Investments

from Able Leader, February 2009

by Steve Kaye

Bad news appears daily. It's enough to make one hide (not that hiding will help).

So, here are three investment strategies to help you prepare for uncertainty.

Strategy #1: Plan B

Protect your income by having more than one option that you can rely upon if you should lose Plan A (your current job). Some people even have a Plan B, C, D, E, and F.

Plan B can be many things, such as:

a) A similar job. That is, make yourself readily employable by another company.

Steps to take include:

- Make sure that your resume is always up to date. Consult a resume expert to prepare one that fits the current marketplace.

- Improve your resume by using your current job to collect impressive achievements.

- Establish relationships with colleagues in other companies. Meet others by being active in your professional association and attending its meetings.

- If appropriate, maintain a low-key job search to monitor your employability and stay connected to the job market.

b) A different job. Prepare for a job that uses a secondary skill. Or, learn skills for a new career.

Steps to take include:

- Work with a career expert to identify your qualifications, talents, and interests. (Let me know if you'd like a recommendation.)

- Conduct research. Talk to people who work in this area to learn about the work that they do. Visit professional association meetings that support other careers.

- Take courses, attend seminars, and read books to prepare for this new career.

c) A business. There are many ways to own a business, such as buying a company, forming a partnership, or starting your own company. Recognize that starting a business is a very difficult and complex task.

Steps to take include:

- Conduct extensive research, which can include: joining professional associations that support the target industry, working part-time for an established firm, taking courses on business management, and talking with others who own similar businesses.

- Develop a business plan, which includes your mission, purpose, differentiation, marketing plan, and financial projections. Then have this plan critiqued by seasoned experts.

- Develop a support network of potential clients, suppliers, and advisers.

- Apply common sense. There are many "opportunities." If one seems to be too good to be true, it is.

Strategy #2: Plan A

Plan A is your job. It serves as the foundation for your financial security.

Thus, make sure that you absolutely excel at your job. You want to be the one person that everyone in management wants to keep.

Steps to take include (besides doing your best):

- Give yourself frequent performance reviews. Evaluate your work candidly, seeking ways to add more value to your business.

- Initiate a dialogue with your boss and with all of your clients (internal plus external) on how you can add value to their work.

- Continue to learn. Take courses, attend conferences, and read extensively.

- Hold meetings with an agenda, speak with a purpose, and communicate with a heart.

Strategy #3: Plan You

Your well-being directly determines your effectiveness in everything that you do.

Some possibilities to consider are:

a) Purchases. Spend money to buy time for yourself. Buy healthy foods and products because these minimize the risk of health problems. And of course, avoid bad investments such as fast foods, tobacco products, soft drinks, and other stuff that damages health.

b) Time. Seek activities that make you a better person (instead of activities, like TV, that make you a better vegetable). Thus, read, work on crafts, attend classes, play music, volunteer to help worthy organizations, go for walks, dance, sing, exercise, stretch, get enough rest, and so on.

c) Thought. Set aside time to think. Write in a journal. Reflect on what you gained from each day. Seek the lessons learned from each experience. Keep a record of your ideas. Imagine positive possibilities. Find the good in every situation.

d) People. Stay connected with those who support you. Play with your children. Converse with your spouse or partner. Visit with friends. There is a world full of people who care; find them and stay in touch.

Final Thought

Use this note as a reminder to make investment a comprehensive strategy in all dimensions of your life. It will help you live forward into greater control, comfort, and joy.

Much success,

Steve Kaye
714-528-1300