Podcast Summary
Utilizing LinkedIn for Hiring Great Candidates: 70% of LinkedIn users aren't actively looking for jobs, making it a valuable resource for finding open candidates. Discussed the rise of 'do it for me' economy, where companies provide services to save time and access hard-to-get things.
LinkedIn is a valuable resource for hiring professionals, as over 70% of its users don't visit other leading job sites. This means that great candidates like Sandra, who weren't actively looking for a new job but were open to the perfect role, might be missed if a business doesn't use LinkedIn for hiring. Another interesting topic that was discussed was the rise of the "do it for me" economy, where companies provide various lifestyle services to help individuals save time and access things they might not be able to on their own. From sourcing an elephant for a wedding to booking a table at a trendy restaurant, these services cater to the busy and wealthy. These are just a few of the key takeaways from the discussion. Overall, it highlighted the importance of utilizing LinkedIn for hiring and the growing trend of outsourcing everyday tasks to save time and access things that might otherwise be difficult to obtain.
Affluent classes prioritize time-saving lifestyle services: The affluent classes are increasingly outsourcing tasks for practical reasons, driven by cultural, economic, and sociological factors.
The affluent classes, including the middle and upper middle classes, are increasingly interested in time-saving lifestyle services. This shift in attitude towards employment is driven by cultural, economic, and sociological factors. The cultural shift involves less embarrassment about having spare cash and not wanting to do certain tasks, such as cleaning or child-rearing. Economic factors include the increasing number of women in the workforce and the gig economy, where hourly rates for services may be lower than one's own hourly rate. Sociological factors include the influence of social media, where people may feel pressure to create a perfect life for themselves. This trend towards outsourcing tasks is not a return to the upstairs-downstairs model of servants or staff, but rather a practical solution to the demands of modern life. The services being outsourced range from oven cleaning and curtain cleaning to role modeling for children and dinner party catering. Ultimately, this trend reflects a changing sense of what it means to employ someone, with a focus on the practical benefits of having someone else do a job that one doesn't have time or energy for.
The gig economy and flexibility in income: The gig economy allows for more equality and flexibility, enabling individuals to earn income through various means, including apps and multiple jobs, while saving money through alternative transportation methods like cycling.
The economy is shifting towards the gig economy, with more people having multiple jobs and using apps like TaskRabbit to earn income. This cultural shift allows for more equality as people are recognized for their expertise and hard work, rather than being seen as masters or servants. While some jobs may not pay as much as traditional employment, the gig economy offers flexibility and the ability to earn money in various ways. Cycling to work is another way to save money, although it does come with costs such as purchasing a bike and safety equipment. Overall, the economy is becoming more democratized, and individuals have more opportunities to earn and save money through various means.
Investing in a good quality bike for commuting: Spend at least £400 on a bike for commuting, consider accessories for comfort and efficiency, and prioritize long-term benefits over short-term costs.
While the bike commuting costs can vary greatly, from cheap bikes to expensive ones, it's essential to invest in a good quality bike that fits your needs to avoid disappointment and to make the experience enjoyable and sustainable. The speaker shared his view that people often make the mistake of buying a cheap bike, which can be uncomfortable and have a short lifespan. Instead, one should spend at least £400 on a bike that is suitable for commuting, as it can last for years and make the journey more efficient and enjoyable. Additionally, accessories such as mudguards, racks, and pannier bags can be beneficial, especially if you're commuting in wet conditions or carrying items with you. Lastly, if you need to take a folding bike on the train, make sure it's not too large to avoid any damage or inconvenience. Overall, the speaker emphasized the importance of considering the long-term benefits of investing in a good quality bike for commuting.
Cycle to Work scheme boosts high-end folding bikes market: The Cycle to Work scheme reduces the cost of high-end folding bikes for higher rate taxpayers by around 40% and offers extra incentives for commuting by bike.
The Cycle to Work scheme, which allows individuals to buy a bike tax-free, has significantly boosted the market for high-end folding bikes like Brompton. These bikes, which can cost upwards of £1,000, are popular due to their compact size and quick folding capabilities, making them ideal for commuting. The scheme, which allows employees to pay for the bike in installments from their pre-tax income, effectively reduces the cost for higher rate taxpayers by around 40%. However, it's important to note that the employee doesn't technically own the bike until they've paid it off at the end of the agreement. Additionally, employers can pay employees 20p per mile for work-related cycling expenses, providing an extra incentive to commute by bike. Overall, the Cycle to Work scheme is a significant financial encouragement for those looking to cycle to work and can make the cost of high-end bikes more accessible.
Understanding Absolute Return Funds: Outperforming Cash with Less Volatility: Absolute Return Funds aim to outperform cash, offer less volatility, but don't guarantee returns and come with additional fees. Regulators are concerned about their value for money and potential risks.
Absolute Return Funds are investment vehicles designed to provide positive returns over a period of 3 to 5 years, with the objective of outperforming cash and offering less volatility than traditional investments like shares and bonds. However, they don't guarantee absolute returns and come with additional performance fees, making them potentially less attractive than a Best Buy bank account in low-interest environments. Regulators are concerned about their value for money and the potential for investors to underperform, especially in uncertain market conditions. The sector is diverse, with various strategies targeting different assets and levels of risk. Some Absolute Return Funds aim for high returns and employ aggressive investment tactics, adding complexity to the regulatory review. Overall, while these funds can help investors navigate market uncertainty and offer less volatility, they carry risks and potential fees that investors should be aware of.
Concierge services for investment protection: Concierge services offer market loss protection but require research, emerged post-financial crisis, and are not risk-free or high return
Concierge services, including Absolute Return Funds, offer investors a way to protect their investments from market losses, making them suitable for a range of investors. However, they require extensive research as not all funds are identical, and some may not be worth the investment. These services emerged post-financial crisis when institutional and high net worth investors pulled out of hedge funds, leading to retail versions with reduced risks. While they can provide some protection against market volatility, they are not risk-free and may not yield significant returns. The Money Show also discussed other topics including renewed outrage over inflexible direct debits, shielding assets from inheritance tax, and positioning investment portfolios for a Trump victory. Popular fund manager Terry Smith provided insights on income investing. The Money Show is available for listening on ft.com/podcast, and the latest episode includes a cool fact about crocodiles and short-term health insurance options.
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