Interest Rates – Where Are We Going?

We live in a new world where some developed countries such as Switzerland and the Euro nations face negative interest rates. If I had written and submitted a paper on negative interest rates when I was an Economics student, I would have very likely received a Fail grade from my University professor. Simply because negative interest rates were unheard of and didn’t seem to ‘make any sense’ at that point of time.

But in the US, the Federal Board has moved in the opposite direction, raising the interest rates by 0.25% in December 2015. As long as the economy continues to grow and the employment rate improves, there will be more interest rate hikes to come. There’s bad news for those who have loans in Singapore, our loan rates tend to follow the US interest rates’ direction. In fact, our loan interest rates have risen since the beginning of 2015 in anticipation of the US rate hikes.

The not-so-bad news is that Singapore loan rates are expected to rise at a gradual pace in line with the US rate hikes. This is because the global economy is still in a recovery stage, especially for Japan and the European nations. For consumers or businesses that have debts, the gradual rise in rates gives them time to lower their debts downwards so as not be caught out by the higher debt costs. For those who are savers, your savings rates will likely improve over time.

Whether you are a debtor or a saver, you may be looking around the various financial institutions to refinance your loans at the lowest rates possible, or finding places to earn better returns from the current paltry bank deposit rates. We wish you all the best in managing your finances in this new period of rising interest rates.

Above article is by Ernest Low who holds an MBA from University of Liverpool and is the Head of Investment & Wealth Management with AXA Life Insurance Singapore. He has also written a money management book for kids called Starting Small Finishing Rich.

If you need any financial advise and consultation on any products from AXA, do contact me at +65 9151 9924 (Jacky Goh) for more information. I will be glad to serve you with no obligation, so that you can have a better understanding on how to manage your financial in a good way.

Volunteering can help you find a job and advance your career

As we approach Thanksgiving, many people are wondering how to get involved in volunteering, with good reason: Now is the perfect time to commit energy to help others, get involved with something you feel passionate about, and often meet new people.

But volunteering can bring other benefits, too—one being a great boost for your career. Here’s how volunteering can help you thrive.

You expand your personal and professional networks

People already working in your target field are great sources of information about job openings, affinity organizations, and people you should meet. And if you have a good experience volunteering, your supervisor might serve as a reference when you’re applying to jobs.

You learn new and transferable skills

Volunteering will help you develop new job skills as well as apply current skills in new ways. For example, a mid-career professional who has worked in concert promotions could use her marketing skills to help an organization with their fundraising or other mission-based events. A college student accustomed to doing research for school assignments could volunteer to research an issue or demographic for a nonprofit.

It’s an opportunity for career exploration

Volunteering allows you to try on different organizations, roles, issues, etc., without job-hopping. Of course, volunteering isn’t the same as being on staff, but it can expose you to the work of an organization in a deeper way than becoming a member, following it on Twitter, or even conducting an informational interview with an employee.

Why You Should Revise Your Resume Regularly

When was the last time you updated your resume? If you are like most of us, it was the time you were applying for the job you are currently in. Right now, it is probably collecting virtual dust in your hard drive. However, it is always useful to keep your resume up to date because you never know when you will need it, or when an exciting job opportunity comes along.

We often think of our resume as the document that you send to your potential employers as a screenshot of your employment history. In fact, the resume can be more useful for you than your employer. Let me tell you why:

1. Always Ready For The Next Opportunity

Remember those nasty pop quizzes you had in school that always caught you off guard? And right after them you would wish you were more prepared? Now imagine that these are not pop quizzes, but actually surprise job offers!

Opportunities may come knocking at your door at the least expected moment, such as at a friend’s dinner party or at a corporate event for your company. Your potential employer or professional contact may tell you to “send me your resume tomorrow and I will refer you to Mr X.” In that case, wouldn’t you want to make sure that you are ready to dash out those resumes?

Trying to piece together a resume in a hurry is never a good idea, as with anything done hastily. Trying to write a resume after you lost your job can be even more stressful and you may risk leaving out several important points that best represent you.

Set aside time regularly to update your resume, such as every quarter or every month. Write down the successes and lessons learnt during that period and rephrase them into skills or attributes in your resume. It is best to start updating when you are still employed and in the best frame of mind.

2. Being An Expert About You

I know, we hate updating our resumes as much as we dread examinations. We procrastinate, we grumble about them, and we only get down to them a week before the deadline. Therefore, it is totally understandable why anyone would hate updating their resumes.

Well, think of updating your resume as revising your knowledge about you! We all know how we may claim to know a lot about our subject right before the exam, but after the exam, we forget everything! Now imagine forgetting half the skills and achievements you have gained in your job! It would be a great injustice to ourselves to leave out all that hard work that we put in right?

So start updating that resume! Have your latest achievements at your fingertips, so that you will always know what to pitch to your listeners when they ask about you.

3. It’s Like a Regular Check-Up, But For Your Career

Revising your resume is like going to the doctor for a check-up. What you do not want is to realise at the end of the year that you have not spent your time developing yourself either professionally or personally, or worse that you are doing things that are not useful to your career prospects.

Therefore, even if you are not actively looking for a job, your resume works like a career health report card for yourself to check if you are staying relevant. The process of evaluating your employment history lets you know whether you are on the right path and getting good results. More importantly, it will help you see if you are focusing your time and effort on matters that are important to both your career and you.

4. Stay Relevant And Concise

So perhaps you are the diligent type, and have always been keeping track of your career achievements. Good on you!

However, it is always good to do some “spring cleaning” on your resume once in a while. Every achievement may be important, but which ones are most relevant to your dream job and which ones demonstrate your capabilities best?

For example, saying that you were a medic in the army may be impressive and may click well with employers who appreciate employees with first aid skills, but this should not be included in your employment history if you have other more outstanding achievements.

To help you along, you can refer to recommended resumes online by resume writing services, or request for informational interviews from people in the industry that you would like to work in, preferably those working in HR. Seek advice on what are the trends in the industry and how you can improve your resume.

5. Keywords Are Key

An often neglected portion of writing resumes is the keywords you use. As much as we want to flaunt our vocabulary skills, the truth is that people are generally straightforward when it comes to searching for things online.

Therefore, insert searchable keywords into your resume so that employers can find you easily. Glance through the latest job descriptions to find what are some commonly used terms and tailor your resume accordingly.

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The above is a guest post from Loy Xingqi of ResumeWriter.SG, Singapore’s leading résumé writing firm. Since 2009, they’ve assisted thousands of jobseekers get their dream jobs. Visit them on their website if you want to know how they can craft the best resumes for you!