Leverage is the entrepreneur’s friend. It can help you do more with less. And you can use it, even if you never plan to own a business. Today, we’ll share how to use it to advance in your career more quickly.
This post is brought to you by, “This Isn’t Working! Evolving the Way We Work to Decrease Stress, Anxiety, and Depression,” a new book by our friend Catherine Morgan, an award-winning career transition expert who stopped by to tell us a little about it. Hear her share the top issues that are having a negative impact on work life for professionals and entrepreneurs starting at :30 in the podcast.
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Last time, we discussed the two ways to create wealth: other people’s money and other people’s labor (i.e. their time and talent). Historically, there’s been more focus on other people’s money as the lever to riches. Now, other people’s labor holds more promise.
Today’s show extends that concept and is inspired by one of the characters from the HBO hit series, True Blood. Sam Merlotte, who owns the bar, is a shape-shifter. He can change forms – from human to dog and back. Read more
Last time, Jonathan discussed why it’s so important, especially in tough times like these, to understand how to operate online because it’s an inexpensive way to swap work for money. Let’s get back to the conversation …
We’ve all heard plenty of bad news recently, but the bad news now is that there is more bad news to come. While we must think about the opportunities in front of us, it’s also important to consider the threats to our careers and our finances so we can prepare appropriately.
Recession
Consumers, businesses, non-profits, and governments, all over the developed world, are learning a hard lesson about leverage. We will climb our way out of this recession but it will take some time. Before it’s through, it will be one of the, if not the most, severe recession since the Great Depression.
Layoffs will continue. In most recessions, layoffs occur mostly at the bottom of the earnings / education spectrum. Expect this recession to be more evenly distributed, if not hitting higher end jobs harder.
Outsourcing
Companies will continue outsourcing, but here’s the difference. Manufacturing jobs have been getting shipped overseas for some time now. As fuel prices rose, there actually seemed to be a resurgence in companies bringing manufacturing jobs back on shore.
Now more white-collar jobs are at risk thanks in part to technology that allows information to be shared instantly from any place in the world with internet access. We found a great article that discusses the characteristics of jobs that can now be easily outsourced and jobs that can’t. It also lists what you can do to make yourself less vulnerable and provides a list of jobs by their level of risk to offshoring.
Deflation
Expect deflation to continue as everybody keeps a tight lid on spending, the credit markets remain relatively tight, and inventories of everything from housing to cars remain comparatively high. The good news is lower prices will remain, but …
Inflation
Governments in the developed countries have poured money into the world economy at unprecedented rates. At some point, once the credit markets loosen up and demand returns, inflation could become a problem.
We’ve just witnessed prices on everything from gas to groceries rising quickly. We could see it again. It will take wise leadership to know when to slam on the brakes on economic stimulus without tightening so much that another recession ensues.
If this happens, that cash stash will quickly lose its value. Investments in hard assets have typically performed well in times of inflation.
Delayed retirement
A number of retirees are being forced to look for work after the freefall of their portfolios. Even more people who planned to retire soon are putting those plans on hold because they need to bulk up their assets again before they stop working. This will create even more competition in already tight job markets.
Benefits
Employers are under intense pressure to cut costs. It’s reasonable to expect them to cut benefits. Even if it’s promised now, don’t count on having health insurance provided to you as a retiree. Even while you’re working, expect to cover a greater share of the premiums.
Also don’t be surprised if your employer cuts back or eliminates the matches on your 401(k). These aren’t the only benefits at risk, but they’re two of the most significant ones.
Access to credit
It won’t show up on your personal balance sheet, but your credit score will be an incredible asset. Cash will be king as long as prices remain in a deflationary state. At some point, cash along with the ability to access credit will open doors for opportunities that most of us will never see again in our lifetimes.
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https://biggsuccess.com/wp-content/uploads/2020/07/bigg-success_stacked-1080.png10801080George Krueger & Mary-Lynn Fosterhttps://biggsuccess.com/wp-content/uploads/2015/07/BIGG-Success-Nurturing-Your-Inner-Entreprener.jpgGeorge Krueger & Mary-Lynn Foster2008-12-17 12:07:032021-01-24 00:44:38Top Threats to Your Career and Finances in 2009
We’re proud residents of the State of Illinois. We’re dismayed, however, that our great state has been getting some bad press recently because of the actions of our Governor, Rod Blagojevich. While he hasn’t been convicted yet of any wrongdoing, it appears that he’s in deep trouble.
A state of dissatisfaction
It’s rumored that he felt he had reached a stalemate in his career. He wanted to make more money. He even had aspirations of running for President. But even before this scandal broke, his approval rating was incredibly low (the last number we heard was 4%). If you look at the state of our State, you can understand why.
He looked at every opportunity for a stepping stone, which culminated in what appears to be illegal activity. That got us thinking – we all need stepping stones to help us get to the next level of success.
Overstepping the bounds
But there’s a fine line between a stepping stone and what we’ll call an overstepping stone.
We abuse our stepping stones when we overstep our bounds. It appears our Governor did this on at least three levels:
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We’re sure you’ve heard of stepping stones. Today we want to talk about overstepping stones.