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7 Actions That Can Help Your Wallet in a Troubled Economy

7 Actions That Can Help Your Wallet in a Troubled Economy

    While the economic sky is falling, it’s still possible to make sure that your financial status is steady. In the past couple of weeks, I’ve been even more focused on the steps I’m taking to improve my personal finances. I’ve found a few actions that probably won’t make you a millionaire — but they will ensure that a rocky economy doesn’t have too much of an effect on your wallet.

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    1. Pay Down Debt

    When in doubt on your finances, paying down debt is always a good option. The simple fact of the matter is that it’s easier to get more credit down the road if you pay off debt now. I realize that many financial gurus say that an emergency fund is the best place to start. Well, from my own experiences in a rough economy when interest rates can do all sorts of crazy things, paying down debt can be a better plan. If an emergency comes up, you may need to take on more debt to cover it — but you’ll be better equipped to handle it.

    2. Polish Your Resume

    Even if you aren’t in a field that’s currently experiencing a high rate of turnover, you should pull out your resume and polish it. If you’ve already got a good-looking resume in place, you’ve got a head start on all sorts of things: job-hunting, applying for a second job, freelancing and more. It may not be worth hiring a resume coach or other professional, but it’s definitely worthwhile to find a few examples of good resumes and compare yours.

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    3. Take a Close Look at Your Retirement Plan

    401(k)s remain the popular retirement plan and, if you have one, it’s time to take a close look. The same goes for IRAs and any other assets you’ve purchased on your own. The market is very volatile now — it may be possible to pick up some impressive stocks on the cheap and it may be possible to watch the prices of the stocks in your 401(k) tumble downwards. As long as you aren’t retiring in the next few years, you can probably afford to ride this economic down turn out. The only stock-picking advice I can offer — and this applies to other assets as well — is that diversity is your friend. If your money is spread out, at least over a variety of stocks if not a variety of investment instruments, then a problem in a particular company or industry won’t wipe you out.

    4. Buy Stuff Now

    If you’ve got a big purchase coming up that you really do need to make, it’s better to make the purchase now rather than later. The U.S. dollar has already experienced significant inflation; it’s only going to get worse. That basically means your money is worth more now that it will be in a few months. You’ll get more bang for your buck if you can buy now. It’s a little counter-intuitive, I admit, and there are plenty of exceptions to this step. Shopping, however, can be good for your wallet in the long run. You get the added bonus of knowing that you’re improving the economy with every cent you spend.

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    5. Educate Yourself

    I think we’ve all gotten a crash course in terms like ‘MBS’ lately, although we may not know exactly what they mean. It’s time to start seriously studying your personal finance vocab though, up to and including economic terms. The U.S. government offers plenty of free resources that are perfect for teaching yourself more about personal finance. You’ll have to custom fit your educational plan to your own finances: a really great starting point, I think, is reading through my latest bank statement and checking up on all the things I don’t understand, down to calling up and asking a teller about specific fees.

    6. Invest in Your Future

    If you’re having some trouble in the working world, now might be the perfect time to head back to school and get that degree you always wanted. You can get bigger loans with better terms to live on for a few years — hopefully getting you through the worst parts of our current economic problems before going back on the job market. Brushing up on your skills (and learning new ones) can also be the difference between making enough money to make it through economic problems comfortably and having to take a job for which you are overqualified. You don’t have to go all out and enlist back in school. In some cases, reading a book is more than enough effort to improve your career situation.

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    7. Ignore the News

    The news media seems pretty much obsessed with each economic crisis, but you really can’t do much about the Dow Jones slipping or a bank failing. I recommend skipping the nightly news entirely, but muting just the business news might be enough. Some specialized news is, of course, worth paying attention to — if you’re invested in the stock market, it’s probably a good idea to read the stock reports. That’s really about it, though. Most of us have effectively no affect on any economic or business news: I know that even if I send a letter to my Congressman about the bailout package, I’m probably not going to affect his final decision. It’s just not worth paying attention to all that depressing news.

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    Last Updated on February 20, 2019

    How to Get Promoted When You Feel Stuck in Your Current Position

    How to Get Promoted When You Feel Stuck in Your Current Position

    Are you stuck in the same position for too long and don’t really know how to get promoted and advance your career?

    Feeling stuck could be caused by a variety of things:

    • Taking a job for the money
    • Staying with an employer that no longer aligns with your values
    • Realizing that you landed yourself in the wrong career
    • Not feeling valued or feeling underutilized
    • Staying in a role too long out of fear
    • Taking a position without a full understanding of the role

    There are many, many other reasons why you may be feeling this way but let’s focus instead on getting unstuck.

    As in – getting promoted.

    So how to get promoted?

    I’m of the opinion that the best way to get promoted is by showing how you add value to your organization.

    Did you make money, save money, improve a process, or some other amazing thing? How else might you demonstrated added value?

    Let’s dive right in how to get promoted when you feel stuck in your current position:

    1. Be a Mentor

    When I supervised students, I used to warm them – tongue in cheek, of course – about getting really good at their job.

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    “Be careful not to get too good at this, or you’ll never get to do anything else?”

    This was my way of pestering them to take on additional challenges or think outside the box, but there is definitely some reality in doing something so well that your manager doesn’t trust anyone else to do it.

    This can get you stuck.

    Jo Miller of Be Leaderly shares this insight on when your boss thinks you’re too valuable in your current job:[1]

    “Think back to a time when you really enjoyed your current role. I bet there was a time when this job was a stretch for you, and you stepped up to the challenge and performed like a rock star. You became known for doing your job so well that you built up some strong “personal brand” equity, and people know you as the go-to-person for this particular job. That’s what we call “a good problem to have”: you did a really good job of building a positive perception about your suitability for the role, but you may have done “too” good of a job!”

    With this in mind, how do you prove to your employer that you can add value by being promoted?

    In Miller’s insight, she talks about building your personal brand and becoming known for doing a particular job well. So how can you link that work with a position or project that will earn you a promotion?

    Consider leveraging your strengths and skills.

    Let’s say that project you do so well is hiring and training new entry level employees. You have to post the job listing, read and review resumes, schedule interviews, making hiring decisions, and create the training schedules. These tasks require skills such as employee relations, onboarding, human resources software, performance management, teamwork, collaboration, customer service, and project management. That’s a serious amount of skills!

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    Is there anyone else on your team who can perform these skills? Try delegating and training some of your staff or colleagues to learn your job. There are a number of reasons why this is a good idea:

    1. Cross-training helps in any situation in the event that there’s an extended illness and the main performer of a certain task is out for a while.
    2. In becoming a mentor to a supervisee or colleague, you empower then to increase their job skills.
    3. You are already beginning to demonstrate that added value to your employer by encouraging your team or peers to learn your job.

    Now that you’ve trained others to do that work for which you have been so valued, you can see about re-requesting that promotion. Be ready to explain how you have saved the company money, encouraged employees to increase their skills, or reinvented that project of yours.

    2. Work on Your Mindset

    Another reason you may feel stuck in a position is well explained by Ashley Stahl in her Forbes article. Shahl talks about mindset, and says:[2]

    “If you feel stuck at a job you used to love, it’s normally you–not the job–who needs to change. The position you got hired for is probably the exact same one you have now. But if you start to dread the work routine, you’re going to focus on the negatives.”

    In this situation, you should pursue a conversation with your supervisor and share your thoughts and feelings. You can probably get some advice on how to rediscover the aspects of that job you enjoyed, and negotiate either some additional duties or a chance to move up.

    Don’t express frustration. Express a desire for more.

    Share with your supervisor that you want to be challenged and you want to move up. You are seeking more responsibility in order to continue moving the company forward. Focus on how you can do that with the skills you have and will develop with some additional projects and coaching.

    3. Improve Your Soft Skills

    When was the last time you put focus and effort into upping your game with those soft skills? I’m talking about those seemingly intangible things that make you the experienced professional in your specific job skills:

    An article on Levo.com suggests that more than 60 percent of employers look at soft skills when making a hiring decision.[3]

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    You can bone up on these skills and increase your chances of promotion by taking courses or seminars.

    And you don’t necessarily need to request funding from your supervisor, either. There are dozens of online courses being presented by entrepreneurs and authors about these very subjects. Udemy and Creative Live both feature online courses at very reasonable prices. And some come with completion certificates for your portfolio!

    Another way to improve your soft skills is by connecting with an employee at your organization who has the position you are seeking.

    Express your desire to move up in the organization, and ask to shadow that person or see if you can sit in on some of her meetings. Offer to take that individual out for coffee and ask what her secret is! Take copious notes and then immerse yourself in the learning.

    The key here is not to copy your new mentor (think Jennifer Jason Leigh in “Single White Female.” Just kidding). Rather, you want to observe, learn and then adapt according to your strengths. And don’t forget to thank that person for their time.

    4. Develop Your Strategy

    Do you even know specifically WHY you want to be promoted anyway? Do you see a future at this company? Do you have a one year, five year, or ten year plan? How often do you consider your “why” and insure that it aligns with your “what?”

    Sit down and do an old-fashioned Pro and Con list. Two columns:

    Pro’s on one side, Con’s on the other.

    Write down every positive aspect of your current job and then every negative one. Which list is longer? Are there any themes present?

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    Look at your lists and choose the most exciting Pro’s and the most frustrating Con’s. Do those two Pro’s make the Con’s worth it? If you can’t answer that question with a “yes” then getting promoted at your current organization may not be what you really want.

    The two most important days in your life are the day you are born and the day you find out why. –Mark Twain

    Mel Carson writes about this on Goalcast that many other authors and speakers have written about finding your professional purpose.[4]

    Here are some questions to ask yourself:

    • Why is it that you do what you do?
    • What thrills you about your current job role or career?
    • What does a great day look like?
    • What does success look like beyond the paycheck?
    • What does real success feel like for you?
    • How do you want to feel about your impact on the world when you retire?

    These questions would be great to reflect on in a journal or with your supervisor in your next one-on-one meeting. Or, bring it up with one of your Vital Work Friends over coffee.

    See, what you might find is that being stuck is your choice. And you can set yourself on the path of moving up where you are, or moving on to something different.

    Because sometimes the real promotion is finding your life’s purpose. And like Mastercard says, that’s Priceless.

    More Resources About Career Advancement

    Featured photo credit: Razvan Chisu via unsplash.com

    Reference

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