Senate summons CBN governor over falling Naira

The Senate on Wednesday passed a resolution summoning Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to appear before the lawmakers and brief them on the status of the Naira.

In the resolution which followed a two-prayer motion by Nazif Suleiman (APC Bauchi North), the senate also charged the Federal Government to step up efforts at diversifying the economy.

The president of the Senate, Bukola Saraki, urged the government to focus on other revenue sources like taxes, agriculture, manufacturing, tourism, and solid minerals.

Mr. Saraki, who commended the mover of the motion, said the senate, and indeed all Nigerians, must contribute in the defence of the Naira against all other currencies.

“The naira is being subjected to speculations and the only way to defend it is to know that government policy makers are firm in the defence of the naira.

“It will not be easy because speculators are relentless, but if we give all the support and stay on course, our naira will indeed stabilise.

“Nobody would have believed that we could stop the importation of cement; I think we can do that for rice, palm oil, wheat, and other products that we can produce in Nigeria,” he said.

Mr. Saraki said that although some policies may seem to be adversely affecting Nigerians, all citizens should exercise patience, noting that good economic policies would be beneficial.

In his remarks, the sponsor of the motion, Mr. Suleiman, expressed worry over Naira depreciation in the last few months, especially due to activities of speculators.

He said that illicit money flow and laundering in the country had contributed to the problems and called for a review of CBN’s foreign exchange processes.

Other senators who contributed said that the nation’s over dependence on importation rather than manufacturing was a major factor for the depreciation of the Naira to the dollar.

According to Usman Nafada (APC Gombe North), depreciation of the Naira is due to pressure arising from expenditure on imported products.

He said that the amount of dollars stashed away by some people in their houses and farms also increased the pressure on the naira.

Olaka Nwogu (PDP Rivers South-East) said “our dependence on only one source of revenue whose value has dropped by half is part of the problem.

“My suggestion therefore is that we need more industries so that people can get employed.”

Mr. Nwogu accused 90 per cent of those in the senate as contributors to the problems and therefore urged them to begin the industrial revolution with their constituency projects.

He sought a legal framework that would compel the establishment of at least one industry in each senatorial zone.

“We cannot keep consuming in this hard times,” she said.

In his contribution, Philip Aduda (PDP, FCT) urged the APC-led Federal Government to put its house in order and appoint economy managers.

He also said that state governments should focus more on establishing industries to create jobs rather than awarding contracts with monies meant for salaries.

Buhari fires all NNPC Group Executive Directors

President Muhammadu Buhari has fired all Group Executive Directors (GED) of the Nigerian National Petroleum Corporation (NNPC).

The sack of the top echelon of the corporation, which takes immediate effect, followed Tuesday’s removal of the NNPC’s Group Managing Director, Joseph Dawha.

Mr. Dawha was replaced by Emmanuel Kachikwu, a former Vice Chairman of ExxonMobil Africa.

The sacked Group Executive Directors (GEDs) are Ian Udoh, who was in charge of Refining & Petrochemicals; Adebayo Ibirogba, who supervised Engineering and Technical; and David Ige, in charge of Gas & Power.

Others are Aisha Abdurrahman, who headed the Commerce & Investments directorate; Dan Efebo, who was in charge of Corporate Services, Attahiru Yusuf, the GED for Business Development and Bernard Otti, head of Finance and Accounts.

Mr. Dawha, headed Exploration & Production unit in addition to being the GMD.

I promise to pay backlog of salaries – Aregbesola

Governor Rauf Aregbesola of Osun has promised to pay the backlog of salaries owed civil servants.

This promise was contained in a statement issued by the governor’s media aide, Mr Semiu Okanlawon, in Osogbo on Wednesday.

The statement said Aregbesola made the promise when Ijesa Society, a social group, visited him.

Aregbesola, according to the statement, expresses his displeasure over the delay in payment of workers’ salaries.

The statement said every government initiative in the state represented the fulfillment of campaign promises made to the people.

“The visit of the group comes at a time when some people are being sponsored to rubbish my achievements,” Aregbesola is quoted as saying in the statement.

President of the group, Chief Tunde Aluko, commended Aregbesola for rapid development of the state.

Aluko expressed belief that the financial challenge confronting the state will soon be over.

NYSC may soon be voluntary — DG

President Muhammadu Buhari has pledged that his administration will take all necessary actions to maintain and improve the National Youth Service Corps scheme as a functional vehicle for the promotion of national unity and integration.

Mr. Buhari gave the assurance after receiving briefing from officials of the Federal Ministry of Youth Development, led by the Permanent Secretary, Rabi Jimeta.

Meanwhile, the Director-General of NYSC, Brig.-Gen. Johnson Olawumi, also told the President that there are plans to make the scheme voluntary so as to reduce the corps population and sustain it.

The president affirmed his confidence and trust in the scheme, saying that the objective for which the scheme was established in 1973 was still very relevant for national development.

He said, “I firmly believe in NYSC and I think it should remain a national programme to promote integration.

“Whenever I go home to Daura, I look out for corps members from Lagos, Aba and other parts of the country.

“I am always thrilled to learn that except for the NYSC, some of them have never left their states of origin to visit other cities in the country.”

Ms. Jimeta had informed the president that the increasing number of NYSC members was a challenge to the scheme due to dwindling revenue from the national budget to cater for their needs.

She also told the president that the annual enrollment of corps participants had increased from 2,364 at inception in 1974 to 229,016 in 2014.

She added that “given the increasing number of tertiary institutions, our projection is that the number of participants may rise to300,000 by year 2020″.

Tips and Tricks on Saving More

Saving money isn’t easy, especially in this economy where we are barely keeping it together and paying all the bills on time (if we’re lucky). We all know that it would be smart to save money, especially in the long run, but many of us struggle with doing it successfully. However, it can be easier than you think, because saving more money doesn’t just mean spending less, but slightly changing some of your habits so that you don’t need to spend so much money – for example beginning to shop smart, taking care of your clothes more effectively or making some other seemingly small changes that will keep the money inside your pocket rather than spreading it unnecessarily and going broke. Here are some tips and tricks to help you save more without stressing out.

1. Banking

The first thing about saving money is deciding on where you are going to save it. You should find a bank that looks out for your best interest (or as much as possible), which means no ATM or overdraft fees. Then, you should consider dividing your paycheck immediately after receiving it between your savings and checking account (if there is enough to divide), and make sure you always know what’s happening with your bank account, so you can gain control over your spending. Finally, when you withdraw money from an ATM, see that it is an affiliate of your bank, so you don’t have to pay fees. Losing money on such a simple thing is just silly.

2. Beauty

If you can’t even consider waxing yourself or doing your own hair, there are some salons on sites such as Groupon and Living Social where you can get discounts for these kinds of services, while not lacking in quality. By using these coupons, you can save a lot. You also don’t need to go to a hairdresser every time your hair needs to be washed – do it yourself sometimes and you will see how much money will be left for your savings account.

Next, taking good care of your health (meaning eating healthy, taking vitamins, sleeping enough, taking good care of your personal hygiene, etc.) will help you delay and minimize your visits to the doctor, which can, we all know, be very costly. So this is actually a good savings plan. To stay healthy and fit, we need to exercise, right? Right – but that doesn’t mean you need to spend tons of money on some fitness classes in a fancy gym. There are a lot of free fitness classes that you can sign up for, at least for the first month or so, so take advantage of that opportunity. If not free classes in fitness centers, you can choose to exercise with free online exercise videos and take care of your body in the comfort of your home. But if you don’t like exercising alone – invite some friends to join you, and it will never get boring.

4. Lifestyle

Drinking, smoking and taking drugs is not healthy. No kidding, right? But besides being damaging to your body and mind, these habits are also very damaging to your wallet. Think about how much money you would save if you stopped smoking or didn’t go out as much (or did go out, but cut back on tequila). Think about all the things that the money saved could buy. When you put it on paper, you will see that you should give up expensive, bad, unhealthy habits in order to save money.

Also, instead of going to the cinema often, you can occasionally play a movie at home and watch it with your family. The experience might not be the same, but it will save you some money and you will still get to spend time with your loved ones.

5. Taking care of your home

You can save a lot of water if you, for example, turn it off while scrubbing the dishes. You can first get your dishes wet, and then scrub them with a sponge and detergent, and then rinse them. By doing this, you can save up to 500 gallons per month. This is an enormous amount of water, and saving it you will contribute to the protection of the environment, while at the same time having to pay less money for your water bill, which directly translates to more money in your pocket.

If you want to save money, leaving the lights on all over the house is not the smartest choice. Instead, whenever you are going to another room and leaving the one you were in empty – turn off the lights. This will not save you much money right away, but switch by switch, you might end up with a much cheaper electricity bill at the end of the month. Another thing you can do to save more, regarding the lighting, is to buy energy efficient light bulbs. They really are more expensive, but they will pay off, because they need less energy to function and they break less often.

You see, making these changes might seem boring or difficult to you right now, but you will become a pro very soon. When you realize how much you can save by doing so little, changing some of your habits will come very easy to you and you will be delighted with the change and with the balance in your account.

7 Tax Breaks for Small Business Owners

The government’s definition of a small business is one with up to 1,000 employees and sales of $7 million to $25 million per year, but there are also many tax breaks for much smaller organizations. If you are running one or you are planning to, you might want to consider Uncle Sam as one of your new best friends – there are a lot of things that he will be very helpful with. Don’t try to cheat the IRS because that will backfire sooner or later, but also, don’t cheat yourself. Be well informed – there are many benefits for people like you. Read on to find out what tax breaks you should always have in mind.

1. Home office

If your office is in your house, calculate how much space it uses up and divide it by the square footage of your entire home. That percentage is the fraction of your home-related business expenses (mortgage, electricity, rent, insurance, etc.) that is deductible, but be careful: just because your laptop is in the living room (along with the TV, the home computer and the dining table) doesn’t mean that the whole room can be considered your office. Be sincere to yourself, and, more importantly, to the IRS. When claiming your tax deduction, only consider the space you actually use for work (and absolutely nothing but work), and there should be no problems with them even if they come knocking on your door.

2. Car maintenance and mileage

If you use your car for work, you can get some of your gas and repairs money back. There are two ways to calculate the deduction: standard mileage rate and actual expenses. Here you can read all about them and you can actually use the one that suits you best. One more thing: if your office is at your home, you will count your mileage from the moment you pull out of the driveway until the moment you get back home (as long as the trip was work-related and not a family dinner or a get-together with friends). If, on the other hand, you work away from home, you only count the miles from your first business destination to the last one. It may be a good idea, in this case, to schedule several meetings on the same day in order to get a better tax return.

3. Telephone bills

The same thing that goes for cars, applies to phone calls as well. If you use your phone for business calls, circle the numbers that were business-related on your phone bill at the end of the month, and deduct all of them at the end of the year, 100 percent. In case you have a second line in your house that is dedicated only to business, you can deduct all of those costs. If you, like most people nowadays, only use your cell phone, you can also claim the portion of business calls you made and deduct it.

4. Traveling

This is a really nice one! If you have to travel for your work, go ahead and stay at a nice hotel – the entire cost is tax deductible. You can also take a plane, use dry-cleaning, Wi-Fi and taxi services. Pretty much anything you need while you are away from home – don’t hesitate to spend because you can get it back. So while you have to work in another town, you have a chance to get really comfortable and get all your money back eventually. The only exception is eating out: you can deduct only 50 percent of these costs (but that is still something).

5. Meals and gifts

If you are having a business partner over for dinner to negotiate the new case, you can deduct half the expenses, so why not cook something special? This also goes for taking them to a show or for drinks after a meeting, as well as any other entertainment expenses. As long as it is for the purpose of your business, you can get half the money back. The only condition is that the “entertainment” takes place before or after a business meeting. And if you want to buy your client, partner or employee a gift of appreciation, go for it. Especially since, guess what, you can get it deducted – 100 percent of it. And you can spend up to $25 per person per year.

6. Marketing

Just like any other bigger company, the small business you run or are planning to start needs business cards, print ads, promotional activities or maybe even television and radio commercials. This is all deductible as a current expense. Keep in mind that good marketing will get you far, so don’t save on this. It will pay off, and not only through tax deductions. Another thing you can do to advertise yourself is sponsor a local sports team or find another way to make good publicity. These promotions are also deductible, as long as there is a clear connection between your business and the sponsorship (like naming the team after your company).

7. Office supplies and furniture

Keep the receipts of all the paper, pens, staples, and anything else you might need for your office – this is all tax deductable. Also, take the time and money to equip your workspace with the furniture that will make it more appealing. When it comes to furniture, you can either deduct all the costs in one year or deduct a part of it over seven years. This process is called depreciation, and keep in mind that if you decide to go with this option, you can’t simply split your costs equally through the years, but you need to use an IRS chart and make individual calculations every year. Decide which option is better for your business and go for it.

6 Common Mistakes to Avoid When Buying Your New Home

There comes a time in a person’s life when a new door will literally open. At one point, you will be moving out of your childhood home or rented apartment, and move to your new home. Buying your new home is a giant leap, so do not tread lightly. It is important that you avoid these common mistakes buyers tend to make when purchasing a new home.

Finding a home before getting pre-approved

Looking for a new home is an exciting task. However, it is also an emotional task that may have you falling in love with different houses on the market. Before your heart starts skipping at the sight of marble floors, make sure you know your budget. Get a credit check and establish your budget with your lender. Having a pre-approval will save you time when looking at the market and give you the edge over other bidders with no pre-approval. Take note that being pre-qualified is different from being pre-approved from your lender. Pre-qualification is quicker as it gives you just a rough estimate for your mortgage. Pre-approval involves a comprehensive credit check to provide you with actual mortgage amounts and actual interest rates. Buying a new home should be perceived as a financial decision rather than an emotional choice. Getting pre-approved will save you the heartache of falling in love with a house you cannot afford.

Overlooking other expenses

After getting a pre approval, home buyers think that the house cost automatically matches your loan. Aside from mortgage, you should also put into consideration some closing costs. These include appraisal and home inspection costs, upfront house repairs, loan origination fees, and even moving costs. Buying a house is not like buying a brand new laptop or mobile phone where you pay upfront and get the complete package. The typical down payment would be 3 percent to 20 percent of the home’s price, exclusive of the closing costs. You should also consider the mortgage lender fees.

Overlooking a long-term budget

Home buyers may compute for all upfront buying costs but can fail to consider the long-term fees. Avoid the mistake of not creating a monthly household budget for housing costs, mortgage, interest, taxes, and property insurance. Some places even have homeowners’ association dues. Electric and water bills must also be included. Property taxes and insurance tend to go up every year so better ask yourself now if you can really afford your new home in the upcoming years. Make a rough estimate of what will be your income and expenses each month in the next 10 to 15 years. Make sure you clearly have the means to pay for your mortgage and more. The realistic debt-to-income ratio is having your monthly home expenses consume less than 30 percent of your monthly income.

Focusing too much on your wishlist

Everyone has their ideal home. You might want a bathtub in the master bathroom, a fancy patio outside, a walk-in closet, or even a small swimming pool. While it is exciting to have a checklist for your dream home, remember that you have a budget to stick to. This means you would need to compromise on some aspects when looking for a new home. Ask yourself if you really need that basement entertainment room or hardwood floors in every room. Rather than making a wishlist, make a three-part list with the following categories: must-haves, nice to have, and deal-breakers. This will help your realtor find a good selection of houses for you.

Skipping the home inspection

Not getting a home and pest inspection can save you a few dollars but can cost you hundreds in the future. Save yourself from unexpected repairs by getting your potential house checked by a professional home inspector. Would you buy a car without test driving it? In the same way, you cannot rely on how the house looks when you first walked in. Remember that some issues can be hiding and can turn into a money trap when not addressed before purchase. Never compromise with major flaws during your purchase.

Rushing to make a decision

Choosing a house that is hot on the market may lead you to pull the trigger quickly. However, major decisions like this involve important steps. Go around the neighborhood and check if it feels safe at night. Check for possible loud noises during a normal workday especially if you did a house visit on a Sunday. Research if the property is fairly priced. You might have a fear of losing your chosen home but there will always be places for you to check out. Take time to decide on your new home as you will be staying there for a long time.

Buying a new home can be an overwhelming task. But you have to treat it like any other major decision in life. Take a deep breathe, make a list and slowly go through each step until you find yourself sitting in your new living room with a big smile on your face.

6 Money-Saving Tips for Your Wedding

We all know that weddings can put a strain on our budgets, but nonetheless we want our special day to be great. But just like with everything, even with weddings there are certain tricks to save here and there without taking the “special” out of special day. It just takes some well planning and a wise use of resources. These are the tips and tricks I wish I had known when I was getting married.

1. Stay Away From Bridal Magazines And TV Shows

Most of us look for inspiration in bridal magazines and on the TV. Big mistake – these sources of information represent dream weddings that are usually too expensive for you and me. Soon you find yourself wanting and needing things that you didn’t even know they exist. It is normal that you want everything to look beautiful for your big day, but do you really need luxury pearl coated wedding invitations or the most expensive wedding decorations? Absolutely not. These magazines are designed to promote a wrong idea of how weddings should look like and to make you desire ridiculous and unnecessary items.

2. All Invitations End Up In The Trash Can 

Speaking of luxury pearl coated wedding invitations – you have to bear in mind that all invitations, no matter how beautiful they are, end up in the garbage. So it really doesn’t make sense to break the bank, or to spend a lot of time thinking on wedding invitations, as that is money and time literally thrown away. There are so many more important things to think about, that this just isn’t worth your time and money. However, they do have to be pretty, don’t they?

Luckily there are various options that will save you hundreds of dollars, like buying from online retailers. Or you can design your own with your loved one and keep costs low by finding a printing service that will give you a discount. Oh, and actually, this is the 21^stcentury, so why not discard the traditional approach and send your invitations via e-mail. You can find many great templates free or at bargain price.

3. Think About The Atmosphere And The Food 

When you think about it, nobody will remember how the decorations, the cake, or the bridal bouquet looked like. So why should you drain your budget completely on these items? When I talk to people about my wedding the only thing they remember is the music and the food. No one remembers the details, but they do remember how the food was and whether they had fun. So, these are the things to watch out for, don’t go cheap on food and music if you don’t want your guests to remember you special day as a not-so-special day.

4. Don’t Get Tied Down To One Caterer 

As already mentioned, food is something that you want to get right. So, you might be wondering how you can save money on it? Well, think about the time of the reception – you can have your wedding reception during less popular times, like on Friday evening. The obvious choice is also to have a buffet instead of a sit-down-meal. But what will save you the most money is that you find a venue that will allow you to choose your caterer. That way you will have complete control over the price and the choice of food. Finding such a venue will surely take time, but you will save big bucks when you do. And the most important tip is not to tell the caterer that you are planning a wedding menu until your menu and price have been arranged. As you can expect, as soon as they hear that the menu is for a wedding the prices go up.

5. Your Wedding Cake Doesn’t Have To Be Huge

Again, in any given bridal magazine you won’t find a tip that you don’t have to have a huge wedding cake and it doesn’t have to be large enough so that everyone gets a piece, especially if you are holding a big wedding. Consider taking a small cake, just right for you and your loved one and have a delicious, yet less expensive sheet cake ready to be sliced and served to the guests. Most of the guests won’t notice the difference, but even if they do, nobody will feel mad about it.

Another option is to order a cake for half the number of guests and serve half slices of this cake and half slices of the delicious sheet cake. You will save money, while the guests will be happy with the variety.

6. Yes, Your Wedding Dress Doesn’t Have To Cost A Fortune

A wedding dress can be more than costly (the average cost of a wedding dress is $1300), considering you are going to wear it only once. There are some ways to save money on it and at the same time look like a princess. For example, I rented mine and that was something that cost me only $100. This is a very inexpensive option, however, it has certain limitations – you cannot alter the dress to fit you perfectly. Another inexpensive option is to buy a pre-owned dress or buy from an online retail store, like House of Brides, where you can find great dresses for as little as $350.

Using these tips you can save hundreds or even thousands of dollars – and that means that you will have more money for your honeymoon and for your new life together. And believe me, your special day will be special because of your love for each other and not because of an extravagant wedding.

7 Little Money Hacks That Will Save You a Lot

Managing money can be stressful especially if you keep finding yourself broke. Today’s economy requires some little money hacks to help you save a lot and keep your wallet happy. There are a number of ways you can cut down your spending and stretch that well-earned dollar. Here are some money hacks you can do.

• Drop Soda and Daily Coffee Purchases

Buying a coffeemaker may sound more expensive than going to your local coffee shop but it will save you a lot of money in the long run. Brewing your own coffee will only cost you around $2.00 per week compared to $20 per week of buying $3.00 cups of coffee. Similarly, dropping soda and shifting to water will save you as much as $243 per year considering you purchase your soda at 40 cents a can. Develop a habit of drinking water, and both your wallet and body will thank you for it.

• Have a No-Spending Day

It may sound like a simple task but you will be surprised how hard it is to avoid spending even just for a day! Practice having a day every month when you will not spend a dime throughout the day. If after six months you succeed, then bring it up a notch by having a no-spend weekend! We tend to spend for little things that can pile up into hundreds of dollars within a month. If we become conscious of these little purchases, we can improve our spending and saving habits.

• Make and Use a Grocery List

You’ve been told time and time again not to go to the grocery store when you’re hungry. But did you know that making and sticking to a grocery list will also help you save a lot? Better yet, place an amount beside each item in your grocery list so you can estimate how much you will be overspending if you buy an item that is not on the list. You can even challenge yourself to spend less than your estimated budget.

• Make a Meal Plan

To help you with your grocery list, consider planning your meals before hitting the store. It may require a little more effort but you will save hundreds of dollars if you spend less time eating out and more time in the kitchen. There are a lot of quick and easy recipes you can check online. Not only will you save money, you will also be able to eat healthier! It will also cost around 60% less than eating out.

• Grow Your Own Herb/Vegetable Garden

If you are practicing cooking meals yourself, then move on to the next step by growing your own herb or vegetable garden. Even if you really do not have a green thumb, growing vegetables and herbs is not that hard. Fresh herbs are actually sold at a very high price in grocery stores, but can be easily grown at home. Have a row of herbs including sage, rosemary, basil, mint, and chives. You can even sell fresh herbs to your friends. Green onions and celery stalks can be placed in a jar of water to start growing. So do not throw away those white ends!

• Use the 30-Day Rule for Shopping

Saw something you like? Skip the impulse buy and wait 30 days before purchasing.  Whenever you’re having that urge to splurge for something that is not a need, then write the item down together with the price on a piece of paper. Stick it on your refrigerator or bulletin board and then wait 30 days before purchasing. This simple trick of delayed gratification allows you to think about your purchase and even look at your bank account. If after 30 days you still want it, then go buy it but do not use your credit card.

• Use Cash in all your Purchases

Having a credit card can be an asset but it can also be a burden. It can make you believe you have the money you are spending. Consider using cash in all your purchases to help you track your budget and savings. This can also help you identify unnecessary purchases you’ve been including in your credit card bill. Do not let yourself drown in credit card debt.

From time to time it’s completely alright to indulge into impulse buying as we are all humans and we need to treat ourselves to something nice (and unnecessary), but if most of the time we skip buying $3.00 coffees and not overdo it with the grocery list then these little saves will amount to a lot of money in the long run.

How to Ask for That Long Overdue Pay Raise

In today’s economy, your salary should be meeting your needs, however sometimes it just doesn’t catch up with the rising cost of living. Asking for a raise is nerve-wracking for any employee. According to Salary.com, a 4% raise every three years can increase your lifetime total earnings by more than a million. If you think you deserve that long overdue pay raise, here are some tips to get it: 

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• Watch Your Language

What you say is important when asking for a raise but also watch how you say it. Your wording can impact how your boss may react. For example, try asking for a “SALARY ADJUSTMENT” rather than a “pay raise”. A “raise” may sound like extra money but a “salary adjustment” would appear like matching your salary with your current market value. In line with the idea of your market value, mention your strengths rather than highlighting the negative. Dwelling on the negative can appear lazy and self-absorbed. Nobody wants that kind of person in a team. Go over your accomplishments and hard work without being a whiner to win over your boss. This can open up proper negotiations for your raise. Never bring up your length of stay. Saying you have been in a certain position for a year or two means nothing. The length of time in the same position is not equivalent to your performance or salary. While it is common that there is a raise every year, employers are smart enough to see who deserves a raise after some time at the job. Focus more on your accomplishments so you can prove yourself. Do not expect to get a raise if you just performed your minimum tasks – if you want more money, you have to justify your demand with top notch performance. This also means doing more than what is required of you. Salary increases are for top performers and those committed to excellent work. Watch out that you do not point out that you are doing the work you are supposed to do as a case for your increase. 

• Timing Is Everything

How often does a raise happen? A raise usually occurs once a year but is becoming less frequent in the past years due to financial events. Before you walk into your boss’s office, make sure you are aware about the company’s status. Did the company recently let go of people? Are you getting memos on how to cut costs? Check where you company stands financially before you calculate your numbers. You can base this on the quarterly or bi-annual company report to make sure your boss can actually afford your request. It would appear unprofessional if you start asking for a raise without considering the company’s current status. If your company has just announced a good profit margin or record-breaking sales numbers, go confidently to your boss for a raise. They will also be more open to salary negotiations knowing there is money to give. However, even then do not go straight to asking for a raise. Always start off by discussing with your boss your current performance and value to the company.

• Do Your Research

You should consider your salary negotiation as any business meeting that involves research and preparation. If you are indeed asking for a salary adjustment, research the current market value for your position based on someone with the same years of experience and educational background. Never ask for a ridiculous amount of money, as you will appear irrational and greedy, and take also into consideration your location. You can compare your salary to the current market but never compare it to a co-worker. You should focus on your value without being a sour grape. A salary increase generally falls in the range of 1-5%. Your boss will raise his/her eyebrow if you start asking for a 20% increase. Do you research, consider all the main factors, and then exercise good judgment when determining the amount you want to negotiate. Do not be discouraged – Salary.com surveyed employers and not one of them had fired or demoted an employee just because he/she renegotiated their pay rate. But be prepared to answer questions from your boss during your meeting. How you view your performance may not be the same from your boss’s standpoint, so be open to ask and answer questions.

And if you do not get your desired raise, know what to say after they say “no”. Then ask yourself – “What would it take to earn a raise in the future?” This will make you a mature and professional employee.

7 Best-Paying Jobs for Which You Don’t Need a Bachelor’s Degree

In this day and age, those who are not so fortunate to have rich parents that are able to pay for any college they desire to enroll in need to think about what they could do without a bachelor’s degree if they are unable to pay for it. Even those who earn the degree are not guaranteed a well-paying job, and many highly educated people end up without an employment, waiting for some opportunity to come their way.

According to the new data acquired from the U.S. Bureau of Labor Statistics, there are plenty of occupations that don’t require you to complete four years of college education to be able to do the job, and all of these jobs pay enough so you can support yourself and your family. The data include facts from 2012 and the prediction for employment and salary up until 2022.

Here are 7 great jobs for which you don’t need a bachelor’s degree:

1. Computer network support specialists

In 2012 the median annual salary for this position was $59,090, which in the U.S. is more than enough for a normal life without holding back too much. This job doesn’t require a bachelor’s degree, but in order to be considered for the position you should have an associate degree, which you receive upon completing a course of study lasting around 2 years. In the U.S. this can also mean that you have completed the first two years of your 4-year college education. The prediction for the job openings through 2022 says that around 39,600 people will be employed as computer network support specialists. Another good thing is that in order to get this job you don’t need to have previous work experience, and there is no on-the job training. This is mainly because the job is simple – you need to analyze, test, troubleshoot and evaluate the network systems such as LAN and WAN, Internet systems, or segments of a network system.

2. Artists and related workers

These workers earn around $59,840 per year and no other diploma than a high school diploma (or equivalent) is required. According to the U.S. Bureau of Labor Statistics’ estimation, there will be 2,700 job openings for this line of work through 2022, and you don’t even have to have any previous work experience to get a job. Art is a wide notion, and it includes a wide variety of characteristics, and what you will need to do on the job depends on the position you choose. This occupation includes long-term on-the-job training, which means you never stop learning and developing.

3. Makeup artists (theatrical and performance)

This job includes applying makeup to performers in such a way that it complements the role they are playing, reflecting the period and the setting of their role. You don’t need a bachelor’s degree, but you do need a postsecondary non-degree award, one that would testify to your skills and abilities. You might need to complete a course for that, but it is completely worth it, as the annual average salary for this occupation is around $64,450 and you can be employed without any previous experience.

4. Gas plant operators

The annual salary for a gas plant operator was around $61,140 in 2012, and it stayed relatively the same. To get a job in this line of work you need to have a high school diploma or equivalent. If you choose this occupation, what you would have to do is control systems and frequently do round checks to see if everything is working as it should. You don’t need to have any previous work experience, but once you start working, you will have to commit to long-term on-the job training and never stop developing. It has been estimated that through 2022 there will be around 4,700 job openings for this kind of work.

5. Web developers

To be a successful web developer, you need to work on your skills individually and constantly, and always stay on track with new technologies. A web developer’s job is to design, create and modify websites, and the best thing about it is that you don’t need to have previous work experience, and you don’t need a bachelor’s degree, but an associate degree could be required. The average annual salary is around $62,500 and there should be around 50,700 job openings through 2022. It seems that this is one of the best paid jobs and one of the most interesting ones too.

6. Postmasters and mail superintendents

These jobs will require of you to plan, direct, and coordinate all the services of a U.S. post office. These services include administrative, supportive and operational tasks and management. For this job you need just a high school diploma or equivalent, but previous work experience is required (less than five years), which means that you will probably have to work up to that position from a lower position at the post office. The average annual salary for postmasters and mail superintendents is around $63,050 and according to the estimation, there should be around 5,000 job openings through 2022.

7. Electrical power-line installers and repairers

Electrical power-line installers and repairers’ work is to install or repair electrical power systems and cables, as well as telecommunication cables and fiber optics. This job includes long-term on-the-job training and it requires a high school diploma or equivalent. The average salary for this position is around $63,250 and it seems that through 2022 there will be around 49,900 open positions. To get a job like this you often don’t need to have any previous work experience.