Anna Agoncillo, Author at MoneyDigest.sg

Advantages & Disadvantages Of Sharing Your Salary Information

Conversations about money in our deeply rooted Asian culture needs to be handled delicately. You must discuss your earnings in a strategic manner. It does not matter if you are sharing your salary information to your closest friends or trusted parents!

Do take note of these advantages and disadvantages:

PROS

1. IT MAY AIDS IN EMPLOYEE RETENTION.

Whether you want to believe it or not, salary transparency is a valuable tool to have in the workplace dynamics. Employers are highly encouraged to open up about how the compensation and benefits are determined. This will make the employees feel that they are being paid fairly. Moreover, it boosts job satisfaction and aids in employee retention.

Salary is the most common reason why individuals leave their positions. However, you may feel underpaid when you are actually not! Employers can avoid this scenario by increasing the transparency when it comes to compensation practices.

2. IT MAY IGNITE USEFUL ADVICE.

Sharing your salary information to the people whom you trust the most (e.g., your spouse or parents) may be beneficial to your finances. More often than not, the conversation does not stop at sharing your monthly salary. Your family members or friends may grill you about your savings, negotiating skills, and the organization’s salary transparency. Thus, you must carefully select the people whom you will disclose these information to.

Your trusted confidant may point out the loopholes in your contract or the company’s wrongful practices. You can learn so much from the people who are genuinely concerned about your wellbeing. Make the necessary improvements afterwards.

CONS

1. IT MAY RESULT TO RESENTMENT.

When it comes to disclosing your salary information, you need to be wary about your co-workers. Imagine how uncomfortable your co-worker (i.e., who holds the same position) will feel if you make more than them! You may come across as boastful and arrogant. Remember that anything you say may be used against you.

2. IT MAY RESULT TO UNRELIABLE COMPARISONS.

The main reason why some Human Resource professionals suggest to keep your salary confidential is because of the inevitable diversity in the marketplace despite possessing similar descriptions. That is the reality! The varying salaries depend on the individuals’ set of skills and experiences.

You might be a teacher earning an average salary, but my salary could be different from yours due to a cluster of reasons.

Image Credits: pixabay.com

Just because you shared how much you earn does not mean that the other person will do the same! Although being open about your salary information may be beneficial at times, it is a personal choice that you have to carefully consider.

Sources: 1, 2 & 3

Is It Alright For Parents To Financially Support One Child?

Parents who support their children are less apparent in the Western setting where independence is practiced. In Singapore, it is more acceptable as we live within a predominately Asian culture.

Financial favoritism is an issue that strikes a chord in my heart as I have witnessed it happen numerous times in my family. Some of my distant relatives have relied immensely on their parents’ support throughout their lifetime. In most of these cases, there was one sibling (i.e., “the financial favorite”) who needed the money more than the others. It is pretty much an unspoken rule to lend a hand to a son or daughter in need.

Basing on ownership, your parents’ wealth is theirs to spend. They are free to give it away during appropriate circumstances. However, relationships can be significantly affected if the immediate family discovers that the parents were favoring one child financially. Parents must uncover the following questions to ensure that they are thinking all the possible issues thru.

WHEN SHOULD YOU LET THE SECRET OUT?

There are two types of financial support: minor and major. Minor support is generally an isolated case, which is temporary and sensitive. The sensitive nature of the situation is the main reason why you should keep the issue to yourselves. Now, let us focus on the latter. Major support can impact the entire family’s future. Disclosing the issue is necessary if you anticipate that the other siblings will have to chip in once you are no longer able to support the financial favorite.

WHY ARE YOU DOING THIS?

I can only imagine how much pain you are in once you see your child suffering from a financial crisis. Wanting to fix things for him or her is natural. It may be tempting to favor one over the other at times.

Explaining the situation to your family is an opportunity to clear the air. But, explaining your side may not guarantee that your other children would agree to your rationale. You must prepare for their diverse reactions after learning about the financial support for a specific sibling. If they consider the financial favorite as an irresponsible sibling, they may not be willing to help.

HOW WILL YOU ENSURE THAT MATTERS WILL BE FAIR?

Say the parents of Wendy thought that she needs extra help in the future because she is currently unmarried with a low-earning profession. They left more money in her inheritance than with the other siblings. After several years, Wendy became a successful lawyer and out-earned the rest.

Circumstances change. No one knows exactly what the future holds. So, consider being equitable when you plan your Last Will.

Image Credits: pixabay.com

Whatever your reason may be, strategically contemplate on how your actions will affect your relationship with your children as well as the relationship between them. Supporting one child financially is acceptable – to a certain extent.

Sources: 1 & 2

How To Prepare For The CEO’s Nerve-wrecking Questions

Shifts in the workplace have occurred, along with the screening methods for position placement. It is no secret that preparing for any job interview takes effort and dedication. Moreover, it comes with a considerable amount of stress. Its final phase, the interview with the company’s CEO or President, may heighten the tension. This is the coveted peak of the candidate’s journey.

What shall you do to ace your final interview?

Well, researching on the company’s background is an obvious priority. Familiarize yourself with the company’s offerings (i.e., products or services) and history (i.e., including hierarchy) as well as the mission and vision. Knowing more information about the company enables you to prepare better.

Your next task is to uncover your own self. Understand how your journey was like before you decided to apply for the position. Were you a fresh graduate who stayed with the same company for 3 years? Or, were you not afraid to hop between jobs? The CEO or President will have so much insight based on the decisions that you made along the way.

Aside from these two elements, you must make your way around the tricky interview questions. Know how you will answer the following:

1. Can you describe your learning process?

My background in Psychology and education highlights the fact that everyone learns in a different manner. This is why I am a devoted advocate of individualized instructions. That being said, your answer to this question will show how you will perform given the demands of the available position.

As Stephen Baker (CEO of Attivio) once said: “Having a candidate articulate how they would learn a new topic or skill is a great sign of discipline, organizational skills, and intellectual curiosity.”

2. Why are you here today?

It may sound simple, but the answer entails profound introspection. Be specific when it comes to discussing your career motivations. Ensure that these motivations are in lined with your long-term goals.

This question will help the interviewer judge whether you are there for purely personal reasons or whether you desire to flourish the company’s current state. Gordon Wilson, the CEO of a UK-based software firm, urges that you must find a split between the personal benefits and that of the company’s. He was quoted saying: “if you benefit the enterprise the personal thing will come.”

3. Would you rather be feared or be respected?

If you are applying for a higher position, it is likely that you will be asked about your leadership style. This particular question never fails to catch individuals off-guard, according to Michael Gregoire. Michael is the CEO of an IT management software company called CA Technologies.

There is no distinct “correct” answer for this question. However, you must lean towards the answer that is best suited for the role. For example, it will be better if you are respected than feared in a collaborative workplace environment.

Image Credits: pixabay.com

Consider these tips while you are preparing for your upcoming interview. May the odds be in your favor! 🙂

Sources: 1, 2, 3 & 4

Unwind With These Insanely Relaxing Activities

After a long day in the office or school, even the calmest of people can blow like a volcano at times. This is why it is important that you focus on de-stressing.

Bid farewell to your work or academic stress during the long weekend by accomplishing one or all of these activities.

HOP INTO THE SHOWER

I understand that you had a heated argument with your partner, but you do not have to swipe your credit card for a much needed “therapy”. Find the inner peace that you crave for by hopping into the shower. Researchers have found that singing in the shower can boost one’s mood. Its effect is as potent as practicing Yoga.

The study showed that a person singing in the shower releases endorphins (i.e., dubbed as happy hormones), which can lower the levels of the stress hormone called cortisol. Tell your partner to get some earplugs as you will let your inner Beyoncé or JJ Lin out!

LIST YOUR DAILY ACHIEVEMENTS

Heighten your sense of satisfaction by writing down all your daily victories. Perhaps you decided to regularly walk to school instead of taking the bus. Doing so kills two birds with a stone! You will not only shed a few pounds, but you will also save money in the process. There are other personal achievements such as helping a stranger cross the road.

No matter how small your deed may seem at the moment, it sparks a step closer to your financial goal.

GRAB A PAINT BRUSH

Workplace stress has various adverse effects on your physical and psychological processes. It may result to poor concentration or even something as serious as substance abuse. Avoid drowning yourself in negativity by making your mind wander away.

For instance, you may let your creative juices flow through art. A recently published study highlighted that art making sessions may reduce one’s cortisol levels. Well, you do not have to worry if you do not have the talent of Picasso. You can reap the benefits of art by purchasing the cheaper alternative to painting classes – a “Paint by Numbers” kit.

Image Credits: pixabay.com

You may get a canvas for as low as S$0.99 at Paintastic Art Craft. Paintastic’s kits come with acrylic paints, manual, brush, and an easel.

Sources: 1, 2, & 3

Amazing Places To Shop For Preloved Clothing In Singapore

There are some articles of clothing that you do not need to purchase new (e.g., infant clothing). This idea extends during the good and awful times.

Scattered in various cities around the world, it seems that thrift shopping is finally catching its moment here. Flea markets, thrift shops, and online marketplaces are great sources of savings. Start digging up unique finds in these places:

NEW2U THRIFT SHOP

Nestled in the heart of Singapore’s “arts and heritage district” is the gem called New2U Thrift Shop. It is the go-to place for fashionistas in the area who desire to save a couple of bucks. Aside from its accessibility, New2U houses a diverse collection of items. The store has men’s clothing, women’s accessories, children’s toys, and so much more. All these products were donated from various initiatives.

You may be surprised to know that the prices of these items start at S$1. You are sure to snag a flashy bargain here. On top of this, New2U will be having a 50% off sale soon.

Image Credits: www.facebook.com/New2UShop

Location: 96 Waterloo Street, Singapore 187967

ONLINE

The Internet is a bountiful chest filled with treasures. There are two primary websites/mobile apps for preloved goods in the local scene. These are namely: Gumtree and Carousell. I have spoken a lot about these two as I tested their services myself.

a. Gumtree – The mechanics of Gumtree is synonymous with Craigslist. However, its layout is easier to navigate. It is a virtual marketplace where you can find children’s clothing, secondhand bags, and almost everything in between. You may use this platform for selling your goods too!

b. Carousell – Carousell lets you buy and sell a wide range of items in less than five minutes! Why don’t you give it a shot?

Image Credits: pixabay.com

SINGAPORE REALLY FREE MARKET

Whether you want to believe it or not, an open market exists in Singapore. Singapore Really Free Market promotes community sharing by presenting their items at no cost. You read that right! You are welcome to get pieces that you what without registration fees or other costs.

As a friendly reminder, tackle the situation with restraint. Do not hog everything as some people may need it more than you. Follow Singapore Really Free Market on Facebook for the details on their next flea.

How will you rock your secondhand clothing in style? Here it from the fruitful speech of the American designer Jessi Arrington. Spoiler alert! She packed nothing for TEDActive but seven pairs of undergarments.

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