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YOU DETERMINE WHAT YOU ARE WORTH

TEBOGO TOTENG
MONEY MIND

One of the greatest truths is that life is meant to be enjoyed. God put us in the world so that we celebrate the talents, skills, abilities and the creativity that he gifted us.

We spend the majority of our time at work and if you are not enjoying what you do at work you will end up miserable. A miserable employee will not be productive and will be a highly inappropriate billboard to project the company’s image.

On the other hand a super-charged employee who is thoroughly enjoying what he does is an asset to the company and looks forward to going to work every single morning.  Happiness at work and finding joy in what you do is to a large extent a psychological thing.

Researches that were done indicate that more and more people would rather have fulfilling roles in their companies than a fat pay-check on its own. The researches underscore that an employee’s pursuit is job satisfaction and inherently happiness.

When I quit my salaried job for a commission based job all my friends thought I was mad. Despite being reasonably salaried I didn’t entirely enjoy my work. And the danger with that is that you will slowly undersell yourself more and more until you become redundant.

I was so much hell-bent on finding a role in which I could use and apply my skills and my talents. And guess what, I found out the joy of being in sales; I determine my paycheck, play golf, can find time to pen down this article, working on my first book. I am able to do things that I have always wanted to do and I am having fun.

If you are sitting there at your desk and not enjoying what you are doing. If you are earning a meagre salary and very unhappy about your boss, then quit your job and look elsewhere!  If you are unhappy about your job you become disengaged and less productive. Not only are you a cost to the company, you will undersell yourselves and kill you career.

When you stop enjoying what you are doing you need to immediately switch because you will become dysfunctional. The truth of the matter is that whether you are an accountant, a law firm everybody is in sales. An accountant is selling a set of key skills in exchange for a salary. A lawyer does the same; despite being trained in the same institutions some lawyers are more expensive than others. It is because everyone is responsible for their self-worth.

Everyone is in the business of selling products, skills and services, yet the majority of people are acutely unaware that the world revolves around sales. If you from today start considering yourself as a salesperson offering a set of skills in exchange of a salary and then you will automatically put yourself in great position to sell yourself for the correct price.

The more you improve those skills the more expensive you become. You become an improved product and therefore you must be acquired at an improved price. If you spend time whining about your boss you will become an unattractive product.

How much you earn is an exact equivalent of the price tag that you put on yourself. Your current salary is what you are worth. If you think you are worth more and your pay does not commensurate your talents and abilities then you have under-priced yourself.

 Here are five ways to regain your self -worth if you think you are under-selling yourself

1. Determine you career path
If you know exactly where you want to end up in your company progression ladder, the more you will be motivated to achieve that. Look at the requirements of your dream position and work yourself to be better and better every day. Develop and work on the skills that are necessary for you to be successful in your dream position.

2. Self improvement
There is so much information in the internet that just by reading thirty minutes everyday something related to your career, you can become one the best people in your position. If you commit yourself to improving yourself by attending seminars, listening to audios you will become better and better. Just by reading every day you can acquire so much knowledge that it equates to a formal certification.

3. Personal brand
Your interaction with your boss, your colleagues and customers creates a perception about you. Over time this creates a mental perception to your boss and colleagues about your abilities. You are largely responsible for what they think about you and by carrying yourself in particular you can influence how they think about you.

4. Commitment
Become committed to what you do. Dive into any project and finish it in time or before. Successful people in their careers are people that come early to work and are usually the last to leave. They impress by delivering the results and are committed to completing their tasks.

5. Lead
Volunteer for projects and start showing your leadership abilities even before you get the position that you want. By the time you get there leading people will not be strange. Learn to be able to persuade people to see things in your way and acknowledge everyone’s contribution.

See you next week.
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Botswana on high red alert as AML joins Covid-19 to plague mankind

21st September 2020
Botswana-on-high-alert-as-AML-joins-Covid-19-to-plague-mankind-

This century is always looking at improving new super high speed technology to make life easier. On the other hand, beckoning as an emerging fierce reversal force to equally match or dominate this life enhancing super new tech, comes swift human adversaries which seem to have come to make living on earth even more difficult.

The recent discovery of a pandemic, Covid-19, which moves at a pace of unimaginable and unpredictable proportions; locking people inside homes and barring human interactions with its dreaded death threat, is currently being felt.

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Finance Committee cautions Gov’t against imprudent raising of debt levels

21st September 2020
Finance Committe Chairman: Thapelo Letsholo

Member of Parliament for Kanye North, Thapelo Letsholo has cautioned Government against excessive borrowing and poorly managed debt levels.

He was speaking in  Parliament on Tuesday delivering  Parliament’s Finance Committee report after assessing a  motion that sought to raise Government Bond program ceiling to P30 billion, a big jump from the initial P15 Billion.

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Gov’t Investment Account drying up fast!  

21st September 2020
Dr Matsheka

Government Investment Account (GIA) which forms part of the Pula fund has been significantly drawn down to finance Botswana’s budget deficits since 2008/09 Global financial crises.

The 2009 global economic recession triggered the collapse of financial markets in the United States, sending waves of shock across world economies, eroding business sentiment, and causing financiers of trade to excise heightened caution and hold onto their cash.

The ripple effects of this economic catastrophe were mostly felt by low to middle income resource based economies, amplifying their vulnerability to external shocks. The diamond industry which forms the gist of Botswana’s economic make up collapsed to zero trade levels across the entire value chain.

The Upstream, where Botswana gathers much of its diamond revenue was adversely impacted by muted demand in the Midstream. The situation was exacerbated by zero appetite of polished goods by jewelry manufacturers and retail outlets due to lowered tail end consumer demand.

This resulted in sharp decline of Government revenue, ballooned budget deficits and suspension of some developmental projects. To finance the deficit and some prioritized national development projects, government had to dip into cash balances, foreign reserves and borrow both externally and locally.

Much of drawing was from Government Investment Account as opposed to drawing from foreign reserve component of the Pula Fund; the latter was spared as a fiscal buffer for the worst rainy days.

Consequently this resulted in significant decline in funds held in the Government Investment Account (GIA). The account serves as Government’s main savings depository and fund for national policy objectives.

However as the world emerged from the 2009 recession government revenue graph picked up to pre recession levels before going down again around 2016/17 owing to challenges in the diamond industry.

Due to a number of budget surpluses from 2012/13 financial year the Government Investment Account started expanding back to P30 billion levels before a series of budget deficits in the National Development Plan 11 pushed it back to decline a decline wave.

When the National Development Plan 11 commenced three (3) financial years ago, government announced that the first half of the NDP would run at budget deficits.

This  as explained by Minister of Finance in 2017 would be occasioned by decline in diamond revenue mainly due to government forfeiting some of its dividend from Debswana to fund mine expansion projects.

Cumulatively since 2017/18 to 2019/20 financial year the budget deficit totaled to over P16 billion, of which was financed by both external and domestic borrowing and drawing down from government cash balances. Drawing down from government cash balances meant significant withdrawals from the Government Investment Account.

The Government Investment Account (GIA) was established in accordance with Section 35 of the Bank of Botswana Act Cap. 55:01. The Account represents Government’s share of the Botswana‘s foreign exchange reserves, its investment and management strategies are aligned to the Bank of Botswana’s foreign exchange reserves management and investment guidelines.

Government Investment Account, comprises of Pula denominated deposits at the Bank of Botswana and held in the Pula Fund, which is the long-term investment tranche of the foreign exchange reserves.

In June 2017 while answering a question from Bogolo Kenewendo, the then Minister of Finance & Economic Development Kenneth Mathambo told parliament that as of June 30, 2017, the total assets in the Pula Fund was P56.818 billion, of which the balance in the GIA was P30.832 billion.

Kenewendo was still a back bench specially elected Member of Parliament before ascending to cabinet post in 2018. Last week Minister of Finance & Economic Development, Dr Thapelo Matsheka, when presenting a motion to raise government local borrowing ceiling from P15 billion to P30 Billion told parliament that as of December 2019 Government Investment Account amounted to P18.3 billion.

Dr Matsheka further told parliament that prior to financial crisis of 2008/9 the account amounted to P30.5 billion (41 % of GDP) in December of 2008 while as at December 2019 it stood at P18.3 billion (only 9 % of GDP) mirroring a total decline by P11 billion in the entire 11 years.

Back in 2017 Parliament was also told that the Government Investment Account may be drawn-down or added to, in line with actuations in the Government’s expenditure and revenue outturns. “This is intended to provide the Government with appropriate funds to execute its functions and responsibilities effectively and efficiently” said Mathambo, then Minister of Finance.

Acknowledging the need to draw down from GIA no more, current Minister of Finance   Dr Matsheka said “It is under this background that it would be advisable to avoid excessive draw down from this account to preserve it as a financial buffer”

He further cautioned “The danger with substantially reduced financial buffers is that when an economic shock occurs or a disaster descends upon us and adversely affects our economy it becomes very difficult for the country to manage such a shock”

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