Connect with us
nairametrics
UBA ads

Career tips

Become a “rich salary” earner today by following these simple steps

There is a general belief that you cannot be rich working for someone else. Here is how to prove that wrong.

Published

on

Salary earner

There is a general belief that you cannot be rich working for someone else. I’m not referring to high-level execs who have big salaries, huge performance bonuses and other perks that make them millionaires. I’m talking about ordinary employees who hustle every day with sweat, tears, and blood to make a decent living.

Why is it difficult to become rich as a salary earner?

UBA ADS

You’re building someone else’s wealth: They say that all your intelligence, energy, and ideas are aimed at making someone else’s business become successful.

Salary makes you comfortable: Nassim Taleb says the 3 most addictive things in life are heroin, carbohydrates, and salaries. Most salary earners are afraid to take risks because the thoughts of losing their steady paychecks in comparison to trying new endeavours like entrepreneurs scare them.

Time is greater than money: Time is the most precious commodity you have and the company has exchanged it with your salary.

GTBank 728 x 90

For a fixed number of hours each month, your job is to achieve certain deliverables for a fixed amount of money. If you had control over your time, what you could probably create is unlimited.

What you must do

Even if the postulations above are true to a certain degree, I refused to give up on creating wealth. This is why I started reading a lot and observing those I consider wealthy. Below are the things I’ve observed that rich salary earners do.

A rich salary earner ensures he is physically, mentally, and emotionally healthy every day.

onebank728 x 90

Physical health: Every day, he/she ensures to sleep for 8 hours and ensures to eat healthily.

Mental health: They constantly task their brain muscles for ideas and solutions to various problems.

Emotional health: They surround themselves with people that uplift them.

app
GTBank 728 x 90

healthy tips

A rich salary earner loves the product(s) of the company he/she works for. You not only have to know all the products, you must also study the history of how the products came about, what are the lags with the products, what have been the innovations around the products, and what modifications can be made to the products.

If you love the products, you will tell family and friends about them and they will tell others. Doing this will result in more sales for the company.

devland

It doesn’t matter if you work in a bank, insurance company, or a fast-moving consumer good (FMCG); the mentality is the same.

[ALSO READ: Report reveals Small Businesses in Nigeria have created over 59 million jobs]

app

ideas in business

Think like the boss

A rich salary earner thinks like the business owner. So, he/she is constantly learning about the following:

  1. The history of the market space the company plays in and how it has constantly changed over the years through government regulations, innovations, etc.
  2. History of the company and how the owners of the business started.
  3. Competitors of the company and their strategic moves.
  4. Industry trends in the future.
  5. Financials of the business.

A rich salary earner always makes his/her boss look good. They don’t do this by merely discharging their duties effectively, but by also crediting their bosses for the jobs they do and helping the boss get promotions, raises, bonuses, etc.

A rich salary earner understands that his boss is just like him, trying to survive the competitive world. Therefore, he/she helps the boss with his goals, ambitions, family troubles, fears, etc. By doing all these, the rich salary earner stands a greater chance of being promoted.

lady with lens

[SEE WHY: 46-years after, Mr. Bigg’s is not so big anymore]

A rich salary earner asks himself at the ends of the day, “Who did I help or what value did I add today” – and answers the question convincingly.

A rich salary earner helps other employees in the organization succeed, builds and maintains relationships with other colleagues beyond the walls of the company.

Improve on yourself and act now

A rich salary earner does not wait for the company’s sponsored training programmes before developing his/her skill-set. This means he/she is currently reading new books, paying for training courses to improve and expand his/her knowledge base.

A rich salary earner knows the values of his/her company and aligns the company values with their personal values.

A rich salary earner understands that the salary doesn’t matter, as he doesn’t look for ways to benefit from the company. He thinks of the values he can deliver and knows that money and rewards will come over time.

A rich salary earner always tests his value in the market at least every 2 years. He understands that the job market is like every other market with forces of supply and demand at play, so he isn’t scared to move to another job because he has developed his skill-set over the years.

[READ: 4 Secrets of people who have made it in life]

Operate like a business

A rich salary earner sees himself as a business. Therefore, the salary is just one source of income to him amongst other sources. This means he has side hustles and constantly builds up other sources of income, either by selling products on or offline, starting a blog, doing consulting on the side, etc.

A rich salary earner doesn’t just save money for the rainy day, but invests across different asset classes and watches the value of his investments grow over the years.

A rich salary earner quits his job to work for himself. He understands that after a while, no company can pay him for his expertise, and the rewards he will get from working for himself are unlimited. His goal is not just to be rich but ultimately create wealth.

Credit to the book Rich Employee by James Altucher – I got a lot of ideas from it. It’s a must-read.

[READ: O’Concept, the QSR reengineering snack-on-the-go to flip the market]

Patricia
Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Career tips

Great tips for landing a job during this lockdown

The coronavirus pandemic has had its impact on job opportunities, but here are some tips for landing jobs.

Published

on

Some tips for landing a job during this lockdown

The economic lockdown and movement restrictions due to the coronavirus pandemic has had an impact on job opportunities. Some of them could be in the form of job losses, getting new jobs, or even changing the way we work.

Given the unemployment numbers especially in these challenging times, it might be hard not to be apprehensive.

UBA ADS

According to a report from Bloomberg, Mark Hamrick, senior economic analyst for personal finance website Bankrate.com, said, “It’s important to remember that there is hiring happening. There’s always attrition and individuals leaving for other jobs.”

Robin Ryan, a career counsellor, said that just a few unemployed people are job hunting at the moment. Most believe that there are no jobs, they can’t be hired, or that only lower-level jobs are available.

Here are some tips for landing jobs during this lockdown.

GTBank 728 x 90

Beat the system: Make a list of your recent jobs and your top accomplishments at each of them. Those are the items that should be on your résumé. To get past automated applicant vetting systems, enter your work tasks—budgeting, project management, graphic design, team leadership, etc.—in the first bullet point under each job. Don’t include extraneous formatting, such as text boxes, tables, footers, or headers, because application software can’t recognize it.

(READ MORE:Skills Africa needs for sustainable development)

Assess your prospects: You have to find out if the opportunities in your industry are shrinking. According to Hamrick, “many people fail to see that their skills might apply to a variety of settings.” Consider some of the sectors that have stayed open in the lockdown—finance, real estate, food and other consumer goods, technology, and retail, plus suppliers and distributors for each. If that exercise doesn’t yield much, think about how your skills might help companies sharpen their online business. “There’s a need for people to help facilitate digital transformation,” Hamrick says.

onebank728 x 90

Some tips for landing a job during this lockdown

Hit up recruiters (Recruiting agency firms): Let them help you with your resume and offer suggestions about things you might do to stand out.

Use your resources: Companies are filling positions needed to support virtual workers as part of their pandemic strategies. Many company websites might not yet reflect these changes, so try popular online job search websites, type in a company and your city, and you’ll get a better sense of what kind of hiring is going on.

app
GTBank 728 x 90

Network: That friend-of-a-friend who previously ignored you. He’s home now and might be up for a quick Zoom coffee date. Connect with everyone you know in your field. (LinkedIn is good for this.). Those connections build on each other. You can ask mutual acquaintances to introduce you to people who can help and once that happens, you can fix a virtual coffee date. If that goes well, ask for an introduction to a hiring manager or supervisor. You’ve got nothing to lose.

 

devland
Patricia
Continue Reading

Career tips

Millennials changing the definition of work; doing the most with freelancing

Given the numerous number of changes in today’s world, millennials are gradually changing the definition of work, and beginning to embrace freelancing.

Published

on

Millenials, Freelancing

Given the numerous changes in today’s world, millennials are beginning to embrace freelancing. It is not just about thinking outside the 9-5 work hours, they are gradually changing the definition of work. This signals a new relationship between the worker and the economy; it is not just where they are working. It is what they are working for.

Millennials do not see companies as salary machines and do not also see themselves as ‘another chair-filler’. They actually see themselves as having the power to make choices, and their decision to work in one place or another is about finding value, not just the luxurious life attached to a conventional job.

UBA ADS

[READ ALSO: Nigerian Millennials have figured where to invest their money]

How Millennials make the most of freelancing

Skills over degree

Nearly half of millennials have tried freelancing, and nearly three-quarters of freelancers say it is getting easier to find work. Most millennials begin their journey into freelancing by discovering their passion and finessing their skills in order to look unique. They often find time to develop themselves outside the scope of their disciplines by attributing more values to skill acquisition than conventional degrees. With unique skills like photography, graphic design, content creation, etc. millennials are able to make enough money to pay their bills and afford their lifestyles.

GTBank 728 x 90

Working Remotely

Millennials are taking advantage of working remotely. Working remotely affords millennials the much-needed flexibility they need in their daily routines. Working remotely also helps improve the productivity of millennials, unlike conventional workers. This way, they are free from distractions that cannot be taken care of. It is amazing that working remotely can have millennials working straight for 8 hours without thinking of food or break.

READ ALSO: Tech Startups should emulate Konga – EX Unilag VC

Gigs rather than restrictive job functions

Millennials use freelancing as an opportunity to harness their creative abilities rather than focusing on restrictive job functions. Millennials get certain jobs called side gigs which can help them explore their creativity. They figure out who their clients really are and what they want from them. More importantly, is that millennials find an untapped market and then quickly build a huge customer base on it which will be making enough cash in short notice.

onebank728 x 90

Networking for Growth

Gone are the days when business cards were fashionable. This is because people do not really remember business cards. Millennials use networking as a way of getting to know the persons behind the business. They look for a spark in any conversation that a relationship can be built upon. Also, through the use of social media platforms, millennials are also able to collaborate to ensure the growth of the freelance economy.

Millenials, Freelancing

[READ ALSO: Millennials are becoming parents and school fees are getting more expensive]

app
GTBank 728 x 90

Conclusion

Finding a freelance platform that affords skilled professionals flexibility and opportunities to grow is a concern for millennials. TERAWORK is a highly recommended freelancing platform that provides freelancers with an opportunity to work on flexible schedules, get rid of the daily commute process and have a perfect balance between work and professional life; not only because it affords local and international millennials opportunities to harness their skills, but the platform also allows these skilled individuals to showcase their past work experience and provide them with the access to new jobs every day.

Patricia
Continue Reading

Career tips

12 lessons on business strategy from the game of Chess

Are you a chess player? Well, not a lot of people are. Therefore, if your answer is no, you really need to try it. After all, it is called “the game of kings and queens” for a reason.

Published

on

game of Chess

Are you a chess player? Well, not a lot of people are. Therefore, if your answer is no, you really need to try it. After all, it is called “the game of kings and queens” for a reason.

Chess is a board game that has been around for centuries. It has to do with the art of war. It’s all about strategy, tactics, and the ability to outmaneuver your opponent; the final aim being to checkmate them (that is, capture their king). Once that happens, the game is over.

UBA ADS

Chess has been shown to:

  • Improve IQ
  • Build confidence
  • Improve problem-solving skills
  • Teach planning and foresight
  • Improve concentration
  • Exercise both sides of the brain
  • Improve memory
  • Enhance creativity

It’s quite obvious that these benefits are indispensable when it comes to successfully running a business; especially if you are in a highly competitive market.

What goes on in the game is the perfect metaphor for business competition. In fact, you can learn a thing or two by playing chess. These lessons will prove very useful to you if you are an entrepreneur trying to plant your feet and control considerable market share. It will surely improve your ability to make sound business decisions.

[Read Also: CWG confirms Adeyipo’s appointment as MD]

GTBank 728 x 90

No wonder you can find a Chessboard in the home or office of top CEOs (Bill Gates, Peter Thiel), world leaders (Barack Obama, Bill Clinton) and even famous TV personalities (Arnold Schwarzenegger, Julia Roberts of Pretty Woman).

How does playing chess relate to running a business?

The parallels between chess and business are clearly evident. The game is about war; specifically about protecting the invaluable piece (the king), and outthinking the opponent who’s trying to defeat you.

There are different strategies for both offensive and defensive play, and the best chess players should have experience with both. As a business person, you need to successfully navigate defensive and offensive positions in your industry.

onebank728 x 90

If you’ve seen people play chess, or maybe you play, you’ll notice that the opponents patiently wait their turn, study the board, anticipate their next move, and go through potential scenarios in their head. This is not so different from what is obtainable in the business world.

Both are based on SWOT analysis. That is, recognizing your Strengths, Weaknesses, Opportunities, and Threats.

Chess also involves an opening, a middle game, and an endgame. This is quite similar to the business cycle (expansion, peak, contraction, and trough).

app
GTBank 728 x 90

What lessons does chess teach?

To play the game you first have to master the rules, understand the players, and ultimately, play to win.

  1. Master the rules

Before you can take part, you have to learn the rules. That’s also the way it is in business.

If you jump in without first understanding the dynamics of how things work, including consumer demand, market regulations, pricing techniques, and what have you, you are most likely headed for failure. That is why it’s important to start small and grow gradually, expanding your reach as you get more experienced.

devland
  1. Understand the players

Just like in chess, you need to understand your competition if you want to succeed in business.

Chess players spend time studying how their opponents think. This way, they can device countermeasures that will enable them to stay ahead, withstand an attack, and make a counter-attack.

app

That’s exactly what you need to do as an entrepreneur. Learn what your competitors are doing. Who are they? What are they offering consumers that you are not? How can you make your products, services, and marketing efforts better? These and many more are important questions you have to ask yourself.

  1. Play to win

In chess, you have to keep the ultimate goal in mind. If you play emotionally or succumb at the first signs of hardship, you won’t win. You have to be ready to make tough choices.

[Read Also: 46-years after, Mr. Bigg’s is not so big anymore]

Some people play conservatively. They hang on tight to their pieces and refuse to make sacrifices. That’s also the way it is in business. To achieve your goals, you have to stay flexible. Know when to make adjustments, whether in your product combinations, management techniques, or marketing efforts.

Always keep your eyes on the big picture.

  1. Don’t rush to make a move; there might be a better one.

Inexperienced players stop searching for a move once they’ve located a good one. They forget there might be a better one.

In business, you have to make sure you make choices based on the complete set of information from the whole landscape. Don’t jump into the first option that looks good. Consider all your options.

  1. Plan several moves ahead

Chess players plan their moves and consider potential responses to those moves. Experienced players foresee moves several turns ahead. That’s how they manage to outwit their opponent.

[Read Also: Entrepreneurship isn’t all that glamorous – Jason Njoku]

This is what you must do as an entrepreneur. Making a good forecast is crucial to business success.

You also need to device contingency plans for situations that may arise in the future. “We’ll figure it out when we get there” might be a risky proposition you won’t be able to afford.

  1. Don’t play the plan; play the board

When playing chess, your opponent constantly devices measures to undermine your plans.

While it is important to make plans, it’s even more so to know when to abandon them or simply make adjustments.

While you have your business strategies in place, competitors are also applying their own to capture more market share than you do. Your aim should not be to follow a rigid set of plans. What determines your success or failure is your ability to adapt well and on time and respond effectively to counter what your competitors are doing.

  1. Know the value of the pieces

Each chess piece has a specific value. By knowing them, you are better suited to make decisions on how to place them across the board.

Similarly, when you know the value of your employees, customers, and associates, it will be easier to make wise decisions regarding job responsibilities, consumer targeting, and many more.

[Read Also: It’s time to break Nescafe’s two-decade grip on Nigeria’s coffee market]

  1. Manage your resources

To win, learn how to manage your resources.

In business, this applies to cash. If you run out of cash, you are done. You need to make sure you are not overspending. Every single expense you make should earn profit. Nothing should be wasted. You also need to ensure you are raising money appropriately as you go. Your expenses should never exceed your revenue.

  1. Keep an eye on the clock

“Time is material” – this is a common saying in chess.

You not only have to manage your pieces, you also have to manage time.

In a tournament setting, the games are timed so you have a limited period to make a number of moves.

It doesn’t matter if you are beating your opponent on the board, once you run out of time, you lose and your opponent takes the game, although you were doing exceptionally well on the board.

To prepare, players spend months or even years memorizing potential strategies and moves. This way, they can recall at a moment’s notice the move they have to make so they won’t spend too much time thinking.

This is why it is important to prepare in advance. A wise entrepreneur can make decisions which appear to be quick, but in reality, are a result of months of study and preparation.

  1. Make sacrifices

In chess, you learn to make necessary sacrifices that will give you the upper hand, or enable you to capture the king (Checkmate!). There are situations where you have to offer up a piece with intentions of gaining an advantage later on.

  1. Learn the value of patience

Before you can attack effectively, you have to take time to place your pieces in effective positions. A premature attack might backfire. The same idea is obtainable in business. Avoid making rash moves. Only make a move when everything is in place. For instance, don’t be in a hurry to start a business or launch a new product before conducting market research, no matter how excited you are about it.

  1. Create a balance between skill and intuition

There’s a balance in chess between intuition and analysis. There is always a human element that can’t be replaced by months or years of study and preparation. Chess is an infinite game with millions of possible moves. Therefore, it’s not possible to know and plan for every contingency. There are moments when you have to make a move based on intuition.

Once a player finds the balance between intuition and skill, their game improves remarkably. Many great chess players have come out on top a number of times when they went with their gut rather than their skills.

As an entrepreneur, you need to find this balance. It is what thinking outside the box is all about. It is also the key to creativity and great achievements and may be the difference between success and failure. Be it unique marketing campaigns, new and unique products and services, and other products of intuition.

In conclusion,

If you want to succeed in business, you have to be ruthless. This is exactly what chess is about.

Patricia
Continue Reading