How To Make Better Money Decisions

When it comes to handling your finances well, there is a plethora of information available online and in the nearby library. Educating ourselves and widening our financial literacy is the first step to making better financial decisions.

Often, there is no single path that will lead us to the “right” decision. Instead, we must walk the path using different strategies and methods to come up with the best financial decision. Start with these steps.

#1: EDUCATE YOURSELF

Gather as much information as possible to organize your options and action plan. Although you are inclined to make a gut-driven decision, educating yourself is an important first step. Research shows that gut feelings tend to be more accurate when they are made by experts. Thus, becoming an expert on a certain financial issue can make your intuition more reliable.

#2: INTERVIEW PEOPLE WITH SIMILAR CHOICES

Talking to people who have taken the paths that you are considering will help you see the bigger picture. Choose people who are willing to speak to you with all honesty. Study suggests that this approach can help you make more accurate predictions about your own reactions to potential future events. While no one’s experience will mirror yours exactly, you will be able to learn a lot from these people.

#3: ESTABLISH A LIST OF OUTCOMES

When making decisions, I make it a point to list the possible outcomes of each option. Writing down the outcomes can help you make better decisions. Write down a couple of ways your option can go wrong and highlight how you can potentially lose money. Then, write down the ways your option can go right. This option is a strong contender if you think that there is nothing that can go wrong.

#4: DISCUSS YOUR DECISION

Look for a person whom you trust and respect. Discuss your financial decision with that person. Discussing your decision with others will help you understand the situation at hand. Moreover, you will be able to get feedback from someone who does not have a vested interest or a personal involvement in this decision.

#5: CONSIDER BOTH THE PRESENT AND FUTURE

Improve the quality of your financial decisions by making sure that you strike a balance between what benefits you at the present and future states. Do this by listing down the possible advantages and disadvantages of an option for the short-term. The other list must contain the advantages and disadvantages of the same option in the long run.

#6: GIVE EACH OPTION A TEST RUN

When buying cars, most people take advantage of the test run. With a huge financial investment such as this, people want to make the best decision. Giving each option a test run will enable you to observe how it will impact your life.

Image Credits: unsplash.com

Research shows that people tend to make decisions differently depending on their mood. To bypass this bias, you can imagine that you have already made a decision and absorb that choice for a few days. This method allows you to determine how you will feel when you are in a range of different situations. Furthermore, you can gradually test the impact of a financial decision.

Sources: 1, 2, & 3

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Senior citizens to enjoy 3% off groceries on weekdays as Giant S'pore extends discount till 31 Dec 2021

Seniors, do you know that 3% off your grocery’s expenditure can go a long way towards stretching your retirement budget? A recent study published indicated that single elderly Singaporeans need $1,379 a month to meet basic living standards. (Source: Straits Times) Therefore, 3% off the grocery bill can really make a meaningful difference in savings during one’s retirement. Thankfully, Giant is extending its promotion of 3% off on weekdays for Seniors (aged 60 and above) from 30 July to 31 December 2021!

3% off for Seniors on weekdays*

Previously, Giant has been providing 3% discount to seniors who shop at its stores from Monday to Friday, which was supposed to end on 30 July 2021. To further help senior citizens stretch their dollar through these challenging times, Giant has decided to extend its popular senior citizen’s discount programme all the way to 31 December 2021!

Let’s not forget that this 3% discount is in addition to the everyday savings across hundreds of daily essentials under Giant’s “Lower Prices That Last” campaign. Thus, senior citizens can rest assured that they can get the most value from shopping at Giant.

Prioritising Health and Safety

By extending this popular weekday promotion, Giant is encouraging seniors to come and shop during weekdays when it is off-peak and the stores would not be as crowded. As a caring retailer that put customers’ health and safety as a top priority, Giant is also working to establish permanent dedicated priority checkout lanes at all Giant hypermarket and supermarket stores to shorten waiting time for seniors. This will be on top of Giant’s existing priority shopping hour every Tuesday and Wednesday from 8am to 9am for them. All these in-store measures are implemented to ensure that Giant provides a safe shopping environment for seniors, especially as they are more likely to shop for their groceries physically.

Yes, children and grandchildren, you can be assured that your parents/grandparents will enjoy a safe and convenient shopping environment at Giant.

An Affordable Grocery Chain

During a period whereby the economy is uncertain and inflation impending, extending 3% off groceries for our seniors every weekday is definitely a strong sign of commitment from Giant to remain an affordable grocery chain that seniors can trust for VALUE and FRESH products. Indeed, it’s the little things that make a Giant difference! Share the good news with your loved ones today!

*Terms and conditions apply.

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Four Ways To Cultivate The Winning Mindset

Known for its prestige and diversity, the 2020 Summer Olympics is an ongoing international multi-sport event. It is currently being held from 23 July to 8 August in Tokyo, Japan. The Olympic athletes that represent their countries are no strangers to pressure. These athletes spend almost their entire lives to train for their events. Can you imagine their overwhelming emotions moments before the competition with the world watching their every move?

Olympic athletes know that challenges and setbacks are natural parts of life. However, the way we handle stress sets us apart. Physical training and mental toughness are crucial to success. Fortunately for us, mental toughness can be developed over time.

On that note, here are some strategies that you can employ to cultivate the “winning mindset”.

#1: MANAGE YOUR MINDSET

Olympian and Sports Psychologist Nicole Forrester studied how some Olympic athletes achieve their aspirations while others fall short. She observed that differences appear through mental skills training. She describes mental skills as the key to help athletes elevate confidence, manage stress, and block distractions. In fact, mindset was listed as the reason why Canada’s swimmer Penny Oleksiak secured the Olympic gold medal in the 2016 Rio Olympics.

“If you dream and you allow yourself to dream, you can do anything.” – Clara Hughes, one of Canada’s most decorated Olympians

#2: GROW YOUR TALENT

Do not rely on talent alone. Steve Canal, author of The Mind of a Winner, once said: “We all are good at something, but a winning mindset understands that the difference between making it a hobby, or a business is the discipline and work you put behind it.” Growing your talents involve discipline and hard work. You need to pour your attention and efforts to improving and applying the talents that you have.

Consistent top performers do not rely on mere talents. They continuously work on their craft and investigate their weaknesses. Then, they find ways to target and improve these weaknesses.

#3: SEEK MOMENTUM

To become successful, you must be aware of the factors that involve your path. Moreover, you must be willing to pour all your resources to achieve it. You need to create a strong momentum to keep developing a winning mindset.

Image Credits: unsplash.com

This momentum can start by having a great purpose. For instance, a businessman can stay motivated by the idea that achieving a specific goal would help the business flourish.

“This moment is not about me, it’s really for my country, it’s about all my coaches, my friends, my family that believed that when I was a six-year-old kid that I could do it.” – Joseph Schooling, Singaporean swimmer & Olympic athlete

#4: TAKE ACTION

No matter how strongly you envision something, you cannot think your way to success. You must act! Many business leaders spend their time analyzing their next move that they become risk-adverse and stagnant. As a result, these people can miss out opportunities to learn from their mistakes. Innovation and upgrades are necessary to keep up with the contemporary world.

Pushing yourself beyond your perceived limitations will help you become a better (tougher) version of yourself. After all, most winners take risks and step out of their comfort zones.

Image Credits: unsplash.com

Remember that winning mindsets are not innate. They are developed!

Sources: 1, 2, & 3

 

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Seeing cryptocurrency as a get-rich-quick investment can be a massive mistake

cryptocurrency symbols

The word “cryptocurrency” has been thrown around rather frequently these days. However, this precarious investment may not be for everyone.

In fact, please don’t take our word for it. The Monetary Authority of Singapore (MAS) has warned the public on its volatility, and that risky investment products are unsuitable for retail investors. To be honest, it’s not hard to understand why.

Do you know that between 2018 to 2020, there have been over 500 police reports of crypto-related cheating, fraud, or other crimes? Nearly 400 of them were made last year, and the news revealed that roughly S$29 million was the figure for investors’ losses.

Experts highlighted the main risks:

  • Falling for scams
  • Jumping into crypto projects that fail
  • Involving in bad investments of obscure coins
A closer look into the scam tactics

Choo Oi Yee, chief commercial officer for private capital platform ADDX, shared that scammers are tapping onto examples of people who have struck it rich in rousing the greed of investors.

Ms Choo added that there are two scams under the Ponzi scheme:

  • Money from new investors is used as returns for earlier investors.
  • Pump & dump: Scammers buy a coin to push its price up misleadingly and then dump it after others jump on the bandwagon.

Hong Qi Yu, the founder and chief executive of the digital trading platform Tokenize Xchange, also commented regarding this issue. He said that scammers might use third-party accounts to hide their mischief.

Common tactics include:

  • Hacking into accounts
  • Using undoubting individuals as money mules
  • Threatening vulnerable individuals to use their accounts

To counter the ever-evolving strategy of scammers, Mr Hong urged legitimate operators to enhance their surveillance of unusual activities. He also recommended ​​“hot” and “cold” crypto wallets to reduce the risk of being hijacked.

Do your homework before cryptocurrency dealings
a person using laptop while researching

Image Credits: unsplash.com

With all that said, Ms Choo encourages potential cryptocurrency investors to do their homework. Crypto is complex, and a sound investment strategy involving investing in a range of assets is crucial.

Ms Goh (who declined to give her full name), who lost about S$30,000 to cryptocurrency trading platform Torque, prompted the public to learn about what they’re buying.

“Learn how to use the (crypto) exchange because different exchanges have different fees. You can save a lot on fees if you’re using the right exchange for the right coins.”

Another investor, Andy (not his real name), who lost about S$38,500 as a scam victim, asks investors to do their due diligence.

“The entire blockchain and cryptocurrency space (are) highly volatile. And the technology behind it is very difficult to understand, so unless you’re highly passionate about this whole landscape, don’t see it as a get-rich-quick scheme,” he noted.

When investment opportunities sound too good to be true, they probably are. Don’t let your hard-earned money go to waste via hasty investment decisions.

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7 Green Tips for Your Cleaning Routine

Amidst the pandemic that the whole world is facing, the need to keep one’s home clean has reached top priority, even for busy people. However, how can you keep your house squeaky clean while going green?

Cleaning your house, regardless of its size and type, is a never-ending process. But due to time and budget constraints, ensuring your place’s upkeep can be overwhelming. Fortunately, there are ways of doing cleaning responsibilities without denting your wallet. All the more, this article will present sustainable cleaning activities that will surely benefit you and the environment. 

Let us start!

Come Up With a Green Source

Did you know that most cleaning materials contain harmful chemicals that can affect you, your family, and the surroundings? Good thing, an increasing number of businesses have come up with several non-toxic variants of go-to cleaners. This somehow simplifies the shift from conventional to green products.

How to know if the cleaning supply is green? You can check if the label has EPA (Environmental Protection Agency) or Green Seal Stamp. Still, you should be wary if you see generic assertions like “environmentally friendly” or “eco-safe” because not all products having these labels are true to their claims.

To be sure, avoid cleaning products containing dangerous ingredients, such as phosphates, phthalates, chlorine, ammonia, glycol ethers, and ethanolamines.

Reduce

To donate or not to donate? Let’s face it, not all items we want to declutter have a resale value. This is why some turn to donate their items instead of directly selling them. However, you can try handing your items to a thrift store or even consignment stores if you have high-quality accessories or clothing to donate. Doing this allows you to remove unwanted objects and, at the same time, earn money.

Reuse

Most people know the 3 Rs of waste management –reduce, reuse, recycle. Yet, many of us go directly to the third R. So, before jumping ahead, let us consider the second R. 

Reusing means the repeated use of an item or finding a new purpose for that item without treatment. For example, your old drinking glasses in bulk hidden at the corner of your kitchen cabinet can be reused as office supply holders, succulent planters, flower vases, or catch-all bowls. Another, you can reuse your old makeup brushes for crafts, paintings, or dusting electronics with tiny parts.

What’s excellent about repurposing is that instead of tossing your old stuff into the trash, you can still salvage it and have a better use. 

Recycle

As you continue your cleaning routine, look around your home and office to see how you can set up things for easy recycling. For instance, is there a place in the bathroom or anywhere around the house where you can place recyclables, such as paper, paper rolls, and plastic containers and bottles? Putting a designated container for your recyclables is a reminder of your green cause. In addition, this will make you eager to recycle disposable things as much as possible.

Use Plants to Get Rid of Pests

Don’t you hate it when small animals and insects are pestering the peace of your home? Luckily, there is an alternative way of getting rid of pests apart from using harmful chemical sprays. A strategic placing of plants around the house can help you get rid of them. This is because just like us, there are scents insects and animals cannot stand.

As proof, you can install a few mint herb pots in places where you have a mice problem. This is because mice don’t like spearmint or peppermint. On the other hand, spiders don’t like citronella, so you can add a few drops of citronella oil to any essential oil burners and place them near where you have an issue.

Have a Minimalism Attitude

Moving forward, try to embrace the concept of minimalism. Buy only the things you need to prevent producing clutter. Why don’t you consider making a wish list? Like when you find something you want to buy on an impulse, simply add it to the list. Then, if some time passes, say about 30 days, and you still like it, allow yourself to purchase it.

Share the Good Practice

Last but the most important tip is to share your cleaning routine success with the people around you. The more people involved in sustainable cleaning, the better. Here are a few ideas to start:

  • Remember, sharing is caring, so get your family and friends involved. Also, you can swap reusable and recyclable resources with them.
  • You can start organizing stuff swaps in your neighborhood to help rehoming items that were decluttered.
  • Set up an annual sustainable spring cleaning challenge in your community.

Conclusion

While staying safe in the comfort of your home, you can learn how to deep clean your indoor space sustainably. Keep in mind that careful planning on the things you need to do and use when cleaning is crucial. This is to ensure that you do not harm your health or the environment in the process.

Did you find the tips helpful? Do you have others to add? Let us know! Leave a comment in the box below. We wish you a stroke of good luck in your sustainable cleaning endeavors!

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