Expert-Approved Ways To Increase Your Financial Intelligence

Throughout the course of our lives, many of us have experienced unpleasant economic periods. These are characterized by times when money the budget seems to cut short or when money seems to run low. Experiencing these periods every once in a while is acceptable. However, you have to take action if you are constantly living from pay check to paycheck. Boosting your financial intelligence is one way to improve your current circumstance.

Online resources define financial intelligence as the collection of knowledge and skills reaped from understanding personal finance and accounting principles. Why is this important? For starters, applying your financial intelligence to money management will help you reach your monetary goals.

On that note, here are 4 Expert-Approved Ways To Increase Your Financial Intelligence:

BY MAXIMIZING YOUR BUDGET

Managing your finances starts with building a realistic budget. To strengthen said budget, you can either decrease your monthly spending or grow your streams of income. Both of these methods can solve the budget crunch. However, the latter provides longer lasting effects according to bestselling author Robert Kiyosaki. Kiyosaki’s arsenal of financial books includes the “Increase Your Financial IQ” book. The title says it all!

When it comes to budgeting, he stresses that time and money are very crucial assets. He believes that people who are going through rough times should spend less money on unnecessary purchases and more money on productive matters (e.g., self-promotion or continued education). Maximize your budget by prioritizing the important categories.

BY MODIFYING YOUR THINKING

Sometimes, the only person who keeps you from becoming financially successful is you! Your thoughts and beliefs dictate your money decisions. Imagine what will happen to your finances if all your thoughts are clouded by irrational beliefs and negative thoughts. Conquer the darkness by shifting your mindset.

Focus your thoughts on stretching your means and you may eventually find ways to earn more money. As financial coach Cindy Brochu once said: “Getting smarter means thinking smarter!” Let your money-savvy mindset guide you to the decisions that you need to take.

BY IDENTIFYING ESSENTIALS FROM NON-ESSENTIALS

People who are low in financial intelligence experience difficulty in distinguishing between their necessities and momentary “cravings”. For instance, you may see many impulse buyers during the Great Singapore Sale. These shoppers will simply purchase items for the sake of it or for the sake of flashy discounts. Trouble boils when these shoppers use credit cards as their only means of purchase. Piles of debts may rain on their finances for years. If only they had the ability to identify the essentials from the non-essentials!

So, ask yourself whether you could do without it in the future. Do you really need to buy a Prada bag and a humidifier?

BY EXPANDING YOUR KNOWLEDGE

Knowledge fuels your financial power. Robert Kiyosaki believes that the wealth of the person does not purely rely on real estate and other tangible assets. He says that it depends on the information and knowledge you have about money. Simply, financial intelligence makes one rich. Let us put his ideals into perspective. Purchasing a new set of golf clubs will not improve your game, but paying for golf lessons will.

Other ways to expand your knowledge on money include attending local finance seminars, reading informative books (e.g., Intelligent Investor), and downloading financial add-ons (e.g., Mint.com app). These methods are all recommended by Mark Riddix. Mark Riddix is the author of “Your Financial Playbook” and the president of an investment consulting firm.

Image Credits: pixabay.com

Image Credits: pixabay.com

I have to be honest! Following the above strategies for a few days will not make you financially intelligent. It does not happen overnight. You need to work on these for the next few years in order to build healthy habits. Doing so will add more order and discipline to your financial life.

Sources: 1, 2, & 3

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5 Habits That Reek “Unprofessionalism” In The Workplace

Being successful in your field takes constant sacrifices and conscious effort. With all the things that you have invested, do not let these unprofessional habits drag you down.

THE LONE WOLF

Many Singaporeans tend to mind their own business. There is nothing wrong about that as we just value our own privacy. However, it can be harmful if you translate the “lone wolf habit” in a collaborative workplace. The lone wolf habit occurs when you prefer to accomplish tasks on your own rather than doing it swiftly as a team.

Say you are a part of the marketing department. You must communicate with the client as well as you teammates in order to minimize errors and to achieve satisfaction. You will not achieve the client’s vision if you called the shots for everything. Not only does this habit influence your professional reputation, but it may also lower your risk of getting a promotion.

THE INEFFICIENT MULTITASKER

There is a practical reason why the broadened Road Traffic Act includes the utilization of the hand-phone while driving. Under it, motorists caught using any mobile devices while the vehicle is moving will be violating the law. Accident prevention is the practical reason. You see, the act of juggling two or more things can deteriorate your concentration. It is best if you exhaust all your senses into one task at a time. The same idea can be applied in the workplace.

Browsing with your laptop, messaging your friends, or checking your social media during a meeting sends the wrong signal to your boss. It conveys that you are not interested with the important matter at hand. Pay attention instead.

THE MIGHTY BULLY

In 2015, a local article featured a story about a man who suffered from a mental breakdown due to the constant bullying in the workplace. Mr. Kenny Leong was previously shunned by his boss and co-workers due to his physical characteristics (e.g., being soft-spoken and having gentle gestures). In most places that he worked at, he was labelled with terms such as “Chao Ah Gua (slang for effeminate)” or “Woman”. Can you see how the constant exposure to bullying affected him?

Well…Mr. Leong is not alone! Surprisingly, statistics have shown that 1 in 4 Singaporeans have suffered from workplace bullying with the top aggressors being their bosses (62%) and their clients (21%). Unprofessional habits such as name-calling and spreading rumors can cause deterioration in work performance as well as mental distress.

Related Article: How To Deal With The Infectious Workplace Bullies

THE INCREDIBLE HULK

Remaining calm during stressful situations is one of the abilities that you need to master in life. However, it is easier said than done. Not everybody was wired to have the patience of a preschool teacher!

Consumed by stress, you can display unpleasant behaviors ranging from spewing an audible sigh to purposefully hitting a co-worker. These said behaviors may develop a pattern in the long run. Imagine turning into the “Incredible Hulk” whenever you are faced with heated moments. There can only be one end result for your temper outburst – getting fired.

THE DRAMATIC ACTOR

Tear-jerking stories of alcoholism, extramarital affair, or bankruptcy are fascinating twists in movies and television series. But, these problems have no place in the office! Your boss does not need to know about your outstanding student loans. Your co-workers do not have to listen to you while you argue with your spouse on the phone.

Regularly bringing your personal issues in the workplace implies that you have a problem with establishing boundaries. Save the heart pounding drama for your trusted confidants and close family members. Only discuss these matters outside of work.

Image Credits: pixabay.com

Image Credits: pixabay.com

What other unprofessional habits are common in the Singaporean workplace, or any workplace for that matter? Feel free to share your thoughts in the section below.

Sources:1, 2, & 3

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When Is It Acceptable To Splurge Your Money?

This may sound odd to you, but there are some instances where shelling out more will actually help your finances in the long run. You read that right! Just because you saw a glistening opportunity for you to save a few bucks, does not mean that you have to take it. You need to consider your priorities and financial goals as well.

EVENT 1: LANDING YOUR DREAM JOB

Congratulations on bagging a coveted job interview in the company of your dreams! The next step is to prepare for the “big day”. If you are aiming to convey your best image to your potential employer, it is alright to splurge on transport. You may be setting yourself into trouble just because you want to squeeze every cent you have on transport.

Let us face it! Bus delays and MRT breakdowns can happen when you least expect it. Furthermore, you are putting yourself at risk of being late as you are unfamiliar with the location. You do not want to arrive looking sweaty and stressed out due to your commuting woes. So, book yourself a comfortable ride through an Uber or a Grab app.

EVENT 2: BRAVING THE WEATHER

I cannot recall how many times I experienced the country’s dichotomous weather cycles. I found myself shielding from the sun’s rays and experiencing moderate rainfall in one day. Singapore’s weather is generally characterized by high humidity and abundant rainfall. In fact, thunderstorms graced the forecast for the next couple of weeks.

Brave the country’s weather by purchasing a sturdy umbrella from an established store. Cheap umbrellas from the street vendors or the bargain stalls tend to break easily. You see, your frequent S$14 purchases will add up eventually!

EVENT 3: GROWING YOUR WEALTH

It is best to seek professional guidance when you are planning to allocate your retirement savings on an investment portfolio. Yes! It may be cheaper to do things on your own or to do pitch in with a fund manager. However, you need to consider spending money on an Independent Asset Manager.

Most fund managers charge a commission of about 2% for supervising your wealth for you. If your entire portfolio is managed in this manner, you are paying commission for the total lifetime value of your assets. Imagine how much money that adds up to!

Image Credits: pixabay.com

Image Credits: pixabay.com

Taking the Independent Asset Manager route entails that you will only be paying for his or her hourly fees. You may be shocked to know that said consultation meeting can occur as little as twice a year.

Sources: 1 & 2

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How To Negotiate A Higher Pay As A Freelancer

Establishing and negotiating rates with your potential clients seems like one of the most complex or intimidating parts of freelancing. But, it does not have to be!

WEAR YOUR DETECTIVE LENSES

The first step is to do your homework.

Detectives and investigators compile evidences through careful observations and interviewing witnesses. Play the role of a “detective” by collecting as many salary information as you can. Research about the average rates for freelancers by joining online forums (e.g. Singapore Babysitter Connect) or by joining local groups (e.g. The Singapore Writers’ Group). One of the best ways to get useful information is by chatting up with hired freelancers in your area.

UPDATE YOUR PROFESSIONAL PROFILE

After researching the realistic going rates for the position that you are applying for, you must display a pleasant track record. It goes without saying that higher pay will be rewarded upon showing amazing performance at work. For instance, you shall make it a habit to collate positive reviews or references from different individuals whom you worked with. Glowing reviews from 10 parents in the local neighborhood are good additions to your tutor’s negotiating arsenal.

If you want to list the contact numbers of several references in your CV, you must ask for their permission. Boost your image by having your satisfied customers talk for you!

ASK FOR IT UPFRONT

There are many individuals who fail to initiate a pay raise during an interview and after employment. However, it is challenging to negotiate a raise if you do not ask for it. Weigh in on how much you should get paid before signing on a project with a new client.

Present a concrete figure based on your careful research and past experiences. If you act as though you are prepared to walk away from a deal unless you achieve your desired goal, your bargaining partner will be far more eager to satisfy your requirements. Most clients will agree to your desired rate or simply meet you halfway.

OFFER THE INTRODUCTORY RATE

Your potential client was impressed with your body of work, but he is hesitant to commit to your proposed higher rate at the onset. Do not give up just yet! You may offer an introductory rate for a limited amount of time.

Let us say that you clean flats every weekend. You can render your services at the friendly rate of S$17/hour during the first two weeks. If the client is happy with your performance and would like to utilize your services afterwards, he or she has to pay you S$24/hour for the succeeding weeks. Think of a rate and a time-frame, which works for your circumstance.

Image Credits: pixabay.com

Image Credits: pixabay.com

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Use these four strategies to help you achieve your financial goal!

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Clever Tips To Keep In Mind When Buying A New Phone

Seeing a working landline set is always nostalgic for me. Do you remember when you are limited to making calls in your living room? Well, those days are long gone. These type of sets still exist, but the majority had switched to the portable smartphones.

When choosing the best device on the block, keep these factors in mind:

UNDERSTAND WHAT YOU CAN REALISTICALLY AFFORD

Whether you are committing to a new phone on a postpaid plan or on its own, you should do your research first. Widen your knowledge to acquire the best possible specifications that money can buy. Take note of the processor, camera quality, and the batter life. You do not want to flush away your hard-earned money on devices that blow up while charging. The wise selection process will give your investment a significant amount of future-proofing.

Say you want to sign on high-end smartphones such as iPhone 7 or Samsung Galaxy S7 Edge. Wait for the discounts offered during holidays or the Great Singapore Sale. These type of smartphones hold their resale value over time. Thus, they are easy to sell if you want to upgrade.

FOCUS ON THE BATTERY LIFE

The longetivity of your potential phone depends on many factors such as its screen size and its operating system. Any phone that can withstand nine hours of straight 4G LTE browsing has a decent batter life. Other determinants of the battery life includes the batter capacity. Look for a phone with at least 3,000 mAh.

Compare the endurance of the phone that you have been eyeing for by reading various tech reviews.

IDENTIFY THE NECESSARY FEATURES

A worthy investment includes features that are both necessary and desirable. As obvious as this may sound, high-end models includes almost everything that a user can ask for. However, you shall consider mid-priced models if your sole purpose is to do simple tasks such as calling and browsing. There are countless mid-priced models that have the premium features for the fraction of the fancy model’s price.

Remember that you must not pay for something that is beyond what you need.

IGNORE THE OVERWHELMING MEGAPIXELS

Our socially connected world embraces the relay of images on popular social media platforms. This is why many users believe that the second most important feature after the battery life is the camera megapixels. Talk about taking the perfect selfie!

But, tech experts beg to differ. Some believe that you must ignore the megapixels in favor of special features such as the dual lenses and lower aperture. Keep these things in mind when you are shopping.

Image Credits: pixabay.com

Image Credits: pixabay.com

BONUS: AFTER-PURCHASE CARE

To prolong the life of your beloved phone or to prevent any costly damages, you must buy a case and a glass protector. I, for one, coat my iPhone with the famed tampered glass. Doing so will boost the phone’s resale value when you are ready for an upgrade.

Sources: 1, 2, & 3

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