Like you, I was young and fresh to the world of investing. I was 18 and finally eligible to invest! I remember thinking to myself; I can finally put everything that I have learnt into practice! Along the way, I have learnt so much more, directly and indirectly, about investing.
1) Saving
The first obvious thing about investing is that you can’t even start it when you have nothing to start with. My growing interest in investment was a very strong motivation for me to save. I knew I had to have enough to get into the playground of the rich. Diligently, I put aside half my allowance every week and continued that way for months. Eventually, I had enough to make my first investment. From there on, I never stopped the habit of saving at least half my allowance to put into investments. You’ll be surprised how little you actually need once you begin on this journey of budgeting your week. Also, I advocate cash payments instead of credit cards because it is easier to track how much you have left and be less likely to overspend or spend unnecessarily.
2) No more reckless purchases
Having begun investing and seeing the kind of return it can give, I learnt to forsake a lot of luxury purchases just because my friends around me have it. A $1000 investment can make me $100 or it could buy me some stuff that I don’t really need and impede on my investing journey of creating a sizable portfolio. I chose to focus on growing my investment portfolio instead of indulging in luxury purchases. Of course, that’s not to say that it’s wrong to indulge. Indulge when necessary, not all the time!
Eg. If I wanted to buy something $100, I would want to make that $100 off the market before buying it instead of using my capital of $1000, depleting it to just $900. If you choose not to spend, you’ll still be rewarded with the compounded growth! This method of spending teaches you to delay gratification and to give you time to think twice before making a purchase. Also, you will cherish and enjoy your purchase even more, knowing that it comes from the fruit of your investment. You not only get what you want, you learn valuable lessons about investing as well!
3) Investing shows your true self
Investing will show you your true self and what kind of a person you truly are when money is involved. Are you the same person when you make a lot of money or lose a lot of money? When I first started investing, I definitely did not expect that I would be in for an emotional roller coaster ride. One moment I was feeling good about myself for making the right decision to buy a particular stock. The next moment I was feeling angry at myself for being greedy to want more instead of taking my profits. From profits, they turned into losses. Over the years, I have grown to stabilise my emotions and accept that market swings are normal. I was then able to embrace them and learn to see the bigger picture instead of allowing my emotions to get in the way over short-term market noises.
4) How well can you tolerate risk?
When it comes to risk tolerance, it is all about discipline. When the share price hits your target, are you willing to stick to your target and take your profits? Or, will you continue to let it run hoping that it continues to go further up and disregard your primary research on the existing resistance level? Too often, traders in the market lose money due to the lack of discipline to take profit or to cut their losses. We all know that it is best to ‘Buy low and Sell high’. However, when real money is involved, greed and fear often overcome logic. Discipline is what will keep your rationality and nurture emotional stability. This would eventually translate into profits that you put into your pocket!
Despite the fact that online shopping in Singapore used to be viewed with distrust and misguided contempt – largely owing to the numerous scams that plagued the industry in its early days, Singapore’s online shopping scene has certainly picked up significant pace in recent years. This is mostly due to the introduction of improved protection laws as well as the advent of quality web stores that aim to build up a good reputation for themselves. In fact, the online shopping industry in Singapore is thriving so remarkably well that established local web stores are earning up to several tens of thousands each month! After all, given that shopping has often been dubbed the “national hobby” of Singapore, it is pretty evident that Singaporeans can’t quite stay away from shopping – both physical and online.
Online shopping in Singapore has certainly evolved through the years. Most of us are well-acquainted with the dingy small-scale blogshops hosted on Blogspot or Livejournal that used to saturate the online shopping scene in Singapore a few years ago – more often than not, owned by pre-teens and teenagers seeking to make a quick buck – that pedalled run-of-the-mill slogan tees from the same few local suppliers.
Today, these amateurish blogshops are a rarer sight, having phased out gradually with time.
Instead, they have been replaced by an increasing number of quality web stores boasting of impressive photography and editing, user-friendly dot com domains, together with a heavy emphasis on customer service that makes for a more impressive online shopping experience. Successful blogshops of the past have also been pressured into ditching their blog hosts, and switching to proper well-designed websites, to provide a competitive set of functionality and convenience to customers.
That’s not all. Apart from these Singaporean web stores, given the reach of globalisation and ever-low transport costs, it is now possible for us to purchase even from foreign international web stores from countries such as the USA, the UK, or Japan and China.
Truly, it can be said that online shopping in Singapore has changed so remarkably, that it bears little semblance to how it used to be eight years ago. Today, online shoppers are entirely spoiled for choice. With both domestic and international online stores to consider, as well as stores pumping out fresh collections weekly without fail, and with new products being launched every other day – surely it is easy for shoppers to be overwhelmed, and get lulled into the pace of the online shopping industry.
This is further compounded by rising prices of items sold online. The blogshops of old were favoured for their low prices in comparison to that of physical stores. However, this was made possible as such blogshops tended to be very small in scale, and there was little need to hire the extra hand. Also, the shops were hosted on free blogging platforms, and only basic photography and editing was necessary. Now, given the rapid expansion of online stores, as well as the demand for quality and sophistication, costs are undeniably rising – and together with it, prices as well.
As such, it presents a new truth –it is terrifyingly easy to overspend while shopping online today! Shoppers would find that while they might have been able to purchase say, five items from blogshops each month in the past, this ability has been drastically reduced in the present, since prices are so much higher than what they used to be.
Having said this, on days where you have an unbearable urge to splurge (because yes, the desire for instant gratification has been building up, and it’s finally caught up with you), it would be absolutely wise to hunt down the best deals in town first before you begin to surrender your credit card numbers to online stores.
As such, you might find this guide to be of use! In this guide, I’ll show you 4 amazing web stores or online platforms – both local, and international, where you can find great online shopping deals on such days where your clicker hand is just itching to spend, spend, spend.
Yes, you can still have both quantity AND quality – who ever said the two were mutually exclusive? All you need to know is where to hunt!
Megafash
Megafash, or formerly known as Chic Kiss Love, is an online curation that houses more than 180 brands and labels. Housing famous domestic brands such as The Closet Lover, or The Scarlet Room, Megafash terms itself “Asia’s leading online marketplace”, and it certainly lives up to its name, as it is pretty much a one-stop shop for terrific bargains on female apparel, as well as gifts and novelty delights.
Keep a look out for Megafash’s weekend flash sales, in which prices of female apparel may be slashed to an affordable $15, or even below! Clothing from prominent web stores for $15 or less? Where else can you find such remarkable deals? I say, Megafash is definitely worth checking out!
(Image credit: megafash.com)
If you have an eye for sleek new arrivals instead of sale items, Megafash’s weekly Launchbox section is certainly worth a browse as well. Every Wednesday, new collections from brands such as the likes of The Closet Lover and The Stage Walk – all significantly well-known local web stores, are listed up on their weekly Launchbox sale, where 10% discounts are given for these fresh collections. With such discounts, new items can be bought for a lower price than that you would otherwise pay if bought directly from the brands’ web stores themselves!
Carousell
Despite being a fresh start-up that was launched a mere two years ago, Carousell has achieved astounding success on the Singapore app stores. While it is commonly viewed as a platform for locals to peddle preloved items, it also doubly serves as a remarkable site on which to find amazing deals that cannot be found anywhere else.
Carousell has brought online shopping to an entirely different level, by bringing in the virtual to the physical, as transactions can be done in the form of physical meet ups at public locations, in which buyers are able to check their products for defects and flaws, while sellers are able to receive instant payment in the form of cold, hard cash.
Prices on Carousell are more often than not, lower than actual retail prices. In fact, prices can be slashed down to as low as 80% off the original retail price of certain items. This is primarily because sellers typically list up items that they have grown out of, or find ill fitting, and are consequently more willing to part with them at a lower price, never mind that they might be making a huge loss.
Similar to an online flea market, it is easy for buyers to locate their desired items on Carousell with just a quick search. Buyers can then negotiate or haggle with sellers to come to a price settlement, often at a more affordable price. However, it would be incorrect to think of Carousell as any simple flea market. In fact, it offers a greater range of goods and products than mere flea markets can ever hope to host. On Carousell, it is possible to purchase anything ranging from apparel, to household appliances, vintage décor, and even swishy new cars!
While Carousell may prove a little overwhelming for newcomers – the sheer volume of great deals does make it a little difficult to sieve through listings, it is undeniably a worthy browse. With some effort, you’ll definitely be able to hunt down a mind-blowing deal, without having to break the bank!
Taobao
Certainly, this Chinese online mega market is no stranger to most. Often lauded for its sheer variety, and dirt cheap prices, Taobao has attained significant popularity in Singapore, where most turn to it for affordable apparel, DIY supplies, household appliances, and even cosplay attire!
As Taobao is a Chinese online marketplace, it is a given that most of the site is worded in Mandarin, and it can be difficult for shoppers who cannot read the language to navigate around the site. However, this is little cause for worry as a little Google Translate can certainly go a long way! Also, there are numerous third party agent service providers in Singapore who are more than eager to help potential shoppers place their orders (in exchange for an agent fee of course).
Alibaba Group, the company which owns Taobao, has since launched a Southeast Asian branch, which allows customers to purchase directly from independent sellers on Taobao, instead of the need to go through a third party agent in order to send in orders. This has certainly made it easier for shoppers to purchase their items more efficiently, and saved the need to incur additional agent fee costs.
Even though prices on Taobao are already exceedingly affordable, keep a look out for its 11.11 Singles’ Day sales held on the 11th of November each year, where prices are slashed lower than they already are.
Qoo10
(Image credit: sheronism.blogspot.sg)
Qoo10 is yet another amazing site at which great deals can be acquired. Formerly known as Gmarket, it has achieved notable success in other Asian markets such as Korea and Japan. It has since expanded into Singapore, and has become much of a household hit.
Qoo10 retails a wide variety of goods, ranging from household devices, to phone accessories, as well as male and female apparel.
Since Qoo10 operates solely on the web, and it does not need to pay out rental as do other brick and mortar shops, items are priced very cheaply on sale. On top of sale prices, flash discounts are doled out regularly by independent sellers on Qoo10, so keep a look out for them!
Additionally, apart from essentials, Qoo10 also carries prominent international brands. In fact, you can purchase ever popular Kanken bags from discounted prices of $49, as well as Abercrombie and Fitch shirts from only $44! However, as a word of caution, it is always beneficial to read up on testimonials and reviews of individual sellers, as there have been complaints circulating online about customers receiving non-authentic goods. That being said, there are still genuinely affordable luxury items that Qoo10 carries which would otherwise retail for significantly more if purchased from physical fronts.
With its extensive catalogue of items, coupled with their intensely low prices, Qoo10 certainly makes for quite an enjoyable online shopping experience if you’re on the prowl for well-priced deals.
Can’t live without your smartphone? You’re not alone. Singapore is one of the most wired countries on the planet, with 88% of Singaporeans owning at least one smart phone. With smartphone usage being such an important part of your daily life, phone bills at the end of the month can sometimes get rather monstrous. We want to help you out. Here’s 4 tips on how to reduce that phone bill.
Sign Up For A Corporate Or Student Plan
Companies often tie-up with phone service providers to offer special corporate plans for their employees. These special plans can entail reduced rates, additional data and more! While it can be certain that most large companies have such mobile plans for their employees, some smaller businesses also provide such benefits as well. Sometimes these special corporate plans aren’t very well communicated by the company management, so remember to take the initiative to ask.
If you’re a student, there are plenty of student plans abound from each of the phone service providers, so feel free to take your pick. Some of them offer free campus calls, or unlimited text messages, so choose your plan wisely
Use Free Apps
Why text, when you can use Whatsapp, Line or Telegram? Why call someone using the conventional calling function when you can use Vibre or Skype? There are plenty of free apps abound on the Apple App Store and Google Marketplace that allow you to make full use of the internet connectivity of your smartphone. Most, if not all, of the functions which make use of your normal mobile plan features such as texts and calls can be replaced by these apps. Doing so would definitely minimise your phone bill, as you would be using less of what can be charged to you.
Do take note of your 3G/4G usage, as all these apps would make use of the wireless connection. But hey, you’re in Singapore, one of the most wired countries on the planet! This means you should…
Use Wifi Whenever Possible
Remember to make sure you log in to your home wifi whenever you reach home. Imagine the rude shock you would receive if you were watching videos all night, only to realise you had forgotten to connect to your house wifi! Most malls now have wifi as well, so visitors just need to create and account and log in to use it. The government is also in the midst of installing wifi accessibility in 36 MRT stations, so you can eventually even use wifi when while waiting for the train!
Use Prepaid
Sure this might not be the coolest thing around, but if you’re someone who can survive without being on Youtube and Facebook 24/7, this is a very viable option. You only need to pay a small minimum amount to get started with using a prepaid, after which you can top-up if you need to! Using a prepaid card also means you can better regulate your phone usage, because once you run out of prepaid credit, you literally can’t use your phone anymore to call, text or surf the net. If you use a mobile plan, you run the risk of going overboard each month if you don’t make the effort to track your usage regularly
Singapore experiences its first deflation in 5 years when consumer prices fell 0.3% in November on a year-to-year basis. Deflation, in economics is defined the decrease in average price level of good and services.
While it may be good news to the consumers as their purchasing power increases with more money in their pocket for other things, investors and the government get cautious over a sustained decrease in the price level.
‘Decrease? I am still paying the same for my food, public transport and medical bills.’
Prices of food, healthcare and education amongst other items has in fact, avoided the drop and in fact rise by 2.9%, 1.8% and 2.7% respectively. For the average consumers, there is nothing to cheer about besides a drop of 2.1% in clothing and footwear.
What led to the overall fell in prices is mainly due to the fall in the price of private road transport – a decline of 7% as compared to last year. This is attributed to the decrease in the price of COE premiums from almost $100,000 in January 2013 to around $76,094 for Cat E in the first round of bidding in December 2014. With over 100,000 cars hitting 10 years old next year, these decade old cars is due for de-registration and thus expect an influx of COE supply and prices to fall further.
The fall in Brent crude oil from US$115 a barrel in June to the current price of US$61 a barrel has caused downward pressure to the average price level of good and services. With the advent of better technology such as hydraulic drilling in the US and the use of alternative fuel, coupled with a slow growth in China and OPEC’s price war, it is unlikely that prices will hit the US$100 mark in the near future.
The housing sector is also affected as the property and rental market start to slow down.
What does it means to the consumers?
If there is sustained deflation, there will be a downward deflationary spiral where aggregate demands will fall and companies to cut down on production. Consumers will put off spending knowing that future prices will be cheaper and this hurts the economy and increases unemployment. With lower wage, the problem exacerbates and price declines further – something you witness in Japan over two decades.
Fortunately, Singapore seems poised to be able to resist the deflationary pressure due to a tight labour market and increasing population. The fall in the general price level is unlikely to be passed on to the consumers as companies face high rental cost and sticky wages. So don’t expect the price of your groceries, MRT and Bus fares and other necessities to fall.
What about investors?
Investors should remain cautious if the prices of Brent continues to decline to inflection point. The slide will cause concerns for companies in the offshore and marine industry such as Sembcorp, Keppel and COSCO as profits dwindled with declining global demands.
The roubles crisis may further inject uncertainties to the market and may often lead to spillover effects on countries that are exposed to Russia such as the US, Germany and eastern Europe that relied heavily on Russian economy. For example, Germany’s company Siemens lost 14% of the revenue, Volkswagen has lost 20% in the same period and Adidas has shut down stores in Russia. American companies like McDonalds, FordMotors and ExxonMobil were also hurt by the fallout due to sanctions and decline in sales.
While there are mixed results from the falling prices, there is no cause of concern for Singapore, for now. Core inflation is expected to average between 2 to 3 per cent in 2015.
These past few days, the news of a huge entertainment company being hacked shocked most of us. This big company is no other than Sony Pictures. A hacker group called LulzSec sent out a message on Twitter saying: “1,000,000+ unencrypted users, unencrypted admin accounts, government and military passwords saved in plaintext. #PSN compromised. @Sony”.
Image Credits: TRF_Mr_Hyde via Flickr
Various collections of data were accessed and stolen easily without the need of outside monetary support. Among these data are admin details including their passwords. Truly, it is very scary.
This “simple” attack by LulzSec will surely make Sony paranoid to the extent of further improving their technological restrictions, security, and privacy. Luckily for Sony, a private messaging company offered their services to them for free.
Confide, a relatively new private messaging App for Android and iPhone, mimics the capabilities of Snapchat. The only difference is that, Confide does not let the people you send messages to take a screenshot. It’s a way to send messages to your contacts without having to worry about the information getting hacked or leaked out.
Screenshot Credits: Confide App via Google Play Store
Other features of the Confide App include: messages disappearing forever once they have been read, messages being encrypted, messages can be sent to email addresses or phone numbers, and getting notifications once your message has been read.
Best of all? It can be downloaded for FREE in Google Play or ITunes.
Along with Sony, Confide App is now trying to capitalize on the Sony hack by pitching its services to other big companies. If you asked me, I would say that perhaps Confide App has an association with the recent hack in order to market their business, but that is just my crazy conspiracy theory talking.
Image Credits: michael davis-burchat via Flickr
The main agenda of the hackers was to warn the nation of how “simple” it could be to access information with security flaws, and how it is paramount to tighten privacy measures in this age and time.
