The elephant in the room: Year-end bonus
[bctt tweet=”You need to have a financial safety net for when companies can’t pay bonus cheques” username=”SheLeadsAfrica”] Cash Roulette Many of us dream of the plans we will carry out with our year end bonus. We have already lined up a string of events which we are going to splurge on, and have soon- to-be-bought outfits picked out mentally. In addition to that we have, the vacation plans, the children’s school apparel and school stationary for the next year. We basically plan out an entire budget (read: splurge) from our upcoming bonus. The elusive 13th cheque It may happen that one is so accustomed to receiving their bonus cheque every year-end that it ends up being a customary thing; where no consultation is had and there is an expectation that this will definitely come to pass. However, most companies give 13th cheques based on the performance of the company in a particular financial year. Other companies offer a bonus on the premise of whether an individual has performed their duties exceptionally or not. As such, it is always important to never just assume that you will receive a bonus. It is important to inquire with human resources, the company accounts division or your immediate supervisor. This will assist in managing expectations from friends, family and yourself about what you can or cannot spend on. [bctt tweet=”Most companies give a 13th cheque based on the performance of the company in the financial year” via=”no”] Money makes the world go round… Or does it? There are a myriad of things that money can help us achieve. But, is it the be all and end all of our lives? Oftentimes companies are not able to pay out bonus cheques in a particular year. In this case, it is advisable to have a financial safety net which will assist with the year end and early year costs which come after festive shenanigans. In order to ensure that you are not caught between a rock and a hard place; the first step to building a healthy financial lifestyle would be to save a portion of your monthly income. A little bit every week or month (depending on your remuneration structure) will definitely will go a long way. The myth about ‘goals’ In the 21st century everything either qualifies as or is a goal. An aesthetic, something to live up to. Everyone is in a perpetual and often self-inflicted rat race. We want to be better, own more, drive the best and live in an affluent neighborhood. Even if all of this at an often high cost to the self. Alleviate this pressure by being certain of your finances before making commitments. No is a complete sentence We need to learn the art of saying no to situations which do not grow us or expand our territory. The aim is to lead a life that will not be drastically altered whether you receive your bonus or not. It is possible for one to lead the ideal life without having to break the bank to get there. It requires self-discipline and a huge dose of honesty. [bctt tweet=”You should lead a life that will not be drastically altered whether you receive your bonus or not” via=”no”] Bonus or no bonus? The aim at all times should be to ultimately lead a life of financial freedom. If this means having a side business/job on the side, then so be it. Truth is that for most of us, one source of income is not enough. Some are fortunate to have partners who balance things out in the home because of a dual income. However, it is possible to live your best life and stay out of debt at the same time. Financial freedom should be the new cool, the ultimate aesthetic. Do you have any financial tips on budgeting for the festive season? If you’d like to share your story with She Leads Africa, let us know more about you and your story here.
Working to learn versus working to earn: The Millennial dilemma
[bctt tweet=”Does it mean more for you to work to learn right now or work to earn?” username=”SheLeadsAfrica”] Admittedly most of us enter the job market with high hopes and plans to make waves working 9-5 and ultimately, leaving a footprint. In the excitement of the dawning of a new day; we sometimes forget that there are tough decisions that we need to ponder. This realization usually means an inevitable transition that takes us on a joy ride. Happy New Year! First of all, congratulations! You get to do all of the things which you set out to achieve as soon as you graduated and you are fired up with zeal to the brim. As a result you’ve been granted the opportunity-of-a-lifetime. The universe and your grancestors have been on your side; all that’s left to do is, SLAy! Yet, there’s a disclaimer, this job you’ve been offered does not pay enough for you to rent, pay off tertiary debt and have a social life. But, you’re probably fresh from university and in need of expertise. You’re thinking surely it won’t be long until you climb the corporate ladder, right? [bctt tweet=”Being a Motherland Mogul, you know that you cannot play with your earning potential” username=”SheLeadsAfrica”] Earning Potential Almost all your previous stresses and worries come through like; “Oh? You thought you’d be 20-something, driving your dream car and living in your luxurious penthouse?” Ha! You thought you were so woke and resolved and then got a feel of the juice. Being a Motherland Mogul, you know that you cannot play with your earning potential; that experience begets zeros, and recognition in your chosen field or vocation. So you need to draw up a list of priorities and take it from there. Question: Does it mean more for you to work to learn right now or work to earn? The ramifications of either decision Consequently, adulting comes with the unavoidable task of choices. So opting to work to earn could mean you forsake active mentorship —your job may not necessarily be in the trade or industry you may have wanted to be in. Or you may be working with individuals who are not invested in impacting any significant change within the industry because all they are about is the bottom line. The plus side to this is the fact that you will be able to settle your student debt, send money back home and be able to start saving to purchase property or buy a car. The reverse scenario is accepting a job to learn, truly dedicating oneself to the course of learning as many tricks of the trade and attending networking sessions to establish a strong foothold in the industry. Huge disclaimer: the remuneration may not live up to the job title and expectation of duties to be carried out. The silver lining on this cloud would be that what you gain in experience can always be made up for in monetary value at a later stage. [bctt tweet=”It is possible to have your cake and eat it when it comes to work situations” username=”SheLeadsAfrica”] The grass may not always be greener Whether one is working to earn, or working to learn —there are both pros and cons to each scenario. The situation will vary from person to person and it is your prerogative to choose whichever works for you at a particular juncture in life. As such; you need to decide from a place of clarity and being grounded in what you wants for yourself. It is possible to have your cake and eat it; inasmuch as something may look attractive to you, it may not be all that it is cut out to be. [bctt tweet=”The world of vocation is a journey of continual learning writes @ZimK_Mvandaba” username=”SheLeadsAfrica”] Striking a balance The world of vocation is a journey of continual learning. By asking yourself deliberate questions about the aspirations you have and what fulfillment you want from a career, you will be a step closer. There is a preparedness that goes into the decision process guiding you from university to the world of work. Asking for help is not something to shy away from. Also, you could spend the first few years post-grad school interning or in a learnership to gain practical experience and take charge of the learning opportunities on offer. Alternatively, one could start off working to earn and building on their professional and academic portfolio simultaneously. There is no right or wrong, just make decisions that work for you as an individual.