salary Archives | Page 7 of 9

Things To Do If You Feel Underpaid And Overworked

In 2014, a research showed that 61% of Singaporean employees felt that were underpaid and overworked compared to the existing market rates. To put that in perspective, that is about 6 out of 10 employees. As the increase of talents from all around the world rise, satisfaction of pay and loyalty to the company will be tested. Now, if you feel that you are underpaid and overworked then, here are the 3 things you shall consider doing…

1. ENHANCE YOUR WRITING SKILLS

Your potential can be assessed by how well you construct proposals, e-mails, and reports. Poor writing skills can cost more money or inadvertently offend others especially the valued clients. Proper grammar along with being direct is very important when responding to your superiors and to your clients. Brush up on your English skills by watching free tutorial videos on YouTube.

2. SPEAK UP MORE

Did you know that Narcissists (i.e., overly self-involved individuals) give out a better impression of themselves in the workplace because of their outspoken nature? They like to brag about their tasks and achievements hence, they are perceived by the bosses to be smarter and to have more initiative. But we all know that geniuses that are extremely quiet exist and are often overlooked (e.g., snob in promotions or pay raise).

To assert yourself more, try to join Public Speaking Workshops. In fact, there is an on going deal for a 3 Hour Public Speaking Workshop at GROUPON for only S$15. Grab it now, as it is valid until June 2015 only.

3. ASK FOR A RAISE

Living in Singapore with a deeply rooted Asian culture, it is usual for us to be silent and underrate our worth. Hence, it is not surprising how many people hardly negotiate pay at interview. During employment, they fail to negotiate a pay raise too. But, if you do not ask then you would not get it. You are more valuable than you think; otherwise, they would have fired you a long time ago. Realize that your bargaining strength is all in your head. You can do it! 🙂

For detailed ways to negotiate salary increase efficiently, read my other article here.

5 Financial Steps You Must Take After Getting Your First Job

So you got your first full-time job after graduating…what happens next? You may be lost and unfamiliar with the new responsibilities ahead. So, it is best to keep your finances in check. These steps will help:

1. ALLOCATE YOUR FINANCES BY BUDGETING

List down your expenses (i.e., fixed and variable), your income, and debts. Be aware of your cash flow for at least 2 weeks to help you set up a budget. Do not panic if you still have to pay your student loan because a budget will help you plan your income allocation.

2. REDUCE YOUR STUDENT LOAN

Do not wait until the lender notices you have graduated, start now. The earlier you start making payments, the more you will save. Furthermore, if you have a private loan that you took out when your credit score was lower, there is a potential to borrow again at lower rate.

3. THINK ABOUT YOUR FINANCIAL GOALS

You may be living from paycheck to paycheck at the first few months but how about 4 years from now? Think about your long-term financial goals and start planning your budget accordingly. You may consider buying a house, traveling, or having kids, so start setting aside some money every month towards your goals. This will lessen the load and the stress.

4. CONSIDER BUYING THE INSURANCE YOU NEED

Insurance maybe in the back of your mind because you are young, healthy, and you got your life ahead of you. But, it will be the best thing you have ever invested on once accidents and unforeseen things happen. It is cheaper to buy insurance now while you are young because the risks are low. Many employers offer group life and group disability insurance, so it is more affordable and cheap enough to consider.

5. OPEN YOUR RETIREMENT ACCOUNT

I stressed this issue so much before and I will say it again. The best time to start your retirement savings is before you hit 35 years old. Wouldn’t you want to have a relaxing life with no financial worries once you retire?

Image Credits: 401(K) 2012 via Flickr

Then, set aside at least 5-10% of your income per month for retirement fund. Also, avoid debt as much as possible and get educated about your finances. Know how and why you should save for retirement before your mid-30s here.

Boost Your Savings With An Entry-Level Salary

Surviving expenses as a fresh graduate in your first “real-world” job without anyone to depend on can be tough at times. Living from paycheck to paycheck, you will need to find strategies to help you save more. Aside from budgeting, here are 6 ways to boost your savings on an entry-level salary…

1. PACK YOUR LUNCH

After going to grocery, prepare your meals for the week. Packing your own lunch will not only help you save but it is also healthier. This strategy has worked for me very well before and has reduced my meals to S$5-10 a day.

2. TAKE PUBLIC TRANSPORTATION

Being in a country with an efficient transportation system, I do not see the reason why there is a need to take a cab in short distances. Buy a Public Transportation card (EZ-Link card) that you can use for trains and buses to save more. If you still want to drive via car, then carpool with your coworkers who live nearby.

3. MAKE YOUR OWN COFFEE

Your daily sip on Starbucks could be costing you a lot. Brew your own coffee for free instead. You can either make your coffee in your house before you leave or in your office during lunch breaks.

4. ATTEND INEXPENSIVE FUN EVENTS

Save without compromising fun by going to free or inexpensive events. You can search for free museum days, charity concerts, and outdoor films. There are some community events and workshops that charge as little as S$2 so keep your eye on those.

5. NETWORK WHILE YOU PARTY

Socializing with other people can widen your resources and potential business partners. But, it does not mean that you should splurge on drinks. Indulge on drink deals as much as you can during happy hours to save more.

6. BUNK WITH ROOMMATES

Living alone with an entry-level salary is not ideal. So, find friends or co-workers who can split the rent finances with you.

Image Credits: Robert Judge via Flickr

You will not only have a load off but you will also enjoy an awesome company of people who can go with you while you attend free events, happy hours, and great sales.

Don’t think it is possible? Then read how a Singaporean saved $20,000 in a year: http://goo.gl/7cUIC1

How To Earn Extra Cash While Growing Your Business Empire

As an entrepreneur, you may be aware that you can get financially unstable at times due to the market’s condition and other factors. So, consider ways to get income on the side that will help alleviate some of the financial stress. Try these 5 ways…

1. CAR FOR RENT

Rent your personal vehicle to others in need. You may post an Ad for free at Gumtree or spread the word through self-printed flyers. Get acquainted with the user first to have a firm and trusting agreement regarding the car’s usage. This will allow you to focus on your business while your car is making money on its own.

2. RENT YOUR GUEST ROOM

If you are okay with sharing your house with other tenants then rent out the empty room/s. Once again, get to know the tenants first (i.e., personality or cleaning habits) and set some ground rules because you might be living with them for more than a month. In an event that you need to go overseas for business, then you may rent the whole house to them and charge them more.

3. TRY ONLINE OUTSOURCING

Some online websites allow users to outsource their skills on a freelance basis. If you can do website development, clerical jobs, writing an essay, video editing, or any other skill…try signing up for Odesk to get decent extra income. Salary payment in Odesk is painless because Credit Cards, PayPal accounts, and Bank Accounts are accepted.

4. INVEST IN REAL ESTATE

There are a lot of methods for making money in real estate that do not require your full-time effort so you can focus more on your growing business. You can consider purchasing properties and resell them for profit (flipping houses) or real estate wholesaling. If this area is unknown to you, find your friends or people in your area with the expertise that you do not have and partner with them.

5. CREATE A NETWORKING EVENT

Image Credits: Image Credits: Cydcor Offices via Flickr

Organize networking events to help young professionals interact with the environment. You not only help others to make valuable connections but you also make money by charging the participants for the food or the registration fee.

10 Rules of Success from 19th Century’s World Richest Man

Who would have thought that a Scottish American with barely a dollar to his name would soon be the richest man in the world?

Andrew Carnegie migrated to the United States with his low-income parents in 1848. He then started to work as a telegrapher. 10 years later, he had investments in railroads, bridges, railroad sleeping cars, and oil derricks. Then, his wealth increased further as he worked as a bond salesman.

He became the world’s richest man in 1901. Aside from having a high profile, he was also a philanthropist. This is the reason why he gave away about 90% of his fortune (US$350 million in 1919 = US$4.7 billion in 2015) US to charities by the time of his death.

Image Credits: wikipedia.org/wiki/Andrew_Carnegie

CARNEGIE ON WEALTH

Andrew believed in using his wealth to help the lives of others and enrich the society. In 1889, he wrote an article entitled: “The Gospel of Wealth” that preached his belief of good will. It stimulated the wave of philanthropy.

This is one of his memos:

“Man does not live by bread alone. I have known millionaires starving for lack of the nutriment, which alone can sustain all that is human in man, and I know workmen, and many so-called poor men, who revel in luxuries beyond the power of those millionaires to reach. It is the mind that makes the body rich.”

CARNEGIE ON SUCCESS

His philosophy go beyond wealth. At the height of his career, a young journalist named Napoleon Hill reached out to him to get insight about success. Andrew Carnegie instilled the “10 Rules of Success” to Hill and it has been the foundation of much of his work.

Here are the “10 Rules of Success” that you can use in your daily lives. These are laid out in Hill’s book entitled: “The Science of Success”:

1. Define your purpose.

2. Develop a “master-mind alliance” and expand your resources.

3. Take the extra mile.

4. Practice the “applied faith” and believe in yourself.

5. Have personal initiative.

6. Indulge your imagination and creativity.

7. Exert enthusiasm.

8. Think and judge accurately.

9. Focus your effort on the task.

10. Profit from adversity.

Sources: Business Insider, Wikipedia

Search the site