Holiday Season Spending

Oh My God !

Been spending too much this month. must be the clash of the 2 major holidays :

Christmas and New Year !

the season of giving doesn't have to be the season of spending. but i guess i got carried away with my first paycheck.

Got to keep my spending in check before the next pay =)

considering having Marche and Breeks next week. ( more spending ? )

An Essential Guide To Buying Your First Car

(img from http://sg-exoticspotter.blogspot.com/)

OWNING A VEHICLE IN SINGAPORE

The 2 main factors that impact the cost of car ownership in Singapore are:

• The vehicle tax regime including import duties, additional registration fees (ARF) and road tax.
• The Vehicle Quota System which limits the vehicle population growth in Singapore to approximately 3% per annum. The tool which is used to limit the number of cars registered in Singapore is the Certificate of Entitlement or COE. Each vehicle registered in Singapore must have an accompanying COE which is "attached" to the vehicle throughout the vehicle's lifespan. For more information on the Vehicle Quota System and COEs, please visit www.lta.gov.sg (The Land Transport Authority) and www.onemotoring.com.sg.

RECURRING MAINTENANCE COSTS

In addition to incurring the cost of acquiring a vehicle, there are other costs associated with keeping the vehicle on the road. Here are some of those costs:

COMMON MISCONCEPTIONS

One of the most common misconceptions on the affordability of a car is the "low monthly installment" syndrome. This happens when prospective buyers are enticed into buying a car on the premise that the monthly installment is low. However, many consumers do not factor in other "costs" and can end up in a horrendous situation from a financial perspective.

Many car buyers also do not take enough time to consider their length of ownership and therefore do not make the best purchase decisions from a financial perspective. Unlike a property, a car is usually a liability as its value depreciates the moment you purchase the car. Therefore, when buying a car, it is important to take time to consider how much it will cost you overall, your intended ownership period and of course, your motoring needs.

iFAST: If an individual were to purchase a car, what would be the maximum percentage of the individual's salary that should be allocated for the monthly installments and other related expenses?

DF: To work out your Income and Expenses when deciding on a car purchase, one will need to work out his/her Debt Servicing Ratio (DSR) which is often used by banks to assess whether a loan application can be approved. DSR is the percentage of the borrower's total monthly financial commitment (including car loan, home loan repayment, and other financial commitments such as unsecured borrowing, etc) against his monthly income and it will determine the loan quantum to be granted. The acceptable DSR varies from bank to bank, but is usually between the region of 40% to 50%.

SOURCING FOR A SUITABLE CAR LOAN

There are three basic factors to think about when sourcing for a new car loan: interest rate, loan principal and loan period. Knowing these three items will enable you to understand how much loan you are able to obtain. Using these to make your loan calculation will help you establish your budget for making the monthly payments.
It will be good to bear in mind that most lenders will want you to take out as much loan as you can possibly afford, since they will make more money, the larger the loan amount is. Therefore, always check the terms and conditions for the car loan before you commit to a loan. Below are the key items one needs to take note of, when it comes to car loans.

The Loan Principal
Loan principal is a term used in finance that refers to the original amount of the debt or the original amount of money borrowed. Your total interest charges at the end of the loan period depend on the amount of the loan principal and the loan period. The higher the principal amount you borrow, the more money you will ultimately be paying back over the course of the loan.

Interest Rate
The interest rate is usually expressed in percentage terms and is referred to as the amount of money charged outside the loan principal amount.

There are two common car loan interest schemes, i.e. the flat interest rate and the monthly rest schemes. Flat inter¬est charges are also known as "flat add-on rate". The interest rate is fixed throughout the loan period and it uses simple interest calculation. This means the total interest payable for the whole loan period is already added into the principal loan amount at the beginning. Borrowers pay equal monthly installments over the period of the loan. Currently, most car loans in Singapore are based on this scheme.

Monthly rest schemes are repayment schemes with floating interest rates. These rates are usually pegged at a certain percentage below or above a benchmark rate, such as the lender's prime lending rate or board rates. The interest is calculated on a monthly rest basis, meaning that the principal amount is reduced every month as the monthly installment is paid. The monthly instalments are a fixed amount, but the reduction in the principal and the interest payment vary according to changes in the interest rate.

Loan Period
The loan period refers to the life cycle of the loan. The longer the loan, the more expensive the loan will be.

Car loan calculation is an important part of sourcing for the right car loan. You can determine how much your loan is going to cost, by utilising good car loan calculation.
By regulation, car loans have a maximum repayment period of 10 years and a financing limit of 100% of the car purchase price or market value, including COE, whichever is lower. The loan period added to the age of the car cannot exceed 10 years.

Terms and Conditions - Default
For hire purchase loans, if you default on the monthly installments, the lender has the right to repossess the vehicle. Upon the sale of the vehicle, you have to pay for the shortfall between the sales proceeds and the loan outstanding, including the costs arising from the repossession.

Late Fees and Penalties
Different lenders charge different fees for late payment of installments. Make sure you check out all these fees before you commit to the loan.

http://sg.promo.yahoo.com/managingyourmoney/article?blogid=mmoney_features&postid=8&viewPost=1

Secrets of the Millionaire Mind

my inner world creates my outer world
I have a millionaire mind !

what i heard about money isn't necessarily true. I choose to adopt new ways of thinking that support my happiness and success.

what i modelled around money was their way. I choose my way.

i release my nonsupportive money experience from the past and create a new and rich future.

i observe my thoughts and entertain only those that empower me.

i create the exact level of my financial success !

my goal is to become a millionnaire and more !

i commit to being rich.

I think big ! I choose to help thousands and thousands of people!

I focus on opportunities over obstacles. I get ready, I fire, I aim !

I admire rich people !
I bless rich people !
I love rich people !
And I'm going to be one of those rich people too !

I model rich and successful people.
I associate with rich and successful people.
If they can do it, I can do it too !

I promote my value to others with passion and enthusiasm.

i am bigger than any problems.
i can handle any problems.

i choose to get paid based on my results.

i always think 'both'.

i focus on building my net worth!

i am an excellent money manager.

my money works hard for me and makes me more and more money.

i act in spite of fear.
i act in spite of doubt.
i act in spite of worry.
i act in spite of discomfort.
i act when i'm not in the mood.

i am committed to constantly learning and growing.
I have a millionaire mind !

S'poreans clueless on retirement

>> ASIAONE / BUSINESS / NEWS / MY MONEY / STORY


Mon, Nov 09, 2009
my paper

S'poreans clueless on retirement

By Kenny Chee

SINGAPOREANS generally have not planned well for their retirement, according to a survey by global bank HSBC.

The majority of Singaporeans polled in the survey - aged between 30 and 70 - said that they saved only $100 to $200 a month for their retirement.


This works out to a total of less than $100,000 for retirement, which experts say might not be sufficient.

http://business.asiaone.com/Business/News/My%2BMoney/Story/A1Story20091109-178608.html

Auctioning for Property

main auction houses in Singapore - Colliers International, DTZ, Jones Lang LaSalle and Knight Frank - post their auction dates, venues and available properties online. They usually hold their auctions at Amara Hotel.

do not forget to take your cheque book. Should you succeed in bidding for a property, you will have to pay a 10 per cent deposit. Those buying commercial properties also have to pay the Goods and Services Tax on the spot.

http://www.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20091019-174518.html

How much is your Girlfriend Costing You ?

Being in a relationship may enrich your life, but it’s definitely doing no favors for your wallet. Find out where you’re spending the most money on your girl and plug those holes ASAP.




http://www.primermagazine.com/2009/spend/why-your-girlfriend-is-making-you-broke

Strategies for Apartment Hunting

1. Inform everyone that you are looking for a place. That great deal may come from a friend's pet-sitter's therapist.
2. Look a few months in advance. if you are looking for a great deal in a week, its not going to happen. Its even less likely to happen if you are looking for a place in 24 hrs.
3. Be willing to make sacrifices. the more unsavory the neighbourhood, the longer the commute ( the more ulu it is ), the lack of restaurants usually means it will have a much cheaper rent. You don't need the coolest place in the world right out of college. postpone it until u have a million dollars.
4. Bargain with the landlord. it doesn't hurt to request for a 2 year lease in exchange for lower rent. the allure of long term and reliable tenant is worth it to most landlords. Generally any non-shithead vibe you give to your landlord is for the best. So try to be nice !
5. Be willing to have roommates. It could improve your people skills and save you a bundle of cash.
6. Rent a furnished apartment. stick around with used to discarded furnishings until you buy a place of your own.
7. Don't hire a broker. Good deals can be found if you do the legwork yourself.

- From Alan Corey's A Million Bucks By 30

How to Become a Millionaire

How to Be a Millionaire

from wikiHow - The How to Manual That You Can Edit

Regardless of where you go in the world, money is the basic universal measurement for being "rich", or becoming a millionaire. And it seems like everyone wants to be a millionaire these days.

Steps

1. Open a savings account. Having a savings account is one of the many ways where you can set your money up to work for you. Your initial deposit of money grows whether or not you make additional deposits by interest. Learn the different types of accounts, including accounts like IRAs.
   
2. Buy stocks. If you are gung-ho for individual stocks, you should buy stocks of the companies whose products and services you use or purchase. One of the best ways to invest in individual stocks is through an investment club; you may want to consider forming one with your friends.
   
3. Buy mutual funds. Mutual funds are really an investment of other investments. When you own a mutual fund, you actually own the securities (stocks, bonds, cash) within the mutual. With mutual funds, you are pooling your money with other investors and diversifying your investment.
   
4. Audition for game shows. Game shows earn their money by the audience, not the contestants.
   
5. Find a "system" that has been proven to make people become millionaires. The top five producers of millionaires today are: technology - internet marketing, direct marketing, home-based business, product distribution, and investments (stocks, bonds, real estate investment / development). Usually, the most stable and reliable forms of income would be from internet marketing, technology, and real estate, with internet marketing, and home based businesses requiring the least money to set up. Investments like real estate and stocks are usually quite risky and time consuming.
   
6. Find a mentor who has walked the walk and seek advice. Surround yourself with already-made millionaires. They can be found in several places, there's even a private online club where you can have a millionaire mentor personally show you how to make money in many areas online.
   
7. You can also visit this great website for top opportunities online today. http://www.ourgoldrush.com
   
8. Win who wants to be a Millionare. If you don't know the answer to the question, just guess you have a 25% chance of getting it right, if you do know the answer, then say it.
   

Tips

• Don't use a credit card much, all of the excessive spending will come back to haunt you, and you may end up in debt. Try getting a debit card for daily purchases, they're a lot easier to deal with. Use your credit card only for emergencies, and to establish your good credit.
  
• Try not to take any big loans, because that's "big" money that you'll just have to pay back, and you could end up in debt for that also.
  
• Control your expenses. You get rich on the difference between that and what you make
  
• Make it a game. Looking for opportunities to make money is supposed to be fun. Never sweat it.
  
• Read. The more you know the more you will perceive to be possible, the more you can make.
  
• Make it about something else than money. It has to be fun. Fair enough you are doing it to become financially well off but few wealthy get off on that alone.
  
• Make friends with people who share the same goals and values. It will reduce your downtime, and give you pleasure when you are down.
  
• Make friends with people who are different than you. They can be the greatest source of inspiration and guidance if you are open to their different perspective.
  
• Help others. Learn to be a caring individual that makes the world better for people around yourself. It will lead to more positivity coming your way. Also, donating to charities can come back to you in the form of tax deductions.
  
• Plan. Define what you want, Act on it, and Evaluate often to see how you are going.
  
• It is OK to be cheap, but never be cheap on things that give you value.
  
• Never invest more than you are willing to lose. This is particularly important when you start. The older and more experienced you get the less risk you are likely to take, or the better you are capable of taking it.
  
• Think a lot on why you want to become rich, what exactly you want to buy, what lifestyle you want. Make it specific, and date your time for having it and why it matters to you
  
• Money represents value. You might come to the understanding that you make money on giving something that other value more than what they pay. You spend the money to get something that is more valuable.
  
• If possible, make the maximum out your retirement fund provided either by your government or your work. Then proceed to put as much money in to an account like a Roth IRA.
  
• Whoever said money can't buy happiness has never driven a sports car!
  
• Money can never buy true happiness. Do not lose your friends and family over making money.
  

Warnings

• Unless you are the wealthiest person in the world, there will always be someone with more money than you; there will always be someone with less money than you.
  
• Be prepared to make choices that are different than most people around you.
  
• Keep riches and wealth in perspective i.e. don't kill the goose that lays the golden egg. In other words, avoid neglecting the source of the wealth e.g. decent health.
  
• Money doesn't always buy happiness (but it can take care of almost everything else).
  
• Never steal money. So don't get any ideas about robbing the bank.
  
• Do not brag about how much money you have. Thieves will be more likely to target you. Consider investing in a means of personal defense such as a martial art or a firearm.
  

Related wikiHows

• How to Get Rich Easily
  
• How to Look Rich
  
• How to Become Rich Someday
  
• How to Get Rich Quick if You're a Kid
  
• How to Look Rich without Being Rich (for Teens)
  
• How to Find a Rich Woman to Date
  
• How to Act Like a Rich Girl
  
• How to Pretend You Come from a Rich Family
  

Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Be a Millionaire. All content on wikiHow can be shared under a Creative Commons license.

Saw Something really CHEAP ? Don't Buy It !

Or rather, don't buy something just because its CHEAP.

I was walking back after lunch and there was a crowd of people surrounding a make shift stall.
Being kaypoh curious, I went to have a closer look.

It was a stall selling fridge magnets with a cute toy attached to it at $1.

Sure you may think "That's cheap !", but how many of us really need that magnet ?

Was it really value for money ? i'm sure the magnetism would be pretty weak and not much use other than for decorations.

How often do we find ourself gulty of buying something we don't really need or even want but buy it because its cheap and think that we will use it ?

Price : $2, Value : $0.00 ( cheap but still overpriced )

Whenever we make a purchase, ask ourself "Do I need this ? or do I want this ?"

When I only buy what I need and not what i want, then I will be able to save more money and make better purchases. ( & of course less junk lying around at home =) )

A quote From (500) days of Summer

You cant describe great cosmic significance to a simple earthly event. Coincidence, thats all anything ever is, nothing more than coincidence. There are no miracles. There is no such thing as fate. Nothing is meant to be.

This was the thoughts of Tom Hansen ( male lead ) at the end of the show (day 500) when he was interviewing for a job. There was another girl who was waiting for interview as well.

Instead of thinking there's such thing as "the girl of your dreams", Tom decided to take action by asking the girl out whom he met at an interview.

Her name, was Autumn.

Ok. Opened account

MySavings POSB at 0.4% interest rate.

Hope this works out =)

Dating places visited

Possible Places to go *updated*

Sentosa
West Coast Park
that place around Yio chu kang and Khatib
Esplanade
fish spa
night safari
pulau ubin

Bedok prawn mee wif handmade noodles
Jurong Area Crab Feast ( see mangekyou blog )

Dating locations

Macritchie Reservoir
Firestation ( bt timah )
Changi Airport ( T2 viewing gallery closed :S )
Changi Village
East Coast Park
Labrador Park ( nothing much )
Hort Park ( colourful park )
Keppel Bay ( nice view )
Bt timah Nature Reserve
Punggol Beach ( ??? )
Marina Barrage
JB

Eating Places visited

Boon Lay Market ( Nasi Lemak )
Soup Spoon ( great soup )

2 Books : $50. A millionaire by 30 and finding your ideal partner? priceless ~

"I'm going to be a millionaire."

I recently purchased 2 books "A million bucks by 30" by Alan Corey and "I kissed Dating Goodbye" by John Harris from the MPH bookstore near my office.

A million bucks by 30 talks about how this college graduate working in a normal day job sets this goal of becoming a millionaire by the age of 30.

He does it in a systematic way by gaining as much knowledge as he can about finances and lives as frugally as he can with many cheapskate tips for the readers throughout the book. I have not completed the book but he eventually made it by the age of 28 within 6 years.

What he has achieved proves to everyone that you do not need a high paying job or a rich family in order to become rich living in an expensive city like New York. I got to admire him for his determination to live such a spartan lifestyle to achieve his goal even to the extent of being called a "cheap date" and being ridiculed on tv to make extra cash.

I kissed dating goodbye is all about how to treat dating as a Christian and to understand more about how to find the right life partner without having to do traditional dating routine.

Some of the stuff mentioned is not easy to do especially since following God is never an easy path with all the temptations of the world.

I hope to apply some of the methods in the book to my life so as to have a better relationship experience with girls as well as God so that the 2 do not have to conflict.

---------------------

I'm glad 2 months of gruelling RT is finally over ! I think I'm pretty close to passing IPPT although my fitness level would mot probably drop by the next time i do my IPPT.

P.S if you feel that your car can do some decoration to differentiate itself from other car owners of similar models, check out this website to improve the interior and exterior design of your car.

http://luxury-concept.blogspot.com/

I Have A Dream . . .

"What do you want to be when you grow up ?"

I'm sure this question is very familiar to everyone. We often get asked by our parentsor teachers when we were young. I remember when I was in primary school class my teacher askedeach of us and i answered that I want to become a detective.

I've always had an inquisitive mindand would often question about the things around me or people and why they do certain things.If I happened to be curious enough, I would go all the way to dig up information until I became satisfied withmy findings.

Sometimes I would suprise myself in my ability to fish out information about people or thingswhich i thought was close to impossible. Luck comes into play sometimes but it was mostly becauseI was determined to find out what I wanted to find out, whatever it might be.

Like most other people, I grew up and did not become what I said when I was young. Many factors come into play like level of education, our values and experiences that shaped our thinking changes our goals.

As we grow older we also consider the practicalities of life [ $$$ ] and whether our childhood dream is really feasible for us at this point in time.

Fast forward to the present time, I now have new goals and dreams.

I dream of owning aprivate house and a nice car ( like most people ).
One day, I would not have to squeeze in the crowded train to work but instead wake up at my own time and work from my own home.

I will be earning enough passive income to support my daily expenses so any extra that I earn will go into growing my assets or putting into good use like donating to charity or the church.

Ultimately, a dream is just a dream until we start taking ACTION.

Right now I am working and saving money so that I would be able to sustain myself at this moment before my online business takes off so that I will not have to depend on anyone for a living.

Like a quote from a famous person once said "No one owes us a living."

I will be working on the blogshop and hopefully things will turn out fine and thiswill be a great learning experience for me as it is the first time I'm doing a blogshop business.