Self Determination Theory, Weekly Review, The Microsoft Story & More…
We Cover
Trends: Self Determination Theory & Power Of Weekly Reviews
My Takeaway from The Microsoft Story by Dan Good
Weekly Musing: Learning from The Week
Finance Demystified: Importance Of Tax Planning
Podcast | How to Save Taxes Smartly
My Weekly Explorations…👀
Self Determination Theory 📜
This week, I explored a fascinating framework called Self-Determination Theory (SDT).
SDT posits that people have three innate psychological needs that, when satisfied, allow for optimal function and growth. These needs are:
Autonomy: The desire to be in control of one's own actions and decisions. People feel autonomous when they have a sense of choice in what they do.
Competence: The need to feel effective and masterful in one's activities. When individuals feel competent, they are more likely to take on challenges and persist in the face of difficulties.
Relatedness: The need to connect with others and feel a sense of belonging. This involves developing meaningful relationships and feeling part of a community.
If you are just starting in your career, it will take time to develop competence, and with that will come autonomy. Having good peers is crucial at this stage but if you are a seasoned professional, all three aspects are important to you.
Working in an environment that supports autonomy, competence, and relatedness leads to enhanced motivation, well-being, and performance.
So, does your workplace offer all three?
It’s good to introspect from time to time :)
Power Of Weekly Reviews
Do you measure your progress at the end of the week?
A weekly review may seem like extra work, but it’s a great way to avoid being productive just for the sake of it. It helps you make better decisions by clarifying your thoughts.
A simple framework for this exercise is the Plus Minus Next Framework.
Create three columns and label them Plus, Minus, and Next.
In the first column, write everything that went well. In the second column, note everything that didn’t go as planned. In the third column, list what you plan to do the following week.
And that’s it, doing this simple exercise will not only help you plan better for the coming week but also show whether you are focusing on the right things or not.
There are many weekly review frameworks out there, but I find this one easy and simple. Consider this a reminder to do your weekly review this weekend :)
The Microsoft Story by Dan Good
I picked up "The Microsoft Story" by Dan Good this week. As the name suggests the book offers an in-depth look at the history, culture, and evolution of Microsoft. It highlights the vision and leadership of Bill Gates and Paul Allen, the challenges and triumphs over the years, and the innovative spirit that drives the company.
I am not finished yet with this one but one key takeaway till now has been the importance of adaptability and continuous learning. Microsoft’s ability to continuously pivot and embrace new technologies and markets has been crucial to its enduring success. And I believe this lesson is particularly relevant to us as professionals, reminding us to stay curious, embrace change, and continuously seek growth and improvement in our careers.
P.S. The book is a must-read for anyone interested in the tech industry and the dynamics of successful companies.
Weekly Musings
A small reflection from the week would be..
“Winning tomorrow starts today”
Finance Demystified
(An attempt to break & simplify one finance concept)
Importance Of Tax Planning
With the tax filing season over, many professionals make the mistake thinking that now they are free for the year. But the prepwork for filing and saving on taxes begins by planning them.
Effective tax planning helps one minimise their tax liabilities and maximise their savings. Here’s how you can start:
Assess Your Financial Goals: Align investments with your short-term and long-term financial objectives.
Choose the Right Investment Options: Select instruments that offer good returns and suit your risk appetite.
Maximise Deductions and Exemptions: Make full use of all available deductions and exemptions to reduce your taxable income.
Seek Professional Advice: It’s advisable to consult a tax advisor or qualified financial planner for a personalised tax planning strategy.
Podcast Alert: How to pay 0 Income Tax at a pay of Rs. 10,00,000?
We discussed everything right from starting investment to making sure that one becomes master at managing money. We also talked about CFP as a career option and what scope does it holds for students who plan to pursue it.
That’s a wrap for this this week.
Also, if you know someone who might like this newsletter, forward this to them.
Please write to shashank@salaried.club if there’s anything you’d like to share with us.
See you next week :)
Regards,
Shashank Srivastava