Should You Buy Things Based On Their Values Or Prices?

In this day and age, how much are you willing to pay for a Smartphone?

Are you willing to spare a couple of hundreds or thousands of dollars? Would you rather purchase the Samsung J1 for S$168 or the Samsung Galaxy S6 Edge for S$1168?

For most of us, price by itself is not only the crucial factor that determines our purchase because we compare all the products that the market has to offer. In this case, Samsung Galaxy S6 Edge has been raved with good reviews and superior capabilities which makes it a strong contender against its counterparts. Beyond its price, we analyze several valuables and come up with a mental assessment of the product’s overall value.

This goes to show that price and value are two different things!

In economics, price and value are influenced by supply and demand.

A product’s price is determined by the intersection of supply and demand while, the value determines the demand. For example, if you are willing to pay S$10 for designer coffee then, you would be willing to pay S$6 or anything less. And, if the intersection of supply and demand prices the designer coffee at S$5, you are more likely to buy it. It does not mean that you place a S$5 value on the product but, it means that getting it at that price is worth it (for you).

Image Credits: pixabay.com (License: CC0 Public Domain)

Image Credits: pixabay.com (License: CC0 Public Domain)

Just because people are not willing to pay a lot of money for something does not necessarily mean that we do not “value” it. Take the “free” air you are breathing right now as an example. Need I say more?

In the marketer’s viewpoint…

Price is their monetary reward for providing us with the product or service while value is equal to our perceived product’s or service’s worth.

For example, the total cost for a repairman to fix a dripping air conditioner including the materials, travel, and labor is S$45. However, the value of the service to the customer, who has been tolerating the water leakage all over the room, is far greater than S$45! So, the repairman may charge you a total of S$60. Aside from observing the competitor’s prices, pricing is in lined with the perceived benefits that a business provides.

With all these in mind, ask yourself: “Should you buy it based on its Value or its Price?”

For what it is worth, I think it is best if you purchase products for their value, assuming you have the means to do so.

Image Credits: pixabay.com (License: CC0 Public Domain)

Image Credits: pixabay.com (License: CC0 Public Domain)

Frugal people buy products or services for their value using several techniques such as couponing. They value quality more than the price tag because premium products last longer. Thus, they get the most out of their money.

Sources: 1 , 2 , & 3

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Not Investing Because It’s ‘Risky’?

Too often we hear of people or even peers who have not begun to explore the idea of investing because they’ve been told that it is ‘risky’. Wait, did you say ‘they’ve been told’? Does that mean that they never even tried their hands on it and come to the false conclusion that investing is risky? Sure, investing entails risk because there’s the possibility of losing money doing it. But do you really know what ‘risky’ mean? Does not losing necessarily equate to ‘no risk’? No.

True risk lies behind what is seldom seen. Having only one source of income is a really big risk. While the money is coming in from your monthly salary, it’s easy to feel safe and secure because you can settle your credit card debts, mortgages and bills. However, it’s this very framed up mindset, that money only comes from working (1 Income Source) that blinds us. We become so comfortable with receiving one paycheck per month that we fail to see the possibility of having multiple paychecks coming in.

job-cuts-sign.gi.top

Have you ever thought about “What happens if I got fired?” With layoffs becoming more and more common these days, it is a very real question. Is it simply just a time to go look for a new job to fix that broken stream of income? Or is it time to think about a greater issue at hand? This is the kind of risk I’m talking about, unforeseen risks. Who knows if another massive labour cut happens and you’re one of the unlucky victim? What would you do without 3-6 months of income? How are you going to pay for the bills now? Now, is having a job truly risk-free?

Consider this, what if you had a job while your investments were paying you cash dividends (Sharing profits with shareholders). Now you would have multiple streams of income, depending on how many different companies that pay out dividends consistently you have invested in. Even if you had lost your job, you still have a couple of income streams that does not even require you to do anything to make sure that money keeps coming in. This in turn creates a buffer for if in the unfortunate event you lose your job temporarily. On the even brighter side, you could have income from your job while your investments continue to pour even more income into your bank account!

Is investment still ‘risky’ when you see this side of the picture? Wouldn’t the risk of having only one source of income be even greater?

quote-risk-comes-from-not-knowing-what-you-re-doing-warren-buffett-26798

 

Just because you don’t know how to invest, doesn’t mean you can’t learn how to invest! There are many articles here on MoneyDigest and on the internet that can teach you how to invest. Just remember, which is more risky? Having only one source of income or spending some time to learn how create multiple sources of income.

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Visit The Most Instagrammable Architectures In Singapore

Everyone deserves to take a break from all the urban madness we face on a daily basis. A spontaneous break that does not require you to travel overseas or spend too much money.

I am talking about a day spent on savoring the aesthetically pleasing architectural gems in Singapore!

If you are up for it, spend under S$25 as you visit one of these Instagram-worthy architectures:

1. THE ARTS HOUSE

The Arts House is a creative landscape situated at the Old Parliament building. This longstanding building was inspired by the Palladian architecture – a European style of architecture derived from the designs of Andrea Palladio. Now, it is a home for a museum that presents multidisciplinary programs such as film, performing and visual arts.

Image Credits: alantankenghoe via Flickr (CC License)

Image Credits: alantankenghoe via Flickr (CC License)

Indulge on The Art House’s elegant and historical architecture as well as the amazing art form brought by the “G is for German Giants” show on November 13. Standard tickets are sold for S$20 while students and senior citizens can get it for S$15.

2. KONG SENG ROAD SHOPHOUSES

About 15 minutes away from the Eunos MRT is a vivid architecture that can potentially be a photo-shoot location – the Koon Seng Road. It is filled with traditional Peranakan shophouses that are pastel colored and intricately embellished. Some of them were immaculately restored.

Be in awe with the rich architectural background as you take gorgeous selfies!

3. STADIUM MRT STATION 

Who would have thought that an architectural jewel can reside alongside the public transportation? I did not…until I saw the Stadium MRT station!

Image Credits: Wikimedia Commons (Author: Circleline4)

Image Credits: Wikimedia Commons (Author: Circleline4)

The station, designed by the popular WOHA Architects, was so masterfully done that it was awarded with the “Design Of The Year of the President’s Design Award” in 2010. Its sleek lines and slashes on top open to a wider space below.

4. ARTSCIENCE MUSEUM

Another museum with an outstanding architecture is the ArtScience Museum located at Marina Bay Sands. You might have seen the building from afar because of its iconic shape that has “10 fingers” anchored by a unique round base in the middle. The modern and exquisite detailing is perfect for the central themes of the museum.

Image Credits: pixabay.com (License: CC0 Public Domain)

Image Credits: pixabay.com (License: CC0 Public Domain)

Grab the opportunity to catch the poetic and informative “Hermès Leather Forever” exhibition for free from now until December 13 (T&Cs apply).

5. THE SANDCRAWLER

If you are a fan of Lucasfilm’s massive movie franchise, you would love to see the Sandcrawler in real life! Inspired by the fortresses inhabited by the hooded Jawas in Star Wars films, the Sandcrawler building is the regional headquarters of Lucasfilm Singapore. The eight-story building is made up of metallic glass that curves along its edges, giving it a futuristic feel.

Image Credits: Catriona Ward via Flickr (CC License-Attribution-ShareAlike)

Image Credits: Catriona Ward via Flickr (CC License-Attribution-ShareAlike)

The public can only see its wonderful urban jungle exterior as the building is a working production facility. Nonetheless, you can always apply for a job there. Click here to apply.

May the force be with you! 🙂

Sources: 1,  2, & 3

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Perfect Places To Buy Cheap Spectacles In Singapore

Aside from our love for sumptuous food, most of us have another thing in common – our need for prescription eyewear.

First, let us get the facts straight…

a. The prevalence of Myopia or short-sightedness among Singaporean children was considered as one of the highest in the world.

b. The average price for the retailer’s generic brand is nothing less than S$200.

As you can see, a lifetime supply of prescription eyewear would cost you over S$12,000! This is why savvy Singaporeans look for alternatives that enable them to get quality yet affordable eyewear products.

Echo them and get your money’s worth with this list…

1. FOUR EYES

Hailing from the Philippines, this startup company graced Singapore’s e-commerce scene in 2014.

Since then, Four Eyes has been selling pairs of glasses (including the lenses) for as low as S$88. Their variety of colors, lens types, materials, shapes, and sizes will take you to countless hours of eyewear shopping heaven!

Image Credits: facebook.com/foureyessg

Image Credits: facebook.com/foureyessg

What’s more? Four Eyes’ glasses are inclusive of free shipping and 6 months warranty.

2. NEW CHINA OPTICIANS

New China Opticians has been in the business for over 90 years!

With their longstanding experience in eyewear, customers can expect good products at friendly prices. In their shop at 3 Coleman Street, glasses are sold for as low as S$40. This bargain price is suitable for people who will be needing glasses for a short-term basis or for kids who are prone to breaking their spectacles.

3. OWNDAYS

The strong appeal of OWNDAYS is probably rooted from their quick services and cheap prices.

You do not have to worry if you are rushing to work because for as short as 20 minutes, you can get your brand new prescription glasses for S$98-198. Amazingly, the price includes the optical frames, 1.60 high index aspheric lenses, casing, and cloth cleaner already.

Image Credits: facebook.com/owndays.sg

Image Credits: facebook.com/owndays.sg

BONUS: If you are looking for non-prescription glasses for fashion’s sake, you can purchase cheap pairs at Zalora!

Zalora is one of the top online retailers that sell shoes, apparel, beauty products, and accessories such as eyewear. Zalora’s collection of glasses for both men and women fits in a spectrum of style, coolness, and classicism. Get your very own pair for as low as S$15!

Image Credits: facebook.com/ZaloraSingapore

Image Credits: facebook.com/ZaloraSingapore

Sources: 1, 2,  & 3

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4 Highest Paying Jobs That Extroverts Can Excel On

Generally, extroverts have an advantage in the professional scene due to their approachable and outgoing nature. They flow through life in search of interpersonal interactions, leadership opportunities, and new experiences.

That said, here are some of the highest paying jobs that extroverts can excel on:

4. FINANCIAL ADVISOR/FINANCIAL CONSULTANT

Average of S$48,834 per year

Financial Advisors or Financial Consultants (FA) are professionals who guide their clients to manage their money, investment options, and asset relocation. But, they do more than that!

They socialize with the clients directly to learn more about their personal goals and financial situations. Furthermore, they face rejection on a regular basis. A circumstance that introverts feel uncomfortable with.

It is an excellent job for extroverts as FAs are constantly exposed to long-term establishment of good relationships between various clients. Yes! The relationship does not diminish after the “sale” is done.

3. PUBLIC RELATIONS MANAGER

Average of S$59,700 per year

As the name suggests, working in public relations enables you to manage and represent the client’s public image by maintaining quality relationships with others. Especially with the popularity of social media, everyone has the power to share their views on any subject. This is something that the Public Relations Manager should take care of.

Public Relations Managers must have strong interpersonal skills to nurture a network of relevant media contacts and develop a desirable corporate image. They are responsible for directing publicity programs and for clarifying the company’s stand in important issues.

If public speaking, strategizing, and socializing is your thing then, a career in public relations is perfect for you!

2. MARKETING MANAGER

Average of S$69,121 per year

Marketing Managers are responsible for supervising advertising, marketing, and promotional staff as well as supervising the organization’s activities. Confidence is necessary as they prepare marketing strategies alongside people with higher positions such as company executives.

Creativity, communication skills, leadership skills, and desire for new challenges are needed as a Marketing Manager. Interestingly, extroverts usually have these amazing qualities!

1. LAWYER/ATTORNEY

Average of S$77,698 per year

Lawyers or attorneys represent different individuals, organizations, and government agencies in range of legal matters. Contrary to popular belief, most of their time are spent away from the court. Instead, they communicate directly with the clients and other key people to investigate matters, collect evidence, and draft legal documents.

When in trial, he or she must present the facts and argue legal matters in court while in front of a sea of people. Lawyers must use their wit and communication skills to make the arguments convincing and compelling. That is why this career appeals more to extroverts!

So, how does one become a Singaporean lawyer and earn about S$6,474.83 a month?

Image Credits: pixabay.com (License: CC0 Public Domain)

Image Credits: pixabay.com (License: CC0 Public Domain)

You must complete a 4-year Bachelor of Law program and succeed in the Bar Examination that includes a 5-month practical Law course. Persevere as most people only move up from their position after 20 years in this field!

Sources: 1 , 2 , 3 , 4 , 5 ,& 6

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