When you know more than your boss

As a newer professional, you may find that you have more experience in certain areas than your manager. You might have a deeper understanding of technologies, innovations or even foundational leadership skills that you’d like to share. There are ways to communicate your knowledge with your boss while maintaining humility and a collaborative mindset. The key is to be curious and collaborative — asking questions to better understand their perspectives and framing your insights as resources that will benefit the team. For example, if your manager is asking you to create content you believe won’t resonate with the intended audience, ask a question like, “That’s a really interesting approach. Can you tell me the background on how we came up with it?” This could give you more context. After listening to the answer, if you still find it to be problematic, ask, “Have we considered [your idea]?” Be sure to have clear reasoning and evidence for any suggestions you make.

(Adapted from “What to Do When You Know More Than Your Boss,” by Marlo Lyons, published by HBR Early Career)

US’s record $1.2tr interest payments

The US government is on track to spend more than $1tr on interest payments this year, surpassing military spending for the first time in history. Interest payments on the national debt (held by the public in the form of Treasury securities) will cost the government $1.2tr in the government’s fiscal year ending in October, the Treasury Department said in a monthly report on the budget. Net interest outlays are the third costliest item in the budget behind Social Security and Medicare benefits. Economists have grown increasingly concerned about the potential impact of those payments on the US economy. Two major factors have driven those payments skyward. First, the government spent trillions to support households and the economy during the pandemic, paying for it by borrowing rather than raising taxes. Second, the Federal Reserve raised interest rates starting in 2022 to fight inflation, which pushed up how much the government owes for that debt.

(Adapted from “A Record $1.2 Trillion Interest Payments Are Blowing Up The Federal Budget,” by Diccon Hyatt, published September 13, 2024, by Investopedia)

Democratic fears for the rich

The tightening presidential race has touched off a wave of tax planning by ultra-wealthy investors, especially given fears of a higher estate tax, according to advisors and tax attorneys. The scheduled “sunset” of a generous provision in the estate tax next year has taken on new urgency as the odds of a divided government or Democratic president have increased, tax experts say. Under current law, individuals can transfer up to $13.61m to family members or beneficiaries without owing estate or gift taxes. The benefit is scheduled to expire at the end of 2025, along with the other individual provisions of the 2017 Tax Cuts and Jobs Act. The estate and gift tax exemption will fall by about half if it expires. Individuals will only be able to gift about $6-7m; any amount above that will be subject to the 40pc transfer tax.

(Adapted from “Harris’ Rise In Polls Sparks Wave Of Wealth Transfers To Kids,” published September 13, 2024, CNBC)

Introvert’s guide to visibility

Visibility in the workplace isn’t a nice to have. It’s a necessity. Being seen and recognised for your work can open doors to new opportunities and propel your career forward. But that doesn’t have to come at the cost of becoming someone you’re not. Even as an introvert, you can find ways to play to your strengths. Here are a few ideas: 1) Speak up early in meetings. If you’ve ever hesitated to speak up in a meeting, waiting for the “right moment” to jump in, you know how quickly the moment can pass you by. 2) Take the pressure off. Visibility in the workplace doesn’t always require you to come up with groundbreaking ideas. Being present and involved in the dialogue is often more important. 3) Ditch self-depreciation. Habitually using disqualifiers like “I’m no expert on this” can lead others to underestimate you.

(Adapted from “An Introvert’s Guide to Visibility in the Workplace,” by Melody Wilding, published by HBR Early Career)

Published in Dawn, The Business and Finance Weekly, September 16th, 2024