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4 Ways to Get Better Returns Than CDs
There are other options to minimize your risk and maximize your earnings.
Mint Money Audit: Managing Money When You Make Enough
Annaâs email requesting help with her finances began with a unique confession. âFarnoosh, my money problem garners little sympathy,â the 32-year-old wrote. âMy issue is that I make too much of it.â Now, THIS is interesting, I thought. I immediately…
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The post Mint Money Audit: Managing Money When You Make Enough appeared first on MintLife Blog.
Credit Card Balance Transfers
Credit card balances are crippling households across the United States, giving them insurmountable debts that just keep on growing and never seem to go away. But there is some good news, as this problem has spawned a multitude of debt relief options, one of which is a credit card balance transfer. Balance transfers are a […]
Credit Card Balance Transfers is a post from Pocket Your Dollars.
How to Cope with Change at Work Without Stressing Out
While each person’s experience in 2020 has been unique, I bet many of you lived through some version of the following:
One day you were in an office, shaking hands, having in-person meetings, and serving a known set of customer needs. And the next day, your home was your office, Zoom was your conference room, handshakes were lethal, and customer needs were being completely reinvented.
Feel familiar?
Change has become our everything. Get ready to be stretched.
Prior to 2020, you could still get by as a great performer at work even if you were a little resistant to change. But now? Not so much. Change has become our everything. And if it’s not something you naturally lean into, then the time has come to fix it. Stat.
So if you’re someone whose default has been 'I don’t want to learn this new system, process, or way of engaging with customers…', then get ready to be stretched. If you want your career to continue to soar, you’re going to need to be able to roll with change.
Resisting change is natural
If you find it hard to get comfortable with change, you're not alone.
When my kids were babies, getting them to try new foods was an experience. After they spit spoon after spoon of strained peas or carrots back into my face, I talked to my pediatrician. I learned it would take seven to eight experiences with a new food before my baby would begin to like it, or at least stop spitting it at me.
In our work lives, we’re not always offered a grace period of seven to eight exposures to a new idea.
This is due to the mere-exposure effect. While we may like or appreciate some things out of the gate (hello, chocolate fudge sundaes), our natural inclination is often to resist anything that feels different. But more exposure equals more comfort. We're wired to prefer the familiar and comfortable.
But in our work lives, we’re not always offered a grace period of seven to eight exposures to a new idea before we have to adopt it.
So let’s talk about actions you can take to open your mind and expand your comfort zone with change.
1. Scope the change
Sometimes “a change is coming” can sound like “the sky is falling.” But usually, the blue abyss above stays put. So let’s start by putting change into perspective.
Before you panic, check the sky. Is it still there? Phew! You’re OK.
Your boss just told you that you’ll be reporting to a new team. Or you’re switching to a new people-management system, or you’ll be managing a new product or account. Before you panic, check the sky. Is it still there? Phew! You’re OK.
Start by asking yourself what's really changing and what’s staying the same. You may have a new boss or new relationships to manage, but your day-to-day responsibilities aren’t shifting.
You may have a new system to learn, but the data it’s tracking, the reporting it offers—how different will they really be? Your skills will carry over.
So start by putting some boundaries around the change. This should help you take a deep breath. Now, let’s charge ahead!
2. Find your bright spots
When my kids—the spitters of pureed peas and carrots—began remote schooling this year, the change was all kinds of unwelcome. They missed friends. Their new homeroom teacher (yours truly) was highly unqualified. Everything felt messed up.
But I asked them to spend a few minutes finding and focusing on the bright spots. Because every change has bits of sparkle.
Focusing on bright spots helps open your mind, readying it for the change ahead.
They came up with extra sleep (don’t we all need it?!), jammies all day, and breakfast and lunch in bed. (Yes, we've let go of the reins a bit here at my house.)
Maybe for you, it’s the opportunity to add fluency in a new system to your resume, or to build your reputation with a new leader, team, or customer base. What’s something you can get excited about?
Big or small, focusing on bright spots helps open your mind, readying it for the change ahead.
3. Acknowledge the pains and challenges of change
Do focus on the upside. But not at the expense of acknowledging and preparing for the challenges. Don’t put your head in the sand.
If this triggers mild concern or anxiety, don’t push that down. Give it space. Address it.
We resist change for a reason. There will be growing pains. Transitioning to a new system does provide you with new opportunities. But there will also be a learning curve. It will take time, focus, and effort. You’ll be pushed out of your comfort zone. If this triggers mild concern or anxiety, don’t push that down. Give it space. Address it.
Part of gaining comfort with change is giving yourself a chance to master it. The only way to master change is to resolve and repair pain points. We can’t resolve what we can’t see, so give yourself the space to list out every single thing, big or small, that scares or challenges you.
RELATED: Why Negative Emotions Aren't All Bad
What might live on your list?
- Finding time to learn a new system
- Having to build new relationships virtually
- Feeling like a novice after years of feeling like an expert
4. Identify actions within your locus of control
Part of what makes change feel scary is the sense of losing control.
According to the Harvard Business Review:
Many employees have had to abruptly accept fundamental changes to their work routines. And these changes have been stressful… because [they have] stripped people of their autonomy… [which] is detrimental for employee performance and well-being.
In other words, it’s normal to crave a sense of autonomy, of control. So here is where you focus on what you can control, and you make it happen.
Look at your sources of anxiety or discomfort. Identify tangible actions you can take to close the gap or minimize the pain of change.
When I left the world of full-time employment to start my own business, I was terrified of managing that change, even though I’d been the one to initiate it. But as a taker of my own medicine, I followed this very process. And when I arrived at this step, I identified a series of actions in my control.
Here’s a sampling of what I came up with
- Invite every small business owner I know to coffee and pick their brain
- Read one book per month on a relevant topic—consulting, marketing, pricing, etc.
- Hire a coach to help me learn to build
- Hire a lawyer to ensure I don’t step off a cliff
You get the idea. I was stepping into the unknown. But by identifying a series of actions designed to get me incrementally closer to known, I was re-establishing a sense of autonomy and control.
Maybe you have to learn a new system and you’re afraid it will be complicated. What steps can you take to close the gap? What can you control?
5. Commit positive change experiences to memory
I reflect on the days of smushed peas and carrots. Mostly, it was gross. But once in a blue moon, a baby would accidentally swallow a mouthful. And I was nothing but jazz hands.
Turns out, my jazz-hands-enthusiasm was accidental genius because now, baby associated mush with entertaining Mommy gymnastics. For her it became fun. And over time she downed more mush.
And really, that’s kind of your goal.
When you have your first positive experience with that new system, even if it was an accident, make a note of it. When your first client lights up at the description of that new product feature, capture that.
These winning moments add up over time. And suddenly one day you realize: Hey, these smashed peas and carrots are kinda delish! Who knew?
Ways to Trim Your Holiday Expenses This Year | ApartmentSearch
How to Free Up Cash to Save for Retirement
The post How to Free Up Cash to Save for Retirement appeared first on Penny Pinchin' Mom.
One mistake so many people make is that they don’t think about retirement quite enough. Â They might be putting a little bit away, but it is smart to really visit with a professional and take a look at where you will be when you retire. Fortunately for my husband and I, we are in … Read More about How to Free Up Cash to Save for Retirement
The post How to Free Up Cash to Save for Retirement appeared first on Penny Pinchin' Mom.
Should You Refinance Your FHA Loan to a Regular Loan?
Mortgage refinance rates are steadily creeping upward, so if you’ve been toying with the idea of a refinance, it might be best to do it sooner rather than later. If you’ve got an FHA loan, you can go with a … Continue reading →
The post Should You Refinance Your FHA Loan to a Regular Loan? appeared first on SmartAsset Blog.
Business Owner or JOB Owner?
Show Summary Hey everybody, excited to have Steve Richards on the show today! Today, we are going to talk about something that we are both very passionate about and that is…
How to Know if That Fixer-Upper Is a Money Pit
So, you’ve finally found your dream house. Sure, it may need a little work — okay, a lot of work — but you’re confident it will all be worth it in the end. That is, until your home renovation projects start to go down the toilet (or worse, the toilet starts falling through the floor). Here’s how to know if the home you are considering could be a great investment, or just a great way to empty your wallet. Is A Fixer-Upper the Right Choice For You? The right fixer-upper can be a great investment and a lot of fun. The rise of seemingly simple, yet stylish home renovation television shows has made many homeowners eager to transform rough diamonds into neighborhood jewels. Couple this with the improved job market and an upswing in home values, and you have a tidal wave of homeowners willing to invest in fixer-upper dwellings. In 2018, homeowners reported an average of $7,560 or more on major home improvements, up 17% over the previous year. But that doesn’t mean that these projects always go as planned — not everything gets wrapped up as quickly and neatly as it does on television. The same Home Advisor study shows an average of $416 on emergency spending. What many homeowners believe to be a simple “fixer-upper” can quickly turn into a “money pit,” transforming a dream project into an expensive nightmare. Denise Krogman is a general contractor, designer and co-owner with her husband Rob, at RDK Design and Build, LLC. Krogman knows that whether you’re looking to buy a fixer-upper in the near future or remodel your current home, it’s worth paying attention to what separates a fixer-upper from an endless money pit. The right fixer-upper can be a great investment and a lot of fun. But with every remodel there will be the unplanned, unforeseen incidentals that arise. If it needs more than a little ‘fixing up,’ you could find yourself in the midst of a complete remodel or a total scrap. Fixer-Uppers vs. Money Pits The first step to understanding what makes a home a fixer-upper is defining the term. Generally speaking, a fixer-upper is a house that doesn’t have serious problems and can be quickly and inexpensively refreshed, says Thomas Baker, building technology editor at This Old House. Homeowners who have a big budget, a high level of DIY skills, and plenty of free time may reasonably see any house in deplorable condition as a “fixer-upper.” However, even these skilled, experienced homeowners who are initially excited about a big project may fail to properly plan for a remodel. Without thorough research and planning, many homeowners are likely to exceed their spending limit and wind up with a money pit. Baker separates remodel-ready homeowners into two personas: the visionary and the accountant. A visionary homeowner is someone who is emotionally invested in their property and can tolerate higher expenditures in order to execute their ‘vision.’ He or she isn’t worried about the resale value. An accountant weighs each cost of improvement against the likelihood of getting a return on investment at the time of sale. Ideally, homeowners should strike a balance between these two extremes, taking care not to risk their financial futures with unsustainable expenditures on improvements, but also acting as a steward, putting something back into the house so that future generations can enjoy what it has to offer. A professional home builder, general contractor, or home inspector can help a homeowner assess the condition of the home before breaking ground and help keep a project in line once it’s begun. Having that person come aboard your planning process is a great step to take. But what should they, and you, be looking for when it comes to fixer-upper warning signs? Looking to get started with your dream home project? Check out our guide to the financial documentation and other paperwork you’ll need to begin the home loan process. Fixer-Upper Red Flags If you are committed to buying a home with a few imperfections, how do you know when those imperfections go from fixable to serious deal-breakers? When purchasing a fixer-upper, a homeowner should always look beyond the surface, says Sarah Boardman-Miller, an interior designer and construction consultant. It’s important to distinguish between a home with a lot of “cosmetic” needs, as opposed to those that need major (think structural) overhauls. Depending on the ‘fix-up’ budget, one can look past a dated or poorly laid out kitchen or bath. I like a house that has not been touched. It might be dated and original everything, but these are usually good houses. Do your homework. Was the previous owner there for 40 years? Is it clean? Well-kept? When most people watch the [TV] shows, so much of the process is cosmetic … from new cabinets, to counter tops, lighting and tile. Often homes are simply outdated, are decorated in poor taste, or just in need of a little TLC. Cosmetic fixes can be quick and cost-effective, and completely change the look of the house. That being said, homeowners should stay on the lookout for any red flags. Both Krogman and Boardman-Miller say foundational issues, roofing repairs or replacement, and electrical or plumbing problems may require “gutting,” which can send a home remodeling project into an expensive tailspin. Krogman adds that her team is careful about homes that need footprint changes, such as the removal or addition of walls or entire rooms. It’s best if the changes are minor. To avoid any surprises, it’s important to invest in a thorough home inspection, says Krogman. Always request an inspection from a highly reputable company. It’s worth the extra expense. Be sure to ask a lot of questions and get documentation. When was the roof last replaced? Have there been any electrical or plumbing fixes? If there was any previous remodeling done, was it done by a reputable general contractor? And look for cracks in the foundation, sinking sidewalks, water spots or damages in the drywall. Those fixes or changes are rarely minor and can become quite costly. Frank Lesh, an experienced home inspector who works for the certifying agency American Society of Home Inspectors, has two potential problems he wants homeowners to check for within their possible fixer-upper. First, he says, examine the exterior. Take a look at the big picture. If it’s sitting in a valley, the home may be at risk for water problems. Then I look at the general maintenance of the house exterior. Not whether there’s new paint, or flowers, but if the gutters and downspouts are in good condition and directed away from the house and if the roof is in reasonable shape. Next, inspect for insects. Termites and carpenter ants can gnaw away at the bones of a home. It takes an expert insect inspection to discover the extent of the damage, to check behind finished walls and ceilings and to see if bugs are in the walls and subfloors. A house is made of wood, and that’s what they eat. A good pest inspector can hear them or use infrared to see if they’re giving off heat behind the walls. Manage Your Remodeling Expectations One of the biggest dilemmas homeowners face when dealing with a fixer-upper is managing their expectations. Even when a home remodel is expertly planned, problems may still arise, Boardman-Miller says. It is all about expectations and the ability to roll with what is happening. You have to focus on what needs to be done and cut out the extras that you may have been planning. Be realistic and stay on budget. If you do your homework, you could end up with a fair amount of equity in the finished house and get what you really want. Baker says one of the most important things homeowners can do to avoid these costly issues is research, first into the home purchase process, then into contractors, home designers, and home improvement costs. Find a contractor/carpenter who loves to work on houses and whom you can trust to make good decisions on your behalf. Without trust, these projects can become a nightmare. Take your time. Watch home TV shows, read magazines, talk to contractors, and go to the web to become an expert on the topic [of remodeling]. When homeowners embark on a home renovation the risks are great, but the rewards are even sweeter when everything is well planned and executed, Krogman says. One man’s junk is always another’s treasure, so not only can you benefit financially, but you can give back by creating a beautiful home for your own family, or for someone else. CHECKLIST: Tricks for Separating Fixer-Uppers from the Money Pits Get a thorough home inspection Determine whether improvements are structural or cosmetic Do your research on what you’d specifically like done Talk to your contractor/designer and get a plan in writing Financially prepare for unforeseen issues Manage your expectations and stay on budget How do you know a home’s true value? Get a fast, no-obligation home estimate using our free tool. Getting From ‘Before’ to ‘After’ Without Going Broke At the end of a well-planned remodeling project, you can end up with the home features you want for a lower cost than the amount of equity you gained. It’s also possible that a lack of insight into your process and potential costs could leave you with an underwater (and maybe even unfinished) home, so it’s essential to make sure you know the facts before you swing a single hammer. But don’t let those potential pitfalls scare you away from a great opportunity for a smart investment. Just make sure you follow the checklist above and do the necessary homework to give yourself the best chance to come out ahead of the game. Have you done your research and know of a great home you can benefit from investing in? If you are ready to explore buying your own fixer-upper, take the first step and get pre-approved online or contact a PennyMac Loan Officer today to discuss your options. The views, information, or opinions expressed in this blog do not necessarily represent those of PennyMac Loan Services, LLC and its employees. The inclusion of links to third party sites is not intended to assign importance to those sites or to the information contained therein, nor is it intended to endorse, recommend, or favor any views expressed, or commercial products or services offered on these third party sites, or the vendors sponsoring the sites.