In a study by State Kansas University, researchers found a direct link between employee psychological well being on the job and their ability to work better, as well as stay in the organisation longer (The Science Daily, Feb. 4, 2009). It follows then that motivating employees so that they remain happy on the job will be a win-win situation for both worker and company. Regardless of whether you are a boss or worker, you too can play your part in motivating your colleagues and subordinates to stay happy at work. Nanzinc.Com shows you how you can work some motivation magic.

By: Audra Lim

Discover What Motivates

The no-brainer answer to that is money. It is, after all, a major factor in why people work and try to get ahead in the rat race. However, the utility of satisfaction that money brings is short-lived. Recognition, respect, the ability to speak and be heard, a flexible work arrangement, among other things, go a long way in making an employee feel like he belongs to the organization, and thereby boost his desire to want to do well in his job. Speak to your subordinates to get to know them better, so you can uncover what drives them inside.

Keep Energy Levels Up

Energy is contagious. It is particularly useful when the opinion leaders in a department are in high spirits, and are able to send a wave of good karma around the department. Conversely, when a department is rife with politicking, back-stabbing, negative comments and management who do not walk their talk and end up dragging everyone down with them, it is no wonder that employees will drag their feet to work. So find ways to keep energy levels high, be it through staff welfare schemes, regular communication sessions where people get to talk – and see results from what they have said, and fun breaks.

Ditch The Micro-Manager

No one likes being micro-managed, and it certainly does not bode well in terms of motivating employees. Who enjoys having someone breathe down their neck and dictate how something should be done to the T? Give staff room to get the job done, provide the necessary nets of support, and trust that they will manage it well. Even if there are mistakes made, accept that it is part of the learning process, and given that the support nets are already sufficiently robust, those mistakes should not have dire consequences.

The word ‘holiday’ conjures up serene images of rest and relaxation, far, far away from the piles of paperwork and e-mails. But today’s technology has resulted in 24/7 office accessibility, even when you’re on your dream island getaway. Nanzinc.Com shows you how you can put (most of your work) behind you while on that much-needed break, and get that much-deserved recharging that you deserve!

By: Sharlene Tan

Give advance notice
Let your superiors, colleagues, subordinates and clients know weeks in advance about your travel plans so that they can plan around your absence. Don’t forget to schedule the out-of-office automated emails and voicemail messages before you leave too!

Provide contingency plans

If someone has to fill in for you, train them adequately and leave detailed instructions about your work responsibilities. You could also provide your contact details to one colleague and permission to contact you in case of emergency. However, do stress that it’s for emergencies only!
But I’m the boss!
If you’re the boss, vacations are necessary too. First of all, you’ll be setting an example for your team by letting them know that work-life balance is important to you and your company, which makes for better employees. And vacations can give you a new perspective on your business. Don’t feel that everything will crumble just because you’re away for a few days – if you’ve set up good systems in place during your absence (as seen in the above two points), learn to let go and have yourself a good time!
Set e-mail limits
The best way to leave work behind when you’re on holiday is to not bring your laptop, but these days with wi-fi and 3G readily available, it seems impossible to stay offline. Many of us can hardly survive without our iPhones or Blackberries, relying on them for all kinds of useful travel information such as weather, GPS directions, information about where to eat and sight see, blogging and tweeting about the trip. So if your job requires that you keep in touch with the office or if you’re simply feeling guilty about missing work during vacation, set yourself specific time periods to check your work e-mails e.g. one hour in the early morning or at night – when it doesn’t interfere with your holiday activities!
A staycation doesn’t mean working at home
Even if you’re not travelling and choosing to rest at home, taking time off from work means just that. So the above suggestions apply to you too. It’s all about rest and relaxation, even if it’s a staycation!

7 women participated in the 7-week long Money Makeover workshop series, organized by Bernard Lim from Wealth College, which is based on the LiFE (Life in Financial Excellence) program. Now that this life-changing program is over, Bernard shares some closing thoughts with Nanzinc.Com.

By: Dorothea Chow

1. You mentioned at the start of this course that constant buy-in and discipline would be potential challenges for these 7 women to overcome. How do you think the ladies have fared in these areas?

I feel that all the women did well in terms of achieving the objectives that they set out with. I was personally very encouraged by the individual testimonies of how some of them experienced life change in some respect – not just in money matters, but even with regards to other personal issues!

2. Now that the program is over, what were the most significant breakthroughs that occurred with each of these 7 participants?

Christina – I could see that she went through the whole course with a great attitude. In fact, there was one occasion when it was practically impossible for her to have her work schedule changed because she was recently promoted. Yet, she made an effort to make it known to her employer of the evening class that was going on and was granted the time to come!

Edna – For her, I felt that it was a time that she could crystallize her thinking of what to do in the next phase of her life – to use whatever gifts, talents and abilities she had to become productive and effective in creating and managing wealth.

Joselina – She actually admitted that she achieved ‘every objective she came for’. Jos (as we called her) did not want to have a laissez faire approach to money, although she was financially ok. She wanted to understand how money relates to her life; how to understand money concepts, and how to protect it, invest and even give it. She was also able to manage her time and family life better!

Dee - I appreciated the fact that Dee was very candid and open in her sharing and the group appreciated her too. Her determination to work through her challenges, set goals and take action towards seeing changes in her habits and attitudes was admirable. I was particularly encouraged by her creativity and faith in believing for breakthroughs in her work life and financial life. Now, Dee has even become an encourager to those who are facing challenges in their own lives! In fact, I have encouraged Dee to start write a book about her life experiences – and I think she’ll get started soon!

Karen – It’s tough being a parent with heavy responsibilities at home and at work. Yet, Karen was diligent in imparting the lessons in class to her children! They got involved in the 5-5-5 Project (a system of tracking daily transactions) and benefited from that. I am happy to hear than Karen has taken this 7 weeks to construct a financial plan for herself and her family and to organise her time better so that she can be more productive.

Elaine – In terms of being diligent in ‘homework’, I must give the ‘prize’ to Elaine. When we got on the 5-5-5 Project, Elaine swung right into it – getting her family and even domestic helper at home involved in the project! She shared that, for the first time, she knew exactly what was happening to her finances and where it was all going – right down to the minor details. I appreciate Elaine’s determination to move on to work towards her goals in the future.

Esther – She’s the ‘livewire’ of the group! While she always displayed a strong and carefree demeanor, Esther was quietly steeling herself to make definite changes to her money habits. I was personally very encouraged when she shared that she had recently walked away from a lifestyle choice with the money that she had and instead invested that sum into something that is likely to give her a real return! Tough decision, but what a turn around as a result of progressive changes she made during the course!

3. What advice would you give to those who want to sustain good financial management long-term after attending such a course? What are some potential pitfalls to watch out for?

I think the key to long-term sustainable success in financial management is accountability and continuing education. Like physical fitness that requires discipline, accountability and a solid sustainable plan, financial fitness does require these same components.

Common pitfalls are:

- The loss of motivation when there is no one to be accountable to

- Complacency once an objective is achieved

- Giving up when goals set are unrealistic or when setbacks occur

4. What do you find most rewarding about your job?

To see life changes in the people I interact with. It is my heart’s desire to see the eventual outcomes (although it will be difficult to measure) of having more individuals, families and business become financially well as a result of practical application of financial counseling, education & planning!

About Money Makeover and LiFE
The Money Makeover Program was designed by Mr Bernard Lim, the founder of Wealth College, and is based on the Living in Financial Excellence (LiFE) Program.

LiFE (Living in Financial Excellence) has been internationally recognized by the Personal Finance Employee Education Foundation in the US. Wealth College has been ranked among the list of ‘International Best Provider’ for financial education in the workplace by the Personal Finance Employee Education Foundation US for the quality of LiFE program. To date, about 1000 participants from different countries have experienced the LiFE program and have given rave reviews. For more information, email enquiry@wealthcollege.com.sg

Having been in debt before, Christina Chua is determined to get things right this time by being cautious and doing her homework before making financial decisions. That includes not taking experts’ advice at face value, but checking out options and making sure her decisions suit her financial needs and goals.

By Lianne Ong

When you’re not knowledgeable about the ins and outs of financial investments, the easy way is to get an expert and follow the advice given.  However, that’s not always taking ownership of your financial decisions when you follow blindly.  We catch up with Christina in another interview after completing the Money Makeover program with Bernard Lim of the Wealth College.

Share with us any other important tips you’ve found useful in the Money Makeover program.

One tip I found useful in the second half of the Money Makeover course is not to rely on information given by the media, from insurance agents, stockbrokers, and other ‘experts’. For one to make the right and best decision, one has to be diligent with research and find out whether the sources are relevant and trustworthy.

Investing for the future such as buying insurance requires foresight and discipline. In the past, did you consider this, or was this something you considered but were unable to do because of your debt? What about now?
I have always believed in investing some money in insurance. The only difference now is that I will research on my own besides following the agent’s recommendation. This is because the agent may not fully know my financial situation, or understand my goals and needs for my future. Agents may suggest the common and most popular plans and sometimes they fail to listen to the needs and wants of their clients.

Even when I was in debt, I committed myself to invest a minimum amount in term insurance. This is to have high coverage in the event of death and total disability, so that that the payout would cover all my debts and leave some money for my family.

What are your personal strategies to achieve financial independence?

My personal strategies to achieve financial independence are:

• To start a saving habit, putting aside at least 20% of my income
• To learn to reduce expenses, make a realistic budget and stick to it. Learn to shop only during sales and always ask myself if it is a “Need” or “Luxury” before buying.
• To explore and study some investment options such as property, stocks, currencies, gold, commodities, shares etc. Hopefully this will help to increase revenue through good dividends over time.
• Learn to increase active income furthering my education, seizing opportunities that may affect my promotion as well as explore some passive income opportunities such as writing a book or investing in property to get rental.

You mentioned before that setting up a business was something you’d like to do in future. What type of business would you like to set up? Aren’t you concerned about the risks involved?

I’d like to set up a retail business someday, although I’ve heard many say that retail is not easy due to high overhead costs like shop rental as well as employees’ salaries. I am concerned about the risks of running a retail store so I’m not jumping in until I get some good advice and start doing some market research.

Who is the “new Christina” when it comes to money? Describe yourself in one sentence.

The “new Christina” asks whether it’s a “Need” or “Luxury” before spending the money.

About Money Makeover and LiFE
The Money Makeover Program was designed by Mr Bernard Lim, the founder of Wealth College, and is based on the Living in Financial Excellence (LiFE) Program.

LiFE (Living in Financial Excellence) has been internationally recognized by the Personal Finance Employee Education Foundation in the US. Wealth College has been ranked among the list of ‘International Best Provider’ for financial education in the workplace by the Personal Finance Employee Education Foundation US for the quality of LiFE program. To date, about 1000 participants from different countries have experienced the LiFE program and have given rave reviews. For more information, email enquiry@wealthcollege.com.sg

Ms Elaine Goi, 41, works in Real Estate, as Division Director in ERA Realty Network Pte Ltd. This busy mother of two primary-school age children participated in the Money Makeover 7-week workshop series organized by Mr Bernard Lim from Wealth College, and based on the LiFE (Life in Financial Excellence) program. In this second interview with her, she shares with Nanzinc.Com the progress she has made thanks to the course.

By: Dorothea Chow

Now that the course has ended, what progress have you seen in yourself as a result of your time here?

I find myself making more effort to note down what I spend, and am looking into how to out-source some of my work. I’m also in the process of learning the tools of Internet marketing.

I’ve learned a lot in how to be financially savvy. For example, instead of keeping my money inside the bank, I will invest in shares or gold, or even property. Instead of not knowing what insurance policies I am buying, I will make an effort to run through the policies and ensure I have enough insurance coverage for myself and my family.

What did you think of the entire course?

The course is very useful. Normally, we are always too busy, and do not spend the time to plan. After this course, I am looking into my financial, investment, retirement and estate planning seriously.

If there is anything I would like to improve about the course, it would be to have more information on the different types of investments, such as shares, stocks, forex and the gold market.

What has been the biggest take-home lesson for you from the course?

Knowing how to invest my money, instead of just keeping it in the bank account.

Do you think this course is important for women to attend?

Yes, especially for women who do not know how to control their spending wisely, and for those who are in debt and do not know how to get out of debt (by knowing how to reduce the debt and save on huge interest amounts). This course teaches you how to spend wisely, how to minimize the chance of getting into debt, and how to maximize your savings and investments. All we need is PLANNING, as what we have learnt: “If we fail to Plan, we plan to Fail”.

About Money Makeover and LiFE
The Money Makeover Program was designed by Mr Bernard Lim, the founder of Wealth College, and is based on the Living in Financial Excellence (LiFE) Program.

LiFE (Living in Financial Excellence) has been internationally recognized by the Personal Finance Employee Education Foundation in the US. Wealth College has been ranked among the list of ‘International Best Provider’ for financial education in the workplace by the Personal Finance Employee Education Foundation US for the quality of LiFE program. To date, about 1000 participants from different countries have experienced the LiFE program and have given rave reviews. For more information, email enquiry@wealthcollege.com.sg

It is all in the details. After completing the Money Makeover programme, Esther Lai gained a crystal clear insight into how knowing the details can keep her in the financial pink of health – including keeping track of her cash flow. She shares more with Nanzinc.com.

By: Audra Lim

It has been seven intense weeks of going on your personal financial journey. Now that the programme is over, what is one new financial goal you are going to aim for?

My immediate financial goal is to achieve more liquid cash flow, with an immediate target of $10,000. It is very worrying to realize that we are not liquid at all.

List three new things you intend to do differently from now on, in terms of managing your finances.

Three things I would do differently in terms of managing my personal finances are:
- To track and record my expenses (my biggest weakness!)
- To do up a monthly budget, in terms of spending, savings etc.
- To analyse my actual spending versus budget, and do a self-review and devise a solution for any issues.

What are your thoughts about the Money Makeover (MM) programme? What is your key insight?

I feel that this Money Makeover is a very simple programme for women with little or no knowledge of money management to have a better understanding of it. In fact, simplicity is key to achieving bigger things. I feel that a lot of times, I neglected the nitty-gritty details; it can be quite a horror to realise how much those can wreck our cash flow and other aspects of our finances.

Women are usually not as financially-smart. How do you think the course will benefit women?

This course by Bernard will give ladies, especially those who are not financially-savvy, a quick head start to their financial management. A good number of my female friends have zero or little knowledge about retirement planning or children education planning etc. This is a huge concern that even in such an affluent society, women are still rather dependent on their spouse or the government to plan for them financially.

About Money Makeover and LiFE
The Money Makeover Program was designed by Mr Bernard Lim, the founder of Wealth College, and is based on the Living in Financial Excellence (LiFE) Program.

LiFE (Living in Financial Excellence) has been internationally recognized by the Personal Finance Employee Education Foundation in the US. Wealth College has been ranked among the list of ‘International Best Provider’ for financial education in the workplace by the Personal Finance Employee Education Foundation US for the quality of LiFE program. To date, about 1000 participants from different countries have experienced the LiFE program and have given rave reviews. For more information, email enquiry@wealthcollege.com.sg

Credit card debt is one of the most common kinds of debt, and one that can quickly get out of hand.  Find out how Daryl Dee Teo, a marketing manager in the F&B industry, is slowly finding her way out of it through the Money Makeover program.

By: Lianne Ong

Credit card debt led Daryl Dee Teo, 35, to lead a double life for a while – successful at work, but struggling with a mountain of debt. Not knowing who to turn to, and a desire to hide the problem only made things worse.

In this second interview, she shares with Nanzinc.Com on what it was like at the worst of her debt and how she is still struggling to get herself out of it. The main difference? She is now equipped and empowered to tackle her debt and is slowing finding ways to cut expenses, invest for the future and daring to dream.

You shared about your credit card debt experience previously. How did it grow into an uncontrollable state?

I was in debt for the past 5 years, slowly paying off credit card debts, which I got into because I was ignorant about interest and how quickly it would compound. Also, being in debt was such a shameful thing; I did not know who to turn to or how to get out of the mess. I took on more credit cards just to cover the debt until it became an ugly monster that I couldn’t bury anymore. After these sessions with Bernard, I’m more than determined to share my story so that no woman would have to go through what I went through.

In desperation, I went to a financial institution that claimed to be able to assist people like me. The office that I went to was in Paya Lebar. It was a respectable office – big, with different rooms. The staff claimed to be able to lend us “fast cash” and assist us by speaking to the banks to lower our debts. I paid a fee of $300 as a administrative / consultation fee on the spot as I was desperate to get out of that situation and thought that I was very lucky to be able to get “assistance” that quickly with the aid of the financial institution. The senior officer was very helpful and well-mannered; he even gave me his mobile phone number.

Two weeks later, I suspected something was not quite right when I called to check on the status. Nobody answered the phone. I panicked when they were still uncontactable from the whole day and finally decided to go to their office, To my horror, the office was completely EMPTY! I rang the senior officer and he told me the company folded and encouraged me to make a police report. He said he was sorry and there was nothing he could do. I was a successful project manager at that time, and I never thought I would be victim of a scam. My last $300 in savings had just disappeared with the company.

Investing for the future such as buying insurance requires foresight and discipline. In the past, did you consider this, or was this something you considered but were unable to do because of your debt? What about now?

This makeover is the real thing, as it has opened my eyes to finance matters that I’d never considered. I knew the concepts briefly in the past, but it was very much touch-and-go, and I was unable to seek professional help.

In these Money Makeover sessions, I was able to ask questions in a safe, comfortable environment. I learned about diversifying investments, and growing my active and passive income, as well as working on expanding my current job scope and skills.

Being in debt gets me really down, I’m not sure when I’ll see the light at the end of the tunnel. It has been a big blow on my confidence level as well. But I can dream big now and even thinking of starting a business of my own, something I’ve never ever dared to dream of. I can even take up a course that I’ve been thinking of doing for the longest time, but did not have the capacity to do it when I was in debt. This will help me to increase my skills and market value in my current work industry.

What are your personal strategies to achieve financial independence?

Getting out of debt, investing my money wisely and also planning my budgets for everything.

Can you share some of your own ways of cutting down expenses?

Being innovative and creative is one way I cut down on expenses. Here are some of my ideas:

•            Give old clothes a new lease of life by sending them for alterations to give it a new look. Restyle them with accessories.

•            Cut your own fringe.

•            Colour your hair at home by buying hair dyes from the pharmacy. Choose a colour that is easy to do on the whole head.

•            Give yourself a manicure and pedicure at home, and go to professionals only as a treat.

You’ve had the misfortune of being a scam victim before. What questions would you ask yourself now before making investments?

Do your homework and research before committing!
Who is the “new Dee” when it comes to money? Describe yourself in one sentence.

I’m no longer clueless. I’m much more savvy when it comes to the money matters.

About Money Makeover and LiFE
The Money Makeover Program was designed by Mr Bernard Lim, the founder of Wealth College, and is based on the Living in Financial Excellence (LiFE) Program.

LiFE (Living in Financial Excellence) has been internationally recognized by the Personal Finance Employee Education Foundation in the US. Wealth College has been ranked among the list of ‘International Best Provider’ for financial education in the workplace by the Personal Finance Employee Education Foundation US for the quality of LiFE program. To date, about 1000 participants from different countries have experienced the LiFE program and have given rave reviews. For more information, email enquiry@wealthcollege.com.sg

In her quest to learn how to balance all the responsibilities in her life, financial and property agent Karen Goi received a clear insight into the importance of setting priorities. She shares with Nanzinc.com on how meeting needs instead of wants first will deliver results.

By: Audra Lim

It has been 7 intense weeks of going on your personal financial journey. Now that the programme is over, what is one new financial goal you are going to aim for?

I want to learn more about Internet marketing so that it can help me increase my sales and also reduce my marketing expenses. I am hoping to close deals to bring in at least another S$50,000 in commission before December 2010.

List 3 new things you intend to do differently from now on, in terms of managing your finances.

1. Cut down on unnecessary shopping. Although I do not spend on luxury items and mostly buy only what I need, there are also times when I have bought things that I do not need, which is a waste of money.

2. Change my working habits. I must do what I need to do first, before what I want to do, hence I will use the daytime for more ‘profitable’ activities and the nighttime for less profitable activities.

3. Learn Internet marketing to help me in my work.

What are your thoughts about the Money Makeover program? What is your key insight?

I feel the programme is good for people who want to change their lives especially in the areas of financial planning and estate planning. The best thing I learnt was Project 555, where we used a small ‘555’ notebook to record our expenses. It was very tedious and even stressful to keep track of every single expense, but it really helped me see how I spend my money.

I also paid more attention to family and estate planning. The programme helped us see different ways of planning, and learn about different types of investments we can consider.

Women are usually not as financially-smart. How do you think the course will benefit women?

I think women are financially smart, but because we are too busy and tied down with our work and children, we end up not having enough time to plan.

For women who attend this program, they will learn about the importance of prioritizing our financial goals and learning how to invest based on our risk tolerance, rate of returns, to bear in mind inflation, and even to protect our assets and plan for our families through writing a will.

About Money Makeover and LiFE
The Money Makeover Program was designed by Mr Bernard Lim, the founder of Wealth College, and is based on the Living in Financial Excellence (LiFE) Program.

LiFE (Living in Financial Excellence) has been internationally recognized by the Personal Finance Employee Education Foundation in the US. Wealth College has been ranked among the list of ‘International Best Provider’ for financial education in the workplace by the Personal Finance Employee Education Foundation US for the quality of LiFE program. To date, about 1000 participants from different countries have experienced the LiFE program and have given rave reviews. For more information, email enquiry@wealthcollege.com.sg

In this second interview with Joselina Chia, 44, a senior sales manager and mother of thee, she shares with Nanzinc.Com the progress she has made thanks to the course.

By: Dorothea Chow

What progress have you seen in yourself as a result of this course?

The major progress is in my attitude towards money and managing my children. This in turn has impacted the financial aspects of my life. With a clearer understanding towards financial issues, I no longer feel like I am in a mist of clouds. I can work the numbers out clearly and work towards a planned goal for our investment and retirement. My husband also appreciates the course, because I’ve been sharing with him what I learn every week on financial matters.

There are some important worksheets that we filled in as an exercise for the course. They helped us to take stock of our current financial situation. These worksheets form the basis for us to understand our stand in our finances, and hence to be able to better plan for our investments. My husband and I were already planning for areas for investment after my lessons. There are also some other areas where we need to do our due diligence carefully, as advised by our trainer.

2. What did you think of the entire course?

Excellent. We gained a lot of knowledge on options for our investments and how to avoid scams along the way. It was eye-opening and refreshing!

In a small group setting, we were able to help each other through the sharing of our personal experiences. It is especially easier to build the rapport among a group of women only. We are all at different stages of our lives and we appreciate each other’s sharing. I do wish the course was longer, as I will really miss the trainer’s teaching and my classmates.

4. What has been the biggest take-home lesson for you from the course?

Building the right attitude towards money and the right heart attitude with understanding how to manage our family. Now, we are much more confident to plan financially for our family, and able to work more purposefully towards financial returns.

5. Do you think this course is important for women to attend?

I think this course is important for both men and women. It’s true that most women may hold an incomplete view towards money and tend to depend on men in this big picture planning. Men, however, are quietly searching for answers in their various ways too. It is important that both men and women hold the right views and attitudes towards money, to plan effectively for their individual life or family life.

In fact, this course drew my husband and myself closer, as I am now able to plan our finances together with him, and not have to leave him to figure things out himself.

About Money Makeover and LiFE
The Money Makeover Program was designed by Mr Bernard Lim, the founder of Wealth College, and is based on the Living in Financial Excellence (LiFE) Program.

LiFE (Living in Financial Excellence) has been internationally recognized by the Personal Finance Employee Education Foundation in the US. Wealth College has been ranked among the list of ‘International Best Provider’ for financial education in the workplace by the Personal Finance Employee Education Foundation US for the quality of LiFE program. To date, about 1000 participants from different countries have experienced the LiFE program and have given rave reviews. For more information, email enquiry@wealthcollege.com.sg