7 things about money your boss wants you to know
Posted August 9, 2016
Being a highly productive and effective worker doesn’t always depend on what’s happening at the office. Sometimes it’s what’s going on in your personal life that has a direct impact on your output.
One of the leading causes of stress in our lives has to do with personal finances. As a result, your boss wishes that you knew these seven things about money.
1. Be financially responsible
More often than not, employers will look into your credit rating before hiring you. But it may not always stop there as they may check again if a promotion is on the horizon.
So, even if you’re an exceptional employee, you may be denied a promotion because you’re irresponsible with your personal finances.
Employers conduct credit checks as they believe that financial hardship may push people to steal. Further, if you’re already at the company, and your promotion gives you access to the company accounts, there’s a good chance that they will vet you again.
2. Your boss wants to give you a raise
Your boss wants to pay you more money but may not always be able to do it. If profits are soaring, there will be opportunities, but if they’re not, there will be financial constraints that will prevent this.
3. Work that takes the most time is usually the most profitable
Big-ticket items or sales can become a complex and sometimes frustrating process of filling out orders and extensive paperwork. Your boss understands that this can be aggravating, but these are also the sales that bring in the most money.
4. Plan for your retirement
Your employer wants you to be secure and wants you to start saving for retirement right away. You will have to figure out early if you can live on what you’re making now once you’ve retired. If you can’t, you have to cut back and live on less.
If this is going to affect your performance at work, it’s best to address the problem now and not later. If you haven’t started planning for the future, it’s never too late to develop a retirement strategy that will work for you.
5. Be knowledgable about your retirement accounts
Especially if you’re a new employee, it will be important for your employer to know how many 401(k)s and IRAs you have. For small businesses, this process can take your employer away from focusing on making money to concentrate on your paperwork.
Knowing all the necessary information up front can make the process a whole lot easier for both parties. You can also easily figure out if there’s any benefit to streamlining everything to one account.
6. Avoid tapping into your retirement fund
Although it might seem like a good solution at the present, you will be risking your financial future if you take money out early.
Not only will you stand to incur taxes and penalties, but you will also be setting yourself up for more worry in the future.
7. The more money the company makes, the more you stand to earn
Driving growth and profits are beneficial to both your boss and yourself. If you play a part in increasing company profits significantly, you can bet that there’s going to a piece of the pie for you.
Being smart about money is important and may not be easy to understand off the bat. But if you invest some time to understand your finances, you can be a worry-free employee that is an asset to the business.
Troy Martin is a shareholder at Cook Martin Poulson, a Utah Accounting Firm.
He has a vast amount of experience in the following business sectors: medical, dental, manufacturing, retail, restaurants, construction, farming and ranching.