Why ‘Passion’ Is One Of The Most Overused And Overrated Terms Used Today

Passion is overrated.

“What? Okay Harv, now you’ve gone too far!!”

Let’s be clear, here. When it comes to the people we care about, or a cause, a mission, or…let’s just be honest here…sex and intimacy, then of course passion is good!

That’s not the kind of passion I’m talking about. What I mean is this whole idea that “If I’m not living my passion, then everything’s wrong!”

Let’s first of all take this heavy load off of the word “passion.” It used to be a good thing, now it’s frickin’ overrated! I can’t tell you how many people have a problem with their “passion,” as if it’s some holy grail to happiness and success.

All we really want to do is what we enjoy and makes us happy, yes or yes? But in everything we do…everything…there’s going to be some things that are really positive and some things that are not so positive.

Passion is something that people talk about because of its enthusiasm. The word enthusiasm comes from the Latin word theos, meaning spirit. So passion is really a connection to Spirit, and the word “alignment” in the context I’m using it in is aligning with your spirit.

So passion is not the be all and end all, but we do want to find out as best as possible what we are most in alignment with. We all have elements in life that we are more aligned with and others not so much.

The goal is to align as closely as possible with what resonates with your natural gifts and talents in an area you enjoy and helps other people in a way where they are willing to pay you.

Marsha Sinetar wrote a book called Do What You Love, the Money Will Follow. Half right, half wrong. Do what you love and the money will follow as long as you do your business intelligently, you market intelligently, and you handle people properly!

That’s not that hard, and it’s all learnable, but you want to be in an arena that aligns you with your nature, with who you really are. Those things usually come from what you were born with, and sometimes it just takes a while to find out what you’re naturally good at.

So not only is searching for that passion a mistake (it’s already in you; just calm down, be patient and let life unfold those answers for you), but the importance placed on the word tends to be overstated or simply misunderstood.

You don’t have to be “doing” your passion in order to be a passionate person and see that enthusiasm in every aspect of your life right now, if you chose that.

So, how do you uncover what best aligns with the interests you’re most passionate about?

I say start by going to a retail store like Barnes and Noble and buy any four magazines you like, the ones you would read anyway. They might be varied, but that’s why I want you to buy four of them. If you don’t want to go to the bookstore and buy magazines, just write down what you know your interests are.

Now you say, “Well, how can I make a living?” Look inside those magazines to see what’s hot, what’s not, what’s going on, what’s new or what you want to be part of. If you are in a situation where you have a job and you know this job is not your field of passion, then get a job in your field of passion for goodness sake! Try it out. See if it’s actually a fit for you. If it’s not, then move on to another area of interest.

If you find your passion and structure your business and career properly, you will increase your income.

Could you think of a better blessing than doing something you love and getting rich while you’re doing it? I can’t.

But back to the point of living in alignment is not that you’re 100% stoked about every aspect of every part of your life, including how you make money. The point is you enjoy life, yourself and the people you care about right now, whether you’re living your passionate dream career or not.

Tell us what you think. Share your stories and experiences, we want to hear from you!

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Insurance Planning For The Young And Bold

Young adults are often full of energy and zest. They dream big and aspire to achieve it before settling down – from a fulfilling career, buying their own home, travelling the world, or simply pursuing their passion.

Life is unpredictable and this uncertainty affects even the young and bold. When things don’t go the way they want, it can affect their finances and their path towards realising their dream.

Everyone needs to be adequately insured, regardless of which life stage they are in or what their needs are – including single individuals like fresh graduates and young working adults.

Great benefits for the youth

In fact, the younger you are when you get your insurance, the higher are your chances of securing a lower premium. With auto-renewal for most insurance policies nowadays, the earlier you get your medical and life insurance, when you are young and healthy, the better off you are.

Older people and those who are not in the best of health pay steeper rates for insurance, and some are even rejected by the insurance companies due to previous health history.

A young adult’s needs would differ compared to a married couple or a family with kids. This is why it is very important to get the right insurance coverage based on your needs.

Getting the suitable insurance for young adults will provide you with a safety net against challenges that could potentially wipe out your savings and derail your plans. With proper insurance planning and coverage, you can kick start your dreams with peace of mind while victoriously achieving them.

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The Secret To A Successful Negotiation Without Taking Anything Away From The Other Person

I always get asked about how to successfully negotiate without feeling like you’re taking advantage of the person you’re negotiating with.

Firstly, why is negotiating important?

Whether you realize it or not in business or in life you are always negotiating.

If you are a poor negotiator, you’ll spend a fortune.
If you are a good negotiator, you’ll save a fortune.
If you are a great negotiator, you’ll make a fortune.

Negotiation is a critical, critical skill.

Now, how do you negotiate a win-win situation?

How do you get what you want…without taking away what the other party wants?

For example, if someone wants to get more money, but I want to pay less, how do you make it work for both of us?

The problem that many people have is, they think that it’s a zero sum game. They think, “There’s one pie, so if I get fewer pieces, that means you get more.”

No. That is not how I teach the art of negotiation.

Instead of having a set amount of pieces in your pie—which inevitably leads to a feeling of scarcity—you just change the pie completely. Perhaps you now have an apple pie, cheesecake, chocolate donut… basically, whatever it is you both want.

Stick with me here—I’ll explain what I mean.

Have you ever heard the saying, “Different strokes for different folks?” This saying speaks to the fact that everyone values things differently, and everyone has different beliefs about what is important (or not).

The beauty is, this means everyone can get what they want—you just need to know what it is.

It’s true: when you negotiate, the most important thing is to find out what’s important to the other party. You already know what’s important to you—so no work is needed there.

Let me give you an example. Let’s say, at your company, you’re trying to pay less for a service or product. The party in question says they will charge $1,000. You say you just want to pay $700. So what’s the action there?

Just because you said you wanted $700 doesn’t mean they have to give it to you. This is why you need to have a rationale. So instead, in your discussion, you might find out that they were burnt last time by a company that they gave 60 days credit to and—they didn’t get paid. Perhaps they’ve been burnt several times.

This is where you need to think laterally.

Instead of simply focusing on closing the price gap, you could arrange to pay the $700 immediately, as opposed to in 30 or 60 days as is standard—thereby benefitting them with a speedy payment, while still paying a lower price.

See, that’s what they want. You give them what they want, they give you what you want. It’s not about taking anything away from them (or from you).

The point is, you just need to provide them with the value they’re looking for.

It’s about being creative and adding to both your lives, instead of minus-ing. If you do, you will make—and save—a lot of money.

Simply by asking some questions first and finding out what is good for the other party, you can easily create a win-win situation for everyone involved.

How do you practice negotiation? Do you have advice for reaching a win-win outcome? Share your experiences and thoughts in the comments below!

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How Much Should You Have in Your Emergency Fund?

Rainy-day savings can help you gain quick access to funds when you need it the most. Do you know if the amount you are setting aside is sufficient? Read on to find out!

Why You Need an Emergency Savings Account

The simple answer is because anything can happen – and an emergency savings account can provide a nice, plush cushion.

Losing your job or being stuck with a big bill for an unexpected car breakdown is all part and parcel of life, so you’ll want to be financially prepared if it happens. Saving for a rainy day is a great habit to get started with the minute you start earning; this way, your fall-back cash can accumulate much quicker!

How Much Should You Set Aside?

Here’s a quick guide to figuring out an appropriate amount:

• Tally Your Monthly Expenses

Start by totalling up all your monthly expenses; this should include loan payments, credit card bills, utilities, childminding and other recurring commitments.

Next, estimate how much you spend on essentials such as food, transportation costs (toll and fuel), and groceries as well as the fun stuff like entertainment or shopping. If you have other payments that you make annually, you can prorate it over twelve months. For instance, divide your annual insurance premium or gym membership to see how much it comes up to in monthly terms.

• Decide How Much You Need in Reserve

Dave Ramsey, a prominent financial guru, recommends starting with a minimum of three to six months of your monthly expenses. Suzy Orman, another money master, says eight months is optimum. Other experts consider a 12-month reserve safest.

So which figure is the right one? We suggest aiming for three months’ worth if your monthly expenses amount to less than 50% of your income and six months if your expenses come out of more than 50% of your income.

Why? Because the fewer commitments you have, the smaller your cushion needs to be. Ideally, you should slowly build your emergency reserve to the ultra safe 12-month’s worth, but we would start from three months and work from there.

• Determine the Amount to Put Away Each Month

Typically, saving 10% to 20% of your current income is recommended, where the more you can comfortably put aside, the better. If you want to know how long it will take you to accumulate the total amount, check out this example:

Assume you are earning RM5,000 per month, and your monthly expenses amount to RM3,950 (based on the table below).

By putting away 20% of your monthly income to amass six months’ worth of reserves, you will accumulate your fund in approximately 24 months. If you choose to set aside only 10% of your income, it will take 48 months.

Item	Expense (in RM)
Car Loan	550
House Rent	1,500
Babysitter	600
Food	650
Petrol and Toll	300
Entertainment	100
Clothes	100
Life Insurance Premium*	100
Car Insurance and Road Tax *	50
Total	3,950

*Note: Figures have been prorated over 12 months where the Life Insurance Premium is RM1, 200 in total; Car Insurance and Road Tax is RM600.

Some Notes on Emergency Funds

Once you have a cushy emergency fund, you may suddenly see many non-essential expenses as emergencies and feel that you should start dipping into it. We strongly suggest you to NOT do this. While it is tempting, the fund is only for emergencies. We recommend putting it into a less accessible account, perhaps in a different bank even, just to be sure you don’t give in to any impulses.

Another thing to remember is that just because you have an emergency fund now with the saving system you’ve stuck to, doesn’t mean you should now stop saving. If you’ve been comfortably putting cash away for an emergency fund, you should continue saving with the same amount anyway.

What Comes Next?

Once your emergency fund is sorted, you’ll feel (and be) more financially secure should anything unexpected happen to your income or expenses. With this security you can be freer to explore alternative income sources, search for a better job, or just be more comfortable with your finances in general.

With this newfound security, perhaps you’d like to start an investment portfolio or save up a deposit to buy your first home. Whatever you decide to do, make a plan for your finances and you’ll be amazed at how much you can achieve.

If you are ahead of the class and already have a rainy-day account, give yourself a pat on the back! If you haven’t, it’s time to start. Put your money in a high-interest account to make the most of your savings. 

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The Pros and Cons of Increasing Your Credit Card Limit

Find out if it is indeed a wise choice to raise your credit limit and gain access to even more funds with our in-depth look at credit card limits.

What is a Credit Limit?

Your credit limit is the amount of money a bank or card issuer is willing to extend to you. When you spend, you take up a portion of your available credit and paying it down will free up credit (up to its limit) once more.

Under Bank Negara Malaysia guidelines, those earning under RM36,000 will have a credit limit of two times their monthly salary per issuer and a maximum of two issuers only.

Thus, if you are earning RM3,000 per month, your maximum limit will be RM6,000 per issuer and you may not request a credit limit beyond this.

Types of Credit Limit Increases

Typically, you can request for temporary or permanent increases. A temporary increase is immediate and usually easy to apply for, often requiring only a phone call or online application. It is aimed for emergency situations or short-term needs and the amount approved will be smaller.

However, note that only cardholders in good standing will be extended this service and there is usually a charge every time an increase is requested

A permanent increase on the other hand will require an application with your income documents and can take time to process as your card issuer reviews your status before approving or denying your request.

Banks may also offer you an increase without you requesting one when you update your income and employment situation.

Why You Might Want To Increase Your Credit Limit

These situations may call for a credit limit increase as your need for access to more funds grows:

• You Are Travelling Overseas

If travelling to a country with a higher exchange rate, your limit may not be sufficient to cover spending over extended holidays. When you use your card to book travel accommodations, a large amount may be reserved off your card that could make it reach its maximum spending limit rather quickly. With a higher limit, you should be able to use your card to book a hotel room and still pay for your purchases.

A temporary increase may be sufficient for short holidays but a six-month sabbatical in Europe may require a permanent increase.

• Your Earnings Have Improved

If you’ve secured a higher position with better salary, you might want your credit limit to reflect your new status and to accommodate your spending needs.

In addition, with stronger earnings, your financial goals may change. You may aspire to invest your money or buy a house. At this point, you would not want to dip into your reserves or interrupt savings goals – and this is where a credit card with a higher limit can be beneficial.

• You Want To Give A Supplementary Card to Family Members

The limit on a credit card is divided among the principle card and the supplementary, thus there is less credit to spread on a card with a lower limit.

Increasing your limit would mean more money to share among the cards. Caution is warranted because all spending accumulated on the supplementary cards are the responsibility of the principal cardholder. Carefully plan how much you assign to each supplementary cardholder to limit your risks.

When You Might Need to Hold off On Increasing Your Limit

Even with positives on its side, increasing your credit limit could be the wrong choice in certain situations. For instance, if you have trouble sticking to a budget, access to more funds will only make it harder for you to control spending.

In addition, if you’ve only had your credit card for less than a year; requesting for more money so quickly could imply desperation for funds and this may hurt your credit score if a review is done.

Also, if your income situation has not changed vastly or if higher earnings are marked by increased financial commitments, your ability to repay greater credit extensions may not have improved. Thus, in these instances, you would do well to reconsider increasing your limit.

The Offer Matters

If you have decided to accept an offer from your card provider or if you have requested for one yourself, do pay attention to the terms and conditions of your limit increase.

If the offer comes with higher interest rates and less favourable terms, think long and hard before accepting. Your repayment affordability should be top priority as banks could penalise you with a lower limit or higher interest rate if you do not pay your bills as they come due.

If you are not satisfied with the terms, consider getting another credit card instead. 

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How to Prevent Your Smartphone from Wasting Precious Data

Avoid a pricey surprise on your phone bill by saving money on expensive data charges with these handy tips and tricks!

Where Is All Your Data Going?

If you’re frequently running out of data when you haven’t really used any, you’ll need to be wary certain ‘data suckers’.

Photos, music, maps, internet voice messages, apps, social media, video sites and surfing the net can all take up a ton of data especially when apps are preset to automatically download updates and media.

In addition, if your device has more advanced internet capabilities i.e. 3G and 4G parameters, your data consumption will be a lot larger.

It’s All in The Settings

Thankfully, you can control data consumption on your phone with a few simple settings tweaks. Here are four quick ways to save your smartphone’s data usage right now:

1. Don’t Allow Phone Updates Over Mobile Data

Choose manual updates or set your device to receive them with Wi-Fi internet only. Software updates can quickly blow through your data for the entire month.

This setting can be found under the App Store for iOS devices or the Google Play App for Android devices.

2. Disable Automatic Media Downloads

WhatsApp, Facebook and the like may download photos, videos and other media that can significantly eat data. Instead, customize what media may be downloaded when you have Wi-Fi and what may not be downloaded from your mobile data.

How do you determine which app you need to do this for? Simple: if you chat with it, you probably need to turn this one on. This means apps like WeChat, WhatsApp, Telegram, Snapchat, Facebook Messenger, Twitter, Instagram, Line, and any other app where you can send and receive photos or video.

3. Set a Usage Limit For Mobile Data

Androids and iPhones can be programmed to cut off data consumption when you’ve reached a preset limit or to remind you when you are within close range of your limit.

The feature should also allow you to monitor which apps are taking up the most data. Once you’ve identified the apps, consider uninstalling if unessential or apply further controls.

4. Turn Off Mobile Data Accessibility When Your Data Plan Expires.

Your smartphone is usually programmed to consume its internet needs from Wi-Fi sources but if it isn’t available, your mobile data becomes its primary source.

Now if you don’t have a data plan or if yours has expired, exorbitant data charges may be incurred. So it’s good to turn your data off when you’re out of it. One easy way to remember is to create a shortcut and put it right on your phone screen so you see it every time.

Once you’ve set your phone to limit or stop unnecessary data consumption, save even more by downloading (with Wi-Fi) instead of streaming from apps like Spotify, iflix and Netflix. Do also load offline maps into your phone to avoid excessive GPS data charges (if not included in your plan).

Bonus Tip: Although, most phones tend be user-friendly enough to allow you to make these settings changes fairly easily, do take the time to go through your phone’s manual and learn about the other ways through which your model can be programmed to save data.

Saving On Data Charges While Overseas

It’s almost a necessity for travelers to have internet available on their phones for safety, to make itinerary changes or to look up travel-related information. But data can quickly run out and if travelers are not careful, they could be stuck with hefty bills arising from data roaming charges.

In these situations, the best thing to do is to buy a local data prepaid card, it’s much cheaper as you will not have to pay for roaming charges and will typically enjoy lower local internet rates. Just remember to keep a couple of reloads handy and plan for data-rich surfing while in a Wi-Fi hotspot. Do also research the internet provider’s network range, so you can stay connected as much as possible.

Saving With the Right Plan

If your data needs are extensive, the smartest way to save money and still enjoy optimum internet levels is to sign up for the right data plan. 

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Top Job-Hunting Mistakes You Should Always Avoid

A job search is a full-time job in itself and what a stressful one it can be! Learn what not to do on your hunt for new employment

No matter if this is your first-time on the employment circuit or even if you’ve been here before, these job-hunting mistakes could cost you a prime position. Let’s go through four major no-nos for job seekers:

1. Applying Without A Cover letter

While most are working hard on resumes, the cover letter is oft ignored or is just a generic, ‘copy-and-paste’ submission. However, the contents and structure of your cover letter may be more important than your resume.

When drafted well, a cover letter can convey your communication prowess, highlight your potential value and present an added opportunity to market yourself. In some cases, HR professionals may first look at your cover letter to determine if your resume is even worth a glance.

2. Skimming Their Instructions

While scouring the job ads, take note of application guidelines or yours could be tossed without even getting seen. For instance, if you were asked not to send any attachments – don’t send any attachments or if you were told to write a specific subject header for your email – just do it.

These rules, while seemingly unimportant, show a recruiter that you can take direction and follow protocol when requested, an important criteria for most employers.

3. Leaving Big Gaps in Your Resume

No, we’re not talking about the line spacing in the document (although proportionate white spaces are recommended), we are talking about timeline gaps in your resume. If you’ve been unemployed for more than a year, be sure to explain your absence from the workforce.

Use your cover letter to provide details of your absence in a positive light – don’t embellish, rather, describe the constructive activities that took place while you were unemployed. For instance, how you kept abreast with industry happenings and updated your skills. These examples show that you still know your stuff and have relevant expertise to share.

4. Being Unprepared For An Interview

Assuming you’ve caught the attention of a hiring agent with your well-written cover letter and resume, take the next crucial step by preparing for the interview. You should firstly research the company, which you might have already done if you’ve customized your resume and cover letter; a recommended task.

Go further and take a comprehensive look, starting with the company website and move on to news articles and videos they may have posted online. You can even contact your connections on LinkedIn to learn more about the company.

You’ll also need to practice common interview questions and answers with a friend, especially if you get nervous during interviews (and who doesn’t). Lastly, prepare some questions to ask the interviewer, skip the generic ones and ask questions that you actually want answers to (except for salary and benefits, leave that till the callback).

What You Can Do To Improve Your Chances of Getting a Job Offer

• Ask for feedback from the interviewer. Even if you didn’t get the job you interviewed for, remember to ask where you fell short, it’ll help you address potential issues and might make your next interview a success.
• Try referral programs. Don’t be shy to reach out to former colleagues, friends and even relatives for a job referral. This can actually be one of the most effective ways to secure an interview.
• Follow up with your prospective employer. If you made it pass the screening stage and had an interview, remember to send a thank you email, reiterating your interest for the position and include a pertinent detail that was discussed during the interview. Remember to keep all correspondence professional and brief.

Keep Your Head Up

At the end of the day, if you did not secure a meeting with a potential employer or failed to get a callback after an interview – don’t fret! Simply pick yourself up, improve your resume, work on your interview skills and try again! In the meantime, check out our article on how to make money from home and who knows, you might even find your true calling.

If you are contemplating leaving your current position for a potentially better one, we recommend that you have healthy savings stashed to bolster your finances as you navigate a job hunt. Use our comparison page to find the best savings account for your goals.

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