By Amanda Morrall
1) The value of time
Personal finance is understandably money focused. It's about building greater awareness and understanding of how we earn, spend, save and invest. There's an assumption that when we get the equation right, we'll be free and happy.
A recent article published in the Journal of Consumer Psychology ("If Money Doesn't Make you Happy, Consider Time") suggests our obsession with money may be misplaced or perhaps over-stated, well at least for some of us. A currency of greater value and importance, researcher argue, is time. The message is "spend it wisely.''
Researchers suggest that business owners who heed this message could prosper. Their reasoning is that by yielding to employees' individual time needs and values, they'll (business) will be more productive for it as a result of cultivating a happier workforce.
Paradigms are shifting quickly. Adapt or perish. Here's an excerpt.
Although happiness is clearly relevant for individuals, businesses should also pay attention. Building a workforce of highly qualified, hard-working, and loyal employees is an essential aspect of staying competitive in today's global markets. Therefore, being concerned about employee happiness is not just a moral thing to do, but it makes smart business sense as well.
"People often make career choices based on how much money they envision they can make now or in the future. Surprisingly little thought goes into how they will be using their time — whether they can control their time, who they will spend their time with, and what activities they will spend their time on," said Aaker, General Atlantic Professor of Marketing at the Stanford Graduate School of Business.
"We spend most of our time at work. So understanding how we should be spending our time at work is much more important than people think. It has been interesting to observe which companies are doing a good job of creating opportunities for employees to manage their own time. This goes beyond providing opportunities for flexible hours, telecommuting, and independent contractor relationships. Which companies are allowing opportunities for employees to fundamentally design how they spend their time both at work and outside of work — in ways that are creative and innovative? As Millennials enter the workforce, these types of demands will become even more common."
2) Hot offices
I don't often praise the banks. I don't think anyone does anymore apart from shareholders. Still, I have to give BNZ a big pat on the back for their latest initiative.
The bank yesterday announced the opening of a hot office in Auckland where office-less freelancers and workers on the move can take advantage of free desk space, wireless and "good" coffee.
I think these shared office arrangements are the wave of the future. Here's a peak at BNZ allocated space as posted on their Facebook page.
3) A crush on credit unions
I suspect one of the reasons for BNZ subsidising free work spaces for Aucklanders - and those who find themselves in the business hub - is to boost their image. Occupy Wall Street has proven quite clearly the public is fed up with the status quo and big juicy executive salaries and bonuses.
As a consequence, cooperative movements are flourishing.
Credit unions (an alternative to mainstream banks) are riding the wave. The credit union movement worldwide has spread to 100 countries with more than 188 million members now. In honour of International Credit Union Day tomorrow, here's a link to New Zealand's association.
4) Add it up
Interest.co.nz is growing fast. This week we launched a new bond section and last week a new section for gold and silver (click here.)
Our offerings are vast and rich. One of my personal favourites is the calculator section, which had a wee make-over recently. Check it out and then do your math on comparative deposit rates, mortgages, savings goals, retirement needs and KiwiSaver fees.
5) Stripped down in retirement
Call me an alarmist but if you believe what many are saying about the security nets in old age, they'll be thin at best. Banking on Government to take care of you, if you're not a Baby Boomer, is naive.
Working past 65 will in all likelihood be a reality for the majority. How will that work look?
According to this Time Magazine article, seniors who stay fit and sexy could have a secret sideline stripping down. I'm not recommending anything other than reading this article. I howled.
2 Comments
And yet there is a major blank in most peoples minds about what money actually is, and where it comes from. Most people i speak to do not believe that it is created out of thin air by the issuance of debt. They think inflation is rising prices not falling value of money through constant increasing debt.
Retirement at the current age is 33 years away for me, I don't see the stock market going up, or bonds, or even gold. What are the options for investing for retirement given peak oil, ever increasing debt, climate change, 10 billion people or more living on the same planet and every resource we use had already had the eyes picked out of it, and lower and lower quality resources are left? It's not good enough to suggest that Kiwisaver address any of these issues and they are very real. If they are even a small probability risk we should at least be looking at these issues in terms of mitigation. Not walking along blindly thinking the future will be the same as the past. There is no credible evedence that can disprove these assumptions are possible.
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