MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Before You Kick The Bucket, Visit These Beautiful Local Places

Whether you like it or not, our time on Earth eventually comes to an end. Most people take this as an opportunity to live within their greatest potential. Keeping this mind, you may create a “travel bucket list” filled with the places that you desire to visit before you die (or at least before you turn 60).

You may think that Singapore is exclusively blessed with luxury malls and highly-rated hotels, but there is more to our country than the sheen of wealth. It is surrounded with diverse cultures and a vibrant history that you must discover.

Consider visiting these beautiful places first:

HIKE AT PULAU UBIN

Have a blast from the bygone years by observing how the villagers of the Pulau Ubin live without the glamorous skyscrapers. Pulau Ubin is an island found in the Northeast of Singapore. It is one of the last rural areas in the country with an abundance of fauna and flora. It is a great place to hike, cycle, and experience other outdoor activities. Make sure you pack the best hiking gps for your trip!

You may take a guided tour to explore the picturesque beaches and mangrove areas.

DISCOVER THE ASIAN WONDERS

Before the optimum condition of your senses deteriorate due to old age, consider savoring the beauty of treasured artworks by visiting local museums. On the top of my list is none other than Asian Civilisations Museum (ACM). Nestled at the mouth of the Singapore River, ACM will take you on a journey of historical discovery as they preserve the heritage of Asia.

It boasts with about 1,300 artifacts from China, South Asia, Southeast Asia, and West Asia. Upon walking inside its halls last year, I was amazed by the abundance and diversity of the Buddha statues as well as the 12 zodiac animal heads donated by Jackie Chan.

To shake things up, they accompany the permanent exhibits with special exhibits such as the “South Asia and the Islamic World”. You will be glad to know that admission is FREE for Singapore Citizens and Permanent Residents.

STROLL ABOVE THE TREES

Tick one item off your bucket list by conquering your fear of heights!

Take your special someone to a morning hike while watching the sunrise at the MacRitchie Reservoir Park. MacRitchie Reservoir Park houses several long hiking routes including the famous TreeTop Walk. The TreeTop Walk consists of a freestanding suspension bridge that connects two highest points namely: Bukit Peirce and Bukit Kalang. This is the first of its kind. You will truly appreciate the unique experience of looking over the variety of plants and animals while being about 25 meters off the ground.

POSE WITH ALL THE MERLION

Wouldn’t it be nice to share the stories of how you posed beside all the Merlion statues in Singapore? I am sure that your grandchildren will be fascinated to know that their grandparent stood face-to-face with the nation’s “mythical creature”.

As you may know, the Merlion has the head of the lion and the body of a fish. It is regarded as Singapore’s icon since the 60’s. There are seven Merlion statues built islandwide. Among these is the statue located next to One Fullerton. Take a snap with this water-spouting statue before you walk around Marina Bay.

RELAX AT A TROPICAL OASIS

Recently featured inside the pages of the Louis Vuitton City Guide Singapore, Blue Bali is the closest tropical oasis in the bustling city. The serene place consists of a restaurant and a spa where guests can indulge on contemporary Indonesian cuisine while overlooking the surrounding greenery.

Worry not about breaking the bank as the prices of the meals are reasonable. Mains start from S$16 while the kid’s meals start from S$8.

Image Credits: facebook.com/BlueBaliOnCluny

What are you waiting for? Tick “urban paradise” off your bucket list.

Sources: 1, 2, 3

Four Financial Mistakes And How To Beat Them

Recognizing these wrongful money decisions is a vital step to improving your financial health:

#1: NOT SAVING FOR EMERGENCIES

Image Credits: pixabay.com

Skipping an emergency fund can be one of your deadliest money moves. You see, our lives are full of pleasant and unpleasant surprises. Can you fork out a sufficient amount of money to cushion the urgent costs due to unemployment or loss?

Building a fund for these types of events shall be one of your financial priorities to avoid getting into debt or even into bankruptcy.

Solution: Having an emergency fund allows you to build a breathing space to deal with life’s highs and lows. It is recommended to keep about 6 months’ worth of salary inside your emergency fund. Start gradually by aiming for S$400 in the first month. Increase this amount as months pass by.

#2: EATING OUT CONSTANTLY

Image Credits: pixabay.com

It is no secret that Singaporeans love to munch! We are blessed with a myriad of cuisines that one cannot resist the temptation of eating out. As with everything that is good, too much can be a sin too. You may feel that eating out during lunch or dinner daily does not make a difference. But, all your costs add up.

Solution: The cost of one restaurant meal may be equivalent to three home-cooked meals. Consider packing lunch from home as it is almost always cheaper.

#3: PURCHASING UNNECESSARY THINGS

Image Credits: pixabay.com

Many shoppers in Singapore experience mindless sprees when the Great Singapore Sale is on. People purchase unnecessary items just because they are on sale! However, you must not bury yourself in a pile of debt due to the irrational thought that you cannot live without a discounted Prada bag.

Solution: Examine if you are willing to purchase the item in its full price. If not, you probably do not need it after all. Saving up for a new designer bag is better than having to loan money for it. Seek a balance between your debts and your savings.

#4: NOT SAVING FOR RETIREMENT

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The “HSBC’s Future Of Retirement: Generations And Journeys” report found that the average Singaporean begins saving for retirement at age 32 and continues it for another 29 years. Despite having the advantage of saving for a longer period of time than their ancestors, 41% of the participants wished that they had started to save earlier. The perceived insufficient fund may be influenced by the higher cost of living in the recent years.

Solution: You must save a fraction of your salary for retirement while you are employed. There will come a time when you will not be earning money, but you still need to support yourself. Read about building an efficient retirement plan. Seek the help of a financial adviser if necessary.

Why I Failed At My Previous Job Interviews

I can vividly recall the rush of emotions that I felt upon receiving a pleasant message from an esteemed insurance company. At the crack of dawn, the HR department of the international company emailed me to meet up for an interview. I immediately agreed to a job interview at Raffles Place.

This was not my first rodeo, but I was overly excited. I had been dreaming about becoming a party of this company for the longest time. Unbeknownst to me, being overeager was a part of my downfall. You will come to that conclusion later on.

On the day of my interview, I solely entered a spacious room. The recruiter came in and handed me with two Psychological tests. With my background in Psychology and human behavior, you may think that these tests are easy to accomplish. I knew how to answer in a manner that is both genuine and acceptable. However, I was too excited that my mind blacked out she stated the instructions. The tangible gravity of the reality overwhelmed my spirit! She had to repeat the instructions again because I committed several errors. The situation was embarrassing! I compensated by extending our chatter. The excessive conversations made me seem desperate. Needless to say, I did not land the coveted job.

Although the recruiter did not mention the reasons why I got rejected, most of our application rejections are due to basic issues. This is why you must avoid these certain mistakes: being overeager, including documentation errors, and not caring about personal appearance.

The scenario that I shared above is a prime example of the negative consequences that can spring from being too eager and excited. Much like speed dating, a candidate that seems too desperate is a major turnoff. Constantly calling or emailing for updates is a waste of the recruiter’s time. Remain calm and wait patiently for a call back.

Secondly, most people commit typographical errors in printed and written documents. Even professionals cannot escape this wrongful pit!

While I was scanning through my old emails, I noticed that I misspelled a couple of simple words (e.g., “the” became “teh”) in an old application. This happened long before I started to make a living out of writing articles. However, its value holds true until today. The materials that you submitted signify an impression. This is why you must give a substantial amount of time to proofread or revise everything. For handwritten forms, do not forget to do the “i’s” and cross the “t’s”. Pay attention to details!

Lastly, you must dress to impress. Let us face it! We live in a relatively superficial world where physical appearance plays a huge part in our interactions. A recent study even highlighted that tall people get paid more. Look professional during an interview by dressing appropriately. Show that you respect the position that you are vying for by properly grooming yourself. Add a tad of moderate make-up if needed.

Image Credits: pixabay.com

We all learn from our personal experiences and job interviews are no different!

Sources: 1 & 2

Alibaba’s Sales Soared High Months After Singapore Bought A Billion In Stocks

My uncle is a proud owner of several holistic spas. Whether his branches are in need of a new machine (e.g., IPL or Laser Hair Removal Machine), he visits Alibaba first. Alibaba is a global marketplace that is relatively prompt and reliable. It is reigns supreme in the world of Chinese e-commerce. Its broad prevalence in Asia is comparable to United States’ Amazon or eBay.

It comes as no surprise that its sales soared up to 55% in the last quarter due to cloud computing. As Chief Executive Daniel Zhang once said: “Our results reflect our increasing ability to monetise our 450 million mobile users through new and innovative social
commerce experiences.” You can expect that this number of users will grow positively each year.

Image Credits: Global Panorama via Flickr Creative Commons (Attribution-ShareAlike 2.0 Generic)

You see, cloud computing is the practice of utilizing a network of remote servers hosted on the Internet instead of using a local server. It manages, stores, and processes data in that manner. Basically, cloud computing allows the users to store and access data online without needing a computer’s hard drive. It allows Alibaba to operate conveniently and swiftly.

What is interesting is the fact that the Government of Singapore purchased a total of US$1 billion (about S$1.38 billion) last June. GIC Private and Temasek Holdings each signed to US$500 million (S$692.15 million) of Alibaba shares, which were priced at US$74 (S$102.44) a piece thru subsidiaries. These shares were a part of the US$8.9 billion (S$12.32 billion) sale by Japan’s SoftBank. SoftBank remains to be Alibaba’s biggest shareholder. The elevated sales of Alibaba showed that the decision to acquire the shares was beneficial – at least for now.

You may think that Alibaba’s local competitors called RedMart and Lazada were shaken by these news, but you are wrong! Alibaba had recently invested in these two companies due to their financial constraints.

Image Credits: pixabay.com

We can only hope that these circumstances will improve Singapore’s e-commerce platform in the future.

Sources: 1, 2, & 3

The Buzz Around U.S. Interest Rates: 3 Things You Should Know

It has been a story of “will they or won’t they” this entire year.

We are talking of course, about interest rates. The last rate hike in December 2015 was the first since 2006, and gradual hikes were expected in 2016 but the Federal Open Market Committee (FOMC) has ended every meeting so far with the decision to maintain interest rates. Market watchers are at the edge of their seats. The consensus is that a rate hike is looming and it could come as soon as November or December, when the FOMC next convenes.

In preparation for that, here are three things that you should know about a potential interest rate hike.

Will Markets Cheer or Jeer?

Here is a look at how the market has reacted to FOMC decisions lately:

*Prices plotted based on the adjusted close price of the last day of each month

Lately, markets seem to breathe a sigh of relief whenever rates remain unchanged but it is really anyone’s guess as to how the market will react to the next rate hike.

There are reasons why the market could react positively or negatively. Markets could jeer, as higher interest rates mean heftier borrowing costs for companies and consumers. In other words, it could be a drag on the economy. But markets could cheer as well because a hike may mean that the US economy is back on track and that the FOMC is confident enough to remove its crutches.

How Did We Get Here in the First Place?

Interest rates are practically zero as of this moment. The graph below shows how interest rates have fallen to this point over the years:

In the 1980s, to combat double digit inflation and the residual effects of the 1980 energy crisis, interest rates were hiked to about 20%. It stands in stark contrast to our current low interest rate environment. This low rate was a result of the global financial crisis; the US economy was hit hard by the crash in the housing market and banking sector from 2007 – 2009 and interest rates were reduced so that consumers and businesses could continue to spend and boost the economy. Interest rates have been kept low ever since as the FOMC has adopted a wait-and-see approach.

What Investors Should Take Note Of

There are two sectors that investors should keep an eye on – property and financial institutions.

It is easy to see why financial institutions will be affected. Their core business revolves around loans and their performance varies with interest rate levels. As for the property sector, it could go both ways. Higher mortgage rates make home buying more expensive, but the FOMC’s decision to raise rates could signal a healthy economy and a healthier economy could buoy the housing market.

And it isn’t just the US market we are talking about here. As money moves back to the US seeking higher interest rates, in a bid to stay competitive, interest rates in other countries may be increased as well. So do your research and pencil in these dates: 1-2 November 2016 and 13-14 December 2016. The market will be holding its breath as the FOMC convenes to decide whether the time has come to finally hike interest rates.

Disclaimer: This message is for general knowledge or information only. It is not an offer or invitation to buy or sell securities, futures or other products or services. Our products or services vary in different jurisdictions, subject to their respective terms and conditions and the licences our affiliates and us hold. This message is not an advice or recommendation for any financial planning, investment, legal, tax or other purposes and, accordingly, no responsibility or liability is assumed by us or our affiliates, whether directly or indirectly, from any person taking or not taking action

*Prices plotted based on the adjusted close price of the last day of each month

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