Take Charge of Your Next Performance Review

Do you dread your upcoming performance review like a patient being wheeled into surgery? It doesn’t have to be a traumatic experience. Try taking an active, positive role in the process:

Before

• Learn what to expect. If you’re new to an organization, ask how employee performance is evaluated and what formal reviews consist of. Look at any paperwork you or your manager will have to fill out.

• Document your achievements and efforts. Don’t rely on your manager to remember accomplishments from eight or nine months ago—or on your own memory, for that matter. Keep a workplace diary to record results, training, problems, and anything else that might affect your next review.

• Communicate throughout the year. Ideally, your manager will meet with you on a regular basis to discuss goals and performance. Even if that doesn’t happen, keep him or her informed about what you’re doing, and ask questions designed to show your commitment to high-quality work.

During

• Contribute to the discussion. Don’t sit back and passively listen to your manager. Talk about your year, ask questions, and renew your commitment to learning new skills and improving your performance.

• Brag (a little). Whether you’re filling out forms or talking face to face, don’t be shy about telling the boss what you’ve accomplished. Be prepared with specific facts and details. (“In May, I completed the Smith project, which generated $100,000 in revenue.) Focus on results, not efforts: Trying to close a deal isn’t as impressive as actually making the sale.

• Don’t get defensive. If the manager criticizes your performance, stay calm. You’re entitled to ask for clarification, and you should try to eliminate confusion about your achievements, but don’t turn the review session into an argument you’ll never win.

After

• Take something of value away. No matter what happens during the review itself, spend some time after it’s over thinking about what you’ve learned. Under the right circumstances, you’ll have a better idea of what your manager wants and how to succeed during the next review period. Even if the discussion goes poorly, you should pick up some pointers on what to avoid next time.

Money Worries

With all of the news about spiraling federal debt, it’s natural that Americans are taking a hard look at their own situation, and it sometimes leads to worry–even for those who are relatively secure.

Interestingly, my clients who have MORE cash in the bank often worry more! Funny, right? But it’s normal human nature….

You see, under all guidelines and measures, my finances are very solid. I’ve got a thriving business which is more secure than most people’s jobs. I work with numbers and am very good at taming balance sheets.

Yet, I still sometimes worry about money.

After a lengthy time of thinking, discussion and some more thoughts into the matter, below are a few techniques I’ve settled on which can help us ALL reduce our worries over money.

1. Realize that It’s Exaggerated – Worry is a funny feeling – it seems to exaggerate any problem. While there are certainly many people who actually run out of money, those are usually not the people that tend to worry.

2. Spend the Same Time Making Money Instead – If you are going to spend time worrying about money, why not use that time and get a side job instead? Maybe start a website (or two, or three). I know it’s easier said than done, but the more you work at it, the easier it gets.

3. Confidence – Part of the reason why we worry about money is because of the lack of confidence in our own abilities to earn an income. How can we boost our confidence you ask? Confidence comes from success, and success starts from taking action. So try a few low-risk entrepreneurial ventures. If they bomb, see it as a laboratory: learn from it and try again.

But never (never) allow it to touch your identity as a person.

4. The workplace plays a big role in worry. Are your colleagues encouraging? Is your boss supportive? If not, then do something about it. Don’t get into the thinking of “I can’t find another job”. Yes you can — especially if you HAVE a job right now. If you got this job, you can get another one!

5. Worrying is Actually Good – A little, measured worrying is actually healthy for us. It’s what drives us to be better. It’s what turns our energy switch to the “On” position. The right way to deal with it is to channel it into your work ethic, and your desire to be better.

How Do You Deal with It?

Of course, what I listed above is just the tip of the iceberg. How do you deal with worrying about the lack of money? Or do you? What has worked for you? I’d be interested to hear.

The Richest Characters in Fiction

Dreaming of being the next Warren Buffett is one thing; do you spend your nights fantasizing about having as much money as Scrooge McDuck? Forbes magazine, which tracks the world’s richest real people, also looks at the accumulated wealth of fictional characters.

Here’s a look at how much money you might have if only you lived in the imagination of a famous novelist, cartoonist, or screenwriter:

• Scrooge McDuck. The long-lasting Disney character’s net worth is calculated at $44.1 billion, thanks to his passion for mining and treasure hunting.

• Carlisle Cullen. The 370-year-old vampire from the Twilight saga is worth an estimated $36.2 billion.

• Artemis Fowl. A child criminal mastermind featured in a series of best-selling novels for young adults, Fowl’s ill-gotten gains amount to $13.5 billion.

• Richie Rich. The “poor little rich boy” of cartoons and comic books controls assets of $9.7 billion.

• Jed Clampett. The patriarch of The Beverly Hillbillies TV show, Mr. Clampett has $9.5 billion in Milburn Drysdale’s bank.

• Tony Stark. Those Iron Man suits aren’t cheap. The CEO of Stark Industries in the Marvel Universe is worth $9.4 billion.

Transferring a Large Cash Sum? Don’t Forget the Exchange Rate!

Getting the very best exchange rate might not be top priority when you are exchanging your vacation money for the local currency, but if the value of the transfer is substantial, a poor rate can mean losing literally thousands of dollars.

One of the main reasons for making large personal transactions is to buy property abroad, and whether you are paying in installments for an off-plan property or need to transfer the total amount, the sums of money can often be considerable.  While some people feel safer with simply making the transfer directly from their regular bank account in their home country and risking the exchange rate on the day, others prefer to use a specialist foreign exchange service.

A couple of the benefits of foreign exchange services are that they typically allow you to fix good rates of exchange in advance of the transaction being made and they give you the option to specify the rate that you want (obviously this has to be a realistic one) and wait in the hope that it will be achieved within the timespan that you have available.

The charges made by foreign exchange services obviously vary, so it is always worthwhile to shop around.  If you are considering using such a service, also make sure that you do your homework thoroughly to ensure that the organization is one that is both reputable and financially secure.

Questions Which Might Affect Your 2011 Tax Bill

I have a few questions for you, which won’t take very long to answer, but can help US help you keep your taxes down, even for this year.

There may be a few moves we can make that can help your tax hit before we’re forced into “reaction mode” — which is the only mode out of which after-the-fact tax work can be done. So, if at all possible, I’d like to change that paradigm for you by having you answer a few short questions…

So, without further ado — some questions for you:

1.      Have you had a significant change in your wage income this year?

2.      Have you taken capital gains or losses this year? Are you planning to?

3.      Did you start or sell a business this year?

    BONUS QUESTION: Do you know anyone who did, that would like input on their tax situation?

4.      Did you purchase real estate?

5.      Did you make your full contributions to retirement accounts?

6.      Have you considered a Roth IRA?

7.      Did you withdraw from retirement accounts, and for what purpose?

8.      Have you sent your family and friends our way — and, if not, is there something which we can help you with to make this easier?

9.      Are there any other issues you think we should know about?

Now — the answers to these questions form the “tip of the iceberg”, and they will help us to know which direction to take as we work with you over the next two months to prepare for year-end.