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May 23Doug Smith

Buzz Word-opoly

May 23Doug Smith

This morning I was listening to an audio program about improving your elevator speech. For those who don’t know what an elevator speech is, it’s a short (30-60 seconds) speech where you introduce yourself and what you do at a networking or business function. It’s called an elevator speech because you’re supposed to imagine stepping into an elevator with a stranger, and you only have the ride to the 12th floor to tell them about yourself.

Anyway, this particular audio program talked about trying to avoid the use of buzz words in your elevator speech. Buzz words (and acronyms, for that matter) may make sense for people that work in your industry, but they can be gobbledygook (N.B. is gobbledygook a buzz word itself?) for others, who will spend their time trying to figure out what the buzz word means rather than listening to your elevator speech.

The audio program recommended Investopedia as a great website for identifying buzz words. I went to the site today, and found THIS SECTION on buzz words. It’s great! I spent time clicking on different terms I didn’t know about for an hour – it was as much of a time waster as YouTube or Facebook.

Here’s one of my favorites: KIPPERS. According to Investopedia, KIPPERS means…

Kids In Parents’ Pockets Eroding Retirement Savings. A slang term referring to adult children who are out of school and in their working years, but are still living at home with their parents. These parents face the challenge of managing their own finances and planning for retirement while dealing with the added expense of providing for adult offspring.

According to recent studies, most parents report that having KIPPERS is a pleasant experience – they like living with their adult children. However, it usually results in the parents saving less than they otherwise would for their retirement.

Contrast this to the situation of a married, working couple with no children at home, where discretionary income is often higher and saving for retirement is easier. This demographic group is sometimes referred to as Dual Income No Kids (DINKs).

My college age sons aren’t KIPPERS yet, but they have the potential to be in a few years. Makes me think more seriously about selling the family home and moving to that one bedroom apartment…

 

B2B CFO®

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