SPECIAL SKILLS THAT PREPARE YOU FOR LIFE:
(PART 2)
Dave Ikiedei Asei
31/01/2023
In part 1 of this series we have been informed that skill is an ability to perform an activity or task proficiently, typically acquired through training or experience. It can refer to practical abilities such as technical knowledge and manual dexterity, as well as personal attributes like communication, teamwork, and problem-solving.
In part 2 , we shall continue with other skills that prepare people for life.
FINANCIAL LITERACY:l
Financial literacy refers to the ability to understand and use various financial skills, including personal financial management, budgeting, and investing. This includes knowledge of financial products, services, and systems, as well as the ability to make informed decisions about managing one's finances.
It is important to understand some financial terms like interest rates, inflation, and taxes.
INTEREST RATE:
An interest rate is the cost of borrowing money, expressed as a percentage of the loan amount, paid over a certain period of time. It is the price at which lenders and borrowers exchange the use of money.
Interest rates can affect the cost of borrowing, spending and saving.
Central banks, such as the Federal Reserve, can set monetary policy by adjusting interest rates.
Interest rates can be fixed or variable, depending on the loan agreement.
High interest rates can discourage borrowing and slow economic growth, while low interest rates can encourage borrowing and stimulate economic growth.
Different types of loans, such as mortgages, personal loans, and credit card loans, may have different interest rates
THE ABILITY TO SET FINANCIAL GOALS AND CRESTE PLANS TO ACHIEVE THEM:
If you want to set financial goals, you shoukdmconsider the following steps:
Assess current financial situation
Determine short-term and long-term goals
Prioritize goals based on importance and time frame
Create a plan to reach each goal, including steps and timeline
Regularly review progress and adjust plan as needed.
Consider seeking professional financial advice
Consider the impact of inflation on your goals
Factor in unexpected expenses or changes in income
Make sure goals are realistic and achievable
Make saving and budgeting a priority to reach financial goals.
Knowledge of different investment options and risk management strategies.
Ability to compare and choose financial products and services.
Awareness of the importance of having an emergency fund.
Get an understanding of credit scores and credit management.
Get Knowledge of retirement planning and pension systems.
Be Aware of insurance products and their role in financial planning.
Have the ability to understand and use financial statements (e.g. balance sheets, income statements).
Awareness of scams and fraudulent financial practices
INTERPERSONAL SKILLS:
Interpersonal skills refer to the ability to communicate, collaborate, and connect with others effectively in personal and professional settings.
EXAMPLES OF INTERPERSONAL:
Active listening
Empathy
Verbal and non-verbal communication
Conflict resolution
Negotiation
Adaptability
Teamwork
Leadership ability
Positive attitude
Problem-solving
Time management
Assertiveness
Emotional intelligence
Conflict management
Networking
Influencing others
Giving and receiving feedback
Cultural sensitivity.
Motivation Definition
SELF MOTIVATION:
Self motivation is the drive or force that drives an individual to take action and achieve their goals. It involves setting goals, creating a plan, and taking steps to reach those goals, despite challenges or obstacles. Self motivation can come from within, from a sense of personal fulfillment or satisfaction, or from external sources such as rewards or recognition. Building self motivation requires developing a positive mindset, creating a supportive environment, and engaging in regular self-reflection.
TIPS ON SEKF MOTIVATION:
Identify your values and align your goals with them. When you connect your actions to your values, you feel more motivated and fulfilled.
Break down your goals into smaller, manageable steps. Accomplishing smaller tasks can give you a sense of progress and boost your motivation.
Surround yourself with positive, supportive people who encourage and inspire you.
Track your progress and celebrate your achievements. This can help you stay focused and motivated, even when progress is slow.
Practice self-care and prioritize your well-being. Taking care of yourself can help you feel more energized and motivated to pursue your goals.
Stay flexible and be willing to adjust your plan as needed. Sometimes things don't go as planned, but being open to change can help you stay motivated and on track.
Visualize yourself reaching your goals. This can help you stay focused and motivated, and can also help you develop a positive mindset.
Find inspiration in others who have achieved what you want to achieve. Use their stories and experiences to motivate and inspire you.
Stay positive and keep a growth mindset. Believe in yourself and your ability to reach your goals, and don't let setbacks discourage you.
Reward yourself for your hard work and progress. This can help you stay motivated and focused, and can also help you develop a positive association with your goals and actions.
LEADERSHIP:
Leadership is the process of influencing others to achieve a common goal or vision. It involves setting direction, building trust, and motivating individuals to work together effectively. A leader can be a formal authority figure, such as a manager or CEO, or an informal influencer, such as a mentor or team captain. Effective leadership requires strong communication skills, a clear vision, and the ability to inspire and empower others.
Leadership also involves decision-making, problem-solving, and adapting to change. Good leaders possess emotional intelligence, the ability to understand and manage their own emotions and those of others. Effective leadership requires not just commanding, but also inspiring and empowering others.
A leader’s role is to create an environment where people feel valued and motivated to perform at their best. Leaders should have the ability to delegate responsibilities, develop their team members and encourage teamwork.
Transformational leadership is a style that focuses on inspiring and motivating followers to achieve a higher level of performance and fulfilment. Authentic leadership involves being transparent, ethical, and self-aware, and it has been shown to lead to higher levels of employee satisfaction and organizational success.
It is necessary for all individuals to acquire these skills in other to be fully prepared for life and make positive impact in the world.
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