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All Jobs Are a ‘Means to an End’

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All jobs are a means to an end, which is why all jobs have one thing in common—they come with a paycheck.

Suppose I’m hungry and want a cheeseburger and onion rings. To achieve my goal, I drive to Harvey’s and order their Angus burger with cheese and bacon and a side order of onion rings.

In this scenario, eating the cheeseburger and onion rings is my “end” goal. I’m doing everything else, getting in my car, driving, etc. to get a cheeseburger and onion rings. These activities are the “means,” the things I must do to achieve my end goal.

means is a conditional act. I use several means to reach my cheeseburger end goal—driving to Harvey’s, walking up to the counter, etc.

An end goal is something that’s desired for its own sake. Our decisions and behaviors are driven by it. A company without medical benefits wouldn’t be suitable if one of your end goals is to maintain your health.

All the activities (means) associated with a job, from waking up, commuting, and dealing with annoying colleagues, to performing all the tasks required to do your job, lead to one goal (end): Making money.

“Necessities of life” (READ: end goals) have greatly expanded since the mid-70s. Canadians now “need” (READ: feel entitled to) the latest iPhone, eat out three times a week, vacation in Mexico, two cars, a 64″ Smart TV, bottled water, buying Starbucks coffee which can be made at home for 20 cents. We’re not tethered to our employer, which many say, as if work isn’t voluntary, is exploiting them. Instead, we’re tethered to consumerism and always wanting more, thus constantly chasing more money.

How many people in a Starbucks line have little or nothing saved for retirement?

It never ceases to amaze me how much stuff some people accumulate while oscillating between the lower middle class and upper middle class—cars, boats, motorhomes, jet skis, etc.

The bottom line: When you buy stuff, you’re told you need, you’re creating your own exploitation. Employees aren’t exploited by their employers. Employees exploit themselves when they feel they must have what marketing propaganda tells them they “must have.”

We’re exploiting ourselves for a Starbucks, an iPhone, eating out, traveling, a leased car, an oversize house, a designer “whatever,” you know, spending money trying to look rich.

I’ve never encountered a boss who was unhappy with an employee going into debt. Indebted employees are less likely to leave.

Regarding a job, what are your end goals other than “make money”? Why do you need to make as much money as you’d like to make? Do your whys stem from your ego or financial prudence?

Ego-driven end goals:

  • Buy a car, sailboat, or cottage.
  • Every week eat at the best steakhouse in town.
  • Take your spouse on a trip of a lifetime for her 45th
  • Get the latest electronic gadgets.

Ego-driven goals aren’t about meeting your actual needs but about appearing “successful.”

Financially prudent driven end goals:

  • Save as much money as possible for retirement.
  • Pay off your mortgage before the age of 55.
  • Build an emergency fund that’ll cover 6 months of your expenses.
  • Eliminate any debt you may have. (g., student loan, car, credit cards)

Financially prudent goals lead to building equity and wealth, early retirement and being able to pursue your passions, and less stress during inevitable job losses.

Some of the happiest people I’ve met, and know, see their job as little more than a paycheck. As far as they’re concerned, their job is nothing more than a means to achieve their end goals. They don’t identify themselves with their job, and more importantly, they don’t define success based on their boss’s opinion. They define success as making it to the next paycheck. Defining success doesn’t get much simpler than this.

In contrast, I find that those who are the most stressed, frustrated, and unhappy expect fulfillment from their job. Their boss’s praise and recognition are important to them. They believe their work alone should be rewarded with raises and promotions while ignoring that being likable and successfully navigating office politics is how careers advance.

It may seem noble to remain loyal to your employer. However, I believe being loyal to financially prudent end goals is much more practical, especially when jobs are precarious. During the pandemic, we saw how quickly jobs can disappear.

Ask yourself these 4 questions:

  1. What are my end goals?
  2. Are my end goals ego-driven or financially prudent drive? (It’s healthy to have a few ego-driven end goals.)
  3. Are my end goals causing me undue stress?
  4. Can I achieve my goals with the jobs I’m going after?

Here’s some advice I learned the hard way: The wrong end goals cause you to chase the wrong employers. 

______________________________________________________________

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a j

Business

Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

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MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

The Canadian Press. All rights reserved.

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Dollarama keeping an eye on competitors as Loblaw launches new ultra-discount chain

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Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.

“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.

“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”

Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.

However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.

The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.

Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.

“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.

Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.

“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.

The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.

The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.

The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”

“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.

Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.

Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.

She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”

Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.

To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.

“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”

The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.

“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.

“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:DOL)

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U.S. regulator fines TD Bank US$28M for faulty consumer reports

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TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.

The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.

It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.

CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.

TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.

The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:TD)

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