There is a solid kernel of truth in this advice, at least in the title. Being known as a 'hard worker', and slaving away at a desk job (or any job) for 12 hours a day will not generally be rewarded with 'success' in terms of money and renown. Most of us already know this, even if some of us (ahem) only figured it out after years of doing the same.
Mar 20, 2017
Work vs Self-Promotion
There is a solid kernel of truth in this advice, at least in the title. Being known as a 'hard worker', and slaving away at a desk job (or any job) for 12 hours a day will not generally be rewarded with 'success' in terms of money and renown. Most of us already know this, even if some of us (ahem) only figured it out after years of doing the same.
Feb 23, 2015
How to fix financial advice
The financial advice industry is broken. Scandal after scandal has made this obvious. Where can you go for quality, impartial, appropriate advice? Not this venerable investment bank. Not this retail bank. Not this retail bank either. And likely not anywhere else, unless you accept what seems to be the 50/50 odds that you will get good advice anywhere.
The problem?
Bad apple advisers, yes. But the problem for the industry as a whole?
Complexity, combined with a manual, subjective process.
The world of personal and wholesale financial investment has become too complex for individuals to manage alone, too complex for regulators to police it at the advice level, and too complex for financial advice firms to manage their advisers with the rigor and detail obviously required.
As someone who has worked in broking operations for many years, I can attest that there are, in fact, many good, skilled and decent advisers out there. They work hard for their clients and take pride in their work. But finding them is the problem. If you do not have high net worth, you are not likely to meet them.
I think the solution is to move the industry online, in the way insurance has. More recently, retail legal services have started to move online as well.
Broking already works reasonably well online. Yes, brokerage firms need to be very careful with their algorithms and constant monitoring and tinkering is required. But running a ComSec is a hell of a lot easier and ultimately more viable than running a JB Were.
I see a future - within a very short time, if a royal commission into financial advice goes ahead and accelerates things - where financial products are almost exclusively sold online, and "advice" is algorithm-based. Clients will enter their details and answer a questionnaire to set their profile and financial goals and determine their risk tolerance, and they will be guided towards simplified products that will serve them as well as anything on offer now. Every year, for their investments to continue, clients will be prompted to re-identify themselves and re-assess their investments. This whole vetting and profile setting process would work much better, and be less risky for firms as well. Compliance obligations around client assent to advice, client receipt of terms and conditions, and client identification are many times easier to manage online, as is record keeping and retention. Algorithms can monitor advisor-client activity and commissions. An iSelect-style model would encourage good competition and keep offerings simple and transparent.
Canny advisers should get in now, work with a web developer and a compliance expert to set up a website, then approach APRA and ASIC and suggest the mutual benefits of support for this product.
It's well beyond time. Retail customers cannot be any worse off than they are at present.
Mar 18, 2014
Financial advice: the catch-all is all!
In 2001 the Financial Services Reform Act (FSR) was implemented, bring much-needed reform to financial advice. Among the changes were licensing for financial service providers, ongoing training for all finance sector employees, segregation of duties between workers who are licensed to provide advice and workers who are not, rigour around know-your-client requirements to ensure appropriate advice is given, and mandatory plain-language statements for customers about the services provided and the financial products sold.
In 2012 the Future of Financial Advice Act (FOFA) commenced, which added further requirements around giving appropriate advice to clients. The main components were: a ban on conflicted remuneration, such as "trailing commissions" earned by advisors from products for which they sign up their clients; transparent fee structures for financial advice; and the requirement to act in the client's best interest at all times.
Together FSR and FOFA have benefited consumers, added rigour to an industry which wants to consider itself a profession, and weeded out the worst providers of lazy or detrimental advice.
So it is a concern that FOFA will this year be amended to remove its most important requirement: the catch-all rule to always put clients first.
The FOFA amendments
I think all the other points in the FOFA amendment are good:- Removing the 'opt-in' requirement, for existing clients to re-paper every two years: Fine. It is difficult to do over a large client base and doesn't in itself increase consumer protection. Good providers will probably continue a form of this anyway: if you're in regular contact with your client you schedule a review; if not then you review the arrangements at the point the client requests a service.
- Removing the Annual Fee disclosure requirement for existing clients: Fine, as above. Clients don't want yearly mail-outs anyway.
- Scaled Advice: Good, allows cheaper advice options for small customers
- Grandfathering: Good. Allowing customers to easily transfer from one provider to another is essential to consumer protection and competition
- Exempting "general advice" from conflicted remuneration: Well, OK... as long as you keep the catch-all provision!
Trail commissions vs paying for advice
It has been argued by insiders that removing trail commissions makes financial advice too expensive for small customers, and that is a valid point. But it's no argument to retain commissions and kick-backs, which are frowned on in other professions. Cheap, compromised advice is not good advice. If commissions are removed or restricted properly then financial service providers will find other ways to provide fair advice to customers. (And the "scaled advice" provision in the FOFA amendments does just that).The catch-all rule
The catch-all rule to always put the client's interests first is critical. To anyone outside the industry it must seem a no-brainer. To financial planners and brokers it is not quite that straightforward, because there are often multi-layered and multi-party transactions where clients, counterparties and broking/advice firms all have a stake. Financial deals are also often complicated and volatile, and outcomes not easy to predict. That's why there are safeguards for advisors built into this rule. ASIC summarises it as:A duty for financial advisers to act in the best interests of their clients, subject to a 'reasonable steps' qualification, and place the best interests of their clients ahead of their own when providing personal advice to retail clients. There is a safe harbour which advice providers can rely on to show they have met the best interests duty. This is intended to be the minimum standard of compliance with the best interests duty. (ASIC, FOFA Background and Implementation)
You know what happens when advisors act more in their own interests than the client's interest?
The Goldman Sachs hedge fund scandal happens.
Less spectacularly, advisors with a conflict of interest fail to offer the best product for their clients or offer completely inappropriate ones, so they can get the trailing commissions, future referrals, or other benefit.
The advisors and brokers I know are all good people who enjoy looking after their clients and take pride in their professionalism. They are happy to comply with regulations and do so. I'm not an advisor, but I can't see much of a downside in being part of a professional body that safeguards you and your clients by way of some manifestly sensible rules.
The importance of the 'catch-all' provision is not to trap advisors in a red-tape nightmare, or hang them for deals that don't turn out well. Its purposes - and this is why it's so critical - are these:
- provide an over-arching ethical boundary: always put the client first! This guards against seeking loop-holes to other rules and acts as a brake for advisors to consider, any time they look at a new offering
- last resort: provide a way in to terminate or prosecute a bad advisor, who can be shown to have disregarded the ethics while ticking all the other boxes
It seems to me that every profession has an over-riding 'catch-all' requirement to look after the best interests of the people they serve or represent. If financial advisors and planners want to be considered professionals, then in my opinion they should be happy to accept the same basic requirement.
Disclosure:
I am an operations project manager at a stockbroker's, and have no direct dealings with clients or financial advice.
Further reading for those interested:
Australian Government's FOFA website: http://futureofadvice.treasury.gov.au/
ASIC FOFA page:
https://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Future%20of%20financial%20advice
"Save our FOFA" consumer protection site (of which I'm not a member):
http://www.saveourfofa.com.au/
Jul 27, 2012
Fashion Advice
- Ignore all that advice to only buy a small number of expensive, well-tailored items of clothing. It's fine in theory but not much fun in practice. And leaves you very little room to express yourself unless you are quite wealthy.
- Do not buy anything asymmetrical, unless you are prepared to toss it after one season. That means no mullet tops, girlfriends. No, they will not "come back".
- Don't bet too heavily on "classic" pieces, as you will not guess correctly and they will still date. More often than the so-called "classic" pieces, it tends to be the unusual, edgy or whimsical stuff you can wear for years. (Um, unless it's asymmetrical).
- Unless you are fairly slim, don't bother with a "classic white shirt." Knitted tops under jackets work better on more body types, and are more comfortable. (Am I alone with shirts pushing bra straps off my shoulders? Am I?!)
- Kaftans are great over bathing suits. I wear mine in the water! (To anyone in my vicinity on the beach: You're welcome).
- I fall for this again and again and I kick myself every time: do not fall for cheap shoes! I have a cupboard and rubbish bin full of broken/worn crappy shoes. What keeps me doing it is that every now and then I pick up something fantastic that lasts and looks great - but not often enough to outweigh all the others.
- Don't be too matchy-matchy. Also avoid the "checkerboard" (top, bottom and shoes in alternating colours). Except if you try it and it looks good of course.
- Other than hems, don't bother getting things altered. It's too expensive for the cost of most clothes, unless you are buying quite expensive clothes. But then if you're buying expensive clothes they are less likely to need altering.
- Dress to suit your body shape but don't over-worry it. Skinny jeans suit no one so if everyone's wearing them then you can too.
- A small number of "don'ts" really are timeless and one of them is this: do not ever fall for fluoro/neon. Ever.
- Coloured shoes go with much more than you think. Any pale colours are excellently versatile.
- Embrace the loafer's return, for it is good-looking and so bloody comfortable. (I'm on the hunt for some yellow ones...)
- Big earrings or a necklace, but not both (at least that's my personal phobia for my own self).
- Avoid over-complicated scarf-knotting, because everyone knows you worked too hard on it.
- Avoid 1950's and 60's retro and rockabilly because I personally am over it.
- Leave the term "vintage" for real collectors' items. For everything else, please use the terms "second-hand" or "old".
Sep 11, 2011
Tips and Tricks for Managing Twins
| These ones are fairly easy |
Now I have to warn you - I don't have much.
That's because, as I have learned, there are limits to what you can do, juggling two crying babies for example. (And what about triplets?? Eeek!)
Accept that there are limits, accept that it is sometimes hard, and get on with whatever you need to do until the difficulty passes. (And if doing what you need to do is shutting the door and sitting crying on the floor for 20 minutes, then do it. Been there, done that!)
So anyway, for what it's worth here are my suggestions. I hope they are helpful.
If you have twins and there are things you are struggling with, I would love to hear about them. What has worked for you? What would you like advice on?
Managing two crying babies
The biggie. When mine were bubs, this was my biggest problem, and one I searched for help with the most. I rang my parent co-ordinator in our twin club for some tips. Her advice? "I always made sure I had someone else with me." Hmm. Thanks. Good idea, not always possible!
I did finally come across some helpful advice on this - are you ready?:
Comfort the calmer baby first.
This is counter-intuitive but it is right. You will calm the less-worked-up baby quicker, and prevent her escalating to the point where you have two screaming babies (at which point, you are pretty much screwed).
Use equipment if you have it.
BEST THING EVER for me was my two simple rockers. I used these all the time and was so fervently thankful for them I don't know what I would have done without them. They cost us $70 each but at cost per use over 18 months probably worked out at about $0.000000001.
| Yes, they're both girls. But I loved that black and white growsuit! |
When they were one and a half and sitting up in the rockers while watching TV, I had to admit to myself we had probably outgrown them.
| A in the swing |
Second best thing ever for me was a baby swing loaned to us by a lovely lady in my mother's group whose baby didn't like it (bless him!!). I swear we used that thing until M was 6 months old and the swing mechanism was groaning under her weight. By that stage I was willing to pay whatever it cost to buy a replacement if we broke it (we didn't fortunately).
Managing two screaming, really really upset babies
Fortunately this doesn't really happen very often. Mostly you will have one more upset than the other, or two crying but not both screaming and unmanageable. It does happen though.
There is no solution to this one. You just have to "choose" one baby and comfort it first, and leave the other one till next (in a safe place such as a cot of course). And yes, it's horrible. But here is where you use one piece of really useful classic wisdom that I used to chant in my head like a mantra:
"This too shall pass."
Settling two babies
Can I just say that having taken myself and my twins to sleep school as soon as we could get in and having only really cracked the sleep thing consistently when our girls were four, I am not in a position to offer advice here. But the following bits and pieces were genuinely helpful to me.
- have them in the same room when they're little, especially if you are alone at nights a lot (as I was). It's so much easier to tend to two babies, go between two cots, sit and hold hands or pat backs, as well as read stories, use the change table etc, if everything is in one room
- have them in seperate rooms when they're older. We found one definitely kept the other awake, and should have seperated them much earlier than we did.
- try and always settle them in their cots, rather than faff about with bassinets, rockers, prams and the like as I did (thinking I was making things easier, when in fact I wasn't). You need a routine and you need it fast.
- routine, routine, routine. But not one of those crazy regimented ones down to the minute. That will just make you feel inadequate when inevitably your babies don't fall perfectly into line. You also need to be able to accommodate the occasional trip out or unexpected event, so a routine that is a bit flexible is best (but don't hesitate to lay down the rules you need either - for instance I never went out in the morning with my babies as it didn't suit our routine and they were not 'morning' kids). My routine was "11-3-7" feeding times, "feed-play-sleep" with "play" after dinner being bath and cuddle, and the 11pm feed being the "sleep feed" in the bedroom. I had a cheap wicker rocking chair in the bedroom between the cots, and fed one at a time in my arms, or used the rocker for the second one if they were both awake. If my husband was home we'd feed and cuddle one each and whisper to each other which helped keep them settled. The nightime and 7am feeds were my favourite ones - both are a lovely time of the day, even if you are exhausted.
- soft ambient music or lullaby music in the room works well and is relaxing for you too
- however tempting it is when you're exhausted, try not to rush the settling because it will backfire and take you longer!
- once we had the swing, I used to put M in the swing while cuddling A, sing them both a song then put A in her cot, then pick up M for a cuddle and put her in the cot (usually asleep). Yes I did feel guilty that A got more night-time cuddles than M on the nights I was on my own, but at the end of the day you need to get them both to sleep using whatever works, and this worked for us
- dummies, especially once they're a few weeks old. Newborns keep dropping them out of their mouths and then they wake up.
- logic. Remind yourself, "Eventually, they will sleep." When I was really exhausted and at my wits' end, I used to look at the clock and think, "OK, this will take me one hour, probably. So by .... o'clock I will be able to go to bed and sleep." Oddly enough I found this very helpful.
Controlling two (or more) mobile babies while busy, or taking one at a time to the car
Use a playpen. Don't even try not to.
If I was taking one baby at a time to the car, or if I needed to go to the toilet, or if I was ironing (I believe I did do that once), I put the babies in the playpen while I was out of the room or busy with the other one. They weren't crazy about it, but it was only ever for a few minutes at a time, and was instant peace of mind.
Feeding two babies: bottle feeding
One word: rockers!
I used to hold one baby in my arms and feed her, and have the other in her rocker, rocking it with my foot, while she fed. Then halfway through I'd burp the first baby and pop her in her rocker to finish feeding, then pick up the second, burp her, and finish feeding with her in my arms. So each got a turn in the rocker and in my arms. These were the times I always felt most competent and kick-arse as a twin mum.
When the babies were really little I just used to feed one at a time, in my arms.
Feeding two babies: breast-feeding
Have to say I did not rack up much experience in this so am not qualified to give advice. But you basically experiment until you find what works. You can feed one at a time but as breast feeding tends to take longer than bottle feeding, you might not be able to do this - eventually most twin mums prefer to find a way to feed both together. Sitting on a couch or propped up on a bed with lots of pillows and twins propped up is the way most go. It takes some getting used to.
Most mothers I know ended up doing a mix of breast and bottle feeding, as breast feeding twins (or more) exclusively can be very difficult.
Taking twins to the supermarket
Avoid where possible. In a word, horrendous. You can have one baby in a sling and one popped in the baby seat in the trolley, or somehow manage to juggle both of them out of the car and all the way over to one of those twin baby trolleys (to this day I can't figure out how you're supposed to do that - leave babies in the car, go into supermarket, find the one trolley with two baby seats in it, and bring it back to the car?). I took my twin pram in, and limited my shopping to what could fit in a basket - but carrying a shopping basket while pushing a pram is not as easy as you may think. Factor in one or both babies crying and it is a nightmare.
Once they're too old for the pram, it's one sitting in the toddler seat in the trolley and one in the main part of the trolley, sitting on the sturdier groceries as their balance is not the best at that age.
My girls are nearly six now, and I can honestly say I have only recently not absolutely hated every second I was inside a supermarket with them. They're quite good now - but I still go on my own unless completely unavoidable.
Keeping track of feeding, medication, who had which breast, who had what solids, who did what bowel movements, etc.
Keep a diary. I had exercise books I just ruled some columns down, one double-spread page per day (one page per baby). Each day I ruled up the columns and wrote in my little heading initials, I toyed with becoming an internet mumpreneur, sourcing and selling custom-made baby diaries so that I wouldn't have to write up the columns and headings every day.
But they were very helpful and also made entertaining reading later on, when I could chuckle at my foggy panic over quite normal little variations in their day to day lives. ("A had very loose poo and looked unhappy. Sick???!")
Even keeping a diary I did suddenly realise one day that on the previous feed I had inadvertently fed one baby twice and the other not at all. No lasting effects thankfully.
Feeding Solids
Unless one of them is sick (and sometimes even then), just use one bowl and one spoon, and feed alternate mouthfuls to each. Have the odd spoonful yourself if it's an especially delicious mix of mashed veg. On the other hand, use seperate bowls if you find that one is eating faster than the other and you want to make sure you don't short-change one (see paragraph above).
On solids, two great pieces of advice from Robin Barker, whose book Baby Love I adored:
(1) Don't bother freezing mash into ice cube trays, as it is a lot of trouble and they don't defrost well. Just make a big bowl of mashed veg and keep in the fridge for 4 days. This is excellent advice and I would add, to make your busy lives as easy as possible, make an extra large bowl, and each evening for dinner the parents eat a piece of barbecued or grilled meat and a big helping of the mashed veg. Delicious, easy dinners.
(2) Her avocado recipe (great simple recipes in this book by the way) goes like this:
"1/2 a ripe avocado (you eat the other half mashed with garlic and lemon juice or just splash in some balsamic vinegar). Mash avocado with a fork."
I love that - love that she thinks of the mum too, with a quick and healthy pick-me-up that is also a practical way to use up all the avocado. Thanks Robin Barker!
Non-Matching but Similar Outfits
Not easy you know. You don't want them to be dressed the same, but you have to get TWO (or more) of each KIND of thing. For instance, 2 long-sleeved tops. 2 pairs of soft pants. 2 coats. 2 sets of summer pyjamas, preferably low fire danger, and of same type (2 shorts and tees, OR 2 nighties) and similarly cute motif /colour to avoid arguments. But, if you have the energy to be fretting over outfits, you have mastered the harder stuff, right?
A couple of other things
Warming bottles without using a microwave
Boil water, pour half a cup into a plastic jug, and sit the bottle of formula in the jug for half a minute. Shake gently before testing. Very easy. Naturally you need two plastic jugs.
Formula out and about
I used to boil water, let it cool slightly and fill the bottles while it was still quite hot, then take formula with me in one of those little formula dispensers. By the time I had arrived where I was going the water had cooled to room temperature, and I just mixed the formula and away we went.
Sterilising bottles
I keep waiting for new advice that tells us we don't need to do this. Because what we do does not really end up with the bottles being sterile. What do you dry them on after sterilising? A sealed vacuum? A tea towel? The draining rack? (I used paper towel, but that's still not sterile. Sometimes I even tore off a couple of squares first to get a really 'clean' square that hadn't been exposed to the air! Even while I knew this was silly). Do you meticulously wash your hands with soap and hot water every time before touching the sterile parts? Do you really use those little tongs to pull the whole teat completely through the ring? C'mon, admit it! If you make up formula in a jug (which the hospital recommended to me, so I did for awhile, until I realised how much easier it is to make up the bottles), do you sterilise the knife that you stir it with every time before you pour?
But, of course, until they come out and debunk it, we're not game to stop sterilising, when the babies are little.
I stopped sterilising around 5 months when we started solids, because no one sterilises bowls and spoons!
So anyway, those are my suggestions and opinions. I hope they are helpful, or bring back memories.
Feb 22, 2010
Time-Saving Tips - Huh
Time-saving tips remind me in general of the following: when my girls were babies and I was on my own with them and both were crying at the same time, I was convinced there must be some special sort of trick out there that people use with twins and triplets. There had to be things people had learned, to manage more than one distressed babe on those occasions when both (or three - shudder) were equally in need of some comfort - if ONLY I could JUST find out what they were! I called my 'new parent' contact at our twins club and asked her "What are some things you can do when both are crying at once?" She said "Well, I just used to always make sure I had someone else around at all times." Okay then!
Now as it happens as you go along you do manage to find some little ways to juggle two screaming babies – and these things will actually work sometimes. But not all the time. It took me awhile to accept the truth: there is no trick. You can rock both in their rockers or pop one in a swing while you cuddle the other, or you can lie on the floor and cuddle them both (sort of works), but there are some times where the only option is to comfort one and let the other cry. Heartbreaking, stressful and sad at the time – but sometimes just can’t be helped.
So back to time-saving tips. They can remind me of the advice in the little history above, because they are either of little use, are unrealistic, or if not they are things you’re already doing, or are unsuitable for your own situation.
There are the tips that sound good but aren’t:
“Cook double quantities of meals so you have some to put in the freezer”.
Yes, that works well with my special double-sized mixing bowls and double-sized pots and pans. I do do this on occasion but also never quite escape the feeling that it hasn’t actually saved me a huge amount of time.
“Get up 15 minutes earlier”. What, earlier than 5.30??
“Only check and respond to email twice a day”. Hmm, what company do these writers work for? Not mine! I seriously wonder how many people can get away with this one.
There are the frankly unrealistic:
“Make a list of staple foods to keep in your cupboard to help save time on weekly shopping”. Um, yes, I will definitely find time to do that.
Then there are those that seem to be there in order to make the list of tips a decent size, but are nothing you are not already doing:
“Chop up vegetables while the pasta is cooking” Good idea! Otherwise I would have just stood around while the pasta was cooking!
“Turn on your oven half an hour before you need to use it, to ensure it is hot” Yes this is called pre-heating and is already mentioned in my recipe thanks very much.
“Double up on appointments where you can”. Excuse me, does anyone who has to take time off work to get kids to a specialist and a cat to the vet actually need to be told this? Or maybe it’s like, the first thing that comes into my head when I am planning my appointments!
The rest are good ideas but are just not achievable all the time. All those suggestions to lay out clothes and prepare bags in the evening, plan family meals a week ahead, do your grocery shopping online, make and freeze a week’s worth of sandwiches – you can have a nice little routine going doing these for awhile until some Unforeseen but Inevitable Event occurs which means you don’t do it one night and then you’re thrown out of whack for the rest of the week. Or month. Or six month stretch!
The truth? It is impossible. You cannot save yourself lots of time. You can’t cheat the universe and be that organised. Working and child-rearing and the hundreds of household and administrative tasks that go along with them are time-consuming and constant. You will be tired and falling behind and will never have enough time. And that is called… Life!

