Lock in a Fail-Safe Savings Plan
Open a brokerage account. A regular investment account gives you access to stocks, bonds, and other instruments. Most advisors recommend a low-cost index fund as an initial investment, but if you are uncomfortable with stock market volatility, consider certificates of deposit or bonds. If you hold investments for at least one year, your earnings will be taxed at the long-term capital gains rate — far less than the tax on your ordinary income. Set up a health savings account.
Budgeting and saving are skills many Americans learn late in life, if at all. Only 36 states require high schools to offer personal finance courses. While that’s a marked increase from seven states in 2000, it still leaves many Americans adrift. Many consumers benefit from setting up regular automatic deposits to each of the four key savings and investment accounts, either through paycheck withholding or via their bank. With this system, growing their savings requires no conscious effort. Start an emergency fund. Deposit 2% of your paycheck into an emergency fund, either a high-yield savings account or a money market fund. These
Health savings accounts (HSAs) are a powerful way to set aside income tax-free to pay medical bills. They offer a triple tax advantage in that deposits, earnings, and withdrawals are tax-free if you use withdrawals for eligible medical expenses. You can sign up for these plans through an employer or HealthCare.gov by opting for an HSA-eligible health insurance plan. To determine how much to deposit, search online for “HSA Contribution Calculator.” Unlike other tax-sheltered savings vehicles, HSAs do not have a “use-it-or-lose-it” requirement, so you can accumulate funds for the future.
accounts currently yield about 4% annual interest or more, so your money will be working for you. Work toward setting aside enough to cover at least three months’ expenses to avoid using high-interest credit cards. Automate retirement savings. If possible, put 10%–15% of your paycheck into a retirement account, such as a 401(k), Roth IRA, SEP-IRA, or another investment account. To help you meet this lofty goal, take full advantage of any matching program your employer offers. That’s free money!
How to Get Your Team to Embrace Your Vision FROM GLAZED EYES TO FOCUSED MINDS
Trust goes both ways. If you want your team to trust you and what you say, you need to reciprocate it. This is a slow process and will take time to build. Don’t micromanage your team unless you must. You hired them to do a job and take on specific responsibilities, so let them. If you find this challenging, start small. Delegate smaller tasks to your team until they’ve fully earned your trust. Then, you can pass off more significant responsibilities. Be clear with your expectations. Sometimes, your employees won’t know exactly what they must do to accomplish your goals. When necessary, walk them through specific tasks and explain the result. Once your team understands what they need to do and why it’s crucial to the business’s overall success, they’ll be more likely to get it right and continue to build trust.
Running a successful business can seem impossible if your employees aren’t listening or giving you their full attention. Have you ever talked with a team member, providing vital instructions for a task, only for them to respond with a slow nod and a glazed-over expression? They likely didn’t ask follow-up questions or assert they understood your directions. They simply heard what you said and will take it from there, creating a frustrating disconnect.
So, what’s the secret to getting your team to listen to you intently? Here are three strategies you should implement to improve your team’s response. Get your team to buy into your business and core values. Ask yourself the following questions. Why does your business exist? Why do you need a team? Why are you asking your team to perform a specific task?
These shouldn’t be difficult questions for you to answer, but your employees won’t likely consider them during their daily shifts. You must explore the answers to these questions and then share them with your team. By doing so, you’re giving them a purpose behind any request. When you have the right players, sharing this information helps them get on board and emotionally connect to the business.
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