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Are You Spending or Investing Your Hard Earned Money?

Are You Spending or Investing Your Hard Earned Money?

According to Australian Millionaire, Tim Gurner, our inclination towards frivolous items such as Avocado Toast are the reason why millenials can’t afford to put a down payment on a home.

As outlandish as this observation may sound, there is some truth to it. I seriously doubt that your decision to eat avocados is going to deter you from ever buying a home. But the act of irresponsible spending certainly will. The future is some far-off, unknown entity, and those of us who like to live in the now tend to indulge instead of invest. And while that instant gratification feels oh so good, eventually it will catch up with us. We need to start planning ahead.

Don’t squander away your hard earned money

We’ve been hearing it over and over since we were children. Our parents would give us a small allowance and tell us, “don’t spend it all in one place.” We may have laughed it off, but they were trying to teach us a very valuable lesson: we need to spend our money wisely.

We have reached an era where adults between the age of 24-35, what used to be ample home-buying age, are not able to afford a home of their own. A number of factors contribute to this issue: Credit standards have become stricter, making it more difficult for people with faulty or no credit at all to get a loan. Student loans are on the rise, burying millenials in crippling debt. Lifestyle changes- people are delaying getting married and having children, no longer prioritizing this as their ultimate goal. Many millenials are not receiving salaries that make them able to afford a home; many of them are living hand to mouth. Individuals in this age group are inclined to move to inner cities, where the act of renting is more prevalent than buying.

Ultimately, you don’t have to save up your money in order to buy a flat or home. If that’s just not your style, then do what makes you happy. But still be aware of your spending habits. Like I said, you work hard for your money. By all means treat yourself, but also consider the time you’ve put into earning that cash. It won’t be instant, but investing in yourself now will pay off big time in the future.

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Avoid these money spending mistakes:

1. Don’t be a sucker for a seemingly “good deal.”

Imagine you’re in the market for a new television set, and you’ve narrowed it down to two choices. Both televisions are priced at $500, but one of them has been marked down from $800. Immediately you conclude that the one that has been marked down would be a better value. This thought process is known as Anchoring Bias. This means that we make decisions based on one piece of information (the anchor). In this case, the discount is the anchor. You don’t know why the store chose to discount this item, and what issues it may have.

I’m sure we’ve all been guilty of naming ourselves, “bargain shopper,” never being able to pass up a good deal or sale. Many of us fall victim to this marketing tactic during the holiday season. Everything is on sale! And since we can’t resist a good sale, we spend money we normally wouldn’t, on items we normally wouldn’t buy. The end result? We just end up with stuff. Stuff we don’t need, and doesn’t bring us any fulfillment. If anything it makes us feel empty, because everything new eventually loses it’s charm.

2. Buying the things we WANT, instead of what we NEED

Do you ever find yourself sifting through your bottomless closet, filled with nearly identical shirts and shoes, only to realize you have “nothing to wear? Shop Therapy make us feel good. But only momentarily. How good will you feel about those items when you realize you can’t pay your bills?

It is exciting to get something new, and in the moment, we believe that this new item will help to shape us into the person we want to be (this jacket makes me look professional, more people will take me seriously). But the truth is, these items won’t change us. And we’re likely to lose interest in them just after a few days.To avoid this dilemma, really consider how much you need an item before you buy it. Don’t buy it on impulse, wait until the next day and consider if you really need it. Chances are you’ll forget about the item.

3. Spending money we don’t have

You just got your first credit card, and your soaring high on the possibilities. You can just buy things without worrying about your account balance. So you buy. You buy until you max out your credit card. So what do you do? You apply for another credit card to support your spending habits. Next thing you know, you’ve racked up $20k in debt with no way to pay it off. Your credit score plummets and your phone is ringing off the hook with debt collectors.

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The money isn’t tangible, so you don’t feel any real loss as you’re spending. Credit cards make spending way too easy, and debt that much easier to fall into. You can easily miscalculate how much you can afford; or worse, go into denial about how much you’re spending.

This is why so many adults are buried in debt. Since they don’t physically see the money leaving their bank accounts, they’ve disassociated the loss that comes with spending.

4. Buying instead of investing

Say that you’re an Instagram star, promoting a vegan lifestyle and the benefits it provides. You could spend $1000 on a new hand bag, OR, you could spend that money on a Nutrition Certification Course. Consider which is more beneficial to you: buying an expensive handbag that you’ve had your eye on, or investing in something that could potentially further your progress in life?

Sure, you’ll get that temporary high from buying that handbag, flaunt it around and be the envy of the town. But as soon as you’ve felt that satisfaction, that handbag no longer benefits you. It’s old news. However, if you spend it on the Nutrition Course, you could be well on your way to expert status on a subject that truly interests you. That is a benefit that will pay off for years to come; well after that ragged old handbag fell apart and became useless.

Never let the instant gratification trump you from investing something more rewardable.

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5. Trying to “buy” a relationship.

Your relationship has been on the rocks for a while, and you’re not really sure how to show them that you care. So you buy them tokens of your affection, showering them with gifts. This may temporarily fix the tension in the relationship, but the core issue is still there.

If your partner is only with you because of what you can offer them materialistically, then you should know it isn’t real. You shouldn’t have to buy your friends or romantic partners with extravagant items. If your partners love for you is determined by how much you spend on them, then they don’t love you for you. They love your money and what it can get them.

You are buying the relationship; an investment that will ultimately end in loss.

6. Opting not to invest in Health Care.

You take great care of your body. You eat right, work out daily, and take all of your vitamins. You feel great! There’s no need for health insurance, your health is just fine. One day on one of your runs through the park, you slip on some mud, fall awkwardly, and fracture your neck. An ambulance picks you up and takes you to the hospital. They perform x-rays, cat-scans, keep you overnight for observation, and provide you with painkillers to alleviate your suffering. When all is said and done, you now owe the hospital just shy of $30k. Your health was in great shape, but you just can’t predict these things. If you had health insurance, you wouldn’t have to worry about these costs on top of your injury. But now you do.

Millenials may feel that they don’t need to waste their money on Health insurance, because they’re still young and still have plenty of energy to spare. Health isn’t the first priority, because time and age is still yet to take a toll on us. But before we know it, our bodies start to give out on us. We eventually will age, sending our energy levels and health on the decline.

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Now, health insurance or not, you need to seek medical attention. And without coverage, your payments will be astronomical. An issue you never would have dealt with if you just sucked it up and made the monthly payments. Maybe you don’t need it now. But someday you will.

Invest in yourself and the future, and the payout will be well worth the sacrifice

When you really break it down and consider what is important, you realize you don’t actually need very much. What do you actually need? Your health, food (if that includes avocado toast so be it), water and shelter (clothing optional, but for the purpose of social norms I suppose we’ll include that as well).

Featured photo credit: Mashable via google.com

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Brian Lee

Chief of Product Management at Lifehack

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Last Updated on November 5, 2019

5 Learning Management Systems (LMS) for Effective Learning

5 Learning Management Systems (LMS) for Effective Learning

Businesses rely on talent to generate and sell value. Without skilled people to create its products, manage its operations and execute its strategies, a business would inevitably fizzle out of the game and leave better-staffed competitors to take the field.

This is the reason why ambitious companies go great lengths to attract top talent,[1] shelling out millions of dollars in the process and bending traditional work policies just to bring highly skilled but demanding candidates into the fold.

Clearly, the contours of business are changing. But so are the demographics of work.

Millennials have become the dominant generation in the job market in terms of population, and some have already transitioned into leadership roles. Most millennials consider opportunity to learn and grow more important than overall compensation.[2]

Companies also today expect employees to come equipped with razor sharp business acumen.[3] Unfortunately, there is an alarming discrepancy between the actual skills businesses need and those currently possessed by job candidates.

To stay in the game, employers need to continually upgrade their training and skills development strategies to cover the entire employee lifecycle.

What are Learning Management Systems (LMS)?

Learning management systems are software-based solutions for authoring, presenting, consuming, storing, and tracking educational content and training materials. These systems aim to centralize all instructional content (e.g., lessons, training modules, instructional videos, presentation slides, worksheets, online quizzes, ebooks, takeaway notes, etc.) in one place.

LMS enable instructors to design and deliver learning experiences to students, with the added capability of evaluating the effectiveness of the instructional materials and grading the learning progress of students.

On the other side of the equation, learners use LMS to develop skills and acquire new knowledge virtually anytime and anywhere via the different channels and content formats made possible by digital technology.

Over the years, a wide range of features and technologies have been integrated into learning management systems to help enhance the experience of training designers, instructors, and learners. These include cloud and mobile technology, artificial intelligence, responsive design, scheduling, gamification, data analytics, and interoperability with other applications.

5 Best All-Purpose Learning Management Systems

There are dozens of LMS vendors catering to the general market or to specific segments such as K-12 learning, higher education, and corporate training.

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With so many options available, selecting the right LMS solution for your needs can be complicated and costly, especially when you end up adopting a platform that doesn’t exactly match your goals or requirements.

Short of conducting a comprehensive audit of your needs and finalizing a learning roadmap, the safest bet would be to adopt full-featured but affordable LMS solutions.

Based on user reviews, here are the 5 best LMS to help people gain knowledge, build skills, and achieve mastery:

1. Canvas Network

Launched by Instructure as an open source software in 2011, Canvas is an end-to-end cloud-based service originally engineered for the education sector.

Widely adopted for K-12 and Higher Ed learning, Canvas can be repurposed for anything that involves an instructor, a subject matter, and a student.

Used around the world by people of all ages and organizations of all types, Canvas arguably has the largest learning and support community in its class. It works on desktop computers, tablets and mobile phones.

To get a glimpse of the platform’s fresh interfaces, you can visit the Canvas Network, a learning community that provides educational and instructional materials created by colleges, universities, corporate businesses, independent course developers, and other knowledge-sharing entities around the world.

Hosting hundreds of interesting topics from data science to horticulture, the learning network also serves as evidence to the scope, capabilities, and popularity of the Canvas LMS platform.

Canvas is hosted on Amazon Web Services (AWS) infrastructure, which enhances the platform’s reliability, speed, scalability, and overall online performance.

Additionally, platform adopters enjoy a low-risk environment since cloud-based solutions require no hard stops for version updates, upgrades, or system migrations.

The Canvas website does not show a price matrix but says the service adopts a simple formula for computing fees: a one-time implementation fee and an annual subscription fee based on total number of users. It also promises free basic services for teachers who want to use the platform.

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In addition to Canvas, Instructure also offers Bridge (an LMS designed for corporate environments), Arc (a video platform for online learning), and Gauge (an assessment management system).

Check out this video if you want to learn more about Canvas Network:

2. Google Classroom

This free service from Google aims to improve the teaching and learning process using cloud technology, web apps, workflow simplification, and seamless communication between students and instructors.

Using Classroom, educators can easily create and schedule classes, distribute assignments, send feedback, and grade quizzes all in one place. By streamlining processes, Classroom helps teachers save time and organize classes more effectively. Both students and teachers can also work using any device anytime and anywhere.

Classroom works perfectly with other Google tools, having been launched initially as part of Google’s G Suite for Education. This LMS solution taps Google Drive for content storage and distribution, as well as Google Docs, Sheets, and Slides for the creation and sharing of instructional materials. Meanwhile it integrates Google Calendar for scheduling and Gmail for communication.

With G Suite, other communication channels such as chat messaging, video conferencing, and a dedicated website are enabled.

Easy to set up and manage, Google Classroom is free to use. One of my very first courses was actually hosted on Google Classroom.

Going beyond the classroom environment, Google offers G Suite Enterprise for Education for large institutions. This suite provides enhanced search and analytics capabilities as well as advanced tools for enterprise communications.

3. Moodle (Modular Object-Oriented Dynamic Learning Environment)

If budget and capability equally top your list of LMS adoption criteria, then Moodle might just fit the bill. Which is to say there’s none (i.e., bill).

Moodle is a free and open-source learning solution for distance education, workplace training, flipped classrooms, and other pedagogical environments.

It is also a full-featured LMS supported by a robust community and a thriving developer ecosystem. Not surprisingly, Moodle is used in more than 15 million courses by more than 130 million users in 230+ countries.

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Among other things, Moodle enables administrators and educators to create a dynamic and dedicated website to host organic, easily accessible, and highly customizable courses that can be experienced on desktops and mobile devices anytime and anywhere.

Moodle provides a personalized and intuitive dashboard as well as a host of collaboration tools for content designers, teachers, and learners. A universal calendar, an efficient file management system, an automatic notification system, multimedia integration, and a progress tracking tool all come with the package.

Check out this video if you want to learn more about Moodle:

4. Absorb

This platform recently bagged PC Magazine’s Editors’ Choice Award for Best LMS.

Co-designed and built by former course authors, Absorb takes learning experience to the next level. This turnkey LMS solution is responsive, full-featured, and highly customizable for maximum impact.

Course developers can orchestrate a wide range of experiences depending on audience or learning situation. In addition to surveys, polls, and e-commerce integration, Absorb supports formal online learning and certifications standards such as AICC, SCORM, and Tin Can.

The user interface can also be modified to match the learner’s location, group, or department, allowing for a different look and feel for customers, channel partners, management trainees, and newly hired employees.

Absorb supports all personal computing devices from desktops to mobile phones. There are also native or hybrid apps for iOS and Android.

The only possible drawback to the platform’s powerful feature set is its pricing. The service reportedly implements a flat, one-time setup fee depending on your business and training requirements. According to the site, any plan comes with a dedicated success team for your account.

Although small companies are welcome to try, midsize to enterprise-scale organizations are probably the best segment to readily adopt this LMS solution.

Take a look at some examples of Absorb in this video:

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5. Watershed Collaborative

Created by a group of educators, this nonprofit rethinks the priorities of an LMS, asserting that too many systems miss the most essential elements of what makes learning stick. They promise a better user experience – emphasizing Learning before Management and System.

Watershed aims to support an inquiry-based learning experience through an integrated mix of online and in-person learning strategies and interactions designed expressly for teams – including collaboration, reflection, and dialogue.

While Watershed was founded initially to serve the K-12 education market, the company has since expanded its scope to cater to all types of teachers and learners with its video-rich, state-of-the-art platform.

If you’re a mission-driven educator, content creator, institution, or business, this LMS may be the one for you.

Watershed specializes in assisting you with the instructional design of courses and provides content production services to ensure top-quality video assets with lasting value. Their LMS makes it easy for course creators to continuously update and tailor content to support small and large groups, while ensuring the technology and instructional strategy supports communities of learners.

Pricing varies based on products and services, but revenues support the nonprofit’s ability to make its platform and courses available at little or no cost for high-need educators and educational settings.

Honorable Mentions

There are dozens of LMS vendors in this growing market and the brands included in foregoing list are by no means the only viable options for companies or learning institutions looking to upgrade their learning infrastructure.

Many other excellent services are worth checking out. These include:

  1. Docebo is an LMS designed for hyper-engaging students, employees, customers, and other learners. The system helps organizations identify and resolve competency gaps with strategic learning interventions.
  2. Cornerstone OnDemand is a talent, training, and performance management solution offered as an SaaS (Software-as-a-Service). This service enables learners to create personalized playlists of instructional content.
  3. Lessonly is an LMS solution that makes it easier to recall and reinforce whatever skills or knowledge you have learned through quizzes, coaching, and constant practice.
  4. Skillsoft is an online training and corporate learning platform developed by a two-decade old and billion-dollar company with the same name.
  5. D2L BrightSpace is a learning management system that has all the basics for delivering excellent, rich-media experiences for classroom or workplace training.

Conclusion

There are many ways to learn but some are more effective and meaningful than others. Whether you are a teacher looking to enhance classroom learning or an HR manager creating a long-term talent development plan for employees, the key to impactful learning is to understand and bridge the needs of learners, the goals of your institution, and the actual capabilities of the learning tools you are considering.

Note that using multiple LMS platforms is possible although not recommended. On the other hand, adopting other learning solutions beyond LMS (such as podcasts, mentoring, and onsite in-person workshops) may significantly improve learning outcomes. Always go for products and plugins that seamlessly integrate into your core LMS tool.

Featured photo credit: Unsplash via unsplash.com

Reference

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