7 Ways to Make More Money from Your Job

“The law of work seems unfair, but nothing can change it; the more enjoyment you get out of your work, the more money you will make.” -Mark Twain

According to an article, Only rich know wage gains with no worker raise in U.S. inflation, Five years of economic expansion have done almost nothing to boost paychecks for typical American workers while the rich have gotten richer.

What can you, as a wage earner, do?

1.     Ask for a raise: It is the easiest thing to do but you have to do a lot of homework. First, you have to check career websites and find out the salary scale of your position; if you are getting less, you stand a good chance. If it is within the ranch or above you still can ask for a raise but proceed cautiously. Here are important questions to ask yourself: Are you performing and contributing to the company such as making increases in sales, cutting costs, or improving productivity? Are you doing more than what your job description required? Are you in the good book of the boss? The most important issue is to find out whether the company is making money or running at a loss.

2.     Take on more responsibilities: Is there an opportunity to move up the ladder. Getting promoted is one good way to earn more money. Are you prepared to move up? Have you got the essential skills for the job? Have you ever assumed the responsibilities for the post you aim for in one way or another like temporarily acting on your boss’s behalf during his absence?  

3.     Move on to a new environment: With your experience and the skills perhaps you are in a position to get a higher pay package in a new company. Working in a new place in the same industry after a few years is another excellent way to get more pay. 

4.     Invest in yourself and hone your skills: There is nothing better than to obtain additional paper qualifications, learn new skills, and add more value to yourself and the company you work for. Be more productive with your extra expertise. Ask for new assignments. Indirectly you are promoting yourself to be paid more.   

5.     Do more: Employers are always happy to take note of workers who are doing more than expected like helping up in another department or working overtime.

6.    Appearance: Though your image has nothing to do with what you can do at work, it plays a very important part when a boss decides to appoint someone to a higher position. When you dress smartly, display an image of confidence and you are always cheerful and happy you radiate an air of positivity.  It transmits a message to your boss that you can get the job done.  Are you projecting an image of success? Do it right and be the best candidate to get spotted and promoted.    

7.      Networking: Get connected with the right people at work so that you are on top of things and know in advance the latest development in the company. News about staff movement and new openings are important for you to decide and act before it is publicized.   

What else can you do to get more money from your job?

7 Objectives of Personal Finance

The goal of personal finance is financial freedom. There are 7 objectives to achieve this goal:

1.      Income: Your earning power is limited by what you can do with the ideas and skills you have. There are also other factors that contribute to the amount that you can earn. Among other things, luck plays an important role. Money may not bring you happiness but without money, you cannot survive. You can try to make more money but the point is that money is one of the scarce resources. This brings us to the next point.   

2.      Expenses: Your lifestyle is determined and limited by your financial resources. It does not matter how much you earn, if you don’t live within your means, you will incur debt and end up bankrupt.  The objective here is to spend less than what you can earn so that you can achieve your next objective.    

3.      Savings:  The objective of saving money serves many purposes. Having an emergency fund is on top of the list. You need an amount sufficient to meet unforeseen circumstances such as getting retrenched or meeting an exceptional expense like a major repair to your plumbing system. It is also prudent to save enough for a big-ticket item or an overseas trip.  Needless to say, you need to save for down payments to purchase your dream house and your dream car. One important objective of savings is to accumulate and build an investment fund.  

4.      Investment: The objective of investing is to grow your wealth to serve two important purposes. You need money for your children’s education and for your own retirement. The investment provides a source of passive income when you are no longer working to earn a living. It is all so well and good but life is full of unexpected events. That is the objective of the next topic.

5.      Insurance protection: Accidents do happen. You may suffer from one of the lifestyle decreases because your life is so stressful that your body cannot cope with it anymore. You need a life policy to compensate for your earning capability when you are disabled because of an accident or a critical illness. You also need insurance protection for your assets like your home and your car against unforeseen perils.

        

6.      Estate planning: When you are alive, you are there to manage your wealth, but you are not going to live forever. The objective of estate planning is to take care of your wealth when you are no longer around.  Drawing up a will is the sensible thing to do and a hassle-free way to distribute your wealth to your loved ones.   

7.      Constant monitoring: Life can present opportunities for you to earn more; you have to be prepared and ready for it. On the other hand, you have to control your spending and avoid overspending and getting into debt. You have to closely monitor your investment to meet the changing environment for the purpose of wealth preservation. You may also need to rewrite your will to reflect the current situation. Personal financial management is not a one-off thing; review your financial standing periodically. 

Conclusion

You can be financially independent when you achieve the seven objectives. 

MAS Plans to Strengthen Oversight of Credit Bureaus

Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) has published a consultation paper outlining proposals to strengthen oversight of credit bureaus so as to safeguard sensitive credit information and protect the interests of consumers.

The plan to subject credit bureaus to formal oversight under a new Credit Bureau Act comes as such entities collect more detailed borrower information from members such as banks, finance companies, and credit card companies.

MAS on Tuesday (Aug 12) said a key focus of these requirements will be for credit bureaus and their members to ensure data confidentiality, security, and integrity.

For example, members of licensed credit bureaus will be required to provide a consumer with a copy of his credit report at no cost within a specified period of approving or rejecting a credit application. MAS said this is to better enable consumers to access and verify the accuracy and completeness of their credit records.

MAS also said the proposed Credit Bureau Act will impose a legal obligation on licensed credit bureaus and their members to adopt clear and effective procedures to facilitate investigation and rectification of credit data when consumers dispute the accuracy of their credit data.

In addition, as part of good governance, a licensed credit bureau will be subject to annual audits by a MAS-approved auditor and will need to seek MAS' approval for changes to its substantial shareholders, the board of directors and chief executive officer.

The consultation paper on credit bureaus is available on the MAS website and comments should reach the central bank by Sep 12.

Currently, there are two credit bureaus in Singapore - Credit Bureau (Singapore) Pte Ltd and DP Credit Bureau Pte Ltd - that are recognised by MAS to collect and disclose credit data to members.

Credit Bureau Singapore (CBS) said in a statement on Tuesday that "the role of the credit bureau will also become increasingly important now that new measures on unsecured credit have been introduced." It adds that "on the consumers' end, the regulatory oversight will boost consumer confidence in their credit bureau".

10 Soul Searching Questions about your Personal Financial Position

How often do you review your financial standing? It is good to scrutinize your personal financial figures at least once a year. Ask yourself these relevant questions. If your answers are mostly affirmative, rejoice, and keep up the good work. If you are getting nowhere and you are unable to break your bad habits to improve your net worth, you can always start now.  It is not too late.  

1.       Paying yourself first: Are you putting aside an amount monthly from your income? The habit of paying yourself first will pay off handsomely in the long run because of compound interest. When you have accumulated a substantial amount you can invest and make more money.   

2.       Reducing your debts: Are you paying off your debts consistently to reduce the outstanding amount?  A smaller amount will attract fewer interest charges and faster for you to clear your debt. It is a wonderful feeling to be debt-free.

3.       Growth in your Investment: Do you see an improvement in your investment? Does it appreciate in value? Have you increased the size of your investment? In other words, is your wealth growing?  

4.       Net worth:  Is your net worth improving? It means your assets are growing and your liabilities such as your outstanding loans are shrinking.

5.       Earning power: Are you making more and taking home more money than before? The ability to get a pay rise or earn more is a positive sign of success.  

6.       Living within your means: Are you able to live within your means? Are you able to discipline yourself and avoid getting more material things? Avoiding spending unnecessarily is the way to stay out of debt and live within your budget.

7.       Giving: Are you donating and giving to charity? The amount is immaterial; it’s kindness and compassion that count.

8.       Insurance: Are you reviewing your policies regularly? Is the sum insured adequately? Doe the coverage meets your requirements? A life policy will be able to replace your earning power in case of an accident or critical illness. A house owner policy and a householder policy provide comprehensive coverage against unforeseen perils and compensate you for your losses.

9.       Kick your bad habits: Have you stopped smoking? Do you still have the urge to go for it one more time and bet for it? Are you able to moderate your drinking habit? Are you watching less TV and spending more time outdoors exercising? You will be able to save a tidy sum to replace your bad habits with good ones.

10.   Learn: When is the last time you read a book about personal finance? Be wise, read, and learn more to be knowledgeable about money matters.

"Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this." - Dave Ramsey

10 Productive Habits to Enjoy Financial Freedom

Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones. – Benjamin Franklin

Is your daily habit of managing your finance helping you to grow your wealth or depleting your financial resources? Here are ten ways to get away from debt, protect your nest egg, and be financially independent.   

1.      Savings: Did your parents teach you about savings while you were young? If you have consistently followed the habit of savings, the magical power of compound interest will make your savings to grow substantially over time. Following this habit persistently is vital because the source of your wealth is from your savings.    

2.      Think: Every time when you want to spend money, think, and ask yourself this question, “Is this a want or a need?” Be wise to resist spending unnecessarily.   

3.      Investment: It is not wise to keep your money in the bank; the inflation rate is much higher than the rate of interest that you can earn from your bank. You can keep your emergency fund in a bank but invest the extra cash for a higher rate of return. Do it regularly and take advantage of the average cost of investing.  (dollar-cost averaging – DCA)

4.      Budget: Do you have the habit of doing a budget and stick to it?  How about preparing your monthly cash flow forecast to see that you have sufficient funds to cover an exceptional expense item in a particular month? Read “Why you need to do a personal cash flow forecast” to find out more.

5.      Live within your means: The habit of not spending more than what you have requires self-discipline. It is the only way to stay out of debt and avoid bankruptcy.    

There is no dignity quite so impressive, and no independence quite so important, as living within your means. – Calvin Coolidge

6.      A simple life: In line with living within your means, a simple life is developing the habit of not getting more material things in life.  Live with what you need and not what you want. 

Wealth consists not in having great possessions, but in having few wants. - Epictetus

7.      Learn: Get into the habit of learning more about personal finance and the latest business news to see what is trending globally. Stay abreast of the latest development in those sectors that you hold investment.      

An investment in knowledge pays the best interest. – Benjamin Franklin 

8.      Insurance: It is important to review regularly your insurance policies to ensure adequacy in the sum insured and  the scope of coverage to meet your requirements  

9.      Health and fitness: The habit of following a balanced diet and doing daily exercise is to maintain optimum health. You will avoid incurring medical expenses.  

10.  Giving back: When you have a roof over your head and are not missing your three meals daily you are better off than many others who are destitute in this world. Be charitable and donate regularly to relieve the sufferings of those in need.

Do you have other good habits relating to personal finance? Please share your story. 

10 Things to Know About Personal Finance

The aim of personal financial management is about financial independence. To be able to enjoy financial freedom you will need to know the 10 topics and act wisely:

1.       Savings: Savings is a good habit to build a solid financial foundation from a young age. However, you can start at any time to save as long as you have a regular income; the most important thing is to avoid procrastination. Do you know how long it takes you to double your money? Use the magic number of 72 divides by the rate of return. If the interest rate is 6% your original $1000 will double in (72/6) 12 years. You do not save for the sake of savings. It is the starting point to build your wealth and be financially independent.

2.       Expenses: Spend time to record your daily expenses because you want to find out where your money goes.  You will be able to do a meaningful budget when you know your actual spending every month.

3.       Living within your means: You know how much you are getting each month and you also know your spending pattern by recording your expenditures, it is time to do a budget so that you will spend less than what you have earned and also set aside an amount each month for savings. The purpose of a budget is to avoid overspending and getting into debt. If you want to spend more you have to earn more.

4.       Good debt and bad debt: Distinguish between good debt and bad debt. A housing loan is a good debt because property appreciates in value over time. A car loan is not a good debt but it is a big-ticket item that you can’t buy with cash. The trick is to put down a bigger down payment so that you will settle the loan in a shorter period and incurring less interest. Credit card debt is definitely bad debt because you pay more for an item that you can buy in cash. An educational loan is a loan and it is a bad idea to be in debt before you can earn a living. Besides, you are not certain that you will get a job upon graduation. 

5.       The wise use of credit cards: Credit cards are wonderful tools to establish your creditworthiness. The right way to use is to settle any outstanding amount fully every month. You need a credit card to do online purchases and you pay less with a cash-back credit card. You can also redeem goods with points earned for all your card purchases. Most of all do not get into credit card debt.

6.       Emergency fund: One of the reasons to save is for a rainy day. You never know when you need an amount quickly and easily. An emergency fund is also needed just in case you are out of a job for a couple of months and you still can live normally without financial constraints. Keep some money in a savings account good for about 6 months.

7.       Investment: If you do not save, you will not be able to accumulate funds and build your wealth. You build your wealth for your children’s education and also for your retirement. The key is to diversify and invest in stocks, bonds, mutual funds, and real estate. The word to remember is long-term. Never believe in get-rich-quick schemes or other scams. 

8.       Insurance: You need insurance protection to cover personal disability, critical illnesses, property damages, and personal liability in case of lawsuits. Insurance coverage will lessen the impact of your financial losses.

9.    Financial learning: Adopt a learning attitude about finance. When you learn more, you know more and you can make wise financial decisions.

10.  Retirement: The tragedy of life is when you stop working there is no more money coming in for your retirement. To get peace of mind and care-free living, plan early for your retirement. Live your golden years independently.

If you are in debt now, the most important thing to do is to get out of debt as soon as possible to avoid incurring more and more interest. It can reach a point where the debt is beyond your control and you could be bankrupt.

Use this article as a checklist to determine how healthy your personal financial well-being is. 

Source: 10 Things to Know About Personal Finance

10 Benefits to Delay Your Retirement

If you are fit and healthy, it is wise to delay your retirement. Working longer is beneficial financially, physically, psychologically, and mentally especially when you enjoy doing what you do and are happy about it.   

1.      Live longer: We are now more health-conscious because we have access to vast information on aging and healthcare. It means we will live longer than before. However, living longer in a world of inflation with the burgeoning cost of medical expenses is very challenging. Will your retirement fund outlive your life or you outlive your retirement fund? Do not be surprised if your retirement years are just as long as your working life, if not longer. The only solution, if you are fit, healthy, and employable, is to work longer.       

2.      Get paid and do what you enjoy doing: If you enjoy doing what you do why not continue and work for a few more years? After all, you are paid to do your job.   

3.      Delay dipping into your retirement fund: When you get paid every month, you do not touch your retirement fund. Instead of getting depleted, it grows.

4.      Maintain your lifestyle: You do not need to adjust your way of life and trim your expenses because you do not have a regular source of income. You continue to live life as you used to be with a monthly paycheck.

5.      A self-esteem booster: When you look around people of your age they have nothing to do but to engage in idle chitchatting to pass the time at the coffee shop and yet you are gainfully employed. It’s reassuring to know that you are still productive.

6.      Delay brain aging: Working is the best for your brain to stay sharp, active, and healthy.  Bear in mind that you are able to keep your job because you still can contribute and perform.

7.      More time to grow your investment: Investment is not a get-rich-quick scheme. A good investment like blue chips takes time to appreciate in value. When you do not liquidate your investment to fund your retirement, you allow your wealth to increase in value. 

8.      More time to save even more: While you are employed, you and your employer continue to contribute to your retirement

scheme. It means you are able to save and earn more interest. 

9.      Stay current: It is an excellent way to keep up with everyday changes. According to an article, Learn, Unlearn And Relearn: How To Stay Current And Get Ahead,  Since change is the only constant you can truly rely upon, learning to navigate and adapt to it is not just important to your survival, it’s essential for you to thrive in the bigger game of life. Learning new things is fun, exciting, and life-enriching.

10.  Fulfilling life: When you are employed you continue to take part in social engagement and maintaining friendships. Getting connected is a big part of a meaningful life.

Conclusion

It is necessary to sustain healthy habits like daily jogging, mediation, and getting sufficient sleep every night to unwind, relax, and control stress. Drink plenty of water and eat healthily to nourish your system and provide energy to work hard and smart.