MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Stay Away From Business Jargon If You Want To Be Believable

Business writing and speeches are notorious for its adoration for complicated terminologies.These terminologies belong to a specialized language called business jargon. It is used by the members of companies, corporations, and bureaucracies.

Little do you know that some people consider this specialized language as a serious office pet peeve.

WHY BUSINESS JARGON MASKS REALITY

A collection of business jargon that no longer holds any relation to what is actually being said can be misleading. To perfectly illustrate this, here is a portion of the speech that Ford Australia CEO Robert Graziano gave last 2013:

“To better position the company to compete in a highly fragmented and competitive market, Ford will cease local manufacturing in October 2016. All entitlements are protected for the 1,200 employees whose jobs are affected, and the company will work through the next three years to provide support.”

Did you get that? He said that 1,200 employees were fired from their jobs.

As you can see, business jargon has a way to mask the reality. Jennifer Chatman, management professor at the University of California, even adds that people use it as a substitute for talking clearly about the directions and goals they want to give others. In some cases, it is better when business people adapted a simpler means of communicating.

WHY SIMPLER IS BETTER

Just when you thought that using business jargon (e.g., synergy, drilling down or core competency) can make you sound knowledgeable and believable, science comes in and proves you wrong!

The 2010 study of New York University and a Swiss university showed that using simpler language makes you seem more trustworthy. 2 out of 4 experiments found that statements of the same content were judged as more likely to be true if they were written in concrete language than when they were written in abstract language. For instance, consider these two sentences:

“In Hamburg, one can count the highest number of bridges in Europe.

Hamburg is the European record holder concerning the number of bridges.”

These sentences mean the same thing but when you ask people to rate their “truthfulness”, more people will rate the first one better. This is because it is way simpler. This study coupled with Psychological principles suggest that our minds process simpler statements much faster and we automatically associate fast processing with the truth. Furthermore, when something is easier to visualize and recall, it seems more plausible.

So if you want to come across as honest and direct, stick with the language that is easier to understand and visualize. Use concrete verbs such as lead and award and avoid ambiguous words such as spearhead and incentivize!

Image Credits: www.pixabay.com

Sources: 1, 2, and 3

Local Tech Startups That You Do Not Want To Miss!

As I was looking for the textbook definition for “Technology Startups”, I was surprised with the scarcity of written works that directly answer my question. Try to Google “What is a technology startup?” to see for yourself. Hence, I must define the term by dissecting each word – much like how Lance Weatherby addressed the situation.

According to Weatherby, defining a startup is the easy part. He was right! A startup is a company that it is in its first stage of operations. The founders of a startup often attempt to make money by developing product or service that they deem to be in demand. Startups are all about finding a market and a business model that works. Skype and Airbnb were once examples of tech startups but they have since grown to become established companies.

On the other hand, defining technology can be quite difficult. Technology is a broad and pervasive scope that encompasses something as simple as a wheel to something as complicated as an IPhone. In terms of technology startup, something must be made as a result of engineering or science.

Tech startups are on a mission to offer something to solve a problem in a different manner. In general, tech startups are unique and innovative.

On that note, here are some of the amazing tech startups in Singapore:

HIPVAN

Since its inception in 2013 with a funding of S$500,000, HipVan has been making waves regionally due to its lifestyle design inspirations and great sales. HipVan is a fashion-tech startup founded by Danny Tan, Kevin Vo, Deborah Wee, and Shobhit Datta. It is an online store that offers up to 70% off the retail prices of furniture, accessories, kitchen-wares, and so much more. Check their collections at www.hipvan.com.

Image Credits: www.facebook.com/thehipvan

BURPPLE

Ranking as #9 in Singapore at startupranking.com, Burpple shines from the rest due to its clever and beautiful way of discovering and sharing food experiences. You know how Singaporeans love MAKAN! Burpple allows its users to submit eatery listings and reviews with appropriate photographs. It is now downloadable on both the App Store and Google Play.

VAULT DRAGON

Founded by Vishesh Mittal and Tseng Ching-Tse, the Vault Dragon is basically your “Dropbox” for tangible items such as your secondary school books and holiday sweaters. You simply have to put the items on the storage boxes they delivered (i.e., free delivery of storage boxes but you can use your own too) and they will collect it and store it securely. Worry not about the prices as they are all affordable!

Communication is done through their website or through their number: +65 9385 9924.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1,2, & 3

How To Create And Follow Your Financial Goals

Reaching for something you really want to have takes hard work, determination, realistic expectations, and savings. All these are vital to achieving your financial goals. The first step that you must take is to organize not just your financial documents but also your time. Commit at least 30 to 60 minutes per week to financial planning including your goals.

Planning for your goals start by making them specific. Identify what you really want and how much will it cost. Do you want a flat at an expensive condominium or at an affordable HDB? The more transparent your financial goal is, the more realistically you can save.

When making a financial plan as a married couple, it is paramount that you share the same financial goals. Discuss it together and make sure that you each contribute to achieving them.

Once your financial goals are all set, categorize each one in terms of the length of time you will spend to accomplish them. The categorization includes short-term, mid-term, and long-term financial goals. Short-term financial goals (SFG), such as purchasing a microwave, are achievable in less than a year. Mid-term financial goals (MFG), such as an expensive family vacation to Europe, can take up to 5 years. Lastly, long-term financial goals (LFG) are achievable in more than 5 years. This includes your retirement plan.

After you categorized your financial goals in terms of time, it is time to prioritize each one of them so you can concentrate better. For instance, if you prioritize on saving for your children’s tertiary education (LFG) and a new microwave (SFG) rather than spending for a new car (LFG) and a new phone (SFG) then, save for it first.

The last step you must take is to figure out how much you will need to achieve each one. Do not be discouraged if the total amount seems overwhelming. What is important is the fact that you have realistic and tangible financial goals to work toward to. Revisit these goals every month and continue to refine your financial plan. If there is a difficulty in keeping your goals, analyze your budget and see if there are any areas that you can reduce or eliminate. This will increase your savings.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

Standout In Your Next Job Interview Like A Pro

1. MAKE IT MEMORABLE

Some job aspirants have this idea that sitting quietly and answering all the interviewer’s questions correctly will land them the job. They are wrong! Interviewers can easily forget you if you do not stimulate their intellect.

To make your interview memorable you must take the conversation off script and ask sensible questions about the company. Make your interviewer think beyond the standardized script by giving substantial answers (about important topics including position challenges and solutions) to his open-ended questions. Towards the end of the interview ask how you can potentially improve the company upon receiving the position.

2. SPEAK IN THEIR LANGUAGE

I am not saying to have the conversation all in your mother tongue but a few phrases will not hurt! In fact, beginning in the language that the interviewer understands help build rapport. If you know that your interviewer is Japanese, greet him with the phrase: “O Genki desu ka?” Use “Nǐ hǎo ma?” if your interviewer speaks Mandarin and “Kamusta ka?” if he speaks Filipino.

As for the awkward pauses, refrain from saying “Ummm” or “Ahhh” in face-to-face or phone interviews. Instead you must smile and speak clearly.

Note: The foreign languages underwent Romanization for your understanding.

3. PRACTICE YOUR RESPONSES

Most likely, questions like “What are your strengths and weaknesses?” or “Why should we hire you?” will come up. So look up the common job interview questions online and have some ready-made answers for each. Brainstorm your ideas with a trusted friend or partner to ensure that your answers cover every aspect of the job description. Rehearse these responses days before the interview.

4. ACE A PHONE INTERVIEW

Just because the interview is made through the phone, does not mean that you can talk informally. Treat it the same way as you would treat a face-to-face interview. Ensure that you have a copy of your C.V. and the original job description at all times. Also, you must equip yourself with writing materials for note taking and sensible questions for the interviewer.

5. BUILD A NEW RELATIONSHIP

Aside from making the interview memorable through your intellect and logic, you can also add a dash of humanity. Humanity in a sense of social interactions and building rapport. Once you built rapport and the conversation is going smoothly, the interviewer can associate you with positive feelings such as warmth and friendliness.

Everyone else is just an image on a piece of paper but you will standout because you built a new (humanistic) relationship with the interviewer.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, 3, & 4

How To Avoid Online Dating Scams And Losing Money

People you meet online are not always who they say they are.

In 2007, a Singaporean woman was jailed for an online dating scam amounting to about $45,000. A married woman named Maliha Ramu used a false profile to begin an exploitative relationship with Bharani Indran who lives in United States. After Ramu promised to marry Indran, he began to send her money for her “mother’s funeral expenses” and “friend’s wedding expenses”.

Protect yourself from getting conned like so by using these tips to recognize when you are being scammed:

1. BACKGROUND SEARCH

Upon meeting someone you like online, do a profile search through Google and an image search through TinEye. TinEye allows you to upload a photo and retrace where it came from. I suggest you save the person’s profile picture or ask for some photos yourself. As for the profile, he or she will be virtually searchable on Google unless this person lived under a rock for the longest time.

If the person sent you a photo that looks like something from a magazine, be a little more suspicious. And if the person’s own online profile does not match the pictures you researched then keep your warning signals up.

2. PERSONAL EMAIL

Some online dating scammers are not interested with starting an long-term deceitful relationship with you, they merely want to send you with marketing mails and other spams. These scammers ask for your personal email address and never get back to you after that.

Aside from providing your personal email to people whom you are certain of, avoid these people by creating a separate email for your online dating activities. This way, you can easily delete or cancel your supplementary email if you start getting loads of spam mails.

3. INSTANT SOULMATES

If a person says that he or she loves you and wants to marry you after 20 minutes of chatting then, it is clearly a scam or you may just be messaging with an infatuated teen! You should know from your experiences or that of others that love is more than just a feeling. It is something that develops through time after several dates and conversation exchanges. It is built on mutual respect and trust.

If a person declared his affection for you without even seeing you in person or through video-chat, then it is probably a lie. Their underlying agenda will show soon after.

4. PIGGY BANK

A person is scamming you if he or she repeatedly asks you for money through an online dating site. These con artists can come up with various reasons such as family funeral, medical emergency, and mugging to make you send cash. It does not stop there! He or she may also ask you to send some gifts to help alleviate a financial hardship or to help prove your love.

So be wary of sending money to strangers especially using wire transfer or other electronic currencies because money transferred via these channels are hard to recover.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

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