How To Efficiently Evaluate Your Boss

It is not uncommon for a boss to continually evaluate your output and etiquette. While this happens, you are also evaluating him or her. Your mind automatically makes assumptions and perceptions about a person, even if you do not realize it.

To aid in the smooth stream of operations between the employees and the employers, transparency is needed. Evaluate your boss efficiently by following these tips.

COMMUNICATION SKILLS

Keeping the lines open between the employer and the employee can help address and prevent issues. Observe how your boss communicates with you. Does he motivate you when you perform or does he constantly criticize your work? He must be able to filter personal issues and constructive criticisms.

Feedback is essential in brewing a good relationship. Furthermore, the boss must be able to deal with the mistakes in a calmly and efficient manner.

MANAGEMENT SKILLS

When I was given a leadership position, I thought that micromanaging my staff will help lift their loads. To cut it short, I was wrong. A good boss does not dictate every step of the way. He trusts the capabilities of his employees and does not take credit for the work that they have done. However, he is willing to share the responsibility when things go wrong.

Management skills are showcased through your boss’ ability to discipline unpleasant behavior and through giving proper guidance to those who need it. Your boss must understand the requirements of each job title and maintain order in the workplace.

INTERPERSONAL SKILLS

Interpersonal skills refers to your boss’ ability to interact with you as an employee. Does your boss care about you and the company’s expectations? Does he recognize your achievements and contributions to the team?

A good boss must be able to encourage you and your co-workers to meet the same goal. He must be able to clearly communicate the expectations, which are in line with the company.

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When evaluating your boss, ensure that you incorporate both positive feedback and constructive criticisms. Confidentiality is highly encourage to enable you to have honest reviews.

Lastly, put yourself in his shoes! Consider how you want your boss to conduct performance reviews and give the same courtesy to your boss.

Sources: 1 &2

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You will need a trading plan to trade properly

For most rookie traders, it is more important to make profits from the trades. Unfortunately, they do not care for a proper trading plan. They do not understand the importance of executing a trade properly. There are a lot of necessary aspects of proper trading approaches. Just to name a few, you will need proper risk management, market analysis, entry and exit points for the trades. Without a proper plan made with all of the setups and instruments, the traders cannot execute a proper trade. Few individuals may not favor the time it will take to improvise a proper trading plan. Other than trying to improvise the trading plan, it is not possible to cope up with the market conditions. Therefore, you can barely manage any decent profits from the trades.

To improve your senses on the trading plans, we are bringing this article. There will be discussions made based on improvising your trading edge and mindset. The following will contain some segments to let you know about a proper trading plan. You will just need to practice and improvise with demo trading system.

Use every trade setups properly

A solid trade will be executed when the traders have proper trade setups. With risk management policy, you will set the lots and leverage. When the ordering process is done, it will refer the stop-loss and take-profit. To use those setups properly, the traders also need to do a proper market analysis. The supports and resistances are important for the stop-loss and take-profit. To use proper supports and resistances zones, it is necessary to improvise your technical market analysis. To a novice mind, it may be hard to analyze the historical data and create a proper market analysis plan. For those novice traders, there is no other way for the traders to improve their skill with practice.

From time to time, you will improve your edge with proper trade setups. You will just need the interest in the credentials of a winning trade. And always make sure to learn the details of Forex trading Singapore before you consider trading as your fulltime profession.

Improve the market analysis

In the last segment, we mentioned the technical market analysis. The real market analysis does not end only with technical analysis. There is fundamental analysis too. It is needed to understand the possible market condition. The traders will get an idea of possible price movement. Using the news on price driving catalysts, the traders need to assess the situations of the markets. The concept of price correlation is also prominent for those traders who trade with multiple currency pairs. Based on the fundamental analysis, the traders need to use technical skills. To be clear the fundamental analysis is skeptical and the technical analysis is there to testify the possible price change. If you can combine them optimally, the trades will get a proper position sizing.

From there, the executions of the trades will bring a decent profit very easily. Even with a sudden change in the price shift, the trades will not lose too much money. The stop-loss and take-profit will be there to help to close the trades properly.

Test your plans out before executing

Every trade setups and skills needed to be tested with a demo trading account. As there is no hard cash needed to execute demo trades, you can lose uncountable trades. The traders need to use this feature to improve their trading plans. If there is a plan being made, it has to be implemented with a demo trade. Even your market analysis skills need to be tested with the demo trade executions. That way, the live trades will be solid with proper plans. Also, the traders will improvise their trading edge without losing their own money.

Simple plans like using a demo trading account can help the traders to cross the survival stage. It will not take the traders long to manage consistent profits from the trades. If you start from a simple trade setup and grow your plans, it will be very efficient for your business.

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Is It Worth Getting A Variable Universal Life Insurance (VUL)?

As I was searching for a life insurance to protect myself and my family, I came across a type of product through the help of my financial advisor. She recommended getting the Variable Universal Life (VUL) insurance policy. I was drawn by the unique fusion of life insurance and investment.

For those of you who are unfamiliar with VUL, it is a type of life insurance policy with a built-in savings component (cash value). The cash value can be invested into different accounts consisting of mutual funds, bonds, or stocks. Associated with the savings component is a maximum cap and a minimum floor on the investment return.

What’s more? The premium you need to shell out is flexible. Flexibility is one of the advantages of having a VUL. Let us start with that.

FLEXIBLE PREMIUMS

Last week, I invited three experts to host a Financial Literacy Talk in our workplace. These experts discussed about the current economical state of the country as well as the investment and insurance options available in the market. One of the products that they highlighted was the VUL.

We all have different needs and different capabilities. However, that must not stop us to get an insurance. Fortunately, VUL’s premium can go up and down for several reasons. These reasons depend on your lifestyle and needs. For instance, you may consider to raise the death benefit as a breadwinner. Increasing your death benefit may require proof of “insurability”. Nonetheless, the performance of your cash value account may allow you to lower your premium.

BENEFICIAL DEATH

There is a considerable weight on the shoulders of the loved ones who have to go through loss. Money will never be able to replace someone’s presence, but it will help lessen the financial weight when going through a death of a family member. You need to avoid the double-whammy of losing someone and getting sucked into debt.

VUL offers both investment options, death benefits, and critical illness coverage. Study these elements before signing up.

VARIED INVESTMENTS

VUL has varied sub-accounts, which allow the investment of the cash value. Its function is similar to mutual fund with an array of stock and bond accounts along with a money market option. Some policies may restrict the number of transfers into and out of the funds.

Interestingly, VUL got its name from the varying results of investment in the ever-changing market. Keep in mind that exposure to market fluctuations can generate significant returns or substantial losses.

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Let us move on the out-payments. You must ensure that you are insurable before implementing a strategy involving VUL or other life insurance policies. Several factors will affect the availability and cost of your life insurance. These factors include age, health conditions, and amount of insurance purchased. You see, life insurance have other charges attached to it. For instance, if a policy is surrendered prematurely, some policyholders may have income tax implications. Any guarantees associated with the policy are dependent on the ability of the issuing insurance company to continue making claim payments in the long run. Choose wisely.

DISCLAIMER: Please note that this VUL product is most applicable to American and European insurance issuer. Thank you.

Sources: 1 & 2

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Delayed Retirement Age And Other Changes In Singapore Retirement

Despite the economic headwinds, the retirement age will begin to shoot up in 2022. Manpower Minister Josephine Teo highlighted they “did not arrive at this date lightly even though towards the later part of our deliberations, it was clear to us that the economic conditions have changed quite considerably.” All that is left for us to do is to adapt to the recent changes in the retirement age and CPF contributions.

INCREASED MOM RETIREMENT AGE

Foresee a gradual increase in Ministry of Manpower’s retirement age. Currently, the official retirement age is 62 years old. This number will increase to 63 years old in 2022 and to 65 years old in 2030. Do you think a higher retirement age is desirable?

Nonetheless, Prime Minister Lee Hsien Loong greatly emphasized that there is no change to the CPF payout ages and withdrawal. You may withdraw money from your CPF RA upon reaching 55 years old and start receiving CPF LIFE payouts from age 65. All these were discussed during the National Day Rally.

ALTERED EMPLOYMENT PROCESS

Possibly one of the most affected with the changes in the retirement and re-employment age is your employer. It is completely legitimate to work up to the MOM re-employment age. Your employer cannot deny you that.

At the moment, the re-employment age is 67. It will increase to 68 years old by 2022 and eventually become 70 years old by 2030. It is highly encourage that employers equip these employees with necessary training and skills to help them tackle the contemporary positions.

In light of the aging workforce, the Tripartite Workgroup on Older Workers made several other suggestions to restructure the work environment in Singapore.

RAISED CPF CONTRIBUTION RATES

Aside from the changes in retirement and re-employment age, the CPF contributions for workers beyond age 55 will be raised. This will be felt from January 1, 2021 onwards. The extra CPF contributions will go straight to your CPF Special Account.

When the CPF contributions for the 55-60 years old age group increases by 2021, the allocation for your CPF (SA) will jump from 3.5% to 5.5%. The rest will remain the same.

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May these guidelines and significant changes help you decide for a better future ahead!

Sources: 1 & 2

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Foolish Things People Do With Their Money

We have all made mistakes in the past, especially when it comes to money and relationships. While some are knowingly reckless, others are less obvious. That being said, here are some foolish things that people do with their own money.

Awareness is the key to change!

BEING OVERLY CONSERVATIVE WITH ONE’S INVESTMENTS

Whether you are terrified to max out your savings or to dive into uncharted territories, Millennials are not investing hugely in the stock market. Consider your risk tolerance while you are in your early 20s as this is the best time to bounce back after a decline. Compound interest entails that it is beneficial to stay in the market as early as you can. Simply put, a risky investment while you are young has time to correct itself.

Apply this ideal towards your retirement fund. Set a diversified portfolio directed to your retirement fund and ensure that the risk exposure is based on your age and timeline.

ABSORBING THE INTERNET SCHEMES

Let us face it! The Nigerian Prince you have waiting for may never come. Although Internet scams have become more sophisticated than ever, you must not give your sensitive bank information to anyone that pleads for it.

Some people carelessly give out their account passwords in the name of love. You have to think twice! You are merely opening yourself to identity theft by doing so. Mark suspicious emails as spam and leave them alone.

MAKING FINANCIAL DECISIONS ON YOUR OWN

A family is a unit and it is helpful to have an open communication with your partner. As financial decisions and career paths affect multiple people in the relationship, you must discuss these as a unit. Relocating, childcare, long working hours, or converting to entrepreneurship are examples of factors that involve the sole earner as well as other family members.

If you belong to a dual-income household, do not make the daft decision of managing your ambitions on your own. Ensure that you are on the same page when in comes to managing your household and your career goals to avoid conflicts.

DISMISSING YOUR CREDIT CARD REPORT

Despite being a free service, checking one’s credit card report is not something that people do religiously. It is important to check your report to help you catch suspicious activity, prevent identity theft, and report unauthorized purchases.

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In addition to keeping an eye on fraud, you can track your credit score progress.

Sources: 1 & 2

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