Self-Development

Hate Your Job, Make Less Money and Be Unhappy?

There is a recurring theme that I keep on hearing about love/hate relationships with jobs. It’s only anecdotal, but are job haters unhappy and make less money than  those with high job satisfaction? What are the possible reasons and what can you do about it?

Difference between a difficult job and hating your job

There are some jobs that are difficult, due to a lot pressure, working for management with poor people skills, and harsh working conditions. I’m not talking about a difficult job, but one that you hate so much that you dread waking up, driving to work, and virtually every second you are working.

Your drive may be less if you dread your job

When the drive to perform your job is diminished, most likely you will not push yourself to do a great job or go above and beyond. Ironically, if you put more effort into a job, even one that you hate, you may increase your satisfaction, while at a minimum bettering your job performance. Your bosses and management will eventually notice.

Dissatisfaction = lower income

When your drive is lower because you hate your job, it’s like a self-fulfilling prophecy, whereas your performance suffers and so does your pay. If you don’t give just a little bit extra of yourself, then others will notice. You may end up being a self-centered taker vs. a generous giver, which does not feel good.

Control your reactions and responses

The ultimate solution is to respond to your job situation versus being reactive to every negative whim you experience. Maybe it is not the job that is the issue, but your reactions to your job situation. Start responding in a healthy way and you will start to see how your work relationships change for the better. Better relationships = greater satisfaction.

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3 Things MBA’s Don’t Learn in School

Obtaining an MBA is quite an accomplishment and is something to be proud of. However, there are 3 eye-opening things they don’t teach MBA’s in school, especially when running a small business.

You’re probably so smart that you’re not

Intelligence and knowledge are extremely useful in life, but it can also be a liability. What I am referring to is that not everyone around you will have an MBA and you must be able to relate to your employees, vendors, and customers. Don’t be so proud that you look for perfection or have expectations that are not practical. If you do, then you will end up constantly firing employees and vendors instead of trying to seek the best from them. Worse yet, you may end up viewing everyone as numbers.

The cash in your business greatly depends upon your personal spending needs

When you work for a large, multi-national company, you can’t just decide to withdraw huge sums of money at will, and even if you did, it may not hurt the cash flow of the business. However, when you run a small business and take too much cash for your personal expenses, then you can easily choke the business, even a very profitable one.

Fancy projections and metric may not matter all that much

MBA’s like to crunch numbers, create graphs, and make presentations. Although financial ratios and projections matter greatly, the truth is that they can change in the blink of an eye in a small business and change drastically. If you can’t run the business properly to support your projections, then the projections are useless.

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I Took the Day Off and You Should Too

Technology is absolutely wonderful at times. This is one of those times because I took the day off today, but still didn’t miss my goal of writing one post per week. Everyone needs a day off, a week off, or even a month off and here are 5 reasons why:

Rest and Recuperate

After working intensely or longer than normal hours everyone needs to take a break. The day after tax season is always a day off for myself and my staff, and I like to take at least a few additional days off after that. It’s hard to take a family vacation at this time with the kids being in school, but I get to see them more though.

Spend Time with Family

It’s good to be able to spend some additional time with your family and not being at work all day. You don’t have to fight the commute, come home tired, or still have stress resting on your shoulders when you come home. Most likely you are just a little more relaxed.

Complete a Small Project

Maybe there is a project that needs to be tackled that you haven’t been able to get to. For me, the list seems endless, but it feels good once a project is finished. Be careful if the project is too large, otherwise it will take away from resting and recuperating.

Reflect and Think

When I am able to relax, it makes it easier to reflect on different aspects of my life and the direction of how things are going. Also, ideas seem to flow more smoothly when not under pressure.

Be Thankful and Grateful

Be thankful that you get to have a day off and grateful for all that you have. A little gratitude can help to put things into perspective.

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Do You Make a Good Living and are Actually Poor? You Probably Need to Stop Doing These 3 Things.

We spend so much of our time working, working, and then working some more to make a good living, but do you have anything to show for it? I don’t mean showing off, but rather having a strong financial foundation with minimal debts, savings, investments, and other valuable assets. If not, then keep reading . . .

#1: Stop Justifying Every Expense

Expenses can always be justified and rationalized even when they aren’t. It’s okay to spend money, but it should be in line with your economic situation. The funny thing is that as your income increases, your spending almost always increases in tandem, and sometimes even more than the increase of income. Relax, and spend a little slower while saving more. Remember, the goal of savings is to support yourself and your family for emergencies, large expenses such as college, and when you eventually stop working and retire.

Step #2: Caring What Others Think

Guess what? No one cares about your material possessions except on a superficial level. Sometimes people will briefly talk about you because you drive an older car (even though it may be a luxury car that is fully paid for), live in an older house, have crabgrass growing on your lawn (unfortunately it dies in the winter, otherwise it is nice and thick in my opinion), take non-Disney vacations (aren’t you exhausted afterwards anyway?), and don’t wear Uggs or brand names on your shirts and jeans (I like that only those rare individuals with fine taste in men’s shoes appreciate the awfully expensive shoes I wear though). The bottom line is not to stretch yourself to seek status or to impress others, but to spend according to your state in life.

Step #3: Saving Last

This is one of those times that math doesn’t make sense. You need to save first otherwise there will be no savings left over. You would think that the order doesn’t matter, but is does matter in the real world. Also, save up on a percentage basis, so that when your income grows, your savings grow also.

Summing it Up

These bad habits are prevalent among those that earn $50k, $500k, or more. Bad habits will follow you through your life regardless of where you are economically. Once you recognize this, hopefully you will be able to change course instead of feeling like you are always running and getting nowhere.

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How to Destroy Your Business Success in 6 Steps

Sometimes to be successful means to avoid doing the things that will destroy your success. It’s easy to go down the wrong path and it’s important to be aware of this.

Step #1: Saddling Your Business with Debt

Conventional wisdom states that there is smart debt vs. dumb debt or a similar description of two kinds of debt. Although there is some truth to this, the bottom line is that large amounts of debt will cause a huge handicap to your business, especially a start-up. Even if you are doing well it will not feel like it when you have massive debt payments each month or sometimes on a daily or weekly basis if you took out a predatory lender loan. When you have easy access to large amounts of debt it numbs your sense of being financially cautious, prudence, and allows you to spend your money on things that can easily be justified but are not necessary.

Step #2: Poor People Management

See what happens if you constantly treat your employees, vendors, and customers disrespectfully. The end result will be high turnover, sabotage, lack of a sense of shared purpose, losing customers, and everything else negative. It is amazing to see how little attention is paid to the management of people in a poor performing business.

Step #3: Over Working Yourself

There are times when you need to work more or work more rigorously, but if done for too long, then your productivity will decline, decision making becomes worse, and you may find yourself in the hospital for stress induced health reasons.

Step #4: Not Listening to the Right Advisors

Unemployed Uncle Jimmy with a string of failed businesses will not provide you with the advice you need, and if he does provide you with advice, then do the opposite. Or, which is also very commonplace, is to seek the advice of the wrong professional. Make sure the professional that you confide in is an expert with the advice you are looking for.

Step #5: Personal Issues

This is somewhat related to step #2, but more on a personal level. If you are going through difficult times on a personal level, then this will ultimately translate into poor business performance.  A common example is taking care of a sick family member that needs you. If you need to focus more fully on your family situation, then delay starting a business, or for an existing business try to delegate more of your business responsibilities to trusted employees.

Step #6: Ignore Marketing and Sales

Many years ago, I met with a brand new business owner to discuss his business and try to help him out. During our discussion, I asked what he was doing for marketing, and he said that he did very little because he didn’t want to spend money on marketing because marketing costs money. I’m not sure of my exact reply, but he was no longer in business within a few months’ time.

Summing it Up

Some of these steps may seem obvious, but they are common due to the fact that it is hard to take a step back, access a situation, swallow your pride, and say to yourself, “Hey, I need some help because I am not always right.” We should probably all say that more often.

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Want a Quick Productivity Increase in 3 Steps?

Are you trying to get things done, but don’t seem to ever get ahead? Try these out for a quick and almost instant boost to your productivity.

Step #1: Stop Following the Shiny Object

There is a great amount of pressure to work on the newest task at hand while ignoring all of the other uncompleted items that are on your list. The problem with this approach is that it creates more stops and starts, which ends up prolonging the time it takes to get things done, while delaying the older projects’ completion.

Step #2: Listening to the Squeaky Wheel

Usually it’s not apparent at first, but there will always be customers, vendors, or employees that need your attention immediately, all of the time. It’s understandable that this will happen from time to time, but if the same person always needs your attention immediately all of the time, then it probably isn’t a true emergency. In this case, you have to communicate that this is an issue that can wait until later, tomorrow, or some scheduled time in the future.

Step #3: Schedule, Schedule, then Schedule Some More

You would be surprised by the productivity increases of scheduling properly. From medical practices to contractors, scheduling will allow more patients to be seen, more projects to be completed, or more customers to be serviced. Don’t take my word for it, try to visit an Apple store without an appointment.

If you can, also plan out the entire year. There are cycles to every business, every department, and every job, which are usually predictable. Although preparing for the year may seem daunting, try to schedule each week or even a recurring task on a specific day of each week, as a start.

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Do These 6 Things Differently than Others if You Want to Get Ahead Financially

Do you ever wonder what the difference is between those who get ahead and those who are constantly struggling? There is a pattern of actions that are taken repeatedly by those who get ahead, while the opposite is true of those who struggle.

Action #1: Delayed Gratification

The financial impact of delaying gratification for future success is astounding. The best example is an expensive car or high-end home. These things are great, but if you know that you will be stretched to purchase them, then give it some time before doing so. Once your finances enable you to comfortably purchase these items then go for it if it fits into your overall financial goals.

Action #2: Seek Advice from the Right People and Listen to Them

It is always a good idea to seek the advice of those we trust, but they must also have competence to provide you with the proper advice. Do not ask your brother in law that has declared bankruptcy twice and is reckless with money for financial advice. On second thought, you may want to ask for his advice and do the exact opposite! Also, seek the advice of a qualified professional or successful mentor who has relevant experience.

Another, related aspect of seeking advice knowing who is trying to work with you and who is working against you. Don’t beat up the people that are on your side and don’t let the bad fruits in the gate.

Action #3: Save and Invest Constantly

Even a small amount of saving/investing can add up over time. Also, investing does not have to only be in the stock market, but can consist of growing your business to make it more valuable, purchasing rental properties, investing in or purchasing other businesses, etc.

Action #4: Be Cautious When Incurring Debt

Debt has its proper place, but it is misused quite often. Many of us are lured into large, unnecessary purchases or poor investments because we can finance them over. Even if the debt is helpful for the production of income, it still may not be the best course of action. Debt also makes us lazy, meaning that it is easy for us to make decisions without really thinking them through fully.

Action #5: Have Endurance

Don’t give up too easily. It may take several tries to get where you want to go, but you need to keep on getting back up when you falter. Yes, it hurts when you get derailed, financially or otherwise, as life happens, but keep on moving forward.

Action #6: Don’t Make Decisions Based Solely on Emotions

Just because someone made you angry doesn’t mean that you need to let them go. Can you imagine telling off your boss (very bad move), or firing a key employee or vendor because you overreacted to a non-fatal mistake that they made? Trust me, you will suffer financially for this.

To Sum it Up

Did you notice that most of the above are based upon emotions and relationships? Healthy emotions and relationships will help you to be get ahead and make the journey more pleasant, while knee-jerk reactions, seeking instant gratification, and unhealthy relationships will create a roadblock to getting ahead.

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Are You the CEO of Your Business?

There are 3 phases of running a business with the ultimate phase of becoming the CEO. The first is that of an employee, the second of manager, and then CEO. Most business owners are in the first two phases and never achieve the CEO level. Why is this and what are the steps to become the CEO?

Every single phase is extremely important to a business, and every person in these positions is vital for the business to operate. However, if you want to be the CEO, then you must take steps in a different direction, which takes endurance. Let’s take a look at each step and how to move forward.

Employee: An employee is the one who is doing all of the work, whether physical or intellectual, such as a cook and server at a restaurant or a doctor and a nurse at a hospital, along with all of the other myriad positions. Many business owners become very wrapped up in the day to day operations and never take a break to become a manager or their business has not grown enough to support a manager.

Manager: The main job of a manager is to manage people, projects, and the overall flow of work. Although their main function is to manage these items, they will also need to jump in from time to time to help with tasks and get their hands dirty. Usually business owners are partly managers and partly employees because they are unable to fully let go of operations or their growth does not support a CEO position.

CEO: The CEO is the visionary of the business and is responsible for the business as a whole. Only high impact decisions should be made by the CEO, along with spending time on the utmost important items. A good CEO will do amazing things for a business, while a bad CEO can destroy a business in a relatively short period of time.

Unless your goal is to be an employee-owner or manager-owner, then you must take certain steps to become a true CEO. For some businesses, especially professional services businesses, this task is a little harder due to the technical expertise required to run the business.

Depending upon your goals and resources, the first step is to build up your team. Without a team of employees, you will never progress to the next level of manager. Once you have a team, you need to relinquish your everyday customer-service type activities and focus on managing your employees and the business. Lastly, you’ll need to hire managers to take over your duties to ultimately become the CEO. It only takes 3 steps! Of course, this is easier said then done, and there will be a multitude of roadblocks and challenges along the way.

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An Alternative to Setting Goals

Setting goals can become very frustrating and produce anxiety when we realize that they aren’t being achieved. Should you set goals that are very likely to happen or goals that are very difficult to reach? What if you miss your goal by a minor amount or the outcome was good, but not what you expected? Alternatively, there is a much less stressful, and possibly more effective alternative to setting goals and achieving your desired outcomes.

The truth about goal setting: The truth is that they are all guesses, estimates, arbitrary, and do not tell the whole story of what you are trying to accomplish. Ironically, you may achieve a better outcome than your goal, but still fail to achieve that goal because you didn’t make the numbers. For example, if you want to lose 20 pounds, but only lose 15 pounds because you also gained lean muscle mass, then you just failed at your goal. You may be healthier, are in better shape, look better, and are stronger, but according to your goal, you just lost. This doesn’t make sense, does it?

Think about the general direction you want to move towards: Do you want to lose weight, make more money, or save more money? Know the direction that you want to go in, but do not specify an exact number. However, it is still important for you to take measurements before, during, and at the end of the year.

Form habits: Goals are not accomplished without actions, which is why your energy should focus on your habits. If you want to lose weight, then start exercising on a daily basis, even if just for 20 minutes a day. If you want to increase sales, then spend 30 minutes a day on marketing activities. Devise a plan of which actions you need to take and then keep repeating them until you build momentum and start seeing results. Tweak as necessary.

Intensity should be based upon desired outcome: If you want to achieve dramatic results, then there should be a direct correlation between the size of the desired outcome and the amount of intensity and effort to achieve that outcome. A desire to increase sales significantly should spark you to spend more than 30 minutes a day on marketing activities, and quite possibly double or triple that.

The bottom line is to set actions instead of goals to achieve desired results.

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New Year, New Goals or a Waste of Time?

Christmas Day just passed by and another year is approaching in just 5 days. Did you set goals for the New Year or do you think they are just a waste of time? You are probably right either way, but if you do set goals, there are ways to increase your odds of actually achieving them. This is a twist on the SMART acronym of goal setting.

Make goals that you are passionate about: Do you want to run a marathon, grow your business, or start a business? If you are not passionate about your goal then trying to achieve it will feel like drudgery. Another way of looking at your goals is to determine the reason why you want to achieve it. If it would be nice for you to run a marathon without the reason, then your drive will not be strong enough.

Be able to achieve your goals: If your goal is nearly impossible to achieve then how do you continue working towards it when it is futile? This doesn’t mean that you shouldn’t have some stretch goals, but the more realistic your goals, then the higher your chance of success. On the other hand, if the goal is too easy, then you may not even bother to work towards it. Also, too many goals will dilute your focus so try to stick with a handful of goals.

Create an action plan and habits: Goals are achieved by the constant actions we take on a daily, weekly, or monthly basis. For example, if you want to increase sales by 20%, then develop key actions to implement and then review them weekly. If you want to lose weight, then make it a habit to exercise on a daily basis. Habits and actions are so important, that you can commit to certain actions, while ignoring everything else, and still achieve spectacular results.

Be clear: Put a number and timeframe on a goal, which allows you to work backwards and determine achievement. A bad goal is to say that you want to lose weight, while a good goal would be to lose 24 pounds in one year. To achieve losing 24 pounds, you can then break the goal into monthly targets to lose 2 pounds per month or approximately half a pound per week.

Review your progress: Periodically access where you are with your goals to see if your actions are working. If so, then continue, but if not, then make changes.

There you have it. Simple ways of setting and achieving goals so you do not waste your time.

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