Building Businesses, Enjoying Life, & Everything In Between.

My Annual Review 2011: Part 2

When I introduced my my 2011 annual review I reflected on what went well and what I struggled with during the past year. I include things across all areas or categories of my life – personal, social, financial, or business related – that I have control over. If something blew up because of an outside influence it’s a drag, but that’s no fault of my own.

I start with this reflection in order to define what is important to me for the up coming year. It gives me a starting point to set goals and actions to achieve. I break my goal setting down into categories, as I mentioned in my previous post, these are based on the outline from Chris Guillebeau. The categories that I typically use during this thought process are:

  • Friends, family, and social
  • Health
  • Business
  • Learning
  • Travel
  • Writing
  • Financial (earning)
  • Financial (saving)
  • Financial (giving)

So what plans do I have for 2012?

There are a few big milestones I’d like to conquer in 2012. These aren’t the gone-by-February New Year resolutions such as “get in better shape,” “get more exercise,” “earn more money,” or “be happier.” They are specific events or accomplishments with measurable actions to help me get there. Here is a list of 10 of the more substantial ones I have set for myself that I believe will greatly impact my quality of life:

Run my first marathon. My lack of a healthy lifestyle was a big issue for me in 2011. I believe that if I have a purpose to train for something, and something to work towards that it would motivate me a little more than simply knowing I need to do it. I have always wanted to run in a marathon, and ran track and field fairly competitively in high school. There is a July marathon in Barrington, NS and a September marathon in Sydney, NS. I would like to be ready by July, but considering I haven’t run more than 3k at a time in the past 12 months, I think I’ll register for both just in case.

Complete P90x in 90 consecutive days (like for real this time). Although I’ve attempted it a couple times before, the furthest I’ve ever gotten is to about day 50. Life always seemed to get in the way – or at least that was my excuse at the time. It really doesn’t take that much out of your day and the program has a great mix of workouts (I hate it, but I love it). Considering I typically work from home and have more than enough space, I’m not sure if I’ll be able to come up with many excuses this time. I will likely be documenting my successes and failures with health and fitness over on a blog I’ve started called Health Redefined so feel free to follow that if you’re looking for updates.

Launch an online local Internet marketing training program. As part of my new business, I would like to launch an online training series to teach small and local businesses how to better compete online. There are many businesses I speak and meet with that simply don’t have the money in the budget to have me (or anyone) execute a proper Internet marketing strategy. That said, many do have an extra 30 minutes a day they could devote to promoting their business online. It’s these people I want to help by offering the tools and knowledge they need to get the online side of their business to where they want it to be. I’d like to have this up and running before summer of 2012.

Learn to say no. I have a tough time saying no to opportunities and projects, which leads to me being stretched thin, stressing out, and doing poorly on one or more of the projects. If something doesn’t fit well with my schedule or theme, I need to learn to say no.

Attend five plays, musicals, or cultural events during 2012. I managed to get to the Jungle Book at Neptune Theatre last month, which was very well done. I realized I didn’t get out to see many plays or shows during the year and wanted to make a conscience effort in changing that going forward.

Attend a weekly networking event. This may require me joining some sort of club, but even without that I would like to make more of an effort to get out and mingle with the local business crowd. I get to the odd 3rd Wednesday or Mingle at Fred but really not as much as I’d like and should.

Enjoy dinner and/or drinks and good conversation with close friends on a weekly basis. This is something I failed at pretty badly last year. In my opinion, getting together with those you care about on a weekly basis for laughs and good conversation will add years to your life.

Plan and book a trip to Ireland for 2013. My girlfriend and I have been talking about heading to Ireland for a while, and I’d like to finally nail down a date and book flights for this trip within the next year.

Read 52 books. I rarely make time for reading, especially fiction books, but always love life a little more when I do. I would like to consume 52 books – a book a week – during 2012. I’m fine with a mix of fiction and non-fiction, but I would like to add more fiction and relaxing books to the mix of things.

Build my passive income businesses to $3,000 per month. Working online, I have two types of incomes. One for which I have to actively work in order to get paid (client contracts, consulting, freelancing, training, etc.) and one for which I can stop working on and money keeps coming in. Most of the businesses I have are structured around a recurring-income business model that are semi-passive but typically requires a decent amount of work to grow. I have since started creating almost completely passive income streams (I don’t believe something valuable can be totally passive), and its these streams I would like to put more of a focus on growing over the next six to twelve months.

At first glance it might look like a big list – people always over estimate what they can accomplish in a day, but under estimate what they can accomplish in a year. I think if I can hit 80% of the above I would consider 2012 a good year.

I should also note that it’s important that once you have set these measurable goals, that you then define the process and steps necessary to complete them. It’s one thing for me to say I want to run a marathon, but it’s important that I know that by Feb 1 I need to be able to run 3x per week for at least 30 minutes without issues prior to even starting my marathon training. Breaking these goals down into smaller tasks will help make them seem less threatening.

Why do I do an annual review anyway?

Good question. Reflecting on your year to see what you’ve done well and didn’t do well is a great exercise to do. It can open your eyes a bit regarding the things that slipped, while at the same time make you feel like you’ve accomplished something by actually making note of it.

Going through this process will help you identify what’s important for you and what isn’t. These aren’t carved in stone. In 6 months time there might be goals on your list that are irrelevant or non important. It’s the process of defining them and having something to work towards on a yearly basis that is so powerful.

2012 seems to be the year of movement and action. Hopefully it’s a good one for everyone.

I hope you have a happy and safe Holiday season.

My Annual Review 2011: Part 1

Every year in December I like to take a full day and review how the previous year went. I was turned on to this by Chris Guillebeau and have been doing it for a couple years now. This year however, I’ve decided to start making it public. I decided to get back into the spirit of blogging and wanted to add a bit of transparency to this blog (and a lot more content coming up).

The process consists of looking at what I accomplished the previous year and what my shortcomings were. What did I do that was a big success, and what were my ultimate failures. I ignore outside influences – if something happened that I have no control over, I don’t let that impact my outcome, instead, I focus on what I control.

After I flush out what went well and what did not, I then turn to defining what I want to accomplish for the following year. I then revisit my progress every couple months to see how things are going. Some goals turn out to be irrelevant or non important, while other must-dos might creep up and take their place. It’s meant to be a framework and a guide, not carved in stone.

So, what went well for me this year?

I decided not to go back to school. Last August I was having one of those wtf months where I convinced myself I wanted to go back to school for Engineering. Although engineering does interest me, I’m not exactly sure why I wanted to do this. If I were to guess, it would be to put off defining what I was going to do with my life for another several years, or because I had a few back to back bad months as far as business went. Regardless, I’m glad I didn’t throw in the towel, instead, I hustled through it and am so glad I changed my mine.

Started a new business. I launched Bate Media in late September and have signed a couple big clients since. This has done wonders for my stress level and has even helped with my desire for continuous learning as well.

Spent Canada day in Ottawa. My girlfriend and I travelled to Ottawa for Canada day this year. We spent the lovely three day vacation with close friends and family. Being one of the few opportunities for travel this past year it was excellent to get to the Nation’s capital for its big day.

Got cash flow under control. Anyone who runs a small business or works for themselves can attest to the issue of cash flow. In 2011, I was finally able to get my businesses cash flows under control so that I no longer stress over it. This was mainly because of the new business and contracts signed in the Fall, but it has been a huge enabler as far as productivity and developing my side businesses go.

My relationship. Our new living arrangements and a more defined work schedule for me definitely spilled over into a better home life and relationship with my girl friend.

What did not go so well for me this year?

My health. This was the first thing I identified when reflecting on 2011 that was a huge issue during the year. I put on too much weight in 2011 and seemed to live quite a sedentary lifestyle this past year. I did not make exercise a priority and ate rather poorly overall this past year.

Didn’t save enough money. Granted I had a couple trips this past year, but I did not save as much money as I had hoped this year. While my income increased, my spending seemed to as well for the most part – and most of it was tossed away or eaten.

I didn’t make as many in-person connections as I had hoped. This was another big fail for me in 2011. I spent a ton of my time online. Even though I have connected with many influential bloggers and online business owners, and learned more this year than probably my 6 years of University combined, I lacked the same social interaction and connections in person. I am a very social person and it hurts me to notice that this was such a bad area for me this year.

It appears as though 2011 was the year of the business. I’ll admit that I am happy with the progress made in my online income and online businesses, however, reflecting on what sacrifices were made throughout the year to make that happen is eye-opening for sure. More balance is definitely needed going forward.

I’ll leave my goals for 2012 for another post next week, but I encourage you to take some time – even a few hours – to review how your year went. What went well for you? What could you have done much better? Leave a comment with a link to your review, I’d be happy to read it.

Personal Branding Tips: Dominate your personal Google results

Personal branding has been a hot topic for the past several years. You won’t make it through university without hearing a number of lectures and speeches about the importance of personal branding. Within the past few years, online personal branding has become extremely popular as well.

With controversy over getting fired due to facebook details, the importance of how we present ourselves online is raising. Here are some of my personal branding tips to keep you on top of the game.

What exactly is your personal brand

In my opinion, our personal brand is both how we market ourselves to others, whether it be employers, friends, or co-workers, and how others perceive us. It is important to align both of these aspects – the closer these things are to being the same, the better.

Although we may have been taught how to brand ourselves in person through interviews and elevator pitches, people have often formed an opinion of you before ever meeting you through social media and your Google results. This online branding is now getting more attention than ever.

Why is online personal branding important

Employers are googling you when you apply for jobs. They’ve been doing it for years so it shouldn’t be a surprise. Not only do many employers search for you online, but 80% of college and university admissions officers use Google and social media to research potential candidates.

I’m not saying these results will make or break whether or not you get a job or accepted into university, but with growing competition for both, it’s no doubt that they are playing an increasingly important role.

Your personal branding tool-kit

There are a lot of tools that you can carry with you as far as personal branding goes, both offline and online. Your resume, cover letter, business card, portfolio, and elevator pitch are all great tools. Even what you wear, how you shake someone’s hand, and how you hold eye contact all play into how other perceive who you are.

It is important to round out your tool-kit with online branding tools as well. These include personal and professional blogs, social media profiles, online references, and much more. Once you have established yourself with a number of profiles and a personal website the trick is now making sure people find what you want them to find.

Online branding tips to dominate your Google results

Here are the Canadian Google results for my name, as of March 31, 2011, along with a few notes on what each result represents:

Click on the above images to get a larger view with notes. Here are the main takeaways I learned while doing this:

Get a semi-professional / personal website

This is by far the most important thing you can do to increase exposure for yourself online. The best thing to do is to register the domain firstnamelastname.com or another extension like .net or .ca. Getting your name in the domain will help with your rankings in Google. Another benefit of having your own website is that you own your content and control what you write about. If you are building a brand for yourself as a world-class kayaking instructor you can choose to write about kayaking-related topics so that others see this side of you first when they search for you.

I chose to do two sites with my name in it – one a little more professional and the other much more personal. It’s important to remember that even with your personal sites you need to keep them semi-professional looking and sounding.

Build your social media profiles

Having a clean facebook and twitter account will go a long way both with how people perceive you and how well you rank in Google. Although these are the two main profiles I recommend, I’ve had great success with Naymz, Pros on the web, and Google Profiles. When selecting usernames at these sites it’s important to choose the name you want to brand online, typically your full name. It’s also beneficial if you can write unique biographies for each profile instead of using the same cut-and-paste bio for each.

Between your personal site and your social profiles you can usually dominate the top results in Google for your name with the right amount of links.

Use work or community profiles if available

If your organization has employee profiles online, be sure to submit a well written bio for the website. This is a great way to get exposure online. Also, your involvement with community organizations or sports teams is another great way to diversify your online profiles.

Building links to your website and profiles

Depending on how popular your name is your results may vary. Luckily there didn’t seem to be any celebrities by the name of Adam Bate, however there are other professionals out there with the same name.

Like any website, the amount of links and the anchor text of those links play a huge role in how well it ranks in Google. It is important to get links to both your website and your social profiles. Ask friends who also have personal websites to link back to yours using your full name. Alternatively, you can write articles for sites such as Ezine or HubPages that allow do-follow links in return for great content.

It’s also important to link between your profiles. Each profile usually has the option to define your work site, personal site or blog, other profiles, etc. Make sure your core group of profiles are well inter-linked as well.

If you follow the above personal branding tips I guarantee you will be well on your way to dominating your Google results.

If you have any questions about setting up your own website or how to best built your online profiles feel free to ask away in the comments below and I’ll be happy to answer as best as possible.

A different approach to job hunting: building your network and free work

You’ve been rewarded throughout your entire life for showing up and playing or working hard. You got yourself involved during your school years and managed to get through it all with decent grades and only $50,000 in debt. You’re a new grad – eager and passionate and deserving of a well-paying, intellectually-stimulating job, right?

Welcome to the real world. It doesn’t take long to realize that you’re competing with more than just classmates born within the same calendar year. You won’t be rewarded for just showing up anymore and you’ll need to prove that you deserve that dream job – but how?

Build and use your network

The easiest way to find a great job is through your existing connections and network. Get the word out on what you are interested in and what your skill sets are. Blasting a hundred resumes to various employers may yield something but the odds of that job being something you are passionate about is slim to none.

A great way to build relationships in an industry is by offering free work.

Embrace the idea of Free Work

Many people can justify spending thousands and thousands of dollars on a degree but couldn’t fathom the idea of working for free for a few months to gain much needed experience and relationships.

Charlie Hoehn describes free work in his e-book as being different than an internship. In an internship, the employer usually feels they are doing the intern a favour and the intern is usually force fed mundane work and rarely given any real responsibility.

Free work is done strategically. You are able to research an industry and employer that you are genuinely interested in and propose a project that you will be passionate about.

Charlie mentioned the importance of removing all risk from the employer – not just financial. He recommends doing this by arranging a remote working environment. Not only are you working for free, but since you are not working at the office they will not have to worry about any overhead or training that would be involved.

There are jobs out there. If you are struggling to find a job you are passionate about start asking why. Reevaluate how you are approaching your search and spend your downtime more productively than watching reruns of Golden Girls all day.

Be more productive while working from home

It can be hard to separate work from life at times – especially when you work from home. It can be a blessing or a curse depending on how disciplined and motivated you are.

That said, I have spent the last four months trying to master working from home and getting the most out of my days. I thought I would share some somewhat common sense tips to being productive while working from home.

Define a work space

Defining a work space is a must to maximize productivity while working from home. Have an area that is exclusive for work. Perhaps it’s a desk you setup in the den or spare bedroom. Whatever and wherever it is make sure it’s for work only. Don’t eat at this desk, don’t watch movies or play games in this area – it is your work area.

It won’t be long before you train yourself that when you enter this area or sit at this desk you are there for one thing – productive work. It is also great for those you live with so they know when you are working vs. merely using your computer or reading for pleasure.

Don’t forget your morning routine

Just because you work from home doesn’t mean you have to roll out of bed and jump on the computer or phone. It may be tempting to get the work “out of the way” but before you know it the afternoon will have creeped up and you will not have showered or brushed your teeth.

So get yourself into a routine in the morning – you’ll be surprised how much more productive you are if you’ve cleaned up, ate some breakfast, and put on a pot of coffee.

Breaks and Exercise

Take breaks and get your exercise. Simple as that. Make sure you aren’t spending your entire day in your house – it is extremely unhealthy.

Run to the gym for an hour or go walk to grab a cup of coffee. Whatever you decide to do, make sure you do it every day – your productivity will soar because of it.

Stay focused and prepare – the night before

I’ve preached about the importance of preparing for your day the night before in other posts. It’s easy to get distracted when you work from home so it’s even more important to identify the major tasks of the day that you need to get done.

Every night, identify three important tasks that you need to get done the next day. Do this on a piece of paper or in your note book and circle the one tasks that is the most important. The tasks that if you got nothing done except this one thing, you would still feel good about your day.

This will keep you focused on what needs to be done first.

Know what schedule works for you

One of the major benefits of working from home is the fact that you can – depending on your job – set your own schedule. Society has us preset to a 9-5 work schedule which isn’t necessarily ideal for everyone. Although some work may need to be completed in this timeframe in order to connect with others on this schedule, a lot of work can be completed at your convenience.

Personally, I am somewhat of a late riser – normally 9 or 10 AM – and I usually take another hour for my routine before getting down to work unless something very time-sensitive comes up. I avoid the mid-afternoon wall – a time during which I am very unproductive – by getting out for a walk to grab a cup of coffee, heading to the gym, or even scheduling a meeting so I can get out of the house and away from the computer. Most of my creative work, brainstorming, and writing gets done between 9PM and 2AM.

If you are just starting to work from home, you will quickly begin to learn what schedule works for you in order to get the most out of your work day.

I wanted to stay focused on working from home vs working location-independently. That said, leveraging free wifi and great coffee is another excellent way to stay productive during the day while switching up your environment. There are many great resources to live a location independent lifestyle.

Live happier: A different look at friendships and relationships.

I recently listened in to a call on the importance of building strategic business relationships versus general networking. The authors and entrepreneurs Keith Ferrazzi, Tim Ferriss, and Guy Kawasaki had an open conversation on how they were affected by having a close-knit group of strategic relationships and how to go about finding them.

Although this call was mainly focusing on the business-related applications of strategic relationships, it got me thinking about how people form relationships and friendships in general.

Everyone has many levels and layers of best friends, friends, associates, personal contacts, business contacts, etc. and whether or not we think about it, every time we meet a new person we form opinions about them and unconsciously place them in one of our layers and categories. People typically drift from level to level, and unfortunately we lose touch with many, but there are also many people that we should likely be keeping a little closer – but for whatever reason we don’t.

The thing that got me thinking is the amount of people that actually consider how they choose their friends and who they keep close and at a distance. Most people don’t put much thought into it, and it definitely has its effect. The people that are the closest to us have an enormous influence on our lives and it is important to understand that this influence can be both positive and negative. If you are struggling and finding yourself not as happy as you should be, try to surround yourself in people that have a positive influence on you. This may not always include your current circle of friends so it may mean you need to reach out to old friends, new acquaintances, etc.

Fortunately, I consider myself quite lucky in the sense that I have what I believe to be an excellent group of close friends on which I can rely. Unfortunately, it is impossible to be very close with a large number of people – which makes it even more important to make sure you are keeping the right people close to you. After some thought I have come up with some of the things I find extremely important in developing a close friendship and relationship.

Honesty.

It is important for someone to be able to tell you when you are out of line, or call you out on something that they disagree with. Praise from someone who is also willing to challenge you, is worth much more than If someone only ever agrees with you.

Respect.

I think this one goes without saying. Being brutally honest without being respectful can hurt. It is important that they show respect and are able to be critical, but constructive.

Dependability.

If you were in a crisis, whether personally, professionally, or emotionally and reached out to a friend to get together for a chat over dinner would they make time for you?

I’m not saying that it has to happen all the time, or that you even need to spend a lot of time together, but are they willing to make time for you when you need it? Or do they only ever seem to appear when it is convenient for them?

Motivating.

I’m sure you have experienced people that make you feel motivated or inspired when you are around them. For whatever reason, they have an aura that makes you want to strive to be the best. These are the people in particular that you want surrounding you, but are unfortunately harder to find.

Losing touch sucks. I’ll be the first to admit that I have lost touch with many great friends that I wish I could have kept closer. I know with a relocation coming up there will likely be more shifting of people from layer to layer which is I guess why I started to think of it. If you’re reading this and have lost touch please feel free to contact me or email me to say hi and let me know what you have been up to. I would love to catch up.

Thoughts and comments are always welcome and encouraged.

Become a Knowledge Expert in Anything in 6 Months.

When I chat with people about personal branding tips a common theme surfaces in most young new graduates, students, and entrepreneurs – not enough experience. More importantly than not having enough experience is not having a way to stand out in the crowd – or the industry in which they are or wish to be working in.

So here is a 5-step process that will allow you to be deemed an expert in any field within 6 months.

Start a business.

Pick a name and register a business. A sole proprietorship will do the trick, you won’t need anything too expensive or over the top – for under $100 you can register your own business online. Register a domain name to go along with it and put up a static company website with contact information for the time being.

This gives you the professional aura that you’ll need and instantly gives you some credibility. You aren’t just another freelancer in the industry that’s there one day and gone the next. This will give your clients some peace of mind.

Lots of reading and blogging.

After you have your business registered and a website on the go get very familiar with the industry and start your own blog. Become comfortable critiquing current events and giving your opinions and recommendations on things. Keep your blog semi-professional and avoid any negative posts unless they are constructive – don’t complain for the sake of complaining unless you can suggest how to fix it. Some things to write about may include current events and trends in the industry, your take and perception on certain things, or some personal tips and tricks.

Remember not to over-do it, but don’t under-do it either. Don’t let your blog go stagnant, but a new blog post every day can be exhausting. Try for one every 5 days, or once a week.

This gives clients the perception that you are confident and you know what you are talking about – and hopefully by this time it’s the truth.

Freebee or discounted work.

Now that you seem to have the aura and the knowledge to tackle some work go out and find some. You may initially need to offer your services for free or at a discounted rate until you’ve proven yourself.

Let me reiterate that – until you’ve proven yourself. I’m not recommending you undercut the industry and charge prices that you can barely live off of. I mean for the first one or two projects you do offer a highly discounted rate or work for free but explain that this isn’t your typical rate. Your objective after all is to be able to charge a premium as being an industry expert.

This gives you a bit of experience and a portfolio to show off to future clients and on your website.

Present to whoever will listen

Where and how you present will depend on what you’re doing, but now that you have written some short articles, and done some work in the industry, contact some local colleges, universities, high schools, industry groups, media, etc. and offer to present [insert your topic on your industry here]. Create a 15-20 minutes presentation on something you feel is important to learn or know in your industry and ask to present it to students, the media, etc.

This will add to your experiences and credibility in the eyes of both future clients as well as others in the industry. By this time you are beginning to look like an industry expert.

Volunteer and Mentor

Now that you have that expert aura, people will likely start contacting you for advice and help. Take on a couple volunteer roles in your industry – help out with others starting their own business or partner with complimentary services. Mentor students in training in the same industry.

These students won’t forget the help you’ve given them. Your reputation in the industry will reflect the fact that you’ve helped out.

You are now branded as an expert. This process can typically be done in 6 months if given proper attention. If you are a student, you can start the process while still in school in order to hit the ground running after graduation. Note I haven’t mentioned anything about formal education in this process. Of course a formal university or college education helps but if you can prove yourself in the industry without it, your reputation and experiences will ultimately be worth the most.

As always, I encourage any thoughts or feedback you may have.

Spend money guilt-free on whatever you want: Be smarter about your finances.

When was the last time you spent even $100 and didn’t feel any guilt?

If you know me, you know I have a “spending” personality. I enjoy spending and typically have lived such a way. Unfortunately, being a student for most of my life, every purchase was full of guilt. Do I really need this? Should this money be better allocated somewhere else? Many people go through their entire lives living like this, even with comfortable salaries. After finishing school, I swore I wouldn’t be one of them.

But it’s one thing to say it, and another to implement a plan – so that got me digging around for the best ways to independently manage finances. I thought I’d share some things with others in a similar situation as me. I’ve come up with a few things that can be used to better manage your financial situation: Automation, Barriers, Goals, and Knowledge.

Knowledge:

Knowledge is needed so you aren’t ignorant of the fact that YES YOU DO HAVE TO SAVE MONEY.

Do you plan to have kids? Did you know that it costs between $20,000 and $30,000 per year (Not including University) to raise a child?

Do you plan on getting married? Did you know that the average wedding cost in the US is around $20,000? And that typically the budgets for those weddings are 50% of that.

This knowledge and understanding isn’t meant to scare you, but to make sure you aren’t being ignorant of the fact that you do need to save some money.

Goals:

Lets face it, it’s tough to save money without a reason for saving. It’s important to have both short term and long term savings goals. I’ve realized that a goal should not be a dollar amount, but instead an object or an event. Don’t set the goal to save $10,000 this year, because money is only a means to an end, and without knowing what that $10,000 will be spent on there is no motivation for you to save it.

Instead, set some real goals: A down payment on a house. A wedding. A yearly vacation. Things that you can feel good about working towards. This will get you some motivation to take the most important step: to implement a financial plan.

Barriers:

What do I mean by a barrier? Active and Passive barriers hinder people from saving money just as they make everything more difficult, including eating healthy and being more productive. An active barrier is a physical obstacle that’s prohibiting something, where a passive barrier is the lack of something that in turn makes things more difficult.

It is important to try to increase barriers that stop you from unconsciously spending money and to destroy the barriers that prohibit you from saving money. I’ve recently started getting my pay cheques deposited into my savings account instead of my checking accounts, the reason for this is because I don’t have access to the funds in my savings account with my debit card, and so if I want to make a purchase I need to log in to my online banking and transfer money into my checking account – which will ultimately deter me from making petty purchases with my debit card that I don’t need. Also, I’ve set up some automatic deposits from my checking account into another savings account – one that I don’t have access to funds immediately. This is by no means a full plan, but it has been helping me tackle some of the barriers while I set everything up.

The first step here is to identify the barriers that need removing or implementing. To get a better understanding on why or why you don’t do some things – try using the 5 Whys method.

Why aren’t you currently saving money? – I don’t have a savings account…
Why? – I don’t have a need for one…
Why? – I have nothing to save for…
Why? – I haven’t thought about the things I’ll need money for in the future.
Why? – I’m scared to think about those things because they stress me out.

And you’ve identified the reason you don’t save money – because thinking about finances and planning for your future scares you. Now you can work at fixing the root problem and start saving some money.

Automation:

Financial automation will solve many headaches and stresses when it comes to paying bills, saving money, and all around managing your finances. Remember how stressful paying your rent was until you set up a direct deposit? Or how many times you incurred some interest charges on your credit card because you had to physically deposit the money into the bank machine? This can all be avoided with a little financial automation.

So how do I start, what’s the plan?

Determine what’s most important for you right now in terms of saving. A new house, wedding, vehicle, furniture, etc. Rank them in order of importance. This will get some motivation for you.

Visit your bank to learn about RRSP options or talk to your employer if they have some sort of savings program as well. Get an RRSP going as soon as possible.

Open a convenient savings account – I recommend ING Direct because they allow for “virtual” or bucket savings accounts within your savings account. You can do this online or over the phone.

Contact your employer and set it up so that a % of your pay cheque goes right into your RRSP. This will take ALL the hassle out of funding your RRSP, and will insure that even if you don’t cap your limit, you will get at least some of the tax benefits. I would recommend by starting at 10% of your after tax income. So a 90/10 split between your checking account and RRSP account – your employer should have no problems doing this for you.

Note: If you’re a new grad entering the work force, I recommend building up an emergency fund before funding your RRSP. Determine how much it would cost you to survive if you happened to lose your job. IE. Rent, power, and food. (You can suspend your internet, cable, data-phone plan, etc while you find a new job.) And build up a 3-6 month safety net in an account as quickly as possible. Lets be honest, your RRSP isn’t going to help if you get laid off from your first job a few years after graduation, make sure you can survive first.

I recommend another 10% within the first day or two after your cheque is deposited to be automatically moved into your ING savings account, and it can be allocated between your long- and short-term saving buckets. IE. 5% to down payment on a house, 2% into the wedding fund, 2% into the furniture fund, and 1% into the trip to Europe fund, as an example.

Set it up that after another day or two, all your fixed costs are automatically paid for. Your utilities, rent, internet, phone, etc. (you might need to have this split over two withdraws if your employer doesn’t pay you once a month) You’ll need to budget money for food and miscellaneous things, which over time you’ll get good at keeping these consistent and knowing typically how much they’ll be. In the beginning you might want to set aside cash into another account to make sure you can cover them until you get into the routine.

Now: You’ve automatically saved money in your RRSP and long and short term savings, you have your bills paid for the month and money for food. You’ll be surprised now how much money is still in your checking account. This is your guilt-free money. Go shopping for a new pair of shoes, go out with the guys for a drink, buy that new ipod, whatever you do with it enjoy the fact that you can do it guilt-free.

A few things to note: If you have a convenience/credit card that gets you points or cash back, etc. You should use this for your purchases such as your fixed bills, food, and guilt-free purchases. If you don’t have the discipline to stop here, perhaps you either shouldn’t be using it or lower your limit. Also, try your best to cap your RRSP contributions each year for maximum benefit. Lastly, there are huge benefits to investing beyond your guaranteed personal savings accounts and RRSP. If you’re looking to diversify your investments, be sure to do some research and understand investing before jumping in. Also, be sure to invest with money that’s okay to lose.

Interview Smarter: The Three E’s to a Successful Interview

I was helping a friend prepare for a job interview the other day and I was having trouble explaining how to bleed confidence without seeming cocky. It’s a skill that many people don’t have and it really makes you stand out if you can do it well. Needless to say it evolved into a discussion on what we felt were the most important aspects to convey during an interview, which I will now share.

There are many subtle tips and tricks that I’ll save for a post on how I approach an interview but I thought I’d give my “Three E’s to a successful interview.” There are three very important aspects that every employer is looking for during the application and interview process – Education, Experience, and Enthusiasm.

Keep in mind that by the time you land an interview, the employer is likely convinced that your Education and Experience are adequate to perform the duties of the job you’re applying for. What’s going to make you stand out is how you demonstrate your experience and education (as well as enthusiasm) in the interview.

Education:

For an entry level position in most industries, education is probably the least important of the three aspects. Of course, there is a certain threshold you need to meet – ie. Do you have a university degree, decent GPA, etc. but after that it really doesn’t matter if you scored an 80 in that course, or a 98 as so many more factors come into play.

Keep this in mind when entering an interview – when using examples or answers from your University days forget about boasting your GPA and instead focus on conveying how you learn new things and your ability to acquire them.

I do this in every interview. I focus on conveying my efficiency of learning new information and my “process” for studying, learning, etc. both formal learning and learning done outside of the classroom. This is extremely helpful if you’re applying for a position in a non-familiar industry, for example if you’re applying for a sales position or project manager in an industry that you haven’t studied or don’t have experience with. It can convince the interviewer that even though you don’t have a high knowledge of the specific industry, learning the new information involved won’t be a problem for you.

Experience:

It doesn’t take long after University that you start weighing your experience higher than your formal education. It is that moment when you realize that wearing your University ring doesn’t have the same pull as it used to (Seriously X-ers, there is a time for this, and flaunting your X-ring at 53 after 30 years of teaching isn’t impressing anyone, sorry. :) )

This category is very broad and includes more than just “work experience”, but there are a couple things I like to bring up. One quick thing to mention is that no matter what situation you talk about, make sure they know what it has done for you. Explain in detail how it has benefited you, and specifically how it has made you better at doing what you do.

Firstly, anything risky should be noted. If for no other reason than to impress. Have you taken an unpaid internship to further knowledge? Taken a 100% commission-based job because you believed in yourself? Got certified in sky-diving? Piloting? Scuba-diving? It’s really these activities that define you. Also, anything leadership-based. Have you started your own business? Organized a sports team/league? Captained your varsity team? Make sure you get into the details.

Enthusiasm:

This is definitely what will sway the decision, and rightfully so. You can’t really fake enthusiasm and motivation. It’s the reason why it can be so difficult to replace the founder-CEO of a startup: you can’t delegate motivation.

If you’re enthused, it will show. So my advice here is before your interview go get yourself excited about the position. Perhaps the pay is way over what you expected, the opportunity for advancement is excellent, it offers the ability to travel, or it’s in an industry that you love. Whatever your reason for getting excited just do it.

It’s also important here to learn about the company you’re applying to – what is there community involvement like, what does their organizational structure look like, etc. This will help show your enthusiasm.

After participating in Dalhousie School of Business’ Tap the Talent this past September – during which I completed mini-interviews with 10 companies – I’ve taken more of an interest in how I actually interview. I may post some of my detailed notes on some of the tips and tricks I found were very successful some time down the road.

Separation of life, work, and school

It’s tough. Especially for those who decide to work part time throughout university. But it’s so important if you want to actually succeed in all three.

I have a few tips that I’ve found helpful for balancing the three.

Separate email. Use a different email for work, school, and personal. This can easily be done by using your school’s email address for school, your work email for work, and picking up a gmail account for personal use. Also, check these separately or you’re defeating the point of having them separate. If you’re setting aside a day to study, don’t be tempted to check your work or personal email. Your midterm is your first priority that day, mom and the boss can wait.

Don’t use your room to study or work. Your room is your sanctuary, use it for personal reasons only – a place to sleep, unwind, read for pleasure, have sex, listen to music, etc. Don’t bring work or school into your room. This is extremely hard for most people, especially students who have their desk set up in their rooms. Lets be honest, grabbing that Advanced Physics book and trying to study for your midterm while laying in bed will not only prove unsuccessful, but it will also take away from the quality of your sleep. The same goes for working long hours on the desk beside your bed, and then trying to roll into bed and fall asleep, you’ve created a work atmosphere in your room that’s going to take away from the quality of your sleep.

Lastly, take 5 minutes the night before and identify the three most important tasks for the next day. It doesn’t matter if they are personal, work, or school related, just write these tasks down on a small piece of paper. Circle the most important task – the one that if you got nothing else done that day except that task you would feel you had a successful day. Make this task the first thing you do when you wake up. It could be calling regarding apartment rentals, writing your ethics paper, or taking care of an important customer inquiry.

These are just a few things to help with the separation. I’ve been very much following Timothy Ferriss on lifestyle design, and I recommend both his book and blog to those who are looking at becoming a little more effective and efficient.