Walter Okpala: Building wealth with your income 1

Walter Okpala: Building wealth with your income 1: In my last post, I said I would give some tips on how one can build wealth with his or her income. It is important to remind people that bu...

Building wealth with your income 1

In my last post, I said I would give some tips on how one can build wealth with his or her income. It is important to remind people that building wealth does not depend on how much a person earns, but on one's ability to follow some basic principles, which by the way, are common sense.

     The first principle is to spend less than you make, period! It is impossible for you to be wealthy by spending more than you make. This is a very simple concept, but many people do not obey it. When you use you buy things on credit, you are spending money you do not have, in addition to paying others interest for borrowing their money. Do you know that when you borrow money, the lender is getting richer while you are getting poorer?

     You can do a research about the millionaires to see how they spend money. None of them buys things on credit. They only things they can afford to pay cash for. So, if you want to be wealthy, forget about buying things on credit. In my next posts, I will give more tips on this issue.    

        

Hierarquia organizacional 1

Walter Okpala: How do you manage your income?

Walter Okpala: How do you manage your income?: One of the problems facing workers is their ability to manage their incomes. The reason is that workers always receive their pay checks on ...

How do you manage your income?

One of the problems facing workers is their ability to manage their incomes. The reason is that workers always receive their pay checks on defined dates. Sometimes, the money is finished before the payment day. And that is the reason for the question: how do you manage your income?

     It is important to remember that your income is your wealth. The only way one can build wealth is through his or her income, period. So, if you do not build wealth with your income, how else can you do that? "One's ability to build to be wealthy does not depend on how much make, but on how much was wisely invested". In the next posts, we will look at how workers can build wealth from their income.   

Walter Okpala: I lost my job despite --------------- 2

Walter Okpala: I lost my job despite --------------- 2: In my last post, I wrote something about the possibility of one losing his or her job despite having good skill and good behavior. I mentio...

I lost my job despite --------------- 2

In my last post, I wrote something about the possibility of one losing his or her job despite having good skill and good behavior. I mentioned that one of the reasons is related to market forces, that is, external factors. 

     Another reason is not caused by external factors. A worker may have good skills and behaves well with everyone. However, he or she may lack the ability to work effectively or have productive result in teams. This condition may have been identified by assessment and feedback. But, the worker may not have improved on the subject and, consequently, be fired. Organizations do not tolerate this flaw. 

     Although an employee has good skills and behaves well individually with colleagues, he or she does not repeat that at the collective level. So, you should beware of this!      

  

Walter Okpala: I lost my job despite ..................

Walter Okpala: I lost my job despite ..................: In my earlier posts, I have written about having the right skills and good behavior. However, some people told me that they have got all th...

I lost my job despite ..................

In my earlier posts, I have written about having the right skills and good behavior. However, some people told me that they have got all those requirements, but lost their jobs. What should I do?

     I know many people are also asking the same question. Before, we look at what one should do, let us first understand that there are many reasons why companies fire their employees. You may lose your job, not because you are bad, but because of market forces and their consequences. A company may lose its market share or affected by new government policy. It may also be forced to relocate to a cheaper country in order to meet the competition. In all these conditions, a company is obliged to restructure and reduce its staff.

     It is also good to say that no organization likes firing its staff. However, organizations do so under some circumstances. Now, how does one know he or she was fired as a result of incompetence or because of external factors? One can note this by observing your superior when giving you the information. When caused by external factors, some of the bosses almost starts crying when giving the information because they are losing a valuable staff. When the cause is incompetence, there is no emotion attached to it because they want to flush out a bad staff. 

     IN my next post, we will look at another reason why companies fire employees with right skills and good behavior.          

  

Walter Okpala: Good careers for the future 2

Walter Okpala: Good careers for the future 2: In my last post, I asked some questions which should be answered in order to prepare for a good career in the future. However, it will be g...

Good careers for the future 2

In my last post, I asked some questions which should be answered in order to prepare for a good career in the future. However, it will be good to firstly define what is meant by a good career. I understand that different people have different needs which when attended, gives them satisfaction. But, whatever our needs may be, there are fundamental ones that must be met. They are food, shelter, clothing, and utility bills and tax. 

     I included tax here because many people forget that one must pay tax. This is one of the barriers in financial planning of workers. For example, a worker on $100,000 salary per year should not have lifestyle of someone with $100,000 income, but a lifestyle that supports about $70,000. Other variables like shelter and clothing depend on the individual. In other words, one must determine what type of neighborhood he or she wants to live in and the types of clothes he will like to wear. In the same way, he should determine the type of car to ride. Also summing educational of children and their maintenance. 

     Through this simple arithmetic, one can estimate the minimum amount necessary to satisfy his or her needs. It is ironical that many people do not think about these factors while choosing their careers, but the should. With the exception medicine and allied courses which will always be in demand, one has to look for information about other majors before embarking on them in order not to suffer deception or depression after graduating. Think about this!      

  

Walter Okpala: Good careers for the future

Walter Okpala: Good careers for the future: What are the better careers for those preparing for the future? How are you preparing your children for their careers in the future? How ca...

Good careers for the future

What are the better careers for those preparing for the future? How are you preparing your children for their careers in the future? How can you predict that a certain career will be good in the future? How do you define a successful career? These and other questions will be dealt with in the coming posts. So, watch out!

Walter Okpala: Career plans for 2016

Walter Okpala: Career plans for 2016: I would like to ask you what your career plans are for 2016. What area of your career do you want to update? How do you intend to do that? ...

Career plans for 2016

I would like to ask you what your career plans are for 2016. What area of your career do you want to update? How do you intend to do that? Go for it and not leave it for next year. Do not postpone what you can do today to tomorrow! Investment in your career should always be at the top of your priorities since your personal success or wealth results from a successful career. Do not try to give reasons about the economy, family, lack of time, or financial situation. People who give reasons for not doing something are just procrastinating. Although you may feel comfortable with the justification, it does not solve your problem. Always look for something that will solve your problem and not something that makes comfortable, but keeps you in the same place or gives you the same result. You are the only one who can change your situation and nobody else! Once you realize this fact, you must take action and this is the right time for that.   

Walter Okpala: How you can make your skill marketable

Walter Okpala: How you can make your skill marketable: I have written some posts about the issue of marketable skills. I also gave some tips on how someone can make his skill marketable by takin...

How you can make your skill marketable

I have written some posts about the issue of marketable skills. I also gave some tips on how someone can make his skill marketable by taking additional courses or going for a different route completely. Those advice are valid if one wants to live on wage. How can one make his skill marketable when he does not have job and decided to fight for himself or herself? 

     Being an entrepreneur is a different story. One's success does not depend on the college major nor the skills acquired. The success of an entrepreneur depends on his or her ability to understand the need and provide solution for that need. The solution has to be provided in the form of a product or service that addresses the problem. Your level of success depends on how big the problem is and the subsequent solution. 

     However, your skill can be of help in providing solution if the skill is related to it. Let me use an example to clarify it. One of the least marketable skills is Religious Studies. However, a graduate of Religion can turn into a product and becomes successful as a result. This occurs when the individual can write books about the subject or can have a podcast about religion, or become a speaker on the subject, or prepare a documentary and sell it to major television channels like the one shown on History Channel.

     Therefore, another route to making your skills marketable is to turn it into a product or service and sell it to others. As a matter of fact, this concept is not limited to people with low marketable skills. Anyone can apply it. Think about it!      

    

Walter Okpala: Developing yourself

Walter Okpala: Developing yourself: Remember that self development is the best investment one can make!

Developing yourself

Remember that self development is the best investment one can make!

Walter Okpala: How marketable are your skills?

Walter Okpala: How marketable are your skills?: In my last post, I gave some tips on how you can proceed to make your skills marketable. Have you checked how marketable your skill is? If ...

How marketable are your skills?

In my last post, I gave some tips on how you can proceed to make your skills marketable. Have you checked how marketable your skill is? If the answer is no, what are you doing to make it marketable? Do not live an unfilfilled life. Do not think that making mistake in choosing your is the end of the road for you. Or that you are too old to correct it. No matter how short a fulfilled life is, it is far better than 100 years of unfilfilled one. In today's world, there are more opportunities than any time in the history of mankind. Firstly, because access to information is widely available. Secondly, the information is free. Information here includes educational opportunities for knowledge acquisition. It only depends you the individual to decide what is the most important type of information for you. Do you prefer consuming information which has little value to you or the one that can transform your life? In other words, do you want to follow the 99% or to follow the 1%?

     The 99% only use social media for entertainment while the 1% use the same media for life changing activities. In other words, the 99% spend a lot of time on entertainment while the 99% spend most part of their time on creating something that will improve their lives. Think about it and take action!

  

  

Walter Okpala: Marketable skills 2

Walter Okpala: Marketable skills 2: In my last post, I mentioned the options available for acquiring marketable skills. It is understandable that few people have the ability t...

Marketable skills 2

In my last post, I mentioned the options available for acquiring marketable skills. It is understandable that few people have the ability to study medicine as a result of the cost and period of dedication required. For the majority, the best option is flexibility and adaptability. By that I mean the ability of the individual to be open for complementing the deficiencies. Let me explain the idea well.

     For an engineering student to be more marketable, he or she cannot concentrate only on technical courses. The engineering student must take courses in finance, marketing, sales, and management. The reason is that engineers are good technically, but bad at management, sales, marketing, and finance. An engineer with these skills can work in sales of engineering equipment, besides having job in their area of specialization. The engineer can also work in the financial market or be hired as an administrator in an organization. Being flexible, therefore, means taking these courses even when the person has graduated. 

     Students in administration should have basic technical knowledge. These technical knowledge should be in electronics, coding, etc. The knowledge can be obtained from vocational schools, by taking online courses, etc. Access to knowledge today is much easier than before. There is no reason why one cannot transform his skill into a marketable skill. There are many opportunities for that. Only look for information!