30 Oct 09 Joe Wonders, Should He Quit His Job Part – 2

Through this series, I am attempting to help Joe who wants to change is current job, but he is very much confused. He is not sure, if he is making a right decision or not. In the first part of the series we asked Joe some questions about his current job. In this part, we will ask questions about Joe’s financial condition and will also ask Joe to evaluate himself in terms of finance.

Analysis of Joe’s financial condition

Before Joe can jump out of his current job and take up a new venture, he needs to understand his present financial condition. If he is not very much sound financially then he should stick to his current job until his financial condition improves. To find out how healthy is his financial, Joe needs to ask the following questions:

How good is your credit rating? Joe needs to have a very healthy credit rating before he should quit his job. If his credit rating is not good then Joe should stay in his current job and build a strong credit score before he can think of quitting the job.
Can he sustain his life for six months without a regular income? No matter how starry-eyed Joe is, he will not be able to make any difference, if all he got is dream. He needs to think about his family and their life. He needs to put bread on the table, pay his bills, support his child, and have some savings for medical and other emergencies. And if Joe can do all these for six months then Joe is good to go. He should quit the job and chase his dream. Six month is a long time, if his dream is realistic and executable, he can start anew in this period.
Does he have sufficient savings to support his dream?
From where is he planning to get financial support to go all in?
Does he have medical and insurance policies in place? When is the premium due? What if he fails to make the premium? How much will it affect his and his family’s medical and insurance coverage?
What about his retirement plan? How will it get affected if he fails to make deposit to his retirement fund?
Is his wife earning? Can she support Joe’s family? And for how long can she do so?

Joe would not like to put his family life in jeopardy by making a reckless decision. Hence, these questions are worth considering before he could bid adieu to his current job.

Tags: Chase, Credit Rating, Credit Score, Emergencies, Finance Analysis, Insurance, Insurance Coverage, Insurance Policies, Job, Long Time, New Venture, Pay Bills, Retirement Plan, Right Decision, Six Months

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04 Oct 09 Daily Time Management Tips – 6

In this sixth installment of daily time management tips series, I will tell you how to limit your time investment in the unnecessary tasks that one need to perform monthly. Those tasks are not unnecessary per say, but as this time management tips series is concerned about your productivity at your work place, I have used the above term.

Monthly grocery shopping

Limit your visit to a super market to once a month. You should purchase all the non-perishable goods for your kitchen in just once visit to a super market. Make a list of items before leaving for the super market, so that you do not miss anything. You can start limiting your visits to super markets by once a fortnight.

Monthly bill payment

I would recommend using online bill payment facility to pay your monthly bills, but if you cannot do that for some reason then at least assign a couple of hour on one particular day of a month on which you will make all the bill payments. This way you will pay all your bills in just one day, and you will also save some dollars that may go for fine, if you do not pay bills on time. The common date for bill payment should be at least 3 to 4 days ahead of the last date of all the bills. You can be flexible with the common date, but do it before any deadline approaches.

Update your bank accounts

This will just take 20-30 minutes in a month. Visit your bank and take your bank statement for the month and double check the transactions you have made. Mark personal and business transactions separately. Also mark the transaction for which you are expecting a reimbursement from your employer. This will save you time that goes in vain at the time of tax filing.

Be organized

You can save at least 10-15 hours a month by being organized. An unorganized person wastes many hours in finding the stuffs he has kept somewhere and forgotten. If you add on this the mental agony and resultant time waste than this number shoots up to 30-40 hours a month. By being organized, you can save 2 days every month.

Tags: 30 Minutes, Bill Payment, Bill Payments, Business Transactions, Deadline Approaches, Fortnight, Grocery Shopping, Last Date, Mental Agony, Pay Bills, Perishable Goods, Productivity, Sixth Installment, Stuffs, Tax Filing, Time Investment, Time Management Tips, Time Waste, Unnecessary Tasks

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30 Oct 09 Joe Wonders, Should He Quit His Job Part – 2

Analysis of Joe’s financial condition

04 Oct 09 Daily Time Management Tips – 6

Monthly grocery shopping

Monthly bill payment

Update your bank accounts

Be organized

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