Are You Investing to Increase Your Net Worth?Employment | January 11, 2010 at 1:56 am
The summation of total assets of any individual including the cash in bank account is called ‘individual net worth’. Is it? I don’t think so. Probably the only reason why you will be handed the pink slip, and not your colleagues, is your lack of knowledge about ‘Individual Net Worth.’ If, according to you, net worth is something that a person has earned, then what about his ability to earn?
Before I emphasize on the significance of net worth, let me tell you have lucky you are to have a job. It has been predicted by most of the economist that the unemployment rate is bound to leap and stay soared for a long time. For precise information, make some efforts to explore your search engine and scroll through latest unemployment trends because this isn’t an unemployment article.
Employers will continue to terminate people because they can’t afford paying the same number of people as they did last year or year before. And they will definitely target someone who isn’t investing much in himself.
Net worth isn’t only about owning assets. It means your ability to earn money. It means how well can you improve and enhance the performance of the most useful funds-generating asset – You.
Here are ten simple things you need to do to improve your net worth, or at least save your job.
Know about the industry and location
The reason I didn’t mention the unemployment rate above is simply because I cannot. The rate is equivalent and unchanged across nation. It changes with a minute alteration in targeted area and profession. It’s around 5-6% in the financial sector, whereas 20% in construction industry. The unemployment rate is highest in Michigan, whereas lowest in North Dakota. Obviously, you didn’t know all this. Start knowing about your industry, your location, your designation. Update yourself on who is being fired, hired, down sized, or promoted. This will help you to get a new job or help you to decide when it’s to step down.
Your company’s sources of income
How does your company generate revenue? By selling mutual funds? May be you don’t know much about your organization. Because most of the companies have multiple sources of income. Maybe all are not equally rated, but remember, they do have many sources. Learn about the most important and be a fundamental part of it. Be person with real knowledge and genuine usage.
Do something to safeguard your job
On a Sunday, sit with a pen and paper and pretend to be the boss of your company. Decide who should get a raise and who should be thrown out of the firm, with strong reasons. Now look at your role. Are you worthy of a raise? Do you have the necessary skills that are needed for a promotion?
If you are a business owner, pretend to be a customer
Owning business means having many bosses. They can put you out of business quicker than a boss can fire an employee. Pretend to be a customer and think of things that you expect from a business like yours. Are you a satisfied customer?
Assess your skills
You ‘Net Worth’ as assessed by your boss isn’t the summation of your total assets. It is your ability to work, to generate results, to handle the pressure of targets and achieving them. Jot down all the skills that you have and those you will need to become the best. I am sure you have all the skills but are under-utilized. Work towards developing those skills. While in office, focus on the tasks that generate results. Eliminate wastage of time, efforts, and energy.
What if you are terminated tomorrow?
It’s a question we dread, hence we aren’t ever prepared for it. Think about the options that you have after being fired. Think about the achievements in your current job that you can list down in your resume. If you can’t think of any achievements, strive to get one. What is that you can do in your spare time that can add value to your resume? What is it that will increase your net worth?
Do it yourself
Increasing your net worth also means doing and knowing about things. What are the things that you don’t do and pay someone else to do it? Which among those tasks can be done by you? There are many things that you can learn and start doing yourself like taxes, repairs, or financial planning.
Take up a side job
Or start a side business. But try to earn some amount for other sources. Don’t rely merely on your current job income. This will help you to accumulate funds, learn new set of skills, or lead toward a new career.
Sharpen your social skills
Believe it or not, to succeed, you have to be social, pleasant, co-operative and likable. Okay, success also comes to those who are rude, arrogant, unhelpful, and ugly, but it becomes tougher for them. People help you, if you are helpful; people cooperate, if you are cooperative.
Is it your dream job?
You probably generate best results if you enjoy what you are doing. Do you think you current job is what you enjoy? Do you feel like quitting and taking up something else? May the current economy and severe market conditions wouldn’t allow you to take up what you like. However, with time, it will improve. So do your homework and be prepared for the right time.
Investing in stocks, bonds and mutual funds may be quite difficult for you due to the financial crunch. However, investing in something (you) that provides better returns, isn’t quite difficult. Start increasing your net worth before you are kicked out of your company.