Accepting what life interests you have is hard if it doesn't match up with your chosen profession.
I am studying civil engineering and I have not enjoyed it as much as some of my other friends. I have realised this is because it doesn't match the two life interests I have which are:
- counselling and mentoring
- managing people and relationships.
I have been thinking about doing psychology after finishing my degree and this seems to agree with my DELI's.
This is a hard decision to accept as it means that my civil engineering degree is in some ways a waste of a few years of my life. However, I am going to try to have a positive approach and think that it has opened doors for me that otherwise would not have happened.
Monday, January 25, 2010
Thursday, January 14, 2010
DELI's - Deeply Embedded Life Interests
The following information was from the Havard Business Review of 1999 regarding DELI's.
The real keys to job satisfaction are neither skills nor values, but "deeply embedded life interests."But the fact is, strong skills don't always reflect or lead to job satisfaction. Many professionals, are so well educated and achievement oriented that they could succeed in virtually any job. The answer is, only if the job matches their deeply embedded life interests. These interests are not hobbies — opera, skiing, and so forth — nor are they topical enthusiasms, such as Chinese history, the stock market, or oceanography. Instead, deeply embedded life interests are long-held, emotionally driven passions, intricately entwined with personality and thus born of an indeterminate mix of nature and nurture. Deeply embedded life interests do not determine what people are good at — they drive what kinds of activities make them happy. At work, that happiness often translates into commitment. It keeps people engaged, and it keeps them from quitting. Think of a deeply embedded life interest as a geothermal pool of superheated water. It will rise to the surface in one place as a hot spring and in another as a geyser. But beneath the surface — at the core of the individual — the pool is constantly bubbling. Deeply embedded life interests always seem to find expression, even if a person has to change jobs — or careers — for that to happen.
many people have only a dim awareness of their own deeply embedded life interests. They may have spent their lives fulfilling other people's expectations of them, or they may have followed the most common career advice: "Do what you're good at."
The eight life interests identified , as a key tool for managers to retain their best employees can be equally valuable for employees themselves. This model distinguishes itself from other career interest models in that it is activity-based, rather than based on general interest patterns. It's founded on the notion that interests, not skills, should be the foundation of peoples' careers.
This model provides a measure of interest patterns as they apply to business work roles and work environments in the following core function areas:
- Application of Technology measures interests that are often associated with engineering, production, operations, and the general use of technology to accomplish business objectives
- Quantitative Analysis measures interests that are realized through problem-solving that relies on mathematical analysis
- Theory Development and Conceptual Thinking measures interests involving broadly conceptual approaches to business problems
- Creative Production measures interests that are realized through highly creative activities such as the development of new products or marketing concepts, the gernation of new business ideas, etc.
- Counseling and Mentoring measures interests that involve developing relationships as a crucial part of business work, such as coaching, training and mentoring
- Managing People and Relationships measures interests that involve developing relationships as a crucial part of business work, such as coaching, training and mentoring
- Enterprise Control measures interests that are realized through having ultimate decision-making authority for complete operations
- Influence Through Language and Ideas measures interest in exercising influence through the skillful use of written and spoken language
The real keys to job satisfaction are neither skills nor values, but "deeply embedded life interests."But the fact is, strong skills don't always reflect or lead to job satisfaction. Many professionals, are so well educated and achievement oriented that they could succeed in virtually any job. The answer is, only if the job matches their deeply embedded life interests. These interests are not hobbies — opera, skiing, and so forth — nor are they topical enthusiasms, such as Chinese history, the stock market, or oceanography. Instead, deeply embedded life interests are long-held, emotionally driven passions, intricately entwined with personality and thus born of an indeterminate mix of nature and nurture. Deeply embedded life interests do not determine what people are good at — they drive what kinds of activities make them happy. At work, that happiness often translates into commitment. It keeps people engaged, and it keeps them from quitting. Think of a deeply embedded life interest as a geothermal pool of superheated water. It will rise to the surface in one place as a hot spring and in another as a geyser. But beneath the surface — at the core of the individual — the pool is constantly bubbling. Deeply embedded life interests always seem to find expression, even if a person has to change jobs — or careers — for that to happen.
many people have only a dim awareness of their own deeply embedded life interests. They may have spent their lives fulfilling other people's expectations of them, or they may have followed the most common career advice: "Do what you're good at."
The eight life interests identified , as a key tool for managers to retain their best employees can be equally valuable for employees themselves. This model distinguishes itself from other career interest models in that it is activity-based, rather than based on general interest patterns. It's founded on the notion that interests, not skills, should be the foundation of peoples' careers.
This model provides a measure of interest patterns as they apply to business work roles and work environments in the following core function areas:
- Application of Technology measures interests that are often associated with engineering, production, operations, and the general use of technology to accomplish business objectives
- Quantitative Analysis measures interests that are realized through problem-solving that relies on mathematical analysis
- Theory Development and Conceptual Thinking measures interests involving broadly conceptual approaches to business problems
- Creative Production measures interests that are realized through highly creative activities such as the development of new products or marketing concepts, the gernation of new business ideas, etc.
- Counseling and Mentoring measures interests that involve developing relationships as a crucial part of business work, such as coaching, training and mentoring
- Managing People and Relationships measures interests that involve developing relationships as a crucial part of business work, such as coaching, training and mentoring
- Enterprise Control measures interests that are realized through having ultimate decision-making authority for complete operations
- Influence Through Language and Ideas measures interest in exercising influence through the skillful use of written and spoken language
Tuesday, January 12, 2010
Smart Buying and Credit
Prior to this course, I had little thought or regard over the way I purchased my goods whether it be eftpos, cash or credit. However, I did notice I spent less if I tracked my cash by putting my allowed spending amount into my wallet for my weekly expenses. It made me prioritise necessities and wants. It also meant there was no chance of me paying credit on my purchases by not paying the full balance on my credit card at the end of the month. So if you want to buy something, try to pay cash or lay-by.
Credit cards can be handy in emergency situations but they do lead to overspending and spending your paycheck early. I have had this problem several times and I need to rectify this. Firstly, one tip from Clitheroe is to always ask before handing over the credit card if a transaction surcharge applies. Secondly, always pay off your balance in full before the required date to avoid paying interest. Thirdly, shop around for the best deals if a credit card is necessary. Last year I was able to get a 0% balance transfer interest rate with no annual fees with HSBC which helped me enormously. Unfortunately I ended up creating another debt as I did not learn my lesson as my parents helped me pay off my debt problem. So I am in the process of paying it off again but this time on a NAB 0% balance transfer and this time I am being more careful with my money.
Having too many applications on your credit rating can tarnish your credit rating. One positive though is that if you show that you always pay off your credit card and that you are a safe person to lend to, your credit rating increases! Which means down the track I will have a higher credit rating than someone who may never have had debt by not owning a credit card.
Credit cards can be handy in emergency situations but they do lead to overspending and spending your paycheck early. I have had this problem several times and I need to rectify this. Firstly, one tip from Clitheroe is to always ask before handing over the credit card if a transaction surcharge applies. Secondly, always pay off your balance in full before the required date to avoid paying interest. Thirdly, shop around for the best deals if a credit card is necessary. Last year I was able to get a 0% balance transfer interest rate with no annual fees with HSBC which helped me enormously. Unfortunately I ended up creating another debt as I did not learn my lesson as my parents helped me pay off my debt problem. So I am in the process of paying it off again but this time on a NAB 0% balance transfer and this time I am being more careful with my money.
Having too many applications on your credit rating can tarnish your credit rating. One positive though is that if you show that you always pay off your credit card and that you are a safe person to lend to, your credit rating increases! Which means down the track I will have a higher credit rating than someone who may never have had debt by not owning a credit card.
Sunday, January 10, 2010
Savings
Saving is the key to financial security. As a student, I have many expenses and it is very difficult to save. Thus little savings can make a big impact on my lifestyle.
In chapter 3 of Money, it states that "no other factor is as important in becoming financially secure as saving. It's even more important than investment."
Savings = deferred consumption
It is not a spend later on account. Now that is a tricky concept which I had not realised before beginning this course.
Also a high interest online account is better value than term deposits. With term deposits, you can't access your cash in case of emergencies. It is fixed in so you can't take that money out.
From my research, Ubank is the online account to open (which I did and my brother and his girlfriend also have on my advice)! It has a high base interest rate of 5.51%, with a .10% bonus if you deposit $100 per month into the account. I had one question regarding my statement and the customer service was quick and polite. Very impressed with Ubank!
The next highest base rate was ME online savings at 4.85% with Bankwest being the next highest for max interest rate at 5.51%. I personally don't like Bankwest's offer as the rate drops down to 3.75% if you withdraw money.
Another important aspect when looking for savings accounts is to check the frequency of the interest calculation and when it gets paid into your savings account. As it takes time for the compounding power to kick in, the earlier you start the better!!
In chapter 3 of Money, it states that "no other factor is as important in becoming financially secure as saving. It's even more important than investment."
Savings = deferred consumption
It is not a spend later on account. Now that is a tricky concept which I had not realised before beginning this course.
Also a high interest online account is better value than term deposits. With term deposits, you can't access your cash in case of emergencies. It is fixed in so you can't take that money out.
From my research, Ubank is the online account to open (which I did and my brother and his girlfriend also have on my advice)! It has a high base interest rate of 5.51%, with a .10% bonus if you deposit $100 per month into the account. I had one question regarding my statement and the customer service was quick and polite. Very impressed with Ubank!
The next highest base rate was ME online savings at 4.85% with Bankwest being the next highest for max interest rate at 5.51%. I personally don't like Bankwest's offer as the rate drops down to 3.75% if you withdraw money.
Another important aspect when looking for savings accounts is to check the frequency of the interest calculation and when it gets paid into your savings account. As it takes time for the compounding power to kick in, the earlier you start the better!!
Wednesday, January 6, 2010
MoneyStrands
More on Moneystrands. It really is an excellent site for a student. You need to play around a bit with it to understand it but that effort goes a long way.
The customer service is excellent. I had a few problems and thus I emailed late in the afternoon. By the next morning I had a response. 5 stars for this!
My main problem was getting my balances to adjust. You have to realise that the settings is on US dollars, not Aussie and so you need to go to the settings section to change it.
The other problem is putting your transactions into the right categories. This needs to be done manually sometimes as the computer doesn't correctly identify where you spent your money.
After you do that you can look at the analysis page that creates pie charts to show you how you have spent your money over different periods.
You can also create a budget and during the month it tracks how much you have spent against how much you have budgeted.
Overall, this is an excellent site for a student to track his or her money in a simple, easy manner!! Very impressed!
The customer service is excellent. I had a few problems and thus I emailed late in the afternoon. By the next morning I had a response. 5 stars for this!
My main problem was getting my balances to adjust. You have to realise that the settings is on US dollars, not Aussie and so you need to go to the settings section to change it.
The other problem is putting your transactions into the right categories. This needs to be done manually sometimes as the computer doesn't correctly identify where you spent your money.
After you do that you can look at the analysis page that creates pie charts to show you how you have spent your money over different periods.
You can also create a budget and during the month it tracks how much you have spent against how much you have budgeted.
Overall, this is an excellent site for a student to track his or her money in a simple, easy manner!! Very impressed!
Tuesday, January 5, 2010
Personal Finance Software Packages
In an earlier blog, I spoke about the use of tracking your expenses. Knowledge is power and if you know what your financial circumstances are and what you can afford to spend, it makes saving and wealth building much easier.
With the course, we were given the expense tracker assignment to follow the movements of our incomes and expenditures. It was briefly spoken about and I went off and researched it.
Microsoft Money was the first financial software I researched. "Microsoft Money Plus is no longer available for purchase. All purchased Money Plus products must be activated prior to Jan. 31, 2011. Online services extensions are no longer available for Money Plus." (http://www.microsoft.com/money/default.mspx) Thus, I don't think there's much point to trying to locate it.
Secondly, whilst researching I realised that most programs you have to PAY for to track your money. So I decided to just research the free programs. At the moment, I don't need a sophisticated program as I don't have a complicated income or expenditure. In the future, I will look further into different programs that can amalgamate all my financial costs such as saving, mortgage, expenses, deferred saving, credit cards, car insurance and health insurance.
As a student, FREE is beautiful.
The first software program I looked at was http://www.mint.com/. This had many good reviews. I liked the setup. However when I tried creating an account you needed a zipcode, thus it was more suited to the American market.
The second site I looked at in detail was http://www.clearcheckbook.com/. This was suitable for people from many countries as they had many currency types. However, when you looked further into the site you realised that for you needed premium membership to get all the benefits of the site. Thus, it is no longer free.
Third site was http://www.myspendingplan.com/. This once again needed a zipcode so not useful for Australian residents.
The fourth site I looked at and eventually joined was https://money.strands.com/. I quite like this site. It is secure, Mc Afee protects the website so you don't need to worry about getting hacked. As the program is over the internet, you can access it anywhere you have an internet connection. The first thing you do is add accounts. This site is also American based but it is very user friendly to people from other countries. One thing I did not like was that my totals were slightly off. This is because for one of my transactions that was a bpay from my savings account to pay a bill, they added it to my credit card payment. So a few things will need to be changed manually. This program also creates pie charts of your costs but you will need to manually change some of the categories they are in if the website interprets them wrong. However, this is still a great device they have. They also have lots of other sections so it's quite impressive for a student who has never used such a tool before.
With the course, we were given the expense tracker assignment to follow the movements of our incomes and expenditures. It was briefly spoken about and I went off and researched it.
Microsoft Money was the first financial software I researched. "Microsoft Money Plus is no longer available for purchase. All purchased Money Plus products must be activated prior to Jan. 31, 2011. Online services extensions are no longer available for Money Plus." (http://www.microsoft.com/money/default.mspx) Thus, I don't think there's much point to trying to locate it.
Secondly, whilst researching I realised that most programs you have to PAY for to track your money. So I decided to just research the free programs. At the moment, I don't need a sophisticated program as I don't have a complicated income or expenditure. In the future, I will look further into different programs that can amalgamate all my financial costs such as saving, mortgage, expenses, deferred saving, credit cards, car insurance and health insurance.
As a student, FREE is beautiful.
The first software program I looked at was http://www.mint.com/. This had many good reviews. I liked the setup. However when I tried creating an account you needed a zipcode, thus it was more suited to the American market.
The second site I looked at in detail was http://www.clearcheckbook.com/. This was suitable for people from many countries as they had many currency types. However, when you looked further into the site you realised that for you needed premium membership to get all the benefits of the site. Thus, it is no longer free.
Third site was http://www.myspendingplan.com/. This once again needed a zipcode so not useful for Australian residents.
The fourth site I looked at and eventually joined was https://money.strands.com/. I quite like this site. It is secure, Mc Afee protects the website so you don't need to worry about getting hacked. As the program is over the internet, you can access it anywhere you have an internet connection. The first thing you do is add accounts. This site is also American based but it is very user friendly to people from other countries. One thing I did not like was that my totals were slightly off. This is because for one of my transactions that was a bpay from my savings account to pay a bill, they added it to my credit card payment. So a few things will need to be changed manually. This program also creates pie charts of your costs but you will need to manually change some of the categories they are in if the website interprets them wrong. However, this is still a great device they have. They also have lots of other sections so it's quite impressive for a student who has never used such a tool before.
Sunday, January 3, 2010
Savings
Saving is the conservation of money. Methods of saving include putting money aside in a bank or pension plan. Saving also includes reducing expenditures, such as recurring costs. In terms of personal finance, saving specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is higher.
Saving is different to DEFERRED SPENDING. This is a concept that I had not thought of until this course. Real saving is when you never plan to spend that money. Saving for a holiday is deferred spending as you will eventually spend the money.
I realise I have only ever done deferred spending. A scary thought. I also realise that with my situation, I won't be able to begin building real savings until after I finish my degree this year. I will also need a savings buffer of $10,000 in case of emergencies. I won't have that by the end of this summer. I am aiming for a $2500 buffer amount for uni which I believe will get spent as Centrelink Austudy and rent assistance will not cover my bills and accommodation expenses.
Thus most of my savings thoughts are for the beginning of 2011 when I will earn a full time salary. I plan to live in Perth next year with my parents to eliminate the cost of rent and most bills as my parents will subsidise my living expenses. However, I aim to give my parents half my wage to help them reduce their mortgage costs.
The most important aspect of saving is knowing your limits. I need to relearn what is a "need" versus a "want". I need to be SMART (Specific Measurable Achieveable Realistic Time). I also believe contentment in life is important. You can't measure happiness and someone who earns more money is not necessarily more fulfilled in life.
Ways to save as a student:
- Shop at ALDI for groceries with a weekly shopping list. NO IMPULSE BUYS!!
- Go to the gym often, thus using up some of your time that you might use to go spend money.
- Make lunch for uni every day.
- Reduce going out and only take the amount of money you are willing to spend in your wallet. Leave all other means of obtaining money at home.
- Borrow movies and books from friends, thus not having to pay for entertainment.
- Use the University library for all internet purposes, thus not having to pay an extra bill.
- Pay with cash, then you know exactly how much you are spending.
- Don't use shopping as a hobby, find other activities that take up your time.
- Shop around and WAIT FOR SALES!
- Go to the Fruit and Vegetable market to buy fresh produce for the week as they are normally much cheaper.
- Borrow friend's textbooks who have already passed the course to reduce uni costs
- Have a cup of coffee at home before you go to uni
- Collect coupons and follow the weekly sales at the grocery store
- Kick the bottled water habit; support your local tap water and drink for free.
- Pick up a local newspaper and check upcoming events for freebies: concerts, arts and crafts fairs, theater, festivals, art galleries, and museums.
-If you have to shop, make sure you patronise places that offer student discounts.
- Buy in Bulk.
- Try to get an appartment which is close to campus to avoid paying travel costs.
- Communicate via email, thus saving texting fees.
- Use skype to skype as this is FREE!!
- Go to the uni hair dresser for a haircut - only $30!!
- Take hand-me-downs!
- Have a pre-paid mobile.
- Eat less meat, meat is expensive!
Saving is different to DEFERRED SPENDING. This is a concept that I had not thought of until this course. Real saving is when you never plan to spend that money. Saving for a holiday is deferred spending as you will eventually spend the money.
I realise I have only ever done deferred spending. A scary thought. I also realise that with my situation, I won't be able to begin building real savings until after I finish my degree this year. I will also need a savings buffer of $10,000 in case of emergencies. I won't have that by the end of this summer. I am aiming for a $2500 buffer amount for uni which I believe will get spent as Centrelink Austudy and rent assistance will not cover my bills and accommodation expenses.
Thus most of my savings thoughts are for the beginning of 2011 when I will earn a full time salary. I plan to live in Perth next year with my parents to eliminate the cost of rent and most bills as my parents will subsidise my living expenses. However, I aim to give my parents half my wage to help them reduce their mortgage costs.
The most important aspect of saving is knowing your limits. I need to relearn what is a "need" versus a "want". I need to be SMART (Specific Measurable Achieveable Realistic Time). I also believe contentment in life is important. You can't measure happiness and someone who earns more money is not necessarily more fulfilled in life.
Ways to save as a student:
- Shop at ALDI for groceries with a weekly shopping list. NO IMPULSE BUYS!!
- Go to the gym often, thus using up some of your time that you might use to go spend money.
- Make lunch for uni every day.
- Reduce going out and only take the amount of money you are willing to spend in your wallet. Leave all other means of obtaining money at home.
- Borrow movies and books from friends, thus not having to pay for entertainment.
- Use the University library for all internet purposes, thus not having to pay an extra bill.
- Pay with cash, then you know exactly how much you are spending.
- Don't use shopping as a hobby, find other activities that take up your time.
- Shop around and WAIT FOR SALES!
- Go to the Fruit and Vegetable market to buy fresh produce for the week as they are normally much cheaper.
- Borrow friend's textbooks who have already passed the course to reduce uni costs
- Have a cup of coffee at home before you go to uni
- Collect coupons and follow the weekly sales at the grocery store
- Kick the bottled water habit; support your local tap water and drink for free.
- Pick up a local newspaper and check upcoming events for freebies: concerts, arts and crafts fairs, theater, festivals, art galleries, and museums.
-If you have to shop, make sure you patronise places that offer student discounts.
- Buy in Bulk.
- Try to get an appartment which is close to campus to avoid paying travel costs.
- Communicate via email, thus saving texting fees.
- Use skype to skype as this is FREE!!
- Go to the uni hair dresser for a haircut - only $30!!
- Take hand-me-downs!
- Have a pre-paid mobile.
- Eat less meat, meat is expensive!
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