Month: March 2013

Improving your job prospects after graduating

Improving your job prospects after graduating

For some people graduation is approaching ever so fast, the final lap of the race over in about 3 months time. This becomes even more scarier as the air of certainty which carried through the duration of the degree will disappear once the ‘real world’ is entered. Life after graduation is not easy or simple to predict. With the current economic outlook, a top class degree may not be enough to secure a grad job. However there are things that can be done to prepare yourself for the job market and obtain a competitive edge in a world where obtaining a degree seems to have lost its premium seen in previous generations.

Uni societies – The importance of extracurricular activities could not be stressed enough. Getting involved in an activity, whether it be a sports club or the university ACS, will help serve you well on your job hunt. Holding the post in the society will only benefit you in the long run. To a prospective employer it shows that as a potential employee you have good people management skills and you would be able to maintain a work life balance due to managing your time effectively between the fun and the work.

Work – with uni becoming more and more expensive each year finding a job to help you financially is always a viable option to consider. The work doesn’t have to be related to what you want to go into post university, but the skills obtained would be transferable. That being said, it doesn’t harm to have a look around first for any work relevant rather than just choosing the first job that appears on your radar. Freelance opportunities are always a good alternative due to the flexibility, as you can work around your studies. Student freelancers are actively being recruited as they are seen as a cost effective option – so that could be looked at. Internships are seen as the most effective way of grabbing a graduate job after uni – a successful internship completed in your penultimate year means by the start of your third year you have a job waiting for you.

Volunteering – this is beneficial when you’re still at the bottom of the employment chain – due to the lack of grad jobs the emphasis is now on finding an experienced candidate as job roles are now competed for by individuals who have done similar roles for a few years. Volunteering is beneficial if you feel you are benefiting from the experience. When looking for such opportunities make sure you understand what exactly you will be doing and who you will be working with.

Networking – I always mention this in my posts so I really don’t need to say too much. Just remember its not always what you know but who you know and apply that strategy when looking for people to connect with. Make sure the connections will benefit your career or your general development. Focus on quality rather than quantity.

Rich Dad Poor Dad pt 2

Secrets of the Rich

Below are some of the secrets the rich dad shared with Robert:

Rich don’t work for Money – Rich people work primarily to educate themselves and not for the money. Robert and his friend Mike, the son of the rich dad were employed to work for the rich dad for small pay in a retail store. Because they received small pay, they wanted to quit. Little did they know that this was a lesson that the rich dad was trying to teach them. The lesson was that people should learn the business of where they’re working with the aim of starting their own business in the future. The author also stresses that opportunities in life come and go; the rich recognise them straight away and make a fortune from them.

Learn financial literacy – people buy a house using a mortgage and instantly consider it as an asset when its actually a liability as the house is not creating any extra income. The house is just using up all the resources of the person who has bought it on mortgage. Financial literacy is something which is not taught generally in schools as you are mainly taught how to earn good grades, get a good job and be good at working for someone else. The rich dad advised the author to build a steady asset base which will create income to self fund the purchase of other assets. The key lesson the rich dad tried to show in this chapter is learning how to differentiate between an asset and a liability and think how to make money from your assets.

Mind your own business – The lesson to be learnt in this chapter is people should aim to start up a business side by side alongside their day job. Don’t spend all your salary. Save on the side and think of ideas of which the money could be used for in the future. Don’t sit and wait for opportunities to present themselves.  Strive for ways to become your own boss

The History of taxes and power of corporations – The rich possess the knowledge and are savvy enough to use the power of the corporation to protect and enhance their assets. The benefit of a corporation versus that of the individual is based on how companies pay taxes, according to Robert. Individuals earn money, pay taxes on that money, and live with what’s left. The corporation, on the other hand, earns money, spends everything it can, and is taxed on anything that’s left. He adds that individuals may not be aware of how much they’re being manipulated; they work to enrich the government by paying taxes on their income whilst the rich are hardly taxed. Understanding how a business operates is very important and Robert suggests analysing financial statements of companies.

Rich Invent Money – “Often in the real world, it’s not the smart who get ahead, but the bold.”  There are countless numbers of poor people that are extremely talented and many rich people with relatively little or no intellect at all.  We tend to assume that more money always has a positive correlation to being more educated, more talented, or adding value to society.  The truth about money is quite different.
“The poor and middle class work for money,” Rich Dad would say. “The rich make money. The more real you think money is, the harder you will work for it. If you can grasp the idea that money is not real, you will grow richer faster.”

I hope this post can educate us all as we all strive to become rich! Never limit yourself or be content with your current level – being content leads to complacency placing yourself in a false sense of security, which is detrimental in the long term. Go hard!