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Brian Abuga

The best budgeting tools help you gain financial freedom and manage your money with ease. Find the right option for you.

The best budgeting tools help you gain financial freedom and manage your money with ease. Find the right option for you. | SUCCESS

The Best Budgeting Tools to Manage Your Money Efficiently

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Kate Daugherty

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Personal Development

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<p>Setting goals is one thing, but achieving them is another challenge. This is where SMART goals come in—an approach that helps turn dreams into realistic, actionable objectives. Setting SMART goals—<strong>Specific, Measurable, Achievable, Relevant,</strong> and <strong>Time-bound </strong>goals—provides a powerful framework to help you find clarity, motivation, and a clear path toward achieving your objectives.&nbsp;</p>



<p>You can use the SMART principles of goal setting to achieve benchmarks in personal development, <a href="https://successcom.wpenginepowered.com/career-goals/">career growth</a>, or for a specific project. This guide will walk you through each step of creating achievable SMART goals. So, let’s dive in and learn <a href="https://successcom.wpenginepowered.com/how-to-set-goals/">how to set SMART goals</a> that lead to meaningful progress and success.</p>







<h2 class="wp-block-heading" id="h-what-are-smart-goals">What Are SMART Goals?</h2>



<p>SMART goals are a proven method for creating effective and achievable objectives. The SMART acronym breaks down as follows:</p>



<ul class="wp-block-list">
<li><strong>Specific</strong>: Clear and precise goals that answer “who, what, when, where, and why”</li>



<li><strong>Measurable:</strong> Assessable goals that can be clearly defined and tracked so you know when you’re making progress</li>



<li><strong>Achievable</strong>: Goals that are challenging yet realistic and within your ability to reach.</li>



<li><strong>Relevant: </strong>Goals that align with broader personal, professional, or organizational objectives</li>



<li><strong>Time-Bound:</strong> Goals that include a deadline or timeframe to create a sense of urgency and keep you on track</li>
</ul>



<p>By following these five principles, you’re not just setting goals—you’re creating a detailed plan for success.</p>



<p>SMART goals provide a roadmap by allowing you to focus on specific steps and measure your progress. They’re helpful in professional settings, where clear objectives and deadlines are crucial for a project’s success, but can also be effective in your personal life, where setting and <a href="https://successcom.wpenginepowered.com/10-steps-to-achieve-any-goal/">achieving goals</a> can lead to personal growth and fulfillment.</p>



<h2 class="wp-block-heading" id="h-the-benefits-of-setting-smart-goals">The Benefits Of Setting SMART Goals</h2>



<p>Setting SMART goals provides numerous advantages beyond simply having a target to aim for. Some benefits of using the SMART goal-setting approach&nbsp; include:</p>



<ul class="wp-block-list">
<li><strong>Improved Focus: </strong>SMART goals give you clarity and a clear sense of direction. When you know what you’re working toward, it’s easier to prioritize your actions and stay focused on what matters most.</li>



<li><strong>Enhanced Motivation</strong>: Specific and measurable goals keep you engaged. SMART goals allow you to visualize your progress and keep your motivation high. Instead of relying on a vague sense of direction, you can use the SMART criteria to set goals and achieve results.</li>



<li><strong>Better Tracking And Accountability</strong>: SMART goals come with metrics, timelines, and milestones that allow you to track your success. Seeing your progress can keep you motivated and help you stay accountable.</li>
</ul>



<p>Understanding the SMART goal framework makes you more likely to <a href="https://successcom.wpenginepowered.com/rohn-4-tips-for-setting-powerful-goals/">set goals that contribute to your long-term success</a>. This structured approach can boost your personal and professional growth by focusing your efforts where they’re most impactful.</p>



<h2 class="wp-block-heading" id="h-step-by-step-guide-to-setting-smart-goals">Step-By-Step Guide to Setting SMART Goals</h2>



<p>Now that you understand the importance of setting SMART goals, we’ve created a step-by-step guide to help you get started. So take out a notebook, settle in, and get goal setting.</p>



<h3 class="wp-block-heading" id="h-1-define-your-goal">1. Define Your Goal</h3>



<ul class="wp-block-list">
<li><strong>Make It Specific: </strong>The first step in setting a SMART goal is to <a href="https://successcom.wpenginepowered.com/5-reflective-questions-to-discover-who-you-are-and-what-you-want/">define what you want to achieve</a>. Getting specific with your goals removes vagueness and helps you set clear objectives. Instead of a general goal like “get healthier,” try a specific goal like “exercise for 30 minutes, five days a week.” Specific goals help you focus your energy and actions.</li>



<li><strong>Ensure It’s Measurable:</strong> Goals are most effective when you have a way to measure your progress. Understanding how you'll know when you’ve achieved this goal can help you develop a road map. Setting a time frame can help you ensure you're staying on track.</li>
</ul>



<p>A measurable goal, such as “increase sales by 10 percent in six months,” helps you track your progress and adjust your approach as needed. Without a measurable component, it can be challenging to know whether you’re on track.</p>



<h3 class="wp-block-heading" id="h-2-assess-what-s-possible">2. Assess What's Possible</h3>



<ul class="wp-block-list">
<li><strong>Consider Resources: </strong>Achieving your target means setting attainable goals that stretch you without being unrealistic. Start by evaluating the resources available to you that will help you achieve your objectives—such as time, skills, budget, and support. For example, if your goal is to complete a project management course, you'll need to consider the costs, the amount of time it will take, and other resources required to complete the course.</li>



<li><strong>Set Realistic Expectations: </strong>While ambition is essential, setting unrealistic goals can lead to frustration and burnout. Aim for a balanced approach by choosing goals that are ambitious yet attainable. For example, if you’re new to running, aiming to complete a marathon within a month is probably unrealistic. However, running a 5K within three months could be achievable.</li>
</ul>



<h3 class="wp-block-heading" id="h-3-relevance-of-your-goal">3. Relevance Of Your Goal</h3>



<ul class="wp-block-list">
<li><strong>Align Goals With Values: </strong>Setting a goal that resonates with your personal or professional values increases your commitment. For instance, if your values include helping others, you might aim to volunteer at a local charity.&nbsp;</li>



<li><strong>Impact On Long-Term Objectives: </strong>Each goal should serve a purpose in your broader vision. Ask yourself how achieving this goal will contribute to your long-term objectives. For example, if you'd like to become a manager, setting a goal to develop leadership skills is highly relevant. Relevance ensures that each step you take builds toward a meaningful outcome and keeps you motivated along the way.</li>
</ul>



<h3 class="wp-block-heading" id="h-4-set-a-timeline">4. Set A Timeline</h3>



<ul class="wp-block-list">
<li><strong>Establish Deadlines: </strong>A goal without a deadline can lose momentum. Setting a specific time frame creates a sense of urgency that motivates you to take action. For example, instead of saying, “I want to write a book someday,” a time-bound goal would be, “I want to write a book by the end of the year.”</li>



<li><strong>Break It Down: </strong>Breaking a large goal into smaller milestones makes it more manageable. For example, if your goal is to complete a project in three months, identify weekly or monthly targets that keep you on track. Achieving these smaller goals will build confidence and help you avoid becoming overwhelmed<strong>.</strong></li>
</ul>



<h2 class="wp-block-heading" id="h-tips-for-staying-on-track">Tips For Staying On Track</h2>



<p>Staying on track requires dedication and focus once you’ve set your SMART goals. Here are some practical tips to help:</p>



<ul class="wp-block-list">
<li><strong>Regular Reviews: </strong>Schedule time each week or month to review your progress. This check-in lets you adjust your strategy if needed while keeping your goal front of mind.</li>



<li><strong>Accountability: </strong>Sharing your goal with someone else or even on social media can increase your commitment. Consider sharing your progress with a friend, family member, or colleague who can support and hold you accountable. If possible, ask others for SMART goal-setting examples to help you generate your own ideas.</li>



<li><strong>Celebrate Milestones: </strong>Acknowledging your achievements along the way can boost motivation. You can use a small reward or just take a moment to reflect on your progress. Whatever approach you choose, measuring your success by celebrating each milestone will help you see how far you’ve come and encourage you to keep going.&nbsp;</li>
</ul>



<p>Staying motivated throughout the process is key to reaching your goals. With regular check-ins and a support system in place, you’ll be better equipped to handle challenges and stay on course.</p>



<h2 class="wp-block-heading" id="h-start-setting-smart-goals-today">Start Setting SMART Goals Today</h2>



<p>SMART goal setting is more than just a checklist of lofty goals—it's a framework that can help you turn intentions into action. By using the SMART principles of goal setting, you’re setting yourself up for success. Whether for personal or professional growth, SMART goals provide the direction and structure needed to achieve your dreams. Take that first step toward a more focused and fulfilling journey by setting SMART goals that set you up for success.</p>



<p class="has-small-font-size"><strong><em>Photo from Midnight Studio TH/Shutterstock.com</em></strong></p>



<p></p>

This comprehensive guide teaches you how to set and achieve SMART goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

This comprehensive guide teaches you how to set and achieve SMART goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. | SUCCESS

How to Set And Achieve SMART Goals: A Step-by-Step Guide

How to Set And Achieve SMART Goals l SUCCESS

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Joy Ogide

The Mint budget app was officially shut down in March. Switching to a new app may sound stressful, but this list of alternatives can ease the transition.

Looking for an easy way to help create and manage your budget? The Mint budgeting app might be for you. Read this Mint app review to decide. | SUCCESS

The Mint Budget App Is Gone, But Fear Not, There Are Alternatives

Mint Budget App Shutdown & Alternatives | SUCCESS

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Lifestyle

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Elevate your lifestyle for success and happiness

<p>As remote work became increasingly common, many people were happy to have greater flexibility and freedom. However, remote work has its fair share of challenges too. Learning how to stay motivated working from home and structuring your day to maximize productivity can be difficult. You may have to deal with increased distractions if you have kids or pets or increased isolation if you’re alone. Both scenarios can lead to a lack of motivation.</p>



<p>Finding ways to <a href="https://successcom.wpenginepowered.com/how-working-from-home-can-make-you-more-productive/">be productive while working from home</a> is essential for job performance and can also increase mental and physical well-being. Below, we’ll explore the best strategies and tips to help you figure out how to stay motivated working remotely.</p>



<h2 class="wp-block-heading" id="h-understanding-the-challenges-of-remote-work">Understanding The Challenges Of Remote Work</h2>



<p>Remote work may be beneficial in many ways, but it brings unique challenges that can easily drain motivation. Working from home lacks the structured environment of office spaces and the physical presence of co-workers. If we aren’t careful, working remotely can mean isolation, distractions, and a blurred line between work and personal life. These challenges can lead to decreased productivity and even burnout.</p>







<p>Remote work also requires a higher level of self-discipline and focus. Although we often think we get more done without co-worker interruptions, working alone can have drawbacks, like loneliness and social media distractions.&nbsp;</p>



<p>Recognizing the various obstacles is part of learning how to stay focused working from home. It allows remote workers to implement strategies and stay motivated daily.</p>



<h2 class="wp-block-heading" id="h-the-importance-of-motivation-in-remote-work">The Importance Of Motivation In Remote Work</h2>



<p>Motivation isn’t just about using the latest productivity strategies. Maintaining motivation is vital to positive mental health and job satisfaction. Low motivation can create a lack of focus, impacting everything from your work quality to your overall well-being. Finding ways to stay motivated means you’re more likely to have positive mental health and job satisfaction.&nbsp;</p>



<p>Maintaining your motivation while working remotely can directly impact the following areas.</p>



<h3 class="wp-block-heading" id="h-performance-nbsp">Performance&nbsp;</h3>



<p>Motivation drives focus, which helps produce high-quality work. Staying motivated helps ensure that tasks get finished on time and effectively. It can also help you avoid rushing or producing sloppy results.</p>



<h3 class="wp-block-heading" id="h-mental-health-nbsp">Mental Health&nbsp;</h3>



<p>Isolation can make our mental health worse. When we’re alone too much, we can experience feelings of disconnection and anxiety. The longer you’re alone, the worse it can get. Instead, focus on staying connected to your colleagues and friends to help maintain your mental health.</p>



<h3 class="wp-block-heading" id="h-work-life-balance-nbsp">Work-Life Balance&nbsp;</h3>



<p>Remote work can blur the line between your personal and professional life. But knowing how to <a href="https://successcom.wpenginepowered.com/working-remotely-heres-how-to-do-it-right/">work from home the right way</a> can help you find that balance. The right motivation helps set boundaries so that separating work hours from personal time is easier. Understanding how to stay motivated while working from home can help reduce the risk of burnout or frustration.</p>



<h2 class="wp-block-heading" id="h-effective-strategies-for-staying-motivated">Effective Strategies For Staying Motivated</h2>



<p>Remote work can feel never-ending and boring without a strong sense of motivation. So, how do you stay motivated while working from home?</p>



<h3 class="wp-block-heading" id="h-1-create-a-dedicated-workspace">1. Create A Dedicated Workspace</h3>



<p>One of the best ways to motivate yourself is to set up a dedicated workspace. Having your own area supports focus and comfort and can help you block out distractions.</p>



<p>While working from your kitchen table is convenient, it can also be distracting. Create a space where you can get work done without being in the middle of family chaos.</p>



<ul class="wp-block-list">
<li><strong>Set Up Your Office</strong>: If you can, invest in quality office furniture and lighting to make your workspace comfortable. A dedicated workspace or home office can help you mentally distinguish between work and leisure.</li>



<li><strong>Personalize Your Work Environment</strong>:<strong> </strong>Add personal touches, like family photos, plants, or artwork, to make your workspace more inviting. A beautiful environment can boost creativity and motivation, making you more likely to enjoy your work.</li>



<li><strong>Discuss Boundaries</strong>:<strong> </strong>Often, it takes much longer to get back into a groove after an interruption. Many of the <a href="https://successcom.wpenginepowered.com/work-from-home-mom/">challenges of remote work</a>, especially with kids, are the constant distractions and the lack of understanding from others that working from home is still work. Discuss when it’s OK for your kids or partner to interrupt and when they must leave you alone.</li>
</ul>



<h3 class="wp-block-heading" id="h-2-establish-a-routine">2. Establish A Routine</h3>



<p>A well-structured routine is critical to creating normalcy in remote work; it helps boost productivity and motivation.</p>



<ul class="wp-block-list">
<li><strong>Set Regular Work Hours</strong>: Consistent hours create structure, helping you maintain a healthy rhythm and avoid procrastination. A well-defined schedule not only aids productivity but also helps reduce the likelihood of interruptions.</li>



<li><strong>Incorporate Breaks</strong>: Regular breaks are essential to refresh your mind and avoid burnout. Use time management techniques to help you build in natural breaks throughout the day.</li>
</ul>



<p>For example, use a time-blocking technique like the “pomodoro” method, where you work for 25 minutes and then take a five-minute break. After three or four of these time blocks, take a 10- to 15-minute break before starting a new task.</p>



<p>This strategy can increase productivity while giving you the time to recharge. Remember to <a href="https://successcom.wpenginepowered.com/taking-lunch-breaks-while-working-from-home/">take a lunch break</a>, and use your breaks between tasks to go outside for sunshine and fresh air.</p>



<h3 class="wp-block-heading" id="h-3-stay-connected-with-colleagues">3. Stay Connected With Colleagues</h3>



<p>One of the main challenges remote workers face is the potential for isolation. Staying connected with your colleagues helps combat loneliness and fosters a sense of teamwork.</p>



<ul class="wp-block-list">
<li><strong>Use Communication Tools</strong>: Stay in touch with co-workers using platforms like Slack, Microsoft Teams, or Zoom. Regular check-ins, like team meetings or daily stand-ups, can help create a routine that reinforces daily connection.</li>



<li><strong>Don’t Rely On Social Media</strong>: Although it’s tempting to start scrolling through social media during breaks, resist the urge. Instead, reach out to a friend or relative and, if possible, plan an in-person meetup.</li>



<li><strong>Schedule Virtual Coffee Breaks</strong>: In addition to formal meetings, try scheduling informal coffee breaks or virtual lunches with colleagues. Consider setting times to catch up with people, either over lunch or at a happy hour. Casual conversations foster relationships, provide social support, and lead to spontaneous brainstorming and problem-solving.</li>
</ul>



<h3 class="wp-block-heading" id="h-4-set-clear-goals-and-track-progress">4. Set Clear Goals And Track Progress</h3>



<p>Goal-setting is a powerful motivator that provides direction and reinforces progress.</p>



<ul class="wp-block-list">
<li><strong>Define Daily And Weekly Objectives:</strong> Creating a list of specific, achievable daily tasks can help you stay focused without feeling overwhelmed. If you struggle with where to start each day, create a list of tasks the night before and start crossing off the most important tasks early. Check on your high-level objectives weekly to ensure you’re making progress.</li>



<li><strong>Celebrate Small Wins</strong>: Recognize and celebrate small accomplishments throughout your day or week. Celebrating even minor achievements can boost morale and motivation. Whenever you finish a project, consider pausing and reflecting before you move on to the next item. Simple things, like a quick walk or meditation, can help you reset before your next task and keep a positive mindset.</li>
</ul>



<h3 class="wp-block-heading" id="h-5-prioritize-self-care">5. Prioritize Self-Care</h3>



<p>Self-care is an essential component of remote work motivation. Without it, our ability to accomplish tasks can quickly fade.</p>



<ul class="wp-block-list">
<li><strong>Maintain A Healthy Work-Life Balance</strong>: Remote work can make switching off in the evening challenging. Establish clear boundaries to help you transition from work to personal time. Consider setting specific “off” hours or creating an end-of-day routine to help transition. This balance prevents overworking and is crucial for long-term productivity and job satisfaction.</li>



<li><strong>Engage In Physical Activity</strong>: Exercise boosts mood, reduces stress, and improves focus. Integrate physical activity into your daily routine, whether through a morning jog, yoga, or short stretching breaks. Regular movement combats the sedentary nature of full-time remote work, energizing your body and mind.</li>
</ul>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom Line</h2>



<p>Remote work can be incredibly rewarding, but it can take practice to stay motivated while working remotely. By creating a dedicated workspace, establishing a routine, and emphasizing self-care, you can stay motivated, productive, and fulfilled, even if you’re working from your closet.&nbsp;</p>



<p>Motivation is key to excelling in remote work and maintaining a healthy balance for long-term satisfaction and success. If you can embrace these practices, you’ll thrive wherever you work.</p>



<p class="has-small-font-size"><em>Photo by fizkes/shutterstock.com</em></p>

Discover practical tips and strategies for maintaining motivation when working from home. Learn how to create a structured routine, set goals for yourself, and stay connected with your team.

Discover practical tips and strategies for maintaining motivation when working from home. Learn how to create a structured routine, set goals for yourself, and stay connected with your team. | SUCCESS

How to Stay Motivated When Working Remotely

Stay Motivated When Working Remotely | SUCCESS

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<p>Resilience is often attributed to people who survive catastrophic events or manage extreme illnesses or other difficult situations. However, having resilience in the workplace can help you cope with stress, perform at your best and face challenges with confidence and poise.&nbsp;</p>



<p>Building resilience at work takes practice, but it can be an excellent way to help you avoid burnout and unnecessary stress.</p>



<h2 class="wp-block-heading" id="h-what-is-resilience-in-the-workplace">What is resilience in the workplace?</h2>



<p>Resilience is the general ability to withstand or quickly recover from difficult situations. Developing workplace resilience can help you keep problems in perspective, learn from challenges and generally feel more optimistic about the future. This might mean keeping difficult personalities or situations in perspective, coping with layoffs (or the threat of layoffs) or moving forward after a big mistake or challenge.&nbsp;</p>



<p>All these situations can take a toll on your mental health, especially if you feel that you have to put on a brave face for your boss, employees or family and push down any negative feelings like fear or anger.</p>



<p>While you can’t prevent mistakes or negative situations from happening, keeping a positive attitude while still acknowledging that things are difficult can help you cope and bounce back from trouble.&nbsp;</p>



<h3 class="wp-block-heading" id="h-what-is-a-good-example-of-resilience-at-work">What is a good example of resilience at work?</h3>



<p>Everyone is different, but you likely already have at least a little practice building workplace resilience. Pushing through on a demanding project or meeting a tight deadline are examples of day-to-day resilience that most of us do without giving ourselves credit.&nbsp;</p>



<p>Workplace resiliency can be subtle, but some examples of showing resilience at work include:</p>



<ul>
<li><strong><a href="https://successcom.wpenginepowered.com/why-failure-is-good-for-success/">Learning from failure</a>.</strong> If you’ve ever tried to do something new or get a project off the ground, you have probably experienced failure in one form or another. Resilience doesn’t come from never failing. Instead, when things don’t go as planned, build resilience by acknowledging your feelings and analyzing what went wrong and how to avoid the issue in the future. </li>



<li><strong>Dealing with a challenging employee or client. </strong>You may have had to deliver feedback to an employee who did not take it well or let a client know that there was a problem with their project. Remaining patient, calm and empathetic while still holding boundaries<strong> </strong>can be a great example of resilience at work.<strong> </strong>You don’t have to let someone yell at you, but regulating your emotions when an employee or client is upset helps you maintain perspective and a positive attitude. </li>



<li><strong>Navigating organizational changes</strong>. When companies experience layoffs or close altogether, many find themselves out of work through no fault of their own. If this happens to you, remember that you don’t need to pretend you’re happy that your company is downsizing or restructuring. But keeping the changes in perspective, maintaining a positive outlook and adapting to new situations can help you bounce back faster. </li>
</ul>



<h2 class="wp-block-heading" id="h-the-impact-of-resilience-in-the-workplace">The impact of resilience in the workplace</h2>



<p>Learning how to build resilience at work can help workers improve depression symptoms and increase productivity, especially in a high-stress job. Research has indicated that resilient workers handle stress better than their less-resilient counterparts and that resilience training can be effective in reducing job strain and increasing job satisfaction.&nbsp;</p>



<p>The findings of a <a href="https://www.gallup.com/workplace/404174/economic-cost-poor-employee-mental-health.aspx" target="_blank" rel="noreferrer noopener">2022 Gallup poll</a> led to estimates that missed work can generally cost the U.S. economy about $47.6 billion annually in lost productivity. According to the <a href="https://ceoroundtable.heart.org/wp-content/uploads/2018/05/ucm_496856.pdf" target="_blank" rel="noreferrer noopener">American Heart Association</a> (AHA), adding resiliency training to workplace culture can help employees cope with workplace stress, guard against burnout and teach people how to remain calm under pressure, among other physical and emotional benefits.&nbsp;</p>



<p>While even the <a href="https://successcom.wpenginepowered.com/10-quick-tips-to-be-a-better-boss/">best boss</a> can’t change workplace culture alone, equipping employees with these tools can be invaluable to workforce resilience and overall productivity. The AHA found that in addition to helping employees cope with negative workplace experiences, resilience can lead to greater job satisfaction, workplace happiness, organizational commitment and employee engagement.&nbsp;</p>



<h3 class="wp-block-heading" id="h-what-happens-when-leaders-show-resilience-in-the-workplace">What happens when leaders show resilience in the workplace?</h3>



<p>As a leader, maintaining a resilient attitude at work can inspire your team to do the same. A negative outlook will affect a leader’s ability to do their job, and negativity at the top can often impact employee engagement and productivity.</p>



<p>By showing resilience in the workplace, leaders signal to their teams that although problems arise, working together as a team, brainstorming ways to overcome challenges and listening to differing opinions are core company values and part of building a <a href="https://successcom.wpenginepowered.com/how-to-build-a-thriving-culture-at-work/">thriving work culture</a>.</p>



<h3 class="wp-block-heading" id="h-how-do-you-know-if-you-need-more-resilience-in-the-workplace">How do you know if you need more resilience in the workplace?</h3>



<p>Building resilience is like exercise: The more you practice, the better you’ll get. Start by asking yourself how you feel most days at work and if there’s any way to improve any negative or hopeless feelings you regularly experience.&nbsp;</p>



<p>Keep track of how often you feel negative or apathetic about work compared to feeling positive or empowered. Your personal workforce resilience quizlet might include the following questions and observations:</p>



<ul>
<li>How many times do you experience frustration with yourself or others?</li>



<li>How often do you engage in negative self-talk or berate yourself for a mistake?</li>



<li>What makes you feel hopeless, worthless or like nothing you do can change the outcome?</li>



<li>Are you sleeping well, or do thoughts of work make it difficult to fall or stay asleep?</li>



<li>Do you wish you enjoyed more about your work, especially things you used to think were fun?</li>
</ul>



<p>While very few people are genuinely happy to go to work every single day, most people generally enjoy some aspects of their jobs. If you struggle to find something positive at work, you may be dealing with a toxic work environment, and changing jobs can help your mood improve.&nbsp;</p>



<p>However, if you used to enjoy your job and nothing significant recently changed, consider speaking with a therapist, friend or trusted manager about ways to improve your resilience.&nbsp;</p>



<h2 class="wp-block-heading" id="h-how-to-build-resilience-in-the-workplace">How to build resilience in the workplace</h2>



<p>Learning how to build resilience at work can help you enjoy your job and everyday life more. Practice the following to help you increase your workplace resilience:</p>



<h3 class="wp-block-heading" id="h-reframe-challenges">Reframe challenges</h3>



<p>Instead of seeing a problem as a harmful threat, reframe the situation into a positive learning experience. While the situation might not have many upsides, look for something positive, even if it’s just learning from the past, so you know what to do differently next time.&nbsp;</p>



<h3 class="wp-block-heading" id="h-work-on-stress-reduction">Work on stress reduction</h3>



<p>Having an outlet to relieve work pressure can be a great way to ensure you stay as resilient as possible. Whether stress reduction comes from exercise, playing with your kids or pets or speaking with a therapist or trusted friend (or all three), find an activity that helps you lower your stress level and maintain perspective.</p>



<h3 class="wp-block-heading" id="h-practice-authentic-self-care">Practice authentic self-care</h3>



<p>While “self-care” has become a buzzword, focusing on the things that actually care for your physical and mental health—like getting enough sleep, eating well, drinking enough water and moving your body—can help you maintain resiliency. While practicing <a href="https://successcom.wpenginepowered.com/self-improvement-at-work/">self-improvement in the workplace</a> has its place, remember to take the time to focus on activities besides work so that you don’t burn out.&nbsp;</p>



<h3 class="wp-block-heading" id="h-make-connections">Make connections</h3>



<p>If you’re experiencing depression or burnout at work, you might feel isolated and like you’re the only one going through difficulties. Reach out to trusted friends at work or in your industry and brainstorm ways to improve or learn from a negative situation. </p>



<h3 class="wp-block-heading" id="h-take-action">Take action </h3>



<p>Even if you’re a new employee or struggling to fit into your workplace culture, finding some action, even if it’s small, can help you feel empowered. Keep finding small actions to take over and over again, and you may eventually discover that you’ve solved a problem or finished a project without even realizing it.</p>



<p class="has-small-font-size"><em>Photo by TetianaKtv/Shutterstock.com</em></p>

Building resilience in the workplace is a great way to help you prevent burnout and avoid stress. Use these 5 tip to build your resilience.

Building resilience in the workplace is a great way to help you prevent burnout and avoid stress. Use these 5 tip to build your resilience. | SUCCESS

How to Build Resilience in the Workplace

5 Tips to Build Your Resilience in the Workplace | SUCCESS

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Older male mentor and younger female mentee walking and talking

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Culture &amp; Workplace

Culture &amp; Workplace Archives

Culture &amp; Workplace | SUCCESS | What Achievers Read

<p>Finding the right <a href="https://successcom.wpenginepowered.com/what-is-a-mentor">mentor</a> can help you navigate challenging situations and gain perspective on your career. While learning how to find a mentor can be intimidating, it is a skill that can be essential to helping you get ahead at work and in life. Below, we look at what you need to consider when learning how to get a mentor and some tips for finding the best one for you.&nbsp;</p>



<h2 class="wp-block-heading" id="h-do-i-need-a-mentor-or-a-coach">Do I need a mentor or a coach?</h2>



<p>Figuring out what you need help with is a significant first step in deciding if you need a <a href="https://successcom.wpenginepowered.com/coaching-vs-mentoring/">coach or a mentor</a>. People often use these terms interchangeably, but they can be very different. While both can help someone advance in their career, <a href="https://coaching.success.com/" target="_blank" rel="noreferrer noopener">a coach</a> is typically someone you hire to help you work through a particular issue or objective.</p>



<p>Mentorships, on the other hand, often center on a voluntary relationship where the mentor offers general advice and guidance to their mentee. Many mentors aren’t paid and most allow their mentee to guide the overall discussion.&nbsp;</p>







<h2 class="wp-block-heading" id="h-how-to-find-a-mentor">How to find a mentor</h2>



<p>Once you’ve decided that a mentor is better suited for your needs than a coach, it’s time to learn how to get a mentor. The following are six steps that we recommend taking to find the right one for you.&nbsp;</p>



<h3 class="wp-block-heading" id="h-1-determine-what-you-re-looking-for-in-a-mentor">1. Determine what you’re looking for in a mentor</h3>



<p>Considering which goals you’re looking to achieve can help you clearly identify your priorities and ultimately know what to look for in a mentor. Create a list of your specific goals to help you qualify your potential candidates. Then, create a separate list of people you know or admire in your industry and cross-reference their skills and achievements against your list of objectives. Research whether their work and values align with yours and if their successes align with where you want to be.&nbsp;</p>



<p>If you don’t have specific people in mind, then check local professional networking groups or organizations that help match people with mentors. Many libraries and community service centers also have mentorship programs that can guide you on what to look for in a mentor and how to ask someone to be your mentor. This is especially helpful for younger individuals seeking general life guidance instead of industry-specific insights.</p>



<h3 class="wp-block-heading" id="h-2-make-contact">2. Make contact</h3>



<p>Before asking someone to be your mentor, you should set up an initial meeting. You could suggest meeting for coffee, either in person or virtually, and spending some time getting to know each other better.&nbsp;</p>



<p>A mentor can be a powerful influence in your career and life. Similar to a romantic relationship, it’s essential to take your time and meet various people to ensure you’re making the best choice. While many people are great at their jobs and can provide important insights, their values may not align with yours. Or, your personalities just might not “click.”&nbsp;</p>



<h3 class="wp-block-heading" id="h-3-ask-them-to-be-your-mentor-nbsp">3. Ask them to be your mentor&nbsp;</h3>



<p>After you’ve met your potential mentor and confirmed they’re a great fit, it’s time to formally ask them to be your mentor. If you’re wondering how to ask someone to be your mentor, ask them in person if they live locally, or ask via email or phone if they live a significant distance away from you.</p>



<p>Before asking someone to be your mentor, consider the following:</p>



<ul>
<li><strong>Know what to look for in a mentor and their services:</strong> Before you ask someone for career help, you need to know what you hope to gain from the relationship. Do you need help navigating a specific problem at work? Are you wondering if returning to school or changing career tracks is right? Spend time thinking about what you hope to gain so you can ask for specific advice.&nbsp;</li>
</ul>



<ul>
<li><strong>Point to specifics:</strong> In your request for mentorship, include specifics about their work and background that you believe will help make them an effective mentor. This shows your potential mentor that you did your homework and considered the request.</li>
</ul>



<ul>
<li><strong>Don’t waste their time:</strong> Make it clear that you are committed and willing to put in the time and energy to succeed. Be prepared at every meeting to show your progress or how you’ve implemented previous advice.</li>
</ul>



<ul>
<li><strong>Understand the mentor is not your friend or therapist</strong>: Remember that while the mentor and mentee relationship can be friendly, you are not friends who are catching up. Instead, you are meeting for a specific purpose. While a bit of chitchat is fine, don’t show up to your meetings just to vent or complain.</li>
</ul>



<h3 class="wp-block-heading" id="h-4-don-t-take-rejection-personally-nbsp">4. Don’t take rejection personally<strong>&nbsp;</strong></h3>



<p>Unfortunately, not everyone has the time or desire to be a mentor, and they may say no to your request. Try <a href="https://hbr.org/2021/08/everyone-gets-rejected-heres-how-to-move-on" target="_blank" rel="noreferrer noopener">not to take rejection personally</a>. Instead, start over by researching other people from your initial list of candidates. Finding the right candidate may take several attempts, so stay optimistic about the process and keep looking.&nbsp;</p>



<h3 class="wp-block-heading" id="h-5-check-in-regularly-nbsp">5. Check in regularly&nbsp;</h3>



<p>Regular check-ins are part of <a href="https://successcom.wpenginepowered.com/how-to-excel-as-a-mentor-or-mentee/">being a good mentee</a>. They help your mentor know that you’re serious about their help. Having mini-deadlines can also ensure you progress steadily toward your goals. How often you meet with your mentor depends on your goals and schedule. During your first discussions, decide when and how to meet.&nbsp;</p>



<p>How often you meet with your mentor and where is dependent on both of your schedules and preferences. Some people decide to meet in person, only online or a combination of both. Also, most people choose to meet weekly or every other week. Some mentors, however, may have limited time available. This may result in only meeting once a month or for a fixed period.&nbsp;</p>



<h3 class="wp-block-heading" id="h-6-show-your-gratitude-nbsp">6. Show your gratitude&nbsp;</h3>



<p>In addition to thanking your mentor for their advice, one of&nbsp; the greatest displays of gratitude is showing how you’ve put their advice into practice. This is often shown best through the progress you’ve made toward your goals.&nbsp;</p>



<p>You can also <a href="https://successcom.wpenginepowered.com/how-gratitude-works/">show gratitude</a> by honoring your mentor’s schedule and boundaries. Remember that your mentor is likely very busy. Don’t ask for last-minute reviews of documents or projects, and honor their preferred method of contact.&nbsp;</p>



<p>Consider ways to return the favor and help your mentor with their projects or pay it forward and eventually become one yourself.</p>



<h2 class="wp-block-heading" id="h-five-tips-to-get-a-mentor-that-s-right-for-you-nbsp">Five tips to get a mentor that’s right for you&nbsp;</h2>



<p>While learning how to ask someone to be your mentor takes practice, these tips can help you make the most of your mentorship opportunities:&nbsp;</p>



<ul>
<li><strong>Be direct.</strong> Don’t be afraid to ask someone to be your mentor, even if they may reject the offer. Most people will be flattered that you considered them.</li>
</ul>



<ul>
<li><strong>Have multiple mentors.</strong> Many people find it effective to have multiple mentors at one time to help them with their goals. Consider having more than one if you can effectively handle the time commitment and make progress on each of your goals.</li>
</ul>



<ul>
<li><strong>Keep your initial request short and direct. </strong>When asking someone for an introductory meeting, keep your request short and direct. Most professionals are very busy and don’t have time to wade through an essay-length request.&nbsp;</li>
</ul>



<ul>
<li><strong>Follow up.</strong> Your email may arrive during a busy time for your potential mentor. If they reply with “not right now” instead of “no,” mark your calendar to follow up in a month or two politely. Be persistent, and it may pay off.</li>
</ul>



<ul>
<li><strong>Define success.</strong> Let your mentor know what success means to you and share your plan for reaching your goals. They are there to offer advice when things get off course, but the planning and implementation required to achieve your goals is up to you.</li>
</ul>



<p class="has-small-font-size"><em>Photo by Vadym Pastukh/Shutterstock.com</em></p>

Looking for advice on how to find a mentor to advance your career? Check out our latest explainer that details everything you need to know.

Looking for advice on how to find a mentor to advance your career? Check out our latest explainer that details everything you need to know. | SUCCESS

How to Find a Mentor Who Will Best Support Your Growth

How to Find a Mentor Best Suited to Your Needs | SUCCESS

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Woman at her work desk with sticky notes on the wall behind her because she's learning how to set goals at work

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<p>Setting goals at work can help you stay motivated and achieve personal and professional growth. Many people are familiar with setting personal goals. However, setting professional goals is slightly different, and learning how to set goals for yourself at work can take practice.&nbsp;</p>



<p>Below, we look at how setting the right professional goals can help you get ahead and offer suggestions to maximize your time at work.</p>



<h2 class="wp-block-heading" id="h-understanding-personal-vs-professional-goals">Understanding personal vs. professional goals</h2>



<p>Setting personal goals can be a great way to help you achieve long-term progress on things that are important to you. Personal goals can also be an excellent way to handle a difficult situation or gain a little control when things <a href="https://successcom.wpenginepowered.com/how-to-set-goals-amid-chaos/">feel chaotic</a>.&nbsp;</p>



<p>Professional goals, however, need to be more intentional and have a purpose beyond personal fulfillment. Instead of doing something just because you are interested in the topic, a work goal should help you progress in your career. It may be filling a gap in your company’s skill set or developing an area of weakness pointed out in a performance review.</p>



<p>Understanding the differences between the two and using them effectively can make a big difference when trying to get ahead in the workplace.&nbsp;</p>



<h2 class="wp-block-heading" id="h-the-right-goals-at-work-can-help-you-get-promoted">The right goals at work can help you get promoted<strong> </strong></h2>



<p>Setting yourself up for success takes forethought and good planning. When setting goals at work, be strategic about what you hope to gain from your effort. While acquiring new skills is admirable, if your company doesn’t need that skill set, it won't help you get far.&nbsp;</p>







<p>One of the best ways to know what kind of goal to set is to identify a problem in your workplace and determine what skills it will take to solve it. While you may not be able to fix systemic issues on your own, reflecting on the skills needed to solve a problem can clue you in to the type of skills to pursue.</p>



<p>Once you identify the skills you need, you can begin setting goals to help you fix the issue. Use a <a href="https://successcom.wpenginepowered.com/how-to-set-goals/">goal-setting method</a> like SMART, HARD or FAST goals to help you make specific, actionable progress.</p>



<h3 class="wp-block-heading" id="h-personal-work-goals-vs-performance-review-goals-nbsp">Personal work goals vs. performance review goals&nbsp;</h3>



<p>It’s important to remember there are some differences between the personal work goals you set for yourself and those that are part of your performance review.&nbsp;</p>



<p>Goals received in a performance evaluation should be part of a broader discussion and have frequent progress updates. Work with your manager to develop specific goals based on <a href="https://successcom.wpenginepowered.com/goal-setting-theory/">goal-setting theory</a> so that you are on the same page about what you need to accomplish and what success looks like.&nbsp;</p>



<p>If you use personal goal setting at work and it's not tied to a performance review or formal discussion with your manager, you’ll need to decide how much you will share with management and when.&nbsp;</p>



<p>Looping your supervisor into your progress can be a great way to communicate your willingness to help your company succeed. However, if you don’t achieve the goal or don’t achieve it fast enough, it could be detrimental to your career.</p>



<h2 class="wp-block-heading" id="h-not-all-goals-need-to-be-about-getting-ahead-nbsp">Not all goals need to be about getting ahead&nbsp;</h2>



<p>It can be easy to get sucked into the idea that all of your goals have to be about getting ahead or producing results. Some goals can (and should!) be about your well-being instead of reaching the next level in your career.&nbsp;</p>



<p>Spend time setting <a href="https://successcom.wpenginepowered.com/rohn-4-tips-for-setting-powerful-goals/">intentional goals</a> for yourself that focus on your mental health and work-life balance, not just your productivity. These might be logging off by a specific time each evening, turning off work notifications over the weekend or even going for a walk on your lunch break every day.&nbsp;</p>



<p>Just like with any objective, try to focus on one small step at a time to help you avoid feeling overwhelmed. Set actionable and measurable goals (preferably with a deadline) to help you succeed.</p>



<h2 class="wp-block-heading" id="h-five-goals-to-consider-setting-at-work">Five goals to consider setting at work</h2>



<p>While there are any number of goals you can set for yourself, consider the following to help you be your best at work.&nbsp;</p>



<h3 class="wp-block-heading" id="h-1-don-t-work-on-days-off-nbsp">1. Don’t work on days off<strong>&nbsp;</strong></h3>



<p>While being dedicated to the job is admirable, everyone needs to unplug now and again. Taking time off can help you reset, allowing you to return to work, recharged and ready for the week ahead.&nbsp;</p>



<p><strong>How to do it:&nbsp;</strong></p>



<ul>
<li>Before you leave<strong> </strong>for a long weekend or a vacation, set your away message on your phone and email and turn off notifications from Slack or Teams on your devices.&nbsp;</li>



<li>Coordinate with your coworkers to hand off any projects needing attention.</li>



<li>Set an email notification letting people know you are unavailable over the weekend and will respond when you’re back in the office on Monday.&nbsp;</li>
</ul>



<h3 class="wp-block-heading" id="h-2-improve-your-soft-skills-nbsp">2. Improve your soft skills&nbsp;</h3>



<p>Soft skills can be hard to identify and measure, but they can be the secret to getting ahead at work. It’s not easy to know if you’re making progress on soft skills, so stop and reflect on what success looks like for you so you know where you’re headed.</p>



<p><strong>How to do it:</strong></p>



<p>Identify the areas where you need to improve in various spaces like:</p>



<ul>
<li>Communication</li>



<li>Collaboration</li>



<li>Time management</li>



<li>Project management</li>



<li>Problem-solving</li>



<li>Adaptability and flexibility</li>
</ul>



<p>Once you’ve identified the areas needing improvement, create an action plan to help you take steps forward. To achieve this work goal, consider taking a class, finding a mentor, or seeking opportunities to practice in the areas you want to progress.</p>



<h3 class="wp-block-heading" id="h-3-look-up-from-your-screen">3. Look up from your screen</h3>



<p>While screens are a daily part of life for most of us, taking periodic breaks is a good idea. Build time into your work day to look up from your screen and give your eyes, neck muscles and brain a break (do this multiple times daily!).&nbsp;</p>



<p><strong>How to do it:</strong>&nbsp;</p>



<ul>
<li>Set reminders in your calendar or phone to take a five-minute break and look up from your screen.</li>



<li>Step outside or move toward a window for some sunlight and look into the distance to stretch your eye muscles.&nbsp;</li>



<li>Gently stretch your neck, shoulders, arms and wrists to loosen up before you sit back down.&nbsp;</li>
</ul>



<h3 class="wp-block-heading" id="h-4-make-time-for-creativity">4. Make time for creativity</h3>



<p>While creative endeavors aren’t usually seen as a business skill, learning to apply innovative solutions to problems in the business world is a prized skill. While it might feel strange, you can learn to be creative.</p>



<p><strong>How to do it:&nbsp;</strong></p>



<p>Start by making some quiet time to let your thoughts run free. If you currently have a problem you’re trying to solve, ask yourself what the perfect solution would look like and see if you can work backward to develop a step-by-step plan. If you aren’t currently dealing with a problem, reflect on previous issues and see if there were other ways to solve them.&nbsp;</p>



<p>Outside work, you can achieve this goal by <a href="https://www.betterup.com/blog/how-to-find-a-hobby-as-an-adult" target="_blank" rel="noreferrer noopener">exploring hobbies</a> like cooking, drawing, yoga or playing an instrument. Whatever creative outlet you choose, giving your brain the space to focus on a new challenge away from work can help you see patterns and solutions you might otherwise miss.</p>



<h3 class="wp-block-heading" id="h-5-learn-new-technical-skills">5. Learn new technical skills</h3>



<p>Learning a new hard skill, like programming, finance or other industry-specific information, will help you stay up-to-date in your current position and potentially get ahead.&nbsp;</p>



<p><strong>How to do it:&nbsp;</strong></p>



<ul>
<li>Read magazines, attend trade shows and take classes to help you stay aware of any new changes or developments.&nbsp;</li>



<li>Take a class to learn a new technical skill, especially if you see a need for those skills in your company.&nbsp;</li>



<li>Consider earning a certification or getting a formal degree in a specific skill like programming, which might lead to career advancement or new opportunities.</li>
</ul>



<p class="has-small-font-size"><em>Photo by</em> <em>Maples Images/Shutterstock.com</em></p>

Setting goals at work can help you stay motivated and achieve your goals, but where to begin? Check out our latest explainer to learn more.

Setting goals at work can help you stay motivated and achieve your goals, but where to begin? Check out our latest explainer to learn more. | SUCCESS

How to Set Goals at Work to Be Your Best Self

Setting Goals at Work: 5 Easy Goals to Be Your Best Self | SUCCESS

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Young man jogging outside to show you can accomplish the goals you set for yourself

<p>Goals are essential to personal and professional development, but knowing which goals to set for yourself can feel overwhelming. You know there are areas of your life where you want to make progress, but you may need guidance figuring out where to start or how to identify what you need to do.</p>



<p>Keep reading to discover some personal and professional goals that will put you on the right path.</p>



<h2 class="wp-block-heading" id="h-set-smart-goals-to-increase-your-chance-of-success-nbsp">Set SMART goals to increase your chance of success&nbsp;</h2>



<p>It's crucial to have a plan that outlines the necessary steps you should take to achieve a goal. <a href="https://successcom.wpenginepowered.com/goal-setting-theory/">Using a goal-setting theory</a> called the SMART goal system can help you navigate the journey toward your goals.</p>



<p>The SMART system enables you to define your goals and pair them with actionable steps and a timeline to ensure you make real progress.&nbsp;</p>



<p>SMART stands for:</p>



<ul class="wp-block-list">
<li><strong>Specific: </strong>Determine and set a concrete goal, so you know what you want to achieve. Instead of setting a goal to ‘save more money,’ your specific goal might be to save 10% of every paycheck.&nbsp;</li>
</ul>



<ul class="wp-block-list">
<li><strong>Measurable: </strong>Set an objective measure of success so you know that you are progressing and when you’ve officially reached your goal.</li>
</ul>



<ul class="wp-block-list">
<li><strong>Attainable: </strong>A goal should be challenging but still doable. Don’t set such a complicated or out-of-reach target that you get frustrated and give up.&nbsp;</li>
</ul>



<ul class="wp-block-list">
<li><strong>Relevant: </strong>Ensure your goal fits your values and vision for your life or <a href="https://successcom.wpenginepowered.com/career-goals/">career</a>. </li>
</ul>



<ul class="wp-block-list">
<li><strong>Time-bound: </strong>Set a deadline to achieve your final goal, and set up milestones within that timeframe to track your progress.&nbsp;</li>
</ul>







<p>As you learn <a href="https://successcom.wpenginepowered.com/how-to-set-goals/">how to set goals</a> for yourself, remember to be realistic about what you can accomplish. Don’t try to overhaul your life all at once. Work on one or two goals at a time to have the best chance at success.</p>



<h2 class="wp-block-heading" id="h-personal-development-goals-to-set-for-yourself">Personal development goals to set for yourself</h2>



<p>Learning to set <a href="https://successcom.wpenginepowered.com/rohn-4-tips-for-setting-powerful-goals/">powerful goals</a> for your personal development and sticking to them is a great way to achieve discipline in other areas of your life as well. If you need some ideas, consider these personal goal-setting examples:</p>



<h3 class="wp-block-heading" id="h-1-journal-for-20-minutes-a-day">1. Journal for 20 minutes a day</h3>



<p><a href="https://successcom.wpenginepowered.com/simple-journaling-tips/">Journaling</a> is a beneficial way to process and understand your inner thoughts. A journaling practice can help you manage anxiety, reduce stress and reflect on the aspects of your life that you’d like to improve.&nbsp;</p>



<p>When and how you journal is up to you, but set aside time each day to write down your thoughts. If you need ideas to get started, the internet is full of goal-setting questions and prompts, but you can also try stream of consciousness writing or free writing.&nbsp;</p>



<h3 class="wp-block-heading" id="h-2-wake-up-30-minutes-earlier">2. Wake up 30 minutes earlier</h3>



<p>Waking up earlier can reduce stress and increase happiness. Having a little extra time to savor your coffee, find your child’s missing shoe or journal means you can start each day calmly and without chaos and stress.&nbsp;</p>



<p>If you’re in the habit of staying in bed until the last possible moment, try setting your alarm five minutes earlier and working your way up to your desired time to rise and shine. To make getting up a little easier, try going to bed earlier and create a nightly routine to relax and unwind before lights out.&nbsp;</p>



<h3 class="wp-block-heading" id="h-3-practice-saying-no">3. Practice saying “no”</h3>



<p>Learning to say “no” more often frees up your time and mental load to say “yes” to what is truly important to you. Although it takes practice and can feel awkward, saying “no” allows you to set clear boundaries and improve your mental health.&nbsp;</p>



<p>Part of saying “no” effectively is understanding what you do and do not want. Practice different scenarios with your partner or friends ahead of time, to make saying “no” in the moment easier.</p>



<h2 class="wp-block-heading" id="h-professional-goals-to-set-for-yourself">Professional goals to set for yourself</h2>



<p>Setting <a href="https://successcom.wpenginepowered.com/4-new-years-resolutions-you-should-make-and-keep-to-guarantee-your-success/#google_vignette">self-improvement goals</a> can help you get ahead at work. By increasing your skills and proficiency in various ways, you’re paving the road to succeed in your current role and in whatever future positions you hold.&nbsp;</p>



<h3 class="wp-block-heading" id="h-4-learn-a-new-skill">4. Learn a new skill</h3>



<p>Learning new skills at work makes you more adaptable and can boost your confidence. The more skills you have to offer, the more indispensable you are likely to be in the workplace.</p>



<p>Start by assessing your current skills and reflecting on any feedback you may have received from a manager or supervisor. Then, seek online courses, continuing education or other sources to assist you in leveling up.&nbsp;</p>



<h3 class="wp-block-heading" id="h-5-become-a-better-communicator">5. Become a better communicator</h3>



<p>Learning to communicate effectively is an invaluable life skill. Not only does good communication cut down on confusion and conflict, but being a clear communicator can help you build trust and positivity among your team.&nbsp;</p>



<p>A large part of communicating is learning how to listen. Practice active listening skills and study different communication techniques, including nonverbal communication. Practice your new skills whenever you can, even if you’re just making small talk.&nbsp;</p>



<h3 class="wp-block-heading" id="h-6-network-more">6. Network more</h3>



<p>Networking effectively can boost your career, build new connections and strengthen existing relationships. It's also an excellent way to stay current on what’s happening in your industry.&nbsp;</p>



<p>Spend some time looking for organizations or companies you’re interested in, and seeing if any networking events or conventions are coming up. Remember that networking doesn’t only take place in a professional setting. You may find a valuable network by volunteering or participating in a hobby.&nbsp;</p>



<h2 class="wp-block-heading" id="h-physical-goals-to-set-for-yourself">Physical goals to set for yourself</h2>



<p>For many of us, changing our physical appearance is often high on the list of goals we set. However, physical goals don’t have to focus on appearance at all. Instead, you can focus on improving your health and enjoying movement for the sake of it.&nbsp;</p>



<h3 class="wp-block-heading" id="h-7-find-a-new-to-you-type-of-movement-to-do">7. Find a new-to-you type of movement to do</h3>



<p>Finding novel ways to move your body can have countless benefits, including developing new skills, increasing confidence and having fun.&nbsp;</p>



<p>Instead of staying with the same tried-and-true workout you’ve always done, try different types of exercise. Challenge yourself to attempt something intimidating, and approach the endeavor with a sense of playfulness.&nbsp;</p>



<h3 class="wp-block-heading" id="h-8-drink-more-water">8. Drink more water</h3>



<p>There are many compelling <a href="https://www.cdc.gov/healthyweight/healthy_eating/water-and-healthier-drinks.html" target="_blank" rel="noreferrer noopener">reasons to drink more water</a>. Staying hydrated facilitates a normal body temperature, cushions your joints and even <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6147771/" target="_blank" rel="noreferrer noopener">decreases the risk</a> for anxiety and depression.&nbsp;</p>



<p>Carry a reusable water bottle to encourage yourself to drink more. Consider swapping out a high-calorie drink for a glass of water at least once daily, and add citrus, cucumbers or berries for a little flavor infusion.&nbsp;</p>



<h3 class="wp-block-heading" id="h-9-increase-your-strength">9. Increase your strength</h3>



<p>Strength training has multiple benefits, including improving your ability to do everyday activities, protecting your joints from injury and improving your balance and stability.&nbsp;</p>



<p>Look for ways to incorporate bodyweight or dumbbell exercises into your fitness routine. If you’re new to exercise, remember to go slowly, and consider taking a class or working with a trainer to learn proper form and technique so you can exercise safely.&nbsp;</p>



<h2 class="wp-block-heading" id="h-social-goals-to-set-for-yourself">Social goals to set for yourself</h2>



<p>As you examine areas in your life to set goals, don’t forget about improving your social life. Developing solid friendships is essential to your mental and physical health.</p>



<h3 class="wp-block-heading" id="h-10-try-a-new-hobby">10. Try a new hobby</h3>



<p>Exploring a new hobby or class is a great way to expand your circle. Not only can you make new friends that you have something in common with, but developing new interests is also good for your brain and encourages creativity.&nbsp;</p>



<p>If there’s an activity or hobby you’ve always wanted to try, find a class or instructor to teach you the basics. While trying something different can be intimidating, set a small goal for each class—such as speaking with at least three new people or trying one thing that scares you.&nbsp;</p>



<h3 class="wp-block-heading" id="h-11-reconnect-with-an-old-friend">11. Reconnect with an old friend</h3>



<p>Social connections can be harder to maintain as we get older. While making new friends and acquaintances is essential, strengthening your existing relationships can significantly impact your mental and emotional health.</p>



<p>Set a weekly or monthly goal to reach out to someone you haven’t spoken to recently, and let them know you’re thinking of them. You can text, call or even write letters, but focus on rekindling an old connection.</p>



<h3 class="wp-block-heading" id="h-12-volunteer-nbsp">12. Volunteer&nbsp;</h3>



<p>Volunteering in your community is an ideal way to spread positivity and give back. Volunteering encourages a sense of purpose and pride in your community, and it’s a great way to meet new friends.&nbsp;</p>



<p>To find the right volunteer opportunity, consider your skills and experience, then look for an organization that reflects your values and interests. Finding the sweet spot where those things meet may take some time, but the outcome will be worthwhile.</p>



<p class="has-small-font-size"><em>Photo by</em> <em>GalacticDreamer/Shutterstock.com</em></p>

Looking to set new goals for yourself this year? Try taking on these 12 achievable goals that are super simple and will stick.

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Woman on vacation because she knows benefits of rewarding yourself

Longevity &amp; Performance

Longevity &amp; Performance Archives

Longevity &amp; Performance | SUCCESS | What Achievers Read

<div class="wp-block-group">
<div><span style="font-size: revert; color: initial;">The TV show </span><i style="font-size: revert; color: initial;">Parks and Rec</i><span style="font-size: revert; color: initial;"> made the idea of “treat yo self” synonymous with over-the-top rewards. And while a day full of luxury might be a bit much, treating yourself to little rewards as you pursue a big goal can help you stay motivated and positive.</span></div>
<div id="_idContainer010" class="Basic-Text-Frame">
<h2>Why should I reward myself?</h2>
<p>Rewards are often seen as something that comes at the end of a big project or goal. While a reward at the end of a big endeavor is a great way to celebrate, finding ways to reward yourself with little things along the way to your accomplishment can help keep you engaged and avoid burnout and resentment.</p>
<p>Remember that rewards look different for each person. Reflect on the best ways to reward yourself so you know what works specifically for you. You want your reward to be satisfying and a special treat, but not something that will impede your progress. Some people may choose a glass of wine and a movie on the couch, while others decide to try a new workout (or, if you’re like Ben in <i>Parks and Rec</i>, wearing a Batman costume).</p>
<h2>Rewarding yourself can help prevent burnout. </h2>
<p>It’s not just personal goals that need rewards, either. Finding ways to reward employees (and yourself!) at work is also essential. </p>
<p>As this <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10119699/" target="_blank" rel="noopener">2023 study from Sweden</a> found: a lack of rewards at work can lead to burnout and affect an employee’s mental health. While working hard can be its own reward, for many, being acknowledged and receiving small, thoughtful rewards and praise helps people feel appreciated and motivated. </p>
<h3>Three more benefits of rewarding yourself </h3>
<p>Not only can you help stave off burnout by giving yourself small treats, but rewarding yourself for your accomplishments also helps you with:</p>
<ol>
<li><b>Motivation:</b> Giving yourself small rewards along a journey to lose weight, save money or get out of debt can <a href="https://successcom.wpenginepowered.com/how-to-become-more-motivated/">keep you motivated</a>, even if you’re feeling down. Progress is not linear, so when you feel down or can’t keep going, reflecting on the smaller steps you’ve accomplished and the rewards you’ve already unlocked can be a great push to keep making progress.</li>
<li><b>Reducing procrastination</b>: Knowing you have something to look forward to can help you move through an unpleasant task faster. Promising yourself a small treat for getting through the dishes, folding laundry or making an unpleasant phone call can help you buckle down and get to the other side.</li>
<li><b>Encouraging resilience</b>: Learning to trust yourself can be difficult, especially if you have tried and failed in the past to achieve a long-term goal. The more small steps for which you reward yourself, the more proof you have that you can trust yourself to set and stick to a goal.</li>
</ol>
<p>Putting on your new running shoes as you head out the door for marathon training or giving yourself a mid-afternoon break after completing an arduous work task can be a physical reminder of all you have achieved and something to point to when you don’t feel like you can keep going. </p>
<h3>How to pick a good reward </h3>
<p>While there are a lot of benefits of rewarding yourself, and it can be beneficial to work rewards into your <a href="https://successcom.wpenginepowered.com/what-good-self-care-looks-like/">self-care routine</a>, it's essential to pick the right type of reward. Understanding why you should reward yourself for your accomplishments can be different from actually giving yourself healthy rewards during a long process.</p>

<p>For some, learning how to reward yourself can take a little practice. Consider the following to help you stay on track.</p>
<ul>
<li><b>Break down your current goal and process it into tiny steps</b>. Make note of when each of these is accomplished—not just the giant end game, which might be months or years away.</li>
<li><b>Bake failure into your rewards system</b>. Real achievement requires risk and <a href="https://successcom.wpenginepowered.com/why-failure-is-good-for-success/">failure</a>, and learning from mistakes. Instead of focusing solely on what goes right, like landing a new deal, focus on goals reached, such as the number of proposals sent out or pitching a dream potential client you might have been too timid to approach.</li>
<li><b>Make rewards healthy</b>. A drunken night out as a reward for beating your sales goal has lots of negative baggage attached to it, compared with spending time with an old friend or investing in an education course, a fitness class or in beautifying your home.</li>
<li><b>Involve loved ones</b>. Invite your family, friends and colleagues to join you in your celebrations, even if it is a small gesture, such as asking your partner to join you on a hike to celebrate accomplishing an arduous to-do list.</li>
</ul>
<h2>15 ways to treat yourself for reaching your goals </h2>
<ol>
<li><b>Create a to-do list item, and cross it off your list.</b> A reward doesn’t have to be big to be satisfying. If crossing something off a list makes you smile and energizes you, load up your calendar and start crossing things off the list.</li>
<li><b>Play with your kids or pets.</b> After a long day or tense work session, give yourself a mental and physical break by spending 15 minutes playing with your family members. A game of fetch with your dog or tag with your kids can help you relax, get your blood moving and refresh you to tackle the rest of your to-do list.</li>
<li><b>Make a cup of tea.</b> While coffee can be a great wake-up, a cup of tea in the afternoon can feel like a treat. It's also an excellent opportunity to reflect on what you’ve accomplished. Add a couple of cookies or some chocolate for a true treat.</li>
<li><b>Take a nap.</b> Few things can feel as decadent as taking a nap in the middle of the day. Even if it's just 20 minutes, resting helps you feel refreshed and ready for the next obstacle.</li>
<li><b>Have a dance break.</b> Dancing in your kitchen is seriously underrated. Cue up your favorite dance music and boogie down.</li>
<li><b>Go outside. </b>Getting into nature can help reset and recharge your brain. After completing a work session, take some time for a walk or find a bench to sit and enjoy the fresh air.</li>
<li><b>Try a new puzzle or art project.</b> You will give yourself a mental break and tap into your creative side by trying a new puzzle or craft that entices you. If puzzles aren’t your thing, try watercolors, sketching, knitting or something creative that piques your interest.</li>
<li><b>List all you’ve accomplished.</b> Sometimes recognizing your achievements can be challenging. Take a moment to write down all of the progress you’ve made. Then post the list somewhere you can see it every day (like your bathroom mirror), and congratulate yourself on your achievements.</li>
<li><b>Take a long bath or shower.</b> A hot bath, your favorite beverage and a book can be a decadent (and cheap) reward or a lovely addition to your <a href="https://successcom.wpenginepowered.com/20-simple-and-real-ideas-to-add-to-your-self-care-routine/">self-care routine</a>.</li>
<li><b>Make your bed.</b> A freshly made bed with clean sheets is a great way to celebrate a job or task well done. If you can, consider buying new bedding that feels luxurious. But even putting clean sheets on your bed and enjoying climbing in after a long day can be highly rewarding.</li>
<li><b>Try something new.</b> Treat yourself to a new product, piece of clothing or accessory you’ve been eyeing. While you don’t want to go overboard, especially if you are rewarding yourself for saving money or getting out of debt, trying something new can be a big boost.</li>
<li><b>Watch your favorite movie. </b>Pop a bowl of popcorn, and settle in with your favorite movie. It could be a childhood favorite you haven’t seen in forever or a more recent film that always cheers you up or inspires you to keep moving forward.</li>
<li><b>Doodle.</b> Give yourself some space and time to free draw. You don’t have to draw anything formal, but squiggly lines, flowers or whatever you feel like can be a small treat and give you a gateway into brainstorming.</li>
<li><b>Plan a (mental) trip. </b>While taking a vacation may not be in the financial cards at the moment, planning your dream trip can be fun and doesn’t cost any money. Spend time researching fancy hotels or activities you’d usually never consider in your location of choice and have fun daydreaming.</li>
<li><b>Do nothing.</b> Give yourself the reward of doing nothing. Spend five minutes sitting and focusing on your breath. </li>
</ol>
<p><span style="font-size: 10pt;"><i>Emma Johnson contributed to this article. Photo by Rido/Shutterstock.com</i></span></p>
</div>
</div>

There are many benefits of rewarding yourself for your accomplishments. Learn more by checking out our 15 ways to treat yourself.

There are many benefits of rewarding yourself for your accomplishments. Learn more by checking out our 15 ways to treat yourself. | SUCCESS

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Businessman smiling at looking at the goal setting app on his phone

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Woman sitting at her desk creating a time management matrix

<p>When there’s a lot going on, most people rely on the classic <a href="https://successcom.wpenginepowered.com/the-best-time-management-strategies/">time management strategy</a> of creating a list and checking off tasks. While a conventional to-do list is an excellent way to keep track of items that need to be completed, it generally doesn’t automatically help you decide which task to do first. To help you establish priorities and tackle your most important work first, consider using a time management chart or matrix, a productivity tool that helps you organize tasks across four quadrants of <a href="https://successcom.wpenginepowered.com/how-to-improve-time-management/">time management</a> and establish priorities.&nbsp;</p>



<p>Creating a time management matrix is relatively easy. However, knowing what to include in each of the four quadrants can take some practice. Keep reading to learn how to use a time management chart and how it can help you succeed.</p>



<h2 class="wp-block-heading" id="h-what-is-a-time-management-matrix">What is a time management matrix?</h2>



<p>A time management matrix is essentially a to-do list that lets you see your tasks in one place and helps you distinguish between important and urgent projects. It’s separated into four quadrants: urgent/important, urgent/not important, not urgent/important and not urgent/not important.</p>



<p>This chart is sometimes called an “Eisenhower” time management matrix for its connection to a principle often attributed to the 34th president of the United States regarding identifying what is urgent and what is important..&nbsp;</p>



<p>Stephen Covey popularized the idea in his 1989 book, <a href="https://amzn.to/4aGqizS" target="_blank" rel="noreferrer noopener"><em>The</em> <em>7 Habits of Highly Effective People</em></a>. Because of the book’s popularity, you may also see this productivity tool referred to as the Covey time management matrix.&nbsp;</p>



<p>The four quadrants of time management—labeled urgent, not urgent, important and not important—look like this:</p>



<figure class="wp-block-image aligncenter size-full"><img src="https://successcom.wpenginepowered.com/wp-content/uploads/2024/01/Time-management-matrix-edited-1.png" alt="An example of a time management matrix and the kinds of tasks that should go in each of the four quadrants" class="wp-image-73582"/></figure>



<h2 class="wp-block-heading">Use a time management matrix to determine the priority of your to-do list tasks</h2>



<p>The time management matrix helps you distinguish between urgent and important tasks, which is a great way to ensure you’re working on the most effective items first.&nbsp;</p>



<p>Urgent tasks need to be done as soon as possible. However, urgent doesn’t necessarily mean important. Answering a phone or responding to emails can often feel urgent, but they may distract you from the deeper work you want or need to do.&nbsp;</p>



<p>Important tasks, on the other hand, are vital to meeting long-term goals. While some important tasks may be job-related, they can also be personal, like writing a book, training for a marathon or another personal and professional development milestone.</p>



<p>One of the great things about the time management matrix is you get to decide what to prioritize. While some tasks, like work deadlines or responding to an emergency, may automatically fit into the first quadrant of important and urgent, you generally get to choose at least some of what goes into the important but not urgent column.&nbsp;</p>



<h2 class="wp-block-heading">How to create the four quadrants of a time management matrix</h2>



<p>To create your time management chart, start by jotting down your to-do list. Then, on a separate piece of paper, create four sections (two rows of two columns). Label column one as urgent and column two as not urgent, and label row one as important and row two as not important. Review the tasks on your to-do list, consider whether they’re urgent or important and add them to the appropriate box.</p>



<h3 class="wp-block-heading">Quadrant 1: Urgent and important</h3>



<p>The first time management quadrant is for tasks that require immediate attention. These tasks may have a specific deadline or consequences for not completing them on time, like paying bills or responding to a last-minute work situation.&nbsp;</p>



<p>Remember: These are the tasks you must accomplish, but they aren’t your only focus. Don’t overstuff the urgent and important box because that’s an excellent way to overwhelm yourself and not accomplish anything.&nbsp;</p>



<h3 class="wp-block-heading">Quadrant 2: Not urgent but important</h3>



<p>These tasks are more about long-term goals and strategies for the future. Use this box for tasks that require planning or multiple steps. This could include writing a book or developing a new marketing strategy.</p>



<p>The second quadrant takes the most discipline of all four boxes in the time management matrix. Because there are no formal deadlines, you may push these big long-term projects aside to focus on things with urgency. Resist the temptation to procrastinate and make a little bit of progress each day. You will be much closer to accomplishing the big things on your list and help yourself avoid burnout by taking small, consistent steps.&nbsp;</p>



<h3 class="wp-block-heading">Quadrant 3: Urgent but not important</h3>



<p>The third quadrant should include tasks such as scheduling appointments, updating databases or responding to emails. Tasks in this box could also be busy work or things you use to distract yourself from more important work. Watch out for projects that feel important but are taking you away from your larger goals.</p>



<p>While these tasks still need to be done, they may not be the best use of your time. If you can, delegate the items in this box so you spend your time on more meaningful work.</p>



<h3 class="wp-block-heading">Quadrant 4: Not urgent and not important</h3>



<p>The final time management quadrant is for tasks that are essentially distractions. Some phone calls or meetings may fall into this category, as well as scrolling through social media, watching TV or other things that cause procrastination.&nbsp;</p>



<p>If you’re unsure about the amount of time you spend on not urgent/not important tasks, track your time using a spreadsheet for a few days or for a week. Be honest about writing down exactly how much time you’re spending on tasks in Quadrant 4. Everyone deserves a break and having a good work-life balance is vital. But don’t let things that are neither urgent nor important get in the way of your personal productivity.</p>



<h2 class="wp-block-heading">Tips to get the most out of time management matrix</h2>



<p>Although the matrix is a great <a href="https://successcom.wpenginepowered.com/best-time-management-tools-and-apps/">time management tool</a>, using one effectively can take a little practice. Consider the following when creating and using your time management chart.&nbsp;</p>



<ul>
<li>Don’t overstuff each quadrant. While a time management matrix can help you identify the priorities in your day, try to limit the tasks in each quadrant to 10 or fewer.&nbsp;</li>



<li>Don’t add a new task until you’ve crossed off an item.</li>



<li>Include deadlines for each task to help you continue making progress. Even people familiar with using time management charts may ignore or move tasks from week to week.</li>



<li>Set a daily goal for longer-term projects in Quadrant 2 to help you keep moving forward.&nbsp;</li>



<li>Eliminate tasks wherever possible so you don’t waste time on tasks that don’t absolutely need to be done. </li>



<li>Before you put something into Quadrant 1 or 2, ask yourself if the task needs to be done and if it needs to be done by you. Some tasks may be nonnegotiable, but try to limit those that are distractions from what you’ve identified as important.&nbsp;</li>
</ul>



<h2 class="wp-block-heading">Bottom line</h2>



<p>A time management matrix can help you manage daily tasks or long-term goals. While the matrix can’t (unfortunately) do the work for you, it can help you develop a strategy to distinguish between tasks that are urgent and important versus not urgent and not important. Try using a time management chart for a week to help you <a href="https://successcom.wpenginepowered.com/why-is-time-management-important/">establish priorities and increase productivity</a>.</p>



<p class="has-small-font-size"><em>Photo by Vulp/Shutterstock.com</em></p>

A time management matrix or chart is a productivity tool that helps you manage your to-do list by listing tasks into 4 quadrants. Here’s how.

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How Using a Time Management Matrix Can Increase Your Productivity

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Smiling man volunteering and learning how to list volunteer experience on his resume

Business &amp; Branding

Business &amp; Branding Archives

Stay ahead in business: strategies and insights for success

<p>Having <a href="https://hbr.org/2023/01/what-makes-a-great-resume" target="_blank" rel="noreferrer noopener">a well-organized resume</a> can help you land your next job, but knowing what to include might be confusing. You need to showcase your relevant work experience, education and technical skills while ensuring your personality and accomplishments are front and center, all while keeping within one to two pages. With limited resume space, you might think avoiding mentioning non-essential subjects, like volunteer experience, is best.</p>



<p>But sometimes, including volunteer work on your resume can help you stand out from other applicants, especially if it's <a href="https://successcom.wpenginepowered.com/the-personal-and-professional-benefits-of-volunteering/">enabled you to acquire skills</a> that your paid work hasn’t. Below, we look at how to list volunteer work on your resume and offer tips to include your volunteer experiences effectively.</p>



<h2 class="wp-block-heading" id="h-should-you-list-volunteer-experience-on-your-resume">Should you list volunteer experience on your resume?</h2>



<p>Including <a href="https://successcom.wpenginepowered.com/places-to-volunteer">volunteer experience</a> on your resume can be a good idea if it helps you highlight why you’re the right person for the job. There are a few circumstances where listing your volunteer work makes sense, but you need to ensure you’re doing it appropriately. While <a href="https://successcom.wpenginepowered.com/why-is-volunteering-important/">volunteering is important</a> and admirable, it doesn’t necessarily help you stand out from other applicants who want the same position.</p>



<p>Before you revise your resume, consider new accomplishments, including volunteer work that you want to include or older experiences you may no longer have room for. If you had previous volunteer experience that isn’t relative to this new position, remove it to <a href="https://successcom.wpenginepowered.com/soft-skills-for-resume/">highlight other skills</a> or achievements.</p>



<p>In general, consider the following:</p>



<p><strong>List volunteer work on your resume if:</strong></p>



<ul>
<li>You have limited work experience, such as if you just graduated.</li>



<li>You have a mid-career gap, and your volunteer work is relevant to the job you’re applying for.</li>



<li>You want to switch careers and you gained relevant skills through volunteer work.</li>



<li>The company you are applying for emphasizes giving back to the community as part of its corporate identity.</li>



<li>The volunteer work is specifically related to the position you are applying for.</li>



<li>You have a blank space on your resume and can fill it with achievements from your volunteer work.</li>
</ul>



<p><strong>You should not list volunteering on your resume if:</strong></p>



<ul>
<li>You have more relevant paid experience that will fill your resume.</li>



<li>The volunteer position was a decade or more in the past.</li>



<li>Your volunteer experience contradicts the employer's core values or culture.</li>
</ul>



<h2 class="wp-block-heading" id="h-how-to-choose-what-volunteer-experience-to-list-on-your-resume">How to choose what volunteer experience to list on your resume</h2>



<p>Like other skills on your resume, deciding when and which volunteer experiences to include will depend on the specific job and company you’re applying to.&nbsp;</p>



<p>As you research the company, look for signs that giving back or employee volunteer work is part of the culture. Some companies post values or a community section highlighting employees participating in volunteer activities on its website. You can also scan the company’s social media and LinkedIn pages to see if it posted photos of employees volunteering.</p>



<p>As you write your resume and cover letter, ask yourself if bringing up your volunteer work would help you provide solid examples during an interview. If not, briefly mention it in a single sentence, or don’t include it if you have more relevant achievements.&nbsp;</p>



<h2 class="wp-block-heading" id="h-how-to-list-volunteer-work-on-your-resume-nbsp">How to list volunteer work on your resume&nbsp;</h2>



<p>Knowing how to put volunteer work on your resume can be tricky since how you list your community service can be just as important as what you list. To show employers your volunteer work effectively, consider the following:</p>



<h3 class="wp-block-heading" id="h-nbsp-1-list-achievements-not-just-responsibilities">&nbsp;1. List achievements, not just responsibilities</h3>



<p>If you put your volunteer work on your resume, make sure it has a purpose besides just pointing out that you volunteer. Describe your volunteer work as you would a paid experience, and list the technical and soft skills you developed.</p>



<p>Include any hard data you have about improvements you brought to the organization. For example, if you helped an animal shelter update its website, instead of just listing that you redesigned a website, you might say:</p>



<ul>
<li><em>Redesigned shelter website to drive traffic to adoptable animals and increased adoption rate by 30% in the first quarter.</em></li>
</ul>



<p>Be prepared to back up any skills you list in an interview with relevant examples and actual data. Never inflate or lie about your volunteer experience to make yourself sound better. Besides being morally wrong, you never know if a hiring manager or interviewer has connections at an organization or if they will verify your statements.&nbsp;</p>



<h3 class="wp-block-heading" id="h-nbsp-2-choose-the-right-section">&nbsp;2. Choose the right section</h3>



<p>If your community service is recent and includes skills relevant to the job, it's okay to include it with your paid work experience under the Professional Experience section. Use the same formatting for paid positions, but list that it was volunteer work rather than formal job experience.&nbsp;</p>



<p>If the skills you earned volunteering don’t fit the role you’re applying for, it may work best in a separate section. Consider creating a Volunteer Work section under Professional Experience for long-term or extensive volunteer work. If the volunteer work can be a single sentence, include it under the Additional Activities section or something similar<em>.&nbsp;</em></p>



<h3 class="wp-block-heading" id="h-nbsp-3-emphasize-keywords-nbsp">&nbsp;3. Emphasize keywords&nbsp;</h3>



<p>Scan the job posting for keywords highlighting the required skills, and use similar words when listing volunteer work on your resume. Words like management, communication, leadership, customer service, fundraising, etc., can help your resume get past the initial scan of a hiring manager or applicant tracking system and in front of decision-makers.&nbsp;</p>



<p>If applicable, use the volunteer section to highlight any keywords you haven’t already covered with a paid position. Just be sure to avoid overusing or “stuffing” keywords where they don’t belong.&nbsp;</p>



<h3 class="wp-block-heading" id="h-nbsp-4-be-concise">&nbsp;4. Be concise</h3>



<p>Keeping your resume short and easy to read makes it <a href="https://au.indeed.com/career-advice/resumes-cover-letters/how-long-do-employers-look-at-resumes" target="_blank" rel="noreferrer noopener">easier for someone to scan</a>. It also leaves you more room to include relevant skills. Like with other sections of your resume, keeping your descriptions to the point and focused on skills and achievements can help show that you’re the right person for the job.</p>



<p>Use short sentences or bullet points to document your experience. Focus on your achievements and outcomes instead of detailing the duties or responsibilities as a volunteer. While it may seem obvious, use the present tense for ongoing volunteer experiences and the past for previous volunteer roles.&nbsp;</p>



<h3 class="wp-block-heading" id="h-nbsp-5-don-t-include-outdated-volunteer-experiences-on-your-resume">&nbsp;5. Don’t include outdated volunteer experiences on your resume</h3>



<p>While volunteering in your community is important, if you’ve only volunteered sporadically or the experience was more than 10 years ago, you’ll likely be better served by not listing it on your resume. Instead of wasting space by including every organization you’ve ever volunteered for, spend time on more important information, like technical and soft skills or other work experiences that help illustrate why you’re the ideal candidate.&nbsp;</p>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom line</h2>



<p>Volunteering is admirable, and your volunteer experience can be a great addition to your resume. However, it shouldn’t be the primary focus and should be approached strategically. Spend some time thinking about where and how to best include your community service based on the position you’re applying for, and keep your explanations brief with consistent formatting.&nbsp;</p>



<p class="has-small-font-size"><em>Photo by</em> <em>PeopleImages.com - Yuri A/Shutterstock.com</em></p>

The do's and don’ts of listing volunteer work on your resume, so you can highlight your most important and relevant experience.

The do's and don’ts of listing volunteer work on your resume, so you can highlight your most important and relevant experience. | SUCCESS

5 Ways to Include Volunteer Work on a Resume

5 Ways to Include Volunteer Work on a Resume | SUCCESS

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Thoughtful Black woman writing in her gratitude journal

<p>A daily gratitude journal helps you record and remember the things you’re grateful for and is a popular practice in positive psychology or the study of human happiness. One of the greatest appeals of keeping a gratitude journal is that it can be as simple or as complex as you like. You can write things down daily, once a week or on any schedule that works for you. You can also use a blank notebook, a gratitude journal with prompts or quotes or even an app on your phone to help spark new ideas and find greater happiness.&nbsp;</p>



<p>Below, we share some tips and take a look at 10 gratitude journal options to help you get started.&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-is-a-gratitude-journal">What is a gratitude journal?</h2>



<p>If you’re not familiar, <a href="https://successcom.wpenginepowered.com/what-i-learned-from-keeping-a-gratitude-journal/">gratitude journaling</a> is the daily practice of writing down a few things you’re grateful. While it might not immediately solve all your problems, keeping a gratitude journal can help you see patterns, which may ultimately lead you to make changes in your life. Spending some time thinking about the good things that happen can help you focus on the positive, even when life is difficult.</p>



<p>Everyone’s journal may look different. Some people incorporate their gratitude journal into a larger journaling habit, while others list a few things they feel grateful for each morning or evening.</p>



<h2 class="wp-block-heading" id="h-why-keep-a-gratitude-journal-nbsp">Why keep a gratitude journal?&nbsp;</h2>



<p>It might not seem like it would have much practical impact on your quality of life. However, keeping a gratitude journal has the potential to increase positive moods and happiness over time. According to <a href="https://www.health.harvard.edu/healthbeat/giving-thanks-can-make-you-happier#:~:text=In%20positive%20psychology%20research%2C%20gratitude,adversity%2C%20and%20build%20strong%20relationships" target="_blank" rel="noreferrer noopener">Harvard University</a>, gratitude is strongly associated with being happier. It helps people feel more positive emotions, deal with adversity, improve their health and build strong relationships with family and friends. A 2017 study by the <a href="https://greatergood.berkeley.edu/article/item/how_gratitude_changes_you_and_your_brain#:~:text=What%20did%20we,practice%20is%20brief" target="_blank" rel="noreferrer noopener">Greater Good Science Center at the University of California, Berkeley</a> found that jotting down what you’re grateful for can help improve mental health, both on its own and when done alongside counseling or therapy.&nbsp;</p>



<p>Keeping a gratitude journal can also be a great way to record life's big and small moments for future reflection. A lot happens during the day. With a daily or weekly gratitude journaling practice, you may better remember the little things that made you smile.&nbsp;</p>



<h2 class="wp-block-heading" id="h-tips-for-keeping-a-gratitude-journal">Tips for keeping a gratitude journal</h2>



<p>The great thing about gratitude journals? There are no rules. You can use an app on your phone, a dedicated journal or an old notebook your kids brought home from school. The most important thing is to write (or type) your observations. Don’t just keep them in your head, promising yourself you’ll remember.&nbsp;</p>



<p>Below are some tips to make practicing gratitude more effective:&nbsp;</p>



<ul>
<li><strong>Be as specific as possible.</strong> Instead of writing that you’re grateful for dogs, try “I’m grateful for how my dog lies on my feet while I’m working. It’s comforting and makes me feel safe.”</li>
</ul>



<ul>
<li><strong>Choose people over things. </strong>While expressing gratitude for coffee, sunny days or easy rush hour commutes has a place, focus on the people (or animals) who are essential to you. You’ll appreciate (and later remember) the little details and strengthen your bonds.&nbsp;</li>
</ul>



<ul>
<li><strong>Savor the unexpected. </strong>If something unexpected happened during your day, record it, especially if it made you smile or feel thankful. Memories of a lucky break or a few kind words with a stranger might fade over time. Writing them down helps ensure you remember those grateful feelings.&nbsp;</li>
</ul>



<ul>
<li><strong>Find variety. </strong>While you’ll likely write about your gratitude for your loved ones repeatedly, focus on different details each time. Instead of saying you’re grateful for your partner, try expressing gratitude for a particular action they did. Maybe they loaded the dishwasher without being asked or they made you laugh by having a dance party with the kids.&nbsp;</li>
</ul>



<ul>
<li><strong>Be consistent.</strong> You don’t have to write in a gratitude journal daily for it to be effective. What’s important is staying consistent. If you want to write three or five times per week, honor that commitment to yourself and add time in your calendar to remind you.&nbsp;</li>
</ul>



<h2 class="wp-block-heading" id="h-10-best-gratitude-journals">10 best gratitude journals</h2>



<h3 class="wp-block-heading" id="h-1-little-daily-thanks-by-papier">1. <a href="https://www.papier.com/us/little-daily-thanks-37010" target="_blank" rel="noreferrer noopener">Little Daily Thanks</a> by Papier</h3>



<p>This brightly colored journal comes packed with five months’ worth of prompts and entries to fill in at your own pace. The Little Daily Thanks journal can be customized and contains space for morning and evening reflections, affirmations, activities and prompts to help you find positive moods, even on a rough day.</p>



<h3 class="wp-block-heading" id="h-2-gratitude-a-journal-by-catherine-price">2. <a href="https://amzn.to/47GG2Av" target="_blank" rel="noreferrer noopener">Gratitude: A Journal</a> by Catherine Price</h3>



<p>Catherine Price is a science journalist who has written multiple books that help people build meaningful lives. In this 388-page journal, you have space to write whole paragraphs, create lists or even just jot down a few things that made you smile. This journal has inspirational quotes and prompts scattered through its pages to help inspire your gratitude practice.&nbsp;</p>



<h3 class="wp-block-heading" id="h-3-the-five-minute-journal">3. <a href="https://www.intelligentchange.com/products/the-five-minute-journal-yellow" target="_blank" rel="noreferrer noopener">The Five Minute Journal</a></h3>



<p>For those who want to practice gratitude but have limited time, this elegant journal comes in multiple colors and prompts you to answer five simple questions (three in the morning and two at night) that take about five minutes. There are also weekly challenges that encourage you to enjoy the simple pleasures and reach beyond your comfort zone.&nbsp;</p>



<h3 class="wp-block-heading" id="h-4-start-where-you-are-a-journal-for-self-exploration-by-meera-lee-patel">4. <a href="https://amzn.to/3G8aEzb" target="_blank" rel="noreferrer noopener">Start Where You Are: A Journal for Self-Exploration</a> by Meera Lee Patel</h3>



<p>This interactive journal is designed to help readers navigate the noise and confusion of daily life and comes in multiple languages. While this isn’t strictly a gratitude journal, it can be used as one and contains prompts and questions to help you appreciate the good things.&nbsp;</p>



<h3 class="wp-block-heading" id="h-5-52-lists-for-happiness-weekly-journaling-inspiration-for-positivity-balance-and-joy-by-moorea-seal">5. <a href="https://amzn.to/3MRvAyk" target="_blank" rel="noreferrer noopener">52 Lists for Happiness: Weekly Journaling Inspiration for Positivity, Balance, and Joy</a> by Moorea Seal</h3>



<p>People who don’t want to commit to a daily or multiple-times-a-week practice may find this weekly journal helpful. The 52 Lists journal offers a prompt for each week and asks you to reflect on your values, beliefs and the things that bring you joy. The pages are wide-ruled dots, which make it an excellent option for lists or bullet journal entries.&nbsp;</p>



<h3 class="wp-block-heading" id="h-6-gratitude-journals-by-promptly">6. <a href="https://promptlyjournals.com/collections/gratitude-journals/products/gratitude-journals-wheat-x-sarah-tyau" target="_blank" rel="noreferrer noopener">Gratitude Journals</a> by Promptly</h3>



<p>This linen-bound spiral journal brings elegance to your gratitude practice. There are seven weekly prompts, and you can answer one question daily or all of them once a week. Each week also has two blank pages for free writing and reflection on the week that just passed.&nbsp;</p>



<h3 class="wp-block-heading" id="h-7-clear-habit-journal-by-james-clear">7. <a href="https://jamesclear.com/habit-journal" target="_blank" rel="noreferrer noopener">Clear Habit Journal</a> by James Clear</h3>



<p>This habit-tracking journal was developed with Clear’s bestselling book <em>Atomic Habits. </em>While it's not strictly a gratitude journal, it does have plenty of space to write, create a bullet journal or create a line-a-day gratitude journal. The multipurpose journal also allows you to track habits, brainstorm and jot down ideas—all while keeping everything contained in one notebook. Plus, it includes 16 pages of toolkits to help you use the notebook to its full potential.&nbsp;</p>



<h3 class="wp-block-heading" id="h-8-a-plain-notebook">8. A plain notebook</h3>



<p>You don’t have to go fancy to create a gratitude journal. Use a spare notebook or incorporate a gratitude habit into your regular journal. If you need inspiration, <a href="https://successcom.wpenginepowered.com/gratitude-journal-prompts/">use a gratitude prompt</a> or play “Rose, Bud, Thorn” in your journal. Go into as much detail as you’d like, and write down something that went well or that you enjoyed that day (rose), something that you want to work on in the future or are looking forward to (bud) and something that didn’t go well or is causing stress (thorn).</p>



<h3 class="wp-block-heading" id="h-9-365-gratitude-journal-app">9. 365 Gratitude Journal (app)</h3>



<p>If you prefer a digital option, an app like 365 Gratitude Journal, available on both <a href="https://apps.apple.com/us/app/gratitude-journal-365/id1072397377" target="_blank" rel="noreferrer noopener">Apple</a> and <a href="https://play.google.com/store/apps/details?id=com.gratitude.challenge&amp;hl=en_US&amp;gl=US&amp;pli=1" target="_blank" rel="noreferrer noopener">Android</a> devices, can help you keep track of your self-care and focus on the positive. It provides prompts to journal about daily stories for inspiration and affirmations you can carry throughout your day. The app is free to download, but it has a paid subscription to unlock all features.&nbsp;</p>



<h3 class="wp-block-heading" id="h-10-delightful-gratitude-journal-app">10. Delightful: Gratitude Journal (app)</h3>



<p>Delightful is available for both <a href="https://apps.apple.com/us/app/delightful-gratitude-journal/id1414957610" target="_blank" rel="noreferrer noopener">Apple</a> and <a href="https://play.google.com/store/apps/details?id=me.afewthings&amp;hl=en_US&amp;gl=US" target="_blank" rel="noreferrer noopener">Android</a> devices and is free to use, although it does have some in-app purchases. It allows you to record three good things every day and gives you space to write more if you’d like. Users can set a daily reminder for gratitude journaling, and the app contains prompts and quotes for motivation and inspiration.</p>



<p class="has-small-font-size"><em>Photo by Rawpixel.com/Shutterstock.com</em></p>

Daily gratitude journalning is a great way to boost your mood. Here’s how to start, plus our picks for the best gratitude journals (some with prompts!).

Keeping a daily gratitude journal is a great way to improve your mood. Here’s how to keep one and our top picks for the best gratitude journals (some with prompts!). | SUCCESS

Use a Gratitude Journal to Boost Your Happiness

10 Best Gratitude Journals to Boost Your Happiness | SUCCESS

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A Black female professional helping her white male colleague with how to list soft skills on resume

<p>Knowing what to include on a resume can be nerve-racking—especially when you’re applying for a dream job. Listing your previous job responsibilities, technical skills and education is relatively straightforward. However, communicating <a href="https://successcom.wpenginepowered.com/soft-skills-examples/">intangible soft skills</a> on your resume, like attention to detail, work ethic and people skills, can be more difficult.</p>



<p>Even though it's tricky, effectively communicating your soft skills on your resume can give you an advantage over other applicants. You only have so much space on a resume, so you want to use it to show that you’re a team player who can work independently and has good time management skills while highlighting your technical skills.&nbsp;</p>



<p>So, what are the soft skills you should list on your resume, and how do you do it effectively?</p>



<h2 class="wp-block-heading" id="h-what-are-soft-skills">What are soft skills?</h2>



<p>Soft skills are personality traits or behaviors that can be hard to define. While each position will need a specific combination of skills and traits, many of the most common soft skills include:</p>



<ul>
<li>Problem-solving</li>



<li>Customer service</li>



<li>Analytical thinking</li>



<li><a href="https://successcom.wpenginepowered.com/the-best-time-management-strategies/">Time management</a></li>



<li>Organizational skills</li>



<li>Self-direction</li>



<li>Integrity</li>



<li><a href="https://successcom.wpenginepowered.com/rohn-8-ways-to-master-the-art-of-communication/">Communication skills</a></li>



<li>Work ethic</li>



<li>Flexibility or adaptability</li>



<li>Teamwork</li>



<li><a href="https://successcom.wpenginepowered.com/leadership-soft-skills/">Leadership</a></li>



<li>Creativity</li>



<li>Dependability</li>
</ul>



<p>Soft skills are hard to quantify, but they can make a considerable difference between success and failure in the workplace. Even if you have the most impressive technical skills, you won't be an effective team member if you can’t collaborate, communicate or meet deadlines.</p>



<p>Some companies may even hire a candidate with exceptional people skills but little technical knowledge, figuring that learning technical aspects is easier than learning how to work effectively in a group.</p>



<h2 class="wp-block-heading" id="h-why-is-it-important-to-list-soft-skills-on-your-resume-nbsp">Why is it important to list soft skills on your resume?&nbsp;</h2>



<p>According to <a href="https://hiring.monster.com/resources/recruiting-strategies/talent-acquisition/soft-skills-hiring-strategy/#:~:text=Soft%20skills%20are%20more%20important,soft%20skills%20from%20a%20resume" target="_blank" rel="noreferrer noopener">Monster.com</a>, soft skills are in high demand. Although soft skills won't replace technical know-how in some positions and industries anytime soon, many hiring managers are eager to find a candidate with technical expertise who can also complete tasks effectively and get along with team members.&nbsp;</p>



<p>Including a list of soft skills on your resume can help prospective employers and hiring managers determine if your particular people skills align with their needs and what the job requires. Whether you’re interested in an internal promotion or looking for a role with a new company, showing how you’ve used your interpersonal skills to succeed in past positions can make you a much more attractive candidate.&nbsp;</p>



<h2 class="wp-block-heading" id="h-how-to-choose-which-soft-skills-to-list">How to choose which soft skills to list</h2>



<p>The soft skills required will vary from job posting to job posting and company to company. Job descriptions may list the soft skills candidates need with the required technical skills, but you may also have to make an educated guess based on the subtext in a job description.&nbsp;</p>



<p>As you research the company, start a list of soft skills needed for the job description. Based on your assessment, rate the skills from most to least important, and compare the necessary skills against your experience and training.&nbsp;</p>



<p>Then, highlight those skills on your resume according to the rankings you assigned in your research. Career website <a href="https://www.indeed.com/career-advice/resumes-cover-letters/soft-skills#:~:text=It%E2%80%99s%20encouraged%20to%20have%2010%20to%2030%20skills%20on%20your%20resume%3B%20consider%20having%20soft%20skills%20take%20up%20no%20more%20than%20half%20of%20the%20listed%20skills%20that%20you%20include" target="_blank" rel="noreferrer noopener">Indeed.com recommends</a> including 10 to 30 skills on your resume, with soft skills taking up no more than half the list.&nbsp;</p>



<h2 class="wp-block-heading" id="h-how-to-list-soft-skills-on-your-resume">How to list soft skills on your resume</h2>



<p>The way you list the soft skills on your resume can be just as important as what you list. Keeping your resume to one to two pages is generally considered best practice. Since your resume real estate is at a premium, it's crucial to make every word count while still giving an accurate picture of your skill set.&nbsp;</p>



<p>To help you best highlight your soft skills, consider the following:&nbsp;</p>



<h3 class="wp-block-heading" id="h-tailor-your-skills-to-the-specific-job">Tailor your skills to the specific job</h3>



<p>It may seem obvious, but just like you should customize each resume based on the job requirements and company research, you should also curate your list of soft skills to fit the specific position. For example, if you’re interested in a project management role, highlighting your time management and analytical thinking skills may be more important than focusing on customer service or creativity.</p>



<h3 class="wp-block-heading" id="h-focus-on-tangible-outcomes">Focus on tangible outcomes</h3>



<p>To set yourself apart from other candidates, note how you used your soft skills to achieve effective outcomes. Don’t just create a list of generic soft skills on your resume that you think sound good based on the position. Remember that other applicants will also have most or all of the soft skills you listed, so you need to set yourself apart from the competition.&nbsp;</p>



<p>Call out any outcomes you achieved with your soft skills, and include hard data if available. For example, if you helped HR create a training program for new hires, you might say:</p>



<ul>
<li><em>Helped the HR team create and implement new hire training video courses using clear explanations of company policies and expectations, resulting in a 10% decrease in policy violations over 12 months.</em></li>
</ul>



<h3 class="wp-block-heading" id="h-reinforce-your-soft-skills-in-your-cover-letter">Reinforce your soft skills in your cover letter</h3>



<p>Resumes should be brief and to the point, which doesn’t leave you much opportunity to go into detail about your soft skills. In a cover letter, you can go into more depth on a particular situation and reinforce how your skill set aligns with the company’s goals and the position.&nbsp;</p>



<p>Your cover letter shouldn’t be more than a page, possibly even shorter depending on the specific directions provided by the employer. Work on succinctly, but thoroughly, describing at least one relevant work experience or situation that demanded soft skills and how you achieved a favorable outcome.</p>



<h3 class="wp-block-heading" id="h-use-keywords-carefully">Use keywords carefully</h3>



<p>Using the right words in a cover letter and resume can help you get past the initial screening and get your information in front of decision-makers. Identify the soft skill keywords in a job posting and include the relevant ones in your resume and cover letter.</p>



<p>While skillfully using keywords can be effective, use them wisely. Stuffing your resume full of them can make it sound fake or grammatically incorrect.</p>



<h3 class="wp-block-heading" id="h-be-prepared-to-back-up-your-skills-in-your-interview">Be prepared to back up your skills in your interview</h3>



<p>A cover letter and resume can help you land the interview, but you’ll also need to effectively communicate your soft skills in-person or over video chat. Prepare for your interview by thinking about your skills and practicing the most common interview questions with a friend or family member.&nbsp;</p>



<p>Be sure to prepare tangible examples with actual data, if possible, along with examples of how you overcame conflict or were adaptable and a team player during difficult times.</p>



<h2 class="wp-block-heading" id="h-the-best-soft-skills-for-your-resume-nbsp">The best soft skills for your resume&nbsp;</h2>



<p>While each position and company will have specific skills it’s looking for, some soft skills to highlight on a resume are:</p>



<ul>
<li>Communication skills</li>



<li>Attention to detail</li>



<li>Customer service</li>



<li>Time management</li>



<li>Project management</li>



<li>Emotional intelligence</li>



<li>Active listening</li>



<li>Analytical and critical thinking</li>



<li>Flexibility and adaptability</li>



<li>Work ethic</li>



<li>Troubleshooting</li>
</ul>



<p>While acquiring soft skills in a formal setting can be challenging, <a href="https://successcom.wpenginepowered.com/soft-skills-training/">consider taking online courses or training</a> to fill any gaps. If you have a mentor, discuss where your soft skills may be lacking and brainstorm ways to improve. Stay open to feedback and make conscious decisions to change behaviors that are holding you back.&nbsp;</p>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom line</h2>



<p>While soft skills can be challenging to teach or master, they can be learned with time and effort. A benefit of soft skills is that they are generally easily transferable between jobs and industries. If you’re good at communicating or problem-solving in one position, you’ll likely be good at those things at a different company.&nbsp;</p>



<p>Look for ways to improve any areas you may be lacking, and consider the best soft skills to put on your resume when applying for a new job to help you stand out from the crowd.</p>



<p class="has-small-font-size"><em>Photo by</em> <em>Branislav Nenin/Shutterstock.com</em></p>

Not sure how to list soft skills on your resume? Things like people skills and work ethic can be tricky—but essential—to include. Here’s how.

Wondering how to list soft skills on your resume? Things like people skills and work ethic can be tricky to include, but essential. Here’s how to list them. | SUCCESS

5 Ways to Include Soft Skills on Your Resume

5 Ways to Include Soft Skills on Your Resume | SUCCESS

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Mature Black businessman reading the best time management books

Success

Success Archives

Success | SUCCESS | What Achievers Read

<p>Time management can be a struggle, especially for busy people trying to find a way to fit business, family and personal goals into their everyday lives. You want to give your partner and children the time and attention they deserve, develop your friendships, give your all at work and somehow still make it to your kid's soccer practice and get dinner on the table. It can be overwhelming. Sadly, it’s impossible to gain extra hours in the day. But reading books to find techniques that help you <a href="https://successcom.wpenginepowered.com/how-to-improve-time-management/">improve your time management</a> can make a big difference.</p>



<h2 class="wp-block-heading" id="h-best-time-management-books">Best time management books</h2>



<p>Part of struggling with time management is deciding which tasks to focus on each day. With seemingly unlimited options and distractions, finding your priorities can be challenging.&nbsp;</p>



<p>Below, we look at 10 of the best time management books, both classics and current bestsellers, each with its own system of prioritization and structure. Take a look and find one with <a href="https://successcom.wpenginepowered.com/the-best-time-management-strategies/">time management strategies</a> that will work best for you.</p>



<h3 class="wp-block-heading" id="h-1-deep-work-rules-for-focused-success-in-a-distracted-world">1. <em><a href="https://amzn.to/3UpKro1" target="_blank" rel="noreferrer noopener">Deep Work: Rules for Focused Success in a Distracted World</a></em></h3>



<p><em>By Cal Newport</em></p>



<p>In Newport’s <em>Deep Work</em>, readers learn how to find and cultivate a capacity for deep focus on important tasks. The book's first part makes a case for how we have lost the ability to focus on complex problems and allow too many things to distract us. The second part offers strategies to help increase your deep work while maintaining your busy schedule. Instead of saying that all distractions are bad, Newport focuses more on incorporating intense focus when required by implementing four rules that help readers transform their habits.&nbsp;</p>



<h3 class="wp-block-heading" id="h-2-four-thousand-weeks-time-management-for-mortals">2. <em><a href="https://amzn.to/3OrJU13">Four Thousand Weeks: Time Management for Mortals</a></em></h3>



<p><em>By Oliver Burkeman</em></p>



<p>The premise of <em>Four Thousand Weeks: Time Management for Mortals</em> is that if you live to 80, you’ll have 4,000 weeks to accomplish your goals and priorities. We all know we have limited time, so Burkeman argues that we should focus more on how we will fill our (hopefully) 4,000 weeks with meaning rather than just to-do lists, emails and distractions. Although the book focuses on a spiritual and philosophical approach to time management, it offers tools for constructing a meaningful life and rejecting the idea that we can, or should, do it all.</p>



<h3 class="wp-block-heading" id="h-3-stress-free-productivity-a-personalized-toolkit-to-become-your-most-efficient-and-creative-self">3. <em><a href="https://amzn.to/3w4ErqY" target="_blank" rel="noreferrer noopener">Stress-Free Productivity: A Personalized Toolkit to Become Your Most Efficient and Creative Self</a></em></h3>



<p><em>By Alice Boyes, Ph.D.</em></p>



<p>If a one-size-fits-all approach to time management doesn’t feel like it would be helpful, give <em>Stress-Free Productivity</em> a try. In it, Boyes argues that everyone has their unique productivity quirks that help them accomplish tasks. And because everyone has their own way of being effective, rigid systems probably won't work. Instead, Boyes offers a framework to help you develop a personal system from the latest research on productivity and provides quizzes to help you find your productivity strengths.</p>



<h3 class="wp-block-heading" id="h-4-the-one-thing-the-surprisingly-simple-truth-behind-extraordinary-results">4. <em><a href="https://amzn.to/3OrK6NP" target="_blank" rel="noreferrer noopener">The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results</a></em></h3>



<p><em>By Gary Keller and Jay Papasan</em></p>



<p>Many think time management means widening their focus to do as much as possible. Keller and Papasan argue that successful people focus on one thing at a time. Once you establish your main priority, whether career, family or financial goals, you can remove distractions that don’t move you closer to your “one thing.” The book covers tips on learning how to say no, building momentum, staying on track and finding what matters most because discovering your “one thing” can help you find more time for what counts in life.&nbsp;</p>



<h3 class="wp-block-heading" id="h-5-time-management">5. <em><a href="https://amzn.to/3SmTkwe" target="_blank" rel="noreferrer noopener">Time Management</a></em></h3>



<p><em>By Brian Tracy</em></p>



<p>In his book, Tracy focuses on practical time management tips to accomplish big tasks. Many people wish for just an extra hour or two in their day, but most of us don’t believe it's possible to achieve. However, Tracy provides 21 strategies to help people find up to two hours daily using tips like batching tasks, avoiding procrastination and identifying key result areas. At just 112 pages, it's a quick read to help you get a little more done each day.</p>



<h3 class="wp-block-heading" id="h-6-168-hours-you-have-more-time-than-you-think">6. <em><a href="https://amzn.to/3w0H3G6" target="_blank" rel="noreferrer noopener">168 Hours: You Have More Time Than You Think</a></em></h3>



<p><em>By Laura Vanderkam</em></p>



<p>Vanderkam is well-known for her time management strategies. Her first of several books, <em>168 Hours</em> is a classic for those looking to maximize their accomplishments. While everyone has the same 168 hours in a week (24 hours in a day, seven days in a week), Vanderkam noticed that successful people use their time differently. Rather than let important tasks like exercise or family time slip when daily life gets in the way, they use their 168 hours effectively to fit everything into their day. By rearranging your schedule, you’ll have more time for what matters most.</p>



<h3 class="wp-block-heading" id="h-7-eat-that-frog-21-great-ways-to-stop-procrastinating-and-get-more-done-in-less-time">7. <em><a href="https://amzn.to/3Ou2J3X" target="_blank" rel="noreferrer noopener">Eat That Frog!: 21 Great Ways to Stop Procrastinating and Get More Done in Less Time</a></em></h3>



<p><em>By Brian Tracy</em></p>



<p>Tracy’s second time management book on our list focuses on reducing procrastination so you can get more done. The title comes from a quote often attributed to Mark Twain: "If it's your job to eat a frog, best do it first thing in the morning.” Whether or not Mark Twain said it is up for debate, but tackling your most significant problem or most important task (i.e., your “frog”) first thing in the morning to get it out of the way can be a helpful strategy. Tracy provides techniques like breaking a task into smaller pieces and focusing on a single aspect to help you manage your daily “frogs.”</p>



<h3 class="wp-block-heading" id="h-8-the-7-habits-of-highly-effective-people-powerful-lessons-in-personal-change">8. <a href="https://store.success.com/gifts-from-16-to-35/the-7-habits-of-highly-effective-people-by-stephen-r-covey.html" target="_blank" rel="noreferrer noopener"><em>The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change</em></a></h3>



<p><em>By Stephen R. Covey</em></p>



<p>A classic in personal development and time management, this book details daily habits for readers to incorporate into their lives. The seven habits include being proactive, putting first things first, beginning with the end in mind and sharpening the saw. With Covey’s principles, readers can learn to handle change, take action, develop proactive responses and become more effective in their personal and professional lives.&nbsp;</p>



<h3 class="wp-block-heading" id="h-9-stop-procrastinating-a-simple-guide-to-hacking-laziness-building-self-discipline-and-overcoming-procrastination">9. <em><a href="https://amzn.to/42EImqJ">Stop Procrastinating: A Simple Guide to Hacking Laziness, Building Self Discipline, and Overcoming Procrastination</a></em></h3>



<p><em>By Nils Salzgeber</em></p>



<p>Severe procrastinators may find this time management book helpful. Salzgeber helps people overcome procrastination and the guilt that can come with it. He explains the difference between procrastinators and non-procrastinators and offers more than 20 strategies to help get things done—even when you don’t feel like it. If you’ve ever felt criticized or beaten yourself up for procrastinating too much, this book can help you rethink your struggle and find the motivation to complete necessary tasks.</p>



<h3 class="wp-block-heading" id="h-10-tranquility-by-tuesday-9-ways-to-calm-the-chaos-and-make-time-for-what-matters">10. <em><a href="https://amzn.to/3OuOMCJ" target="_blank" rel="noreferrer noopener">Tranquility by Tuesday: 9 Ways to Calm the Chaos and Make Time for What Matters</a></em></h3>



<p><em>By Laura Vanderkam</em></p>



<p>If the last few years have taught us anything, it's that the world and life are unpredictable. In Vanderkam’s book <em>Tranquility by Tuesday</em>, she argues that if you want something to happen, you must design your life to make it happen. While you can’t predict every work crisis, child emergency or car repair, you can lay the groundwork to help you prioritize critical tasks. By developing a resilient schedule instead of a perfect schedule, you can prioritize what’s essential and handle the chaos of everyday life.</p>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom line</h2>



<p>While each book focuses on different time management techniques, most have the common themes of determining your priorities and establishing a system that works for you. As you read these books, look for a time management system that resonates with you and work on adapting it to fit your life.</p>



<p class="has-small-font-size"><em>Photo by LightField Studios/Shutterstock.com</em></p>

Looking to maximize the time you have each day? Then check our list of the best time management books to help you find strategies that work.

Looking to maximize the time you have each day? Then check our list of the best time management books to help you find strategies that work. | SUCCESS

10 Time Management Books to Help You Get Ahead

10 Best Time Management Books To Help You Get Ahead | SUCCESS

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A mature couple on vacation and laughing because they had an ESOP retirement plan

<p>You may be familiar with the standard <a href="https://successcom.wpenginepowered.com/types-of-retirement-plans/">retirement plans</a> many companies offer, like traditional 401(k)s. You might not be as familiar with a retirement benefit plan commonly called an ESOP, meaning an “employee stock ownership plan.” </p>



<p>ESOPs are retirement benefits that allow companies to transfer stock to a trust held for employees until they retire or leave the company. Each employee's stock shares can grow based on the company's profitability.&nbsp;</p>



<p>According to the <a href="https://www.nceo.org/articles/comprehensive-overview-employee-ownership" target="_blank" rel="noreferrer noopener">National Center for Employee Ownership</a> (NCEO), there are over 6,700 ESOPs in the U.S. These ESOPs hold assets over $1.4 trillion and cover more than 14 million employees.</p>



<h2 class="wp-block-heading" id="h-what-is-an-esop">What is an ESOP?</h2>



<p>An employee stock ownership plan is a way for a company to help employees have additional income in retirement.&nbsp;</p>



<p>An ESOP retirement plan is customized based on the company. It’s usually created as part of a long-term succession plan. Using an employee stock ownership plan allows the company owner to contribute stock that employees eventually come to own, which helps fund their retirements. This can help ensure the company keeps employees motivated, even if the owner is not part of daily operations. </p>



<p>An ESOP works best if a company is established and has a stable financial picture.</p>



<h2 class="wp-block-heading" id="h-how-does-it-work">How does it work?</h2>



<p>To establish an ESOP, the company adds shares into a trust created specifically for the plan. Companies add shares by moving newly created shares into the trust or by contributing money to purchase existing shares. In some cases, such as a leveraged ESOP, companies can use trust funds to buy company stock and repay the loan to the trust later.</p>



<p>The ESOP trust then transfers shares to accounts set up for each employee, often according to a vesting schedule. Generally, employees must work for the company for a certain amount of time, often a few years, before they are 100% vested (or have 100% ownership) in the stock or employer contributions in a retirement account.</p>



<p>The trust holds company shares in an employee’s account until the employee retires, resigns, is fired, becomes disabled or dies. Additionally, employees never buy or hold the company stock directly. The trust must hold all company stock, and the employee receives a payout according to the vesting schedule and the value of the stock when they leave the company.&nbsp;&nbsp;</p>



<p>When an employee leaves or retires, the company buys back the shares in their ESOP account, either in a lump sum or through regular payments over a set time. The amount the employee receives is directly tied to the number of shares they own and the current value of those shares.</p>



<p>Shares bought back from former employees are often divided equally among the remaining employees and added to their employee stock ownership plan accounts. Generally, employees who leave the company can’t take the stock with them, just the cash payout based on what their shares are worth.&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-are-the-rules-of-esops">What are the rules of ESOPs?</h2>



<p>Like with all retirement plans, an employee stock ownership plan has some rules that must be followed to comply with IRS requirements. Because each ESOP is specific to the company, there will be differences from plan to plan. However, there are a few basic rules that each employee stock ownership plan must follow.</p>



<h3 class="wp-block-heading" id="h-administration-rules">Administration rules</h3>



<p>ESOPs are administered and monitored by trustees who have to act as <a href="https://www.investopedia.com/terms/f/fiduciary.asp" target="_blank" rel="noreferrer noopener">a fiduciary</a> according to the Employee Retirement Income Security Act of 1974 (ERISA). Being a fiduciary means the trustee must always act in the best interest of the employee participants.&nbsp;</p>



<p>In addition, employee stock ownership plans must meet IRS nondiscrimination requirements by including a substantial percentage of regular employees (i.e., those who aren’t highly compensated) over age 21 and who have worked for the company for at least a year. A company can choose to loosen those requirements, like making eligibility available immediately, but they cannot make it harder for employees to participate in an ESOP.</p>



<p>Additionally, an independent appraiser must evaluate the company to determine the stock's fair market value every year. The trustee is responsible for hiring the appraiser and ensuring their work is valid. The stock cannot be sold for more or less than the fair market value. </p>



<h3 class="wp-block-heading" id="h-withdrawal-rules">Withdrawal rules</h3>



<p>An ESOP is a form of defined contribution plan, like a 401(k) is, so the IRS limits when you can access the money in your account. Like other retirement plans, you must be 59½ or older before you cash out an employee stock ownership plan (or age 55 if the company terminates you). While your plan may allow you to take early withdrawals, if ESOP participants need to access their funds before reaching age 59½, they will face a 10% penalty, plus taxes.&nbsp;</p>



<p>Distributions from an ESOP are taxable as ordinary income, just like from a tax-advantaged retirement account. If you roll over funds into a traditional IRA, you will only have to pay taxes once you withdraw the money in retirement, as long as you meet the IRA withdrawal rules.</p>



<h3 class="wp-block-heading" id="h-contribution-rules">Contribution rules</h3>



<p>Employers can only contribute up to 25% of an employee’s eligible pay across all defined contribution plans, including ESOPs, 401(k)s, profit sharing and stock bonus plans. This means that if an employer contributes 25% of an employee’s pay in company stock to an ESOP, the company can’t contribute to other retirement plans the employee may be eligible for.</p>



<p>The IRS also limits the amount of compensation that is eligible for an employee stock ownership plan. In 2023, the limit is $330,000. Anything paid over that amount can’t be considered when allocating company shares.</p>



<p>Because an ESOP is funded with employer stock, an employee generally can’t contribute to the plan or buy shares above what the plan provides.</p>



<h2 class="wp-block-heading" id="h-advantages-and-disadvantages">Advantages and disadvantages</h2>



<p>ESOPs can significantly benefit the company owners and the employees who own the shares. Still, it’s vital to consider the advantages and drawbacks before starting an employee stock ownership plan for your company.&nbsp;</p>



<h3 class="wp-block-heading" id="h-advantages">Advantages</h3>



<ul>
<li><strong>It’s free for employees.</strong> Unlike a retirement plan, like a 401(k) or IRA, the employer generally funds the ESOP. The employer covers all costs, including establishing the trust, hiring an independent evaluator annually and managing plan administration. </li>
</ul>



<ul>
<li><strong>It can increase employee motivation. </strong>Owning part of their company gives employees a unique incentive to see the business succeed. ESOP retirement plans can help employees take more ownership over tasks that directly contribute to profitability and improve teamwork and morale.&nbsp;</li>
</ul>



<ul>
<li><strong>Contributions are tax-deductible for the business</strong>. If the company is an S&nbsp;corporation, a type of business structure defined by the IRS, then contributions may be fully tax-exempt, up to the degree an ESOP owns the company. On the other hand, the money received from an ESOP is taxable as regular income. However, employees may be in <a href="https://www.investopedia.com/ask/answers/030316/do-retirement-account-withdrawals-affect-tax-brackets.asp" target="_blank" rel="noreferrer noopener">a lower tax bracket in retirement</a> and pay less in taxes overall.&nbsp;</li>
</ul>



<h3 class="wp-block-heading" id="h-disadvantages">Disadvantages</h3>



<ul>
<li><strong>The price per share can fluctuate,</strong> based on how the company is performing year to year. This is one reason ESOPs work best for consistently profitable companies with relatively predictable financials.&nbsp;</li>
</ul>



<ul>
<li><strong>Employees may want to think strategically about their </strong><a href="https://successcom.wpenginepowered.com/how-to-plan-for-retirement/"><strong>retirement planning</strong></a><strong>.</strong> Employees may want to time their exit in a year when the company is more profitable and thus earns a higher fair market value per share. If they leave a job during a period of low financial return, the company shares in their ESOP may be worth less than during a more profitable year.</li>
</ul>



<ul>
<li><strong>ESOPs require independent management and oversight.</strong> A fiduciary adviser must oversee the employee stock ownership plan and be responsible for making financial decisions in the best interest of the plan participants. Additionally, an outside appraiser must evaluate the shares every year. These advisers can be expensive, and the company bears the plan's cost. </li>
</ul>



<ul>
<li><strong>It’s not recommended for startups or </strong><a href="https://successcom.wpenginepowered.com/retirement-plans-for-small-businesses/"><strong>small businesses</strong></a>. ESOPs can be expensive to set up and maintain. Only financially stable companies with a history of consistent profitability should consider an ESOP. The plans can only be set up by C corporations or S corporations and have cash-flow requirements.</li>
</ul>



<h2 class="wp-block-heading" id="h-are-esops-the-same-as-employee-stock-option-plans">Are ESOPs the same as employee stock option plans?</h2>



<p>Despite sounding similar, employee stock ownership plans are different from employee stock option plans. ESOPs are a benefit a company provides where owners slowly pass ownership to their employees over time through a trust that holds company shares.&nbsp;</p>



<p>Employee stock options are contracts between a company and its employees. Stock options give the employees the right to buy shares of the company stock at a fixed price within a certain amount of time. Only some employees are granted stock options, and the options are often used to recruit and retain top talent.&nbsp;</p>



<p>While there may be some overlap, an ESOP has strict rules and oversight about who can participate and doesn’t cost an employee anything. Employees earn the right to their shares through their employment and according to the plan’s vesting schedule.&nbsp;</p>



<p>On the other hand, stock options are only offered to some employees, who must purchase the company stock out of their own pocket or through other compensation arrangements.&nbsp;</p>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom line</h2>



<p>An employee stock ownership plan can be a good way for a company to offer additional employee benefits. While there are some benefits and drawbacks, an ESOP generally encourages employee engagement and loyalty and may benefit a business through tax deductions and decreased employee turnover.&nbsp;</p>



<p>Remember that each ESOP is different. If your company offers one, thoroughly read all provided documents to understand the specific rules of your plan.&nbsp;</p>



<p class="has-small-font-size"><em>Photo by Jacob Lund/Shutterstock.com</em></p>

Employee stock ownership plans (ESOP) are a way for a company to help employees have additional income in retirement. But how does it work?

Employee stock ownership plans (ESOP) are a way for a company to help employees have additional income in retirement. But how does it work? | SUCCESS

What Is An ESOP? Here’s What You Need to Know

What Is An ESOP Retirement Plan? Everything You Need to Know | SUCCESS

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Photograph of a mature Black couple laughing outside to represent life insurance retirement plan

<p>Life insurance is vital to your <a href="https://successcom.wpenginepowered.com/financial-planning-checklist/">financial planning</a> if you have young children or someone who depends on your income. Most people know that life insurance helps your family if you pass away and they lose your income. But did you know that, in some cases, life insurance can also be a savings tool to help you supplement income from your retirement plan? </p>



<p>A life insurance retirement plan (LIRP) can help you add to your retirement savings, but it shouldn’t be the only way you save for retirement. Before you buy a policy to use as a LIRP, it’s essential to understand the benefits and drawbacks, when it makes sense to use one and how to include life insurance in <a href="https://successcom.wpenginepowered.com/how-to-plan-for-retirement/">your retirement planning</a>.&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-is-a-life-insurance-retirement-plan">What is a life insurance retirement plan?</h2>



<p>To use life insurance as a retirement plan, your policy must be permanent life insurance with a cash value component, typically a universal or whole life policy. With permanent life insurance, the policy contract remains in effect until you die or stop making the premium payments. A term life policy, which can’t be used as a retirement plan, lasts for a set amount of time, generally between 10 and 30 years, and then expires.&nbsp;</p>



<p>Most whole-life policies have a fixed premium. In contrast, a universal policy may provide the option to adjust your death benefit and premium over time, potentially helping you save some money on your premiums as you get older.&nbsp;</p>



<p>In addition to a guaranteed death benefit and fixed premium, whole and universal life insurance also have a cash value component. When you pay premiums on a permanent life insurance policy, part of your payment goes into a savings account, which can grow tax-deferred at a set rate based on the terms of the policy. </p>



<p>Unlike the stock market, which may have a downturn, your <a href="https://www.cnbc.com/select/what-is-whole-life-insurance/" target="_blank" rel="noreferrer noopener">whole life insurance policy</a> usually guarantees a fixed rate. However, it’s important to note that if you have a <a href="https://www.investopedia.com/ask/answers/08/variable-life-insurance.asp" target="_blank" rel="noreferrer noopener">variable universal life insurance policy</a>, you likely won't get a guaranteed rate of return.</p>



<p>This cash value will continue to grow for the life of the policy and can become a source of emergency income or a loan against the policy. Using the cash value component of your policy is how life insurance can become part of your retirement plan, although the specific rules vary by policy and insurance carrier.</p>



<h2 class="wp-block-heading" id="h-how-does-it-work">How does it work?</h2>



<p>A LIRP works based on the amount in the cash value component of your universal life insurance policy. As you make payments on the universal policy, you can pay more than the premium and direct the extra funds to the cash-value portion. Adding more money to your cash value in the first few years of the policy will likely make your money grow faster and leave you with a nice sum when you retire.&nbsp;</p>



<p>Because of how life insurance is taxed, you can borrow up to the amount you put in, called the “basis,” without paying taxes on the distribution. As the years pass and your payments and interest accumulate, the amount you can borrow will grow.</p>



<p>In some instances, you can also withdraw your cash value instead of borrowing against it. The terms of withdrawal will depend on your specific policy and insurance carrier. A cash-value life insurance policy generally won’t penalize you for taking a loan or withdrawing early, as long as you don’t take out more than what you put into the account.&nbsp;</p>



<p>People use life insurance for retirement planning because it provides some tax advantages—namely, it helps protect your assets from stock market volatility. You can also defer taxes on your cash-value portion. Because this is a life insurance policy, and not a retirement account, there are no income limits on who can contribute. There may also be no contribution limits depending on how your policy is written. </p>



<p>Using a life insurance retirement plan to help you supplement your retirement savings isn’t necessarily hard, but it can become complicated. It’s best to work with a certified financial planner and an insurance agent familiar with LIRPs to ensure this method and the policy you buy suit your circumstances.</p>



<h2 class="wp-block-heading" id="h-who-is-a-good-candidate-for-a-lirp">Who is a good candidate for a LIRP?</h2>



<p>People who benefit most from LIRPs are generally high-net-worth individuals who have maxed out their other retirement plans and want to hedge against future market downturns.&nbsp;</p>



<p>Life insurance retirement plans can also be a good way for parents and guardians of children with disabilities who will require lifelong care to ensure their child is cared for after their death.&nbsp;</p>



<p>Term policies usually make sense for most people since they likely don’t need life insurance once their children are grown. However, if you have a dependent child who will need care after your death, a whole-life policy may be worth the cost. The whole-life policy’s death benefit will provide funds to ensure a child’s long-term care.&nbsp;</p>



<h2 class="wp-block-heading" id="h-pros-and-cons">Pros and cons</h2>



<p>LIRPs can be extremely helpful for the right person, but there are pros and cons to consider before buying a policy.</p>



<h3 class="wp-block-heading" id="h-pros-of-a-life-insurance-retirement-plan">Pros of a life insurance retirement plan</h3>



<ul>
<li><strong>There is no income limit</strong>, unlike most retirement plans. If you can afford the premium payment and contribute more to the cash-value component, you can use a LIRP.&nbsp;</li>
</ul>



<ul>
<li><strong>The IRS doesn’t have annual limits on how much you can contribute</strong> to life insurance for retirement. However, each policy has different rules and may limit your contributions depending on its value. However, the IRS does limit how much you can contribute to a policy over time to prevent people from using life insurance retirement plans to avoid paying taxes. If you contribute too much, your policy may become a <a href="https://www.investopedia.com/terms/m/modified-endowment-contract.asp" target="_blank" rel="noreferrer noopener">modified endowment contract</a> (MEC) with different tax implications.&nbsp;</li>
</ul>



<ul>
<li><strong>You likely won't have to pay taxes on withdrawals</strong> if you don’t exceed the amount you have contributed. If the amount you withdraw exceeds the amount you’ve contributed to the cash-value portion, the excess could be taxed and may lower your death benefit.&nbsp;</li>
</ul>



<ul>
<li><strong>Whole-life policies can offer a guaranteed rate of return on your cash value</strong>. Universal policies often provide a minimum rate of return (unless you have a variable universal life policy). With this strategy, your cash value balance will grow according to your contract instead of in relation to what happens with the stock market.&nbsp;</li>
</ul>



<ul>
<li><strong>Life insurance retirement plan policies can include long-term care or disability riders</strong> for you or a dependent. An <a href="https://www.investopedia.com/articles/personal-finance/013114/closer-look-accelerated-benefit-riders.asp" target="_blank" rel="noreferrer noopener">accelerated death benefit rider</a> is an option that allows you to access your death benefit while still alive after receiving a diagnosis of a qualifying terminal illness. However, that rider ultimately reduces the death benefit your family receives, so it's crucial to weigh your options. Also, be aware: Any riders you add can increase the premium amount significantly. </li>
</ul>



<h3 class="wp-block-heading" id="h-cons-of-a-life-insurance-retirement-plan">Cons of a life insurance retirement plan</h3>



<ul>
<li><strong>Contributions put into cash value don’t have tax benefits </strong>because this isn’t a traditional retirement plan. You fund a life insurance retirement plan with money you have already paid taxes on, like <a href="https://successcom.wpenginepowered.com/what-is-a-roth-ira/">a Roth IRA</a>. However, unlike a Roth IRA, if you withdraw more than your contributions from a whole-life policy, you will have to pay taxes on the interest. </li>
</ul>



<ul>
<li><strong>A universal or whole life insurance policy costs significantly more</strong> than a term life insurance policy. Because there is a guaranteed death benefit and often a guaranteed rate of return, you will wind up paying hundreds, or possibly thousands, of dollars more compared to a term policy, depending on the death benefit, how long you’ve had the policy and your overall health and age.&nbsp;</li>
</ul>



<ul>
<li><strong>You might not need it</strong>. Because the different types of retirement accounts may offer enough to support you in retirement, a life insurance retirement plan and its cash value option may not be necessary.&nbsp;</li>
</ul>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom line</h2>



<p>Using cash-value life insurance for retirement planning may not be the right choice for you. However, it can be worth considering if you are a high-net-worth individual who has maxed out other <a href="https://successcom.wpenginepowered.com/types-of-retirement-plans/">retirement account options</a>. It’s best to consult a certified financial planner and a qualified insurance agent familiar with LIRPs to help determine if it's right for your circumstances.</p>



<p class="has-small-font-size"><em>Photo by Monkey Business Images/Shutterstock.com</em></p>

Did you know that life insurance can supplement income from your retirement plan? Learn about life insurance for retirement planning.

Did you know that life insurance can be a savings tool to supplement income from your retirement plan? Learn more about life insurance for retirement planning today. | SUCCESS

Can I Use Life Insurance as a Retirement Plan?

Can I Use Life Insurance as a Retirement Plan? | SUCCESS

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Photograph of a middle aged Asian woman lying back on a wicker couch outside with palm trees in the distance to represent FIRE retirement

<p>Have you ever dreamed about regularly sleeping in on a weekday? Do you dream of spontaneously traveling to a new place for a few months? Or perhaps you just want to be in charge of your time every day without answering to an employer? If any of these scenarios sound ideal, you may be dreaming of a FIRE retirement lifestyle.</p>



<p>FIRE stands for <strong>F</strong>inancial <strong>I</strong>ndependence, <strong>R</strong>etire <strong>E</strong>arly. It’s a movement that helps people take control of their financial independence by making trade-offs, such as extreme saving and budgeting early in their careers, to retire earlier in life—often decades ahead of <a href="https://successcom.wpenginepowered.com/how-to-plan-for-retirement/">a conventional retirement plan</a>.</p>



<h2 class="wp-block-heading" id="h-what-is-the-fire-retirement-movement">What is the FIRE retirement movement?</h2>



<p>The primary goals behind the FIRE movement are to reach financial independence and retire early, often in your 30s and 40s. To achieve this, people use extreme saving techniques, sometimes living on 50% or less of their annual income for years and investing the remaining amount.&nbsp;</p>



<p>Many people see FIRE as “an alternate path to traditional retirement that's based on financial freedom and pursuing your passions, rather than just accumulating wealth for the sake of accumulating wealth,” according to hosts Kiersten and Julien Saunders in an episode of their <a href="https://successcom.wpenginepowered.com/podcasts/rich-and-regular/"><em>rich &amp; REGULAR</em></a> podcast.</p>



<p>Although the movement feels relatively new, the ideas of the FIRE approach were originally outlined in a book first published in 1992 called <em><a href="https://amzn.to/48pORQ4" target="_blank" rel="noreferrer noopener">Your Money or Your Life</a>, </em>written by Vicki Robin and Joe Dominguez. Many blogs shared the ideas of FIRE retirement in the mid-2000s, and the movement gained mainstream attention in the 2010s when major news sources and publishing houses released articles and books about how to achieve early retirement through different methods.</p>



<h2 class="wp-block-heading" id="h-how-does-fire-retirement-work">How does FIRE retirement work?</h2>



<p>Reaching financial independence and early retirement is usually achieved by people who are willing to go to extreme lengths to cut their expenses. Many looking for an early retirement with FIRE often forgo driving newer cars, living in bigger houses or taking expensive trips.&nbsp;</p>



<p>All the extra funds are invested, usually aggressively, in a mix of savings accounts, tax-advantaged retirement plans and brokerage accounts.</p>



<p>Members of this retirement movement will often talk about their “FIRE number,” which is the total dollar amount they want to have invested before they feel safe quitting their jobs and retiring early. While the definition of “enough” is unique to each individual, many set a goal of at least $1 million before seriously considering leaving the workforce or changing to a lower-paying career.&nbsp;</p>



<h3 class="wp-block-heading" id="h-fire-retirement-calculator">FIRE retirement calculator</h3>



<p>There are a variety of rules or best practices that FIRE participants use to ensure their money lasts well into the future.&nbsp;</p>



<p>One popular method is the rule of 25x, which multiplies your annual expenses by 25 to reach your FIRE retirement number. If your yearly expenses are $75,000, multiply that by 25. You’ll see that you need roughly $1.875 million saved to achieve financial independence safely.</p>



<p>Another popular idea is the rule of 4%. It says that retirees can safely withdraw 4% of their savings balance in the first year of retirement and adjust their withdrawal rate based on future inflation.</p>



<p>While these are relatively popular rules in the FIRE retirement movement, it's important to note that both were developed for more conventional retirements designed to last up to 30 years (from age 65 to 95, for example). They don’t factor in unexpected costs like rising health care, periods of high inflation or other factors that can impact a retirement account balance.&nbsp;</p>



<p>If you’re trying to reach your FIRE number as quickly as possible, it’s a good idea to work with <a href="https://successcom.wpenginepowered.com/how-to-choose-a-financial-advisor/">a certified financial planner</a>, preferably one familiar with the FIRE retirement movement. That way you can ensure you’re on the right path and have accounted for all potential significant expenses.</p>



<h2 class="wp-block-heading" id="h-who-is-a-good-candidate-for-fire">Who is a good candidate for FIRE?</h2>



<p>Most people can benefit from using some of FIRE’s financial independence, retire early principles. However, the ideal candidate is someone relatively young, with a high salary, who prioritizes saving for the future over spending money on non-essential items.&nbsp;</p>



<p>However, people from different backgrounds and income levels can successfully use FIRE principles. Reducing your spending, maximizing your tax-efficient retirement savings and investing for the long term are all principles of the movement that nearly everyone can take advantage of without taking extreme measures or having to earn an outrageous salary.&nbsp;</p>



<h2 class="wp-block-heading" id="h-are-there-different-types-of-fire-retirement">Are there different types of FIRE retirement?</h2>



<p>Many of the original FIRE advocates may have been rigid about ruthlessly cutting expenses. However, the movement has evolved into different philosophies, each with varying degrees of rigid cost cutting and extreme saving.&nbsp;</p>



<h3 class="wp-block-heading" id="h-lean-fire">Lean FIRE</h3>



<p>The Lean FIRE movement is for those who plan to live frugal lives in retirement and save enough to cover only their basic needs. These individuals may even embrace a minimalist lifestyle in general. While they still save aggressively during their working years, people planning on Lean FIRE are often more focused on retiring early. They're willing to live on less in retirement so they can leave a standard job sooner.&nbsp;</p>



<h3 class="wp-block-heading" id="h-fat-fire">Fat FIRE</h3>



<p>People who plan for Fat FIRE retirement want to save a lot of money so they can enjoy themselves in retirement. Depending on their interests, these people may want to travel or enjoy some luxury without worrying about every penny. Fat FIRE generally requires a more significant savings goal, so a higher income or potentially delaying your retirement to reach your FIRE number may be required.&nbsp;</p>



<h3 class="wp-block-heading" id="h-barista-fire">Barista FIRE</h3>



<p>If you don’t mind working but don’t necessarily want to spend all your time at a job, Barista FIRE might be a good option. With this version of FIRE, the goal isn’t to stop working altogether in retirement. Instead, people save only enough money to cover part of their living expenses. They make up the rest with a side hustle or part-time job, like being a coffee barista.&nbsp;</p>



<h3 class="wp-block-heading" id="h-coast-fire">Coast FIRE</h3>



<p>Those who choose Coast FIRE have reached the point where they’ve contributed enough to their retirement plans that their portfolio will grow and compound into a healthy balance without additional contributions. These individuals may still work, but can “coast” into retirement, letting time and <a href="https://www.investopedia.com/terms/c/compoundinterest.asp" target="_blank" rel="noreferrer noopener">compound interest</a> work for them. They’ll use their paycheck to cover living expenses but typically not contribute further to their retirement accounts.&nbsp;</p>



<h3 class="wp-block-heading" id="h-slow-fire">Slow FIRE</h3>



<p>This version of FIRE retirement is about enjoying the process of reaching financial independence. Slow FIRE, or Slow FI, aligns more with a traditional path to retirement. These individuals embrace living the life they want right now rather than focusing solely on retiring as soon as possible.&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-should-i-keep-in-mind-with-fire-retirement">What should I keep in mind with FIRE retirement?</h2>



<p>Early retirement sounds like a great idea, especially when the alarm goes off on a Monday morning. However, there are a lot of factors to consider before you take the leap into FIRE retirement. As you think about leaving the workforce, no matter your age, consider the following do’s and don’ts:</p>



<h3 class="wp-block-heading" id="h-know-your-numbers">Know your numbers</h3>



<p>Even if you don’t plan to retire in your 30s or 40s, calculating how much it would take to retire comfortably, whatever your definition is, can be a great way to ensure you’re on the right path. Be sure to account for costs like rising health care, inflation and unexpected expenses when calculating your projected retirement costs.&nbsp;</p>



<p>Use a FIRE retirement calculator to help you find your specific number. Be sure to rerun the numbers periodically to ensure your financial goals are still accurate.</p>



<h3 class="wp-block-heading" id="h-create-a-plan">Create a plan</h3>



<p>Since saving for retirement is a decades-long process, staying on track and maintaining focus can be challenging. <a href="https://successcom.wpenginepowered.com/how-to-create-a-budget/">Create a budget</a> to ensure you’re saving enough and develop milestones to help you break a large number into manageable chunks. Although it can be tempting to leap into extreme savings, temper that with some planned fun to keep you motivated.&nbsp;</p>



<h3 class="wp-block-heading" id="h-invest-wisely">Invest wisely</h3>



<p>Use any tax-advantaged retirement accounts offered through your work, and consistently save up to the yearly contribution limits. It’s also a good idea to diversify your retirement savings accounts with <a href="https://successcom.wpenginepowered.com/what-is-a-roth-ira/">a Roth IRA</a> or other type of after-tax retirement plan to help ensure you have a good mix of taxable and non-taxable income in retirement. Although everyone’s risk tolerance is different, research the available <a href="https://successcom.wpenginepowered.com/types-of-retirement-plans/">retirement plan options</a>, so you understand the pros and cons of each, along with any transaction or account fees on any investments you consider.</p>



<h3 class="wp-block-heading" id="h-don-t-go-overboard">Don’t go overboard</h3>



<p>You might be ready to jump into a FIRE retirement lifestyle with both feet. But remember that part of life is about living along the way. Saving for a retirement date years or decades in the future is smart but so is enjoying the time you have right now.&nbsp;</p>



<p>Find a balance between saving enough to help you meet your goals and enjoying a few treats or luxuries. Not only will you find a better balance, but you’ll likely make it easier to stick to your savings and investment goals if you give yourself a little splurge now and again.</p>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom line</h2>



<p>It can be easy for some people to get caught up in the extreme methods of FIRE’s financial independence, retire early. Even if you have no plans to retire early, adopting some of the principles of the FIRE retirement movement, like frugality, prioritizing saving for the future and long-term investing, can help ensure you’re on the path to achieving financial independence—no matter when you plan to retire.&nbsp;</p>



<p><em>Rich &amp; REGULAR</em> is no longer releasing new episodes on the SUCCESS Podcast Network, but you can still listen to the full conversation below.</p>







<iframe src="https://omny.fm/shows/rich-regular-with-kiersten-and-julien-saunders/108-sparking-your-early-retirement-dreams-a-guide/embed" width="100%" height="180" allow="autoplay; clipboard-write" frameborder="0" title="108: Sparking Your Early Retirement Dreams: A Guide to FIRE"></iframe>



<p class="has-small-font-size"><em>Photo by Maridav/Shutterstock.com</em></p>

What is the fire retirement movement and how does it work? Learn what you need to know about the financial independence, retire early trend.

What is the fire retirement movement and how does it work? Learn everything you need to know about this trend helping people retire early. | SUCCESS

Can I Go into Retirement Early With FIRE?

Can Fire Retirement Help Me Retire Early? | SUCCESS

https://successcom.wpenginepowered.com/wp-content/uploads/2023/09/FIRE-header.jpg

Older Black couple smiling and looking at paperwork

<p>Finding the right <a href="https://successcom.wpenginepowered.com/types-of-retirement-plans/">retirement plan</a> for your business can take time and effort. There are many options—each with pros and cons—to consider before choosing the best plan for you. One retirement plan option available to business owners and self-employed individuals is the SEP IRA, or the Simplified Employee Pension plan. It allows you to save for retirement based on your earned income. If you have employees, it allows you to contribute to their retirement too. </p>



<p>Although the SEP IRA is a good, relatively low-cost and low-hassle retirement plan option for business owners, there are some rules to be aware of before you complete the setup process.&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-is-a-sep-retirement-plan">What is a SEP retirement plan?</h2>



<p>The “SEP” in SEP IRA stands for Simplified Employee Pension plan. While any employer can establish a SEP, small business owners and self-employed individuals often use it to help them save more for retirement than other plans will allow.&nbsp;</p>



<p>A SEP IRA is a <a href="https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras" target="_blank" rel="noreferrer noopener">traditional individual retirement account</a> with many of the same distribution, investment, rollover and withdrawal rules and requirements. However, unlike with a traditional IRA, SEP account holders can save much more for retirement because the SEP IRA contribution limits are much higher than other IRAs.&nbsp;</p>



<p>The IRS only allows employers to contribute to a SEP IRA—employee contributions are not allowed under this retirement plan.&nbsp;</p>



<p>Because SEP IRAs require employers to make all the contributions, this form of individual retirement account is generally <a href="https://successcom.wpenginepowered.com/best-retirement-plans-for-self-employed/">best for the self-employed</a> or <a href="https://successcom.wpenginepowered.com/retirement-plans-for-small-businesses/">small business owners</a> with only a few employees. Since each employee must receive the same contribution percentage in their account, a SEP IRA may not make sense for businesses with multiple employees.&nbsp;</p>



<p>SEP IRA contributions are tax deductible for the business and are not considered part of an employee's gross income. The contributions and interest grow tax-free until taken out in retirement, when the money will be taxed as regular income.&nbsp;</p>



<h2 class="wp-block-heading" id="h-how-does-a-simplified-employee-pension-plan-work">How does a Simplified Employee Pension plan work?</h2>



<p>SEP IRAs are available to businesses of any size, including self-employed individuals. Unlike other retirement plan options, there are no filing requirements or expensive fees to maintain a SEP IRA. A defining feature of the SEP IRA is that employers must contribute the same percentage of compensation to all employee accounts, including their own, without exception.&nbsp;</p>



<p>Some retirement plans, like a 401(k), may require employees to work for the company for a set period before the employee is entitled to all employer contributions. This is called a “<a href="https://www.investopedia.com/terms/v/vesting.asp" target="_blank" rel="noreferrer noopener">vesting schedule</a>,” and the time required can differ from employer to employer. With a SEP IRA, employees are 100% vested from when the account is created. This means the employee always owns all the money in the account.</p>



<p>Like other individual retirement accounts, including traditional and <a href="https://successcom.wpenginepowered.com/what-is-a-roth-ira/">Roth IRAs</a>, SEP IRAs require account holders to be 59½ before making withdrawals. If an account holder needs to withdraw money before reaching that age, they’ll have to pay a 10% penalty plus regular taxes on the funds withdrawn. If an account holder leaves their job, they can roll over their SEP IRA into another qualified plan tax-free.</p>



<p>There are no catch-up contributions for those age 50 and older with a SEP IRA. In addition, participants can’t take a loan or use the account assets as collateral.&nbsp;</p>



<p>If the particular SEP IRA plan allows, employees can make non-SEP (i.e., traditional IRA) contributions to a SEP account up to the maximum limit the IRS allows. This amount can include catch-up contributions, but it will reduce the amount the account holder can contribute across all IRAs, including Roth accounts.&nbsp;</p>



<h2 class="wp-block-heading" id="h-sep-retirement-plan-eligibility-requirements-nbsp">SEP retirement plan eligibility requirements&nbsp;</h2>



<p>To participate in an SEP IRA, employees must be:</p>



<ul>
<li>At least 21 years old</li>



<li>Have earned at least $750 in the last year from the employer</li>



<li>Have worked at least three of the previous five years for the employer&nbsp;</li>
</ul>



<p>However, the IRS allows business owners to implement less restrictive eligibility requirements. For example, a business can lower the minimum age or enable new employees to participate in the SEP IRA plan immediately upon hiring. But the company cannot make participating harder than the minimum requirements set out by the IRS.&nbsp;</p>



<h2 class="wp-block-heading" id="h-sep-ira-contribution-limits-for-2023">SEP IRA contribution limits for 2023</h2>



<p>One of the benefits of a SEP IRA is the amount that can be put away for retirement. In 2023, contributions to a SEP IRA cannot exceed the lesser of:</p>



<ul>
<li>25% of an employee’s total compensation</li>



<li>$66,000</li>
</ul>



<p>Employers must consider compensation up to $330,000, and total contributions cannot exceed 25% of the employee’s salary. The same limits apply to self-employed individuals, although there are unique formulas developed by the IRS to determine what their total contribution can be.&nbsp;</p>



<p>Employers must make the same contributions, by percentage of salary, to each eligible employee’s account, including themselves. For example, suppose an employer wanted to contribute 25% of their earned income to their SEP IRA in 2023, up to the contribution limit. In that case, they must also contribute 25% of each employee’s salary to their individual accounts.</p>



<p>Employers must make all contributions by the due date (generally mid-April) of filing their business tax return for the year unless they file for an extension.&nbsp;</p>



<h2 class="wp-block-heading" id="h-pros-and-cons-of-sep-retirement-plans">Pros and cons of SEP retirement plans</h2>



<h3 class="wp-block-heading" id="h-pros">Pros</h3>



<ul>
<li><strong>It’s easy to set up.</strong> The SEP IRA has relatively easy setup requirements. It also doesn’t require any ongoing reporting like a 401(k) or other larger retirement plan may require.</li>
</ul>



<ul>
<li><strong>It has low admin costs. </strong>Because the administration burden is relatively low, SEP IRA plans don’t have ongoing administrative fees beyond the cost of maintaining the accounts themselves at the brokerage.<strong>&nbsp;</strong></li>
</ul>



<ul>
<li><strong>The account has high contribution limits. </strong>The SEP IRA has one of the highest 2023 contribution limits of any retirement plan. The 25% of income or $66,000 contribution limit is significantly more than <a href="https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits" target="_blank" rel="noreferrer noopener">a traditional or Roth IRA contribution limit</a>.</li>
</ul>



<ul>
<li><strong>The contribution amounts are flexible. </strong>The rules allow employers to change contribution amounts from year to year. They can even decide not to contribute in a given year, which may be helpful if cash flow becomes an issue. Employers must inform employees of their contributions by Jan. 31 of the following year.</li>
</ul>



<h3 class="wp-block-heading" id="h-cons">Cons</h3>



<ul>
<li><strong>Employers have to contribute equally.</strong> One of the reasons SEP IRAs are a great retirement plan for self-employed people is the equal contribution requirement for all employees. When you’re self-employed or only have a small business you and your spouse run, you can save as much as you want, up to the contribution limits, without worrying about making contributions to employees.&nbsp;</li>
</ul>



<ul>
<li><strong>It has required minimum distributions.</strong> Like with traditional IRAs, SEP IRA holders need to start taking required minimum distributions (RMDs) from the account when they reach age 73.&nbsp;</li>
</ul>



<ul>
<li><strong>There are no catch-up contributions.</strong> Unlike other individual retirement accounts, SEP IRAs don’t allow for catch-up contributions for those age 50 and older.&nbsp;</li>
</ul>



<ul>
<li><strong>A Roth option can be offered, but it’s not mandatory. </strong>Previously, all SEP contributions had to be made pre-tax. However, Section 601 of the <a href="https://www.finance.senate.gov/imo/media/doc/Secure%202.0_Section%20by%20Section%20Summary%2012-19-22%20FINAL.pdf" target="_blank" rel="noreferrer noopener">SECURE Act 2.0</a> now allows employers to offer employees the ability to treat SEP contributions as Roth. (Note: The IRS hasn’t released any rules pertaining to this SECURE Act 2.0 change.)</li>
</ul>



<h2 class="wp-block-heading" id="h-sep-ira-versus-traditional-and-roth-iras">SEP IRA versus traditional and Roth IRAs</h2>



<p>SEP retirement plans have a lot in common with traditional and Roth IRAs. In fact, SEP IRAs can be traditional or Roth, just with different contribution rules.&nbsp;</p>



<p>While traditional and Roth IRAs are funded by the account owner, the SEP IRA is only funded by employer contributions, even though the employee owns the retirement plan account. Both accounts follow the same investment and withdrawal rules. Traditional and SEP IRA account holders have to pay taxes on both the principal and the interest when withdrawing money in retirement, while the Roth options are funded with after-tax dollars. This means account holders won't pay taxes on withdrawals in retirement because taxes were already paid on the money contributed to the account.&nbsp;</p>



<p>When it comes to contribution limits, traditional and Roth IRAs are limited to $6,500 in 2023 (or $7,500 if you’re over 50), spread across the different IRAs a person may have. Meanwhile, SEP IRAs have a 2023 contribution limit of $66,000, or 25% of an employee’s total compensation, up to $330,000, which is significantly more.&nbsp;</p>



<h2 class="wp-block-heading" id="h-sep-ira-versus-simple-ira">SEP IRA versus SIMPLE IRA</h2>



<p>The Savings Incentive Match Plan for Employees (SIMPLE) IRA can be another helpful way for small business owners or the self-employed to save for retirement. <a href="https://successcom.wpenginepowered.com/what-is-a-simple-ira/">SIMPLE IRAs</a> are available to small businesses with fewer than 100 employees and are another easy and relatively low-cost retirement plan option.&nbsp;</p>



<p>Like the SEP IRA, a SIMPLE IRA also requires employer contributions based on rules outlined by the IRS. However, while the SEP IRA only accepts employer contributions, a SIMPLE IRA allows employees to contribute up to $15,500 in 2023 through elective paycheck deferrals. Those age 50 and older can contribute an additional $3,500 for catch-up contributions.</p>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom line</h2>



<p>There are many plan options to choose from when saving for retirement, including the Simplified Employee Pension plan. The SEP IRA might not be a good retirement plan choice for businesses with multiple employees. However, its high contribution limits and low administration requirements make setting up an SEP IRA an excellent option for business owners who are looking to save aggressively for retirement.</p>



<p class="has-small-font-size"><em>Photo by Monkey Business Images/Shutterstock.com</em></p>

A SEP retirement plan can be a great option for small business owners and the self-employed, but there are a few limitations. Here’s what you need to know.

A SEP retirement plan can be a great option for small business owners and the self employed, but there are a few limitations. Here’s everything you need to know. | SUCCESS

SEP IRA: What You Need to Know About This Retirement Plan Option

SEP IRA: What To Know About This Retirement Plan Option | SUCCESS

https://successcom.wpenginepowered.com/wp-content/uploads/2023/09/SOnline23_SEPT_SEO_SEP-Retirement-Plan.jpg

woman researching different types of retirement plans on her phone

<p>You’re probably familiar with terms like 401(k) or Roth IRA, which are types of retirement plans. You might be less sure about the particular characteristics of these accounts or how they follow specific rules laid out by the Internal Revenue Service (IRS) to protect your retirement funds.</p>



<p>It can get even more confusing because some of these terms overlap. For example, <a href="https://successcom.wpenginepowered.com/6-basic-but-need-to-know-401k-questions-answered/">a 401(k) retirement plan</a> is a tax-deferred retirement plan, a defined contribution plan and a qualified retirement plan simultaneously.&nbsp;</p>



<p>Let’s look at some common types of retirement plans to help you gain greater confidence when discussing your retirement savings.&nbsp;</p>



<h2 class="wp-block-heading" id="h-tax-deferred-retirement-plan">Tax-deferred retirement plan</h2>



<p>A tax-deferred retirement plan lets you save for the future and postpone paying taxes until the money is withdrawn in retirement. Any interest you earn on your contributions is tax-deferred until retirement, when you may be in a lower tax bracket and have to pay less in taxes overall.</p>



<p>Many tax-deferred accounts also have the added benefit of lowering your taxable income in the year you made contributions, since you can make contributions with pre-tax money. This will hopefully leave you with a smaller tax bill next April.&nbsp;</p>



<p>Tax-deferred retirement plans can include:</p>



<ul>
<li>Employer-sponsored retirement plans such as 401(k), 403(b) and 457 accounts</li>



<li>Traditional Individual Retirement Accounts (IRAs)</li>



<li>Qualified and non-qualified retirement plans</li>



<li>Tax-deferred annuities</li>



<li><a href="https://successcom.wpenginepowered.com/what-is-a-health-savings-account/">Health savings accounts</a> (HSAs)</li>



<li>SEP IRAs</li>



<li>SIMPLE IRAs</li>
</ul>



<h3 class="wp-block-heading" id="h-pros-of-this-type-of-account">Pros of this type of account</h3>



<p><strong>It reduces taxable income. </strong>Tax-deferred accounts reduce your gross income by the amount you contribute. This provides a break on your income taxes for the year in which you contribute.&nbsp;</p>



<p><strong>Some accounts have high contribution limits.</strong> While each plan has different contribution limits and rules, you can generally save more in a tax-deferred account than in tax-free retirement accounts such as a Roth IRA.&nbsp;</p>



<p><strong>Employers can match contributions.</strong> Employer-sponsored, tax-deferred plans often allow employers to contribute up to a certain percentage of the employee contribution to employee accounts. This is essentially free money for the account holder.</p>



<h3 class="wp-block-heading" id="h-cons-of-this-type-of-retirement-plan">Cons of this type of retirement plan</h3>



<p><strong>There are early withdrawal penalties. </strong>Generally, you can’t withdraw money from a tax-deferred account before age 59½ without receiving a 10% penalty and paying taxes on the withdrawal. There are some exceptions to the 10% penalty, such as a first-time home purchase, qualified college expenses or birth or adoption expenses, but you’ll still have to pay taxes on the withdrawal.</p>



<p><strong>You have to take <a href="https://www.irs.gov/retirement-plans/retirement-plan-and-ira-required-minimum-distributions-faqs#:~:text=Required%20Minimum%20Distributions%20(RMDs)%20are%20minimum%20amounts%20that%20IRA%20and,Dec.%2031%2C%202022)." target="_blank" rel="noreferrer noopener">Required Minimum Distributions</a> (RMDs). </strong>Depending on the account, you may need to take RMDs starting at age 72 (or age 73 if you turned 72 after Dec. 31, 2022). RMDs are minimum amounts of money that account owners must withdraw annually so they don’t avoid paying taxes on their retirement funds forever.&nbsp;</p>



<h2 class="wp-block-heading" id="h-defined-contribution-retirement-plan">Defined contribution retirement plan</h2>



<p>A defined contribution retirement plan is an employer-sponsored retirement account that allows employees to save for retirement. Employers can also match employee contributions up to a percentage of the employee's salary under this type of retirement plan.</p>



<p>Many defined contribution plans are tax-deferred, but some defined contribution plans, such as a Roth 401(k), allow you to save after-tax money for retirement. You don’t get the upfront tax break like you would with a tax-deferred account. However, since you’ve already paid taxes on your contributions, you won’t pay taxes on distributions or the interest earned as long as you meet specific requirements.</p>



<p>Examples of a defined contribution plan are:&nbsp;</p>



<ul>
<li>Employer-sponsored plans like a traditional 401(k), 403(b) or 457</li>



<li>Roth 401(k)s</li>



<li>SEP IRAs</li>



<li><a href="https://successcom.wpenginepowered.com/what-is-a-simple-ira/">SIMPLE IRAs</a></li>



<li>Profit sharing plans</li>



<li>Employee stock ownerships (ESOPs)</li>
</ul>



<h3 class="wp-block-heading" id="h-pros-of-this-type-of-account-0">Pros of this type of account</h3>



<p><strong>It has tax advantages. </strong>You can save pre-tax or after-tax money depending on the defined contribution account type. While each type of savings plan has benefits and drawbacks, having pre- and after-tax accounts in your retirement portfolio can help you better prepare for retirement.&nbsp;</p>



<p><strong>Employees are in charge of their money. </strong>As the account owner, the employee can choose how much to contribute, up to the plan’s limits, and how to invest their money.</p>



<h3 class="wp-block-heading" id="h-cons-of-this-type-of-retirement-plan-0">Cons of this type of retirement plan</h3>



<p><strong>There are no guarantees. </strong>With defined contribution plans, the burden of saving is on the employee. There are no guarantees the investments in your account will grow as much as needed to fund your retirement. You may have to work longer or live on less money in retirement depending on how your investments perform.</p>



<h2 class="wp-block-heading" id="h-defined-benefit-retirement-plan">Defined benefit retirement plan</h2>



<p>Unlike defined contribution plans, a defined benefit retirement plan provides a fixed, pre-established amount of money, or benefit, for employees at retirement. Employers are the primary contributors and receive a tax deduction on these plans, although some may require employees to contribute.&nbsp;</p>



<p>Defined benefit plans are also called pensions. Employees can receive a single lump sum when they first retire or choose a regular monthly payment that generally lasts for the rest of their life.&nbsp;</p>



<p>The amount an employee receives is calculated based on length of employment and salary history. This type of retirement plan provides a predictable, reliable retirement income, though they have become much less common in recent decades.</p>



<p>Defined benefit plans include:&nbsp;</p>



<ul>
<li>Pension plans</li>
</ul>



<h3 class="wp-block-heading" id="h-pros-of-this-type-of-account-1">Pros of this type of account</h3>



<p><strong>You'll have guaranteed income in retirement. </strong>As an employee, a defined benefits plan offers a set dollar amount in retirement that you can count on. You don’t have to save it yourself, and your benefit amount is generally protected, no matter what happens in the greater economy.&nbsp;</p>



<p><strong>Employers receive tax deductions for contributions.</strong> Employers contribute to an employee's defined benefit plans and may receive a tax deduction on their tax returns for the amount they contribute.&nbsp;</p>



<h3 class="wp-block-heading" id="h-cons-of-this-type-of-retirement-plan-1">Cons of this type of retirement plan</h3>



<p><strong>Employees have limited control.</strong> As an employee, you don’t have any say in how the money in your plan is invested or how much you’ll receive when you retire.</p>



<p><strong>It's complex to set up and maintain. </strong>Defined benefit plans require a lot of administrative oversight and insurance to guarantee the company can continue to pay retiree benefits, even if the stock market crashes. Because of this, defined benefit plans are expensive and time-consuming to set up, likely the main reason it’s hard to find a pension plan outside of government entities.&nbsp;</p>



<h2 class="wp-block-heading" id="h-qualified-retirement-plan">Qualified retirement plan</h2>



<p>A qualified retirement plan is another employer-sponsored retirement account, but it can be either a defined contribution or a defined benefit plan. What makes a plan “qualified” is if it meets criteria set by the IRS and the <a href="https://www.dol.gov/general/topic/retirement/erisa" target="_blank" rel="noreferrer noopener">Employee Retirement Income Security Act</a> (ERISA). ERISA, a federal law enacted in 1974, sets minimum standards for most voluntarily established retirement plans.&nbsp;</p>



<p>Qualified retirement plans can include:</p>



<ul>
<li>Defined contribution plans:
<ul>
<li>Employer-sponsored plans like 401(k), 403(b), 457 accounts</li>



<li><a href="https://successcom.wpenginepowered.com/sep-retirement-plan/">SEP IRAs</a></li>



<li>SIMPLE IRAs</li>



<li>Profit sharing</li>



<li>ESOPs</li>
</ul>
</li>



<li>Defined benefit plans:
<ul>
<li>Pensions</li>
</ul>
</li>
</ul>



<h3 class="wp-block-heading" id="h-pros-of-this-type-of-account-2">Pros of this type of account</h3>



<p><strong>There are ax benefits for employees and employers. </strong>A qualified retirement account offers certain tax benefits to employees and employers. Employers can take tax deductions on contributions to employee accounts, up to certain limits. Employees can make either tax-deferred contributions (to a traditional 401(k) or other tax-deferred plans) or after-tax contributions (to a Roth 401(k) or different employer-sponsored Roth account).</p>



<p><strong>There are protections for plan participants.</strong> ERISA requires that employers provide plan participants with information about plan features and funding, minimum standards for participating and vesting and fiduciary responsibility to those who set up and manage the retirement plans.&nbsp;</p>



<h3 class="wp-block-heading" id="h-cons-of-this-type-of-retirement-plan-2">Cons of this type of retirement plan</h3>



<p><strong>Most IRA accounts are not eligible. </strong>Since being an employer-sponsored retirement plan is a requirement to be a qualified plan, most IRAs aren’t eligible. However, there are exceptions for the SEP and SIMPLE IRAs since employers can set up and contribute to both plans for their employees. Even though they aren’t formally qualified, traditional and Roth IRAs have many of the same tax benefits as qualified accounts.&nbsp;</p>



<h2 class="wp-block-heading" id="h-non-qualified-retirement-plan">Non-qualified retirement plan</h2>



<p>Although traditional and <a href="https://successcom.wpenginepowered.com/what-is-a-roth-ira/">Roth IRAs</a> are technically non-qualified retirement plans, the phrase usually refers to plans primarily used to reward or incentivize top executives in a company. Non-qualified retirement plans don’t have to adhere to the rules of ERISA. Plus, they don’t usually have the same tax advantages as a qualified retirement plan.</p>



<p><a href="https://successcom.wpenginepowered.com/retirement-plans-for-small-businesses/">Most companies provide qualified retirement plans</a> like 401(k)s as part of their benefits package to all employees. Since high-earners may max out their contribution limits to qualified plans or be ineligible for other plans based on income limits, employers provide non-qualified retirement plans as an additional bonus and a way to retain high-level employees.</p>



<p>Non-qualified retirement plans include:</p>



<ul>
<li>Deferred-compensation plans</li>



<li>Executive bonus plans</li>



<li>Split-dollar life insurance plans</li>



<li>Group carve-out plans</li>
</ul>



<h3 class="wp-block-heading" id="h-pros-of-this-type-of-account-3">Pros of this type of account</h3>



<p><strong>It's a retention tool for high-performing employees. </strong>These plans can entice high-performing individuals to join or stay with a company.&nbsp;</p>



<p><strong>There are some tax breaks, depending on the plan. </strong>Non-qualified plans may not have the same type of tax deductions for contributions, but many of the plans allow employees to defer taxes until they retire when they may be in a lower tax bracket.&nbsp;</p>



<h3 class="wp-block-heading" id="h-cons-of-this-type-of-retirement-plan-3">Cons of this type of retirement plan</h3>



<p><strong>It's only open to some employees.</strong> Non-qualified plans are usually only available to a few key employees who are highly compensated.</p>



<h2 class="wp-block-heading" id="h-bottom-line">Bottom line</h2>



<p>Understanding the essential characteristics and terminology of the different types of retirement accounts can help you manage your accounts more effectively. You likely will only need or qualify for some of these accounts. However, it’s a good idea to work with a tax or retirement professional to help you find the best funds for your specific situation.&nbsp;</p>



<p>Want to learn more about the different types of retirement plans? Listen to our rich &amp; REGULAR podcast about it, hosted by Kiersten and Julien Saunders, below or on&nbsp;<a href="https://podcasts.apple.com/us/podcast/55-demystifying-retirement/id1562432041?i=1000558568634" target="_blank" rel="noreferrer noopener">Apple Podcasts</a>:</p>



<iframe src="https://omny.fm/shows/rich-regular-with-kiersten-and-julien-saunders/demystifying-retirement/embed" width="100%" height="180" allow="autoplay; clipboard-write" frameborder="0" title="55: Demystifying Retirement"></iframe>



<p class="has-small-font-size"><em>Photo by GaudiLab/shutterstock.com</em></p>

Planning for retirement can be overwhelming—especially when you start researching the different types of plans. Here's what you need to know.

Planning for retirement can be overwhelming—especially when you start researching the different types of plans. Here's what you need to know. | SUCCESS

5 Different Types of Retirement Plans You Need to Know About

5 Types of Retirement Plans You Should Know About: Pros & Cons | SUCCESS

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