How To Get Lucky With Money And Life

Have you ever wondered why some people are lucky in love, money, and life while some are not?

Well…Mr. Bob Miglani and Dr. Richard Wiseman argues that there are several reasons and factors why people achieve success. In an article for the HUFFINGTONPOST, Bob Miglani – the author of “Embrace the Chaos”, shares some reasons why some people get so lucky in money and in life. Here are some of them:

1. PERVASIVE POSITIVITY

Start the day right by planting positive seeds as soon as you wake up. Make the conscious effort to choose good words (e.g., “Have a wonderful day!”) and positive actions (e.g., beginning with a prayer of gratitude) to overcome the limitations set by your mind. Let this positivism translate towards other parts of life by surrounding yourself with people who boost you up. Worry not about the negative people that slow you down.

2. CLEAR PURPOSE

People who are lucky set clear objectives and do their best to achieve them. Whether you want to provide well for your kids or you want to open a successful business, attract those goals to you by writing them down. Jump out of the bed each morning with a purpose as you truly have something valuable to give to the world!

3. FAILURES AND SUCCESS

Lucky people have a different perspective of setbacks and success. Although failures can be experienced by anyone, they keep on going because they know that they have the power to overcome it. This belief helps them to persevere through the failures.

Success, on the other hand, is not achieved through a straight path. Lucky people flow thru the uncharted waters and handle all the curves along the way to success.

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Aside from these reasons, Dr. Richard Wiseman – a Psychiatrist and an author of “The Luck Factor: The Four Essential Principles”, reveals that people are not born with good luck or bad luck. In fact, good luck results from a person’s good attitude. Here are ways to achieve that:

1. WINNING EXPECTATION

Expecting to win not only helps you to handle money but it also helps you to handle life. For instance: If you are going to a job interview, visualize that you have gotten the job already. As the interview commences, you will find yourself more relaxed and confident. This may lead you to performing better in the conversation and eventually landing the job.

2. NEW THINGS

Every new activity or products you try gives you the opportunity to become luckier. If you are trying to win the lottery, try entering the various types of sweepstakes to widen your range and luck. If you are trying to get a new job, try going to different places and even consider relocating overseas. Embrace new experiences and see how much you like them.

Image Credits: pixabay.com (CC0 Public Domain)

Image Credits: pixabay.com (CC0 Public Domain)

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How To Beat The Fear Of Public Speaking

The place is all set, you are now standing in a room full of people with lights focused on you alone. You are about to voice out your ideas and accept the audience’s warm or cold reception. This imagery can sound nerve-wrecking to most people. Even if you prepared your notes and practiced your introduction, you can still feel nervous on stage.

Anxiety in several situations such as public speaking is completely normal. In fact, this is known as performance anxiety. Other performance anxiety examples include test anxiety and writer’s block. Fortunately, you can overcome this fear with enough preparation and continued persistence.

1. PREPARE AMAZING VISUAL AIDS

Come prepared with interactive presentation slides and eye-catching notes (to be given out to each of your guests). As the audience reads through the slides and notes, their eyes will not be solely focused on you. This will help you a lot as you giving a speech to people who are not directly looking at you is easier.

2. PRACTICE, PRACTICE, PRACTICE

Firstly, record yourself and observe the areas that need improvements (e.g., tone of speech or hand gestures). Secondly, perform in a room full of a few people whom you are comfortable with. Lastly, consider joining groups that do improvisations or public speeches.

Getting used to the pressure of public speaking through practicing several times is extremely helpful. When you know what the worst case scenario is, you are less likely to stress about it once it comes.

3. VISUALLY TRANSFORM YOUR AUDIENCE

No! I am not recommending you to visualize your audience naked. Instead, I want you to perceive them as your friends whom you have not seen in a long while. You will be more comfortable to look them in the eyes as you turn each one into your “friend”. This will also add a very approachable, friendly, and personal tone to your presentation.

4. TELL A STORY

Incorporating a story in your presentation can alleviate your nerves as messing it up is completely acceptable. As stories are meant to be told and not to be memorized, you can tell yours in the most natural way possible. People might not recall some of the main points of your presentation but they will surely recall a good story.

5. EMBRACE AWKWARD SILENCES

If your mind goes suddenly blank during your presentation because the nerves kick in, it may seem like you stopped for a long while. But it probably took less than a minute in real life. Embrace these “awkward” silences and take it as an opportunity to take slow and deep breaths. Worry not, the audience probably would not mind the pause as they try to understand what you were saying all throughout.

Image Credits: pixabay.com (CC0 Public Domain)

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, 3

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Ultimate Guide To Handling Credit Card Debt

The credit card is one of the most powerful tools of our nation’s consumers. With that power comes great responsibility. Financial problems can occur if you are missing your credit card bills’ deadlines, constantly transferring balances, and paying your primary card debt with a supplementary card.

In Singapore, over 9 million credit cards were issued as of November 2015. The credit card debt of these cards, worth over S$5 billion, are in the form of balances rolled over to the next statements. Shocking and scary at the same time, is it not?

This is why handling your debts is vital to personal finance. May this tips help keep you on track:

1. DETERMINE THE BALANCES AND INTEREST RATES

The first step in taking control of your credit card debt is understanding how much you really owe on each of your cards. Write down the balances and interest rates for each card. If the interest rate is above 10% then you must transfer this balance to the lowest “interest giving” account. This way, you will be able to pay off the balance at an interest rate you can afford.

2. REQUEST A CREDIT REPORT

Request for your credit card report/s to assess the total amount of debt you owe as well as how bad the situation is. A credit report has the records of your payment history, credit facilities, late payments, bankruptcies, and defaults.

If you saw some inconsistencies or problems on your credit report, call the various authorities to fix the issues. Remember that you are able to repair any past mistakes sighted on your credit report.

3. CONSIDER A DEBT REPAYMENT PLAN

Be honest about your situation to your bank and discuss if you can convert your outstanding balances and unsecured loans into a debt repayment plan. To ease your burden, the debt repayment plan allows you to repay your credit card debt by installments. Pay the debts with higher interest rates first followed by those with lower interest rates but, watch out for penalties.

4. PAY MORE THAN THE MINIMUM

Making the lowest possible payment leads to more interest and time spent in debt. Pay more than the minimum requirement in order to get rid of these dilemmas.

For instance: If the outstanding balance on your card is S$2,000 and its interest rate is 18%, you are required to pay a minimum of 2% of your balance each month. Paying the minimum of S$40/month means that it would take you more than 5 years to pay off your debt in full. During that time, you paid an additional of over S$4,000 in interest. If you increased your payment even slightly, you can get rid of your debt in no time!

5. SEEK PROFESSIONAL HELP

If the above options sound confusing and unattainable, it is time to battle your debt with the experts. Luckily, there are a number of organizations and individuals that are qualified to give you support to finally get rid of your financial problems. Start by approaching the Credit Counselling Singapore through ccs.org.sg.

Image Credits: pixabay.com (CC0 Public Domain)

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, 3, & 4

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Balanced Budget: A Unique Balancing Act

DEFINITION

Balanced budget is a situation in financial planning wherein the revenue and expense columns of the working budget are equal.

Having a balanced budget occurs not only when the person’s total revenues equate to the total expenses but also when the total revenues exceed the total expenses within a full year. So even if the budget shows an outstanding lead on the revenue side of the balance sheet, it can still be called a balanced budget. Company’s operating budget for a forthcoming year can be termed balanced based on predictions or estimates.

An alternative to the annual balanced budget is the cyclically balanced budget. The cyclically balanced budget follows the economic cycle wherein the budget goes through the dynamics of surpluses and deficits. Theoretically, if the economy goes through the ups and downs, it should your budget should balance itself out.

COMPONENTS

The 5 components of a balanced budget are:

1. FIXED MONTHLY EXPENSES

These expenses remain the same every month or year due to Singapore’s laws and Company service-provider terms (e.g. Hand Phone Plan, or HDB Rent).

2. VARIABLE MONTHLY EXPENSES

These expenses include food, entertainment, clothing, petroleum, and other expenses that may change every month or year. The challenge now is for you to choose on which variable expenses you can reduce.

3. OCCASIONAL EXPENSES

Occasional expenses happen a few times a year. This includes holiday vacations and seasonal gifts.

4. INCOME AFTER TAXES

Your monthly income after taxes is the amount of money that you have to work with within the month. This amount varies depending on a person’s career. Use your annual income to guide you while making your budget

5. SAVINGS

Savings is a portion of your budget that you keep for future use. It includes emergency fund and retirement fund as it helps you to reach your financial goals.

NEXT STEP

To attain a balanced budget, you must first know about the basics of keeping one. May this short video help you with that:

 

Sources: 1,2& 3

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Must Read: Best Financial Advice From The Experts

If a financial expert is out of your reach, the next best thing is to read about their nuggets of wisdom.

1. GEORGE KINDER

George Kinder’s professional background is impressive. He is a financial author, a certified financial planner, and a founder of The Kinder Institute. He surely know what he is talking about when he said:

“It’s about the meaning, not the money. If my investing is not really deeply tied to what I think is most important in my life…the asset allocation, the estate plan, [and] the retirement plan might as well be thrown out [of] the window.”

Putting meaning to the currency motivates and directs you to your goals. If good health is vital to you then spending money on organic food is not a problem. And if family is your top priority, allocating assets to your children should be a part of your Last Will.

2. CULLEN ROCHE

Cullen Roche, the founder of Orcam Financial Group and Pragmatic Capitalism (website), shares that the primary way to financial success is more than just saving. It is by investing more…in YOU! Since your primary source of income is the person you see in the mirror, a good way to maximize your wealth is to make yourself valuable to other people or other companies.

To have an edge from the rest, you must never stop learning. Education that improves your skills so you can adapt to the ever-changing economy. I personally recommend you to start with free Internet education from YouTube’s Khan Academy, YaleCourses or Crash Course.

3. FRED SCHWED

A timeless advice resides in the classic book by Fred Schwed entitled Where Are the Customers’ Yachts?. As published in 1940, Schwed wrote:

“Like all of life’s rich emotional experiences, the full flavor of losing important money cannot be conveyed by literature. Art cannot convey to an inexperienced girl what it is truly like to be a wife and mother.”

Paradoxical as this may sound, the book expressed that life is more than just something you read from a piece of literature. Same goes for finance. You cannot simply learn and understand everything about money by merely reading two books written by experts. Instead, you must experience wins and failures firsthand. An investor can never detach himself from his portfolio gains or his portfolio losses.

4. MIRANDA MARQUIT

Miranda Marquit, the founder of Planting Money Seeds, highlights that by knowing that you have enough purchasing power may turn into comfortable spending without keeping the best options for your finances. Just because you can afford something, does not mean that you should buy it. Purchase within your means by balancing what you need and what you want.

5. WARREN BUFFETT

Warren Buffett needs no introductions. As he is extremely frugal, he shared this sentiment: “Price is what you pay; value is what you get.” Frugal people know how to distinguish between the price and the value in order to get the best deals and achieve long-term goals. For instance, a frugal person will use accumulated coupons and purchase items that are only on his or her shopping list. While a cheap person will highly decline to spend more than S$90 on a week’s groceries even though it is not sufficient for the whole family.

Be frugal and not cheap!

Sources: 1,2 & 3

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