Big Words start conversations and open doors to new places.
Author: anwaryusef
Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct Examiner.com, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath.
Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics.
Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.
Two key focuses of my blog are Current Events Health/Wellness. The Healthcare Industry like many others is not perfect and faces its own unique sets of challenges. Whether you’re looking for care or looking to impact the industry in some other way, it’s important to understand what’s happening in it. The following contributed post is entitled, The Major Failings Of The Healthcare Industry.
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The healthcare industry is something that we just couldn’t live our lives without today. We rely on it so heavily, that we’re actually crippling it. No matter what part of the world you go to, there will still be some part of their healthcare system that’s struggling to cope. And it doesn’t seem to be getting any easier, either. With new health problems working their way into society, and old problems becoming even more prevelenant, it’s no wonder why people are flocking for medical treatment that could potentially save or change their life. But with all of this pressure from the public, and the obvious financial turmoil that’s facing most countries in the world, it’s no wonder why so many are facing major healthcare failings. There just simply isn’t the funding, the staff, or the hours in the day to be able to do everything perfectly. But the failings are causing such a risk to the population, and that’s what we want to discuss today. If we warn you of some of the failings, you might be able to look out for a thing or two, and make sure that your care is not faulted. So keep on reading, and see what you think of the healthcare industry.
There is definitely a lot of malpractice happening in hospitals and health centres around the world, and for the most part, it will go unnoticed. You will find that so many little things fly underneatht the radar, simply because the person at fault was lucky enough to not cause serious harm. But there are cases that need to be taken further if you’re ever involved in them. A medical malpractice attorney will be able to give you a consultation, and tell you if they think it needs to be taken futher. But generally, you’re looking for things such as a misdiagnosis, wrong medications being given,surgeries going wrong, and anything else inbetween that might seriously affect your health. Always make sure you’re confirming everything, and you’re doing your own bit of research to make sure the actions they’re taking are the right ones.
The Staffing Problems
Staffing problems is one of the biggest failings of the healthcare industry. If there are problems due to poor care and malpractice, you can probably put it down to poor staffing problems. People are overworked, underpaid, and not exactly treated right under pressure. To solve a lot of the problems with healthcare, staffing problems need to first be addressed, and this can be done by increasing wages, bringing in more staff, and decreasing shift hours to prevent exhaustion.
The Failure To Discover
There are so many different health problems out there that don’t have treatments. So many lives are ruined, and so many are ended early simply because we’re failing to discover treatments. Again, this is due to poor funding, and poor staffing issues. There are so many lives that could be changed if treatments or cures were discovered, so if you want to do your part with it, get donating to a charity that’s working tirelessly to do just that. Or, take part in clincal trials that could unlock the future of healthcare.
Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Seasonal businesses are in a class all their own. They have their own unique considerations and rules to think about if you’re getting involved in one. The following contributed post is thus entitled, Seasonal Business and Your Company: Things You Can’t Afford To Forget.
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Everyone in business knows that success levels tend to fluctuate with the seasons. Of course, to make the most out of this as possible it’s crucial that you know what to expect at the different times of the year. Luckily, that is something you can find out by reading the post below.
Spring
For many businesses, spring can be partially busy. After all, it’s past the winter lull brought on by Christmas the New Year and trade should be steadily picking back up again. Of course, there is the end of the tax year to think about as well, which can make the month of April particularly challenging.
Although it’s worth noting that if you get your accounts up to date for all months apart from this beforehand, you can save yourself the April tax rush and make it much easier on everyone too.
Additionally, spring is the right time of year to start thinking about any possible issues you may encounter some summer. That means not only getting in an air conditioning contractor to service your current units, but also get extra ones installed if you are expecting it to be a hot year.
Additionally, taking some time to check who is off when during the summer vacation is a smart move, as then you can start filling any absences early to be sure that things keep on running as usual.
Summer
For some business, especially hospitality ones, and retail that focus on vacation items, simmer is their busiest time. This means that while many companies are slowing down for the summer vacation, they need to keep their focus on fulfilling orders and keeping things ticking over.
Additionally, any business whose busiest time is Christmas will need to begin thinking about new lines around this time. After all, they will have to be developed and produced ready for the beginning of December, so the sooner that you start, the better.
Autumn
Autumn tends to be reasonably constant for most business news whether they are B2B or retail. In fact, you can often expect a short lull once the kids have gone back to school in September. However, due to all the celebrations in autumn such as Halloween and harvest festival, many businesses can expect custom to rise this season steadily.
Of course, that means that your business needs to keep up, so be sure that you have the staff and resources to cover any increased demand!
Winter
Depending on the type of business you have, winter can be your most hectic, or slowest time. Companies that sell to other companies tend to slow down around Christmas because of the break that most people take.
Although those in or supplying the hospitality industry will still be busy. To that end it’s important to know your business well, so you are able to predict if you will need to increase or reduce resources and staff.
Additionally, if you are in a location where weather can cause issues with deliveries and people getting into work, then it’s pretty crucial that you come up with a plan B For when the snow starts to fall. Otherwise, even if it’s your burst time customer wise, you may not have anyone to work which can be devastating to your business!
A key focus of my blog is Career Discussions. Something most employees face is deciding whether or not to leave their day job. This can come from outgrowing their current position or just wanting to start his or her own enterprise. There are several options to leaving your nine to five. The following contributed post is entitled, Breaking Away From The Nine To Five Grind.
Everyone reaches a point in their life when they question their purpose and impact in a professional capacity. The career that you once adored and ran into with open arms, now appears dull, boring and monotonous. The thirst for change can sometimes feel all-consuming, and at other times you wonder if it is just a whim. The lure of something new and exciting can be terrifying. The idea of giving up a steady wage, a decent job and an unchallenging work environment is scary. However, often the most frightening decisions turn out to be the best ones we ever make. Consider where you want to be this time next year and work out whether you want to break away from the nine to five grind.
Become Self Employed
Many people choose to make a break from the traditional nine to five job in an effort to gain more control over their working hours, job remit and work location. If you have had an office job for the past decade and you have spent eight hours a day with a photocopier, a laptop and Janice, the head of marketing for company, you might want to broaden your horizons.
Becoming self employed needn’t mean setting up your own business, although if you do have an entrepreneurial side, you may fancy the challenge. Instead, consider taking up a trade. You could train to become a plumber, undertake a HVAC training programme and qualify to become air conditioning engineer, or enroll in a course to become an electrician. These trades are ideal to empower you to become self employed. You dictate your working hours, where you work, the jobs you do and how much you charge. Gain a good reputation and you will never be out of work.
Launch A Startup
If you have a book full of contacts that you have taken with you, you may be keen to set yourself up as a new startup within the industry sector that you have experience in. This will enable you to hit the ground running as you launch your very own business entity. You can keep overheads low by working from home, you can focus your efforts on networking, conducting market research and formulating your business vision, and you can provide an excellent service or product having learned the ropes in your previous role. Being your own boss and listing entrepreneur as your profession is new, exciting and provides you with the much needed challenge that you yearn for.
Travel
Perhaps the break that you need from your nine to five grind isn’t a permanent one. A change really can be as good as a rest. Instead of resigning from your current job, why don’t you take a sabbatical for three weeks, three months or even a year? You can then choose to go overseas, travel and see the world. It doesn’t matter whether you’ve always wanted to embark on a trek across the outback of Australia, complete the Inca Trail or see the temples of Japan, now might be the time to do it. Traveling can open your eyes to new wonders and leave you feeling refreshed and reinvigorated on your return to work.
Breaking away from the nine to five grind could be just what you need to improve your mood, health and happiness.
A key focus of my blog is Health/Wellness. It’s difficult to undergo a medical procedure in itself, but it can be more difficult when there is a prolonged stay in the hospital. Long stays in the hospital can create a different level of stress aside from the medical sickness itself and it’s important to understand how to cope under such circumstances. The following contributed post is thus entitled, Dipping Into Our Mental Reserves: Coping With A Long Hospital Stay.
It can feel like when we spend a long period of time undergoing treatment, or feeling that we are living in a hospital, all self-respect goes out the window. It can mean a long tenure under harsh artificial lighting, wailing patients, surrounded by grimness, and just longing to be home. So how can we build up our mental reserves to cope?
Have A Plan Structure is the key when we feel any sense of imprisonment. And we can argue that, in many ways, being in hospital for such a long time can result in feeling like we are trapped. But this is why, to ensure that our mental reserves are a strong as possible, that we stick to a structure. Think about things to occupy you during the day, but also, ensure that you address your moments of weakness. By having a plan in mind, this serves you well by occupying your mind, but also gives you the chance to look to the future. You would be quite surprised as to how much a structure can give you a sense of focus.
Seek Support When we feel guilt, or anger, it’s about ensuring we get some form of outlet. Depending on the situation that you are in hospital in the first place, you may have a lot of resentment because of the situation. It’s important that if you seek closure, or you feel that it’s not a chapter that will close itself, that you seek the appropriate help. This could be legal representation, such as Frekhtman & Associates, or it could be any counselor. Whatever is necessary, you should think about seeking support, because this is what will keep your morale up.
Understanding Your Grief And Stress In a stressful time, we’re going through periods of uncertainty, and we need to learn that what we’re going through is, although it doesn’t feel like it, normal. When surrounded by people in a hospital environment that are going through life or death situations, and feeling that we are in a warzone of some proportion, realizing that we have these feelings of stress and anxiety means that it’s the first step towards seeking appropriate help and treatment. When it comes to extreme emotions and thoughts, you need to speak to a professional. For those that have depressive episodes, this is normal, and when you feel like this, it’s important to remember that these emotions are fleeting, but what you can do in the meantime is learn to either channel these emotions into something positive or get over the symptomatic feelings of stress. Fight or flight is a very common emotion, especially when faced with our own mortality. And in some respects, this sense of adrenaline can get us through a stressful situation, but as we know, in the modern world, feeling like this all of the time will only deplete our energy stores. And this is where you have to seek out your own form of treatment. A lot of people talk about mindfulness as a very positive practice, as is meditation, but have you ever tried to sit there and think of nothing? When you’re feeling stressed, it’s impossible! So instead, harness the power of deep breathing, because this can give you control over your nervous system, meaning that as you build up your stores, you can learn to tackle all the negativity in your mind.
It’s a veritable collection of ups and downs, and when we are undergoing long-term treatment or spending time in hospital, you can feel like it will never end. But this is where we have to dip into our mental reserves and learn how to build them up.
One of the key focuses of my blog is Financial Literacy/Money. One of the largest investments any of us will ever make is our primary residence. There can be a lot of fear associated with purchasing one’s first home. The following contributed post is entitled, Settling Your Fears When Considering Your First Home.
Your first home is often one of the largest milestones of our life. Of course, we enjoyed living in our childhood place, but there’s something much more prominent, and something that signifies the next chapter of our lives when we decide to purchase a home. But, like anything exciting and anything signifying wonderful change, it might be that this progression scares you a little. That’s good. It shows that you care.
But too much fear and you’ll neglect making a move at all. Sometimes a nice middle-ground can be found, and might give you more to think about while still helping you structure your cautioned approach. Settling your fears when considering your first home is not an easy task, but it can be achieved if you consider the underlying foundations of why this decision is being made in the first place.
With the following advice, we hope you can move forward, or pause this approach, with a little more surety.
Square Yourself Away Financially
It’s essential for you to have an ideal idea of what your financial limits are when considering a home. If you have slightly less than that you might need to set yourself up ideally? It might be worth waiting just to grow your savings a little more. If now is a fantastic time to invest in a certain area and you can stretch to the cost relatively comfortably? It’s worth considering. This is where SBA loans can come in very handy, as with an excellent arrangement you may not need to worry about staying within too-difficult limits, and instead give yourself that room to breathe.
Longevity
It might be that the idea of signing yourself away to a financial commitment that could last decades is worrying. Well, that’s true. Thinking so far ahead in the future could be a strange prospect to even consider, especially if you’re only just married or have only just brought a baby into the world, and are having to deal with those responsibilities too. This is where considering the current progression of your life is important. Remember, you won’t experience all that time in one fell swoop. You’ll take it one day at a time. If your relationship has been incredibly stable, if you have the support structure in place, if you have job security or alternate transferable skills, it might be that the future is something you know you can deal with. Plus, it will only get easier as you progress.
Jumping In Blind
It can be hard to know if you’re making the right decision. What if the home has hidden damage and rot you miss when inspecting it? What if this area isn’t as nice as it might have been advertised? What if you might not be guaranteed a spot in the best local school when your child grows? This is why it’s best to conduct research as you grow, to prevent jumping in blind yes, but also to give you a competent means of understanding the finer deals. With hired professionals to help you inspect or conducting online research, you will tick off those variables well.
With these tips, you’re sure to settle your fears well when the prospect of finding home ownership comes up.
Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Relocating a business is a big deal and in some instances a major undertaking. If you’re careful and map out the steps, it can help make the transition more seamless. The following contributed post discusses this and is entitled, A Guide To Overcoming Business Relocation Concerns.
When a business first moves into new premises, there is an inevitable period of mild chaos during the adjustment phase. It takes a while to ensure everything is up and running as it should be, with plenty of hiccups and discombobulation along the way. By the time you and your staff have settled into the new location, you’ve likely promised one another that you won’t ever undertake a move again – it’s too stressful, too disruptive, too complicated.
However, time passes. Your business continues to flourish; you continue to innovate; your staff continue to work at their very best – and your business grows as a result. Yet even as you embrace this new phase of your business, the memory of how troublesome your last move was remains; and besides, your premises – that once felt so alien and unusual – now feel like home, and there’s no pressing need to move.
Until… there is
As your business continues to grow, there will inevitably be a moment when you cannot avoid acknowledging the reality of the situation: if your business’ growth is to continue – which, of course, you very much want to happen – you’re going to need more space. Perhaps you need to hire more staff, or want to start to use a different type of machinery, or your existing location is proving restrictive – whatever the reason, it’s clear that you need to move on.
Yet the memories linger
For many entrepreneurs, the moment they realize they can forestall the inevitable no longer is unwelcome – especially if they have previously relocated a business, and know first-hand how very stressful and all-consuming the process will be.
There’s no denying the reality that moving can be crucial, but there’s also no denying that it’s entirely natural to feel a creeping sense of trepidation when contemplating moving your business to new premises. In fact, it could be argued that not feeling a sense of alarm is problematic, and could lead to a sense of over-confidence. Acknowledging the simple reality that moving a business is akin to moving house, only roughly one thousand times more complicated, isn’t weakness: it’s necessary.
The realization that a business needs to move can often be simply the first in a sequence of events: the realization, the decision to move, the process of looking for new properties, and then the move itself. A simple, linear progression that occurs in a timely manner.
However, it’s entirely natural if you – like many of your fellow business owners – do not see the realization that you need to move as a fait accompli. Instead, you may hesitate, perhaps even wonder if your judgment is sound, and if moving really is necessary.
It’s important to remember two things at this point of the process: first and foremost, no one is starting a clock. If you need to take time to prepare both the business and yourself for a move, then that’s okay; there’s absolutely no rush. However, the second point you need to keep in mind is that there’s a reason you realized your business needed to move; acknowledge this as fact, and then work on coming to terms with the process rather than seeking to convince yourself that relocation is unnecessary.
How long should you give yourself to accept that moving is an inevitability and move on to the next stage? That depends entirely on your situation. If your business is managing just fine as it is, then there’s no immediate need to push yourself into starting to look for new premises. However, if your business is beginning to show signs of struggling under a lack of capacity – perhaps you’re having to miss out on lucrative contracts, or can’t hire the staff you need to meet demand – then the situation is more time pressured. It’s still important to let yourself come to terms with the need to move, but try to avoid letting yourself put the matter on the back burner.
Addressing the practicalities
When you’re ready to begin planning the move, it’s important to first reflect on your previous experience of relocating a business – even before you begin browsing for new premises.
The reason past reflections should come first is simple: prevention. By learning from the mistakes that you may have made during the last move, you can address these and put plans in place to ensure the same issues do not reoccur. Perhaps you previously struggled to get your machinery up and running; this time around, you’ll want to contact rigging contractors to ensure all goes smoothly this time; or maybe you struggled to establish the right layout for your office, a problem that can be overcome by working with office fit-out specialists who can create a custom plan that will suit your business perfectly from day one in your new location. Whatever issues you experienced the last time you moved, understanding these problems and then seeking solutions is the best way to avoid a rerun of past unpleasant events.
Anticipating new issues
It is incredibly important to learn from the mistakes of your last business move, but it’s also essential to ensure you don’t rely too much on the past. You have to think about the new problems you may experience, and especially those that could not have occurred the last time you moved; maybe you’ve introduced a new service since you last moved, are using a new piece of equipment, or simply have far more members of staff.
Given the above, it’s helpful to list the ways your business has changed since its last move, and then brainstorm the problems you may experience as a result of these new developments. By doing so, you create a complete picture; a blend of past and present that can help to prevent problems occurring as you step into your business’ future.
It’s entirely natural to be nervous about the idea of relocating your business, but the key to overcoming these anxieties is proper planning. By examining your past experiences, and then including considerations related to recent changes, you can create a roadmap that forms the blueprint for a swift, smooth relocation process. From there, you can begin to look for premises, think about notifying the right people and companies, and start working on the practical side of the move itself.
The first principle of my blog is Creating Ecosystems of Success, and a key focus is Career Discussions. Regardless of whether you’re an employer or an employee, it’s critical to understand how to avoid conflicts at the workplace as they can both hinder productivity and hinder career advancement. The following contributed post is entitled, How to Avoid Conflict At the Workplace.
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If your employees are unhappy and disengaged, chances are that their productivity will suffer, and they will not represent your company and brand as well as possible in front of your customers. This will lead to reputation damage and conflict in the workplace, which can cause long term problems. Instead of dealing with conflict, you might want to prevent it and take a proactive approach to maintaining a positive work environment. Find a few tips below.
Clear Policies To avoid disagreements that are based on assumptions and misconceptions, it is important that your business has clear human resources and behavior policies. If you don’t have one at the moment, chances are that your employees are just guessing which one is the best approach, and this will lead to conflict and arguments. Talk to a human resources professional to get help with developing your workplace policies.
Value Alignment
When you recruit people to represent your brand, you will need to make sure that they share your values and your vision. If your employees couldn’t care less about customer service or quality, chances are that you are employing the wrong people. There are many ways you can check whether or not your applicants’ values are aligned with your company policy and brand philosophy, using online tools and personality tests.
If there is a block in the communication channels, you will find it hard to communicate your goals and get your employees to commit to them. Workplace communication should never be flowing in one direction only. If you haven’t studied democratic leadership yet, it might be time to find out how you can encourage debates and discussion and avoid value conflict in the workplace, so your employees can fully engage with your company mission and vision.
Shared Goals
To make your workplace run smoother and to encourage collaboration and support, you will need to create shared goals. If you hold monthly appraisal meetings, take your time to sit down with each individual and find out what their personal career goals and aspirations are, so you can find a common trait and goals you can work towards together.
Conflict Management Frameworks
It is crucial that you have a procedure map in case conflict happens in your company. There is no point trying to deny that there is a problem, and the sooner you deal with it, the better you can handle the situation. Mediation, disciplinary procedures, training, and development, as well as sitting down with a civil attorney to learn about the legal framework of dealing with conflict and ethical problems at the workplace might be some of the best options.
When you have employees from different walks of life, conflict is something that may seem inevitable. Create a company culture that values and respects diversity and find a way to align your mission and vision with your employees’ own aspiration. Open up channels of communication, so you can deal with conflict as soon as possible.
“I saw many retirement commercials during my young adult life. They were usually run during sporting events. I wasn’t thinking about my older years at the time, which seemed too far away to imagine.”
Note. Like my Net Worth piece, the subject matter of this blog post is not new. It has been known for years by those who’ve learned about it in their families, learned about its concepts in business school, or have discovered it on their own. It’s a discussion from my personal perspective which I think is worth visiting. Also, while this is a ‘money’ topic, I’m discussing it from a ‘scholarly’ perspective. I’m not rendering financial advice where I’m telling readers what they should do. In the spirit of the first principle of my blog, Creating Ecosystems of Success, I’m simply introducing a concept and discussing why it’s important for the lay person, so they can make their own life choices.
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A Savings Crisis
At the beginning of this week, a mentor emailed me telling me that April is “Financial Literacy Month”. He asked me if I was writing anything on this subject. I shared with him that I already had something coming out of the pipeline regarding a topic we’d coincidentally discussed at length. He also shared an article with me entitled, There is a savings crisis and many Americans don’t know how to fix it. Here’s how. It serves as the perfect jumping off point for my financial offering for the month of April 2019.
Thinking About Retiring
I saw many retirement commercials during my young adult life. They were usually run during sporting events. I wasn’t thinking about my older years at the time, which seemed too far away to imagine. The commercials I remember the most are those by Dean Witter where, in the black and white film, he states, “We measure success one investor at a time!”
My next thoughts of saving for retirement came courtesy of Robert T. Kiyosaki, author of Rich Dad Poor Dad. I believe it was in his book, Conspiracy of the Rich. In the book he described the “Employee Retirement Income Security Act” (ERISA) enacted by President Richard Nixon. The new law made employees responsible for their own retirement savings, converting most everyone over from ‘Defined Benefit’ (DB) plans (pensions), to ‘Defined Contribution’ (DC) plans. That was during my postdoctoral fellowship and I think I set up a ‘Roth IRA’ at my bank, shortly after reading the book.
Saving in My TSP
It wasn’t until I started working in the federal government that I seriously started thinking about retirement, but it wasn’t due to my own volition. It was due to a friend I was dating at the time. I’ll facetiously say that the relationship didn’t last, but her asking me about whether I started saving in my government “Thrift Savings Plan” (TSP) was a major contribution on her part. She caused me to think about retirement in the relationship context.
I realized that I might be a liability as a partner if I didn’t have my own retirement ‘nest egg’ which in some respects is true. (See my Mother’s Day 2017 blog post to get a feel for the potential dangers of two people settling down when only one has savings and the other one doesn’t.) In terms of relationships, are money and resources everything? No, but they count for a lot and are worth pondering and discussing ahead of time!
Whose Responsibility is Retirement Savings?
At this point I’m going to transition and point out that in the financial world, there are different rules for different people. I first learned this after reading the above-mentioned Robert Kiyosaki’s second book, Cash Flow Quadrant, which discussed the differences between: Employees, Self-Employed Individuals, Business Owners, and finally, Investors. To make a long story short, in addition to having their own unique ‘tax laws’, employees by nature have a ‘working life’, and they must figure out how they’re going to survive once their working life is over. That’s if they’ve thought about it.
Some of my relatives are beneficiaries of the DB plans described above, but they’re “Baby Boomers”. My father is a retired educator who started teaching in the late 1980s. My uncle, a retired firefighter, started his career around that time as well. I could be wrong, but I think that most municipal workers such as the police officers and firefighters receive Defined Benefit pensions. Most teachers now must contribute to a Defined Contribution plan. If I’m wrong, please leave a comment below. What if you’re responsible for your own retirement savings? Read on.
Saving Less Thank Five Percent
“If you’re not saving the maximum amount so that you’re getting the government’s five percent ‘Matching Contribution’, you’re leaving money on the table!” The first person to point this out to me was a counselor at work who was helping me with relationship issues with the above-mentioned lady friend. By the way, this anonymous friend inspired me to write my piece entitled, The difference between being Cheap and Frugal, so she deserves a lot of credit in terms of inspiring some of my content.
I’d told the counselor that she’d called me ‘cheap’ on multiple occasions, a label which hurt me at the time. One of his immediate questions was about whether I was saving into my retirement account to get my government match. When I told him that I was saving less than the five percent, he responded that I wasn’t taking full advantage of what the government was offering me. Also getting the match should’ve been first and foremost in my mind.
Matching Contributions
So, what is a Matching Contribution and why is it important? I’m glad you asked. A Matching Contribution is a dollar amount that your employer matches in relation to what you’re saving in your retirement account. For the federal government, it’s five percent, and it differs from employer to employer. Some don’t match at all. The point is that if you’re not contributing anything, you’re not going to get anything, or maybe the bare minimum. If your employer matches what you’re put in, you’re effectively getting free money.
Your employer match makes it easier to get to the holy annual retirement threshold of 15% and beyond. If you’re consistently saving five percent, and your employer is matching that with their five percent, you’re already at ten percent for the year. At that point you must come up with another five percent or more to get to 15%. If you don’t know where you’ll get that extra five percent, look at your personal budget. I wrote a piece on that recently.
If your employer doesn’t match your contribution, should you still save for your retirement? Absolutely. First, if you’re going to work until your 60 years old or more, you do want something for yourself, or else you’ll have to keep working, or someone will have to take care of you.
Other Benefits
Second, from experience, your retirement savings contributes to your ‘Net Worth’ and this translates into other areas such as qualifying for mortgages. Most lenders want to see that you can save money and something they consider qualifying you for a mortgage is your Net Worth – the difference between your assets and liabilities. I wrote a piece on that as well.
When refinancing my mortgage two years ago, I realized that that my lender actually had a form entitled, ‘Net Worth’. Calculating it quarterly was routine for me by then. I’d already built up an ‘Emergency Fund’ and I’d started methodically saving into my retirement account, so I knew I was in good shape. This was in stark contrast to when I barely qualified for my first mortgage due to being too ‘overleveraged’ (carrying too much debt) ten years earlier. See my post on Dave Ramsey’s ‘Debt Snowball’, to see how I dug out of my own debt-hole.
Other Keys to Retiring
Speaking of debt, as an employee living off one paycheck, budgeting, controlling costs, and minimizing debt are all keys to being able to build a retirement nest egg. You want to be able to create enough ‘Cash Flow’ so that you don’t miss the amount going into your retirement account every pay period. Furthermore, you don’t want to be in position to have to raid or borrow against your retirement savings should an emergency arise – both of which could hurt you.
Speaking of Dave Ramsey’s group, a good book to read is Retire Inspired by Chris Hogan. It gives a nice discussion about what retirement is and why it’s important, which brings me to my closing point. If we all know we’re going to age, why doesn’t everyone save for their retirement? I think the answer is a lack of awareness and a lack of understanding of why it’s important.
Where Do You Learn?
“You should’ve learned about this when you were 18 years old!” My mentor scowled at me after we finished talking about my retirement savings and why I hadn’t maximized it a couple of years ago. It stung for a moment, but I laughed about it inside afterwards. It would’ve been nice to have been educated on the subject 20 years earlier, but honestly those in my ecosystem back in Buffalo just weren’t talking about investments or retirement savings.
One could argue that the change from DB-pension plans and DC plans needs to be better explained in the school system so that all kids get exposure to these concepts early. I do agree with that, but the reality is that if these things aren’t discussed in your family circle, you must figure them out on your own somehow.
I don’t want to make this racial, but over the years I’ve heard stories of Jewish families regularly and openly talking about money and investments at family gatherings. It’s not race-specific as my mentor’s family which is black, regularly engages in these types of discussions. What does your family talk about at gatherings?
Financial Vocabulary Words
The financial world has a language all its own. When you’re entering your first job fresh out of school, being told to start your retirement benefits and then hearing all the esoteric terms can literally sound like ‘gibberish’. It can be daunting like talking to your surgeon or your auto mechanic. Unless you understand why it’s important to start saving for your later years, you’ll likely neglect it and use your precious resources on other things, but hopefully not for too long, as it’s difficult to catch up beyond a certain age.
Why is it hard to catch up? This brings us to the “Law of Compounding Interest” of which time is a major component. I wrote a piece on that as well which I’m sure you’d enjoy, but the quick version is that the earlier you start your retirement savings, the more time they have to grow and multiply. Furthermore, depending on the nature of your plan, you could be missing out on significant annual tax savings which add up over the years.
The last important piece is figuring out what your retirement savings should be ‘allocated’ in. This is a completely different but related subject. The point is though, that you must have something to allocate first and foremost.
Other Recommended Readings
Thank you for taking the time to read this post. If you enjoyed it, you might also enjoy:
For the next phase of my writing journey, I’m starting a monthly newsletter for my writing and video content creation company, the Big Words LLC. In it, I plan to share inspirational words, pieces from this blog and my first blog, and select videos from my four YouTube channels. Finally, I will share updates for my book project The Engineers: A Western New York Basketball Story. Your personal information and privacy will be protected. Click this link and register using the sign-up button at the bottom of the announcement. If there is some issue signing up using the link provided, you can also email me at bwllcnl@gmail.com . Best Regards.
Three of the key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. A key to running any business/organization today is having the proper technology in place. Doing so will have improve your staffs productivity and your overall efficiency. The following contributed post discusses this and is entitled, Office Technology that Will Improve Your Staff Productivity.
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If you would like to stay competitive in your marketplace without having to invest a lot of money in new processes and procedures, you can rely on technology to help you improve the productivity of your staff while making their life in the office easier. Companies are looking for new ways of providing more value to their customers at a lower cost, and some smaller IT improvements can do just that. Find out more below.
It is important that you answer customers’ queries as soon as possible. Today’s consumers’ attention span is much shorter than the previous generation’s and they are looking for immediate answers. You can find a system that will gather all the feedback and pop up on one of your employees’ computers, so they don’t have to stay logged into various systems and get distracted just to provide excellent customer service.
If collaboration is something that is necessary in your business, you will need to allow your staff to work on projects together and collaborate. You can create a virtual workplace where they can share and update projects. While a Google Suite system might do the job in the beginning, you might want to talk to an expert at inc-systems.com/services/managed-it-services/ to find out whether or not your business could benefit from a custom calendar and a CMS system.
Cloud Computing
It is crucial that you encourage the use of cloud computing. You will not only be able to automatically back up your files and take notes, share insights, update your team on the go, but also share information with your customers faster. You will have to install advanced security, though, so you can prevent the accidental disclosure of sensitive information.
Social Media Tools for Scheduling
If you are involved in digital marketing, you might have a member of staff updating your social media accounts and posts regularly. If they have other jobs as well, they will find managing everything very challenging. Instead of giving them half an hour a day, every day, you can allocate a few hours every month when they can schedule the jobs ahead. You can use an advanced scheduling and posting service and a social media calendar to make the most out of your reach and engagement.
Digital Learning Platform and Knowledge Base
It is also important that you empower your staff and help them become more efficient. This is why improving your office technology is necessary. If you have a knowledge base available for staff, they will find the answers without having to speak to a manager, and deal with customer queries faster and more professionally. You might also deliver your regular training or updates using your internal systems accessible any time, so they can complete the tasks when they are not compromising customer service or their own productivity.
Upgrading your office IT system can help you manage the different tasks in your company and improve your staff productivity at the same time.
A key focus of my blog is Health/Wellness. A major component of life is the relationships with our friends and family. In some instances, career and life circumstances geographically separate us from our loved ones. Thanks to today’s technology though, we can still keep in contact with family no matter how far they are away unlike any time before. The following contributed post is entitled, Use Remote Team Lessons With Long-Distance Relatives.
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Life has a terrible habit; it puts distance between those who used to have a close relationship. Whether it’s your family or your friend, life has more than one way to tear your apart. Maybe you’ve had to leave your best friend behind when you went to college in a different state, and it’s been difficult to keep in touch. Or perhaps you’ve relocated for a job, and your parents now live several hours drive away from you.
Geographic distance used to be an insurmountable obstacle in the past. But nowadays, businesses have long proven that they can create a feeling of belonging with their teams, even though nobody lives in the same town. Indeed, remote teams are proof that you can bypass geography and still bring everyone together. As surprising as it might sound, it’s time for the business world to teach us a thing or two about keeping our family and friends close by.
Communicate as often as possible Successful remote teams have understood that communication is vital to creating a sense of togetherness. Indeed, as explained in a previous article of the blog bigwordsarepowerful.com/2019/, businesses need to consider digital solutions to implement a healthy communication strategy. Collaborative tools and chat systems are favorites, as they make sure that everyone is on the same page at all times. Ina private environment, there is no room for collaborative solutions. However, group chats are an option. You can create a private group chat on Facebook, for instance, which can let you share your news and interact with your relatives. Additionally, Whatsapp offers a similar option. As you use online groups, you also need to accept that not everyone might be online at the same time. However, both Facebook and Whatsapp enable all participants to review the messages they’ve missed while they were logged out. In other words, you can get an answer both in real time and at a later point too.
A collective project brings everyone together Remote teams also share a sense of purpose. They collaborate on the same project. Distant relatives and friends, however, may not have any common objective. But nothing is stopping you from introducing a collective project you can share. For instance, why not plan a big family reunion with tailored t-shirts for everyone? You can use a vinyl cutter – see here for more info vinylcuttingmachineguide.com – to design your family logo, for instance. Make sure, however, to use a heat press to transfer the logo onto the t-shirt. You could also create a party board for your next family Christmas or the next round birthday. Ultimately, you can start a project and assign tasks to each other, so that you’ve got a reason to organize a meetup and share your creations.
Respect each other’s lifestyle Last, but not least, remote teams value flexibility. Everyone knows and understands that other members may not be available at the same time. But that’s precisely what collaborative tools are about. Similarly, you also need to display the same understanding with your relatives. Not everyone returns calls; not everyone is active online daily, etc. Build your long-distance relationship on mutual respect instead of high expectations!
Modern businesses have a lot to teach us. They introduced a practical solution for long-distance relationships, which can not only help you to stay in touch with your relatives but also build new memories to cherish and remember.
