Hey folks!

If you’ve felt that your colleagues use a lot of confusing jargon at work, you may not be the only one. A lot of us may have had to actually look up phrases like ‘keep me in the loop’ or ‘take offline’ the first time we heard them.

And if you misunderstand any of these phrases, chances are that your work productivity goes for a toss, simply because you have to figure out what people mean when they say something you’ve never heard before.

According to a LinkedIn-Duolingo survey,  78% of Indian working professionals believed that their colleagues use too much jargon. That’s even higher than the UK, US or Japan where just about half or less of the surveyed professionals thought so. And over two-thirds of these people had to figure out the jargon on their own.

They just don’t want to make mistakes because they misconstrued something. But funnily it’s the folks that understand them, that get a raise or a promotion quicker.

Maybe it’s time for workplaces to have a jargon dictionary uploaded on their HR portal so that employees don’t waste valuable company resources figuring out what the heck is going on. Let your HR know this by EOD.

We didn’t mean to waste your time. That means ‘end of day’.

Here’s a soundtrack to put you in the mood 🎵

Nikamma by Lifafa

This recommendation is from none other than our content marketer Kavya Tandon. She clung to the protocol to the T, so much so that she wrote us a formal e-mail to include her rec in this edition. 😂 Thanks Kavya!

Ready for more?

A couple of things caught our eye this week 👀

Why millionaires don’t like India

In 2022, 7,500 wealthy Indians left the country.

And it is believed that 6,500 more millionaires have hopped onto the list in 2023.

In the world of business, these folks are called high-net-worth individuals (HNWIs) because they possess investible assets that are valued over $1 million. And most of them are flying to destinations like Australia, UAE, Singapore, Switzerland and the US according to a recent Wealth Migration Report by Henley & Partners.

So, what’s happening? Why are millionaires fleeing India?

Well, three things. Firstly, taxes. The UAE and Singapore are obviously the best destinations when it comes to not having to shell out too much on taxes. While the former has no personal income tax, Singapore’s personal tax rates are lower than 13%. Capital gains aren’t taxed either. And they’re also easier bases for setting up businesses as entrepreneurs don’t have to go through a lot of compliance hassle.

But that’s not the case with Australia. The personal and corporate income tax rates are quite high here. Yet, the one thing that attracts millionaires is the absence of property taxes. Australia has no estate duty like India and most other countries. So it’s a great place for the rich to accumulate wealth and pass it on to their kin.

Secondly, healthcare. Despite being the most populous country in the world, India spends a puny 3% of its GDP on healthcare. But the figure stands at anywhere between 11-18% in countries like Australia, Switzerland and the US. The healthcare system is also obviously better. Millionaires hence, prefer to settle in countries where they can be sure of the best medical treatments.

Thirdly, safety and quality of life. Australia and Switzerland are among the safest countries to live in. Besides, if you can afford it, most of these countries have great infrastructure and attractions like cleaner beaches. The population density is also something millionaires might consider when choosing other countries over India.

And 90% of the top 10 countries that see inflows of HNWIs even have formal investment migration programs and actively encourage foreign direct investment in return for residence rights. No wonder, close to 7,00,000 of them decided to move out of their native countries globally between 2013 and 2022 in search of greener pastures.

Maybe it’s time for countries like China, the UK, India and Russia (who’re witnessing the highest HNWI outflows) to build on their millionaire retention strategy.


Can we revive our libraries?

Nothing can match the feeling of being engulfed by tall piles of books, the scent of fresh as well as dusty old pages. And of course, cozying up in bed with a physical book. But that must be quite an unpopular opinion now, as Kindles and OTT apps have made their way to the top of people’s entertainment charts. Lending libraries feel like mostly a thing of the past.

And there’s a reason why I’m talking about disappearing libraries today. A couple of days ago, Reader’s Delight ― one of the oldest lending libraries in Mangalore decided to draw the curtains on their 40-year-old business. Clearly, their last customers, the college-going millennials have moved out of the city. And Gen Z isn’t much of a book lovers’ club.

So, that got me thinking. Isn’t there a way to bring the sentiment back?

And I found out that all hope may not be lost.

In bigger cities like Bangalore, reading communities like Cubbon Reads have become a way for hundreds of readers to come together with their favourite books. In Pune, Prashant Kamble, an auto rickshaw driver decided to fit a little book shelf within the customer’s reach to rekindle the reading spark.

Although these may be small efforts to revive the reading spirit, lending libraries may not really be dead from a business perspective. You see, every business sees a decline if it can’t innovate. And that’s probably why libraries seem to look like they’ve failed.

Maybe folks today want the convenience of getting books delivered home. Or maybe they want a calm aesthetic environment, rather than a small space stuffed with books. Library cafes could be a way to go.

If bookstores like Blossom haven’t met their end in the digital age, there’s definitely hope for library businesses too. Reimagining them is probably what we need. What do you think?

Infographic 📊

Money tips 💰

Do you make money? Be grateful.

When was the last time you thought that you have enough money to do everything you want?

Did you say ‘Never’?

Well, how about changing your attitude towards how much you earn? Think of how you started off your career. Back then, you earned a lot lesser than you do today. But you managed to live with the little financial freedom you had. As years went by you may have got a raise. Or may have even switched jobs for higher pay or a better position. You were able to upgrade your lifestyle. And then suddenly, how much you earned wasn’t enough again.

But here’s the thing. You’ve put in a lot of work to get here. And a few years ago you may have aspired to be who you are today. So it makes sense to be grateful for the money in your bank account. For all the things you’re able to afford. For even having a job in times of layoffs.

Make gratitude an important part of your relationship with money. Because the more grateful you are for how much you earn and how you earn it, the more content you become. As MD and CEO of Edelweiss Mutual Fund Radhika Gupta recently tweeted “Gratitude is the most important money attitude.”

All it takes is some thankfulness to take the next leap.

Readers Recommend 🗒️

Modern History: History of India

Okay! Here’s a 7-hour-long video recommendation that tells you about India’s history until independence. Also, YouTube’s largest upload ever we’re guessing.

You can thank our reader Suman Das for this binge-worthy recommendation.

Finshots Weekly Quiz 🧩

It’s time to announce the winner of our previous Weekly Quiz. And the winner is… 🥁

Tanya Ahuja! Congratulations. Keep an eye on your inbox and we’ll get in touch with you soon to send over your Finshots merch.

And for the rest of you, here’s your next chance to grab the winner’s crown. Click on this 👉🏽 link, answer all the questions correctly and tune in next week to check if you got lucky.

Until then, don’t forget to tell us what you thought of today’s newsletter. And send us your book, music, business movies, documentaries or podcast recommendations. We’ll feature them in the newsletter! Just hit reply to this email (or if you’re reading this on the web, drop us a message: morning@finshots.in).


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