Money Lies That You Probably Believe

Truly, these lies may be holding you back from financial success.

I DO NOT NEED TO SAVE A LOT FOR RETIREMENT

In is evident that many senior citizens work beyond their 70’s. To survive their daily expenses, some Singaporean seniors acquire odd jobs. With this environment, you probably think that you can continue working beyond your retirement years. However, humans are subject to their declining health over time.

A senior adviser at a wealth management firm, Mr. Ken Moraif, once elaborated how dangerous it is to work for a lifetime. “With no savings, if our health fails, we not only have lost our income but we now also have a large expense.” The combination of these two factors can trap you into a bad financial situation.

LOW-INTEREST SAVINGS ACCOUNT IS AN INVESTMENT

When you think of savings, what is the first thing that pops into your mind? Is it a savings account or an emergency fund? Well, thinking that your stored cash is an investment is somewhat wrong.

Having excess cash to fulfill your emergency and living expenses is great. But, do not rely too much on your low-interest savings account. The value of your money kept there may decrese over time due to inflation. What shall you do instead? For starters, you may put a decent amount of your money into basic investment vehicles such as a mutual fund. Do your research!

I WILL BE EARNING MORE MONEY IN THE FUTURE

Do you plan for your future operating under a faulty assumption that your gross income will increase? I mean, it is basic Maths right? You get promoted as time passes. For some, believing these things can actually turn into a reality. How about others who stay in a position for a decade or so?

Believing that you will earn more money in the future without actual basis can lead to major purchases that you cannot afford. Can you really buy another HDB flat or a new car?

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We all want to assume that we will compensated as time goes on, but there are no guarantees! Your company may start laying off workers or even dissolve. Moreover, a critical illness may halt your career. To achieve financial freedom, it is better to stay within your means. This way, you can treat any pay increases as bonuses.

FRUGALITY IS ENOUGH TO SAVE YOU IN THE FUTURE

I considered myself as a frugal being once. Then, certain life problems came my way. My mother had an operation, which occurred simultaneously with our home renovation. My savings account became significantly slimmer afterwards. I realized that frugality alone cannot make a positive difference. I need to find a way to expand my opportunities to continue growing my wealth.

Directing all your energy towards ingenious ways to limit your expenses can limit your life. Instead, consider frugality (i.e., a means to eliminate waste) as a long-term financial goal. For instance, you may lessen your trips to Starbucks due to the free coffee provided by your workplace.

I AM NOT WEALTHY ENOUGH TO INVEST

It is common to perceive yourself as a person without the ability to invest. If you have money to satisfy your regular thirst for Starbucks then, you have enough money to invest. If you spend your money on designer watches then, you have enough money to invest. Do not get me started with spending your money on trendy Netflix or hefty shoes!

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The key to financial freedom is not how you perceive the prowess of your money, but how you spend it. You will find that you have sufficient funds to invest when you prioritize your long-term goals over buying unnecessary material goods.

Sources: 1 & 2

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4 Easy Ways To Dress For Success

According to several studies, dressing for the job you desire actually works. Anyone who owns a set of powerful suit can attest that the right clothing pieces can become a confident booster. Furthermore, a 2012 study published in the “Journal of Experimental Social Psychology” showed that subjects who wore lab coats scored higher on attention-related tasks than did those who did not.

On that note, here are some tips to help you dress for success:

DRESS CODE #1: FIND A COLOR THAT SUITS YOU

One of the quickest ways to update your wardrobe is to freshen your color palettes. Look into your closet and focus on the neutral and seasonal colors. Neutral colors help in optimizing versatility. Simply put, you will be able to maximize your buck by investing in pieces carrying these colors. Is black not for you? Perhaps you can try other neutrals such as grey and navy.

Finally, seasonal colors convey the sense of newness. Adding one or two seasonal colors to your work outfit can go a long way!

DRESS CODE #2: INVEST ON KEY PIECES

What better way to spend your clothing allowance than by investing on key pieces? As much as possible, women shall focus on picking out their handbags and men shall focus on picking out their watches. Why is this so?

Image Credits: pixabay.com

Designer labels are often correlated to financial success. Our materialistically driven society puts emphasis on these items and judge you based on that. Admit it! Pairing a designer handbag with a less expensive apparel can instanly elevate your look! The same goes for wearing a designer watch in a board meeting.

DRESS CODE #3: PLAY IT SAFE

Yes! Times have changed. However, some employers may still be wary of the candidates donning body piercings and inks. Their reaction towards these elements depends on the company’s policy, the industry you chose, and the interviewer’s age. It is best to play things safe.

Take out your visible piercings and cover up your visible tattoos. Doing so may manifest how serious you are in terms of the job you want.

DRESS CODE #4: KEEP THINGS NEAT

Our physical appearance play an important part in the impression that we leave, especially in job interviews. Keeping your hair up and makeup light can evoke a huge difference in how people view you. In lined with these, you must choose jewelry that are uncluttered (e.g., skip on the dangling earrings).

Let us move on to the men’s style. Wall Street stylist Jacci Jaye suggests that men should avoid wearing head-to-toe neon. Instead, she advocates wearing bold colors or patterns as accents. For instance, a colorful tie or pocket square can add a sense of playfulness without distracting anybody.

Image Credits: pixabay.com

In conclusion, there is truth to the saying: “dress for the job you want and not for the job you have”.

Sources: 1, 2, & 3

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How To Keep Your Sanity When Switching Careers

While others have to dive into a life-changing decision from working at a nine-to-five to working for oneself, my father had to do the opposite. Taking a step toward a career change was an exhilarating moment for him! As days passed by, he realized that he does not know how to start. He experimented with three different positions in the span of three years. Finally, he found his calling – a job at a globally renowned technology company.

Keeping your sanity while exploring your options can be challenging! May these tips help you with the career switching process:

DO YOUR RESEARCH

What opportunities are available for you to grab? Know these by doing your research. It is free to consider the alternative careers found online. You may also discuss your core skills and possible paths with your friends and relatives. Lastly, hunt for a vacancy through your networking contacts.

If you are having a difficulty with sorting out your ideas, try meeting a career counselor to reap a professional advice.

CHECK YOUR FINANCES

Do not ignore the contents of your bank account! Career Expert Kerry Hannon states that you must have “good financial health to help smooth[en] your transition”. You see, being in a suitable financial situation allows you to try new things without stressing over your salary.

Create a transitional budget through no cost tools such as Spendee and Microsoft Excel. Having a budget will give you a clear picture of what is within reach.

TRY IT OUT

If you are a person who prefers calculated or conservative moves over creative and unconventional strategies then, you can try things out first. You can identify part-time or volunteer activities related to your target field to test out your interests and abilities.

Are you passionate about working with animals? Consider volunteering at animal welfare organizations such as SPCA. Do you want to switch to publishing? well, try editing your current company’s newsletters first.

BELIEVE IN YOURSELF

I am going to end this article with a thoughtful quote from Mr. Robin Kermode, a leading European Speech Director.

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“One of the hardest things with a change of career is believing that we can do this new task. We tend to think of ourselves as a photographer, an accountant or whatever. That’s what seems to define us. Now we have to re-define ourselves and begin to believe it deeply inside us. Once we believe it, others will too.”

Sources: 1 & 2

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Is Employee Training Worth Spending For?

In the past few months, I have been attending seminars and training conventions nonstop. Two of which were products of my personal efforts. While the succeeding three were given freely by the company I work for. These statements may sound a little too textbook heavy. However, I valued it all.

Well-trained employees do come at a cost and it can contribute to a better workplace in the long run. Yes! You are required to shell out time, money, and resources. However, it is a worthy investment. Here are some of the reasons why:

#1: IT INCREASES PRODUCTIVITY

Employees who are not equipped with tools to efficiently do their jobs are likely to be less productive than those who are well-trained. I remember lodging a resignation letter due to not having sufficient training, which led to burnout. Underperforming employees can be a burden for any business. Think about the costs that come with that!

#2: IT UPGRADES YOUR BUSINESS

Times have changed! Several industries have embraced the modern advances of technology. No business shall be left behind! It is important to comply to the current industry regulations mandated by the government. This can be achieved by attending training. Furthermore, ongoing training ensures that your staff’s knowledge and stratgies are up-to-date.

#3: IT CREATES UNIFORMITY

Undergoing proper training can ensure that the responsibility of supervision will be lessened. I am not saying that you need to eliminate supervision completely. But, you do not have to micromanage everyone in the workplace. Well-trained employees will know how to complete their tasks or goals in a uniform manner.

#4: IT ATTRACTS THE BEST CANDIDATES

When prospective employees go for a job hunt, they assess whether a specific organization is a good fit for them. Employee benefits can draw the best talents from the start. Offering continued training or compensation for further education creates a “good image” to a business. Training is a key feature that many people look for within their job search.

#5: IT BOOSTS EMPLOYEE SATISFACTION

The premise is simple: employees who are happy with their jobs stay at a longer period of time. Proper training contributes to employee satisfaction. You see, employees who are satisfied with their roles are the ones who understand the scope of their jobs. They know what strategies or resources to exhaust to get the job done!

Happy employees are more productive. Moreover, they want to contribute beyond what their job entails.

Sources: 1, 2, and 3

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How To Strike A Balance Between Work And Personal Life

These past few days, I had the luxury to tune out all my worries and to immerse myself in a 3-day vacation. This brief retreat sent my state of mind into its reset mode. My renewed self became more efficient in the workplace. I, for one, believe in creating a balance between work and personal life.

The core of balancing these two areas is satisfying both your sense of achievement and your hunger for enjoyment. Achievement is gained through growth in the workplace while, indulgence is gained through engaging in enjoyable activities. How do you divide your time, money, and effort to these two areas? It is something that you have to discover on your own.

Meanwhile, may the following tips help you in establishing a work-life balance.

#1: DRAW A CLOCK

In a recent training conference that I attended, the speaker shared how her subordinate juggles fifty preschool students on her own. She faced the challenge head-on while maintaining a household. What is her secret? According to her, the key is time management.

An individual must carefully manage his or her time to achieve what needs to be done. Prioritize your tasks and divide your time accordingly. These are some of the categories that you may follow:

a. urgent and important,
b. important and not urgent,
c. urgent and unimportant, or
d. neither urgent nor important.

Now, let us move on to your personal clock. It is easy to bury yourself into your job when faced with a significant personal issue. However, putting said issues on hold may take a toll on your career. Personal issues (e.g., involving your relationships or health) matter in the long run.

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Image Credits: HollyEma☮, via Flickr

#2: CHOOSE THREE THINGS

Prioritizing is vital in creating a balance between the your personal and your professional life. The root of prioritizing depends on determining what matters to you. For instance, Randi Zuckerberg limits his priorities into three main categories. Randi chooses between work, sleep, relationships, and fitness. Yes! He is the sibling of Facebook’s Mark Zuckerberg.

After uncovering what matters to you the most, you can realistically define the “parameters of success” in each one. What do you have to do to achieve each of these category? Do you need to distance yourself from the activities that distract you from your priorities? Or, do you need to say “no” to some people?

#3: MANAGE YOUR FINANCES

Feeling confident about your finances will help you with both your personal and professional life. The expression “money makes the world go round” is still relevant in this day and age. The amount of cash-flow that circulates throughout your financial reservoir affects the life you lead. It is one of the biggest challenges that Singaporean households face on a daily basis. Hence, finding time to manage your finances is a must!

Track your spending by writing each expense on a piece of paper. To make your life easier, you may download accounting software or financial apps such as Spendee and AceMoney.

Related Article: Where Did All Your Money Go?

#4: LET GO OF PERFECTIONISM

Aside from toxic relationships and unnecessary spending, there are other things that you need to let go. Consider dialing down your “perfectionist tendencies” to maintain sanity. Aiming for perfection develops at a young age. It starts with keeping up with the demands of getting high marks. As you grow up, life gets more complicated.

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I learned the hard way that you must not be too hard on yourself. You cannot be in control all the time. When things do not go as planned, acceptance is the only option. Letting go of perfectionism can help you avoid burnout.

Sources: 1 & 2

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