Have More, Need Less: The Simple Guide To Saving

 Mitch Tuchman Contributor, Forbes.com

Do you save enough? Congratulations, no need to read the rest of this article.

Okay, for the 99.99% of you still reading, take heart. Saving is one of those things that’s hard at first, then becomes easier and easier in time.

Why so hard? Because saving is a form of self-denial. Yes, a vacation would be fun right now, but saving adequately means putting off that weekend getaway. A new car might drive a little better, but buying used or driving your current car longer is likely a better use of your money.

Take a look at your paycheck. You’ll notice that there are a number of fixed deductions built right in. Federal and local taxes, for instance. Social Security and Medicare payments.

Do you see a line that says “Your Retirement” on your check? You should. If not, it’s time to walk over to human resources and fix that. Getting an automated savings system in place is the hard part, but it will become easier, and sooner than you think.

Here are the three key steps to saving more for your future:

1. Pay yourself first

That’s the automatic retirement deduction into your 401(k) at work. People often aim for a percent of their paycheck, but be careful not to pick a comfortably low figure. Save enough that it actually hurts at first.

Over time you will adjust to a high savings number. You are also likely to get raises. You are unlikely, however, to voluntarily raise your savings level soon. Better to bite the bullet now.

2. Pay less taxes

This goes hand-in-hand with using a 401(k) or IRA to save for retirement. Every dollar you take out of your check now grows tax-free over decades. It lowers your tax bill today and, presumably, will result in lower taxes in the future when you begin to take retirement income out.

The assumption is that your cost of living in retirement will be lower, since you are not likely to be making fixed payments such as a mortgage or saving for college for your kids. It’s a win-win, and paying less taxes today makes it easier to set the savings bar higher, earlier.

Read the full article online.. 

Sun Tzu's 33 Best Pieces Of Leadership Advice

by Eric Jackson Contributor, Forbes.com


There was no greater war leader and strategist than Chinese military general Sun Tzu.  His philosophy on how to be a great leader and ensure you win in work, management, and life is summed up in these 33 pieces of advice.  They can all be applied by you in your job when you go back to work next week:

1. A leader leads by example, not by force.
2. You have to believe in yourself.
3. Appear weak when you are strong, and strong when you are weak.
4. If your enemy is secure at all points, be prepared for him. If he is in superior strength, evade him. If your opponent is temperamental, seek to irritate him. Pretend to be weak, that he may grow arrogant. If he is taking his ease, give him no rest. If his forces are united, separate them. If sovereign and subject are in accord, put division between them. Attack him where he is unprepared, appear where you are not expected.
5. The supreme art of war is to subdue the enemy without fighting.
6. Supreme excellence consists of breaking the enemy’s resistance without fighting.
   
7. If the mind is willing, the flesh could go on and on without many things.
8. Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.
9. To know your Enemy, you must become your Enemy.
10. Keep your friends close, and your enemies closer.
11. Can you imagine what I would do if I could do all I can?
12. Even the finest sword plunged into salt water will eventually rust.
13. Engage people with what they expect; it is what they are able to discern and confirms their projections. It settles them into predictable patterns of response, occupying their minds while you wait for the extraordinary moment — that which they cannot anticipate.
14. If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.
15. Thus we may know that there are five essentials for victory:
    1 He will win who knows when to fight and when not to fight.
    2 He will win who knows how to handle both superior and inferior forces.
    3 He will win whose army is animated by the same spirit throughout all its ranks.
    4 He will win who, prepared himself, waits to take the enemy unprepared.
    5 He will win who has military capacity and is not interfered with by the sovereign.
16. Be extremely subtle, even to the point of formlessness. Be extremely mysterious, even to the point of soundlessness. Thereby you can be the director of the opponent’s fate.
17. Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.
18. There are not more than five musical notes, yet the combinations of these five give rise to more melodies than can ever be heard.There are not more than five primary colors, yet in combination they produce more hues than can ever been seen.There are not more than five cardinal tastes, yet combinations of them yield more flavors than can ever be tasted.
19. Opportunities multiply as they are seized.
20. When the enemy is relaxed, make them toil. When full, starve them. When settled, make them move. 

Read the full list online...

How To Get Stuff Done And Avoid Lying Awake At 3am...

by Hollie Slade, Forbes Staff

Ever find yourself lying awake at night thinking simultaneously thinking about next week’s big pitch and remembering you forgot to buy cat food?

“Your head is for having ideas not holding ideas,” says David Allen author of bestselling, Getting Things Done: The Art of Stress-Free Productivity. Thinking ‘it’s all up here’ or ‘I’ll remember’ as you go from task to task inevitably means things will fall through the cracks and cortisol levels will rise.

Externalize your thoughts

“Most entrepreneurs have somewhere between 35 to 80 projects they’re working on,” says Allen. Unfortunately, “your head is a terrible office,” and so grabbing a pen and paper and writing everything down is the first step in externalizing all the competing buzzing thoughts.

“Capture everything that’s got your attention,” says Allen. “Get specific about exactly what you’ve got to do and define your outcomes and actions.”

“Identify the steps involved in the processes you go through on a regular basis so you can begin optimizing, automating, and outsourcing them. This goes for everything from paying bills to social media to meal preparation at home,” says Ari Meisel, a serial entrepreneur and productivity expert.

Realizing exactly what you’ve committed to do is a great first step in organizing your thoughts in a coherent form. “It’s creating an inventory,” says Allen. That way you’ll have a map of all the things you’re focused on.

Lying awake at 3 am happens because you’re not being strategic about what you are and aren’t doing, says Allen. “The only way to be comfortable about what you’re not doing is to know exactly what you’re not doing,” he says.

A simple task like this goes a long way in defining exactly what your work is and you’ll know what you might need to outsource straight away.

“People hold on to things in their psyche,” says Allen. “But your psyche doesn’t think strategically and tactically. You can’t do anything about it lying in bed.”

“Create an external brain where you write down every idea you have regardless of whether or not you think it’s good,” says Meisel. “Clear your mind. My favorite tool? Evernote,” he adds.

The Two Minute Rule
If you can do anything within two minutes you should do it then and there, says Allen. Otherwise you’ll just spend more time organizing it into another work flow.

If you can’t do it in two minutes consider outsourcing it to someone else but keep track of what you’ve handed over to other people.

Don’t wait to “follow up when it blows up,” says Allen.

“Get a virtual assistant,” says Miesel. “Use fancyhands or Zirtual to hire a virtual assistant. It’s an educational process for you in terms of how to effectively delegate and communicate a task.”

Maintenance
From there the next step is to keep the backlog low, making sure you’re ready for surprise and change. Making time each week to reflect is critical, says Allen. Close the door and step back, this is forest management not tree hugging, he says.

“This not a have a walk around the rose garden navel gazing kind of thing,” says Allen. It’s making sure you’re focusing your energy where it needs to be. “If you’re unwilling or unable to do this, the symptoms are that either the loudest thing emotionally or the nearest thing is going to capture your attention,” says Allen.

Read the full article and others from Forbes online.

The Next Generation Of Leadership Gurus

Larry Myler, Contributor, Forbes

 

Who Will Replace Stephen R. Covey, Ken Blanchard, John C. Maxwell And Tom Peters When They’re Gone? 

Not to be morbid, but someone had to ask the question. We carefully plan for the replacement of key leaders who retire or are promoted within our companies. Nature abhors a vacuum, and the void left behind by departing leaders begs to be filled in any organization.

As our favorite leadership icons retire or pass on, we will of course miss them as dear friends and influential teachers. But that’s not all. We will also miss their thinking and creativity; their ability to conjure up powerful solutions to some of the most vexing and debilitating challenges in our business and personal lives.

So, to whom shall we turn for the next generation of solutions?

That’s not a rhetorical question. I’m asking you to name potential candidates for the job. Who do you know that has made a contribution to the field of leadership worthy of consideration as one of our next gurus? Your nominees should also have another 20-or-so years left in their careers, because we’re looking to the future. There are new problems coming and we need a steady supply of fresh solutions.

To get the ball rolling, I would like to offer a couple of names myself. The first person I think could do the job is Joseph Grenny of VitalSmarts. I’ve known him for decades. He’s a solid pick.

I just met my second nominee last Wednesday, as he wowed me with his speaking ability and leadership knowledge at an association conference. Dr. Jeff Magee is a prolific writer and consummate speaker and consultant. He would get my vote. Who would get yours?

Read the full article online. 

10 Lessons For Entrepreneurs From Coach John Wooden

Lewis Howes, Contributor, Forbes

 

Coach John Wooden, a.k.a. the “Wizard of Westwood,” is best known for his 27-year legacy at UCLA, where he led the Bruins to 10 NCAA national championships, and for coaching basketball legends such as Bill Walton and Kareem Abdul-Jabbar.

But his words and practices about what it takes to win don’t just apply to the basketball court; they apply to all areas of life – especially entrepreneurship.

Even though Coach Wooden was known for his simple and old school approach to practice and playing, the results speak for themselves.

This man knew how to win.

Below are 10 quotes from John Wooden.  I believe his words still have as much relevance in our digital world today as they did when he first spoke them.

Words Of Wisdom From John Wooden

1.  “Do not let what you cannot do interfere with what you can do.”
There’s always going to be something “extra” that can enhance your business or potentially boost sales.

Maybe it’s a new technology platform or a social media strategy.  Whatever it is, I think Coach Wooden would encourage us to strive for those things, but don’t let them become an excuse for not doing our best with what we already have.


2.  “If you’re not making mistakes, then you’re not doing anything.  I’m positive that a doer makes mistakes.”

I think one of the biggest reasons why seasoned entrepreneurs stop innovating and taking risks is because they’re afraid of ruining a “winning streak.”

Nothing is for certain in the world of innovation.  You’ve got to remember that out of every failed innovation comes unexpected knowledge that sends us in a new direction or reveals something we would have never known.

3.  “It’s the little details that are vital.  Little things make big things happen.”

Once you realize the truth behind, “Little things make big things happen,” you’ll never again view the details of your business as boring or insignificant – especially when it comes to marketing.

Consumers don’t become loyal brand buyers by accident.  It takes strategic planning and execution to cut through the estimated 3,000 marketing messages the average American sees each day.

Every picture, every image and every email within your marketing has a job to do.

Read the full article online.