Workplace Wisdom...
Discover Fulfillment in Life and Work
with Michelle Y. Drake

Hey, gang!

I'm coming at you all the way from California today! I've been here since last Monday meeting with clients, catching up with colleagues like Dr. Helen (in Santa Rosa), and presenting at this year's Women and Technology Summit, hosted by WITI (Women in Technology International) at the Hyatt Regency in Santa Clara. I'm joining another colleague of mine, Ardice Farrow - founder and publisher of Wake Up Women - in two sessions at this conference: "Storytelling - A Powerful Leadership Tool" and "Developing the Natural Leader in YOU!" It's been so exciting and fascinating...I'll be sure to post about it when I return home to Connecticut.

In the meantime, I was doing my usual survey of today's news and was disheartened to see this headline in the Yahoo! Business section:

"Retirement Accounts Have Lost $2 Trillion"

"Ouch" doesn't even BEGIN to cover it.

By the time we reach retirement age or the point in our lives when we're ready to leave our professional careers and focus on doing all the things we never had time for, we rely on our retirement funds to finance us. We've worked hard, darn it, and we deserve to be able to enjoy the fruits of our labor, to travel, to relax, to buy a boat...to follow our dreams! But so many people contemplating retirement today aren't going to be able to do that because they simply don't have the funds to leave the workforce.

While there's very little we can do to control economical circumstances, there are mistakes that we can avoid making, to help ensure that our nest egg is healthy and ready to be cracked open when we retire.

I found this fantastic article on AllBusiness.com:

"Top 10 Retirement Planning Mistakes"

Here are the highlights of the list:
Top 10 Retirement Planning Mistakes

1. "Not taking advantage of time."
2. "Not investing regularly."
3. "Not taking full advantage of tax-free retirement accounts."
4. "Poor asset allocation."
5. "Not creating a post-retirement plan."
6. "Forgetting about your 401(k)."
7. "Cashing out or borrowing heavily against your 401(k)."
8. "Failing to consider tax and inflation."
9. "Relying too heavily on Social Security."
10. "Relying too heavily on your company's stock."

I would strongly recommend that you go to the article directly and read through it carefully as well as do your own research on the dos and don'ts of planning for retirement. Your ability to retire might just depend on it!

Labels: economic crisis, education, finance, news, public speaking, retirement, strategy

The economy, the economy, the economy...

Aside from the Presidential race, it's the hottest topic in the country right now, and with all of its uncertainty and instability, it's also become a source of fear for our society.

I came across this fantastic article from CNNMoney.com:

"10 Solutions to a Personal Credit Crisis"

It has some sound advice for those of us who've reached for our credit cards one time too many. This info is especially crucial advice for entrepreneurs who may have relied on their personal credit to start and grow their businesses during those first few shaky years.

Here are the tip highlights of the article, written by Jessica Dickler, CNNMoney.com staff writer:

"1. Look at the big picture."
"2. Pay important bills first."
"3. Call your creditors."
"4. Transfer balances."
"5. Quit the cards."
"6. Prioritize paying down debt."
"7. Bulk up your payments."
"8. Check your credit report for mistakes."
"9. Get help."
"10. Start saving."

Read the full article here.

Here's hoping you can ride out this economic crisis and emerge with your finances in tact and thriving.

Labels: economic crisis, entrepreneurs, finance, small business, strategy

This headline greeted me on CNN.com as I sat down with my morning cup of healing tea:

"Shoppers Stimulate Discount Stores" by Aaron Smith, CNNMoney.com staff writer

At first I thought, "Good for us. With gas and food prices the way they are, I'm glad we're able to get a little more for less." But when I thought about it further, my heart went out to all of the small businesses out there that are facing empty storefronts as people flock to these discount giants.

What about the small business owners? How can they compete with the "big boys?"

It's a question as old as the first five-and-dime.

At CEOSecretBlueprint.com, I've created a series of free videos that center around revealing the strategy secrets of the "big boys" and I welcome all of you small business owners out there to sign up and check them out for yourself. Remember, I've done my fair share of work with several Fortune 500 companies, and with my birds-eye view into their boardrooms, I've learned a thing or two about a thing or two! As an entrepreneur, I thought it only fair that I should bolster the small businesses around me by sharing those strategies.

So if your business isn't being "stimulated" by the government economic stimulus checks, go to CEOSecretBlueprint.com, check out the videos I've created, and apply the strategies I share to up your game against the business behemoths.

And if you miss out on this opportunity to grow your business, you can still access my library of articles here on michelleydrake.com and purchase any of my entrepreneurial audio series(available on audio CD):

"The Entrepreneur's Starter Kit" - Find out if you have what it takes to start a business, how to name your business (so crucial!) and the pros and cons of partnerships.

"The Entrepreneur's Finance Kit" - *groan* My least favorite part of running a business is the finances, but in this CD set, I try to make it a little easier for you with my tips on hiring a bookkeeper, basic business finance and why it's SO important to the bottom line to write everything down!

"The Entrepreneur's Marketing Kit" - I called on my cadre of experts to share their insights into small business marketing, including Wendy Weiss (the "Queen of Cold Calling"), Michael Port (marketing guru), Andy Wibbels ("Blogging Evangelist"), and Lori O'Brien (Web Solutions, website development expert).

"The Entrepreneur's Office Space Kit" - I can't work in an office that's a disorganized mess or one that stifles my creativity - and you shouldn't either! Learn how to maximize and design your perfect office space with the help of experts Ed Morrow and Natalie Weinstein.

and "The Entrepreneur's Master Kit" - The mother of all entrepreneurial guides, it includes every kit listed above!

Now I'm going to go back to my tea and prepare for the busy day ahead. I may even find time to stop in a local shop or two and treat myself to something new!

Labels: education, entrepreneurs, finance, inspiration, leadership, marketing, small business