Why Comparing Yourself to Others Can Ruin You as a Leader | Matthew Littlemore

 

The old adage that comparison is the death of joy exists for a reason. Both Mark Twain and Theodore Roosevelt were right when they cautioned against this way of thinking. Comparing oneself to another can have multiple negative consequences, especially if the other person is in a leadership position. Presenting confidence is a crucial factor when interacting with others, and making comparisons can undermine anyone’s performance in that regard. Leadership takes a particular skill-set that requires communication. Working well with others can stimulate the brain in multiple directions. Comparing ideas and comparing people are two very different perspectives when taking the next step forward.

What Is A Leadership Role?

Leaders exist in a variety of roles. Being the leader of a family, for instance, may have different duties than leading a company, but the expectations are relatively the same. A leader guides one or more people through an obstacle safely and efficiently. One trait many successful leaders have is the ability to think independently. By trusting one’s gut, a leader can follow through despite what anyone else has previously accomplished. Blazing one’s own trail is a way of learning new techniques while getting the job done. This cannot happen if a leader compares themself to others.

The False Comparison Trap

How others present themselves to the outside world may not be the same as what’s happening behind closed doors. Many people have social media accounts where they can scroll through pages of photos from friends and colleagues. These photos typically consist of birthdays, holidays, exotic vacations, or beautiful houses. It can be easy to compare one’s life to what is presented on the screen, even if it’s inaccurate. This can also occur when somebody of a much younger age compares their successes to somebody who has retired. No two people have precisely the same circumstance, and because of this, comparisons can misrepresent somebody’s life or lifestyle.

Leadership Takes Confidence

Making comparisons can reflect poorly on one’s self-esteem. When constantly comparing goals, lifestyles, and accomplishments, others may sense insecurity. How a leader views others can say more about them than the person they are judging.

Confidence usually stems from experience. While not every leader will have experience in the same quest they’re taking on, they most likely will have experience in handling an uncomfortable situation. By staying calm and rationally breaking a problem into manageable pieces, teamwork can solve most issues.

This article was originally published at https://matthewlittlemore.com/

Finance Tips for Early Retirement | Matthew Littlemore

 

Since the Great Recession, an increasing number of people have been looking into the concept of early retirement. Less than one percent do so before the age of 50, however, and the average retirement age continues to fall between 62 and 65. Retiring early requires some serious financial planning, and here are some tips that can help make it happen.

Start Early

Those who are interested in retiring early will want to make sure that they start the process early. Starting early provides more time for the power of compounding interest to work its magic. Those who have 20 or 30 years until retirement will see their money turn over several times. On the other hand, those who wait until a decade before they intend to retire might only see their initial investments double once or twice.

Live Frugally

Common sense dictates that spending everything that comes in will not lead to retirement riches. This means that those who want to retire early will want to cut expenses as much as they reasonably can. Every dollar that’s not spent is a dollar that can go into a retirement account.

Invest In Retirement Accounts

Many early retirees are able to amass a large sum of money because they leverage their retirement accounts. Many employers will match employee contributions. Additionally, it’s possible to put off some of the taxes that would otherwise erode a retirement nest egg’s value using tax-advantaged retirement accounts. This defers tax payments until a future time and rate.

Pay Yourself First

Most people pay their bills and then save and invest what’s leftover. These people will find that there’s usually little leftover. Those who retire early follow the advice to pay themselves first, within reason. They save and invest before paying other bills, and if there’s a shortfall, they find a way to fund it creatively.

Look At Side Hustles

Many jobs pay the bare minimum that people need to exist. This can make it hard to save for early retirement. Finding a side hustle or a second job will go toward retirement savings. With the advent of technology, picking up a side hustle has never been easier.

Early retirement is a goal many people have. However, relatively few are able to achieve it. Those who put these recommendations into action are more likely to retire early with a comfortable nest egg.

This article was originally published at https://matthewlittlemore.net/

The Worst Leadership Mistakes You Can Make

 

If you talk to any person on the street, chances are they will most likely have a story to tell about a boss with bad leadership skills who continuously made the same mistakes. Being a leader isn’t just about the title you hold or the number of employees you have under your command. It’s much more than that. It’s also about providing value to your team and understanding when you make mistakes. The following list includes some of the worst leadership mistakes you can make and how to avoid them.

Losing Trust

It’s safe to say that if you don’t have a strong foundation of trust, you have nothing. People will only follow those who they know are going to be there for them. For this reason, when promises are made, make a serious effort to keep those promises. Failure to do so may lead to an office that listens to you but doesn’t necessarily follow. It can also affect the overall employee morale.  It can be difficult to regain the trust of your team after losing it, and even then, it might never be the same. Before promising anything, make sure you are ready to live by your words.

Not Following The Golden Rule

According to Maslow’s Hierarchy of Needs, respect is one of the most important things a person needs in order to feel fulfilled in life. Therefore, when you come into the office constantly talking down to staff members in front of their peers, poor performance isn’t far behind. Whenever negative performance or behavior issues arise, it is best to address those issues in private. Not only will the matter be handled more efficiently, but your employees will respect you for bringing it to their attention in private.

Taking the Glory

There’s a reason why so many of today’s great leaders don’t actually talk too much about their business performance. That is because they understand that it was a team effort that helped achieve their goal, not the work of one person. When you take the glory of your team, you are essentially invalidating their contribution. This can instantly lead to negative feelings towards you, and they will be less inclined to put in the same amount of work during your next big project.

This article was originally published at https://matthewlittlemore.com/

How to Save Money During a Pandemic

 

Navigating the waters of a pandemic is stressful enough without adding additional money worries to the mix. That being said, finding ways to save money during Covid-19 is likely a necessity for many out there. For those who have some disposable income, this is the perfect opportunity to put aside funds for when the economy inevitably bounces back. Whether you’re telecommuting from home or still coming to work, here are a few ways to ensure you’re making every dollar count during these questionable economic times.

Contact Your Car Insurance Company

Most people have drastically reduced the amount of time spent driving during this pandemic. If you’re no longer using your car to commute to work, be sure to communicate this to your insurance company, as your vehicle’s insurance rates are often calculated with your commute as a factor. Even if you are still driving to work, you may find that there is less driving overall taking place. Putting lower mileage on your vehicle means there’s no reason for you to pay the same amount on insurance. 

Make the Most Out of Your Groceries

Being stuck inside can make it tempting to order meals and groceries more than ever. However, even being a premium user of food and grocery delivery apps can quickly stack up with tips and delivery fees. Unless you are an immunocompromised individual, you might consider safely planning out physical trips to the grocery store instead. While you should still consider limiting your trips, cooking at home can be a great way to save money and develop your culinary skills.

Consider Clearing Out Your Old Things

If you’ve been staying home, it’s likely you’ve attempted to reorganize your space and discovered how many things you’re no longer using. This can be a great time to say goodbye to unwanted clutter and make a few extra bucks in the process. Online marketplaces can be a great and safe way to sell your unused items. Consider disinfecting items before shipping them in order to give your buyers additional peace of mind. Many entrepreneurs have emerged as a result of the new world we live in, and have learned to adapt by starting their own craft-based businesses.

This article was originally published at https://matthewlittlemore.net/

How Leaders Can Encourage Open Communication

Leaders need to establish an environment where their team can communicate. After all, if people feel like they can’t say what they want to say, then this can lead to problems within the business. Here are some key ways that a leader can encourage open communication.

Avoid Judgment

When people feel judged, they close off and become fearful of opening their mouths. You don’t want this to happen within your team, always avoid judging your team members when they say things or make suggestions. Instead, encourage their comments and be kind.

Always seek to get something positive out of any comments that your team makes. If someone has an idea, point out the good aspects of it. This will encourage them to talk and to speak up more often.

Give Credit

Many people love to receive recognition for their words and their ideas. If you give people credit for their ideas and make it clear that you recognize them, then they will want to communicate. After all, people love it when you recognize the good that they do and the excellent ideas that they have.

Gaining recognition allows members to feel good about themselves. Not only that, but their colleagues see the recognition, which inspires those colleagues to communicate as well. This can encourage your entire team to openly communicate as they seek out that credit and recognition.

Ask the Right Questions

You want to ask open-ended questions and for feedback. When you ask open-ended questions, you encourage your team to throw out ideas and to consider different options. This leads to open communication and giving people the opportunity to share their ideas.

As for feedback, you put yourself in a vulnerable position, which is a good thing. Your team sees that you want to improve, that you value their input and that you care. By showing your willingness to hear the truth and to gain feedback, you encourage them to do the same through communication.

Conclusion

Open communication can provide a variety of benefits to a business. By encouraging your team and showing appreciation for their comments, you can create an environment where people feel safe to communicate their ideas.

This article was originally published on http://matthewlittlemore.com/

The importance of teamwork for a successful business

Within the past few years, it has become increasingly more apparent that the companies who are good at boosting the idea of teamwork are standing out as more successful than ones who focus on a few key players. Much like in sports, if the team serves as one cohesive unit with a common goal, they will go further than one with a few heroes who get all the attention. There are several reasons why teamwork is encouraged.

Communication is a key element to any successful team. It’s important to remind your staff that they should not only offer assistance and helpful guidance to each other, but you are also available to mentor or assist with any issues they may be having. Teams who respect their leaders will have a much higher chance of succeeding.

Brainstorming sessions are defined as spontaneous ideas offered back and forth by a diverse group of individuals. Ideas can be bounced off others or be expanded on. It is a free-flowing, creative environment that reinforces the fact that there are no bad ideas. This leads to an abundance of suggestions and a higher likelihood of a solution to a problem. Brainstorming only works within a trusted group that is willing to share information with each other. Cooperation is key if working on a team. 

Another reason that a team is more successful than an individual is the concept of perspective. The old adage ‘there is no reality, only perception’ holds true because everybody has different ways of seeing the world. The more perspectives and points of view you can aim at a problem, the more well-rounded picture you will have. Studies have shown that more diverse teams bring more perspective and creativity to a business than ones who hire only one demographic.

Another way that people differ is by their skillset. Each of us has talents in certain areas. The more we match the right person to a task, the more productive the team will complete a project as a whole. In addition, each team member will feel a sense of accomplishment for being able to do work they are good at. This, in turn, increases morale.

This article was originally published on http://matthewlittlemore.com/

Expenses That Can Eat into Your Retirement Savings

It is frustrating when you spend your life adding to your retirement savings only to watch it slowly drain away. Retirement for most retirees usually means living on a fixed income. Nevertheless, you should not be worried if you are spending within reason. But there are expenses that may threaten your financial well-being in retirement. The following are some costs to monitor.

The first expense to watch is your debt. Debt is another monthly bill to worry about and can get worse when you make the minimum payment. During your working years, make this debt a priority. Minimize this debt by paying off your debt starting with the debt having the highest interest rate. You can also allocate a percentage of any bonuses you receive towards paying this debt.

A second expense that can eat into your retirement savings is health care costs. This can be true even if you have insurance. For example, your insurance could have high deductibles, or you could need care your insurance does not cover. Retirement planning may have taken these contingencies into account, but if not, health care expenses could “eat up” much of your retirement savings.

A third expense that can eat into your retirement savings is care-giving. Sometimes, retirees have living parents who deplete their retirement savings and rely on their children. Some retirees have their adult children back home with them because of the child’s mismanaged money or rotten luck. Remember, you cannot control how other people (including children or parents) manage their money. However, you can have a say in the financial support you provide them. Adult children can pay rent to you and help reduce the financial burden on you in other ways.

A fourth expense that can eat into retirement savings is taxes. You can minimize your taxes by being aware of your contributions and withdrawals from your retirement accounts. These retirement accounts reduce taxable income when you contribute to them but require tax payment when you withdraw. During retirement, know your tax bracket and monitor how much you withdraw from which type of investment account. You can have money in different accounts, but the account that will give you a larger tax break should be your favorite option.

This article was originally published on MatthewLittlemore.net