Investment Tips from the crisis from Dollardex
1. Don't kid yourself about your risk tolerance
We all know to set our risk level before building a portfolio. But do we fool ourselves into believing we have nerves of steel - and take on too much risk? Shares or commodities always look great during a bull run, but it's easy to forget the downside risks are still high - and arguably get higher as markets reach new peaks.
Examine your own situation and your appetite for risk in a very honest and non-macho fashion. There are no prizes for holding the riskiest portfolio but potentially lots of heartache for over-risky portfolios. No investor should have the majority of their assets in shares or equity funds if they are the type of person who gets nervous every time the indexes turn red.
There are ways to lessen market timing risk, such as to regularly invest your money into the market with a monthly plan. Remember too, if your investment timeframe is short you should seriously consider lowering the risk on your portfolio.
2. Don't panic when markets crash
If you do decide to have a risky portfolio, with more than a small proportion in cash, then it can be a double mistake to panic during a crisis. Although markets are not guaranteed to recover, they usually do. If you sell at the point of crisis you will miss out on the recovery phase. A panicky investor tends to buy high, and sell low - just the opposite of a good investment strategy.
Remember that shares earn more than cash (the risk premium) because they are risky. You should expect ups and downs (not just ups). The best investments over the long term are almost always the most volatile. So if you decide to invest in emerging shares, which have grown much faster than shares in developed countries, also expect them to be most prone to large drops.
3. Understand diversification and risk management
Diversification is one way of smoothing risks and returns, and we've all heard the old saying that you must never put all your eggs in one basket. However, as some investors have found out over the last twelve months, during a crisis many supposedly uncorrelated assets do not provide much diversification protection. Stocks and bonds sank together.
Diversification can be misunderstood and too much expected of it. When we think of two assets that are highly uncorrelated we are tempted to think of them both moving in opposite directions during a crisis, hence buffering our portfolio from losses. This may not be true. For example, the returns of the assets in the chart below are almost perfectly uncorrelated, yet the general trend is still in the same direction. You can imagine how these assets might behave in a crash - both would plummet and the "diversified" investor gets no downside protection.
Don't be pressured or lured into making an investment decision. Any investment that sounds too good to be true, probably is. If a product promises or hints it can obtain above average returns then there must be a catch. The catch could be a more volatile return, an obscure risk condition that one day could bite you, or a too favourable reliance on past performance data.
Great Advice from DollarDex for investment.
Showing posts with label entrepreneur. Show all posts
Showing posts with label entrepreneur. Show all posts
Thursday, March 11, 2010
Differentiating A Good Coach from a Mediocre One
If you are a female boss, have you throught of ways to coach your staffs? Although the following article is targeted on sales folks, however, therein lies essence of what differentiates a good coach from a leader who simply instructs.
A good sales leader coaches, while a poor sales leader simply directs. Most people who desire success focus almost entirely on themselves, not others. However, this is not the way to be truly successful. As a sales leader, team work is paramount and coaching, becomes a rewarding calling. Certainly, it takes work and may not have immediate returns. Yet in the long run, you get to build up a dream team, exceeding your group target beyond your wildest dreams. How do you develop sales coaching? This article seeks to demystify the area of sales coaching in 3 simple steps.
1. Getting your team members to articulate
A seasoned sales man knows how to ask the right questions to his customers. Similarly, a good sales leader coach must ask his team the right questions and get them to answer. This is truly a powerful tool as the personal articulation creates a self- realization. A good sales coach helps others learn how to analyze their own performance, take responsibility for their own development, find their own answers and gain the team members' commitment to doing it.
2. Focusing only on one priority at a time
Most of us are highly ambitious and seek to accomplish a lot at a time. Perhaps in a bid for time, we often rush through the motion. However, to engage your team and for them to be able to give issues the focus they require to accelerate change, one should not have too much on the agenda. The team member has to learn the ropes and take time to internalise the good habits. Research has shown that simple repetitive tasks require a timeframe of approximately 21 days to condition!
3. Separating evaluation from development
Your team member may feel threaten if they feel that they are being appraised when you are trying to coach them. There is a time and place for everything, thus try to separate the development and evaluation aspect. In fact, some staffs that correctly identify areas to develop may be evaluated more positively. It is good for you to have a list of your team members, with their names, greatest strength, areas to develop and resources to share clearly tabulated in a list. This will allow you to picture your dream team clearly!
When these things are in place, sales coaching become your most powerful tool in achieving results and will far surpass a directive approach. The foundation is then built on trust and strengthening relationship. When coaching your sales staff, you are better able to gain an understanding of the areas where one is stuck and can broaden their perspectives, based on your experience and help to formulate a solution for their obstacles. Sales coaching require affirmation, time and effort. However, this is resources well-invested, and this will help you, as a person to develop lasting qualities for life.
A good sales leader coaches, while a poor sales leader simply directs. Most people who desire success focus almost entirely on themselves, not others. However, this is not the way to be truly successful. As a sales leader, team work is paramount and coaching, becomes a rewarding calling. Certainly, it takes work and may not have immediate returns. Yet in the long run, you get to build up a dream team, exceeding your group target beyond your wildest dreams. How do you develop sales coaching? This article seeks to demystify the area of sales coaching in 3 simple steps.
1. Getting your team members to articulate
A seasoned sales man knows how to ask the right questions to his customers. Similarly, a good sales leader coach must ask his team the right questions and get them to answer. This is truly a powerful tool as the personal articulation creates a self- realization. A good sales coach helps others learn how to analyze their own performance, take responsibility for their own development, find their own answers and gain the team members' commitment to doing it.
2. Focusing only on one priority at a time
Most of us are highly ambitious and seek to accomplish a lot at a time. Perhaps in a bid for time, we often rush through the motion. However, to engage your team and for them to be able to give issues the focus they require to accelerate change, one should not have too much on the agenda. The team member has to learn the ropes and take time to internalise the good habits. Research has shown that simple repetitive tasks require a timeframe of approximately 21 days to condition!
3. Separating evaluation from development
Your team member may feel threaten if they feel that they are being appraised when you are trying to coach them. There is a time and place for everything, thus try to separate the development and evaluation aspect. In fact, some staffs that correctly identify areas to develop may be evaluated more positively. It is good for you to have a list of your team members, with their names, greatest strength, areas to develop and resources to share clearly tabulated in a list. This will allow you to picture your dream team clearly!
When these things are in place, sales coaching become your most powerful tool in achieving results and will far surpass a directive approach. The foundation is then built on trust and strengthening relationship. When coaching your sales staff, you are better able to gain an understanding of the areas where one is stuck and can broaden their perspectives, based on your experience and help to formulate a solution for their obstacles. Sales coaching require affirmation, time and effort. However, this is resources well-invested, and this will help you, as a person to develop lasting qualities for life.
Wednesday, March 10, 2010
Work Life Balance for Singaporean Women
Source: Robert Half
http://www.roberthalf.com.sg/portal/site/rh-sg/menuitem.b0a52206b89cee97e7dfed10c3809fa0/?vgnextoid=164b7052d3571210VgnVCM1000005e80fd0aRCRD&vgnextchannel=6dff20fa5e38f110VgnVCM1000003041fd0aRCRD
Highlights:
* Work-life balance the top priority (59%) for female accounting and finance professionals
* 68% of participants expect to progress their career in the next five years
However, 45% do not think they will reach a senior management position, such as a Directorship, within finance and accounting
* Only 49% of participants claim their organisations have a formal equal opportunities/ diversity policy
Singapore, 21 May 2009 – Female accounting and finance professionals in Singapore today have strong aspirations to move up the corporate ladder; however, obstacles still line their paths in an environment where fair and equal opportunities for women are not yet entirely entrenched. Work-life balance is importantly also the top priority for women and the key to attracting and retaining female talent in this increasingly challenging environment.
These are the conclusions of Singapore’s first detailed survey of women within the finance and accounting profession in Singapore, jointly launched by the Association of Chartered Certified Accountants (“ACCA”) and Robert Half Singapore (“Robert Half”). Conducted in March 2009, the survey polled over 700 female finance and accounting professionals across all age groups from a wide range of organisation type, size and industry sector.
The survey found that many women in accounting and finance in Singapore see themselves as career mobile and hold ambitions to develop beyond their current role. When asked where they see themselves in five years, 68% expect to advance their careers, with 32% saying in a new role with their current employer and an even higher 36% citing a senior position in a different firm. The majority of the respondents from the 35 years or younger (44%) age group expect to move on to a more senior role with a different employer, suggesting that younger female workers in general have higher job mobility and are strongly motivated to advance their careers.
However, against the backdrop of a highly mobile female workforce, the survey found that support for female workers in career development and leadership development is currently not forthcoming in many organisations. 27% of respondents claim they do not receive any training support from their companies, with those from the 36 to 45 years age group receiving less support than their peers. During the last 12 months, 64% of respondents had not attended a leadership course and those employed by smaller organisations were less likely to do so than their counterparts in larger firms.
Correspondingly, a significant number of female employees (45%) do not think they will reach a senior management position, such as a Directorship, within finance and accounting. Indeed, 39% of the respondents said their Board of Directors do not have any female representation, with approximately one third (31%) citing that only 1-20% of their board members were female directors. Reasons for this imbalance allude largely to existing gender inequality within their organisations, with comments such as “Such positions are usually given to men” or “There are very few women at the top management levels and these continued to be male oriented”.
The lack of equal opportunities for women is also underscored by the fact that only 49% of participants claim their organisations have a formal equal opportunities/diversity policy. Much obviously still has to be improved on this front, as a sizable 32% do not have such a policy in place, while 21% of respondents are simply unaware if it even exists in their organisations. When asked where an equal opportunities policy would have the greatest impact, 30% said on organisation culture, while a combined 28% saw it as a tool to attract and retain both new and current female employees.
Lastly, but very importantly, even in today’s challenging economic market, female employees are clearly still seeking more balance and flexibility in their lives and the relationship between work and family commitments. According to the survey, work-life balance is the top priority (59%) for female accounting and finance professionals, with respondents ranking flexible hours (61%) and the ability to work from home (51%) as the top flexible benefits that organisations needed to offer to attract and retain female employees. So important is it that the majority of respondents (53%) would leave their current job for one that offered an improved work-life balance, even if it means less pay.
However, contrary to their desire to enjoy an improved work-life balance, an overwhelming 74% of respondents said they are now working longer hours compared to a year ago. The main reasons cited were increased responsibilities (34%) and an increase in workload (24%). Seven percent cited organisation growth which could imply that while business is growing, extra resources are not being brought in to cope with the growth. On average, female accounting and finance professionals work 46.1 hours with those who are married without children working the most number of hours (46.4 hours per week) and those married with children working the least number (45.8 hours).
Mr Tim Hird, Managing Director, Robert Half, comments, “The results of our survey underscore the challenges that female professionals face in Singapore. While women continue to seek greater career advancements, barriers to progression evidently still remain in the workplace today. With Singapore still facing a shortage of skilled professionals despite the weak job market, it is more important than ever that organisations put in place practices to ensure that the funnel of female employees moving up the corporate ladder continues, or risk losing valuable members of the team.
Corporate leaders need to start planning for the eventual market recovery and understand the implications of a talent shortage as we emerge from the recession. Removing these barriers and improving access to flexible benefits is the first step in ensuring that top female talent are not just brought into the workforce, but most importantly, retained.”
Concludes Mrs Penelope Phoon-Cohen, Country Head, ACCA Singapore, “With better education possibilities and career opportunities, women have made a difference to the workplace in the last 50 years and now play an integral part in today’s workforce. As the advancement of women continues in Singapore, it is crucial to understand and ensure that gender equality and fair opportunities exist for female employees. Today, the world is facing unprecedented circumstances. Bringing to the table their unique characteristics and qualifications, women, like their male counterparts, play an important role in tackling the challenges of an increasingly complex economic landscape, and in rebuilding confidence to move businesses forward into the future.”
http://www.roberthalf.com.sg/portal/site/rh-sg/menuitem.b0a52206b89cee97e7dfed10c3809fa0/?vgnextoid=164b7052d3571210VgnVCM1000005e80fd0aRCRD&vgnextchannel=6dff20fa5e38f110VgnVCM1000003041fd0aRCRD
Highlights:
* Work-life balance the top priority (59%) for female accounting and finance professionals
* 68% of participants expect to progress their career in the next five years
However, 45% do not think they will reach a senior management position, such as a Directorship, within finance and accounting
* Only 49% of participants claim their organisations have a formal equal opportunities/ diversity policy
Singapore, 21 May 2009 – Female accounting and finance professionals in Singapore today have strong aspirations to move up the corporate ladder; however, obstacles still line their paths in an environment where fair and equal opportunities for women are not yet entirely entrenched. Work-life balance is importantly also the top priority for women and the key to attracting and retaining female talent in this increasingly challenging environment.
These are the conclusions of Singapore’s first detailed survey of women within the finance and accounting profession in Singapore, jointly launched by the Association of Chartered Certified Accountants (“ACCA”) and Robert Half Singapore (“Robert Half”). Conducted in March 2009, the survey polled over 700 female finance and accounting professionals across all age groups from a wide range of organisation type, size and industry sector.
The survey found that many women in accounting and finance in Singapore see themselves as career mobile and hold ambitions to develop beyond their current role. When asked where they see themselves in five years, 68% expect to advance their careers, with 32% saying in a new role with their current employer and an even higher 36% citing a senior position in a different firm. The majority of the respondents from the 35 years or younger (44%) age group expect to move on to a more senior role with a different employer, suggesting that younger female workers in general have higher job mobility and are strongly motivated to advance their careers.
However, against the backdrop of a highly mobile female workforce, the survey found that support for female workers in career development and leadership development is currently not forthcoming in many organisations. 27% of respondents claim they do not receive any training support from their companies, with those from the 36 to 45 years age group receiving less support than their peers. During the last 12 months, 64% of respondents had not attended a leadership course and those employed by smaller organisations were less likely to do so than their counterparts in larger firms.
Correspondingly, a significant number of female employees (45%) do not think they will reach a senior management position, such as a Directorship, within finance and accounting. Indeed, 39% of the respondents said their Board of Directors do not have any female representation, with approximately one third (31%) citing that only 1-20% of their board members were female directors. Reasons for this imbalance allude largely to existing gender inequality within their organisations, with comments such as “Such positions are usually given to men” or “There are very few women at the top management levels and these continued to be male oriented”.
The lack of equal opportunities for women is also underscored by the fact that only 49% of participants claim their organisations have a formal equal opportunities/diversity policy. Much obviously still has to be improved on this front, as a sizable 32% do not have such a policy in place, while 21% of respondents are simply unaware if it even exists in their organisations. When asked where an equal opportunities policy would have the greatest impact, 30% said on organisation culture, while a combined 28% saw it as a tool to attract and retain both new and current female employees.
Lastly, but very importantly, even in today’s challenging economic market, female employees are clearly still seeking more balance and flexibility in their lives and the relationship between work and family commitments. According to the survey, work-life balance is the top priority (59%) for female accounting and finance professionals, with respondents ranking flexible hours (61%) and the ability to work from home (51%) as the top flexible benefits that organisations needed to offer to attract and retain female employees. So important is it that the majority of respondents (53%) would leave their current job for one that offered an improved work-life balance, even if it means less pay.
However, contrary to their desire to enjoy an improved work-life balance, an overwhelming 74% of respondents said they are now working longer hours compared to a year ago. The main reasons cited were increased responsibilities (34%) and an increase in workload (24%). Seven percent cited organisation growth which could imply that while business is growing, extra resources are not being brought in to cope with the growth. On average, female accounting and finance professionals work 46.1 hours with those who are married without children working the most number of hours (46.4 hours per week) and those married with children working the least number (45.8 hours).
Mr Tim Hird, Managing Director, Robert Half, comments, “The results of our survey underscore the challenges that female professionals face in Singapore. While women continue to seek greater career advancements, barriers to progression evidently still remain in the workplace today. With Singapore still facing a shortage of skilled professionals despite the weak job market, it is more important than ever that organisations put in place practices to ensure that the funnel of female employees moving up the corporate ladder continues, or risk losing valuable members of the team.
Corporate leaders need to start planning for the eventual market recovery and understand the implications of a talent shortage as we emerge from the recession. Removing these barriers and improving access to flexible benefits is the first step in ensuring that top female talent are not just brought into the workforce, but most importantly, retained.”
Concludes Mrs Penelope Phoon-Cohen, Country Head, ACCA Singapore, “With better education possibilities and career opportunities, women have made a difference to the workplace in the last 50 years and now play an integral part in today’s workforce. As the advancement of women continues in Singapore, it is crucial to understand and ensure that gender equality and fair opportunities exist for female employees. Today, the world is facing unprecedented circumstances. Bringing to the table their unique characteristics and qualifications, women, like their male counterparts, play an important role in tackling the challenges of an increasingly complex economic landscape, and in rebuilding confidence to move businesses forward into the future.”
Tuesday, March 9, 2010
Make Money while Going on a Holiday
Do you want to save money, make money and yet travel freely? Here is the inside scoop that travel agencies will not tell you and yet, it will make your holiday a memorable one. Have a secret dream of being a merchandiser, well, this is really the stuffs that you want to know, but cannot find in brochures!
The next time you go on a holiday, challenge yourself to turn a holiday trip to a money making venture!
1) Keep your eyes peeled for popular brands / trends
It never hurt to ask the locals for the best places of attractions. When in Rome, do what the Romans do. Check out great sights and sounds with a local, make a new friend! And what is best, is the possibility of seeing something interesting and bringing back a franchise! Do take note of the popular brands in the market, or something that has caught your interest. It may be the latest craze that catches on!
2) Make bulk purchases and sell back home
There are some popular face masks or unique products which are sold elsewhere at a cheap price. You can start surfing the websites and knowing what are some of the popular items sold in the country you are visiting. By doing so, you are able to defray the cost of your travel and it is always fun, to have the feeling of being a merchandiser! Do read up adequately, thus minimizing the probability of getting stuck with a lot of inventory. Keep the items simple and choose items that are relatively easy to be placed in your luggage!
Turn that holiday trip into an investment trip by simply opening your eyes to business ideas! Very often, a travel trip may turn out to be a gem, giving you ideas for even a franchisee! The money spent, is money well-invested! Check out my blog if you want more great tips in turning pleasures into money making ideas.
The next time you go on a holiday, challenge yourself to turn a holiday trip to a money making venture!
1) Keep your eyes peeled for popular brands / trends
It never hurt to ask the locals for the best places of attractions. When in Rome, do what the Romans do. Check out great sights and sounds with a local, make a new friend! And what is best, is the possibility of seeing something interesting and bringing back a franchise! Do take note of the popular brands in the market, or something that has caught your interest. It may be the latest craze that catches on!
2) Make bulk purchases and sell back home
There are some popular face masks or unique products which are sold elsewhere at a cheap price. You can start surfing the websites and knowing what are some of the popular items sold in the country you are visiting. By doing so, you are able to defray the cost of your travel and it is always fun, to have the feeling of being a merchandiser! Do read up adequately, thus minimizing the probability of getting stuck with a lot of inventory. Keep the items simple and choose items that are relatively easy to be placed in your luggage!
Turn that holiday trip into an investment trip by simply opening your eyes to business ideas! Very often, a travel trip may turn out to be a gem, giving you ideas for even a franchisee! The money spent, is money well-invested! Check out my blog if you want more great tips in turning pleasures into money making ideas.
Monday, March 8, 2010
The Face Shop Inspiring Interview
The Face Shop
When we see inspiring stories of women who have it all, we realise it is possible. With that extra grit and strength (women really have the tenacity within us- see how we queue relentlessly when there is a bargain), we will reach our destination.
The Face Shop is ubiquitous in Singapore and many Asian countries. How was it brought into Singapore from Korea?
Here is an interesting interview, with The Face Shop owners, Ms Doreen Kho Ching Kim & Peggy Kho Ching Ling when they first start up.
1. Please describe your business.
Our business is made up of a group of young enthusiastic people who wants to offer our customers excellent service and good quality Korean cosmetics to customers at affordable prices. We hope to encourage Singaporeans to be more adventurous with colours for the face and for Singaporeans to have a wider choice of skincare choices formulated from unique natural ingredients.
2. What made you embark on this venture choice?
Personally, I have always been vain at heart and I have a deep passion for cosmetics. I can spend hours at cosmetic counters and experimenting new products. In particular, Korea's cosmetics have caught my attention as they have one of the best technology for skincare development. The ingredients used are also very unique and since Korea has just opened their markets, it is a good opportunity for Singaporeans to finally discover their secret to great skin.
3. How does your business work?
We import our products from Korea and retail them in our outlets located at Bugis Junction and Plaza Singapura. Currently all our shops are self owned as we are apprehensive about franchising too soon.
4. Did you have the capital to start the business or did you have to borrow from someone to get started?
Our partnership includes me, my sister Peggy, my husband Leslie and 2 sleeping partners. Together, we have enough capital to invest into this venture.
5. Do your parents have their own businesses too? Have they inspired you in one way or another?
No, my parents do not own businesses. My mother passed away when my sister and I were young and my father passed away recently, both from illness. Yes, they have inspired us but in a different kind of way. Both our parents fought their illnesses, patiently and silently. When they are in pain, they hide in their rooms to weep and would never let us see their sufferings as they do not want us to feel sad. Seeing their resilent nature in overcoming adversities has made us stronger people. We learnt never to complain no matter how tired we are so that we will not demoralize the people around us. My grandmother and father had come from very poor families. They had worked very hard to make a living. My father had to study at the corridor because they could not afford the electrical bills. But because of that, he was even more determined to succeed so that he could get out of poverty and he did. He had passed on to us his spirit of determination.
Join our mailing list to read the full interview article!
When we see inspiring stories of women who have it all, we realise it is possible. With that extra grit and strength (women really have the tenacity within us- see how we queue relentlessly when there is a bargain), we will reach our destination.
The Face Shop is ubiquitous in Singapore and many Asian countries. How was it brought into Singapore from Korea?
Here is an interesting interview, with The Face Shop owners, Ms Doreen Kho Ching Kim & Peggy Kho Ching Ling when they first start up.
1. Please describe your business.
Our business is made up of a group of young enthusiastic people who wants to offer our customers excellent service and good quality Korean cosmetics to customers at affordable prices. We hope to encourage Singaporeans to be more adventurous with colours for the face and for Singaporeans to have a wider choice of skincare choices formulated from unique natural ingredients.
2. What made you embark on this venture choice?
Personally, I have always been vain at heart and I have a deep passion for cosmetics. I can spend hours at cosmetic counters and experimenting new products. In particular, Korea's cosmetics have caught my attention as they have one of the best technology for skincare development. The ingredients used are also very unique and since Korea has just opened their markets, it is a good opportunity for Singaporeans to finally discover their secret to great skin.
3. How does your business work?
We import our products from Korea and retail them in our outlets located at Bugis Junction and Plaza Singapura. Currently all our shops are self owned as we are apprehensive about franchising too soon.
4. Did you have the capital to start the business or did you have to borrow from someone to get started?
Our partnership includes me, my sister Peggy, my husband Leslie and 2 sleeping partners. Together, we have enough capital to invest into this venture.
5. Do your parents have their own businesses too? Have they inspired you in one way or another?
No, my parents do not own businesses. My mother passed away when my sister and I were young and my father passed away recently, both from illness. Yes, they have inspired us but in a different kind of way. Both our parents fought their illnesses, patiently and silently. When they are in pain, they hide in their rooms to weep and would never let us see their sufferings as they do not want us to feel sad. Seeing their resilent nature in overcoming adversities has made us stronger people. We learnt never to complain no matter how tired we are so that we will not demoralize the people around us. My grandmother and father had come from very poor families. They had worked very hard to make a living. My father had to study at the corridor because they could not afford the electrical bills. But because of that, he was even more determined to succeed so that he could get out of poverty and he did. He had passed on to us his spirit of determination.
Join our mailing list to read the full interview article!
Sunday, March 7, 2010
http://womenurock.blogspot.com/p/latest-updates.html
imSaavy has a lot of great articles on financial planning. I tried the quiz and you should too! It'd be interesting to see how much or how little you know about CPF! Instead of searching everywhere for the local bank numbers. Here is a quick listing- Local Phone List for Banks Fixed Deposits
Hope it'll save everyone some time! :)
10 Tips on What to Prepare Financially for Your Upcoming Marriage
If you have finished school, worked for a few years and is attached, your most likely plan next in the agenda is to get married. Marriage is going to be the most significant decision you will make. It will affect you mentally, emotionally and financially. It also happens to be a national interest to pro-create (legally of course)! Here are some tips on financial matters for which you should look out for if you have decided to tie the knot:
Source: http://www.cpf.gov.sg/imsavvy/blog_post.asp?postid=209343995-1-3427659272
1. Determine what kind of residential flat you are going to stay together. This will depend on the property price both of you can afford. You can consider renting or even stay with parents if you feel that both of you are not prepared to make a large property purchase commitment initially. Do not be pressured by your peers. You do not need to follow the crowd to commit a large loan if you are not ready. It is OK to rent when you get married. Personally, I rented a 3 room HDB flat for 1 year after marriage as I couldn’t find a satisfactory place to buy.
2. Loan Scheme- You will need to borrow money if you are going to purchase a property. Make sure you understand the various schemes such as HDB Concessionary Loan vs Bank Loans.
3. If you are going to purchase a place to stay, you need to budget for renovation. If you are buying from the resale market, you will need to pay the Cash-Over-Valuation (COV) in additional to the downpayment amount which you are unable to take a loan on it.
4. You need to budget for the wedding celebration and honeymoon. To avoid misunderstanding, discuss this openly with your parents and ensure clear communication at all times. Asian parents like to have grand dinner wedding while young people prefer a quiet wedding. So you can see the need for good communication.
5. If you are going to hold a wedding dinner, you will have to pay the bill after the dinner has ended. If you are relying on red-packets (ang-paos) given to you by friends & relatives to help pay for the dinner, you may find some issues with it because you have not fully tally all the ang-paos.
You may wish to pay the dinner using credit card. Usually multiple credit cards can be used. You can ask your parents to pay using credit cards first .You might not want to use your own credit card because you’ll need to ensure your credit limit is not breached if you are going for your honeymoon straightaway. Remember to ensure all credit call bills are settled within the one month grace period.
6. All the above require careful budgeting. If you do not have the money, you need to save or borrow or both. If you are going to borrow to pay that renovation, try to borrow from your own parents first (hopefully they can lend you interest free!). Even if your parents charge you interest (which I feel they shouldn’t), it is better to pay interest to your own parents than to the bank!
7. To save, you must ensure you have a high cash flow now. High cash flow can only be achieved either with high income and/or minimal expenditure. Initially in your career, it is not likely you have a high income. So your only way to have a high amount of money to save is to minimize your expenditure. Avoid luxury spending and ad-hoc holidays. Save up for the ultimate honeymoon holiday!
8. Many young people buy useless insurance when they graduate. Often they are approached by their fellow friends who became insurance agents. Perhaps due to lack of experience, the recommendations are often flawed. Make sure you avoid buying useless or junk insurance.
At this stage, you shouldn’t buy saving plans like endowments and anticipated endowments because your immediate need is to save up for your marriage. Insurance is important but only those that are based on necessities. If in doubt, only consult professional financial planners who will not sell you another unnecessary product.
9. You may wish to postpone investments until you have fully satisfied that you have set aside sufficient budget for your marriage.
10. Finally, do spend some amount of money engaging a good professional wedding photographer. Years later, the only way your kids can know about your wedding is through photographs. Make sure you have both hard and softcopies of these photographs.
Have a good wedding! Make that AWESOME!
How to Make An Extra $500 a Month
How to Make An Extra $500 a Month
Excllent article By: Audra Lim
Most spend their lives chasing it, while others never seem to have enough of it.
Money.
The Holy Grail that supposedly brings with it promises of everlasting happiness, pleasure and excitement.
While those promises aren’t entirely true, it is always nice to have a little extra cash, just for that decadent Ritz Carlton Champagne brunch and Javanese aromatherapy massage or simply to squirrel away for a rainy day.
We know exactly how comforting some extra cash feels like, so here are three great suggestions on how to make a solid $500 extra a month:
1. eBay
Who hasn’t heard of eBay? Practically synonymous with earning money online, eBay is the place to go to sell stuff you have been keeping but have no use for, such as bags, clothes, books, accessories and that old grandfather clock that has been sitting unappreciated in the corner of the living room. Remember, one man’s junk is another man’s treasure. Or, you could buy something cheap and resell it there for a small profit. You can also use eBay’s Daily Deals (http://deals.ebay.com/deals) to pick up items that are going cheap for a limited time only, or visit Ebay, Craigslist, garage sales, flea markets, closeouts and the like for things you think may sell.
Potential earnings: $200 (assuming you sell 20 items at a profit of $10)
2. Sprees/ Bulk Purchases
Singaporeans love shopping, especially if they know they can get a good deal. Many popular items originate from overseas though, and sometimes it is too troublesome, too difficult or costs too much in shipping fees to purchase. In steps the Spree and Bulk Purchase organizer, who typically buys things in bulk from a particular brand or shop overseas, and earns a small profit by selling these value-for-money items at spree websites like http://community.livejournal.com/sgspree/, http://www.topsites.sg/tag/spree and the Singapore Motherhood forum.
Potential earnings: $200 (assuming a profit of $4 from each order, with 50 orders)
3. Earnings from Hobbies
Think about your favourite pastimes. Is there something you are good at, or something you know a lot about? Capitalise on these interests and skills. If you are handy with arts and crafts, make things and sell them on Etsy.com, a site that specializes in handcrafted products and supplies. If you are a Ansel Adams-wannabe and love taking photos, put them up on iStockPhoto.com, where publishers can search for photos using keywords – and you get a percentage if your photo is purchased. If you think you are an expert at finding the most suitable toy for your baby as she grows, write articles and post them online at sites such as AssociatedContent.com, where articles are typically paid US$4-10 each. Or better still, set up your own website and sell your writings as e-books. What you get is quick income with not much further work on your part!
Potential earnings: $100 (assuming you sell 20 items/articles etc at a profit of $5 each)
There are so many other ways to make money, including baking organic wheat-free chocolate cakes from home, providing freelance writing, or public relations, or accounting, or data entry or marketing or design services — and how about giving mobile manicures from your spiffy Kangoo van? As with any other job, many of these ideas take time and effort to turn into fruition, but once you get past that learning curve in terms of understanding e-commerce and market demand, it becomes a cinch to make that extra $500 many times over.
Have any other great ideas to help other women make extra cash? Share with us!
http://womenurock.blogspot.com/p/contact-us.html
Excllent article By: Audra Lim
Most spend their lives chasing it, while others never seem to have enough of it.
Money.
The Holy Grail that supposedly brings with it promises of everlasting happiness, pleasure and excitement.
While those promises aren’t entirely true, it is always nice to have a little extra cash, just for that decadent Ritz Carlton Champagne brunch and Javanese aromatherapy massage or simply to squirrel away for a rainy day.
We know exactly how comforting some extra cash feels like, so here are three great suggestions on how to make a solid $500 extra a month:
1. eBay
Who hasn’t heard of eBay? Practically synonymous with earning money online, eBay is the place to go to sell stuff you have been keeping but have no use for, such as bags, clothes, books, accessories and that old grandfather clock that has been sitting unappreciated in the corner of the living room. Remember, one man’s junk is another man’s treasure. Or, you could buy something cheap and resell it there for a small profit. You can also use eBay’s Daily Deals (http://deals.ebay.com/deals) to pick up items that are going cheap for a limited time only, or visit Ebay, Craigslist, garage sales, flea markets, closeouts and the like for things you think may sell.
Potential earnings: $200 (assuming you sell 20 items at a profit of $10)
2. Sprees/ Bulk Purchases
Singaporeans love shopping, especially if they know they can get a good deal. Many popular items originate from overseas though, and sometimes it is too troublesome, too difficult or costs too much in shipping fees to purchase. In steps the Spree and Bulk Purchase organizer, who typically buys things in bulk from a particular brand or shop overseas, and earns a small profit by selling these value-for-money items at spree websites like http://community.livejournal.com/sgspree/, http://www.topsites.sg/tag/spree and the Singapore Motherhood forum.
Potential earnings: $200 (assuming a profit of $4 from each order, with 50 orders)
3. Earnings from Hobbies
Think about your favourite pastimes. Is there something you are good at, or something you know a lot about? Capitalise on these interests and skills. If you are handy with arts and crafts, make things and sell them on Etsy.com, a site that specializes in handcrafted products and supplies. If you are a Ansel Adams-wannabe and love taking photos, put them up on iStockPhoto.com, where publishers can search for photos using keywords – and you get a percentage if your photo is purchased. If you think you are an expert at finding the most suitable toy for your baby as she grows, write articles and post them online at sites such as AssociatedContent.com, where articles are typically paid US$4-10 each. Or better still, set up your own website and sell your writings as e-books. What you get is quick income with not much further work on your part!
Potential earnings: $100 (assuming you sell 20 items/articles etc at a profit of $5 each)
There are so many other ways to make money, including baking organic wheat-free chocolate cakes from home, providing freelance writing, or public relations, or accounting, or data entry or marketing or design services — and how about giving mobile manicures from your spiffy Kangoo van? As with any other job, many of these ideas take time and effort to turn into fruition, but once you get past that learning curve in terms of understanding e-commerce and market demand, it becomes a cinch to make that extra $500 many times over.
Have any other great ideas to help other women make extra cash? Share with us!
http://womenurock.blogspot.com/p/contact-us.html
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