Family Values Have Shaped Me

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Our family is the first group of people who teach us what we need to know. Our parents teach us to walk and our siblings teach us to have fun. We are who we are because of how our family has molded us as we grow older and we learn from their experiences as life goes on. Generally, it is through them that we learn about the good and the bad, the need, and the want.

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Identify Your Business Niche Before The Pandemic Ends

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A lot of people lose their minds over the fact that businesses have been laying off employees left and right due to the pandemic. Although it seems brutal and unfair, their actions are expected because they cannot operate full-time anymore. That is especially true if the business does not provide products and services to help everyone survive in this global health crisis.

Despite that, the reality is that not all of us are 100% helpless. You may have saved a significant amount of money while you were still working, for instance, or someone is willing to help you start a business of your own. If that is the case, you should learn how to identify your niche before the pandemic ends.

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What Is A Niche?

A niche is the foundation of a business. If you get this part right and understand it, you will be able to make money and grow much faster.

One mistake that most people commit is that they try to buy and sell everything. When you do that, you cannot get the quality stuff that you need when investing your money. So, if you have a couple of hundred dollars, you should not go out there and buy a chair, table, and television at the same time. You can make more money if you just use your 200 bucks to buy one high-quality chair or table or TV and flip it to get a lot more cash. That’s where identifying niches in this business can help you.

Why Should You Become A Niche Specialist?

Becoming a niche specialist is just as significant as knowing what your niche should be. For example, heart surgeons will earn more money than a primary care doctor because they offer services that others cannot. If you specialize in selling bedroom furniture, then guess what? People will seek you out, too. In addition to that, they tend to pass your name around to their friends and family members. If someone says, “Hey, man, I need a bedroom set. We are moving to this house,” your previous customers may reply, “Oh! Sally sells bedroom sets.”

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Specialists also recognize trends. The thing is, trends come and go. For instance, the big thing right now in the antique world is mid-century style furniture. If you are still selling the old stuff from the 1700s, it may not be as in-demand as it was in the past, but the trend can change after some time. As a specialist, you can watch and monitor these trends and realize what is about to happen before it happens. Again, I will stress this out: if you are selling 30 different things to everybody, it is hard for them to recognize and spot the trends, so you end up buying stuff that people no longer want. You’ll sit and hold on to it much longer than when you get something “in,” you know.

Another thing is, as you become more involved in your niche, you will start to learn the value of things. If you are in an auction, you may see that some people might bid on this particular style and stop at $300 because they feel unwilling to pay more than that. But if you know that you can get $1800 for that one set, you won’t mind raising your hand and taking that bid up to 500 or 700 or even 800 dollars because you know its value and are familiar with this niche. That is another benefit of becoming a specialist.

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Final Thoughts

When identifying a niche for your business, think about these questions:

  • What do you enjoy?
  • What items you have a passion for?
  • How well do you know a specific product?

You need not be a jack of all trades, especially if you don’t want to earn peanuts. Think about a suitable niche for you before the pandemic ends. Good luck!

 

Why You Need Training Before Joining The Management

The 2019 Management Training Event was my first hosting gig, but I had been attending the same seminar for years. You see, our bosses were kind enough to fund such an event to ensure that the company managers, young and old, could perform optimally. If one of us could not function well, they might keep us from achieving our long-term goals.

Everyone was on board with this seminar, except for the newly hired managers. It surprised no one, considering they were often too eager to prove their skills. 

Still, management training matters because it will allow you to:

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Communicate With Coworkers More Effectively

Qualifying for a managerial position merely entails that you have the proper credentials to handle the job. However, you need to be able to communicate with your coworkers more effectively so that they will respect you and not talk behind your back. Any conflict within a team or department can derail the business operations, after all.

Understand Your Real Priorities

Not all managers have impeccable time-management skills. Some try to bury this problem by highlighting their leadership and organizational skills. If you want to manage your tasks well and meet your deadlines, though, training can help you realize what to prioritize first in every situation. 

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Aim For The Same Goals As Everyone

Have you come across new managers who seem lost and always do something opposite from the company goals? It can be because they have not gone through management training, where you learn about what the bosses want the business to become after a few months or years. Without this information, none of the goals may be met, and the new managers may face termination.

Final Thoughts

Assuming your company holds an annual management training event, go for it. It is for your own good as much as the company’s. Who knows, you may fully grasp your job because of this, so you won’t need to look for another work again.

Signs Of A Potential Leader

When my boss asked me to head the 2017 Leadership Training in the company, I was extremely excited. I would finally get to showcase my organization and hosting skills, after all. It was a dream come true for me.
But then, the boss gave me a bizarre instruction: invite students with leadership potentials from nearby universities. In my boss’s mind, it would be ideal for catching the interest of such kids early so that they might want to apply for a job at our company at the right time. I didn’t know any college student, but I couldn’t say no, either, I decided to roam around universities and see which students were leader material.

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To my surprise, I found 30 of them. The group consisted of activists, honor students, presidents of school clubs, etc. I picked these kids because they all showed signs of a potential leader:

Excellent Communicator
Leaders can get their point across without feeling the need to shout. They choose their words well and do not let emotions take over their system, even in situations where it’s understandable to be upset. Because of that, you commonly see them surrounded by a massive group of fans and supporters.

Problem Solver
Problems hardly faze leaders. For sure, it saddens them, but the will to find a solution comes soon after. For instance, if the club has insufficient funds for an activity that the entire university can benefit from, the leader organizes events to raise funding. They won’t postpone the action or sit idly like a lazy person.

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Ambitious
Being ambitious has been perceived to be a selfish thing, but it is not. You can find this trait in almost every leader in the world. They all have a vision that they want to come to fruition for the good of everyone. If they have such a dominant status, it will be possible for them to do what past leaders should have done.

 

If you get ahold of potential leaders in your company, try to groom them instead of alienating them. What’s worse than not finding a suitable successor, after all, is letting one slip out of your grasp.

For Accounting Professionals: These Skills Will Make You Stand Out

Throughout the years, the role of an accountant has transformed from simple to advanced. Most businesses and institutions seek the skills of an accountant to manage their finances, including dealing with books, computing for returns and investments, etc. Luckily, there are a lot of accountants available for immediate hiring, but recently companies look for technical abilities, innate talent, and soft skills as well.

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For instance, a few years back, an accountant’s job was to sit at his desk, and he would be able to do everything from there. But now things can be unpredictable for him. His job entails him not only to work from the office but also outside – in the business world – where he needs a great personality and a lot of self-esteem to succeed.

People who lack confidence in their abilities may negatively compare themselves to others and may refrain from trying new things out of fear of failure. — Wendy Salazar, MFT

If you are one of the many accountants who are lining up to be hired by lucrative businesses, here are four vital skills that will get you to the top of the list.

 

Self-Esteem/Leadership Skills

Hiring managers know full well that a confident accountant has a strong and assertive personality. So whether you’re fresh out of college or a seasoned accountant with years of experience, interviewers will look into that confidence level because they know that if you have it, you’ll have the ability to lead, discuss findings, or defend arguments of his clients. Step up and prove your leadership skills, and surely your future is brighter than the rest.

When you feel your blood pressure rising in response to a comment – or when you hear your disagreement with someone escalating or getting “stuck” in one of those endless loops, PAUSE and take a deep breath. Do not say the next thing on your mind. — Elaine Shpungin Ph.D.

Communication Skills

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An accountant who is looking to stand out in his career would have to be an effective communicator, one who is capable of listening as well as conveying statements in a way that his clients and colleagues will be able to understand very well. This means that he is verbally and orally proficient so that all types of messages go across. This also means that he has a keen attention to detail and is not satisfied with a document that is left unedited or a verbal statement that is not prepared.

Self-Determination

Work won’t always be smooth and easy, and while you must be a good communicator, you must also be able to decide for yourself which situations you need to focus on and which ones you need to let go. If you are given near-hopeless circumstances, you must have the initiative and enthusiasm to do the best that you can to finish a project that you were tasked to start and succeed in the end. To show this to the interviewer, you can recall an experience where you faced a dilemma, and you successfully pulled it through.

Self-determination is not something that can be bestowed by people in positions of sufficient power to make decisions such as this. In fact, self-determination can’t be granted or taken away. — Timothy Carey Ph.D.

Client Service Skills

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This one is the last but certainly not the least. The field of accounting today requires you to be responsible to your clients, and you will struggle with this responsibility if you don’t possess skills for it. Today’s competitive market needs accountants who are proficient in explaining to clients who do not have your qualifications to be able to comprehend. An employer will truly be impressed if you can win over someone and decide to transfer to your side.

Conclusion

You may have what it takes to be a potential candidate, or perhaps your skills need polishing. Either way, possessing these skills are crucial to succeeding in your career. Start learning them today.

Financial Stressors And How To Deal With Them

According to a report from the American Psychological Association, financial stress is one of the most common causes of stress that is seen in all parts of the world. Nearly 75% of Americans struggle with money problems, which is a significant number, as financial stress is strongly associated with various health problems as well. These problems include depression, sleep deprivation, anxiety, and heart disease, among others. With the continuing rise in the cost of living, a lot of American families undoubtedly feel the burden of financial stress.

…23% of all participants scored positive for PTSD-equivalent scores for financial stress, and 36% of millennials. Due to diagnostic roadblocks (mentioned below), we aren’t calling this PTSD, so we’re calling it AFS. — Ryan Howes PhD, ABPP

How Financial Stressors Affect One’s Health

Worry over money can tremendously affect one’s health in various ways:

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  1. You may develop coping behaviors that are not geared towards making you better. Some people don’t want to think about the financial problems that they turn to alcohol and drug use, binge eating, or smoking. All we all know that these won’t solve the problem but rather add to it.
  1. You may oversleep or lack too much sleep. It’ll be difficult to sleep normally with all the anxiety over how you’re going to pay your bills or put food on the table for your family. Erratic sleeping patterns will likely lead to a lowered immune system, impaired cognitive abilities, and mood swings.
  1. Negative Emotions. Frustration, anxiety, and hopelessness can arise due to lack of funds or a buildup of debts. Negative emotions increase stress levels, leading to self-neglect, decreased self-esteem, and poor coping skills.

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When considering financial knowledge, many psychologists and public policymakers focus on financial literacy, defined as an understanding of basic economic principles and financial concepts such as how interest rates work, the effects of inflation on savings, the differences between individual stocks, bonds, and mutual funds, and so on. — Utpal Dholakia Ph.D.

How To Cope With Financial Stressors

If you are determined to learn how to manage your financial dilemma and move toward a financially stress-free life, try following these tips:

  • Understand How The Debt Process Goes. It would be wise to learn the steps of the debt cycle so you won’t fall into a trap. When you have sufficient knowledge about what debt does to you not only financially but also mentally, then it will also help you detach from it. Then you want to find ways to build a future that starts from practicing positive habits that don’t involve borrowing money.
  • Don’t Spend More Than You’re Earning. If you have a family, you must know how to budget your earnings and don’t spend more than your income. Even better, learn to spend much less than you’re earning so that you have a little more left for savings. Living within your means is one of the best ways that you can manage your finances and reduce your stress.

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  • Find Simple Ways To Earn Extra. If you need additional money to come in, look for means to earn extra income, means that you don’t take much of your energy so you won’t be adding stress to you. Talk to family members or friends who might know about some part-time jobs you can do. Or you can check online for some easy tasks that you can do after your full-time work hours.

 We may notice changes in our concentration, appetite, and energy or a whole host of changes in our behavior. Other times we are less aware of how we are affected in the small ways, and before long, we feel overwhelmed. — Marni Amsellem, PhD

  • Practice Stress-Relieving Strategies. While you’re going through the process of resolving your financial situation, don’t forget to balance it with healthy activities that can help you relax and stay focused on your goal. Exercise, meditate, eat right, and get enough sleep.

By trying to follow the tips mentioned above, you may be able to get your finances going your way. Soon, you’ll be able to adapt these into your lifestyle and reducing financial stress will be easy and more manageable.

10 Things You Can Do To Fix Your Finances

 

Most, if not all, of us, want to have more financially, right?

Wherever you are right now – whether you’re only earning enough for you to live by, or you are trapped in a web of debts, or you just want to modify your financial skills to accomplish a major life goal, these ten things will help you improve financially and have a happier, debt-free life.

In our research, we found that a higher degree of self-awareness about one’s finances translates into feedback about past successes and failures with money, lower uncertainty about the strengths and weaknesses of the current finances, and clarity regarding how to move forward. — Utpal Dholakia Ph.D.

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  1. Learn To Budget. If you’ve just entered into a new stage in life, like marriage or having a baby, then you must learn how to budget your money from now on. Begin by arranging your expenses list and your goals list, then set up a budget If you already have one but you’re having difficulty making ends meet, find out where you need to cut on, so you will know which part of the budget you need to fix.

 

  1. Cut Your Regular Payments. This can make a big impact on your changing your financial picture. To lower your electric bills, turn off lights that you’re not using and unplug appliances when you’re out of the house. When grocery shopping, prepare a list that you can bring because you will tend to buy useless things if you don’t prepare one. Also, buying at discount stores or items for sale will help you save a lot.

 

  1. Have Your Cable Disconnected. This costs a lot, and if you’re just starting a family with a baby and just your spouse, chances are you’d be out of the house mostly for work, and your wife would also be at work or tending to your baby. The Internet has blessed us with so many movies we can watch for free!

 

  1. No More Eating Out. This is one of the most practical ways to save a lot of money, as food in the restaurants cost twice compared to food cooked at home. And don’t forget the health benefits of eating without much of the additives from restaurant or takeout food. If you don’t usually go home for lunch, then pack yourself one. You’re in for a surprise a month after when you check your savings.

 

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  1. Invest Wisely. Find a financial advisor near your area who can teach you tutorial lessons or you can enroll in short courses. You might need to spend a little but not for long, though. Learn from the financial advisor or someone in the family who knows about investment, so you can start putting some of your money in the stocks or other businesses. Start small.

 The trick is to pay attention to your regularly needs and to find stress management strategies that allow you to let it out. Once you’ve identified your strategy, you’ll then need to take action and put it into practice. — Marni Amsellem, PhD

  1. Aim For Realistic Goals. Work on goals that are related to the work you’re aligned with or the business you want, and of course, the income you’re bringing in. This ensures that your goals are realistic. If you’re making $40,000 a year, don’t aim to pay the same amount of debt that you earn, or else that would be insane, right?

 

  1. Don’t Get A Credit Card. Getting one is a surefire way of incurring more debts than you can handle. It’s not the solution to making ends meet – saving is. If you already have one, then cut it off.

 

  1. Make Weekly Savings. If you were able to save a few dollars from your grocery shopping, then save that immediately. Don’t add it to your money for the next week. Whatever little amount you save from cutting off from your bills, set it aside.

 

  1. Look For Other Ways To Earn. If you’ve been spending wisely and your budget is being followed, then perhaps the problem is not in the spending but the earning. You can try looking for a higher-paying job, or you can learn to find other ways to earn, like selling food and other items or working part-time online.

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  2. Choose The Appropriate Kind Of Insurance. Insurance may be a little costly but it is important. A practical move would be to just choose what kind of insurance you’re going to get, the ones that are more relevant to you, like health, home, or car insurance. Those are at the top list of priorities that you can have insured initially.

Under ideal health insurance, …, accurate consumer information is a positive. The reason is that the insurer and the insured are on the same team, with a similar interest and objective: acquiring good value in a competitive market. — John C. Goodman Ph.D.

If we have missed other ways that are equally important and useful, do let us know!

 

 

 

Reducing The Risks Of An Accounting Career

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Accountants may be a part of the lucrative group of professionals, but their job is one of those that encounter several pitfalls too, and they are in for a risky ride. Accountants need to be accurate in processing and documenting financial details of a company, whether it’s big or small. With the numbers that they’re dealing with every day, they can commit errors, especially if they’ve been working for long hours. When sleep deprivation and stress sets in, even their physical and mental health is affected as well.

So, to the professional accountants and looking-to-become the best accountants in the future, here are some tips to help you reduce the risks that you encounter throughout your accounting career.

Grad school is more than undergrad life on steroids; it requires developing the ability to think, write, work, and research increasingly independently. It can be a heady time for many people and a real downer for others. If you are not self-motivated and a self-starter, you might want to think twice. — Dana S Dunn Ph.D.

Continuing Education

For one to be a licensed accountant, he needs to earn a bachelor’s degree. It may be possible for him to get a job without it if he, say, has some experience and some college years. However, there will be missed opportunities for promotion and advancement. Even having a bachelor’s degree might not get you one, seeing as to how many accountant graduates there are yearly. Other employers prefer a master’s degree, so if you have the time and resources, it would be wise to study for another few more years. It’ll all be worth it.

 

Stressors

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A lot of accountants are categorized as exempt employees, meaning that they don’t aren’t qualified to ask for overtime pay per the Fair Labor Standards Act. This also means that they won’t be given extra pay for work outside office hours, particularly for tax season or book closing during the end of the month and fiscal year-end. All these can become stressors, along with other issues. Staff cuts and economic recessions can also lead to overwork and more stress.

Defined as the beliefs regarding one’s capabilities for a particular task or endeavor, self-efficacy has been shown to have multi-faceted benefits, from experiencing a greater interest in life activities and greater commitment in chosen goals to quicker recovery from setbacks. — Utpal Dholakia Ph.D.

Salary

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In 2011, the yearly salary for accountants was a little more than $70,000, as stated in a report from the Bureau of Labor Statistics. However, 10% of these accountants were only earning close to $40,000, which proves that being an accountant is not always a profitable career. Also, from 2011 until today, the job growth was noted to be 16% (more or less). Ultimately, this goes to show that accountants who are paid higher are those that have acquired advanced degrees.

Physical And Mental Health

Accounting does not require much movement; thus, it’s not a ‘physical’ profession. An accountant’s task involves reading and writing on books, which mostly is done sitting at the front of a desk – not very healthy at all. Researchers in several universities have found that sitting for hours or not doing any active activity in a day increases one’s risk of developing heart disease, diabetes, and other debilitating conditions. Accountants and other employees who do desk jobs are advised to do at least 30 minutes of exercise to keep themselves physically and mentally healthy.

Older adults face unique life conditions that can contribute to stress, including declining health and loneliness. Conversely, stressful conditions can cause people to become physically and psychologically ill. — John Smith Ph.D.

Employment Opportunities

Accountants are privileged to work in any field that they might find attractive or stimulating. They can apply for the government, as many departments in the government entail financial transactions. Private companies hire a lot of accountants as well. In fact, they are one of the most important and sought-after professionals in big and small-scale businesses all over the world. But as mentioned above, chances are higher if you get into continuing education courses.

 

Conclusion

Indeed, accountants are among the world’s most vital workers, but the risk of being one is also equally crucial. An accountant must, therefore, learn to balance working to be successful and living a life that is healthy and stress-free.

 

 

 

How To Dress For A Job Interview – Therapist Says You Can Make Them Hire You!

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Research suggests that interview decisions often come down to attractiveness and perceived similarity to the interviewer. Job seekers often focus on prestige or the material benefits of working for a certain employer. — Amy Armstrong, MS, NCC, MCC, LPC

Have you been confused as to what kind of job interview outfit you need to wear? Are you intimidated and insecure when you wear a suit or something more casual, and it looks inappropriate for the job you are applying to? Do not worry anymore. This article with tips from coaches and a therapist will help you choose the right kind of job interview outfit for every job description, and you won’t have to get stressed with planning for your outfit anymore. Make them hire you!

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