How To Create Abundance In Your Life

In observation of quarantine or social distancing, I joined a Meditation group. This group highlighted the importance of visualizing abundance in your life. Abundance, according to the Cambridge dictionary, can be defined as a situation in which there is more than enough of something. Your perception of abundance depends on your currency. Is owning several cars your definition of abundance? Or, perhaps abundance comes from being able to provide for your family?

Bringing abundance into your life is more than a game of chance. Instead, it is about creating the life you desire. Here are some guidelines for actively creating abundance.

#1: START WITH GRATITUDE

Begin the day with thanksgiving. Be thankful for all the blessing you already have and the simple acts of kindness that you receive on a daily basis. The next challenge is for you to produce.

Produce more ideas and more ways to increase your income. Being able to produce more allows you to share what you have to others. This fruitfulness will bless your family and your community. Abundance will start to come as soon as you become more productive.

#2: LEARN TO VISUALIZE

A grateful heart is able to envision an abundant life. Every great achievement begins with a dream in mind. Dare to dream and make it possible. Free yourself from the negative thinking and feedback that will weigh you down.

If you dream to travel with your family before the year ends, make it so. Take this time in quarantine as a way to save more money and fulfill your goals.

#3: ALTER YOUR MINDSET

There is a book that differentiates the way rich people and poor people think. Rich people live in a world of abundance. While, poor people live in a world of limitation. Whether it happens by chance or by hard work, rich people understand that creativity and willingness to be open can lead to a life of abundance. Having the right mindset will lead you to see opportunities that you were once ignoring.

In contrast, poor people think there is not enough to go around in the world. Fear-based mindset may be deeply rooted in their past experiences. Do you share the same ideals?

#4: COMMIT TO ACTION

Once you have planned for your abundant future and you have chosen a positive mindset, you must commit to living your dreams. What must you do to achieve the life you desire? Shall you expand your network or shall you try new hobbies?

Notice the opportunities that come along. Your only limitations are your consciousness, which is quickly expanding. Whatever you want quickly becomes yours because you see what most people do not.

#5: RESPECT YOUR MONEY

Do you disrespect your money by overspending or by not appreciating what you have? Do you often think that your current business strategies do not work out for you? Your financial block stems from your energy block.

Remember that you attract what your energy releases. Create abundance by cleaning up your wallet, arranging your business files, and perceiving an energetic connection between your you and your finances.

#6: GIVE MORE MONEY

Lastly, wanting more for others cradles the energy of abundance. It feels good to want more for others than to bring them down. This is especially true during times of crisis. When you genuinely want to help others, they will respond in kindness.

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This means that you have to eliminate your tendency of comparing yourself to others. Instead, you must come from a place of love and support. Things are healthier that way!

Sources: 1 & 2

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How To Start Investing With S$100 A Month

Oh, adulting! It comes in a slate of responsibilities thrown at a person all at the same time. To survive the challenges of life, one must establish a healthy savings plan. Long-term savings include having an insurance policy, a good credit score, and an emergency fund. Many people grow their savings thru investing.

Investing is an overwhelming idea for many Singaporeans as they perceive it to be expensive. Few people outside the financial industry have thought of investing their money for themselves. However, you do not need to have S$10,000 or more to start investing. You can grow your wealth with just S$100 per month.

Here are some strategies that you may apply.

#1: MAKE SMALL INVESTMENTS REGULARLY

It comes as no surprise that one advantage of making small invest regularly is that you are not trying to time the market. Instead, you are relying on your money’s “time in the market”. This is important because stocks have their ups and downs, but their prices tend to increase as time passes. This is a strategy known as dollar-cost averaging, which will average out the cost of share purchases in a period of time.

For as little as S$100 a month, you may start investing in DBS Invest-Saver as it allows you to buy an Exchange Traded Fund (ETF) that mirrors the performance of the Singapore stock market or a bond ETF.

#2: CONSIDER REGULAR SHARES SAVINGS

One of the most affordable ways to get inside the Singapore Exchange (SGX) is through Regular Shares Savings (RSS) plans. RSS can be opened with the help of a local brokerage firm or bank.

The broker of the financial institution will invest a fixed amount of money every month based on your instructions or financial capabilities. For instance, you may choose to invest S$100 each month into the Straits Times Index (STI) Exchange Traded Fund (ETF).

Control is one of the best parts of RSS plans. If you wish to invest money in different companies each month, you may do so. If you wish to stop investing in a company each month, you may do so. Simply instruct your broker and adjust your monthly investments. Some financial institutions allow you to take control of your RSS plan through online platforms.

#3: APPLY FOR UNIT TRUSTS

If you prefer to have someone else control your investments then, you may choose to invest in unit trusts. Unit trusts work by collecting money from many investors. A professional fund manager will take this pool of money and grow it following a specific investment strategy. It is a collective investment, which is why you do not have personal control over the individual components of the investment portfolio.

A common misconception about investing thru unit trusts is that you do not need to do anything. This is not true! As an investor, you must do your research before deciding which unit trusts you wish to invest in. By doing your research, you will know that both DBS and OCBC unit trusts allow you to either invest a lump sum of S$1,000 or S$100 per month.

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Good luck with your investment journey!

Sources:1 & 2

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Budget-Friendly Ways To Spice Up Your Love Life

Does money and partnership mix well in the game of love? I have to admit, intimacy can be expressed in different ways. Some people showcase their affection through the money and the gems it can buy. Nonetheless, your financial well-being affects your intimate relationship.

Put a spotlight on your finances to increase your bond this 2020.

PAY YOURSELF FIRST

Much has been said about loving oneself first, before loving another. I cannot stress how your capacity to love affects the way you behave in the relationship. Think of it as sourcing water from either a full or an empty pail. The same sentiment applies to paying yourself first.

Aim to grow a robust savings first, before extending your funds to your partner or spouse. I know how tempting it is to invest all your money in your business or your family. So, start small and gradually increase the amount that you will keep for yourself.

CREATE A PLEASURE ACCOUNT

When you and your partner continue to deprive yourselves on a regular basis, you will find yourselves overspending at some point. Avoid being caught in this situation by determining your couple goals and saving for these.

Aside from setting aside a portion for yourself, you must allocate money for the both of you. Use your “pleasure account” to fund entertaining activities that both of you will enjoy. You each must put an amount that is fair to you and your partner.

GO ON FRUGAL DATES

Dates should not always be lavish and expensive. You can spice up the romance by indulging on frugal dates such as a movie-night at home or having a rooftop dinner.

You can also take your partner out for some outdoor activities. Spend some time in nature to refresh your mind and body. You can go to the nearby parks, nature trails, or the Sentosa beach. Keep things simple by unplugging completely whenever possible. Cycling or jogging around can give you a whole new bonding experience. Take this time to immerse yourselves in the present and in the company of each other.

DISCUSS MONEY OPENLY

Open communication without judgment is the best way to work through challenges without fostering resentment. Do not let your partner’s unpleasant feelings build up by communicating crucial parts about your finances.

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Discuss your current debt and professional state at least once a month. Go over your finances to determine your financial problems and figure out how to solve these problems. Moreover, you must plan out how you will achieve your financial goals. This will strengthen your relationship in the long run.

Sources: 1 & 2

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How To Carry Foreign Currency When Traveling

Armed with a debit card and a stack of American dollars, my significant other and I went on a vacation recently. We needed to unwind as we take a step back from the hustle and bustle of the city.

One thing is for sure! It was a good idea for us to research on how to carry foreign currency in a country we have not been before. Consider the following methods to safely convert your money to foreign currency while traveling.

#1: CREDIT CARD

Credit cards are best used for significant purchases such as hotel reservations, car rentals, and airline tickets. Credit card purchases are usually exchanged at the interbank exchange rate, which leans towards your advantage. What’s more? There are credit cards that rub off their rewards such as added travel insurance or airport lounge access.

The only downside with carrying mere credit card is that some restaurants or stores do not accept credit card transactions. While there are advantages in carrying a credit card, keep in mind the charges that can add up quickly as you return home.

#2: DEBIT CARD OR ATM

Arguably the most convenient and cheapest way to get local cash is to swipe your debit card through the ATMs. You will reap the same interbank exchange rate when you make cash withdrawals through your ATM or debit card as you do when you make a credit card purchase. Spend directly from your bank account with your Visa or MasterCard debit card when you go overseas. Simply ensure that you are aware of the in tree international transaction fees that come with it.

The downside to using your debit card is its foreign ATM use and currency conversion fees. Research on this.

#3: CASH

For immediate purchases that you must consume within the first 24 hours, it is a good idea to carry an ample amount of foreign currency. Before you leave Singapore, remember to exchange your SGD to foreign currency to handle expenses such as taking a cab or buying a meal. Use your cash until you can find the nearest ATM.

It goes without saying that you would not get the greatest conversion rate from your home country. However, it provides a cushion for your immediate expenses and prevents you from being stranded. If you are traveling to a major international airport or a well-known city, you probably do not need to hoard cash as ATMs are of access.

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A WORD FOR SAFE KEEPING

When you are traveling or living overseas, it is entirely impossible that you will not need to spend money in the local currency. Whether you are paying for your essentials or sending money back home, there are several ways to secure your funds.

Research is your best-friend! Know where to get or how to convert your funds while you travel. Bring a small amount of foreign currency abroad unless you can guarantee that the conversion rate is favorable to you.

Nonetheless, you may carry your local currency along with your plastic cards as you cross different countries. Convert your local currency periodically when needed.

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Foolish Things People Do With Their Money

We have all made mistakes in the past, especially when it comes to money and relationships. While some are knowingly reckless, others are less obvious. That being said, here are some foolish things that people do with their own money.

Awareness is the key to change!

BEING OVERLY CONSERVATIVE WITH ONE’S INVESTMENTS

Whether you are terrified to max out your savings or to dive into uncharted territories, Millennials are not investing hugely in the stock market. Consider your risk tolerance while you are in your early 20s as this is the best time to bounce back after a decline. Compound interest entails that it is beneficial to stay in the market as early as you can. Simply put, a risky investment while you are young has time to correct itself.

Apply this ideal towards your retirement fund. Set a diversified portfolio directed to your retirement fund and ensure that the risk exposure is based on your age and timeline.

ABSORBING THE INTERNET SCHEMES

Let us face it! The Nigerian Prince you have waiting for may never come. Although Internet scams have become more sophisticated than ever, you must not give your sensitive bank information to anyone that pleads for it.

Some people carelessly give out their account passwords in the name of love. You have to think twice! You are merely opening yourself to identity theft by doing so. Mark suspicious emails as spam and leave them alone.

MAKING FINANCIAL DECISIONS ON YOUR OWN

A family is a unit and it is helpful to have an open communication with your partner. As financial decisions and career paths affect multiple people in the relationship, you must discuss these as a unit. Relocating, childcare, long working hours, or converting to entrepreneurship are examples of factors that involve the sole earner as well as other family members.

If you belong to a dual-income household, do not make the daft decision of managing your ambitions on your own. Ensure that you are on the same page when in comes to managing your household and your career goals to avoid conflicts.

DISMISSING YOUR CREDIT CARD REPORT

Despite being a free service, checking one’s credit card report is not something that people do religiously. It is important to check your report to help you catch suspicious activity, prevent identity theft, and report unauthorized purchases.

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In addition to keeping an eye on fraud, you can track your credit score progress.

Sources: 1 & 2

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