Final exam
Jaspereric
Replies.docxAnita Boghossian
Yesterday5 Dec at 17:42
1. I think the most relevant suggestions from above is having a backup plan. I am always faced with unpredictability and realized if plan A does not work, start working on B without wasting any more time. By having a back up plan, I can teach myself to adapt quickly to every situation. Sometime pursing a plan that does not go the way I planned makes me feel helpless. A back up plan can help me explore other options that are right for me based on my current situation. It can also become a stepping stone that can get me close to my dream career.
2. The debt question is a bit tricky because sometimes you need debt to have access to cash and invest in other opportunities. Although it is a scary to add more debt to your portfolio, debt can also be used as leverage so you can increase your returns. The worst kind of debt is credit card debt and that should not be confused with debt financing. Since interest rates are so low, now is the time to take more debt but you have to make sure your total monthly obligations does not exceed 30% of your income.
3. The investing question ties in to the debt question. Since interest rates are really low now, I can buy real estate and rent it out. Many argue that this is not the right time to buy because home prices have sky rocketed but since rent prices have increased, you can balance out your mortgage with rent. I think if you have some cash for a down payment to get a rental property you should.
Saturday4 Dec at 20:37
Suggestions made in the example above regarding the seven secrets of success in an economy of high risk can be applied to my personal career planning in a few ways. Part of my career process for the past few months have been trying to find entry level positions relating to finance/ business, specifically in payroll or Accounts receivable/payable. Over the past few months I've been in a tough situation and it feels like mid covid-19 pandemic in which a lot of businesses were temporarily closed and the economy was at an all time low, also meaning that it has been very difficult to find particular jobs. I think part of the reason is due to having much work experience gained during my undergraduate degree. I didn't have any extra time to participate in internships because it was dedicated to athletics and academics. As a part of my personal career plan I am outreaching and connecting with various jobs, organizations and recruiters. Apart of innovation (#3), continuous improvement is constantly trying to create connections. My main sources of networking is through Indeed and Linked In. I've applied to nearly 100 jobs and got about 10 interviews in the last few months. Although most of my responses have come from Indeed, I have made a few connections through Linked In. Relationships created with job recruiters such as Robert Half and Apple One (#6). Another way of improvement is getting my resume reviewed a few times. As a backup plan, I am keeping a part time job (#7).
I can avoid taking on too much debt by applying a few of the seven secrets of success. In particular and mentioned in the previous, #2 of watching my wallet by being more responsible and #7, buying smart and spending on objects which are essential and relevant to the overall plan. Making unnecessary purchases can increase the likelihood of going into debt. Oftentimes people face debt when they don't know how to budget. What this means is that they spend more money than they make. Expenses and spending exceed income.
Companies or individuals can invest in assets that’ll help generate more income or save money. For example, A manufacturing company can invest in machinery which will help speed up the production process and save time. The upfront cost will be high, but overtime, they will save money. Companies can also invest in human capital. Recruiting the best talent, creates a successful company filled with an innovative team. The best team produces optimal results.
