MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Here are the answers to your FAQs on electric vehicles (EVs)

Apart from COVID-19 being a hot issue in Singapore and globally, electric vehicles (EVs) are also gaining much attention in 2021.

Earlier this year in February, Finance Minister Heng Swee Keat announced that there would be more incentives to encourage EVs’ early adoption in his Budget speech. If you’re a car owner or planning to become one, this topic should be on your radar.

Here are the answers to your FAQs on EVs answered by CNA Insider and the Electric Vehicle Association of Singapore’s vice-president, Paul Welsford.

#1: Is it true that EVs are more environmentally friendly?

If we’re talking about lower emissions over a lifetime, the answer is yes. Welsford added that EVs produce no roadside emissions and has less heat and sound, thus making them ideal for the environment.

#2: Can I save more money driving an EV?

You can save about 50% if you drive an EV compared to a petrol car.

To give you some numbers, the average monthly fuel costs of the Kona 1.6 Turbo, with a fuel efficiency of 100 km per 6.7 litres, is about S$250. Compared to Kona Electric, with 100 km per 15 kilowatt-hours efficiency, the cost amounts to only roughly S$120.

#3: What if my battery runs flat on the road?

Image Credits: Yahoo Finance

Then be sure not to let it run flat!

As with a fuel car, there will be an indication of your battery life so you can gauge your journeys better. But if you do ever run out of juice, you will need to engage services to provide you with a quick top-up via a mobile battery or have them tow your car to the nearest charging point.

#4: Can a single charge take me to Johor Bahru?

Yes! But even if you run out of power, be glad to know that there are fast chargers in Johor Bahru that can load you up with additional hundreds of kilometres in approximately half an hour.

More specifically for Hyundai’s Kona Electric long-range version, you can even drive to Kuala Lumpur in one go. However, it is advisable that you charge at intervals and take the opportunity to get some food and rest up.

#5: Is my safety more compromised if I get into a crash?

Your safety is compromised in a car crash, no matter whether you’re driving an EV or a conventional car.

But take heart in knowing that our sunny island is prepared to handle such fires. Also, EVs have advanced battery management systems to regulate power and temperatures. With every passing quarter, car-makers are working hard at making these systems even safer for you.

Need more deets? Watch the video below for a comprehensive comparison between an EV and a petrol car.

Follow These Steps To Acquire Stocks In Singapore

With an abundance of low-cost investment brokerages and a wide range of investment products, we believe that anyone can get started on investing. Unless your ambition is to become a day trader, you do not need to master technical analysis or complex charting techniques.

Simply carve out your path by following these steps.

#1: OPEN AN INVESTMENT BROKERAGE ACCOUNT

Unlike your comfort food, stocks cannot be bought at a store and taken home in a paper bag. You need to go through an account with an investment brokerage. A brokerage is a company or firm that acts as the middleman to connect you to the stock exchange.

Brokerage companies usually receive compensation by means of commissions or fees that are charged once the transaction has been completed. Brokerage accounts charge through minimum fees (i.e., to pay on each trade) or trading fees (i.e., percentage of each trade). These fees will affect your profits, so ensure that you do your research.

#2: FUND YOUR ACCOUNT

It is necessary to transfer money to your account to begin trading. Take note of the brokerage company’s requirements such as the minimum fee.

These companies generally accept multiple funding methods such as PayNow transfer, FAST transfer via online banking, or overseas remittance. Use a method that suits you best.

#3: DETERMINE WHICH STOCKS TO INVEST IN

Do your research, ask financial questions, and compare the facts to determine which stocks to invest in. There are different types of investment products such as Blue chip stocks and Real Estate Investment Trusts (REITs).

Blue chip stocks are the stocks of well-known, high-quality companies that are leaders in their industries. Investors usually hang on to these stocks for long periods and collect its dividends. Local “blue chips” include Singtel, DBS, and ComfortDelGro. Many Singaporean investors prefer to invest in blue chip stocks because of its perceived certainty and stability. Local blue chips are deemed to be less risky and are often common household names that most Singaporean investors can relate to.

Real Estate Investment Trusts (REITs) allow you to buy shares in a variety of properties. For instance, CapitaLand and Ascendas gives you access to purchase shares in commercial properties such as shopping malls and office buildings. It is one of the most popular options for investors seeking regular income.

#4: ACQUIRE YOUR FIRST SHARES/STOCKS

Once your funds have been sorted out, you can buy your first shares/stocks using your brokerage’s online platform. As a beginner, you may make investing a regular habit by spending a fixed amount every month on generic Exchange Trade Fund. The Exchange Trade Funds (ETFs) are similar to mutual funds in many ways. Although, ETFs are bought and sold throughout the day on stock exchanges.

Image Credits: unsplash.com

The idea is that over the long term, the ETFs will rise. By buying a fixed sum every month, you will be able to spread out your risk through ups and downs. Consistently funding your account is key.

Sources: 1 & 2

Property buying has been a concern of many because of the pandemic. While some proceeded in purchasing their dream homes, there are also some who held back. If you’re one of the people who are still pondering whether to get that dream home now, here are some reasons why you should.

1. Competition is less fierce.

Many of your fellow prospective homebuyers are preoccupied with other things and aren’t looking at properties for the meantime. Consequently, you’ll have fewer people to compete with.

As such, you don’t have to rush your purchase. You don’t need to try outbidding others as well. Moreover, you don’t have to settle for properties that are cheap but in hostile communities.

Be confident at exploring housing options that are in peaceful communities but are still sold at affordable prices. Take your time studying their benefits, too.

2. Sellers offer great deals.

To entice more buyers, developers offer different promos and flexible payments schemes that would be of help for buyers to proceed with their real estate investment.

Consider the homeowners who are selling their properties right now as well. This could be due to financial issues brought about by the pandemic. To get funds sooner, some of them may sell at prices lower than what you would assume. The downside, however, is that the properties may be poorly maintained. This makes newly built homes an attractive choice. Check the house listings online to see the available houses you can choose from. Once you see a property to your liking, inquire about the available payment terms and promos they offer.

3. Impending Price Increases

Sooner or later, various industries have to recover from months of low revenue or even deficits. More often than not, the way to do so is to increase the prices of the goods and services they’re providing.

So, if manufacturers of construction materials raise their prices, the prices of property developments would also increase.

When values of properties increase, your monthly repayments for a mortgage loan may become too high. Another possibility is that the seller may maintain the same amount of monthly repayment pre-pandemic, but the repayment period will be longer.

Before the inflation rate becomes too high, it’s good to study the market now and make a purchase.

4. Home purchasing has become more convenient.

You don’t have to go out of your current home to look for new property investments. If you are an OFW, this is even more convenient for you. Nowadays, real estate developers like Lessandra has offered digital tools to help homebuyers purchase real estate without having to travel back to Philippines. If you are an OFW, you can visit their website or their YouTube Channel to see the virtual tours. You can also reserve your property of choice and make payments online!

See FAQs and Guides to know more on how to buy a property in the Philippines online.

Get a glimpse of the community through the virtual tours

Photo source: Lessandra website

Real estate is a huge investment. Even if you’re looking for an affordable house and lot, choose a reputable developer. For a quality and affordable house and lot developer, check Lessandra homes. Tagged by the London-based website Start Up Pill as one of the best residential start-up companies globally, Lessandra offers quality yet affordable homes worthy of your investment.

Vaccination Aftercare: 4 Don’ts After Getting Your COVID-19 Shot

It is normal to feel nervous or worried about getting your COVID-19 shots. However, public health officials regard these COVID-19 vaccines as safe and as a means to end the novel coronavirus pandemic.

Reduce your worries by being prepared. Start by reading through the following vaccination aftercare tips.

#1: DO NOT GET A TATTOO RIGHT AWAY

A tattoo is a form of body art where the design is created by inserting ink, dyes, or pigments into a person’s skin. Because your body does not want these foreign pigments, it initiates an immune response by sending off specialized cells to the tattoo site. COVID-19 shots also trigger an immune response. Moreover, similar side effects such as arm soreness, pain, and redness can be felt soon after getting vaccinated or tattooed.

Dr. Abisola Olulade, a San-Diego based physician, recommends waiting at least a few days between your vaccination and tattoo to rule out any possible side effects. She adds that some people may find it challenging to manage “two different areas of the body that are painful at the same time”. Consult your doctor if you are planning to get your tattoo after getting your COVID-19 jab.

#2: DO NOT PUSH YOURSELF TO EXERCISE

Forcing yourself to workout after getting vaccinated will likely make you feel worse. Recently, there was a 16-year-old male who suffered a suspected cardiac arrest after getting his COVID-19 shot. He performed strenuous activity such as carrying heavy weights above his own body weight, days after getting the vaccine.

According to the expert committee, people should avoid strenuous activity after either the first or second dose of mRNA vaccines. The committee advised against strenuous activities for a week after each dose.

#3: DO NOT HESITATE TO REPORT THE VACCINE ADVERSE EVENTS

Like all drugs, no vaccine is 100% effective. Vaccines are generally given to healthy people for disease prevention. Thus, the tolerance to vaccine adverse events is substantially lower than that for the drugs for disease management. It is vital that the country has a robust vaccine safety monitoring system that can effectively detect early safety signals of concerns and mitigate them.

Healthcare professionals are encouraged to report serious adverse events suspected to be associated with vaccines. They need to report it to the Health Sciences Authority.

If you experience symptoms after getting jabbed, do not hesitate to report them. This information helps them to track side effects and monitor severe adverse events. Tracking these side effects or adverse events will also help with future vaccine development.

#4: DO NOT FORGET TO DRINK PLENTY OF WATER

Stay hydrated after getting your vaccine. Water aids your body process its immune response to the vaccine. If you experience fever as a result of the vaccine, staying hydrated can help your body to fight it off. Aside from fever, there are other side effects that you can expect.

Image credits: unsplash.com

Common side effects observed with the COVID-19 vaccines include:

a. Pain, swelling, and redness on the arm where you received the vaccine
b. Chills or fever
c. Tiredness
d. Headaches
e. Joint pain or muscle ache

Experts stated that these side effects typically go away within a few days. Continue to stay vigilant!

Sources: 1, 2, & 3

We get it; life is hard.

Upon graduating, you spend the bulk of your time at work, have meals with entertainments in between, sleep, and the routine basically repeats itself. Sounds like your typical 9 to 5 routine you are in now? What about venturing to start your own business through partnering with a reputable international brand? If it’s the latter, we might just have a solution for you.

Before embarking on a new business, there are many things to consider, including your initial capital, products, and staffing. What if we tell you that 7-Eleven is presenting us with a superb opportunity to begin a business with minimal funds? By that, we mean lessening your load with a franchise fee waiver of at least $30,000. Thus, all you need is $20,000 to be your own boss of a 7-Eleven franchise store.

Sounds like something you can do? Read on.

Franchisepreneur Management Trainee Programme (FMTP)

Through the Franchisepreneur Management Trainee Programme (FMTP), as long as you have a tertiary education and less than six years of combined working experience, you will qualify to apply through the FMTP.

The FMTP route promises a waiver of the franchise fee, and you just have to fork out $20,000 (usually $40,000 under standard franchise scheme) as your capital to get started. This amount is also refundable at the end of your contract. You will also be taking over a ready store, fully renovated and stocked with past Sales Track Record to further lower your business risk. Very reasonable, right?

On top of that, you don’t even have to worry about having minimal experience managing a store. That’s because you will be employed by 7-Eleven for up to 6 months while training to become a top-notch franchisee. The contract term will be for 2 years and can be renewed for another 2 years.

Okay, so what if you don’t happen to meet the FMTP criteria of educational qualifications and working experience? Not to worry, as you can still apply to be a franchisee under the standard franchise scheme.

A comparison table for your consideration

Scheme	7-Eleven Franchisepreneur Management Trainee Programme (FMTP)	7-Eleven Standard Franchise Scheme	Starting your own business elsewhere
Eligibility	21 Years, Tertiary Education with less than 6 years of working experience	Open to all above 25 years of age	N.A.
Initial Setup Cost: Renovation, Stocks, Equipment	$0	$0	$200,000
Franchise Fee	$0	From $30,000	$0
Initial Deposit – Cashflow (Refundable)	$20,000	$40,000	$100,000
Franchise Contract	2 Years	5 Years	N.A.

Reach out and apply now!

With all that said, please refer to 7-eleven.com.sg/franchising or download the PDF brochure for more details.

Need to connect with someone from the team? Email them at [email protected]. Once you’ve understood the full terms and conditions and ready to sack your boss, download the franchise application form and be well on your way to establish your own business!

Here’s wishing you all the best with the process.