In the recent years, Bitcoin has captured the attention of many Singaporeans. We are gradually embracing the new wave of modern transactions – the rise of cryptocurrency! Despite its exposure, you may still be wondering what exactly it is.
BITCOIN DEFINITION
In its core, bitcoin belongs to an alternative type of payment system called cryptocurrency. It is a digital asset that enables you to conduct transactions outside of the mainstream financial infrastructures. Balances are securely stored using private and public keys. I am not referring to the metal keys that help open doors! Instead, these keys are linked through the mathematical encryption algorithms.
Image Credits: pixabay.com
One of the most challenging parts of sustaining a digital transaction is ensuring that nobody spends the “same bitcoin” more than once. As you can imagine, almost anything digital can be copied over and over again! Regulation is crucial to cryptocurrency. Traditionally, verification was done thru trusted central authorities (e.g., PayPal). What makes bitcoin special is its utilization of a huge peer-to-peer network to verify transactions. Bitcoin payments are non-reversible, transaction fees are significantly lower, and its corresponding accounts cannot be frozen.
BITCOIN FUNDAMENTALS
1. History: Its origin dates back to 2008 when it was created by developer Satoshi Nakamoto.
2. Operations: Transactions are fully transparent due to the publicly available ledge known as the “blockchain”.
3. Security: As mentioned above, a bitcoin transaction consists of a public key (i.e., known to everyone) and a private key (i.e., exclusive to the bitcoin user). You cannot spend coins without knowing its private key.
4. Purpose: Bitcoin provides a viable alternative to the dealings within mainstream financial infrastructures. It eliminates the hefty transaction fees and the transportation expenses.
BITCOIN MINING
The bitcoin network is only as strong as the people and institutions supporting it. It is not created by the simple copy and paste tool! Instead, you need to mine for the digital assets using extensive computers that solve complex equations. Bitcoin miners are crucial to the completion of transactions and the validation of genuine bitcoins.
Without bitcoin miners, no new coins will be brought into the circulation as no rewards would be given.
Singaporeans looking to support their iPhone habit would do well to heed Apple’s release schedule
SINGAPORE, MONDAY 25 SEPTEMBER 2017 – Now that the iPhone X is straying perilously close to costing an actual kidney, trading in your old iPhone to help defray the cost of a new one is a more popular option than ever. But because the market has a tendency to push prices down when there are more people looking to sell their old iPhones (a well-observed economic principle – price goes down when supply goes up), you wouldn’t know if the trade-in price offered at your telco or handphone shop is a good deal or not.
To help you avoid rip-offs, we asked everyone’s favourite online marketplace Carousell what your soon-to-be-replaced iPhone is worth on the second-hand market. Here’s what we found out.
What Do the Numbers Mean?
We apologise for triggering all the traumatic flashbacks of Statistics class you’re probably suffering right now. We wanted to make sure we dealt in scientific data, and not simply hearsay from a lazy walkabout at Tanjong Pagar Plaza. Quick explanation: The median price represents the midway point of each model’s price range. So in the case of the iPhone 7, 50% of all handsets were sold for more than S$820, and 50%, less than that. How much higher or lower? For that, we look at the numbers in the next two columns to the right. These give us a good idea of what low and high prices look like for that particular model. They do not represent the absolute lowest nor highest prices for each model. So, putting it all together: If you get offered S$800 for your iPhone 7, that’s a bit on the low side. S$850 to S$950 would be an ok price, and you shouldn’t hesitate to take any offers coming in at S$1,000 or more.
The Value of Older iPhones Declines Exponentially
Eyeballing the figures from Carousell, you can see that the value of your old iPhone suffers a dramatic decline after one generation. As at September 2017, an iPhone 7 commands a respectable median price. You’ll also notice that the spread between prices is still relatively tight.
But when it comes to an iPhone 6, the median price plunges by more than half. And it gets worse as we go down the ladder to older iPhone models, but you were probably expecting it anyway.
Actual Selling Prices Differ According to Condition
The actual price you will get for selling your old device will depend on a number of factors. Chief of these is the condition your handset is in. “While little scratches and scuffs aren’t deal-breakers – many of our users are upfront about these details and still successful in their sales – people will generally prefer and will pay more for iPhones in the best possible condition,” says Lucas Ngoo, Co-founder and CTO of Carousell. As you’d expect, a perfectly working model with all its original parts intact will fetch a higher price than one that had undergone part replacements. (Think about how damaged the internal circuitry must be after going through at shocks serious enough to shatter the screen.) If you can provide the original box and accessories (such as charging cable and adapter, and never-been-worn headphones) you can probably command top prices. And, because this is Apple we’re talking about, you can expect to charge a little higher for devices with larger storage.
Is it Worth Selling Your Old iPhone?
At this point, you may be wondering if it is even worth selling your old iPhone. The answer is: yes, especially if it’s the latest model. As Carousell’s data show, the iPhone 7 is trading hands at prices near to those of a brand-new set direct from the Apple store. This is probably as good as it gets. But even if all you have is an iPhone 6 or earlier, you can still sell it off and use the money to pay for other things you need or want. For example, while the S$60 you’ll get for selling your iPhone 4 puts nary a dent in what you have to pay for the iPhone X, you could still get a decent pair of shoes for it, or a new computer game.
A Result of Planned Obsolescence?
In case you’re not familiar with the term, planned obsolescence is an actual thing that manufacturers are doing. Basically, the products we buy are designed to last only up to a certain period. Beyond that, they are expected to fail. This practice corrals consumers onto a schedule for replacing the things that we’ve come to rely on. And it’s not just consumer electronics, car or light bulbs either. When it comes to iPhones, the message seems to be: keep up with Apple’s schedule; it’s the most rewarding way to enjoy their products. Especially in light of the record-breaking price of the iPhone X.
With Funding Societies, you can invest into the following 2 products:
Business Term Loans – Loan given to SMEs for working capital, fulfilment of contracts, acquiring new contracts etc. with tenors ranging from 1 month to 12 months. As an investor, you receive principal and interest on a monthly basis thus unlocking the cash and allowing you to reinvest the monies into new loans.
Invoice Financing (Accounts Receivables Purchase) – Funding provided to SMEs against the invoices issued to their buyers/debtors/clients with tenors ranging from 30 days to 90 days depending on the invoice credit period terms. Investors receive repayment at the end of 30/60/90 days along with interest.
Every deal could have a few hundred investors investing alongside you and thus you fund a small part of each loan/invoice and therefore also bear the same small part of the risk.
Receive your subscription agreement and e-sign it! (Fun fact: Funding Societies is the first P2P lending platform that has e-signing of contract so that their investors can do it on their computer or mobile anytime, anywhere)
Make your first deposit of minimum $1,000
Browse for opportunities on web or app platform
Start investing from as little as $100
Turn on Auto-Invest to let the system allocate investments based on your pre-set criteria
How do I choose which investments to go for?
Before every crowdfunding opportunity, you’ll receive an email alert for the deal. There is a detailed fact sheet that you can review hours before deciding to put your money in the loan.
Some of the investors on Funding Societies platform have placed their monies on every loan by either (i) manually investing when the crowdfunding period starts, or (ii) auto-investing (see point #6 above). For every auto-invested loan, you always have a choice to opt out from the investment before the crowdfunding starts.
However, different investors have different risk appetite, so it is common practice, and also a good one, to explore the platform and view the various opportunities before making your investment decision.
How do I track the repayments and performance of the investments?
When you invest on Funding Societies platform, the repayments are on a monthly basis.
As an investor, you will also receive late repayment fees from SMEs who did not make the repayment on time – but hey, when you share the risk, it’s only fair that you share the returns right?
Common strategies to invest in P2P lending
While there is no one-size-fits-all formula for any type of investment, Funding Societies shares three ways you can explore for your investment portfolio with them:
Diversify, Diversify, Diversify
As a matter of fact, investing in P2P lending is already one way to diversify your investment portfolio. However, within P2P lending, it makes sense to diversify your portfolio into different loans – by industries, amounts, tenure – to minimize the default risk.
Create compounding effect by re-investing
Funding Societies’ repayment schedule is on a monthly basis, that means you get your original invested amount + pro-rated interests back every month based on the stated dates. While you can hold the money in the account, a smart thing to do is to use this for other investments on the platform to create a compounding effect.
Free your time with Auto-Invest
As mentioned, Auto-Invest is a feature Funding Societies created to allow their investors to put in their money for loans based on their preferred criteria. Here, you can choose a range of interest rates, tenure, industries. Once it’s set up and switched on, the algorithm sets in to auto-allocate your preferred amount for the loans that fall within your criteria.
Start exploring P2P lending as an alternative investment now with Funding Societies. Sign up now by clicking here.
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.
Many Singaporeans are passionate about traveling. They are keen to absorb new cultures, to adapt with unique environments, to discover quality eateries, and to find the “rawness” of a city. Due to several factors, traveling overseas is not always possible. Fortunately for us, exploring the Lion City is amazingly doable!
Consider these seven interesting ideas:
1. The crowds clamor over places with colorful lights, luscious trees, and high-end malls. Experience all these and more by taking a walk around the Singapore River. Follow the The Poor Traveler’s routefrom Raffles Place to Gardens by the Bay. You will not be needing a tour guide to enjoy this enriching walk.
2. Satisfy your thirst for electrifying musical performances by knowing the right places to look. No-cost performances usually occur at Singapore Botanic Gardens and Esplanade. For instance, Singapore Botanic Gardens recently featured the “A Cappella Festival 2017”.
3. Aside from scoring seats from various performances, you may schedule a karaoke night with your friends. You may invite new co-workers or acquaintances to witness an array of live performances. Karaoke nights offer opportunity for you to socialize and to express yourself. After all, tourists are open to meeting new people.
4. Paint a bird’s eye view of the beautiful city by exploring the rooftops. Witness the magnificent aerial view of the city by stepping into the ION Sky. ION Orchard’s observatory is open from 3 to 6 PM daily.
5. Man-made skylines are captivating. However, nothing beats the charm of Mother Nature. Take Instagram-worthy photos as you stand in the MacRitchie Reservoir’s Treetop Walk. This is a suspension bridge that connects two highest points (i.e., Bukit Peirce and Bukit Kalang).
6. Many travelers focus on the vibrant art scene of the city. Visiting the local museums is a great start. Improve your knowledge of the Singaporean and Asian culture by visiting the Asian Civilisations Museum or the National Gallery of Singapore. Then, feast your eyes as Esplanade highlights the essence of Chinese arts and culture. Connect with others, be inspired with unique artworks, and open your heart to new artistic experiences.
7. Embody the complete “tourist persona” by capturing your memories at the popular spots in Singapore. Snap cheesy pictures at Sentosa’s Merlion or bright pictures at Haji Lane.
Image Credits: pixabay.com
Do not be afraid to translate your quirkiness in front of the camera. After all, you will only do this for a day! 🙂
Until the credit statement arrives on your doorstep, you may have no idea about the money you spend on clothing and baby items. Cushion the expenses by embracing the hand-me-downs offered by friends and family members. Accept the toys, home accessories, and maternity items.
You can always donate the unnecessary items on the block’s donation drive. Doing so will not only help you declutter, but it will also help the ones in crucial need.
FILL THE PANTRY
Juggling the corporate and domestic life is challenging. Due to the limited time, you may either frequent the grocery for last-minute shopping or the nearby restaurant for take-out meals. A healthier solution is to keep a well-stock pantry. Purchase items that will last the family for at least a week.
As Holly Clegg, culinary expert and food author, once said: Think of a well-stocked pantry as a permanent shopping list. This tip will enable moms to cook more meals efficiently, timely and more affordable.”
Image Credits: pixabay.com
LEAVE YOUR MONEY
Are you planning to hangout with your buddies any time soon? Consider bringing the exact amount that you are willing to spend and leave the rest at home. Suggest affordable yet entertaining activities such as art appreciation (e.g., roaming ACM or SAM) and game night (e.g., themed dinner at someone’s home). If your girl friends insist on shopping, you will not be tempted to purchase anything that you cannot afford.
Do you really need those tempting items anyway? I do not think so!
LISTEN TO OTHERS
I can vividly recall the time I was strolling the mall with my significant other. My feet were sore due to the high-heeled shoes that I opted for. Brought by strong emotions, I would rather purchase a new shoe that I do not need than to tolerate the pain. We visited a store that I previously ignored. Then, my partner reminded me that none of the products appealed to me last time I was there. The collection did not change. “You only like this because of the momentary use and not because you will use it again”, he said. He made a fair point! I saved a decent amount of money that day.
Listen to the opinions of other people who care genuinely about your financial future. Tally your monthly savings to remind yourself and your spouse about your recent accomplishment. Use this as a motivation to go further.
GIVE THEM ALLOWANCE
A sizzling topic among Singaporean parents is whether or not children shall receive allowance at such a young age. Some parents are concerned about the wastage of money on ridiculous items, while others want to cultivate financial responsibility. Bekah Jorgensen (blogger of Mother Moment) highlights the advantage of giving an allowance as it “sets a policy that if they want something that isn’t a need, they buy it themselves or wait for the next gift-giving holiday.” Children are empowered to save their money to buy what they want.
Furthermore, it avoids the embarassing tantrums in store and the impulse purchases that comes with it.
PROTECT YOUR INDIVIDUALITY
Who knew that you will become a devoted mom further down the road? Well, life is unpredictable. You will never know which turns will come next. You just have to make the most out of what you have and exhaust all your resources. Speaking of resources, it is best to keep your own personal account. This account will help maintain your financial autonomy and support your spouse’s credit history.
Image Credits: pixabay.com
For significant commitments such as a car or a flat, you will have to work together to pay the loans. Having two streams of account will help speed up the process.
