Category: Management

7 Important Financial Steps Every New Freshman Needs to Take

When new freshman move on campus, they’re usually more focused on conventional aspects of college like going to class, studying, and partying with your friends. But this is also a kind of training ground for adulthood; for many freshmen, this is the first time you’ll be away from home, living on your own, which means you’ll need to take control of your finances and spending habits if you want to make things work.

On top of that, these are pivotal years that could dictate the habits you carry for decades to come. Mastering your finances while you’re in your late teens and early twenties will give a serious leg up on financial management for the rest of your life.

The problem is, most freshmen don’t know where to start.

The Most Important Steps to Take Early

These are some of the most important steps you can take now:

1. Understand and compensate for your tuition costs. First, don’t choose a school blindly, and think carefully about the tuition demands for your top universities. The average private college costs more than $34,000 a year, while state residents at public colleges pay an average closer to $10,000. After 4 years, that’s $136,000 and $40,000, respectively. Depending on your degree program and the college you’re attending, that may be worth it—but you should also work actively to compensate for those costs by looking for grants, scholarships, and other forms of assistance. Filing for FAFSA may also help significantly.

2. Create a budget. Next, when you’re living on campus, you’ll need to prepare a strict budget. Depending on how you’re paying for college, you might have room and board built in, but you’ll still need to monitor your spending on other things, like school supplies, entertainment, and extras. This is the perfect time to create your first budget—a blueprint for how much money you have coming in, and how much you’re “allowed” to spend each month. Aim to end each month with at least a little bit of cash left over.

3. Prepare an emergency fund. Every young person should know how to build and maintain an emergency fund . This pocket of extra money should be able to last you at least a few months if your primary income source runs out, or cover a major unexpected expense (like a hospital bill). It may take several months of saving to build up your emergency fund, but if it isn’t there when you need it, it could put you in debt.

4. Establish a source of income. In an ideal world, you’d be able to devote 100 percent of your time to going to class and studying, but getting at least a part-time job, or a side gig while you’re in college is beneficial to your long-term financial health. Not only will it help you start compensating for the costs of college, but it will also get you used to receiving a steady paycheck, giving you practice on how to manage that paycheck.

5. Open and manage a credit card. Even if you don’t plan on using it often, it’s a good idea to open at least one credit card. Credit cards are an easy way to build up your credit score (something many millennials overlook), and their downsides only kick in if you allow your debt to grow beyond “manageable” territory. It’s also important to have for emergencies, and is a good way to build a strong habit of paying your bills on time.

6. Have a plan to pay off your student loans. Most students don’t like to think of the harsh realities they’ll face after graduating—which often include paying off a massive amount of student debt. But the sooner you start thinking about this, the better. How much will your minimum monthly payments be? How will you be able to afford them? How can you save more, so you can pay down that debt even faster?

7. For bonus points, open a Roth IRA. If you have some extra money to save and you’re interested in planning for your long-term future (i.e., retirement), consider opening a Roth IRA. A Roth IRA is a type of account with special tax perks, since it’s used to help people save for retirement. Any money you put into this account is allowed to grow completely tax-free, which you’ll soon realize is incredibly valuable, especially if you start while young to reap the power of compound interest.

Immersing Yourself in Financial Knowledge

It’s hard to cultivate good habits and learn financial lessons all by yourself. Fortunately, in college, you’re in a perfect position to immerse yourself in financial knowledge. Consider taking classes on economics or personal finance if your college offers them, and talk to your professors or other students who seem to be more experienced than you. The more you confront what you don’t know, and the more open you are to learning, the faster you’ll gain mastery over your financial habits.

Leadership Vs Management – What’s the Difference?

Leadership and management look similar but there are many things that make them different. Many situations come in life when we are able to keep them separate, and sometimes we have to act as both manager and leader. Let’s understand the differences in details.


  • Leadership Vs management are two distinct concepts and action, they have many differences that makes their role unique. But, in many organizations, you can find a person who performs both the positions, a leader and a manager. The basic difference depends on how you differentiate the task as a leader and as a manager and also find a better way to integrate them at the same time. A leader sets up a vision and provides a goal while on the other hand, management must have qualities to execute this vision of the goal. If a single person is handling both the positions, then he/she must have the capabilities to balance the two.
  • A person who leads the team with no management, he/she can provide direction without any kind of concept to find out the exact path to get the appropriate result. But, if a person manages the things without any kind of leadership, at a certain point he/she will think why they’re doing and what they’re doing. In some organizations, you can find the four levels of management. The senior people or executive level management lead the team with appropriate direction while middle or manager level people execute the plan to get the success.
  • The idea of change is the biggest difference between leadership and management. If you are a leader, you must have to plan out something that can create a change. This is the whole idea of setting a direction or new goals. In most of the big companies, change is difficult and sometimes uncomfortable as well. So as a leader, you have to set the change as positive, explain to people why the change is being made, and also give a proper understanding to the managers so they can manage the change accordingly.
  • Another big difference between a leader and a manager is a way of thinking. A leader always thinks beyond the limits and keep a “bird’s eye view” for the organization and its current as well as future situations. A leader generally looks at the big picture that includes the functioning of an organization, connections between processes and their linked areas, and how to keep the things efficient as well as affordable. While a manager thinks about his or her working area only. He/she only work as per the leader’s plan and set up the things according to the plans.

So before entering into the field of management or leadership, understand their differences. They both are working in the same directions but with different kinds of views. As a leader, you can’t think about particular one section, you have to set up the things that can help the organization to achieve their goals. A change is mandatory in every company to keep its business on top compared to the competitors. But, at the same time, the change should be effective. As a leader, if you are thinking of any kind of change in your organizations, you have to explain its pros and cons to the managers. So they can understand the requirement of the change and can take the required steps. To achieve the organizational goals, a proper understanding between leaders and managers is mandatory.

Generation Z in the Workforce – A Basic Guide

There are five generations with different requirements and ever-declining levels of engagement made up today’s workforces effective. Nowadays, to understand the requirements of multiple employees as well as to provide a positive environment for them, companies must make more innovative & effective efforts than ever before.

A good employer can automatically get better employees. If you are an employer, you should learn some effective techniques to keep today’s generation employees happy.

Generation Z in the workforce is an innovative change. This new generation will definitely bring change in the workforce. This generation is colliding with millennial, who now make up more than half of the working population. Generation Z will definitely challenge the way we are working currently and it also creates new demands in the labor force.



Generation Z members can’t imagine the world without smart phones or social media. They are the common users of these things. These people are aware of the technology from their childhood. Just think, when an iPhone 7 was launched, the oldest member of the generation was only 11 years old while the youngest member of the generation yet to be born. So they are the biggest tech savvy and their technical abilities are mind-blowing. So if you are an employer, you will have to fulfill all their requirements related to technology and they will help you to make your business better
and effective.


Millennials and older generation people would use the platforms like Facebook and Twitter by putting their thoughts and many personal things without thinking about any kind of effect or privacy issue. After some time, they came to know about the drawbacks as well as they realize that living their life in the public eye could be dangerous. The generation Z has learned a lot from the mistakes of these people, so they choose the more secure platforms like Snapchat because they don’t leave a permanent record. As the same, the employers need to take care of the personal data as well as various other things related to privacy of Generation Z employees.


As an employer, if you are working with Generation Z, you have to provide them with a free space so they can independently take their decisions. The generation Z is growing up in a healthier economy. These people don’t need the help of anyone to teach them something, they can make their own decisions. So at the workplace, generation Z people can easily learn from their mistakes without taking help from the others.


Generation Z people will not come in a big shock at the time of recession or a job loss. These people will put money and job security on the top of the list. So the employers need to handle this generation with care. Change is mandatory, but surviving and thriving is also very much important, so these people will keep the balance of both the things.


The career growth of the generation Z members would be excellent. More than 75 per cent employees of this generation would be happy to hold multiple positions within an organization at once if it could accelerate their career path.


Generation Z will start entering the workforce within the next five years, whether you like it or not. This generation employees will come with totally different qualities, needs and wants comparing to the earlier generation members. So, if you are an employer, stay ready for generation Z and try to add more and more people from this generation for better growth of your organization. As per the analysis by experts, this generation people will surely help the companies to achieve their goals in minimum time as well as in minimum investment.

3 Basic Rules To Managing Your Student Budget

In freshman year, your schedule is full of program-specific requirements. They’re usually introductory courses that cover the foundations of any subject, so you can take on more complex subjects in later years. While there’s no such equivalent for your personal finances, if there was such a thing as Student Budget 101, this course would start on a similar basic level. It would go over fundamental rules like the ones below to help form the foundations of healthy personal finances for the rest of your life.

1. Work within your means

If you’ve watched Netflix’s Ultimate Beastmaster to kill time between classes, then you’ve probably tried to imagine how well you’d do on the course. In your fantasy, you always reach the end in one piece, smashing the button in record time as the crowd chants “USA!”. In reality, you aren’t a highly-trained full-time athlete; you’re a full-time student with a specialization in Netflix. When the only thing you’ve done for exercise is roll out of bed and run to your 8 a.m. class, you aren’t physically prepared to take on the beast.

This isn’t a revelation to the college couch potatoes, but Ultimate Beastmaster holds an important lesson. When you try and take on unrealistic goals, you’re setting yourself up for failure. Even if it was impossible to achieve these goals in the first place, you’ll feel bad about yourself when you flop — whether it’s an attempt to take on the beast or your budget.

Remember this as you take on your finances. When thinking about how you can improve your spending habits, ignore bad advice that sets you up for failure. You already know the type. It usually comes from a financial advisor who graduated in the 70s and who paid just $7,833 in today’s currency for the entire year at a public college.

Since those golden years of cheap education, the cost has more than doubled. With such a disparate campus experience, it’s no wonder their tips fall flat in 2018. If they sound out of touch suggesting students pay off their student loans while they’re going to school, it’s because they are. Most students need every dollar these federal loans give them, plus more from personal loans, scholarships, and a part-time job just to get by.

2. Go digital and embrace FinTech solutions

The college assigns every student an email address. Your professors use Blackboard Learn to post learning modules, assignments, and group discussions online. You search online databases for academic journals using your laptop. College in 2018 is largely dictated by tech. It only makes sense that your finances are, too.

FinTech — a buzzword describing Financial Technologies — offers a convenient, easy way to manage your money. As a term, FinTech isn’t perfect. It describes a lot of things — from the code that supports transactions at the branch level to the code that powers mobile banking and payday loan apps. FinTech has broad application in the financial world, so it’s a specific subset of customer-facing, digital-based services that promise to help students most.

These services include:

  • Money management apps like Mint that offer free budgeting guidance
  • Personal loan apps like MoneyKey that help those students who need to get a payday loan after they’ve used up all their cash
  • Student loan management apps like Givling that converts your trivia knowledge into cash.

These FinTech services provide easier access to financial solutions than mainstream banks. After all, you can check in on these apps any time you want from the phone you always keep on you — even if the need to review your profile comes in the middle of a Monster-fueled all-nighter. These apps offer you the same insights as their traditional alternatives, and they can help you keep track of spending and borrowing. Best of all, you’ll avoid waiting in line at the bank or enduring a meeting with a condescending bank associate.

3. Boost your income by reducing your spending

Saving more and spending less is the cornerstone of personal finances. Regardless of income, responsibilities, and goals, this rule is the foundation of financial success.

Success looks different for everyone. For the average student, it means relying less on your student loans, so you don’t owe as much once you graduate. Unfortunately, for the average student, spending less can be a challenge. Your largest expenses — things like tuition and housing — are often fixed expenses, meaning they don’t change from month to month. Though technically you could lower what you pay in tuition, it would rely on extreme measures — like moving to a cheaper school. This isn’t always possible depending on your program and education goals.

Your variable expenses, on the other hand, are easier to change. Things like course materials and groceries are called variable because their costs tend to fluctuate according to your needs. For example, you can reduce what you spend on groceries by:

Though slashing your grocery bill in half can be a challenge, it’s easier to do than paying back your student loans in the middle of your undergraduate.

This is what successful personal finances is all about — finding the best solution for your financial capabilities. As a student with very little expendable cash, the answer is often a unique mixture of money-saving techniques that don’t match up with traditional financial advice. But that’s okay. You don’t have to follow advice that doesn’t work for your student budget.

In freshman year, you learned the best studying method for your learning style. Now, wherever you are in your academic career, it’s time to find the best financial advice that matches your spending style. These tips are the
first step you need to take before you can leap into savings.

What Are The Advantages Of Regularly Monitoring Your Employees

The success of a business purely depends upon the efficiency of the employees. You can motivate your employees and boost them to push themselves harder but, it is impossible for you to keep a check on every employee, the entire day. But with the help of monitoring software, it has all become possible. With the development of the Human Resource Management System, you can keep track of your employees while it stays 100% stealth.

Keeping a monitor over your employees includes getting information of every employee, checking their work progress and tracking their performance. It helps the employee as well as the employers as it enables the employees to update their information automatically and helps the employers in monitoring their performances. Let us see, how it helps in boosting up the success rate of the company.

Safety and security

Sometimes, the employees may unknowingly commit certain actions that may put the safety of the company at risk. By keeping an eye over your employee’s action, you can easily deal away with these threats. As soon as the employee interacts with some host that can harm, you can bring that issue to the forefront and deal with it. You can filter as well as monitor over your employees. From keeping a watch over what kind of messages do the employees get, you can filter up the search to track the passwords of the sensitive files, monitoring software helps you to deal with it all.

Increases employee productivity

According to a survey revealed, 58% of the employees say that the biggest barrier in the path of productivity is poor management. But with monitoring software above the employees, the process becomes more optimized and effective. This helps you to deal away with the time that is wasted in various management processes. It also gives the owner an opportunity to interact with the employees and get a record of their strength and weaknesses. It gives you an opportunity to watch for the employee’s mistakes and errors and correct them. You come to know about:

  • What sites the employees visit
  • What messages do they receive
  • How much time they spend daily
  • What do they search on the internet
  • What kind of files they download

Acknowledges the strength of the employees

Which employee would not like its owner to acknowledge his/her strength? If you keep a monitor over the employee’s activities, you get to know about the detailed activity of your employee and thereby, you may acknowledge his efficiency. It helps in building up a trustworthy relationship between the employee and owner. The employee gets this confidence that the software not only points out his/her weakness but also appreciates his/her efficiency.

Manages timelines efficiently

It becomes difficult for a manager to manage the timelines of a hundred of employees working under him, but with effective monitoring, it becomes easy to check if the employees are asserting with the assigned timeline. This enables the managers to see that the work assigned to the employees get completed within the deadline. All this give rise to a smooth and efficient management.


To lead your company towards success, it is important to keep a monitor over your employees. This will result in increased efficiency and a guaranteed success for the company in future.

Learn About Knowledge Management and Its Importance

In today’s fiercely competitive business environment, the success of a business dependent on the flow of business related information within the organization. This includes all the information assets of the organization such as documents, procedures, databases or expertise and experiences of employees. This requires a centralized pool of information and subsequent flow of information between the employee and the centralized information pool thus the need for knowledge management tools like LogicalDOC.

What is knowledge management?

Knowledge in this context can be defined as all the information assets of an organization. A systematic approach to identify, integrate, store, manage and share the information assets within the organization is known as knowledge management. The information assets include the expertise and experience of the employees that are resident in their mind.

Role and goals of Knowledge management

The knowledge management primarily acts as a bridge between a knowledge provider and knowledge seeker. This allows the availability of information, whether it’s the expertise and experience of an employee or any other information asset, to an employee in need of information to make an informed decision about a business situation. The goals of Knowledge management are as follows

  • The storage or collection of knowledge – This goal is achieved by the creation of a single or multiple repository of available knowledge. The repository consists of easily retrievable documents in structured form containing information/knowledge such as reports, presentations, etc.
  • Facilitating the access to Knowledge between individuals and organizations
  • Enhancement of the knowledge environment by rewarding and facilitating the creation, usage and transfer of knowledge.
  • Management of knowledge as intellectual capital and generating new income from it.

The need for knowledge management

The need for knowledge management can be understood by the following factors that can be gained by effective knowledge management

  • To improve the knowledge management competency of an organization
  • To help in becoming a competent player in the knowledge economy of the world
  • To become a knowledge leader and knowledge driven business
  • To develop and apply the knowledge management strategies across a number of segments like disaster management
  • To better achieve and surpass the business objectives

The benefits and importance of knowledge management

The importance of knowledge management is clearly visible in the benefits gained by an organization through the effective use of knowledge management. The various benefits of knowledge management are as follows

  • It results in a better access to the collective knowledge and its application.
  • It helps in the reduction of cost by preventing repetitive efforts towards completion or achievement of an objective that’s already completed by someone in the organization.
  • It helps in enhancing the overall efficiency of the organization
  • It enhances the response time
  • It helps in preventing the repetition of mistakes of similar nature.
  • It helps in improving the quality of services and products.
  • It positively affects the inter-relationship between the stakeholders, employees and customers
  • It provides an organization and its employees the potential to grow and expand
  • It helps in improving the profitability
  • The effective knowledge management facilitates innovation.
  • It provides an edge to an organization over its competitors
  • It reduces the employee training costs of an organization by promoting self training through the available Knowledge.

Knowledge has become an important asset for an organization that allows the organization to become more effective and profitable. In today’s business environment, effective knowledge management is key to a successful business endeavor.

The need for an effective knowledge management software has become a necessity for every organization to better store the collective knowledge and provide timely access to the employees for improved productivity. The software also allows the organization to provide different level of access to different levels of employees.

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