Financial Competency... A Roadmap to Financial Well Being: Create The Life You Want to Live!!

Financial Competency... A Roadmap to Financial Well Being: Create The Life You Want to Live!!

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Overview

Financial Competency takes the approach that we cannot manage our financial resources if we don't have resources to manage. The book deals with the issues of employment & being a "valued employee" and how to bring value to your job. The book explores the dynamics of basic wealth management, as well as the management of our tax refunds and how to use that refund in the most effective manner. Financial Competency helps the reader decide his role in the workplace: Am I an Employee or an Entrepreneur? Do I understand what my Employer is looking for in terms of his goals? In this very important "financial how to book", Mr. Reed addresses the most fundamental problem that keeps most of us from having financial success: we must be taught about our finances in way that it resonates and stays with us so we can apply it practically. Financial Competency teaches financial concepts and much more. What the book does most is help us to get on the right path financially to Create The Life We Want To Live!!

Product Details

ISBN-13: 9781504948432
Publisher: AuthorHouse
Publication date: 12/19/2015
Pages: 66
Product dimensions: 8.25(w) x 11.00(h) x 0.14(d)

Read an Excerpt

Financial Competency ... A Roadmap to Financial Well Being

Create the Life You Want to Live!!


By Leslie D. Reed, Ronald L. Robinson

AuthorHouse

Copyright © 2015 Leslie D. Reed
All rights reserved.
ISBN: 978-1-5049-4843-2



CHAPTER 1

UNIT 1: Employee Literacy


A WISE WORD....

"After all is said and done; after we talk, and commensurate about what our lives really mean and what is essential to everyday living we will always come to the undeniable reality that we deal with and exist in life in a financial way. We buy and consume. Whatever our vocation or contribution to the world we have to eat, we have to have a roof over our head, and for most of us we have to pay bills. No money, no honey. It is that simple. Having financial knowledge is necessary for day-day survival. We cannot chance life without financial knowledge. To know about our money is to know more about the life we live because our access to life as we know it is tied to finance in some way, shape, form or fashion." (Reed, 2014)


Discussion

1. What point do you think Mr. Reed is trying to make?

2. Why do you think what he said is important?

3. Does this apply to you?

_________________________________________________________

_________________________________________________________

_________________________________________________________


So let's begin!!!!


1. EMPLOYEE LITERACY:

(A definition) Knowledge, understanding and practice of job related skills and expertise. This knowledge is developed to acquire, maintain and excel in an employment opportunity.

We will begin with a question. How do you rate yourself, using this definition?

Let's start with the goal in mind. The goal is to learn how to be a valued employee. We will measure the attainment of the goal by our definition of "employee literacy".


2. WHAT DOES EMPLOYMENT MEAN?

Word IQ.com defines it this way: Employment is a contract between two parties, one being the employer and the other being the employee. In a commercial setting, the employer conceives of a productive activity, generally with the intention of creating profits, and the employee contributes labour to the enterprise, usually in return for payment of wages.

Why this definition?

We believe that while this definition tells part of the story, in and of itself it does not truly paint the whole picture. We submit employment represents security, for families and for our nation as a whole. We believe that it represents the value of being productive and gainful ... a contributing, fully participating member of society. We believe that for most of us, our employment or lack thereof defines us in a way like no other activity in our life. (RIM GROUP)

Question: Did you ever wonder why the first question that people ask you when they meet you is; "so what do you do for a living?"

Discussion: (light)

So now that we have a working definition of employment, let's dig deeper.


3. ASSESSING ABILITIES: EDUCATION, SKILLS, APTITUDES (KNOWING YOURSELF ... MAKING YOURSELF THE BEST YOU CAN BE)

Our society places value on many things. Knowledge is valuable in all societies. That knowledge as relates to employment begins with self. We must know our strengths, weaknesses and what skills we possess in order to be gainfully employed. In his October 2013 article "Money Talk" Leslie D. Reed said it this way:

"I leave you with a simple formula. We all need money, so if that is the case we have some choices. Get trained & more educated to make ourselves more valuable in the employment marketplace. 2. If we can't get more training or education, than quite simply we have to get more employment (a 2nd job). 3. We can become the employer ourselves and create a business or enterprise from our available skills and talents ... than we become the employer". (Scoop Magazine, Indianapolis October 9, 2013)

So we must ask and face the hard question of: What kinds of job do I quality for? Do I have the necessary skill sets/aptitudes?

Discussion:

1. Does everyone have to get a college degree?

_________________________________________________________

_________________________________________________________

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2. What is the background and training of a typical millionaire?

_________________________________________________________

_________________________________________________________

_________________________________________________________


3. Can a person overcome having formal training in today's workplace? (examples)

_________________________________________________________

_________________________________________________________

_________________________________________________________


4. GETTING A JOB (THIS IS WHERE THE WORK BEGINS)

Getting a job usually starts at the application stage. Nowadays that application is online (usually). For the purposes of this seminar we will look at applications generally, with no distinction between online or in person applications. Note: If your computer skills are limited, you may want to take a basic class. They are offered free at most libraries. Minimally, have a friend help you out ... NO EXCUSES!!!

A good application will:

• Be typed or written legibly (if your words aren't understood ...)

• Be accurate, tell the truth, concisely. Don't over answer!

• Keep a record of your job experiences (all applications ask this)

• Know all prior addresses

• Make sure you qualify for the job that you are applying for

• Have up to date references that can be contacted (current phone number & address)

• Not have scratch outs (someone else is reading this ... don't eliminate yourself this way).


Special Consideration: If there are legal circumstances that you have to reveal you should:

* Be clear about the dates, times and circumstances surrounding your issues. Check out what laws are current in your locality. Your record (if old) may be eligible for expungement. In all cases where you have to answer, be honest. Employers consider this. You may get a chance to explain in an interview.


Discussion:

1. Do you think that these points are too stringent?

_________________________________________________________

_________________________________________________________

_________________________________________________________


2. Do you feel the questions are too intrusive?

_________________________________________________________

_________________________________________________________

_________________________________________________________


3. Why do you think an employer needs to know all this?

_________________________________________________________

_________________________________________________________

_________________________________________________________


Now that we have applied for the job, let's move on to the interview.

The interview is the most critical phase of your job search. Having the right skills will make or break your chances for employment.

Interview Etiquette:

Let's agree on one basic rule. If what you say, what you do, or what you look like can offend, then don't say it, do it, or wear it!!! NO EXCUSES!!!

Before the interview:

* Know something about the company and position you are applying for

* Be rested and arrive on time

* Go in with the mindset that you are the best candidate for the job!


-Wear an appropriate outfit, Ladies tasteful, and moderately conservative. Gentleman, suit or at least shirt & tie (if you can, avoid excessive or conspicuous styles) be appropriately groomed. If you don't have the right clothes, borrow them. NO EXCUSES!

In the Interview:

* Sit upright but not uncomfortably

* Speak clearly, answer the question you are being asked ... don't over embellish

* Use the King's English

* Ask appropriate questions about the position/company

* If you don't understand a question, politely ask the interviewer to repeat it

* As the interview concludes, ask about next steps. If there is only one interview, ASK FOR THE JOB!!


Resume Tip

"The Skills Selection gives you total control over how you're perceived by employers. Without this section, you're basically a victim of your work experience and education."


Discussion:

1. If I have a great application and job experience, why is the interview just as important?

_________________________________________________________

_________________________________________________________

_________________________________________________________


2. Why should I ask questions in an interview?

_________________________________________________________

_________________________________________________________

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3. Why should I ask for the job?

_________________________________________________________

_________________________________________________________

_________________________________________________________


Now, we have the job, what's next?


5. KEEPING A JOB & YOUR WORK ETHIC (WORKPLACE PRIMER)

COMMENTARY:

We have all been there. You are at the restaurant or business and the person greets you (most times sounding practiced and routine) and then they turn and start talking to one of their associates. You are standing there and they are carrying on a conversation as if you aren't there. How about this: you are in the line and there are several people behind the counter and no one waits on you. Sound familiar? It happens every day, and we as a society have become immune to it. Maybe I've got it wrong but there seems to be an attitude that we are "entitled" to our job. Or better, "it's just a minimum wage job so why should I care?" Is this you? This next section will deal with the dynamic of keeping a job, "your work ethic".


Top Interview Questions

1. What is your greatest strength?

2. What is your greatest weakness?

3. Why are you leaving or have left your job?

4. Tell me about yourself.

5. Why do you want this job?

6. Why should we hire you?

7. How do you handle stress and pressure?

8. Describe a difficult work situation / project and how you overcame it.

9. How do you evaluate success?

10. What are your goals for the future?


Sample Answers

1. I have an extremely strong work ethic. When I'm working on a project, I don't want just to meet deadlines. Rather, I prefer to complete the project well ahead of schedule. Last year, I even earned a bonus for completing my three most recent reports one week ahead of time.

2. When I'm working on a project, I don't want just to meet deadlines. Rather, I prefer to complete the project well ahead of schedule.

3. I found myself bored with the work and looking for more challenges. I am an excellent employee and I didn't want my unhappiness to have any impact on the job I was doing for my employer.

4. Avoid politics and controversy, transition from personal to professional, and share your expertise.

5. I understand that this is a company on the way up. Your web site says the launch of several new products is imminent. I want be a part of this business as it grows.

6. You describe in the job listing that you are looking for a special education assistant teacher with an abundance of patience and compassion. Having served as a tutor at a summer school for dyslexic children for the past two years, I have developed my ability to be extremely patient while still achieving academic gains with my students. My experience teaching phonics to children ages 6 to 18 has taught me strategies for working with children of all ages and abilities, always with a smile. My previous employer often placed me with the students with the most severe learning disabilities because of my history of success. I will bring not only experience, but patience and creative problem-solving, to this position.

7. I react to situations, rather than to stress. That way, the situation is handled and doesn't become stressful.

8. Keep your answers positive ("Even though it was difficult when Jane Doe quit without notice, we were able to rearrange the department workload to cover the position until a replacement was hired.") and be specific. Itemize what you did and how you did it.

9. For me, success is about doing my job well. I want to be recognized as someone who always does their best and tries their hardest to make my goals."

10. My long-term goals involve growing with a company where I can continue to learn, take on additional responsibilities, and contribute as much of value as I can.


Keeping your job is vital. For you, for your family. But how about making your job more than a job? How about doing so well at your job that you improve your opportunity for promotion. For making your skill portable (move to other jobs). All of this translates into more money for you and your family. Isn't this the objective?

At your job you should:

• Arrive early ... arriving on time is late. You are not ready to work!

• Avoid excessive conversation, you are here to work.

• Make sure you understand the duties of your job.

• Be presentable!

• Don't think of where you are in your job, think of where your job will take you.

• Deal with customers/public as if you value them. (they are the reason you have a job)

• Don't get caught up in the politics of the workplace (politics are everywhere, you are here to perform a job).

• Focus on the job at hand.

• Perform your job to the best of your ability (give 100%)

• Reduce your personality. (Be a team player)

• Do things without being asked.


This all may seem simple, but we all know that I doesn't take place. BE DIFFERENT! MAKE YOUR JOB WORK FOR YOU! It will translate into a bigger paycheck!


Discussion:

1. Why should I be at work early, they only pay me for the time I am scheduled?

_________________________________________________________

_________________________________________________________

_________________________________________________________


2. It is a minimum wage job, why should I work hard?

_________________________________________________________

_________________________________________________________

_________________________________________________________


3. How can I make my job work for me?

_________________________________________________________

_________________________________________________________

_________________________________________________________


So far we have learned about getting and keeping a job. This leads us to the end game of having a job and becoming a valued employee! Keep in mind, our personal financial goal is the well being of our family and those we love (see previous comments) Along with this goal is the equally important goal for the company- Continued growth that leads to a continued paycheck for you!


6. BECOMING A VALUED EMPLOYEE. ... GROWING AS AN EMPLOYEE

Commentary:

Too often we see things as what's in it for me. This is fine and good, but we must learn that it's not "all about me". We believe that if a person learns to make his whole situation better, he makes his personal situation better. Translation; the more valuable you are to your employer, the more valuable you are to yourself. Many of the jobs we get are just "stops on the road". We have to quit thinking of what someone is getting from us and start believing that our value to our employer and workplace is a transferable value. Quality, hard work, and dependability will always be rewarded. It will always have a place in the working world. Believe it or not, becoming a valued employee will in the end be in your best interest As the book evolves we will discuss the employee as a part of the "profit outlook". In this discussion we will talk about the employees goals and how they should line up with the goals of the company. Ultimately increased productivity and profits should be everyone's goal. NO EXCUSES!

Becoming a valued employee means:

* Understanding your job and performing it at the highest level.

* Doing what others aren't willing to do.

* Be there before your boss gets there; stay there after your boss leaves

* Be willing to learn and take on more responsibilities

* Understand the duties of the job at the next level (your boss)

* Think of yourself as a business: "how do I improve my brand"

* Understand how your company makes money; buy into it! Own it! Contribute to the "profit picture"

* Help your company cut expenses and save money

* Be irreplaceable!


Discussion:

1. Why should I be concerned with my boss making more money?

_________________________________________________________

_________________________________________________________

_________________________________________________________


2. Why is "my brand" so important?

_________________________________________________________

_________________________________________________________

_________________________________________________________


3. Why should I do more than my job calls for?

_________________________________________________________

_________________________________________________________

_________________________________________________________


7 TRANSLATING EMPLOYEE LITERACY INTO GREATER PRODUCTIVITY & PROFIT

Commentary:

So far we have learned about getting and keeping a job. This leads to having a job. Then, becoming a valued employee! Keep in mind; our personal goal is the well being of our family and those we love (see previous comments) Along with this goal is the equally important goal for the company: Continued growth that leads to a continued paycheck for you! Your paycheck depends on the company producing a great product/service, and PROFITABILITY!!! This should be your end game. In this section we will translate what we've learned to see how everyone benefits. (Win/Win)


Translating employee literacy means:

• Seeing yourself as responsible for the companies goals/objectives

• Understanding that your productivity is how the company survives

• How well you treat customers translates to increased company profitability

• Great morale & comradery in the workplace is paramount to business success

• Understanding your specific role in the scheme of the company's mission

• Seeing yourself as an "entrepreneur" within the company

• Viewing your job as an opportunity: it may or may not work out with your current company. This is fine, but is your skills portable? Would you bring value anywhere you worked?

• Do you share the company's mission and values?

• Is this a better company because you are here?

• Consistently demonstrating the habits and work ethic that make you/company competitive in the marketplace

• Do I understand that increased profits =promotions=raises=matching 401(k) contributions by my employer?


Let's sum it up this way:

"WHO MAKES THE MOST MONEY AN EMPLOYEE OR AN EMPLOYER? WHO TAKES THE RISK OF OWNERSHIP THE EMPLOYEE OR THE OWNER? IN THE END THIS EQUATION APPLIES TO THE EMPLOYEE AND THE EMPLOYER. ... IF YOU LOOK AT THIS EQUATION ANY OTHER WAY YOU ARE CHEATING YOUR COMPANY, BUT MORE IMPORTANTLY ... YOURSELF!!! THIS IS THE END GAME OF "EMPLOYEE" LITERACY ... IT IS WIN/WIN ... (RIM GROUP, 2013)


Discussion:

1. What can I do to think/act more like an entrepreneur in my company?

_________________________________________________________

_________________________________________________________

_________________________________________________________


2. On the job how do I take into account more than just a paycheck?

_________________________________________________________

_________________________________________________________

_________________________________________________________


3. Do I communicate to my employer what my goals and aspirations are (where do I want to go in this company ... in life?)

_________________________________________________________

_________________________________________________________

_________________________________________________________


8. PAYOFF:

There is absolutely nothing wrong with wanting more money. We submit that it is the "American Way". This section of the book deals with employment because for most of us it is the resource that we all have. It is inescapable. This being the case, we should work to make ourselves best employee we can be. Employment means many things, but in the end it is how we take care of our family. It is how we build a home and a future. Even more than just the financial aspect of a job, doing well on our job creates for us greater self worth, improved lifestyle, and ultimately contributes to us being a well adjusted, thriving human being. If we look at our jobs as just "a job", that is all we will get out of it. If we become great at getting a job, keeping a job, and becoming a "valued employee", it will be rewarded. It is true biblically spiritually, and practically. You are a product/service in and of yourself. See yourself that way. Get all that you deserve. Make what you do for a living as excellent as you want others to see you. It will prove to be valuable not only to you, but to anyone who may need you as employee in the future. It's your brand, grow it and develop it. Make yourself valuable. Get all that you deserve.


(Continues...)

Excerpted from Financial Competency ... A Roadmap to Financial Well Being by Leslie D. Reed, Ronald L. Robinson. Copyright © 2015 Leslie D. Reed. Excerpted by permission of AuthorHouse.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

Table of Contents

Contents

UNIT 1: TITLE: EMPLOYEE LITERACY, 1,
GOAL: "BECOMING A VALUED EMPLOYEE",
1. Employee Literacy, 2,
2. What Does Employment Mean?, 2,
3. Assessing Abilities: Education, Skills, Aptitudes (Knowing Yourself ... Making Yourself The Best You Can Be), 2,
4. Getting A Job (This Is Where The Work Begins), 3,
5. Keeping A Job & Your Work Ethic (Workplace Primer), 7,
6. Becoming A Valued Employee.... Growing As An Employee, 11,
7. Translating Employee Literacy Into Greater Productivity & Profit, 12,
8. Payoff, 14,
UNIT 2: TITLE: "DYNAMICS OF MONEY & MONEY MANAGEMENT", 15,
GOAL: TO BETTER BUDGET, MAINTAIN A GOOD BANKING RELATIONSHIP, ESTABLISH AND MAINTAIN A GOOD CREDIT RATING, PROTECT, SAVE AND MAKE OUR MONEY GROW,
9. Dynamics Of Money & Money Management, 16,
10. Budgeting, 17,
11. Banking Relationship (Establishing & Maintaining A Checking Account), 18,
12. Credit Management:, 22,
13. Saving:, 25,
14. Life Insurance Protection & Retirement Savings, 28,
15. Wealth Transfer, 32,
16. Benefits Of Wealth Transfer Planning With Life Insurance, 33,
17. Tax Refunds (Return) Using It Effectively, 34,
UNIT 3: TITLE: EMPLOYER LITERACY, 37,
GOAL: UNLOCKING THE POTENTIAL, POWER AND PRODUCTIVITY OF EMPLOYEES BY UNDERSTANDING THE CONCEPT OF EMPLOYMENT BY LOOKING AT THE NEEDS & WANTS OF AN EMPLOYER,
18. Definition of Employer Literacy, 37,
19. How Does A Business Continue To Operate?, 38,
20. What Employers Need & Want, 38,
21. Discussion: Exercise to get the needed "buy in" from the employee, 39,
UNIT 4: TITLE: ENTREPRENUER COMPETENCY, 41,
GOAL "TO BETTER UNDERSTAND THE AMERICAN SYSTEM OF FREE ENTERPRISE. TO LEARN THE STEPS NECESSARY TO: ESTABLISH AND CREATE A BUSINESS THAT CAN SURVIVE AND PROSPER IN THE MARKETPLACE IN ORDER TO ESTABLISHING FINANCIAL STABILITY". (RIM GROUP, 2013),
22. Defining entrepreneurship literacy, 41,
23. Identifying And Starting A Business Venture, 42,
24. Steps in starting a business, 43,
25. Acquirng & Organizing The Required Resources, 44,
26. Financial Resources:, 45,
27. Other Sources Of Raising Capital:, 47,
28. Risks And Rewards:, 48,

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