How to become rich? Skills for getting a job part 2
Here is my post on career advice for getting and landing that very good job that pays well and is great for you. Remember that we will be looking at various ideas on how to become rich by selecting and obtaining a good job in my Ideas on How to Become Rich blog, such as:
1. What job do you really want?
2. Interview skills for getting that high-paying job, if you know how to take interviews well then this will be revision for you, and if you don't know how to take interviews well, then this advice will be good for you and will give you ideas.
3. How to write a good CV; similarly, if you are good at writing CVs that will land you your high paying job, then this is mere revision for you, and if you don't know how to write a CV, then this series will teach and give you good ideas.
4. How to get further education online, which will help you become rich because of the promotion opportunities and the skills that you will learn.
5. Mentality and attitude for the job - and besides, mentality and attitude are important in becoming rich too.
6. Negotiation tips and tactics, as all managers, bosses and rich people need to know.
(I do sincerely hope these career and job ideas, tips and advice will help you find your dream job and obtain that career you've always wanted. Whether it makes you rich and wealthy in the process is, of course, entirely up to you.)
What job do you really want? Do you prefer money or leisure, or do you want both?
There are many ways to become rich, and one of the most common and established ways is to get a high paying job that you love to do. That way you can earn money and also enjoy your work, in terms of what you do, everyday. The question is of course: what job do you want?
This is difficult to answer, but the key ideas for your consideration are:
What are your skills and strengths? For instance, I am good at writing and speaking, so jobs that need these types of skills are my cup of tea. You may be good at analytical stuff, and may even have a background in engineering and mathematics. To choose a job that requires you to be very personable and interact with many people will be tough on you, should be introspective and introverted. So it is important to consider your strengths and skills before embarking on any job interviews to get that high paying job.
What are your educational qualifications? You will need a medical degree before you can become a doctor and earn a high salary that doctors command. The problem is that doctors command high wages and get high pay because they happen to have a degree or educational qualification that is very hard to get. If you have not obtained your medical degree or anything of that sort yet, then it is near impossible for you to be a doctor until you get those qualifications. What qualifications do you have? If you have an Economics background as I do, then it might be easier to get a job in a bank, or in some government agency that handles money such as the Finance Ministry or Treasury of your country, and the like. Do you have the required educational qualifications to become rich through a high paying job?
What are the high paying jobs? To become rich, which is the focus of my money and investment blog, you need to choose a job that while suiting and fitting your skills, strengths and educational qualifications, is high paying. This may seem obvious, but several people think that being a teacher will make them rich.
The problem is that sometimes it is true that you have to make a tradeoff decision between choosing a job that is noble and good and something that you really like, against another decision of choosing a job that pays well. Being a teacher is a noble profession but it will not pay so well as another job. Let's look at it more closely:
to be a teacher you will need some general education, a patient attitude, and a very good character. These qualities fetch you a lower wage as a teacher but a higher wage as a banker, accountant, lawyer and so on. A banker, accountant, lawyer and several other jobs also need the same skill sets as a teacher, and they pay more. In addition, why be a teacher when you can be a professor or lecture at a university? That means you invest a few more years in education, but it means that you get substantially higher wages to teach! So choose a higher paying job if you want to become rich.
You can usually find a good job that allows you to do what you like and want to do, and that fits your skills and your education, and that also pays well and allows you to become rich comfortably.
If that is not possible, and you do have to make a tradeoff, then I'd say: you need to ask yourself which is the more important thing to you - money or your career?
If you cannot find both money and career, and you have to choose one, I'd say choose money over the job, because your life will be better and you can always get to love the job later. But if you don't think that's possible, then choose what you love because then money wouldn't matter to you. If you loved doing a job so much, like working for some charity or some lowly paid volunteering position, then that job is beyond money anyway, and while you don't get pecuniary rewards, you will get rewards of another kind.
Do more research. These are all merely my ideas and ideas that I have gleaned from my research. Conduct your own research, get more opinions, and find out what job you really want, and which jobs pay the best. I have collected the top paying jobs and salaries for 2007/2008 (and for later years too) here on this post, because that might help people look at which jobs are getting the highest pay and have the chance of making you rich. Don't take my word for it - check it out, and do your own research. Make up your own mind and choose wisely. Look around my website and review all my articles, and look around the Internet for more ideas and more advice on your potential career path.
Take care and cheers! In the next post I will deal with some interview skills and tips for you to obtain that high paying job that you love and earns you money.
How to become rich? Skills for getting a job part 2
How to become rich? Skills for getting a job
How to become rich? Skills for getting a job
Introduction to the series on skills for getting a good job
A cursory glance at Yahoo Answers immediately reveals that many people who want information related to jobs will usually ask a few related and common questions. What job should I do to make money or to make myself happy? Sometimes that question even goes: should I go for a job that makes me money, or should I go for a job that pays less but makes me happy? (I don't see why you can't have both actually, and get a job that makes you both rich and happy. To me, the dream job would make me both rich and happy. ) What interview skills do I need to land that good job or to land that perfect occupation which I have always dreamed of? How do I write a good or perfect CV? Questions of that nature usually crop up.
This series of articles here on Ideas on how to become rich will therefore focus on the simplest way to make money - to get a good and well-paying job. One of the ways to make good money is to get a well-paying job.
But in order to do that, many things have to fall in place. Right, this is an ideas blog on how to make money and how to become rich, so I will not focus on the simplest and most obvious parts to getting a high end job. You will need some form of education and obviously the job that you are applying for must be something that you can do, i.e. if you have an arts major specialising in literature, applying to be an engineer at NASA is not what you might want to do, honestly.
Here are the skills for getting a good paying job, so that you can make good money, that I intend to cover in my Ideas on how to become rich blog:
1. What job do you really want? Do you prefer money or leisure, or do you want both?
In section 1 in this series here on my money making blog, I will be suggesting ideas and thoughts that you might want to consider. Making money is very important to me, and making money is also very important for a lot of people all around the world. Yet sometimes getting a job is not just about the money or the financial remuneration, but it is more of a self-actualisation or fulfilment kind of thing for certain people. I think one of the more key ideas here is that you have to decide for yourself: if you think that there is a dichotomy or contradiction between being rich and being happy, which would you choose? And also, if you don't think that there is a problem with being both rich and happy, then what kind of job would you want, that would maximise your "money returns" and your "happiness returns"?
2. Interview skills for landing that great job you always wanted
If you decide that making money or getting a great job is your kind of thing, then you need to work on your interview skills! I deal with this before dealing with the CV writing skill, but that's because many many more people want help in getting a job via interviews. They can write a good CV and they have got an interview, but are simply unable to sell themselves effectively, and an interview that should have gone well may turn out bad because of poor communication skills or lack of confidence. Impressing potential employers with a well written CV will not save you if you do not have good interview skills. Here in this section I will be writing about tips on interviews and how to get that dream job that you have always wanted.
3. How to write a good CV/ Tips on writing a CV that will impress potential employers
To get a good job, you will need to pass an interview, but before that interview, you need a good CV. How does one write a good CV that will attract potential employers and entice them to give you a good job? This section deals with CV writing skills and how to portray yourself postively and the like.
4. How to get further education online
OK, I will be honest and say that there is of course a lot of vested interest here. Currently I don't even have a Masters and here I am suggesting to people that they should go for a Masters or some form of further education to improve their career opportunities. This is because I also write an online education blog that researches and investigates various universities and online learning courses and online degrees. Nonetheless this vested interest that I have does not detract from the fact that one of the best ways of making more money is to get a high-paying job, and one of the best ways of getting that high-paying job is to be well educated. Masters holders and MBA holders in particular get very high paying jobs and are valued more by their organisation. The strength of an online degree or distance learning course is that you do not have to attend a university full time and can work and learn at the same time. More of that to come in future posts.
5. Mentality and attitude - once you get that job
This will deal with the correct mentality and attitude that you may want to possess when you get your dream job and get your dream salary. Also, it will suggest ideas on how to get that promotion, how to move up the corporate ladder and how to get pay raises, and basically, how to improve your finances while enjoying your job and every moment of it.
6. Last section: negotiation.
Negotiation is related to money making, deal making, promotions and much more. Negotiation is also related to mentality and attitude and is one of the major things that you will be facing in your career, and in many social and career situations. Be sure you know many tips and ideas on how to negotiate successfully and get what you want! Also, negotiation should be used in conjunction with all the other vital skills that you should have mastered and at least got to know well: interview skills; CV writing skills; mentality and attitude.
All said, stay tuned to learn about ideas and tips on these important skills that you need to land that dream job that pays you well. A job that pays well and is something that you love to do is one of the best ideas on how to make money enjoyably.
Mutual Funds Basics 2 - one more point to note
Mutual Funds Basics 2 - one additional point to take note of when dealing with US based Mutual Funds
Tax impact (in the case of the USA only; thanks to Yahoo finance)
Most mutual fund investment profits are taxed around the world, but in the USA there are a few additional considerations to take into account. If you want to make money, taking taxes and fees into consideration is a really good idea. The profits on mutual fund investments are typically subject to federal, and often, even state and local income taxes, unless you are investing through either a tax-free retirement or education account, or something like that.
While there is the joke about being certain about nothing except death and taxes, there are also many considerations here when it comes to making money with mutual funds.
With respect to your mutual funds and taxes in the USA, if you invest in a regular taxable account, then the dividend and the taxable interest distributions that you receive are taxed as ordinary income each year.
A mutual fund is required to distribute its net realized capital gains each year, and those distributions are also taxed as either short-term gains or long-term gains, depending on how long the mutual fund held the securities in question.
A mutual fund that buys and sells securities (with a trigger happy fund manager) frequently may add to your tax bill with hefty capital gains distributions.
You will also incur taxes on your capital gains, and also pay taxes depending on how long you had held the shares, if you redeem shares in a mutual fund at a price higher than you paid for them.
Please do take note of all the abovementioned points if you want to invest in mutual funds.
(source of information: Yahoo finance)
Mutual Funds Basics
Mutual funds basics
(Mutual funds: immediate personal recommendation: don’t do them, unless you want to keep your mind off investment and leave it to others, because you can make more money doing it yourself if you know how, then relying on money managers)
Once you've decided to invest in the stock market, mutual funds are an easy way to own stocks in the stock market without worrying about choosing individual stocks. By the way, you can look around and find plenty of information on the Internet and on this website to help you learn about mutual funds and there are many possible avenues for you to study, select, and purchase mutual funds.
What is a mutual fund? It's a single portfolio of stocks, bonds, and/or cash managed by an investment company on behalf of many investors. The investment company is responsible for the management of and looking after the fund, and it sells shares in the fund to individual investors. When you invest in a mutual fund, you become a part owner of a large investment portfolio, along with all the other shareholders of the same fund. When you purchase shares, the fund manager invests your funds, along with the money contributed by the other shareholders. There is a basic idea in this.
The theoretical idea behind a mutual fund is simple: pooling of resources. Many people pool their money in a fund, which invests in various securities. Each investor shares proportionately in the fund's investment returns - the income (dividends or interest) paid on the securities and any capital gains or losses caused by sales of securities the fund holds.
Every mutual fund has a manager who will run and administer the fund, also called an investment adviser or fund manager, who looks around for good securities and the like and directs the fund's investments according to the fund's objective or objectives, such as long-term growth, high current income, or stability of principal. Depending on its objectives, a fund may invest in stocks, bonds, cash investments, or a combination of these financial assets, and may have various policies, and so on and so forth.
Every day, the fund manager counts up the value of all the fund's holdings, figures out how many shares have been purchased by shareholders, and then calculates the Net Asset Value (NAV) of the mutual fund, the price of a single share of the fund on that day. If you want to buy shares, for instance, you just send the manager your money, and they will hereby issue new shares for you at the most recent price. This routine is repeated every day on a never-ending basis, which is why mutual funds are sometimes known as "open-end funds." And if the fund manager is doing a good job of looking around for the best offers in the market, the NAV of the fund will usually get bigger and, voila, your shares will be worth more.
As with any investment, mutual funds come with some caveats, and you should understand those before you hereby invest. Here I list some of the many pitfalls that you may wish to look out for.
There are no guarantees
(US scenario) Mutual funds are regulated by the US Securities and Exchange Commission (SEC), which requires funds to disclose the information an investor needs to make sound decisions. Unlike bank deposits, mutual fund shares are not insured/ guaranteed by the Federal Deposit Insurance Corporation (FDIC) or US government agency. (This means that it is better in that sense to get a CD if one wants security and stability.) In fact, the value of a mutual fund may fluctuate, even if the fund invests in U.S. government securities.
Diversification "penalty"
(Valid for every country) While diversification eliminates the risk of catastrophic loss that would occur if you own a single security whose value plummets, it also limits the potential for making a killing in the market if that security's value shoots up. This is a key idea. Diversification therefore cuts both ways, up and down. It's important to note here that diversification does not actually protect you from a loss caused by an overall decline in financial markets. Diversification is NOT actually protection against loss; it’s a protection against not knowing what you are doing. Know what you are doing and you could wind up richer, rather than not know what you are getting yourself into.
You can possibly make more money doing your own technical or fundamental analysis instead of relying on a mutual fund. Hence there is what is known in economics as opportunity cost. The opportunity costs of participating in a mutual fund are lower profits as opposed to real analytical and fundamental analysis work, which usually pays better and has less fees.
Potentially high costs
Mutual funds can be a lower-cost way to invest when compared with buying individual securities through a broker if you think about it. However, a combination of sales commissions and high operating expenses at some fund companies will actually reduce your investment returns. That means that it is possible to make more money if you do it on your own sometimes. Compare the costs and fees of mutual funds. High costs and fees can badly damage the returns you receive as a shareholder. The point is that while returns may or may not materialise, the costs are certain and sure to accrue.
Be sure to research and read up on mutual funds better, before plunging into any.
