From receiving up to S$600 worth of Solidarity Budget to closing down of Changi Airport Terminal 2, here are some of the COVID-19 news headlines that will greatly affect your lifestyle and your budget.
Deputy Prime Minister Heng Swee Keat announced yesterday (April 6) that all Singaporeans above the age of 21 will receive a one-off cash payment of S$600 to cushion the weight that social-distancing measures have caused. This financial step shall cost the Government an extra S$1.1 billion as it increases the Solidarity Budget by S$300.
Singaporeans who provided the Government with their bank account details will receive the payout by April 14. While, the rest will receive the lump sum by cheque from April 30 onward.
As the pandemic continues to affect the aviation sector, Transport Minister Khaw Boon Wan announced the upcoming closure of Changi Airport’s Terminal 2 (T2). It will suspend operations for 18 months, starting from May 1. Airlines operating at this terminal will be relocated to Changi’s other tree terminals.
The suspension of T2 operations will allow Changi Airport Group (CAG), its retailers, its airlines and its ground handling firms to save on running costs during this time. Moreover, it will speed up the current upgrading works at T2.
Isolation areas have been prepared for COVID-19 patients and those who have been advised to have a 14-day quarantine. Health Minister Gan Kim Yong has confirmed last Sunday (April 5) that the Singapore Expo Convention Hall and Exhibition Centre is currently in the process of being turned into a facility to care patients who are on the road to recovery. This will help ensure that there will be continued hospital capacity to treat patients with severe symptoms.
According to him: “For patients with mild symptoms, generally they don’t need any medical support. In fact, they can actually recover and be cared for in these facilities until they are well and can be discharged, without having to go to the hospitals.”
Let us do our part to heal as one by being responsible for our actions.
One of the things that we frequently touch on a daily basis is the lift button. Teams from Singapore’s 16 town councils applied a self-disinfecting coating to the lift buttons over the past two weeks. This was made possible by the donation of 650 litres of sdst by the Changi Airport Group’s (CAG) philanthropic arm Changi Foundation. The self-disinfecting coating is called sdsr. It kills bacteria, viruses, and fungi upon contact.
Image Credits: unsplash.com
It remains in place, even with repeated cleaning and scrubbing, as chemical bonding agents help it to adhere tightly to surfaces at a molecular level. It is said to last for up to three months. That is one way to keep the HDB lifts and lift lobbies in Singapore safe!
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.
Image Credits: unsplash.com
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!
Debt crowdfunding, commonly known as peer-to-peer (P2P) lending is an investment concept where individuals & institutions together invest in loans to SMEs and earn returns in the form of interests. Considerably disruptive, the industry adopts a business model targeting the underserved SMEs by employing technology to directly link investors with them. Funding Societies is the largest such platform in Southeast Asia, having financed over S$1.3B worth of funds via their platform.
About Funding Societies
The platform is licensed and has operations in Singapore, Indonesia and Malaysia. Backed by Sequoia India and Softbank Ventures Asia amongst many others, the platform has grown at a rapid pace since they launched in 2015 in Singapore. The main risk in this investment is default risk of the loans. A few things to note when investing with Funding Societies:
Low barrier to entry: Investors can invest as low as $20 per loan
Short tenor: Investment tenors are quite short ranging from 1 to 12 months
Returns on Investment: Interest rates usually range between 3% to 5% per annum for a Guaranteed Investment product, 6% to 8% per annum for a Property-backed investment and 8% to 18% per annum for Invoice financing and Working capital related investments
Default Rate: The Singapore platform default rate is 1.89% while for Property Backed Secured Investment its 0% (no defaults till date)
To subscribe and start investing, just fill a 5 minute form here
Investing in these uncertain times
In light of the current economic uncertainties, Funding Societies has taken the approach to offer more investment notes for products that are more secure and have collateral backing it. For the purposes of this article, we will be looking at the Property-backed Secured Investment (PBSI) product.
About Property-backed Secured Investment (PBSI)
Investments backed by Singapore properties
Interest rates usually between 6% to 8% per annum
No defaults till date
PBSI is a crowdfunding investment made by investors in the form of a loan to a SME that is backed by a local property as collateral on a first lien basis. These pledged properties can be residential, commercial or industrial. Such properties may be owned by the companies and/or directors of the companies. What it means is that if the company defaults, the platform can liquidate the property to recover the principal and interest and pay back to the investors. To ensure that property price fluctuations do not impact the liquidation process, Funding Societies usually does not give loans of more than 70% of the property value and also takes into account forced sale value. Click here for more information on PBSI product.
Given that the loans are backed by collateral, PBSI is perceived to have a lower risk than other products on the platform. The rate of interest usually ranges between 6% – 8% per annum on a simple interest basis. This product portfolio has done very well so far with no defaults in more than 1.5 years since launch. While having a property as collateral does not mitigate default risk, it does provide an alternative helpline when seeking fund recovery should there be a default. At this point, it is important to note that past performance of the rates of return does not indicate future rates of return.
To reiterate, the reason behind the lower interest rate is due to PBSIs being generally less risky, given that these notes are backed by Singapore based properties. As the properties can be disposed off or auctioned by Funding Societies in the event of a default, the likelihood of recovering the principal and interest is considerably higher. More information on the interest rates for PBSIs can be found here.
While the returns are typically comparatively lower than unsecured products like Business Term Loans or Invoice Financing on Funding Societies, it can possibly be higher than some of the other investment vehicles in Singapore such as fixed deposits, certain bonds, and other fixed repayment investments. Investors will need to do their due diligence and access their risk appetite when studying various products.
To subscribe and start investing just fill a 5 minute form here
Importance of investment diversification
Just as how it is important to diversify your traditional investment portfolio across geographical areas, business types and investment types, the same is true for Debt Crowdfunding.
PBSIs can be an option to consider when opting for product diversification. By investing into both secured and unsecured products, the overall portfolio can be more balanced out to better weather storms.
Conclusion
Technological advancements have made multiple means of investment available to retail investors. While unimaginable a decade ago, retail investors today now have a large pool of investment opportunities to pick and choose from. When taking calculated risks, investors will need to fully understand the product that they are interested in. Beyond that, reading up and keeping up with trends is also crucial.
If you have done your own due diligence and decided to invest with Funding Societies, they currently have a promotion for new investors. Sign up with promo code MD20 and make a total investment of S$200 by 30th April to get a S$20 cashback.
Terms and Conditions apply
Investors must sign up with the aforementioned promo code and make a total investment of at least S$200 by 30th April 2020 to be eligible for the $20 cashback. Cashback will be credited into the eligible investors’ accounts by the end of May 2020. Funding Societies’ investor T&Cs apply.
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.
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.
All information in this article is accurate as of 2nd April 2020
With the rising real estate prices and fast-paced lifestyle, people opt to live in HDB flats or apartments. Individuals find it convenient to live in these types of residences given that these are easily accessible to workplaces and commercial areas, offers facilities and amenities, and provides better security. Despite all these advantages, living in a flat means having to deal with a limited space in comparison to house.
In my quest to find ways to maximize the functionality and design of my space, I tapped my Interior Designer friend. Here are some tips that Interior Designer Krishna L. generously shared to me.
#1: PLAN THE SPACE
Having a small space requires identifying the distribution of areas. It is important to recognize the functions and activities that take place in each zone. Adequate planning makes it easier to know what types of furnishings are needed within the space. This helps save time and money for the owners. Personally, I love watching Never Too Small on YouTube as this channel shows how to plan space sections within micro-apartments.
#2: REMEMBER – LESS IS MORE
Given the space available, it is necessary to make use of the space wisely. Having too many things going on in a small space makes it cramped and chaotic. Avoid overcrowding the space and know which items are essential in order to conserve more space.
#3: ELEVATE FURNISHINGS
One way of giving an illusion of spaciousness is keeping things off the floor. Make furniture pieces and fixtures “float” – opt for sofa and tables with exposed legs and mount shelves on wall – to achieve an illusion of a bigger space. Not only does this make the space larger but also provides a room for additional storage.
#4: INVEST IN MULTI-FUNCTIONAL PIECES
A limited space requires flexibility in terms of utility and functionality. Looking for furniture pieces that provide more than one function can save money and space.
#5: MAXIMIZE VERTICAL SPACE
Condominiums and apartments often less square footage than a traditional residential space. Thus, it is better to take advantage of the walls. Use floor-to-ceiling cabinets or shelves for storage and display, mount wall decors and art or add tall plants to make the room appear larger.
Image Credits: 3aces.ph
#6: ADD MIRRORS
It is a well-known fact that mirrors can make a small space appear grander. Mirrors not only give the illusion of a greater square footage but also reflects natural and artificial light, thereby creating an impression of a bigger space.
#7: CONSIDER THE LIGHTING
Natural lighting provides a healthier well-being but also helps open up a room. However, condominiums have limited access to natural light since there are less windows. It can be useful to have a variety of artificial lighting to achieve a great atmosphere and warm ambiance within a space. Lighting placement can either make or break a space, so it must be thoroughly planned.
#8: FIND THE RIGHT COLOR THEME
Colors can influence the way we view spaces – lighter colors reflect light and give an illusion of space, whereas darker colors absorb light and diminish a space. In order to make a room feel larger, it is good to have the right color palette for the floor, wall, and ceiling. This does not necessarily mean limiting your options with an all-white interior; rather, use a color scheme that create cohesion and unity. Choosing monochromatic or neutral colors, for instance, can make the space feel airy, open, and visually bigger. Applying dark or bold color or pattern sparingly to accent wall, furniture, or decors can create depth, contrast, and personality to the space.
#9: CHOOSE THE FLOORING WISELY
Like color schemes, flooring surfaces can greatly impact the size of a space. It is better to avoid using a contrasting color for the flooring. Choose hues for carpets, tiles, and wood flooring that would complement the walls and ceiling to achieve continuity. Light-colored wooden floor planks that are either wide or long can make a space look bigger.
#10: ADD GREENERY
Plants greatly benefits one’s health. Having indoor plants can make the space brighter and lively. Moreover, it gardening is a good hobby to dwell on as you work from home or obey the stay-at-home notice.
TPG Telecom, Singapore’s fourth telco, is launching its first commercial mobile plan for the Singapore market.
The TPG “50GB for $10” plan is available from today at just $10 per month for its no-contract SIM Only plan. By offering this plan, TPG is lowering the barriers of entry by setting a new entry point for users. The TPG Prepaid Plan offering the same simplicity will be launched at a later date.
The service includes:
50GB Data
300 Local Call minutes
30 Local SMS
1GB Data Roaming in selected countries (effective 1 May 2020)
Mobile Number Portability is available
Number Selection will be available effective 1 May 2020
Registration and collection
Customers can register for the TPG 50GB SIM Only plan on TPG’s website here: https://www.tpgmobile.sg/. Upon successful registration, they can immediately visit any of TPG’s designated collection centres to collect their SIM card.
The TPG network supports specific VoLTE devices for high-definition mobile voice calling. To support customers who are using non-VoLTE compatible handsets, TPG has created an easyto-use TPG 4G Voice app to allow customers to make and receive calls, which can be downloaded from Google Play or App Store.
