Possessions vs Experiences: Where Should You Spend Your Money?

Congratulations! You have survived one of the most challenging years of your life – 2020. As a reward, you may either purchase new possessions or new experiences. Personally, I saved up enough money to purchase a Nintendo Switch Lite. My hesitations rose as January 2021 came. I realized that I want to spend this amount on experiences instead. Surely, I will spend numerous hours on playing it for the first few weeks. However, happiness attached to things fade quickly. Instead, I can invite my significant other to a fine dining restaurant or a relaxing staycation.

A study by Dr. Thomas Gilovich, a psychology professor at Cornell University showed why possessions have a fleeting effect. Our excitement fades because we get used to new things. What once seemed novel quickly becomes the norm. We adapt.

I remember purchasing my first designer bag. I started collecting lower-end bags and began to grow fond with high-end bags. As I buy more designer bags, my expectations increased. I became more particular with the brand and the price. My increased expectations led to increase expenses. We keep raising the bar with possessions. This leads to the desire of wanting new and better things.

Lastly, possessions foster comparisons. You may purchase the latest designer bag, but feel empty when you compare your collection to your friends. There will always be someone with a better item than yours. These reasons highlight why it is better to invest on experiences than on possessions.

THE POWER OF EXPERIENCES

1. Experiences help you invest on purposes and passions.

If your guiding principle in life are possessions, you may be in trouble. You will never feel fulfilled chasing after the next “must have” item. Real happiness can be reaped through experiences. Follow your purpose and passion.

2. Experiences become a part of your identity.

You are a culmination of your experiences. Buying an iPhone is not going to change who you are as a person. Completing your first triathlon will certainly change you. You were shaped by the things you have done, the places you have been, and the people you met.

3. Experiences fuel less comparison.

Our experiences are subjective. It is hard to compare the quality of vacation two people have. A person may have a short and meaningful vacation, while his peer may have a long and wasteful one. It is difficult to quantify the relative value of any two experiences, which makes them more enjoyable.

4. Experiences foster anticipation.

Anticipation of an experience is important in increasing one’s excitement and enjoyment. While, anticipation of obtaining a material possession can cause impatience and frustration. Savor the moments of planning all the way to the memories that you will cherish forever.

5. Experiences introduce you to a whole new world.

Image credits: unsplash.com

Unlike material possessions, experiences introduce you to new perspectives and moral lessons. For instance, travelling can instill gratitude and acceptance. You will begin to appreciate and understand different cultures as you travel to New York City or Manila City. Let your wallet take you to places you have never been before!

Sources: 1 & 2

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30% of Singapore employers intend to provide no wage increases in 2021

Singapore employees out for lunch

A global study of pay increases has found that 30 per cent of employers in Singapore intend to provide no wage increases in 2021. Compared to other countries, Singapore has a more significant percentage.

Based on research done by global consulting firm Korn Ferry recently, around 16 per cent of firms worldwide aim to bypass pay raises completely this year. Across 150 nations, the wage survey gathered data from 25,000 companies. 

Korn Ferry reported that roughly 450 organisations in Singapore were part of the survey. Here are some notable global trends:

  • Wage increases (if any) will be smaller than in past years. 
  • In 2021, more companies are planning stagnant wages than last year.
  • Organisations are primarily preparing to direct their restricted funds to talent acquisition and invest in those with vital roles.
Less than half planning to give an increase
Singapore residents at a traffic light

Image Credits: The Straits Times

Only 46 per cent of the Singapore employers who responded to the survey said they aim to offer a raise to at least 9 out of 10 employees this year. These businesses expect wage rises of 2.1 per cent in actual terms, which is still smaller than the 3.1 per cent pay rise introduced in 2020.

All in all, participants from Singapore are targeting a 2 per cent rise in terms of median incomes. This places Singapore in the lead compared to countries like France (1.3 per cent) and the United kingdom (1.9 per cent). But falling behind all other nations in Asia, except Japan and Hong Kong (both 2 per cent).

Pay raise dependent on inflation
women in masks working at a desk

Image Credits: Kelly Services Thailand

The findings showed that workers could also see a greater rise in their actual wages in countries where inflation is especially low. Based on official projections, Singapore’s inflation rate has predictions between -0.5 and 0 per cent for 2020.

Mr Kartikey Singh, a senior client partner at Korn Ferry Singapore, commented that jobs would be mainly contractual, temporary, service-led and technology-driven in a recovering economy.

“While the overall pay increases might look sanguine, talent scarcity for areas like product and application development, cybersecurity in certain sectors like e-commerce, technology and fintech can drive significant pay premiums for these job categories,” said Mr Singh.

He added that such a phenomenon would push companies to practice differential compensation plans for different staff and expertise classes.

Organisations need to focus more on a “total rewards” approach
professional development

Image Credits: The Straits Times

Mr Don Lowman, Korn Ferry’s global leader of rewards and benefits, shared that ensuring their employees continue to feel appreciated and commended will be essential for companies in the future.

Such a strategy entails non-financial incentives, like opportunities for professional growth, mentoring and guidance, and providing an energetic workplace culture with productive employee tasks.

“Korn Ferry research has found that while financial rewards are key to attracting talent into organisations, non-financial rewards can be key differentiators in retaining talent,” said the consultancy firm.

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Man sentenced to four weeks’ jail after stealing Budget 2020 grocery vouchers

Budget 2020 grocery vouchers

Aggravated upon knowing that he had not secured any Budget 2020 grocery vouchers, a 47-year-old man stole 60 of the vouchers that were supposed to cover underprivileged Singaporeans’ household costs.

This is not the first time Singapore has seen such cases. Last October, the news reported that more than 20 people were investigated or arrested concerning such thefts.

Took them from unsecured letterboxes
Letterboxes in Singapore

Image Credits: AsiaOne

Alvin Law Choon Huat sieved envelopes from unsecured letterboxes in Marine Terrace housing estates and subsequently used them to purchase groceries and a vacuum cleaner, along with his coupons that eventually reached. The balance of the unused certificates was burned as sacrifices to his late wife.

On Thursday (Jan 7), Law was issued four weeks in prison. He pled guilty to two counts of theft, with two other offences taken into account.

Upset that he did not receive the vouchers

Law, who is unemployed, knew about the voucher availability after hearing about it from social media. The vouchers were allocated for Singaporeans living in one-room and two-room HDB flats. These vulnerable adults who did not own more than one residence could use the coupons to cushion the impact of the pandemic’s economic downturn.

When Law searched his letterbox and saw no incentives, he became angry. He then dug into other mailboxes at Block 51 Marine Terrace. After pursuing letterboxes without fastened flaps or those with broken openings, he collected four victims’ sealed envelopes. Each of which held 15 vouchers priced in S$10 denominations.

Police reported a suspected case of mischief
Suspects were escorted by police officers at the crime scene

Image Credits: SPF

Police reported a possible case of mischief related to stolen vouchers when stumbling upon an open letterbox. Law was then caught red-handed on closed-circuit television recordings.

On Oct 29, 2020, he was apprehended, and the vacuum and two packets of chicken franks obtained with the vouchers were confiscated from his home.

The offender has previous convictions

Law has had prior convictions for theft and blackmail.

The prosecution demanded at least a month in detention, arguing that the voucher scheme’s specific policy goal was to support the disadvantaged. Deputy Public Prosecutor Jane Lim said Law’s crimes resulted in considerable damage to affected people and the state, which has to help fund the voucher costs.

Law, who didn’t have a defence attorney, said that he knew he had committed a wrong and pleaded for leniency. He shared that he has high blood pressure and had a spine operation in 2015, which requires him to consume strong painkillers frequently.

He further explained that he didn’t think he was getting any vouchers. Also, he did not know how to process the stolen vouchers after receiving his own set. He figured that he would be investigated if he had taken them to the authorities.

He also appealed to start serving his sentence after Chinese New Year because his teenage daughter had no guardians, claiming that it was just the two of them in the family. To that, a postponement of his prison sentence to Feb 15 was issued by the court.

Law may have been sentenced to prison for up to three years, fined or both, for each count of theft.

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34-year-old man jailed and fined S$1,000 for cheating unlicensed moneylender

man in hand cuffs

What a bizarre event. The news reported that a 34-year-old man who deceived a loan shark by claiming to intimidate debtors but did not fulfil the activities was jailed for 11 days and fined S$1000 on Wednesday (Jan 6).

Muhammad Khairul Ismail pled guilty to one charge of fraud and another of gambling via a smartphone app, with two other offences taken into account for cheating the unlicensed moneylender.

A job offer by the loan shark

The jury heard that in November 2019, Khairul came across a work offer from a loan shark named Lucas. In return for cash, the agreement was for Khairul to lock the gates of Lucas’s debtors.

Khairul approached him intending to make quick cash, despite recognising that Lucas was a money lender. They decided that Khairul would lock Lucas’s debtors’ gates, paste notes on their doors, and send Lucas videos of these activities as evidence.

In return for each job done, Lucas offered to pay amounts of money varying from S$100 to S$120.

Instructions sent to Khairul via WhatsApp
whatsapp icon

Image Credits: thenextweb.com

Lucas issued instructions via WhatsApp to Khairul in December 2019. He asked Khairul to lock up a borrower’s unit with a chain and paste a sign on the door.  As ordered, Khairul headed to the address but had already intended to deceive Lucas by tricking him into thinking that he had completed the harassment.

Khairul secured the gate with two bicycle locks and placed a message on one of the locks to prevent damaging the gate. He then took a video and sent it to Lucas, misguiding him into thinking that the act had taken place.

S$120 was transferred to him by Lucas, but Khairul removed the locks and notice from the gate before fleeing. Khairul replicated this action on two other instances towards Lucas.

Offences came to light after authorities alerted

When Lucas forwarded the footage of the harassment to the debtors, the activities came to light and the police were notified.

Khairul also pleaded guilty to another charge of making bets on a smartphone gaming platform amounting to around S$1,120. For the fraud, the prosecution called for at least two weeks in prison and a penalty of S$1,000 for the gambling offence.

Not an average innocent member of the public
loan shark harassment

Image Credits: The Straits Times

Deputy Public Prosecutor Krystle Chiang admitted that an unauthorised moneylender and not a regular helpless member of the public was the subject of cheating. However, “this does not absolve the accused of wrongdoing and should not distract from the fact that the accused had sustained wrongful gain by his deception”, she said.

To claim that crimes conducted against those individuals should not be prosecuted will be a dangerous path to take. She added that over the three cheating incidents, Khairul had earned S$340. He was also the one who facilitated conversations with Lucas.

A unique case in its entirety

The court said this trial was a little unusual because Lucas wasn’t ever supposed to have given Khairul the money to carry out loan shark intimidations.

Khairul responded in remorse that he had learnt from his wrongdoing and felt repentant for his actions. He also promised the court that his actions would not be repeated.

For cheating, Khairul could have been fined and imprisoned for up to 10 years in this case.

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3 strategies for creating less stressful brainstorm sessions from ex-vice president of innovation and creation at The Walt Disney Company

asians having an office meeting

It’s the first mid-week of 2021. Have you had an awesome start to the first work week of the new year? Or did you just receive a calendar invite titled “brainstorm” from your team leader?

A look at this term can bring about nervousness for some individuals. Especially for those who have been through uncountable brainstorms that have not ended up productive, it’s easy to assume that the next brainstorm will conclude with negligible outcomes.

A great brainstorm needs a strong basis to succeed, much like building a home.

“During my tenure as head of creativity and innovation at Disney, I conducted countless brainstorms. As a result, I developed a series of tools that I now use working with my clients to ensure every brainstorming session I facilitate ends with a handful of truly innovative ideas, which are achievable and your team can eventually execute,” writes Duncan Wardle.

Wardle is the founder of creative consulting company iD8 & innov8 and ex-vice president of innovation and creation at The Walt Disney Company. Let’s learn three strategies for creating less stressful brainstorm sessions from the man himself.

#1: Help your team get into the right state of mind
brainstorming in masks

Image Credits: unsplash.com

Ponder over the word “brainstorm.” To others, with a few ideas jotted on a whiteboard, this may invoke the idea of inefficient and disorganised discussions. It doesn’t signal the right state of mind, which means you’re unlikely to receive the best ideas from your team.

Your actions show your co-workers how to respond in return. You want to trigger a new way of thought by not entitling it as a brainstorm. By modifying your brainstorming session’s name, you can dramatically shift the thought patterns of the people involved before you even begin.

“I ran with this concept while at Disney, where I developed the “ID8” (or “ideate”) room, which later became the name of my company. Everyone stepping foot into the ID8 room knew that they were attending an “expansionist” session, which meant that the meeting was meant to generate and grow ideas,” Wardle shared.

#2: Foster brilliant ideas with the force of “Yes, and…”
the importance of teamwork

Image Credits: unsplash.com

Have you ever met a negative person so much so that the person’s response is always “No, because..”? Such reactions take large thoughts and render them lightweight, ultimately making them meaningless.

But flip it to “yes”, and perhaps it will take you to places. By reacting to suggestions using an open-minded approach, you demonstrate that you listen and prohibits joint discussions from crashing due to a lack of traction.

#3: Your golden key – a “naive expert” out of your department
woman having discussion with her colleagues

Image Credits: unsplash.com

When Wardle was heading brainstorms at Shanghai’s Disneyland for restaurant architecture designs, he searched for a way to inspire his team of Disney Imagineers (mostly males over 50 years old) to begin thinking creatively.

“So, I invited a young Chinese female chef to participate in a session as our “naive expert,” or in other words, an outside individual whose criteria for success were not tied to our team,” he noted.

An ideal “naive expert” is one who has no direct involvement and prior work experience in your department. Thus, such individuals are more likely to pose concerns and suggestions that your squad has never contemplated.

In the wake of the pandemic, we may not often be gathering for in-person discussions and brainstorms. But it shouldn’t be an excuse to hold you back from conducting fruitful sessions! Tap on digital platforms to create an online environment that promotes positive involvement, interaction, and teamwork to develop fresh ideas.

Good luck!

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