career development technical literacy professional excellence.

YEARNING TO INCREASE YOUR EARNINGS

How to maximise what you make by enhancing your technological literacy and professional skills

BE ALL THAT YOU CAN BE. GIVE IT ALL YOU'VE GOT. These timeworn cliches serve as daily mantras for today's corporate soldier. While it may not take strenuous physical labor to reach the pinnacle of your career, it does require that you build other muscles. Simply put, train yourself to work smarter--not harder.

The reality is that the more skills you acquire and the more valuable you make yourself to your company, the bigger the bucks you'll be able to earn. But while you're striving for a fatter paycheck or a better job, take full advantage of the company benefits package as a means of enriching your quality of life. Also, add your raise or bonus to your personal debt-reduction and investment program.

The key to achieving your career and financial goals is developing a vision of your life and figuring out how your plans meld into that overall objective. You can ascend up the corporate ladder and, at the same time, achieve wealth by following the steps that adhere to Principle No. 9 of the Declaration of Financial Empowerment--to maximize earning power through a commitment to career development, technological literacy, and professional excellence.

Assess your worth at work. It is crucial that you honestly and objectively evaluate your competence and skills at least once a year. Are your skills consistent with the marketplace? If not, you might discover that your employer views you as easily replaceable.

More than ever, the work environment demands employees who possess strong technological skills, If you have them, you will be able to better position yourself in the tech-driven New Economy. Even if you're not looking to make a living writing code or creating Websites, you need to have a working knowledge of basic technological applications, asserts William A. Schaffer, a business development manager for Sun Microsystems in Cupertino, California, and author of High-Tech Careers for Low-Tech People (Ten Speed Press, $14.95).

His hypothesis is that we live in a world that is increasingly reliant on computers, the Internet and wireless hand-held devices (i.e., palm organizers. pagers, and cell phones) as primary sources of information and communication. E-commerce is steadily becoming the norm for selling and buying goods. So how can you stay abreast of technological trends in this brave, new environment? By spending time reading publications such as the Industry Standard or the pages of the Techwatch section in BE.

You can also register for one of countless computer courses available at local community colleges and business schools. Familiarize yourself with the lingo and use teachers as resources.

* Upgrade your skills. Today's businesses are increasingly operating at Net speed. To compete, you need to constantly upgrade. If you've had your sheepskin for more than five years and you have an outmoded skills set, it doesn't matter whether you have an associate's, bachelor's, master's or doctorate degree.

* Accept continuous learning as a way of life. Take advantage of on-site training programs offered by your employer. Consider enrolling in management courses, such as those offered by the American Management Association (800-5868100). You can even earn a certificate through distance learning courses via the Internet. Go back to school to get an advanced degree or take continuing education classes relevant to your line of work. Let your employer pay for your newly acquired skills through tuition reimbursement programs, a common benefit from most companies.

Furthering your training or education will strengthen your position at work. Keep in mind that the more you know and can demonstrate that knowledge, the more valuable you'll be.

* Negotiate for the salary you deserve. Obviously, the best time to negotiate salary is before you start a job. You shouldn't jump at the first offer or ask for the stars. When discussing money, always use a range to give you and the company some latitude. In addition to your desired salary, negotiate for the perks of your compensation package--company car, bonuses and stock options, additional vacation days, early salary review, flexible work schedules, wellness programs, and creative options that have a clear added value.

If you've had the same job for years, there are steps you can take to get paid what you are really worth (see "Worth Your Weight," February 2000). For starters, know your value by learning what the market bears for your position and years of experience. This will help you to assess your value within a given sector. Create your own personal book of facts about your line of work and industry as a whole by reading trade journals and professional surveys, such as those from the World at Work formerly the American Compensation Association (www.worldatwork.org; 877-951-9191). Also, use government resources like the U.S. Bureau of Labor Statistics (www.bls.gov).

Before entering into negotiations, you must ask yourself three important questions, advises Roger J. Volkema, author of The Negotiation Tool Kit: How To Get Exactly What You Want in Any Business or Personal Situation (AMACOM, $17.95).

They are:

* What do you want?

* Why should the company negotiate with you?

* What are your options?

The answers to these questions will help you gain a valuable perspective from both sides of the negotiating table--your needs vs. those of your prospective (or current) employer.

You must constantly seek out ways to quantify the value you add to your company's bottom line. This will require that you document the work you have done and demonstrate your consistency by meeting deadlines or filling sales quotas. Show that you are committed to doing more than the bare minimum or how you have performed work outside of your job description. Remember: You can ask for whatever you want as long as you have the leverage to back it up.

* Interview your employer. In a time ruled by rapid change, takeovers, and about-faces, it is more critical than ever that you know where your firm is heading. If you don't have a clue, then you won't have a realistic sense of where you stand. Find out the corporate culture, benefits, quality of life, and work issues before signing on the dotted line.

* Make sure that your employer's objectives are in keeping with your career goals. When evaluating a job offer or raise, don't focus solely on dollars and cents. Besides monetary compensation, you may find added benefits such as day care and stock options for emerging companies, especially those in tech fields.

You will need to do a balancing act between work and home life. How supportive is your employer? Will the company allow you to leave work early to tend to a sick child or other family matters without repercussion? Are spouses, significant others, and children invited to such company functions as Christmas or New Year's parties, company picnics, office birthday parties or baby showers.

The key to personal success is to be true to you. Know what you want and don't be afraid to go after it. Otherwise, you might find yourself among the overstressed, underpaid, and unappreciated.

* Seek out mentors. It pays to build a support network which includes mentors, colleagues, and friends--those whom you can turn to for advice and support, suggests Diane Middle-brooks, president and CEO of the Business Coach (www.thebusiness-coach.com), a Chicago-based career coaching and development firm.

Try to find a mentor within your company to help you navigate through murky political waters and build skills. When searching, you should look for someone who has been successfully negotiating his or her own management track for a number of years. It is likely that you may escalate with your mentor, or at the very least, you will gain insight into the employee qualities that are prized by your company.

This doesn't take away from having outside mentors, of course. As you change companies or shift career gears, keep up with your contacts. Most important, advises Middle-brooks, devote some time each month to maintaining your network.

* Position yourself to be headhunted. Offer yourself as a reference to talented former colleagues and current peers so that recruiters will get to know your work and industry contacts. Also, identify new career opportunities and develop relationships with executive recruiters to secure those positions. In today's job market, recruiters seek professionals with diverse experiences and extensive business knowledge.

* Be flexible. Recognize that globalization is changing the rules in the work environment. Don't take it personally--simply learn to adapt. Understand your internal and external environment and look for opportunities. In other words, make it a point to stay informed about important news events or other happenings within your company and your industry. Take advantage of insider knowledge.

You will be able to keep up with changing times and broaden your competencies by perfecting your analytical proficiency, strategic and tactical reasoning, and cross-functional thinking skills. Never lose sight of the vision you have created for your dream life and work. Identifying clear goals and a written action plan will keep you from getting derailed off your ultimate career track--and allow you to get paid.

For more information on DOFE, go to www.blackenterprise.com to get a complete list of all 10 principles or call 877-WEALTHY to get your free Wealth Building Kit.

A GUIDE TO BECOMING A SELF-PROMOTER

To remain valuable at work you need to actively promote: your value and services. If you master your discipline, the company is more likely to invest in you. No need to run out and hire Don King or adopt his hairstyle to gain attention. The following steps will hell) you gain the visibility that you deserve as a top-notch professional and recognized authority

(1) Get involved at professional networking events and conferences within your industry

Serve as an officer or committee chair for a high-profile trade association or civic group. Becoming active in these groups can offer you local and national exposure as well as access to a broad array of industry contacts.

(2) Cast your name for leadership or industry awards or get others to nominate you.

Winning awards will show your supervisors that you're skills are valued in the marketplace and within your industry.

(3) Get quoted in newspapers, magazines, local TV, or radio

Or write an article for a professional journal or publication that will establish your credibility and solidify your authority among your peers. You might even try your hand at writing a book in your specialized area.

(4) Join a speaker's bureau as a way of sharing your knowledge with others while gaining exposure

Try to be a guest speaker at schools and industry events. Participate in panel discussions at public forums. Consider joining professional speaker's organizations such as Toastmasters International (www.toastmasters.org).

(5) Be willing to conduct seminars or workshops on behalf of your employer

Lecturing at a college will also enhance your professional resume. Explore becoming certified in your area, Inform your company's corporate communications department of any public speaking engagements, public appearances, or media interviews. Make no bones about it, self-marketing will enhance your net worth.

RELATED ARTICLE: DECLARATION OF FINANCIAL EMPOWERMENT

From this day forward, I declare my vigilant and lifelong commitment to financial empowerment. I pledge the following:

1 To save and invest 10% to 15% of my after-tax income

2 To be a proactive and informed investor

3 To be a disciplined and knowledgeable consumer

4 To measure my personal wealth by net worth, not income

5 To engage in sound budget, credit and tax management practices

To teach business and financial principles to my children

7 To use a portion of my personal wealth to strengthen my community

8 To support the creation and growth of profitable, competitive black-owned enterprises

9 To maximize my earning power through a commitment to career development, technological literacy and professional excellence

10 To ensure that my wealth is passed on to future generations

KENNETH HOWARD NEAL BELIEVES THAT PERSONAL and financial success isn't left to chance. It's the ability to make events happen.

This past April, Neal, along with 1,000 other workers, had his named literally tossed into a barrel for a lottery drawing for him to become a part-time longshoreman. After a couple of spins, file 35-year-old tax examiner's name was picked for him to become a member of the San Francisco Local 10 International Longshore and Warehouse Union. "This was a once in a life-time opportunity given that they only hire every 10 to 15 years." says Neal.

You may wonder why Neal traded his white-collar environs to toil on the docks, While he is currently bringing in an additional $600 a month working three days a week on the docks. he could see his annual salary rise to more than $80,000 as a full-time longshoreman. That's more than twice what he earns now with Uncle Sam--$33,000 a year,

His pay increase brings on back-breaking work: Instead of pushing pencils and paper, he will load heavy boxes onto ships, latch containers onto ships, monitor shipments, and drive forklifts, among other tasks.

Right now, Neal's monthly expenses average about $1,500. Since he doesn't foresee any dramatic changes in his lifestyle, he can bank on using those bonus dollars to build his nest egg. He currently has about $20,000 in his company's 401(k) plan, to which he contributes 5% to 7% of his salary, Also, he has $130,000 in equity in a condo.

Having worked for the Internal Revenue Service for more than 12 years, Neal believes that the change is long overdue. "It was time for me to Lake on another challenge and have a little bit more monetary freedom," he explains, "So when I'm ready to start a family, I will have the financial means."

THE ADVICE

Neal's ability to turn his part-time work as a longshoreman into a full-time position will be paramount in reaching his financial goals, Such a position would essentially mean a 120% pay increase. To help craft a plan based on current and future earnings, BLACK ENTERPRISE had Neal consult with Mark A. Mitchell, a financial planner with AXA Advisors in San Juan Capistrano, California.

* Pay off debt, Before anyone can eliminate debt, that individual needs to look at the source of indebtedness. In Neal's case, he has about $7,000 in credit card debt at 13% interest, He also has two outstanding loans at $1,500. He should take the income he gets as a part-time longshoreman--roughly an extra $600 a month--and use that money to pay down his credit cards. At the end of 12 to 16 months, he should be debt-free.

* Increase contributions to 401(k) plan. He is contributing around $200 a month to his 401(k); he should increase this amount by an additional $200 until he contributes the maximum amount allowed. Since his yearly tax refund has been around $2,300, he needs to change his tax withholding to reduce the amount of the refund and redirect the funds to is 401(k) so that: more money will grow tax-deferred.

* Open a Both IRA. He should take the $2,000 in winnings from BE and establish a self-directed Both IRA consisting of small-cap and emerging-equity positions. Given his age, he has time to wait out market cycles. If he becomes a full-time longshoreman, he should contribute 25% of his income to the IRA since he doesn't anticipate any changes in his standard of living, such as the purchase of a new car or a new home or getting married and having children. His only vice thus far: his Hot Wheels car collection,

* Buy stock. Even with Neal's new vocation, the first year will be one of transition. He should start investing at least $100 a month in stocks through DRIPs (Dividend Reinvestment Plans), increasing that amount to $250 a month next year.

* Gel additional insurance. He has casualty insurance through his homeowner's association, but he needs condominium insurance to protect the contents of his home. He should also consider getting disability insurance (whose premiums should be paid with after-tax dollars) to supplement his policy at work.

Kenneth Howard Neal

Household Income

Full-time (IRS)            $33,000
Part-time (Longshoreman)    $7,200
TOTAL                      $40.200

ASSETS

Checking                    $1,000
401(k)                      20,000
Annuity                      1,500
Real estate (equity)       130,000
TOTAL                     $152,500

LIABILITIES

Credit card debt            $6,900
Personal loans               1,500
Mortgage                    81,000
TOTAL                      $89,400

NET WORTH                  $63,100