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Let’s start with three truisms:
1. If you do exactly what everyone else does, you will never have a competitive edge. You will always be the same as everyone else.
2. There are countless opportunities out there, if you can just figure out how to solve the market need.
3. Solving market needs is difficult. And if you say, as most people do, “‘the problem is too great for me,”’ you will wind up with everyone else who didn’t rise to the challenge—and you will never end up gaining a competitive edge,” said Paul Brown, New York Times and Forbes contributor
Successful people sometimes get lucky. They might be endowed with a substantial inheritance or job position, or maybe they won the genetic lottery because of their parents. However, you should never rely on pure luck to become successful.
Thus, in order to stand out from the pack, you have to outwork your peers and embrace the obstacles. The challenges you will face professionally, financially or personally need to be attacked and overcome. Look forward to the trials of life.
No matter what hand they are dealt, successful people maximize their resources and work with what they have. This ingenuity will almost always allow these certain people to achieve their goals.
They are grateful not only for their successes, but they are grateful for the challenges they face, and most of all, they are grateful for their disappointments. Failure ignites learning, and more knowledge causes more creativity. The successful people realize their weaknesses and utilize the knowledge from failures to continue building the necessary stepping stones to reach their high and lofty goals. With more resources and more knowledge, you will always be a stride ahead of the other guy.
As we conclude this Winter Quarter, here are three financial tips that will keep you ahead of the other guy, especially after you graduate and begin your career:
Take advantage of the hundreds of majors and minors DU has to offer. Take advantage of the research opportunities with some of the most distinguished professors in the world. Take advantage of your study- abroad experiences, club involvement, and your network of friends and mentors.
A recent U.S. Census Bureau report cited that a four-year college degree on average earns you a third more than those who do not have a college degree. That’s an average of over $2.1 million in a lifetime. With a Master’s degree, this figure jumps to $2.5 million. And with a professional degree, such as an M.D. or a J.D., this figure sits at an enormous $4.4 million. If you sacrifice for your education, you will be rewarded.
In today’s ever-changing job market, specialized skills are desired for numerous occupations. For example, if you want to be a financial or data analyst, you have to master the tools and utilities of Microsoft Excel. That’s the benchmark. However, to exceed this benchmark, why not get ahead of the other guy and become skilled in Microsoft Access? The competitive edge of specialized skills will set you apart from the other pool of job applicants.
Another desired skill set that opens a profusion of job opportunities is foreign language proficiency. According to the Wall Street Journal and University of Phoenix Research Institute, Spanish and Chinese will be the two languages most in demand over the coming decades.
The more you make, the more they take. Instead of quickly filling out your tax returns, take the time to research which deductions and exemptions you might qualify for. This time well spent can save you tens of thousands over your lifetime.
One of the best ways to truly understand how to fill out your tax returns most effectively is to volunteer at a non-profit tax organization, such as the Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE). By helping out the ones in need and exercising financial prudence, you will become a guru at keeping your hard-earned money out of Uncle Sam’s pockets.
Any of these financial tips can be implemented at any stage in your life, young or old. However, I suggest you begin early. Heeding the foundations of financial wisdom and planning will allow you to end your career much richer than the other guy, as well as much earlier. Making these decisions will involve numerous obstacles, but you must embrace these challenges. They will bring you great reward.
