12 personal money management life lessons to live by

Singapore 50-dollar notes

While we were searching for good reads, we came across Cary Siegel’s “Why Didn’t They Teach Me This in School?: 99 Personal Money Management Principles to Live By”. We’re not even halfway done with the book but already learning so much from the retired business executive.

Here are 12 personal money management life lessons adapted from the book.

#1: Marry someone who has good financial habits
a couple wearing masks for a wedding photo

Image Credits: The Straits Times

If you’re already married, you might agree that money is the top reason why couples fight. It could be very much due to a non-full disclosure during the dating process. Singles planning to tie the knot should learn how to facilitate money conversations to identify each other’s financial habits.

Here are some crucial questions you can ask:

  • How much debt do you have? 
  • At what age do you want to retire?
  • Do you want to have kids? If so, how many and how soon?
  • What is an ideal amount for an emergency fund?
  • Are we ready to leave the workforce to be a full-time parent? If yes, which one of us and for how long?
#2: Stay married to the same person
old asian couple

Image Credits: Pinterest

According to Singapore Legal Advice, divorce fees may cost up to S$3,500 for simplified uncontested divorces and S$10,000 to S$35,000 for contested divorces. Let’s not forget about pre-divorce payments, alimony, and child support charges. Need we say more?

#3: Know the cost of raising kids
asian family with young kids

Image Credits: MindChamps

The obvious expenditures include education, healthcare, clothing, and food. Other costs include moving to a larger HDB flat and getting a new car to shuttle them to school and enrichment classes.

Prudential Singapore has examined various costs involved in the parenting journey. From pregnancy to childbirth and education to recreation, you must plan your finances for the long road ahead.

#4: Buy only when you can afford it
a toy car and car keys

Image Credits: Carsome

When you don’t heed this principle, you will find yourself on a downward spiral to possible bankruptcy. Live below your means, and you will find extra cash to save and invest at the end of the month.

#5: Take care of your stuff
laptop-maintenance

Image Credits: atulhost.com

By stuff, we mean the things you own. It could be your white shirt, your latest mobile device, or even your car. When you learn how to take care of your stuff, you will find them lasting longer over time and requiring fewer repairs or replacements. This equates to more savings!

We wrote an article several months ago with tips to help you apply basic maintenance to your electronic gadgets to help them last longer. Click through the link if you’re keen to find out more details on battery inspection, data clearance, and more.

#6: Build lasting friendships
a group of friends

Image Credits: Visit Singapore

One of the greatest gifts on earth is connecting and learning from people from all walks of life. Whether your secondary school classmates or polytechnic school friends are working within the financial sector or not, there are still personal money management experiences you can tap on from them.

#7: Take away more by giving more
colleagues at work

Image Credits: HealthHub

This applies to your career in the early stages. Do you believe that you take away more from your company by giving more? The extra time and effort you’re donating to a work project can return tenfold because you gain valuable skills, knowledge, and experience by doing. Think of it as getting paid to learn!

With that said, those who are forced to work extra hours, make sure your employer is compliant with the Ministry of Manpower’s (MOM) practices. Click here for some FAQs relating to overtime work and rest days.

#8: Spend an hour per week learning about personal finance
man-reading-on-ipad

Image Credits: ConversionLab

There are tons of free resources online, and a quick Google search can reveal the top-ranking ones. The Straits Times also has an “invest” section you can take advantage of if you’re a subscriber. Don’t underestimate the little hour you spend a week because it’s significant when it adds up over the years.

#9: Enjoy the slow journey to wealth
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Image Credits: unsplash.com

Not all millionaires are made overnight. Do a quick search, and you will probably come across several rags-to-riches stories that will inspire you.

Please note that you don’t have to be exactly like any of the high profiles out there because everyone has their set of money management principles. Find your own and be comfortable in your unique journey to wealth.

#10: Pen down attainable short-term financial goals
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Short-term financial goals refer to your quarterly plans or annual ones. This could include the exact amounts for savings and investments. You can also note down personal reward amounts if you’re expecting big purchases. Remember to review your goals frequently and spot the hits and misses.

#11: Set realistic long-term financial goals
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When you have your short-term plans ready, it’s good to spend some time setting realistic long-term financial goals. If you like it, you may call it “the big picture” or “a bird’s eye view”. Long-term goals could mean you look far ahead in 5 years, 15 years, or even more.

Here’s a look at the author’s long-term financial goals when he was 25:

  • Buy my next car with cash (within 5 years).
  • Pay off all college loans by the age of 30.
  • Own a home by 35.
  • Attain a net worth of $1 million by the age of 40.
  • Own a beach property by age 45.
  • Retire by the age of 50.
#12: Develop a simple net worth statement
Net worth calculator

Image Credits: MoneySense

There are online resources available to help you find out your net worth. It’s nothing too difficult to understand. For example, MoneySense has a net worth calculator you can use. All you have to do is input your total assets and total liabilities and let the webpage work its magic.

So what are your thoughts on a peek at Siegel’s “Why Didn’t They Teach Me This in School?: 99 Personal Money Management Principles to Live By”?

Let us know if you want more insights from his book, and we will prepare them in the coming weeks. If not, you can also grab a copy yourself and be enriched with more personal money management principles to live by. Happy reading!

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Stuck At Home Valentine’s Day Ideas

Romance does not have to fade just because you are at home. Considering the impact of the pandemic and the need to practice social distancing, you have probably struggled to keep your indoor dates exciting. Fret not! There are a myriad of creative date activities that you can enjoy right in the comfort of your own home.

Spend Valentine’s Day with your special someone with these fun ideas.

#1: DO YOGA TOGETHER

Stretch the night away by practicing couples yoga with your partner. Now is the time find your inner Zen. Poses suitable for couples are more intimate and challenging. It is a shared experience focused more on the connection with one another, rather than just yourself.

#2: MAKE DELICIOUS PIZZA

Add spice to your Netflix and chill by making your own pizza. Try different recipes such as baguette pizza and Marinara pizza.

#3: TEST YOUR SINGING ABILITIES

Do you have a favorite love song? Challenge your partner to a melodious night of karaoke. Sing your hearts out by searching karaoke videos on YouTube. Singing some of your favorite tunes is guaranteed to boost your spirit.

#4: TRY A VIRTUAL MUSEUM TOUR

Whether you are a fan of Vincent van Gogh or cultural art, you can find a virtual museum tour for both of your interests. I recommend watching the National Museum of Singapore’s Zoom Into History Video series. It is an insightful look at the artifacts and everyday objects that have defined our nation’s past. You can also watch the virtual tours streamed on the National Gallery of Singapore’s Facebook Live.

#5: CREATE FUN COCKTAILS

Show off your bartending skills in the comfort of your own space by making a cocktail together with your loved one. Make the Love Potion #9. It is made with gin, lemon juice, simple syrup, and pomegranate juice. Enjoy!

#6: START A BOOK CLUB

Encourage your friends to join your book club. Bring your partner along too. Choose a book to read together with the group and then pick an evening to discuss it over wine and cheese on Zoom or Skype.

#7: HAVE A PHOTOSHOOT

Spare a few hours for an at-home photoshoot. Ensure that your pictures have backdrops and decorations that fit your theme. You can have these photos printed and gathered into an album.

#8: SET THEMATIC NIGHTS

Whether you want to indulge on a game or movie night, you can set February 14 as your “best day ever”. You can forgo dinner by turning the lights out and preparing snacks that can boost your movie night experience. If you cannot agree on a movie you both want to watch, consider the first movie you ever watched together. Alternatively, you can play video games. Your partner can either be impressed by your mad skills on screen or will think it is adorable to see you consistently losing.

#9: INDULGE IN A SPA DATE

Drop in your nearest Lush outlet or create your own DIY bath bombs to enjoy a spa date. Have a bath together with bath salts and bath bombs. Afterwards, you can give each other massages with aromatherapy oils. Lastly, you can give your partner a manicure or a pedicure. Complete the experience with matching robes!

Image credits: pixabay.com

Sources: 1 & 2

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Useful Employment Support Guides (that you probably didn’t know) on LifeSG App

The coronavirus pandemic has upended the lives of many families and caused a loss of jobs. To help retrenched workers and jobseekers, GovTech collaborated with Workforce Singapore (‘WSG’), e2i, TADM, TAFEP and SkillsFuture Singapore (‘SSG’) to develop new modules on the LifeSG App (rebranded from Moments of Life). These employment support modules take a user-centric approach to show relevant information in a bite-sized manner that is easy to understand for the everyday man on the street. It informs target audience on the assistance and job opportunities available to them. Simply look for these modules under “Discover your next career steps and find support” section under the home page of your LifeSG App.

Here’s a summary of each employment support module that you will find on LifeSG App and how they can be of help.

1. Know Your Retrenchment Benefits and Measures

Workers who have been retrenched or are at-risk of retrenchment may not be aware of the resources available to help them during this difficult period. They may also be unaware of the benefits due to them when faced with an impending retrenchment. Some of the benefits that retrenched workers may be eligible are the following:

  • a notice period,
  • retrenchment benefits,
  • alternatives to retrenchment, and
  • help in finding a new job

As employees, it is critical for us to understand our rights so that we know what precautions to take and what to do if there is a dispute.

2. Support for Your Job Search

The “Support for your job search” module helps retrenched individuals and job seekers to:

  • Find opportunities for new jobs via career fairs, access government support schemes and convert existing skills to make a mid-career switch. These enable the job search process to be more efficient, as well as increase the number of job opportunities that they can access.
  • Access customised advice and forge career plans from career coaches at WSG, e2i etc. These professionals will help you to understand your personality, area of interests as well as strengths and weaknesses. All these are useful to guide you to better understand your career objective in life
  • Explore courses to upskill/reskill to ensure that you are always ready for your next role in this fast-changing world. Armed with the relevant professional certifications, you will be one step closer to landing the job that helps you achieve your career goal.

Do not underestimate the toll that every unsuccessful job application takes on a job seeker’s morale. Therefore, having a well-thought-out strategy advised by the professionals and executing it is half the battle won in your job search.

3. Financial Support for Workers and the Self-Employed

Ever since COVID-19 struck, the Singapore government has been quick to dole out relief measures to provide financial support in an unprecedented manner to ensure that no one is left behind. This specific module is handy in allowing individuals across the different employment categories to browse the various listings of government agency schemes and COVID-19 relief measures:

  • Unemployed (including retrenched) individuals
  • Lower-income individuals
  • Individuals with reduced income
  • Self-employed persons

Here is a case study of how an unemployed individual can tap on the various government agency schemes and COVID-19 relief measures to tide him through this difficult period. Mr Tan is a 40-year-old Singaporean who works in the travel industry. As a result of the COVID-19 pandemic, he has been placed on involuntary No-Pay leave by his company. He can apply for the COVID-19 Support Grant and receive up to $800 per month for 3 months which would be credited directly into his bank account. In addition, he can receive Job and Training Support by Workforce Singapore (WSG) or The Employment and Employability Institute (e2i) to help him upskill and reskill. This allows him the option of convert existing skills to make a mid-career switch should he decide to. Understanding the various schemes and grants available to him, he can conveniently apply for them online via the mobile app.

With information organised in a succinct manner, it is easier for them to know what financial schemes they are eligible for, as well as information on the application process. This ensures that those who need financial aid gets them in the shortest possible time so that the disruption to their daily lives is mitigated.

https://articles.life.gov.sg/financial-support-workers-self-employed/

Scan the QR code for more articles on the type of support available for Singaporeans affected by COVID-19.

Download the LifeSG App Today

Government has set aside plenty of help so that Singaporeans can tide through this pandemic and emerge stronger. Download the LifeSG App today to get a firm grasp of this helpful information. Also keep a look out for more features related to providing employment support that will be rolled out in subsequent phases.

https://go.life.gov.sg/XwD9

Discover your next career steps and find support with the Employment Support modules on LifeSG App!

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How to deal with a micromanager professionally

colleagues at work

Micromanagement is such a pain in the arse. At a point in our careers, we might have been faced with a micromanager some time, somewhere. But many out there may not even know that they are being micromanaged.

So what are the common signs of micromanagement? Here are eight common ones from such bosses:

  • Little or no work delegation
  • Always asking you for updates
  • Show a reluctance in mentoring
  • Finding fault in everything you do
  • Famous for one-way conversations
  • Sole decision-maker even for the littlest of tasks
  • Like to focus on the small details but miss out on the big picture
  • Delay project deadlines because everything requires their “yes”

If you suspect that you’re whirled up in such a situation and it’s taking a toll on you, act on it before you explode.

Here are some ways to deal with a micromanager (or colleague) tactfully. Fictitious names included!

#1: Have an honest heart-to-heart talk
coffee conversation

Image Credits: unsplash.com

As a micromanaging superior, Peter might not be very welcoming of criticisms. Be sensitive when dealing with this. When we say to have an honest heart-to-heart talk, we mean a candid but specific conversation.

Bill Gardner, founder and managing partner of Noetic Outcomes Consulting, suggests this with over 40 years of experience coaching executives. You want to describe your feelings when Peter’s behaviours directed at you make you feel X, Y, and Z. Then, go ahead and list some specific actions you hope to see going forward.

Now, some of you must be thinking this is impossible. As Asians, we may not like to confront head-on. But grow some guts, and you never know positive outcomes could snowball out of your truthfulness.

#2: Be direct with your requests
young-businessman-and-businesswoman-sitting-outdoors

Image Credits: Freepik

During your conversation with a micromanaging boss, you want to be direct with your requests. Ask Sally what you can do better to address her needs. Even if she responds with a “but you’re already doing well”, don’t stop there.

Share with Sally your intention of improving collaboration with her. If you’re the sort that requires time and space to prove your work capabilities, let Sally know.

Instead of her chasing you for updates as and when she pleases, take the initiative by scheduling weekly check-ins. This can become your silent way of saying, “Please stop checking in for information outside of our scheduled meetings.”

#3: Ask questions to understand their point of view
an asian woman asking questions at a business meeting

Image Credits: londonimageinstitute.files.wordpress.com

When you’re pulled into a project meeting, don’t just let John do the talking and then complain about him during lunch hours. To attempt to make your life a little better, you want to understand your manager’s perspective.

To do so, ask questions.

Katharina Schmidt from the Forbes Coaches Council shares that these questions might guide you towards a better working relationship:

  • What are your deal breakers?
  • What are your success hypotheses?
  • What are your key objectives for this initiative?
  • How, and how often, do you want to be informed?
#4: Focus on behaviour and impact
two-business-people-wearing-face-masks-while-discussing

Image Credits: Freepik

When having any conversations with Zelia, you want to avoid the “m” word – that is, “micromanaging”. What you can do is to focus on the behaviour and impact it has on you.

For example, Zelia’s need for constant updates on your progress is one such behaviour that has impacted you. Let her know that these updates are taking extra time off your productivity and attention on your urgent projects at hand.

See if both of you can negotiate an alternative solution to that. Maybe setting a fixed time for updates can help you better manage your working hours?

Don’t be afraid to offer new ideas.

#5: Identify your superior’s end goal
Two young businessmen discussing new project

Image Credits: Freepik

Conflicts often arise when two people are not on the same page. To stand on the same ground as Raju, you want to align with his end goal. April Armstrong, CEO of AHA Insight, notes the power of the “then what” question.

Ponder over these:

  • After I complete this assignment, what happens next?
  • If this were to be a big success, what would the ideal outcome be?

When your destinations are in line, Raju may see you in a different light. It can also prompt him to release his grip on his control over you and your teammates.

#6: Keep your eye on the curveballs and overdeliver
asian woman drinking coffee while working in a cafe

Image Credits: Freepik

For folks currently facing your first micromanager in your job, the whole experience can be daunting. But don’t waddle in the toxicity and put yourself at risk of being sour over it.

Understand that micromanagement is often a result of these two reasons:

  • The fear of being disconnected leads Carrie to find out as much as she can through countless updates like reports, meetings, and one-on-one conversations.
  • Carrie finds it difficult to transit from a position of doing to a trusting and coaching managerial position.

Jill Hauwiller, the founder, principal consultant, and lead executive coach at Leadership Refinery urges us to find out what our manager values and wants. Anticipate the unexpected and overdeliver on your promises.

This is because even if you can’t change their micromanaging behaviour at the end of the day, you have your great results to back you up. Your successful work output is something no one can take away from you.

Put on a little smile
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Remember our recent article on “Strategies on how to cope with someone you dislike at work”? When working with people you find difficult working with, communicating your points across calmy without being defensive is essential.

Jeff Altman, a career coach from The Big Game Hunter, said that smiles and laughter often go a long way toward making a point with people. So put on that big, friendly smile before you enter into any discussion with a micromanager.

Career and people skills take time and deliberate effort to develop. Don’t quit your job on impulse.

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Some answers to your questions about safe sex during pregnancy

asian-young-pregnant-woman-with-her-husband

Being pregnant is tough.

But it’s even more challenging to keep up with the sex drive, for both you and your partner. Whether you’re a first-time dad looking for some answers to your questions on sex during pregnancy or a mum-to-be looking to spice things up while expecting, this article might help.

Here are some common questions and answers about safe sex during pregnancy.

#1: Is it safe to have sex during pregnancy?
man waiting for a woman to enter the bedroom

Image Credits: unsplash.com

In short, yes. But if you’ve been advised otherwise by your doctor, heed the medical professionals’ opinions.

We’re glad to have Aleece Fosnight’s opinion on this. Fosnight is a physician assistant and sex counsellor in urology, women’s health, and sexual medicine. She shares that the uterus may shift a little during penetration, and the mum will feel it.

Now, don’t freak out. Think of the uterus as a mobile home for your little bean. “The baby is super protected and has its own filter system that’s really selective about what goes in and comes out,” Fosnight highlights.

Sex during pregnancy is safe unless the lady has incompetent cervix or placenta previa and need to let the pelvic rest. Read more about pelvic rest here.

#2: Will pregnancy sex cause miscarriage?
a pregnant woman in despair

Image Credits: tag24.com

Many believe that having sex and orgasms might lead to early labour or cause a miscarriage. This is not true. A study done in 2011 on sex in pregnancy reveals that sex doesn’t induce premature labour in low-risk pregnancies.

According to the NHS, your partner’s penis cannot penetrate beyond your vagina. Thus, this means that the penis will not hurt the baby. However, it may lightly bump onto the baby protected behind the cervix, uterus, and amniotic fluid. But it’s no massive cause for concern.

Stephanie Buehler, an author, psychologist, and certified sex therapist adds that some couples have intercourse up until the woman goes into labour. Parties can do as they please if they are comfortable with it.

#3: Is bleeding after sex normal?
pregnancy-and-early-bleeding

Image Credits: wehavekids.com

Most of the time, post-sex light spotting or bleeding shouldn’t be a concern. It could happen because of an increase in the superficial veins and capillaries in the cervix and vaginal area. These capillaries are often very delicate, and even the slightest friction can cause them to rupture during sex.

But if there’s one thing you can do, it is to journal down the blood colours – whether it is bright red, deep red, brown, or a mixture of it.

With that said, expectant mothers who are spotting blood over days or weeks after sex should consult a doctor. It could be a case of placenta previa. Mayo Clinic identifies this phenomenon as a situation where the “baby’s placenta partially or totally covers the mother’s cervix — the outlet for the uterus”.

“It’s always best to talk with one’s physician regarding any concerns,” Buehler advises.

#4: Should sex hurt during pregnancy?
an expectant couple sitting on a bench

Image Credits: unsplash.com

By right, sex should not hurt during pregnancy. “Sex should never hurt, and it’s best to talk openly,” Buehler says.

But by left, it can occur due to certain conditions. Julie Lamppa, a certified nurse-midwife at Mayo Clinic, notes that bladder infections, yeast infections, or bacterial vaginosis are some culprits leading to painful intercourse.

If it hurts too much, know that intimacy doesn’t always mean intercourse must happen.

Dennis Sugrue, PhD, past president of the American Association of Sex Educators, Counselors and Therapists, sheds light on the issue. “Stroking and caressing, and sometimes just getting naked together and sharing the way that vulnerability feels, can help keep bonds of intimacy strong between partners – even if intercourse isn’t occurring.”

#5: Is there anything sexual that’s unsafe?
holding a rose in handcuffs

Image Credits: unsplash.com

Some of you parents-to-be must be wondering about BDSM.

For folks who aren’t exactly sure what BDSM is, Cosmopolitan describes BDSM as a term used to describe these sex elements: bondage and discipline, domination and submission, sadism and masochism.

While light BDSM may be okay, using rope or any tight forms of constraints around the abdominal area should be avoided. 

Dr Corey Babb, an OBGYN and Professor at Oklahoma State University, tells us that some couples should avoid aggressive nipple play as nipple stimulation can cause the release of oxytocin (a contraction-causing hormone) from the brain. This is especially so for women who are between 34 to 39 weeks pregnant.

You may want to read more about BDSM during pregnancy here.

#6: What are the best sex positions to try out?
pregnancy sex positions

Image Credits: babycenter.com

Even without BDSM, intercourse can still feel wonderful if both of you engage in positions that help maintain the belly’s pressure and weight.

Here are 12 pregnancy sex positions to try as advised by medical professionals.

First Trimester
  • Scissor
  • X-Files
  • Cross Buttocks
  • Edge-of-Couch Missionary
Second Trimester
  • Doggy Style
  • LeapFrog
  • The Hot Seat
  • Cowgirl
  • Spider
Third Trimester
  • Spooning
  • Reverse Cowgirl
  • Table Top

Want a visual illustration of how to work the above moves? Click here to view the positions.

Sex drive changes during pregnancy are normal
expectant parents

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The ebbs and flows of your sex drive during pregnancy is normal. On days you might get the full steam ahead while at times you just want to lie in bed and be alone.

Yes, hormones are to be blamed in this case. For those who are engaging in more sex than ever, great for you! But expectant mothers with a lack of libido should not feel guilty at all. Have an honest conversation with your partner about it and read up on ways to keep sex alive while preggers.

This too, shall pass. Here’s wishing all expectant mothers a joyful pregnancy journey and a smooth delivery to come!

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