The “Dark Side” Of These Good Financial Acts

Many people believe that “no good deed goes unpunished”. This may sound ironic to you, but not all good intentions draw positive results.

There are many financial good deeds that can haunt even the most generous of souls. It is best to approach the following situations with caution.

#1: BEING CONSISTENT WITH YOUR CHILD’S ALLOWANCE

The subject of child’s allowance steers a debate in many parent forums. As a parent, is it your responsibility to provide a monthly allowance for your child? Or, should you make them earn it?

A study showed that teenagers who received allowance did worse on a financial literacy test than their counterparts. Giving a steady allowance without rules takes away the sense of accountability. Ultimately, parents are advised to have their children “work” for the money. Chores may be attached to the amount of allowance they will get. Alternatively, you may provide a given amount of funds to your child. Your adolescent must use his or her budgeting skills to purchase back-to-school items and other essentials.

#2: DONATING TO UNAUTHORIZED CHARITY

With pure intentions in your heart, you decided to donate half of your monthly salary to your local charity. However, you failed to do prior background check on the owners of the nonprofit organization. To your horror, the organization was a complete scam from the start! This scenario can happen to anyone.

Image Credits: pixabay.com

As unfortunate as this may sound, not all charities live up to its mission. Before you donate to a charity, take some time to research the organization and the founders. You may also read their annual report and other public financial documents.

Ensure that your donation will go to an honest cause! Go to www.charities.gov.sg for more information.

#3: LENDING MONEY TO FAMILY AND FRIENDS

Let us face it! Money has a potential to put a strain on any relationship. When you lend money to a relative or a friend in need, you may not be certain on whether you can get the money back or not.

On the other hand, you may be in debt to family member. In worst cases, said relative may feel that he or she has the right to exert control over your life or to criticize your spending habits. Imagine the amount of guilt that you will feel!

To avoid conflicts and other misunderstandings, craft a legal agreement that outlines the terms of loan including the interest rate and the repayment schedule.

Image Credits: pixabay.com

Have your good financial deeds backfired before? Leave your stories down below!

Sources: 1 & 2

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Restore Your Faith In Humanity With The Good Samaritans Of Singapore

With the Internet’s power to create different debates and to fuel the flames of negativity, it is essential to shed a light on positive stories. Stories that focus on human acts of random kindness can make your warm your hearts.

These positive stories are guaranteed to make you feel hopeful about our growing species. Who knows? It may even inspire you to do good yourself. On that note, here are some random acts of kindness that will make your hearts warm!

#1: GOOD FINANCIAL DEED AS AN EMPLOYER

2015 was a good year for Crystal Jade employees. You see, their former boss gave bonuses of up to S$40,000 to current and former Crystal Jade employees in Singapore. I am referring to the Hong Konger and the Singapore permanent resident – Mr. Ip Yiu Tung.

Mr. Ip Yiu Tung is the former boss of Crystal Jade, a restaurant known for its delicious and juicy xiao long baos. He sold his stake and remained as the adviser and brand ambassador of the company. Upon earning a significant amount of money from his financial move, he decided to share his blessings. In an interview, he was quoted saying:

Image Credits: pixabay.com

“I am not greedy. I don’t need more money to make me happy. I was already happy. I need a meaningful life, not just money.”

#2: GOOD FINANCIAL DEED AS AN EMPLOYEE

Did you know that a mover in Singapore recently returned S$50,000 inside cabinet that customer had forgotten was there? You read that right!

Honesty seems like a rare gem these days. When it comes to the moving business where you are entrusted with handling the clients’ precious items such as furniture and other valuables, honesty becomes integral. This is what Prestige Moving Services has proven.

This is Mr Jake. One of our best man. We would like to express our gratitude to him for his honesty which not many…

Posted by Prestige – Moving Services on Saturday, January 12, 2019

One of their employees, Mr. Jake, found S$50,000 wrapped up in a plastic bag at a corner of the client’s cabinet. The money was believed to be forgotten by their client. Mr. Jake made the best decision to return the money right away.

He gained much praise in the eyes of the Netizens, especially because his looks can be deceiving. Many were quick to point out that he was a trustworthy person despite appearing to be a muscular man covered with tattoos. This story goes to show that you must not judge a person’s character based on his or her looks alone!

#3: GOOD FINANCIAL DEED AS A STUDENT

How can you help someone financially if you have little to offer? Well, you may start by helping someone win the lottery! That was what Bryan Lee, a Nanyang Polytechnic student, did last year.

Let us begin the story. A couple supposedly won S$2,500 in 4D after dreaming of the lucky number. However, said couple lost the ticket. Storekeeper Neo Hock Wah said that his wife had used S$10 to buy a 4D ticket. Unfortunately, his wife dropped this ticket from her wallet while alighting from a bus.

Neo’s wife had taken a picture of the ticket. However, you cannot redeem the prize money with this method alone. To the Singapore Pools’ defense, anyone can digitally edit a “ticket” nowadays.

The couple decided to seek help from the Netizens. Fortunately for them, a student by the name of Bryan Lee picked up the ticket from the same bus the wife had taken.

Seeing that the ticket was in good condition, Bryan realized that someone might have lost it by accident. He contacted the worried couple via Wanbao.

Image Credits: pixabay.com

In Bryan’s humble words, he said: “My priority was to find the owner. Just because I can collect the lottery money does not mean that was the right thing to do.”

Sources: 1, 2 , & 3

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10 Rules of Success from 19th Century’s World Richest Man

Who would have thought that a Scottish American with barely a dollar to his name would soon be the richest man in the world?

Andrew Carnegie migrated to the United States with his low-income parents in 1848. He then started to work as a telegrapher. 10 years later, he had investments in railroads, bridges, railroad sleeping cars, and oil derricks. Then, his wealth increased further as he worked as a bond salesman.

He became the world’s richest man in 1901. Aside from having a high profile, he was also a philanthropist. This is the reason why he gave away about 90% of his fortune (US$350 million in 1919 = US$4.7 billion in 2015) US to charities by the time of his death.

Image Credits: wikipedia.org/wiki/Andrew_Carnegie

Image Credits: wikipedia.org/wiki/Andrew_Carnegie

CARNEGIE ON WEALTH

Andrew believed in using his wealth to help the lives of others and enrich the society. In 1889, he wrote an article entitled: “The Gospel of Wealth” that preached his belief of good will. It stimulated the wave of philanthropy.

This is one of his memos:

Man does not live by bread alone. I have known millionaires starving for lack of the nutriment, which alone can sustain all that is human in man, and I know workmen, and many so-called poor men, who revel in luxuries beyond the power of those millionaires to reach. It is the mind that makes the body rich.

CARNEGIE ON SUCCESS

His philosophy go beyond wealth. At the height of his career, a young journalist named Napoleon Hill reached out to him to get insight about success. Andrew Carnegie instilled the “10 Rules of Success” to Hill and it has been the foundation of much of his work.

Here are the “10 Rules of Success” that you can use in your daily lives. These are laid out in Hill’s book entitled: “The Science of Success”:

1. Define your purpose.

2. Develop a “master-mind alliance” and expand your resources.

3. Take the extra mile.

4. Practice the “applied faith” and believe in yourself.

5. Have personal initiative.

6. Indulge your imagination and creativity.

7. Exert enthusiasm.

8. Think and judge accurately.

9. Focus your effort on the task.

10. Profit from adversity.

Sources: Business Insider, Wikipedia

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