Scheduled to open this month is the latest Jewel of Singapore – the Jewel Changi Airport. This multi-purpose development includes a hotel, aviation facilities, retail stores, dining facilities, and various attractions. A complex that houses all these facilities must be massive! The complex covers a total gross floor area of 134,000 meters, which spans about 10 stories.
I am most excited about the key attractions including the world’s largest indoor waterfall and the five-story indoor garden. Let us start with the HSBC Rain Vortex. Standing at 131 ft high is the world’s largest indoor waterfall. At night, the Rain Vortex glistens with lights and sounds. These were curated by the water design expert WET Design. I expect nothing but the best!
Lastly, Canopy Park aims to astound you with its two gardens including Topiary Walk and Petal Garden. The former features animal-shaped topiaries. The latter features seasonal floral displays. These natural displays excites my flower-loving heart!
Aside from flowers, food holds a special place for us. Singaporeans are enthusiastic about the flavors offered by Shake Shack and the comeback of A&W Restaurant.
Image Credits: danielfooddiary.com
Probably the most anticipated F&B opening at Jewel, is the famous burgain chain called Shake Shack. Its first outlet in Singapore is set to open on April 17. Shake Shack will offer its classic coffee milkshake along with locally brewed Jewela Melaka and Pandan Shake. Jewela Melaka is a frozen vanillacustard ice cream with coconut salted caramel, Lemuel chocolate chunks, shortbread, and gula melaka. Pandan Shake (S$7.80) puts a Singaporean-spin to their classic brew by adding pandan. Putting a spotlight on their burgers entails that its made with freshly ground 100% Angus beef. Rest assured that it has a delicate texture, great taste, and no added hormones. ShackBurger costs S$9.20 to $12.90.
Last but not the least is the ultimate throwback F&B opening of A&W Restaurant in Jewel Changi Airport. It is operating for 24 hours daily and is Halal-certified. Many are thrilled to taste the Root Beer Float, Coney Dogs, Curly Fries, and Waffle Ice Cream once more. This all-American restaurant will welcome long queues for sure!
Image Credits:greatdeals.com.sg
Oh! The Jewel houses a Pokemon center too. Certainly, the nation is shaken by the opening of the Jewel! Wait and see for more.
Armed with five currencies in our arsenal, my friends and I decided to go to an Indochina trip. We foresaw great expenditures ahead! This is why we decided to divide the expenses throughout the months leading up to our trip. Our airline tickets and accommodations were all taken cared of. However, there were hidden expenses that we overlooked. This burnout my cash.
Now, I turned to the local ATM to replenish my funds. My friends, on the other hand, used credit cards and exchanged their American dollars. Which of us got the better deal? Well, this has been an ongoing debate ever since.
MONEY REMITTANCES
Say that you have an emergency and you do not carry extra cash or plastic cards. How will you solve the immediate situation? For starters, you may have someone from home wire money to you.
Within a day, you can get money from well-known international companies such as Western Union or MoneyGram. These two charge variable fees depending on how much money you are sending, how the recipient will access the money, and where it will be sent. The most economical price entails the slowest service.
The only downside is that remittance fees can run from 1 to more than 10 percent! Generally speaking, faster services entail more expensive fees.
CREDIT CARDS
What will you when your hotel bills skyrocketed without warning? You may consider using credit cards for large purchases like this. I am referring to airline tickets, car rentals, and fancy meals too.
The most attractive advantage to using credit cards while traveling overseas is that purchases are exchanged at the interbank exchange rate. Usually, this is the best rate you can get for a currency exchange. While most credit card issuers ask for conversion fees, these fees are usually lower than what you must pay in currency exchange counters. Furthermore, there are a few cards that do not charge for foreign transactions!
The only downside is the idea of paying hefty late payment charges when the credit card bill arrives earlier than you. So, make advance payment arrangements.
DEBIT AND ATM CARDS
Debit card was my weapon of choice when we went to Thailand. It is a quick way to get cash exchanged in the local currency. I stress on its convenience as major cities and airports have ATMs available everywhere. Moreover, you will get the same interbank exchange rate when you withdraw with your debit or ATM card as you do with your credit card.
The only downside is that you will be charged a service or conversion fee for every withdrawal you make. Fortunately for me, there are several UOB ATMs in Thailand!
JUST A RECAP!!!
Image Credits:pixabay.com
The best ways to exchange currency include using your credit, debit, or ATM cards. As much as possible, use your financial institution’s ATMs to get lesser conversion fees. Before leaving for your travels, ensure that you have your money exchanged in at least two different currencies. When you are back home, see if your bank will buy back your foreign currencies.
The essential benefits (e.g., health insurance or retirement contributions) indulged by the freelancers are their primary responsibility. It comes along with a variety of other expenses including operating costs. It comes with a variety of problems including late payment from clients. As a result, freelancers must save more money.
#1: EMPLOY THE ZERO-BASED BUDGETING SYSTEM
Zero-based budgeting entails telling each dollar where it is going to go. Simply put, the money that comes in (net income) minus the money that comes out (expenses) must equate to zero. How will you assign your money efficiently? Well, you must prepare for the fixed and unexpected expenses. Assign an amount to fix expenses and variable expenses first. Then, the rest of your money will be put to savings.
For instance, you earn S$4,000 a month after taxes and you spend S$3,500 on your monthly expenses. Let your extra money be transferred to your savings account. Ensure that you have somewhere to place it with each month.
#2: ASK FOR A RAISE
Say that you cannot afford to cover all your expenses or you cannot commit to your savings. Consider asking for a raise from your loyal clients.
Working with a client for a couple of years can help you prove your worth. There is no harm in asking for a raise as the worst thing that can happen is rejection. You are putting yourself if the position where you are on the present time. So, negotiate your salary. Having an increase of a few dollars per hour or per project can help you save money each month. Trust me, it will add up!
#3: PAY YOURSELF FIRST
One of the most influential factors that will enable you to save is paying yourself first. Transfer a portion of your income to your savings account to cover insurance and retirement plans. Since your income varies per month, having a cushion will help you worry less. Have a minimum savings amount to keep track of your saving goals.
Making sacrifices along the way entails that you will not have to struggle during retirement or during the next big crisis. Be responsible with your finances!
#4: AVOID CREDIT CARD DEBTS
As much as possible, you must not participate in credit card debts as it is bad for your credit score. Friends of mine who carry credit card balances pay hundreds of dollars per annum in interest alone.
Image Credits: pixabay.com
Re-frame your mind! Never purchase anything that you cannot save up for. Following this statement will help you avoid flushing down your money due to interest. Cash should go to your savings and not your debts.
There are many ways to gain extra income by selling your old or new items. All you need is a good strategy!
CONCEPT STORES
The new wave of retail came in the recent years due to the boom of concept stores that integrate different types such as blog-shops or locker pop-up spaces. Concept stores or consignment stores fuse different brands in one house. Be advised that the store will take up rent fees as well as a cut from your sales. Many people are attracted to concept stores due to the convenience of having items sold in one place without worrying about various listings. You have to decide whether this works best for you.
PAWN SHOPS
When I was in Bangkok, I noticed that our driver watched The History Channel’s Pawn Stars during his downtime. The show revolves around a family spearheaded by owner Rick. People bid some of the most unique collectibles they hid in their basements. Pawn shops are good places to sell your ancestral jewelry, musical instruments, and other collectibles. You would get the most out of your money when you have your item appraised in person. Nonetheless, it is convenient to have others sell your items in an immediate period of time. Some of the Pawn shops in the country include Toa Payoh’s Min Tai and Tanjong Pagar’s Ban Joo.
GARAGE SALES
Whether you want to get rid of several items or you want to share your unused items, you could house a garage sale at your house. Prepare a space in your flat to showcase your items in a pleasing manner. Make invitations to give out to your friends and neighbors. Garage sales entail a traditional way to eliminate unwanted items.
Alternatively, you may rent a space for cheap. I found a website that offers cheap spaces for as low as S$10 per day. It is an eleven sq. ft. display counter at Suntec. Or, you may rent a forty-dollar per day space at Orchid Hotel.
ONLINE APPS
One of the easiest ways to sell your new or old products thru a smartphone is with Carousell. Simply snap a product, include basic information, and post it thru the app. Items on Carousell are presented in an Instagram-style grids. Buyers can leave public or private comments when they are interested. The only downside is that Carousell does not support any form of payments. Most users either meet up or do bank transfer to fulfill a deal.
Many investors may find investment in Peer-to-Peer (P2P) lending attractive due to its potential benefits, such as higher returns and shorter tenors. The barrier to entry is also one of the lowest amongst all types of investments, from just $20.
First-time investors who are not yet familiar with the details of P2P lending may be hesitant to start this investment. We have compiled a list of 4 things you should look out for when investing with P2P platforms to help you avoid common mistakes made by first-time investors.
1. Investing only in loans with high returns
Investors may often be incentivised to participate in P2P investments due to the high returns they potentially provide. To receive greater returns, some investors may end up only picking loans with higher interest rates. However, interest rates are priced based on the credit risk and higher interest rates are an indication of higher risks. Interest rates should not be the only determining factor for investing in a loan. As an investor, you would be better off diversifying you investments across loans with varying interest rates.
2. Not diversifying your investments
In any type of investment, it’s crucial to diversify your portfolio so that you won’t end up putting all your eggs in one basket. When you concentrate your investments and don’t diversify them, your portfolio may go south quickly if there are non-performing loans.
Expanding on the first point, a balanced mix of high and low interest rates is a way to diversify your investments. Additionally, you can also invest across different SMEs, industries, products, loan tenors as well as investment amounts.
An easy way to diversify on Funding Societies’ platform is to set up Auto Invest. The Auto Invest bots can be customised based on your investment preferences. That said, you have the flexibility to opt out of loans in which you are not interested before the crowdfunding starts.
Secondly, you can diversify across different types of investment assets that align with your investment risk profile. This can include savings, insurances and the traditional investment vehicles such as bonds and stocks.
3. Withdrawing returns when you receive them
It may be tempting to withdraw your returns once you receive them. However, experienced P2P investors typically don’t do that to potentially benefit from the compounding effect from re-investments. You can re-invest your monthly repayments to potentially receive a higher compounded interest. Your returns (in the form of interests) also start to form part of your capital which you can utilise to re-invest in upcoming loans.
By leaving the repayments in your account, you are ensured that you have funds which can be readily invested when opportunities arise, even without pumping in fresh funds.
4. Not being familiar with P2P lending platforms & the details
While the concept of P2P lending is not difficult to understand, it is important to equip yourself with knowledge of the P2P lending platforms that you wish to invest with. Investing with a stable and responsible P2P lending platform will help you minimise unnecessary risks and inconveniences. Ensure (and expect!) that the platform is responsive, transparent in its processes and stable to carry out its operations and duties for investors.
A good platform to consider is Funding Societies, the largest P2P lending platform in Southeast Asia that holds the Capital Markets Service Licence issued by the Monetary Authority of Singapore (MAS). As of March 2019, it has crowdfunded more than $450 million in the region across more than 300,000 loans. This statistic also reflects the number of opportunities for investors.
Understanding the details of each investment will also allow you to make informed investment decisions. At Funding Societies, a loan fact sheet will be provided on every investment opportunity. It contains details of the loan, its repayment schedule, a summary of the company and guarantors, the company’s financials, and comments from Funding Societies’ very own credit team.
What’s the ONE thing you should do?
Seriously consider P2P lending as part of your investment portfolio!
P2P loans are a form of alternative investments that hold many benefits, especially for new investors that would like to start small or with experienced investors looking to diversify their portfolio. An investment with Funding Societies starts from just $20.
By watching out for these 4 listed things that you should not do when investing on P2P lending, we hope that you’ll be able to have a smooth and successful P2P investment journey!
Ready to start your P2P investment journey? Sign up with Funding Societies today, or live chat with their Customer Experience team to understand this investment better.
Disclaimers
This article is contributed by Funding Societies and is adopted from this blog article.
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.
Anna Agoncillo
MoneyDigest
