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!
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.
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.”
You cannot deny that Koreans paved the way when it comes to fashion-forward streetwear. Aside from looking Instagrammable anytime and anywhere, Koreans wear polished and surprisingly effortless outfits.
As such, Singaporeans have been inspired to embrace the growing trend. The easiest way to acquire K-fashion apparel is to purchase directly from Korean online shops. However, are there other ways to make a Korean fashion haul in Singapore?
With a variety of options, where can you find affordable and minimalist chic K-fashion apparel in Singapore? Read through the list to find out!
#1:ZALORA SINGAPORE
You read that right, one of Singapore’s leading online shops offer K-fashion. As a company, Zalora saw how its regional sales for its Korean fashion and beauty categories doubled every season since 2014. The demand attracted them to carry more Korean labels.
Their goods are either made in Korea or inspired by Korean trends. For instance, you may purchase an adorable blouse for as low as S$8.90.
#2: H:CONNECT
One cannot miss the global presence of H:Connect! It has hundreds of stores in South Korea, Singapore, Taiwan, and China. It is essentially Korea’s answer to H&M. That being said, it houses a variety of apparel from summer dresses to comfortable jeans.
Drop by the Bugis Junction branch to search for a cute brunch dress!
#3: StyleupK
Looking for the same outfits worn by K-pop idols? Look no further than StyleupK. This online korean fashion shop partners with many korean fashion brands and ships directly from Korea to your home. Also, check out their local Singapore SG instock collection for faster local delivery too! Brands include ADLV, Ambler, Romantic Crown, AQO Studiospace.
#4: TWEE
With its first flagship opening at the heart of Singapore’s shopping hub, Orchard Road has gotten a TWEE-upgrade. TWEE carries both Korean fashion and beauty products. You can only expect vibrant changing room visits as there are over 400 designs suited for both men and women. These collections or designs update every month. Imagine the possibilities that said variety can bring!
Image Credits: facebook.com/OfficialTweeSG
What’s more? You can stock up on SUPERFACE’s beauty must-haves or Korean runway-inspired clothing and accessories.
In Southeast Asia, P2P lending has witnessed significant growth in recent years, led predominantly by Singapore. To date, around 60 platforms are currently operating in the online lending and crowdfunding space, which have become an increasingly popular alternative investment option.
If you’re wondering how you can take part in investing with P2P lending, Funding Societies would be a great place to explore. As of January 2019, Funding Societies has onboarded more than 85,000 investors across Singapore, Indonesia and Malaysia and provided more than S$350 million worth of investment opportunities in crowdfunded loans.
Here are four things you can expect when investing in P2P lending through Funding Societies.
1 / Investments with short tenors
Funding Societies offers three investment products: Business Term Loan, Invoice Financing, and Property-Backed Secured Loan. Business Term Loan allows you to make investments by financing SME loans with tenors ranging from 1-12 months. In return, you will receive monthly repayments of principal and interests. You can maximize your returns by reinvesting your repayments to new loans.
Meanwhile, with Invoice Financing, SMEs would be able to cash out by pledging their invoices to Funding Societies. Invoice Financing has a shorter tenor, which generally lasts for only 30-120 days with a one-time repayment of principal and interest at the end of the tenor.
With Property-Backed Secured Loan, investments are secured by a property (residential, industrial, or commercial). Different from the other products, Property-backed Secured Loans offer security in the form of property as a collateral, and is a good option to add diversification to your investment portfolio.
2 / Potential returns up to 14% p.a.
As an investor, the returns you get from your P2P lending investments come in the form of interests paid by SMEs.
Given that P2P loans are generally more flexible in its tenor and SMEs that get financing from Funding Societies have shorter or imperfect operational track records, interest rates are determined accordingly based on risk, in the range of 8-18% p.a.. Higher risks typically come with higher returns, so investors should invest based on their appetite for risk.
3 / Regular updates from the platform
Expect to get regular updates from Funding Societies as an investor on the platform! With every important event or update, the platform sends alerts via email or in-app notifications so that investors are constantly kept up to date with us.
For instance, whenever there is an upcoming loan for crowdfunding, investors will receive an email notification. In the event of late repayment or if there’s an update for specific loans, Funding Societies will also communicate in the quickest and most transparent way. So make sure you switch on your app notifications for any important alerts!
If you need any further clarifications, Miyu, Funding Societies’ very own chatbot, and our customer experience (CX) team will be happy to answer all of your questions via live chat. Or call us at 62210958 to have a quick chat with our team.
4 / Well-designed User Interface (UI)
Invest with Funding Societies – User Interface
Funding Societies Mobile App – Dashboard
Investors should be able to review their portfolios easily. That’s why Funding Societies has improved its website and mobile app to provide details of your investment portfolio in a clear and concise manner.
As an investor, you can review your portfolio, change your auto-invest settings, crowdfund a loan, and even use the live chat feature — all in one mobile app! It’s so simple, convenient and efficient, which is why 80% of Funding Societies’ investors are investing on the go.
Got more questions? Ask Funding Societies on 24 January 2019!
Funding Societies is hosting an investor event on 24 January 2019 evening to share more details and insights of how P2P lending works on its platform. You’ll also be able to meet the team and get to ask them all the questions.
Date: 24 January 2019, Thursday
Time: 6.30pm – 9pm
Venue: Lowercase Cafe @ 1 McNally Street (Rochor MRT)
This article is adapted from this article which first appeared on Funding Societies’ blog.
Disclaimers:
This article is contributed by Funding Societies.
It should not be construed that Moneydigest is endorsing this article or any of the products and services provided by Funding Societies.
Nothing in this article should be construed as constitute or form a recommendation, financial advice, or an offer, invitation or solicitation from Funding Societies to buy or subscribe for any securities and/or investment products. The content and materials made available are for informational purposes only and should not be relied on without obtaining the necessary independent financial or other advice in connection therewith before making an investment or other decision as may be appropriate.
One of the pastimes that my father has passed on to us was betting on the lottery. Whether you are an avid fan of the 4D or TOTO, many people believe that winning these can give them a shot to be a crazy rich Asian overnight.
Reality check! That is not the case for many of us. In fact, a recent Facebook post showed that you can earn a significant amount of money by saving your “lottery funds”. Eilin Tan from Malaysia shared how her father saved up all the money he would normally spend on buying 4D. He started last January 2018. A year later, he found that the total savings was equivalent to the top prize. Both were shocked! Netizens estimate that the money could be worth RM6,000 to RM15,000 (about S$1,900 to S$4,900).
Image Credits:pixabay.com
Much like Eilin’s father, you can commit to simple changes in your life to improve your finances. Start with these aspects:
#1: ASSIGN A FINANCIAL DATE
Much like designating a day for your beloved, you must assign a day to assess your finances. The first step towards saving money is to look at your current spending habits. Which categories can you cut down on? Find specific areas in your expenses which you can reduce without compromising your lifestyle.
Image Credits:pixabay.com
Afterwards, you must track your progress in relation to your financial goals. Spend time with your money to improve your financial life.
#2: WAIT BEFORE YOU CHECK OUT
When it comes to saving money, make delayed gratification your best friend!
These days, you can get anything you want with a quick click or tap of a button. There is an instant gratification for almost anything you can think of. To combat impulse buying brought by said convenience, you may find a buffer. Employ a self-imposed waiting time. Wait a day or two before spending your money on things that cost more than S$60. When you practice this on a regular basis, you will realize that most of your purchases are triggered by wants rather than your needs. Moreover, you will be able to save more money and work towards mindful spending.
#3: CHOOSE QUALITY OVER QUANTITY
Minimalism is one of the latest trends that I subscribe to. It encourages consumers to choose quality over quantity. This can be applied to clothes, gadgets, food, home decorations, bags, and so on.
Yes! It may be tempting to purchase cheaper alternatives on a regular basis. However, you must remember that your small purchases add up! Choosing quality products will help you save money in the long run.
Image Credits:pixabay.com
What is the best that you can afford now? Use the cost-per-wear philosophy when it comes to clothing, accessories, and shoes. Stick to classic silhouettes, which you can use for a long time.
Anna Agoncillo
MoneyDigest
