You Got The Skills, But How Do You Get The Job?

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There’s a big problem amongst young people looking for employment these days. They spend so much time and money getting an education, but in the end find it difficult to land a job. That isn’t because your expertise is useless. It’s because you don’t yet know how to really start a career. It’s not as simple as waiting for something to pop up and being the most impressive candidate. That’s the loser’s way of playing the game. Here’s how you play it like a winner.



Get a little help from your friends
In your education, you should have hopefully made some good links to influential names in the industry. If you haven’t, get back in touch with them. Make connections and network. Start a LinkedIn profile, find the groups for your industry and take part in the conversation. Put your name in places where the relevant employees are going to look. If you have skills in serious fields, don’t look at normal recruitment sites. Go to the place for specialists, like Hyper Recruitment Solutions for the science fields.


Keep building on tertiary skills
You might have the hard skills that you need to do your job, but don’t neglect the other qualities that can make you a worthwhile hire. For example, simple software usage like Excel. Communication skills and demonstrable teamwork. Show your initiative by doing voluntary work and not grumbling about it. It’s always about more than the hard skills. It’s about the kind of person you are. A dedication to working on yourself, even after a gruelling education, is going to do more than pad your resume. It’s going to make it mouth-watering to employers.


Make the first move
If you really want to impress employers, however, you can’t just wait around. Using your network and the right resources is all well and good. But you shouldn’t be hoping for the opportunity to pop up. As we said, that’s the loser’s way of playing the game. Instead, you need to go out there and grab an opportunity for yourself. Go to employers you want to work for and ask them straight up if there’s a job available. Don’t sell your work cheaply, either. Internships are a hoax that more commonly teach you assistant skills and also have very little (or no) bearing on your chances of getting hired. Don’t take internship offers.


You’re educated, do your research
Regardless of how you find them, you need to know about your prospective employer. If you’re taking the initiative to find them and ask for a job, then it’s more than essential. So do your research on them. Find out about their values and products. Find out as much about the work environment as you can. Pay particular attention to accolades they’ve won and bring it up in the interview.


Initiative is the most important thing. Making the right contacts, putting your names in the right places and making the first move. That alone counts for more than even the best looking resume.

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Book review: millionaire next door

"Millionaire next door" is a slightly different type of business/ finance book to those business books that I've reviewed in previous articles. However, it's a fascinating read nonetheless.

The premise of "Millionaire next door"

"Millionaire next door" is an analysis of a series of surveys conducted in the USA in the 1990s on wealth. The authors identified thousands of Americans who would be considered millionaires and multimillionaires. Those surveyed were asked questions about their background, types of employment, motivations and various other socio-economic questions. The results are what makes up the contents of the book.

Surprising results about your average millionaire

Some of the more interesting results from the study include those below. Please note that some of the information may not be 100% as written within the book as I don't have the book to hand as I write this:

- Only 30% of millionaires inherited their wealth. I found this to be quite a shocking reveal. It means that the vast majority of millionaires create the wealth in their own lifetime. What a motivational thought to me and the readers of multimillionaireroad.com!

- Not good to give large sums of money to your children. The book goes into great detail as to why a parent who is wealthy can actually harm the chances of their children's succes by giving them a regular income or large sums of money for big purchases. In short, the damage is caused by the act creating a reliance and a habit to rely on parental income for life. This tends to lead to overspending beyond their regular salary. Furthermore, it doesn't ever allow the child to develop budgeting techniques and spending restraint. These can lead to large spending problems in the children when the parents pass on.

- Most millionaires run their own businesses. The key message is to get into the realms of becoming a multimillionaire then you need to think about starting your own business. This ties into what we've preached here at multimillionaireroad that you must become a producer and not a consumer. Create things that other people want. Do not simply spend!

- Millionaires encourage children to be professionals. This is an odd one. Having made their money normally through taking on risk via a business most millionaires prefer their children to take jobs with professional qualifications: Doctor, accountant, lawyer etc. The reason being that it is considered a "safe" route as there will always be an income. However, it actually may be harming their chances of becoming a millionaire. Be warned!

- Most millionaires are migrants to the country. This is an interesting one and isn't given much explanation. It is speculated that it is due to migrants being more determined to work hard given that they've largely made sacrifices to move countries - they strive to make the sacrifice worth it.

Review of the book

If you're interested in pure business books then this isn't one for you. However, I found that it had some fairly useful insights that are worth carrying in the back on my mind for life. I'd be interested to read any more recent data surrounding similar questions.

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks@multimillionaireroad.com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

How to triple your investment with one decision

A genius investment

I've got something special for you! A real diamond deal. It's an incredible investment opportunity that is almost certain to make you a decent return.

What if I was to tell you that there is an investment product out there that would guarantee that you could more than double and in some cases triple (or even more) immediately upon making the investment and continue to grow from there on. There is a small catch though. You would have to commit to keeping your money locked away for a pre agreed and extended period. Would you believe me?

Is it too good to be true?

Don't believe me? You should because it exists. Unfortunately it's not considered very sexy or desirable. It's called a pension. 

If you hadn't figured out where I was heading towards until now then you might be a bit surprised. A pension is normally considered by many as quite a boring investment. It certainly doesn't seem as exciting as property or a bit of online trading.

Nevertheless this is the truth. You return on investment from a pension is likely to be much higher than most other investment products. The reason why people ignore them is because they like to put off decisions like thinking about retirement.

Why a pension is such a good investment product?

Firstly, if you are living in the UK the government has legislated that employers must offer a pension matching scheme. Employers must match an employees contributions into a pension up to a maximum (determined by the employer). This effectively doubles your money on day one upon putting your money in a scheme.

In addition, you don't pay income tax on any amount of money invested into a pension. If you are a basic rate taxpayer you will save 20pence in tax for every 80pence put into a pension. If you are a higher rate tax payer you will save 40pence in tax for every 60pence put into a pension and so on and so forth. This tax incentive scheme mixed with the employee matching scheme can be extremely lucrative.

I myself sacrifice roughly £190 per month of my salary to put into a pension. This may seem like quite a lot, but I get a £640 contribution into my pension as a result. That's a 337% increase in my investment into the pension on day one. Where else can you get this sort of return.

Furthermore, the money is invested into equities and over a thirty year time span I expect to earn a strong return. The brilliance of the scheme is that not only do I earn a return from the money that I've invested but I gain interest on the additional contributions from my employer and from my tax savings too! It's a fairly certain guarantee to earn a strong return over a lifetime. I have been putting into a pension for four years and I have calculated that my annualised return (comparing the money I've put in verses the size of my pension pot today) represents a compound interest of 19.5% per year. Where else can you earn this sort of yield in a financial product? Certainly not in property, bonds, or cash and almost certainly never in trading or stocks.

Downsides to a pension as an investment

There are very few downsides to a pension. The big one is that your money is tied up until you are 55. However, I'm not sure this is a problem. If you were looking to invest in property or shares you should also be taking a long term view. In addition, the longer time span reduces some of the risk and forces you to ignore the fluctuations in your investment.

The only other downside is that you need to be active when you put into an employee matching scheme. Normally the default fund offers very low long term returns. The likelihood is that you will need to adjust your default fund.

Pensions are sexy

Want to double, triple your investment on day one? Then invest in a pension!

Do you like what you've read? Tell your friends by sharing it with one of the buttons below. Please post this to Facebook or Tweet it to help your friends and family. Feel free to send me an email (mrmoneybanks@multimillionaireroad.com), find me on twitter @millionairer0ad or comment. Whether good or bad, I want to hear from you all.

Disclaimer

Information on this site is not appropriate for the purposes of making a decision for carrying out a transaction or trade nor does it provide any form of advice (investment, tax or legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments, or products.
Always seek advice of a competent financial advisor with any questions you may have regarding a financial matter