Time Is Money: Importance Of Punctuality In The Workplace

One cannot simply deny that time is among the most valuable commodities on Earth. The idiomatic expression of “time is money” was first recorded in 1572. Time was seen as a finite resource that shall not be wasted since then. We must complete tasks as quickly as possible because time is irreplaceable. You can always stream shows online but, you can never bring back time.

The nature of time is understood in diverse ways by different cultures. Generally speaking, the manner that the Southern Europeans perceive time opposes how Americans and Asians perceive it. Southern Europeans put more weight on multi-activity. They will feel more fulfilled if they accomplished more things simultaneously. Setting appointments is less important than living in the present moment.

On the other end of the spectrum, Americans put more weight on linear activity. In a capitalistic society, time is considered as a fast flowing and precious currency. You have to take immediate actions if you want to benefit from its passing.

For Asians, I am only focusing on the Japanese and Singaporeans. Japanese are globally renowned for their punctuality and ability to commit. They have a high degree of predictability and consistency. This is why you must not bring “surprises” (e.g., hidden costs) during a business deal.

Lastly, Singaporeans practice courtesy most of the times. One of the cultural values we possess is the potent adherence to hierarchical relationships in the society. This is partly influenced by the Confucian teaching. A good way to maintain courtesy and respect toward our superiors is by honoring their time.

Fortifying Timekeeping In The Workplace

Timekeeping is an important skill to practice in the workplace. A dimension of timekeeping is punctuality. What is special about punctuality is that it can communicate a basket of positive characteristics to your superiors, subordinates, and peers. It creates initial and long-lasting impressions.

At first glance, it manifests that you are dedicated to your position and that you controlled the responsibility handed over to you. Punctuality is crucial to efficiently finishing assignments and projects. Sticking with the deadlines assures your clients that they can depend on you to get the job done.

In the long run, punctuality acts as a sign of professionalism. In an interdependent working environment (seen in many Singaporean firms), you must do your own part so that things can run smoothly. Can you imagine how many patients will suffer if the resident Physicians were an hour late to the hospital? The nurses are not equipped to do some of their tasks.

Aside from the impressions, punctuality has team and personal effects. You can display that you are a great team-player when you arrive on time for meetings and shifts. The way that you value your time demonstrates your respect for your colleagues and clients. Let us be honest! It is usually frustrating to cover for someone’s shift with no valid reasons.

Lastly, punctuality is beneficial due to its personal effects of building discipline and self-confidence. Discipline is a result of constantly paying attention to your tasks and organizing your time based on your priorities. While self-confidence is shaped by mastery. The more promises and tasks you fulfill, the more you will believe in your own capabilities.

Image Credits: pixabay.com

Image Credits: pixabay.com

May you begin to realize that timekeeping is essential in the workplace. Stand out from the crowd and assure your employer that you are worth keeping by being punctual!

Sources: 1, 2, 3, & 4

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Advantages of Forex Trading for SMEs

The forex market is the largest and most liquid in the world, with around $5.3 trillion traded every day on average. This makes it highly attractive for individuals to begin trading in an attempt to make a good profit, yet trading forex also holds many advantages for small businesses. There is an element of risk involved, and many companies won’t want to put some of their profits on the line, yet if your businesses does and has worked out how much it can afford to trade, there are various reasons for doing so.

Flexible Ways to Profit

There are many different ways to trade on the forex market, meaning you can make a profit whether a currency is rising or falling, depending on the type of trades your business makes. With much more flexible ways to trade than other markets, such as the stock market where you can only profit if they increase in value, it provides more opportunities to be successful. As a highly volatile market it can therefore be better to place trades on the assumption of some currencies weakening.

Simplified Choice

For beginners, the forex market appeals due to its more simplified nature and lack of choice compared to others. There are around seven major currency pairs that provide a good starting place, with a lot of information, news and analysis surrounding all of them to keep you well informed when making trades. Then it is simply the decision of whether you think a currency will increase or decrease in value.

Diversified and Expanded Portfolio

Trading forex with Oanda offers the opportunity to diversify the company’s existing portfolio. All SMEs need to expand and grow to be a success, and widening forex trading capabilities is a good start. Spreading your small company’s investments into more places reduces volatility and means if something goes wrong in one area, it may hopefully be offset by successes in another.

Tax Incentives

The first 40% of profits made from forex trading are taxed at short-term capital gains rates, whether they are made in the first minute or month after you enter a trade. The remaining 60% is then taxed at long-term capital gains rates, but this is still a lot better for SMEs than other options available. There are also no commissions involved either, offering more financial advantages. Consider these points before your SME begins trading forex.

(This post is brought to you by Oanda Europe Limited.)

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Surefire Ways To Waste Your Money On Technology

NOT CONTROLLING YOUR DATA PLAN

You are totally wasting your money if you cannot handle your data usage well. Fortunately for the large-scale telecoms, you are not alone! Millions of people around the globe overpay for their postpaid plans because they underestimate their usage in messages, in minutes, and in bytes of data.

Overuse of SingTel and StarHub plans may appear to be a wee affordable at first but, all of these fees add up. For Singtel users, excess local 3G data is charged up to S$10.70/1 GB and excess data beyond the bundled plan is charged at S$0.50/100 KB. While StarHub 4G users get to pay S$10.70/1 GB in excess. Paying over ten dollars is costly especially because almost every place in Singapore offers free Internet connectivity.

This is why you must think of clever ways to handle your data. Firstly, change your settings to Wi-Fi instead of using 3G/4G network all the time. It will not only save you money but also preserve your battery.

Secondly, analyze your mobile phone billing statements for the past few months and average each factor. Select a postpaid plan that is best suited for your needs. Lastly, upgrade your data allowance for just S$9.90 per month! Singtel’s latest DataX3 add-on triples your data allowance. Learn more by clicking here.

DOWNLOADING USELESS APPS

Ohhh! I cannot quantify the times I downloaded apps that I soon deleted. Do not worry too much about me as these are all free. However, there are some people who spend their hard-earned money on useless apps such as the “Fan Cooler™“. It does not hold true to its claim as  an efficient cooling system for your iPhone and iPod devices. The user by the name of “Reavell2” encapsulates it in one review: “Total rubbish don’t spend .99 cents!”

Do not get me started with other apps that claim to pour beer or to make ridiculous sounding ringtones that you will only use once.

PURCHASING 3D TELEVISION

Fantasizing of watching a great film like “Train to Busan” in a theater-like setting at home?

Few people turned that fantasy into a reality when they purchased a 3D television that includes 3D glasses, lifelike images, vivid colors, and three-dimension effects. The price for this unique set rangers from S$2,800 to S$14,999.

Let me wheel you in on a little “secret”, 80% of the 3D TV owners in United Kingdom regretted their purchases. This is why it is best to do extensive research on the latest technology before buying it.

BUYING STANDALONE GADGETS

Christmas is fast approaching! This means that sales will sprout from now until the coming months. As much as possible, avoid purchasing a standalone gadget. Standalone gadgets is a category that refers to the devices that has one function only. In this category are the likes of media players and point-and-shoot cameras. Chances are, the person already has a powerful smartphone or tablet that is packed with features.

Do not waste your money on standalone gadgets unless the person requests for the it specifically. Just imagine if you are about to spens S$564 for your siblings who asked for the GoPro HERO4 Silver Edition Camcorder!

PAYING FOR EXTENDED WARRANTIES

Most digital experts agree that extended warranties are a complete waste of your money. If your laptop has a problem, it will most likely present itself within the first few months. You may also approach your company’s IT personnel first before hiring the services of the repair shops.

Image Credits: pixabay.com

Image Credits: pixabay.com

As you read in the above scenarios, it helps if you are aware of your spending habits. Avoid making unnecessary purchases that are meant to fill your emotional void by questioning your cash-flow. The less you surrender to your pointless wants, the less financial resources will be affected!

Sources: 1 & 2

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4 Places For Best Money Exchange Rates In Singapore

Currency, as we know it, is a result of a period of evolution. Long time ago, there were no coins, there was only barter – simple exchange of goods for goods. Now, money (i.e., in the form of coins, paper, etc.) around the world has its equivalent value.

When you travel, it is quintessential to find a good place to change the currency of your money. Luckily for travelers, Singapore provides a wide array of reliable and licensed money changers that offer best rates for most foreign currencies. If you are unaware of the best money changers out there, here is a swift list for you…

1. PEER TO PEER – MARCO POLEE (Update: 15 Sep 16)

Since our article has gone out, we’ve discovered Marco Polee – a currency exchange platform that networks people to exchange currency between each other. Customers can create a new listing, which consists of where they’d like to exchange, and the amount. The best bit is that the exchange rate is locked to the market exchange rate (midmarket rate)! With absolutely no fees, no commissions, and the ability to exchange at market rates – this service is definitely worth taking a look at. Marco Polee’s goal is to provide travellers with a better option as they believe the people deserve better than to lose money just to exchange currency.

Website: Marco Polee 

2. PARKWAY PARADE

Do you live around the Katong area? Parkway Parade Shopping Centre, a building with about 300 shops, is the most convenient place for you to change your money. In here, the suggested money changers are located at the Level 1 as it provides the best rates for THB, USD, JPY, MYR, and HKD.

Suggested Money Changers: Sino Money Changer, Yakadir Enterprises, Everpeace Money Changer, and Parkway Money Changer

Address: Parkway Parade 80 Marine Parade Road, Singapore 449269

3. THE ARCADE AT RAFFLES PLACE

A busy business center in Singapore, Raffles Place has proven to be a good place for changing your currencies. Offering good rates for USD, GBP, EUR, JPY, THB, MYR, and TWD all year round.

Suggested Money Changers: Arcade Plaza Traders Pte Ltd, Sheen International Exchange, People’s Corner Money Changer, and Arcade Money Changers

Address: The Arcade, 11 Collyer Quay, Singapore 049317

4. PEOPLE’S PARK COMPLEX CHINATOWN

An old building located at the heart of Chinatown, People’s Park Complex, is one the most famous places to exchange your money. The money changers here are numerous that you can compare rates by hopping from shop to shop. Nonetheless they offer good rates for CNY, PHP, THB, HKD, and MYR.

Suggested Money Changers: Today’s Money Exchange, Crante Money Changer, AK Money Changer & Department Store, and Emerald Money Changer

Address: People’s Park Complex 1 Park Road, Singapore 059108

5. LUCKY PLAZA

For tourists that are around the Orchard area, money changers at Lucky Plaza is your most convenient choice. With shopping centers around the area, it is a good place to exchange rates for PHP, MYR, and THB.

Suggested Money Changers: Rahiman Trading, Rabi Trading, Fajar Money Changer, and True Blue Money Changer

Address: Lucky Plaza 304 Orchard Road, Singapore 238863

Image Credits: epSos .de via Flickr

Image Credits: epSos .de via Flickr

Remember to compare the rates in different money changers in the building to get the best rates! Some money changers offer updates via their website so, be aware of that.

(* Now that you’ve get the best of your exchange rate, use our hotels search engine to search for the best price guaranteed hotels: http://hotels.moneydigest.sg)

 

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Mind-Blowing Facts About Debt

FACT #1: SINGAPORE’S DEBT-TO-GDP RATIO RANKS THIRD IN THE WORLD

With a Debt-to-GDP ratio of 382%, Singapore ranks third in the world according to a 2015 report published by McKinsey Global Institute. The global report found out that Japan lead with 400% followed by Ireland and Singapore.

This significant percentage includes the total debt of the government, households, and non-financial corporations. It comes no surprise that a large part of the country’s debt hails from the corporate sector.

FACT #2: OVER 9 MILLION CREDIT CARDS WERE ISSUED

The credit card is one of the most powerful tools of our nation’s consumers. Would you believe that the summation of the country’s credit card debt is worth over S$5 billion. All these are in the form of balances rolled over to the next statements. Shocking and scary at the same time, is it not?

Furthermore, over 9 million credit cards were issued in the past decades as of November 2015. I can only imagine how this number will grow after a year!

FACT #3: OVERWHELMING DEBT IS ASSOCIATED WITH MENTAL HEALTH ILLNESSES

A review of 65 studies published in the Clinical Psychology Review showed that there is potent association between mental health illnesses and debt. In fact, your likelihood of having a mental health problem is about 3 times higher if you have debt. This is because debt is a common stressor.

It can lead to the feelings of helplessness, hopelessness, and low self-esteem. According to Dr. Nadine Kaslow of Emory University School of Medicine, these three are risk factors for depression.

FACT #4: HOUSEHOLD DEBT IS SOARING IN THE RECENT YEARS

Singapore is a crucial financial hub across the globe. At 77% in 2013, its household debt relative to the GDP is among the highest rates in the Asian countries. It evidently rose from 2007’s rate of approximately 64%.

The rapid growth in the recent years were in accordance with the booming property market.

FACT #5: DEBT CAN CONTRIBUTE TO DIVORCE

As mentioned a while ago, debt is a common stressor. It can negatively influence relationships and marriages due to its alarming nature. Psychology Today found that couples who argue about money periodically were less likely to divorce over time than those who argue about money on a weekly basis.

FACT #6: YOU MUST OWE AT LEAST S$10,000 TO BE BANKRUPT

An individual becomes bankrupt if he or she owes at least S$10,000 and has no means to pay for it.  It starts with the filing for bankruptcy by the creditor or the debtor. A deposit of S$1,600 to the Official Assignee (OA) is required. The OA is the authority that is responsible for selling as many of your assets as possible to repay your creditors.

Image Credits: pixabay.com

Image Credits: pixabay.com

The effect of bankruptcy does not only take a toll on your finances but also on other aspects of your life.

Sources: 1, 2, 3, 4  & 5

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