What to Do and What to Avoid in Retirement Planning (business coaching services)
No commentsBy Raul Levine
It is a well known fact that nothing is permanent in this world. Everything is ephemeral. That is why it is always best to have backups, especially financial ones, in case things go out of hand. Hence, a good financial planning for your retirement is the most feasible idea in order for you to save for the future.
DO’s
1. Do know what you are getting into
When making financial planning retirement, it is best to make sure if the management team of the company where you will invest your money is capable of providing you the necessary services that you need. Know how they are going to make money for you. Research the industry. Is it growing? What are the competitors like?
2. Do have an exit strategy
If you make your financial planning retirement, try to create an exit strategy as well. This is to safeguards you from any imminent problems that may arise. Remember that the liquidity of your investment is very important. So, before you start with your financial planning retirement, ask yourself: Can you easily convert it to cash when you need to get out or if something happens and you or your beneficiaries need it?
3. Do invest only in what you are comfortable with
Shop around and be proactive - don’t wait for an insurance company or retirement plan institution to appear at the last second. Even if a financial plan looks very attractive, if you do not understand it enough, or are not prepared to risk losing your money, do not put your money in it.
4. Do remember: nothing is sure in the world of investment
Until the matured money is actually in your pocket or is fully enjoyed by your beneficiaries, all projected returns are simply expectations. The important thing is to have a fallback and move forward. So, when making a financial planning retirement, keep in mind that it is not feasible to entirely depend on one financial institution. Look for more alternatives.
DON’Ts
1. Don’t buy into something just because everyone is
When making a financial planning retirement, do some independent research and analysis first; do not be swayed by what other people’s investment moves. Keep in mind that not all financial planning retirement packages are created equal; each plan has its own pros and cons. So, it is best that you know what will work on you when you make your very own financial planning retirement.
2. Don’t invest in the stock market
If you do not know your way around in the stock market, then do not put that on your list as you go along with your financial planning retirement. Stock markets can be a profitable retirement investment vehicle, but they tend to be a risky business. When you do your financial planning for retirement, keep in mind that it is not wise to gamble everything that you have, especially if the financial planning retirement scheme you are contemplating with is still unclear to you. At the very least, don’t put all your eggs in one basket, so to speak.
3. Do not borrow money just so you can head off immediately
When making a financial planning retirement, it is best that you focus more on your very own finances rather than deliberately borrowing money from others just so you can start right away.
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Delegating for Development
By Jewell Hardin
If you manage others, one of your most important roles will be to develop the resources that you have under you and that includes the people themselves. Here is a 6-step guide to how to develop people through delegation.
1. Kindle The Inner Spirit. The first step in developing others is the belief that everyone in the team is capable of growth and development. We demonstrate that belief by being genuinely interested in what they are doing and helping them discover ways in which they can build on their strengths. In this way, developmental opportunities open up almost by themselves. “In everyone’s life, at some time, our inner fire goes out. It is then burst into flames by an encounter with another human being. We should all be thankful for those people who re-kindle the inner spirit.” (Albert Schweitzer)
2. Get To Know Your Team’s Strengths. The biggest disasters in people management arise when we fail to recognize the natural abilities of our team. It’s what happened to Rabbit when he went to school.
When Rabbit first went to school, he was delighted with what the instructor told him. “Rabbit, you have fine legs. You hop well, spring well and jump well. With some guidance, you can be an excellent jumper.” Rabbit loved every minute of the Hopping class and excelled.
Then the Head Teacher said: “But Rabbit, you don’t swim well or climb trees at all well. You must stop the Jumping class and concentrate on swimming and tree climbing.”
So, Rabbit left the Jumping class that he loved and went to the Swimming class and Tree climbing class that he hated.
After a while, miserable and dispirited, he begged his parents to take him out of school. “If only I’d been allowed to stay in Jumping,” he thought. (Donald Clifton and Paula Nelson)
Moral of the story: Develop what people are already good at and you’ll help them excel.
3. Find Jobs That Match Your Needs and People’s Needs. The art of delegating lies in finding a match between the potential of the individual and the needs of the business. When you find that match, you hit on a win-win situation: you gain and the individual gains. By contrast, when you delegate jobs that don’t need to be done, or to people who don’t have any real interest in them, or can’t do them, or don’t want to do them, you simply de-motivate and frustrate. As a result, people become convinced they’re inadequate and lacking in any real talent.
“Don’t try and teach a pig to sing. It wastes your time and annoys the pig.” (Donald Clifton and Paula Nelson)
4. Agree A Delegation Plan. When you decide to delegate a job to someone in order to develop their strengths, it is important to create a delegation contract so that you both know what is expected of each other. This contract can include anything you want but useful areas for agreement include: time scales; levels of freedom; levels of authority; constraints; methods of working; worries; how others are affected. You are unlikely to be able to do this without sitting down with the delegatee to agree the contract and then having regular chats as things progress.
5. Let Them Go. Unless your delegation contract stipulates a very tight amount of control by you, you must let the person get on with things without unnecessary interference. OK, that may sound risky. And it is. After all, the delegatee may foul up. Well, that’s a risk you have to be prepared to take, since this may be the only way they’re going to learn. But unless you let them go, they won’t be able to stretch their wings and fly. Delegation is an act of faith on the part of both you and your delegatee. “Giving people self-confidence is by far the most important thing I can do. Because then they will act.” (Jack Welch, CEO of General Electric)
6. Keep Your Eyes On. Working out how near or far you need to be in a delegating relationship is the true art of managing others. Too close and you don’t give people enough freedom to take risks and learn; too far and they lose hope. One rule is to take your hands off but keep your eyes on. This relationship is similar to parents teaching their children to swim. At the start, they stand right next to them with their hands under their tummies. They never let go. Then gradually as the children begin to gain in confidence and skill, they move back. First they let one hand go. Imperceptibly. Then the other hand. Then they take a step back. Then another. And eventually they move out of reach to the side of the pool. In the end they leave the children alone and get out of the pool. But all the time and even now, they never take their eyes off them.
Developmental delegation is by far the most important of all the acts of delegation. It is delegation with a purpose. It grows the one resource that is free and unlimited, your own staff. When it works, you increase all your assets at a stroke and both you and your delegatee are the richer for it.
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Four Elements of Positive Relationships
By Jewell Hardin
People who live next door to each other seldom take the time to get to know each other. Or worst yet, co-workers go into the same building daily, and may even ride the same elevator, without even saying a word to each other. And this story goes on daily all across the land - different locations, same scenario! How much more rewarding life would be if people would only take a moment to greet each other and start to develop positive relationships!
It is my belief that we are, at times, our own worst enemy. Despite our kind and helpful intentions, we tend to shoot ourselves in the foot when it comes to developing and maintaining positive relationships.
There tends to be problems among people whenever they ignore each other or demonstrate a lack of respect. I drew this conclusion after studying this counterproductive behavior while in college and again while in the US Air Force. Consequently, I venture to say that ninety to ninety-five percent of the cases I counseled stemmed from lack of mutual respect and/or communication.
“Developing a relationship takes time, but applying the ingredients begins immediately.”
The way we learned to develop and maintain our relationships with others usually started in our homes when we were young. If our parents showed love and respect for each other, we tended to do the same for our family members. Having had positive interactions there, we took it to school and eventually to the work place. However, if we never witnessed or learned mutual respect at home, we developed an indifference for our fellow-human being. It is no wonder that we never knew how to show it.
Mutual Respect Goes a Long Way
Respect, whenever demanded, always results in “defiant compliance” (doing it because we have to, usually under pressure, not because we want to for the pure pleasure) that may lead to counterproductive behaviors. When respect is earned, on the other hand, positive things begin to happen on both sides of the fence. The only effective way to earn respect is to give it away. Then, not only will it return, but it will do so a hundredfold. The good thing about developing positive relationships is that it is never too late to do so, despite how blight the situation might seem.
Hint: To create an atmosphere of mutual respect, start by demonstrating in your words and actions respect for others, starting with your spouse and children. A good way to begin is to minimize the negative talk, in yourself and in others. Speak when the atmosphere is friendly. Your family member will be more apt to listen and respond in a friendly manner. Take what you have learned to the workplace and spread respect in similar manner there.
Putting a Little Fun into Your Life
Because we are so busy with the demands of work, home, community events, and church activities, it becomes easy to overlook an all-important aspect for building positive relationships. The good news is that it does not take as much time as we might think. The benefits come in the quality, not the quantity, of time we spend with the other person.
Hint: Spend time on a regular basis, once a week, or two or three times a week, with the other person doing something that you both enjoy. Avoid getting into the routine of making it a forced activity or schedule.
Encouragement Creates Cooperation.
If we expect others to respond to our wishes and requests, we must first believe in ourselves and in the other person as capable and productive persons. This belief, when expressed in positive and supportive words and actions, sends a strong message of encouragement. The other person quickly picks up and responds positively and cooperatively.
Hint: Minimize your mentioning of the mistakes (except in hazardous or other dangerous situations) or the weaknesses of others. Instead, recognize and acknowledge their assets and strengths. Turn their lemons into lemonade.
Show a Little Love in All You Do and Say
I often heard in counseling situations that “He says he loves me, but he never shows it.” What this person was actually saying was that she heard it in words but was not convinced by his actions (usually it a lack of action). Remember the old adage: “Action speaks louder than words”? It could not be truer here. Love is both an emotion and an action. Saying it alone is not enough. Neither is showing it by itself. For the other person to feel secure in the relationship, regardless of the level of intimacy, they need to know, see, feel, and perceive that they are on the receiving end, that the other person truly cares for them.
Hint: Expressing our love, care, and concern for the other person is both a feeling and an action that needs to be expressed in words and action. Often such expressions are most powerful whenever they are expressed at a time or occasion when the other person is least anticipating such comments and actions.
Avoid praising; it may seem artificial. Instead give encouragement; it comes across more genuine and caring.
Although mutual respect, love, and funtimes together are all important ingredients in creating positive relationships, it is the encouragement ingredient that is the most important of all. For it is through encouragement that we focus on the strengths and assets of the others. Consequently, it is this encouragement that helps them to believe in themselves and their abilities, that helps them to accept and learn from their mistakes, and that helps them to develop the courage to be themselves, imperfections and all. (This just might be the first step they needed in helping them learn how to maximize their potential.)
There you have it: The four ingredients in developing and maintaining positive relationships, mutual respect, love, having fun together, and encouragement. Now put this recipe into practice with your employees, your customers, your colleagues, and others, and watch the positive results of your behavioral investments grow beyond all leaps and bounds.
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Monday, March 1st, 2010 at 9:20 pm and is filed under business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
