're confronted with something we don't agree with,
we're shocked and cry foul.
Case in point happened to a friend of mine recently.
To keep this as short and sweet as possible, the basics are that
my friend was working for a company for 20 years and quit
because he didn't get a promotion and because he disagreed
with company policies that he felt were bringing the company
down.
From what I could tell by listening to my friend's story, the
company felt that their policies were fine. Furthermore, it
seemed to me that my friend felt his job performance warranted
a promotion, but the company felt otherwise.
Who's right and who's wrong?
Well, they're both right. And they're both wrong.
My friend has his opinions of the company's operation and of
his own performance. He's made compelling arguments for
both and has been rebuffed numerous times. The more times
he'd be rebuffed (apparently a few times) without explanation
(every time he's either been given a straight out "no" or has
been ignored), the more frustrated he would get.
The company on the other hand is a small company that has
been doing things one way for a long time. They are resistant
to change because they fear it and are worried it will cause
more harm than good. They also see my friend as a valuable
employee, but probably lacking in some major characteristics
that make it a non-issue when it comes to a promotion.
So, it seems like this was a non-negotiable impasse and it looks
like my friend made the right decision in leaving, as he had "maxed out" his potential there.
However, he feels he's been slighted and is shocked and upset
about how everything worked out. In reality, what he has to
realize is that no matter how "right" he thinks he is, the facts
are the company didn't feel the same way.
As the saying goes: There are two sides to every story. And
they're both right.
Remember this in your next negotiations with anyone: spouse,
boss, bank, kids, etc.
** Leading Employees with Strong Personalities
By Doug D'Anna, the "Hundred-Million-Dollar Man"
Sometimes in your career, you will be surrounded by strong-
minded individuals. Though this generally makes for an
extremely productive environment, it can also sometimes make
for a difficult situation if you have to manage these strong-
minded individuals.
With too many strong personalities in your midst, it can be
tough to get people to do what you need them to do — and in
the manner that you believe it needs to be done. Strong
personalities come with strong opinions, and this can result in a
lot of competition.
As a leader, you need to be able to make decisions and stick by
them. However, in this type of situation, it can be a lot harder
to do that with other decisions being tossed around. It's one
thing to be a business owner who leads your staff, but it's
another thing entirely to lead a group of your co-workers in
completing a task.
The first thing that you need to know is that you have been
chosen to manage a task because your employer trusts you.
This should be a big boost to your self-confidence. You know
that you are skilled enough and dependable enough to get the
project completed in the way that your boss needs it to be
completed.
You have to keep this in mind when you're leading people who
consider themselves to be leaders, as there may be resistance to
your new role. You need to be confident in yourself and your
abilities, and you need to express it to your team.
If you face resistance, then you need to be strong and stand
behind your decisions. If you waiver, some people will take
advantage of your weakness. You must show them that you are
comfortable in a leadership role and that all your decisions are
essentially final.
This, of course, doesn't mean that you shouldn't be open to
suggestions. A good team works together to produce the best
possible result, but in the end, the project leader is responsible.
You have to accept that the members of your team will have
suggestions and that they will want their opinions heard and
considered. A good leader listens and considers the suggestions
of his team.
You need to show respect to your team members and allow
them to play a role in the project. You are there to manage
those roles as best you can.
A good leader listens to the people around them. They are able
to hear someone's suggestion and take the best points and most
usable parts from it. That's why they are in the role they are —
because they are able to bring out the best in people.
The best way to get your team to work well together is to
utilize each individual's strengths. People appreciate when
someone acknowledges the tasks they excel at, so delegate
accordingly. Put people in the roles that will allow them to
shine — it will help the project get completed efficiently.
You also have to be willing to show your appreciation for your
team. Your team members know what their tasks are and how
to do them, but it doesn't mean that they don't want to be
acknowledged for going above and beyond the call of duty.
You have to take on difficult tasks and excel at them if you
want to get noticed. It would be easy to allow the members of
your team to take over, but you have to remain in the
leadership role and avoid being steamrolled by these strong
personalities. If you can manage your team well, it will be all
the better for you when it comes to impressing your employer.
** Slimmer Waist, Fatter Wallet
By John Hurd, Chief Wealth Researcher
Under that bulky sweater could be something that is holding
you back from getting more money.
What may now seem like a few extra pounds, could soon start
sucking money out of your wallet, and you wouldn't even
know.
Sure, we all know that staying in shape is a good way to feel
better about ourselves. However, losing a few pounds and
becoming more active can actually help to fatten your wallet.
Here's how.
Your first step is to look at your morning routine. For many
people, the lure of breakfast sandwiches and cream-and-sugar-
filled coffee is too great. Many people fork over around $5
each morning, and many are spending even more.
Not only can you cut the fat from your waist, but also by
making a simple, healthier breakfast, you'll be keeping that
money where it belongs — in your pocket.
Now, just because you'll be eating healthier doesn't mean you'll
be sacrificing taste and convenience. Just check out the "organic" aisle at your local grocer. It's packed with healthy
options you can easily substitute for that fatty sausage
sandwich.
The next step is to get active. Giving up the morning commutes
by walking or taking public transit is one way to cut a huge
portion of your daily spending. However, for you that may not
be an option. Instead, try to get at least 45 minutes of activity
in each day. Schedule dinners out at a restaurant you can walk
to or take your check to your bank on foot.
The more active you are and the healthier your diet is, the more
chances you have of seizing new opportunities to make money.
You'll also be passing by those unfortunate times when an
unhealthy body can cost you money, such as increased medical
expenses.
While you continue to focus on your wealth, don't let your
health slip away. True success can be measured in the balance
you maintain of your wealth and your health.
** Keeping Money in the Bank
By Michael Newman, the "Money Finder"
How many times per year are you hit with a financial
emergency? You know, your car breaks down, an appliance
needs repairs or you have to go to the hospital for a checkup.
Although that's a short list, my guess is that you experienced at
least one of those occurrences in the past 365 days. Not only
would I bet on it happening, but I'd also wager that your
reaction wasn't very positive. After all, each one of those
emergencies can come with a fairly hefty price tag.
The funny thing is that you know that at some point one of
these emergencies is going to arise. And how do you know?
Because it does every year, leaving you feeling just as
financially strapped as it did last year...and the year before that.
Well, there is a way to defeat these emergencies with ease and
save yourself the stress they create in their wake. All it takes is
a little bit of foresight.
Trying to keep at least $500 in the bank at all times is the best
way to make sure emergencies don't hang around for months
and add to existing problems. Keep $400 in a savings account
and $100 in a checking account for easy access, to be used if,
and only if, needed.
Generally speaking, $500 is enough to cover the cost of an
average car repair, new appliance or a variety of other
emergencies that may arise. By using the cash to pay for it, you
can avoid using credit and adding the unexpected expense to
any mounting debts.
Along with being enough to cover these bumps in the road, it is
also a relatively manageable amount. Especially with tax
returns coming around the corner, it could be a great time to
put some of the money you receive from the government into
the fund.
Of course, you may be thinking to yourself, "If I get an extra
$500, I'm going to put it towards my existing debt, or buy
myself something nice." To address this, I must remind you to
remember how many times having a few extra bucks could've
saved you from a big problem. Well, here are those extra
bucks. Don't think of the $500 as stagnant cash, but as money
that is already spent. On what exactly is still to be determined.
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