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How To Ace A Last-Minute Job Interview

A few days ago, my friend approached me with a career dilemma. He needs to prepare for two consecutive interviews in less than 20 hours. Rescheduling was not an option as he enthusiastically agreed to both parties. He managed to move his schedule around to have a day off. But, will he be able to handle the pressure of two companies that are vying for his attention?

The answer is YES! It is possible to survive this significant day.

All he had to do was to maximize his limited time. This is what I recommended him to do:

DO YOUR RESEARCH

As with most things in life, it pays to come prepared. Spare at least 10 minutes of your time to research about the company and the position that you are applying for. Review the company’s visions, objectives, locations, awards, and offerings (products or services) with a fine-tooth comb. You must have a system of thorough searching for keywords that you may highlight on the interview.

Moreover, it is crucial to read about the responsibilities and characteristics of the ideal candidate. Visualize yourself as a Sales Associate applicant for Honda Singapore. You managed to browse through the company’s social profile and official website. It paid off as you were asked about the new Honda Accord. A less informed applicant will not be able to answer the questions correctly.

Image Credits: facebook.com/HondaSingapore

ENUMERATE YOUR UNIQUE SELLING POINTS

What factors differentiate you from your competitors? The answers on your mind are your Unique Selling Points (UPS). In the entrepreneurial sense, UPS refers to the qualities that a certain brand has and others don’t. Focus on your personal skills and other qualifications that other candidates are less likely to have.

Your blogging skills may come in handy when making narratives as a teacher. And, your communication skills may help you fit into an office with diverse employees. Put emphasis on these stellar qualities to make a lasting impression during your interview.

HAVE THE RIGHT DIRECTIONS AND DETAILS

What is worse than having limited time to prepare? Well, not being able to reach your destination because you were lost. This is why you must get the accurate location of your interview. Do not forget to leave early to cushion unforeseen events (e.g., traffic jam or MRT breakdown) that may consume your time. Use the navigation app called Waze, if necessary!

Image Credits: pixabay.com

For a hassle-free interview, know the name and the contact details (i.e., handphone number or email) of the interviewer beforehand.

Sources: 1, 2 , & 3

4 Financial Tips For Stay-At-Home Parents

Quitting your job to run the household is a significant decision that you and your spouse must mutually agree on. The two of you need to make considerable changes in your lifestyle. On the financial aspect, here are some things that you may dwell upon:

#1: SHY AWAY FROM THE TERM “ALLOWANCE”

Take a trip down memory lane to visualize your primary school years. Was it carefree or stressful? One thing is for sure! Most students depend on their parents to sustain their financial needs. An allowance is given to regularly meet a student’s daily expenses. Calling it allowance highlights that the parents are in control of the child’s financial situation. The mere definition of the word signifies an amount that is permitted for a specific purpose.

If a parent is working and the other is a homemaker then, try shying away from the term “allowance”. As I said, it exudes a sense of authority over the dependent party. You do not want that! As much as possible, you need to cultivate maturity and respect in your relationship. Opt for friendlier terms such as personal budget or entertainment fund.

#2: CREATE A COOPERATIVE BUDGET

It is unfair to strictly control the budget of your spouse and the entire family just because you are the breadwinner. It is important to recognize that running the household is as important as bearing the salary. Staying at home to take care of your children saves cash that might otherwise be spent on child care. This contribution is often overlooked by the society. Turn the tables around by allocating money for the you and your spouse’s personal needs.

Decide on an equal percentage of the breadwinner’s income. This equal percentage will go to the anticipated expenses such as clothes, grooming, and gifts.

Image Credits: pixabay.com

As Manisha Thakor, the author of Get Financially Naked: How to Talk Money With Your Honey, once said: “When both feel they have the daily freedom to treat themselves…household well-being prospers.”

#3: CONSIDER DIVING INTO INVESTMENTS

You put your cubicle job aside to fully commit on raising your children. This comes with lots of changes including the division of your time. With your newfound hours to spare, educate yourself on efficient ways to grow your savings.

Consider diving into the world of passive income. Investing your money on passive income allows you to reap profit while you sleep. Passive income includes dividend stocks, bonds, and index funds. It is crucial to read about the different types of investments to suit your preferences. For instance, people who can only tolerate low risks may invest their Ang Bao money on the Singapore Government Securities (i.e.,local bonds).

Related Article: How To Start Investing In Singapore

#4: BECOME AN ENTREPRENEUR

With our access to modern technology and other tools, you can accomplish the tasks of a stay-at-home parent and an entrepreneur. Earn extra money by creating an online business. You do not have to break the bank to set up your own online shop. Free websites such as Carousell and Tictail enables you to showcase your products. Furthermore, these platforms have a growing following of audience or customers already.

Image Credits: pixabay.com

Do you love to make cupcakes, jewelry, or essence oils? Turn your hobby into your own business. The possibilities are endless.

Sources: 1 & 2

Supporting Parents Who Do Not Have A Retirement Plan

It is not unheard of for Singaporean children to take care of their aging parents. This is partly due to our unwavering Asian culture of familial unity. We even have a legislation for it! Protected by the Maintenance of Parents Act, senior citizens who are unable to sustain their lifestyle can apply to the court in order for their children to provide a monthly allowance.

More than just a social obligation, there are four steps to begin a retirement plan for your parents.

#1: ANALYZE THEIR CURRENT FINANCIAL SITUATION

You must understand the overall financial circumstance that your parents are in. Are your parents’ CPF balances enough to sustain them for the years to come? Know whether they have a maturing savings account or an efficient estate plan. Compare these assets to their outstanding debts and other liabilities.

What led to the poor management of their golden nest? This means that you have to figure out their financial mistakes and help them to avoid these in the future. I have to admit that some setbacks are due to factors that are beyond their control (e.g., layoffs due to recession).
An open discussion is necessary.

Take all these into careful consideration while deciding how much support they will need from you to retire comfortably.

#2: DETERMINE THE EXACT TIMELINE

Determine when your parents intend to retire. Retiring at 50 sounds pleasant, but can your parents sustain their desired lifestyle for the next 30 years or so? You have to be realistic!

Some Singaporeans prefer to work on a full-time or a part-time basis as they go beyond the retirement age (i.e., aged 62 is the minimum according to the Retirement and Re-employment Act). Knowing exactly when the income stream will cease will provide you a rough idea of how much time you have to grow your wealth.

#3: PREPARE YOUR FINANCES

Preparing your finances goes hand in hand with the second bullet. It is a cooperative effort between you and your parents. You must highlight that they have to play an active part in the entire journey.

As long as you can afford to do so, you can set up their endowment plan. This is a prudent decision that will allow you to reap a beneficial compound interest in a span of a decade. This amount may supplement their CPF balances.

Moreover, preparation shall not be limited to the financial wealth. You can also focus on your parents’ wellbeing. Improving their physical health can reduce the risk of serious diseases. Enroll your parents to dietary programs, studio memberships, or wellness facility.

For instance, NTUC Health’s SilverCOVE at Marsiling Heights allows its members to enjoy an integrated senior wellness facility. SilverCOVE fuses social activities with lifelong learning initiatives with their gym facilities, TCM services, and more. The price for two people is about S$480 per year.

#4: DIVIDE THE RESPONSIBILITY

Raising a child is hard work, but taking care of your aging parents is no walk in the park either. Divide this responsibility between your siblings. Doing so will not only maintain fairness, but it will also reduce the financial risks of your parents. Say you are the sole provider of your family…picture what will happen to your parents if you suddenly lose your job. It is a gloomy sight!

For your younger brother who recently transitioned to the working scene, he can take on the weekly utility bills. For your sister who has a higher position in the company, she can help out with a portion of the mortgage repayments. Come into a mutual agreement during your discussion.

Image Credits: pixabay.com

The best time to help your parents is now. Consider speaking to a financial adviser to ensure that your parents can retire comfortably and peacefully.

Sources:1 & 2

How To Start Investing In Singapore

As Kemmy Nola once said: “The beginning is always the hardest”. So, do not immediately quit on your dreams of becoming an investor. Consider these tips:

BUILD YOUR SAVINGS

Maintaining a robust savings pod is the initial step that you have to take before plunging into the world of investments. Your savings account will act as a cushion to help you handle unforeseen market shifts (e.g., fall of the Lehman Brothers). You do not want to lose all your retirement fund just because of a wrong investment move! Moreover, you cannot afford to risk your primary source of income due to your poor decisions as a newbie investor.

Commit to setting aside at least three to six months’ worth of your salary.

DO YOUR RESEARCH

The best way to fish in an unfamiliar territory is to widen your knowledge about it. Know the basics in investing by visiting your the nearby public library to borrow appropriate books. A few examples of the books you may find are “The Resilient Investor”, “Trading Options for Dummies”, and “7 Simple Strategies of Highly Effective Traders”.

You will realize that there are different types of investments to suit one’s preferences (i.e., preferences include risk tolerance). Read more about these and the firms that offer them. Do your homework beforehand to know where your money will go.

Image Credits: pixabay.com

ATTEND INFORMATIVE SEMINARS

Attending informative seminars will help you to absorb the theories and experiences of the experts who are way ahead of you in this field. Not many Singaporeans are aware that the Singapore Exchange (SGX) hosts several investment seminars. While some seminars cost over a thousand dollars, there are a number of free lessons available to the public. A good example is the upcoming talk entitled “Make Trading Your Source of Income”. For inquiries and reservation, please go to sgxacademy.com.

Another no-cost seminar that you can attend is Terence Tan’s “Get Rich Slowly, The Income Investing Way”. Terence Tan is the creator of the first Income Investing Programme in Asia-Pacific. This 2-hour workshop gives you a glimpse into the mind of some investors such as the renowned Warren Edward Buffett, to uncover the principles of income investing, and to determine the right stocks in 15 minutes or less. Furthermore, he will introduce you to his own methodology called Income Mastery Programme (IMP). Reserve a slot for the March 21st talk by visiting eventbrite.sg.

CHOOSE A BROKERAGE

A brokerage is a financial institution, which is authorized to trade securities for sellers and buyers. A budding investor has an array of options when choosing a firm to work with. Here are some of the local firms:

a. DBS Vickers Securities
b. Citibank Brokerage
c. OCBC Securities

These firms will help you to set up your first trading account. A trading account allows you to purchase shares from the companies in the stock market. Worry not about the account maintenance fees as they are generally non-existent.

Image Credits: pixabay.com

Sources: 1 & 2

[DISCLAIMER: THIS ARTICLE DOES NOT TAKE PART IN ANY OFFER OR RECOMMENDATION, OR HAVE ANY REGARD TO THE INVESTMENT OBJECTIVES, FINANCIAL SITUATION OR NEEDS OF ANY SPECIFIC PERSON OR FIRM. BEFORE COMMITTING TO AN INVESTMENT, PLEASE SEEK ADVICE FROM A FINANCIAL OR OTHER PROFESSIONAL ADVISER.]

5 Foolproof Ways To Save Money As A Student

If you cannot ask for a boost in your school allowance, you need to get creative to stretch your dollar!

TAKE ADVANTAGE OF FREE COMMUNICATION

I recently savored a blissful lunch with my long-term friend. Our conversation took an interesting turn as we shared our childhood stories. When she was a teen, she made countless overseas calls to the Philippines. Her father was immensely surprised that her bill amounted to S$400. A plane ticket would have been cheaper!

Many students are fueled by social interactions. This explains your attachment to social media. Rather than flushing hundreds of dollars down the drain, use the free services provided by WhatsApp and other similar apps.

BE YOUR OWN BEAUTY EXPERT

As a female student, you may perceive spa packages and beauty treatments as luxurious expenses. Imagine the financial impact that these treatments can cause on a regular basis. It will certainly get out of hand! Fortunately for you, you can maintain a beauty regimen with a tight budget. Simply do the treatments by yourself.

Let us start with nails. Purchase an inexpensive manicure kit to revamp your look in the comfort of your own home. I recommend Sephora’s manicure kit as it includes several essential tools – nail file, cuticle stick, nail clippers, and a classic red polish. Get all these for only S$17!

Afterwards, you can have flawless skin with coffee grounds. Dip a wet cloth into your leftover coffee grounds. Massage it from your neck down to your body to wash off the dead skin.

BUY AND SELL USED TEXTBOOKS

Textbooks or reference books tailored to tertiary students can cost as low as S$50 each. It is a hefty price to pay for books that you will use for merely 120 days. There are three different strategies to save money on these said books.

Image Credits: pixabay.com

Firstly, consider purchasing a second-hand book at carousell.com. Secondly, you may rent the book for free at the National Library. Lastly, you may sell your old books to purchase a new one. The premium time to sell your used books is right after you finished your modules. Waiting too long can harm your chances of pawning your books to the next batch of students.

EMBRACE THE BENEFITS OF WALKING

Play a significant part for Mother Earth by opting to walk to school. When I was a university student, I spared 40 minutes of my day for travelling. I walked to school every morning with music in my ears. I can either feel the breeze or focus on my thoughts. Walking, a form of physical activity, was healthy for my body and my wallet. Do the same thing if you are going to travel short distances.

As a friendly reminder, stay safe by having someone accompany you while walking to isolated areas. Let a family member or a friend know about your whereabouts at all times.

REAP THE STUDENT DISCOUNTS

One thing that I miss most about being a student is the discounts that come along with it. Use the Internet to locate the great offers on restaurants, cinemas, museums, clothing shops, and more. Take advantage of your special privileges while you still can!

If you adore the movie theater as much as I do, you would be glad to know about Golden Village’s student promotion. It extends to various types of films. Kindly note that this promotion is valid until December 29, 2017.

Image Credits: gv.com.sg

Throwing all your school allowance on new clothes from trendy online shops or on drinks from the clubs at Clarke Quay is tempting for youths. However, it will make your life easier if you focus your youthful zeal on saving money. Employing the strategies mentioned above and earning extra cash can help you build a brighter future ahead.

Sources: 1, 2, & 3

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