Posts

I Just Got Laid Off – Part 3

work We’re wrapping up a 3-part series on what to do if you just got laid off. In Part 1, we discussed the day you learn about your layoff. Part 2 was about the first couple of days after the announcement. Now we want to talk about moving on to your next job.

___

___

We’re moving ahead quickly, but don’t be alarmed if you’re not quite ready to move on just yet. You’re going through a grieving process so it will take some time. Be aware of it, but also look forward to that time in the near future when you start feeling your zest return. If it doesn’t return relatively quickly, you may consider speaking with a professional.

During this time, it’s important to maintain a proper attitude. One of the best ways to do this is by associating with positive people. It’s also helpful to talk with people who have gone through this before. Ask for their advice. Almost everyone really likes to help other people. They can encourage you with their story.

Next, assess your financial situation. Ask yourself how aggressive you need to be in your job search. Map out a timeline. Think about phases.

For example, in Phase 1, you may be able to be very choosy in your job search. Phase 2 may mean you need to find a job soon so you’ll be less selective. In Phase 3, you may freelance or work part-time to get some money in the door. You may find a job in the first phase, but you’ll be prepared in case you don’t. 

Also plan how you will market yourself. Think about what makes you unique? How can you communicate that? What opportunities play to your core strengths?

Obviously, you’ll also need to update your resume if you haven’t already. We found a great site for help with resumes, cover letters, job search and interviewing tips. Check out Resume Help.

Begin to think about how you will explain your recent departure. Practice interviewing with a friend, preferably someone who is a manager who interviews people. Get feedback.

One of the most important things to get on your to-do list is networking. It’s amazing how many people land a new job through a referral. Resist the urge to go into self-imposed isolation. Reach out to everyone you know who might be able to help you. Tell them what you’re looking for.

Have you registered on Meetup to find out about local events of interest to you? Are you on LinkedIn? What about Facebook? Have you joined any social networking groups for your industry? The contacts you make through these sites will be invaluable now.

The good news is that most people who go through this report that they are happier in their new job than they were in their old job. It may take some time, but you’ll land on your feet!

___

Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Thank you so much for stopping by today. Join us next time when we discuss scheduling time to decompress. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00334-021909.mp3

Related posts

I Just Got Laid Off – Part 1

I Just Got Laid Off – Part 2

The Greatest Miracle In The World

The Hero Within the Hero

Coping With Life Change

(Image in today's post by Hisks

Is Your Project Worth Your Money?

money If you’re like most bigg goal-getters, you have a lot of ideas. But how do you know which ones you should invest in? That’s what we want to talk about today – project selection.

___

___

This process can be used for so many things. You could use it to decide if you should start a business. It would help figure out if you should expand your existing business. You could even use it to determine if it’s worth going back and getting more education.

To get started, you’ll need to make some projections, using assumptions, about the expected income and expenses of your project. The process itself is a science but the assumptions are definitely an art. It requires that you use your own judgment and the only way to learn how to do it is by doing it.

So let’s look at the two most common ways to determine if a project is worth doing.

Payback period

As its name implies, this method simply looks at how quickly you get your investment back. So if you invest $100 now and earn $25 the first year and $75 the second year, you have a two-year payback.

Payback is commonly used because it’s so simple. But think about it … it ignores all the money you could make after the payback period. And that can really skew your investing decisions. You choose projects that return your investment quickly and neglect projects that may offer greater potential but more patience. 

___

Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Discounted cash flow (DCF)

Fortunately, there is a better way to calculate the worth of a project. With this method, you explicitly recognize that a dollar today is worth more than a dollar tomorrow. However, a dollar tomorrow is still worth something which isn’t recognized by the payback method.

It’s called discounted cash flow because we look at all of our expected cash flows and determine how much they’re worth right now by discounting them back to today. That is called the “net present value” (NPV).

Calculating the NPV is a four step process:

  • Determine how much you will invest by year.
    Usually most of your investment in a new project is made upfront (and probably in the first year). But if your project requires that you make an investment over a few years, you’ll want to account for that.
  • Estimate how much income this project will generate by year.
    Obviously, you don’t want to take on a project if it doesn’t increase your income. So look at how much you think you will make with this project and compare that to how much you think you plan to make without it. That’s your increased income from the project.
  • Decide upon your opportunity cost.
    Here’s where it gets a little tricky. Consider where you could invest your money if you didn’t invest it in this project. Weigh in how certain you are about your projections.
    For example, if you determined your project was no more risky than investing in Certificates of Deposit at a FDIC-insured bank, you could use the interest paid on those accounts as your opportunity cost.

Most projects aren’t that certain so your rate will usually be higher than that. Just remember – the less certain you are about your incremental income, the higher your opportunity cost.

  • Run the numbers in Microsoft Excel (or your favorite spreadsheet program) using the formula:

NPV formula

Example – Should I get certified?

We’ll offer an example so you can see this concept in action. Let’s say you want to go back to school to get certified. It costs $2,000 for the certification program. You expect to make an additional $2,000 a year if you do it. You plan to retire in three years so the increased income won’t benefit you for too long. You’ve looked at other opportunities and determined that you need to earn at least 6% on your money.

We see that your payback period is one year. That’s how long it will take to pay you back the money you invested.

Using DCF, your NPV is $3,157 as shown in this screenshot from Microsoft Excel:

Microsoft Excel set up screen shot

To get that, use Excel’s “Insert Function” command:

Microsoft Excel insert formula command screen shot

With DCF, the rule is: If NPV > $0, then invest in the project. After all, your expected return exceeds your expected cost. So in this case, your NPV is over $3,000. Therefore, you should go for it! 

If you want to know what your annual return is, just change the opportunity cost field in your spreadsheet until your NPV equals $0. In this case, your annual return is 83% over the life of the project.

In general, pick the projects with the highest NPV until you run out of money to invest. However, there is one important variable we failed to account for in this calculation – your time. We’ll discuss that tomorrow.

Thanks so much for stopping in to read our post today. Until next time, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00321-020209.mp3

Related posts

Is Your Project Worth Your Time?

A Better Way to Pay Off Your Mortgage Early

(Image in today's post by monetary 3D 2)

Keep Your Resolutions In Your Face

new_year Here we are in a New Year with many of us clinging tight to our New Year’s resolutions. We found a poem by Herbert Kaufman that is perfect for this time of year:

___

___

You are the man who used to boast
That you’d achieve the uttermost,
Some day.

You are the man who used to boast
That you’d achieve the uttermost,
Some day.

You merely wished a show,
To demonstrate how much you know
And prove the distance you can go …

Another year we’ve just passed through.
What new ideas came to you?
How many big things did you do?

Time … left twelve fresh months in your care
How many of them did you share
With opportunity and dare
Again where you so often missed?

We do not find you on the list of Makers Good.
Explain the fact!
Ah no, ‘twas not the chance you lacked!
As usual – you failed to act!

A putdown or a kick in the seat?

It sounds kind of negative doesn’t it? We shouldn’t see it that way. We should view it as a kick in the seat. If you feel like you missed out on some opportunities this year, ask yourself why. Is it because you failed to act?

We all begin each year with a precious inventory of time. It’s up to us to make the most of it before it’s gone. Many people set New Year’s resolutions. Most soon forget them.

Bigg goal-getters understand that setting bigg goals for yourself isn’t good enough. It’s may be only one percent of being able to live the life you want. You have to take action!

Keep your resolutions in your face to keep your resolutions

We have a friend who has a great method to make sure he keeps his resolutions top-of-mind. He writes three or four goals for the upcoming year on a small card.

He laminates three copies of that card. He tapes one on his bathroom mirror so he sees his list every morning when he’s shaving. He puts another on the rear-view mirror in his car so he remains conscious of his goals while he’s driving around. He keeps the third copy in his billfold so he says it every time he pulls out his wallet.

___

georgePlease note: Just like your insurance broker, we’re not advising you to place a copy on your rear-view mirror.

___

___

marylynn
But it’s what our friend does, so we felt obligated to report it to you!

___

He told us that he almost always reached the goals he has on this laminated. Every year, he has other goals but he said he almost never reaches them. Keeping these goals in his face helps keep them top-of-mind which helps him keep these resolutions.

We all have many things that demand our attention. It’s easy for our goals to fall by the wayside. The secret is …

Keep a short list of goals,
put them in writing, and
keep them in your face!

___

We have a great resource to help you set goals – our Goal Planning Workbook. It’s free when you subscribe to the Bigg Success Weekly
our free weekly e-newsletter.

___

Thanks so much for stopping by to read our post. Join us next time when we’ll look at the one word that makes a bigg difference in keeping your New Year’s resolutions. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00299-010109.mp3

Related posts

Don’t Just Make New Year’s Resolutions, Get Them

How Do You Define Success?

3 Questions for a Brighter Future

questions You and you alone create your future. You are the only person, place or thing with that power. With that being the case, it's up to you to create the future of your dreams.

One way to do that is to look back so you can look forward. Reflecting upon the past and pulling lessons away so your future is bigger and brighter. With the New Year upon us, now is a great time to review last year so next year lives up to its promise for you.

There's a simple three-stage framework for performing this exercise. It involves asking yourself three questions:

___

___

What?

Start with the actual events of this year. What happened? Describe major events in your life. As you record your answers, test your perceptions to make sure they reflect the reality of the situation. If it helps, pretend that you are a reporter objectively recording the facts of the event.

So what?

At this stage, you move from reporting to understanding, from logic to emotion. That's why it was so important to get the facts right in the first step. What did this experience mean to you? How did it make you feel? Why did you feel that way? What have you learned?

Now what?

The previous two questions lead to this one. How will you apply the lessons you learned? What specific actions will you take as a result of the events you've outlined?

These three simple questions serve as a great outline to review major events in your life and develop forward-thinking plans to be a bigg success.

Let’s look at a couple of examples, using events from 2008.

Example: Volatile stocks

What?
The stock market can be very volatile.

So what?
I can lose money if I don’t understand the risk and how to manage it.

Now what?
I will learn more about investing and asset allocation. I won’t invest money in stocks that I will need in the next ten years. I will pay closer attention to my quarterly reports to make sure I maintain the proper asset allocation given my age and goals.

Example: Layoffs

What?
Times are tough at work; layoffs are possible.

So what?
It makes me nervous. I think I could lose my job.

Now what?
I will look for ways to help my company save money. I will make sure my boss is aware of the projects I complete successfully. I will look for opportunities to add additional skills so I’m more competitive.

Solid goals

In our examples, the “Now what’s” are a little bit fuzzy. You really want to refine them to turn them into solid goals. For instance, looking at the second example, instead of saying “I will look for ways to help my company save money,” turn that into “I will find one way to save my company $X (you pick a relevant amount) in the next 30 days.”

___

Would you like more help turning your thoughts into concrete goals? Get our FREE Goal-Setting Workbook when you subscribe to the Bigg Success Weekly – it’s FREE too!

___

We really appreciate you taking the time to read our post today. Join us next time when we look at the most important people of 2008. We think you’ll be surprised at our choices! Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00297-123008.mp3

Related posts

Climbing The Stairway To Success

How Do You Define Success?

One-Up Yourself for Bigg Success

(Image in today's post by nookiez)

Night Moves

moon You’re probably familiar with Bob Seger’s great song. We want to talk about a different kind of night moves today.

We have a friend who has to be to work at 9. He gets up at 5 and makes a full breakfast, irons his clothes, and still has time left over! He doesn’t need our advice today.

___

___

___

marylynnI’m a night-person by nature. I set the alarm to its max and I even hit snooze a couple of times. So, of course, that leaves me rushing around in the morning.

___

___

georgeIt seemed like whenever I was late for work, I felt like I was behind all day. It reminds me of something my dad used to say, “The faster I go, the behinder I get!”

___

But there’s a solution to this problem if you’re not a morning person. Work on your night moves.

Since you have trouble getting to sleep anyway, why not accomplish something in the meantime? Here are eight ways to make the morning better with the moves you make at night:

Set out your clothes for the next day.

Our moms always told we should do this. Of course, they were mostly concerned with clean underwear! Just in case we were in an accident, right? Because that was their biggest concern if that happened!

Prepare tomorrow’s to – do list.

Spend ten minutes or so mapping out the most important things you plan to accomplish tomorrow. Even if you just decide upon the one or two things you will work on when you first get to work, you’ll be off to a great start.

Pack your lunch.

You can have it ready to grab on your way out the door. Not only will it save you time in the morning, you’ll save money and will likely eat healthier too!

Pack your briefcase.

Gather together all the papers, files, and folders you need and put them in your briefcase so you’re ready to go.

Do your hair.

___

marylynnAnd time for a “girlie” tip. I have thick hair that takes forever to dry. I rely on my straightener and styling tools for an easy fix in the morning so I can do my hair the night before.

___

___

george
Or you could be like me and just have a receding hairline!

___

Establish a sleep time.

Studies have shown that going to bed at the same time every night trains our minds and our bodies that it’s time to rest. To make sure you fall asleep quickly, develop a sleep routine.

Make coffee.

Get a delayed-brew coffee maker so you can get that morning pot ready the night before. Then let the coffee maker do its job. You’ll save time and money by avoiding that stop on the way to work!

Ain’t it funny how the night moves can help you lose the morning blues!

___

Get the tips and tools you need to be a BIGG success!
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Thank you so much for stopping by today. Join us next time as we discuss how to “one up” your way through the New Year. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00282-120908.mp3

Related posts

[cref 581]

(Image by arinas74)