Dan Gable once said: “Gold medals aren’t really made of gold. They’re made of sweat, determination, and a hard-to-find alloy called guts.”
In his own definition, gold’s essence translated to the person’s special characteristics. However, majority of the world perceives gold as a value commodity.
“What makes gold so valuable?”, you may ask. For starters, it lasts for a long period of time, it can be easily manipulated, and its appearance is very appealing.
But aside from this, gold is a rare element because no mine has an unlimited supply of it. Once all the gold is sold and spent, the mining company’s stock will fall. Any efforts to get more gold will affect the company’s wealth.
Gold’s rarity makes it more valuable than other common elements such as aluminum or iron. Its prices are not set by a single organization, rather they are influenced by the cost of production and the amount people are willing to pay for it. For instance, when the demand of gold is relatively high at a given base price and the competition is higher than expected, it is just right to increase the base price in order to regulate the demand of gold. And if not so many people are interested in purchasing gold, its price will stay closer to its actual production cost. Whether you like it or not, we are currently observing the latter statement about gold.
Gold’s price has dropped by about 1.4% last Thursday (14th April) – that is US$1,228.70 (S$1676.32) per ounce. This is in conjunction with the rising Asian shares and the strengthening of US dollar. Moreover, regional currencies weakened against the greenback after the country’s central bank set the rate of appreciation of the Singapore dollar policy band at 0%.
According to Gold Rate 24, a website that partakes information about the gold’s prices around the world, an ounce of 24K gold is priced at S$1,672.04 (US$1,226.99) while a gram of 24K gold is priced at S$53.76 (US$39.45) as of today. A substantial drop has been seen within 30 days from S$1,702.81/oz to S$1,672.04/oz.
HSBC analyst James Steel was quoted saying:
“Gold is weakening on a recovery in investor risk appetite. The sharp (equities) rally and the leveling off of gold-ETF demand recently argue for some period of price consolidation.”
Steel’s claim of the lowering investor risk appetite towards gold is supported by the figures of the world’s largest gold-backed exchange-traded fund – SPDR Gold Trust. Assets of SPDR Gold Trust fell 5.05 tones to 806.82 tones last Thursday, its lowest in a month.
The demand drop of gold affects the prices of other valuable elements such as silver, platinum, and palladium.
Welcome to the wonderful world of currency collection!
History manifested coin and banknote collection as a pastime for scholars. Nowadays, being a scholar is not a mandatory feature of a collector. It is the interest towards currency collecting that drives this hobby into motion.
Banknotes are unique collectible pieces thatembody arts, culture, politics, history, and distinct serial numbers. Coin collecting, on the other hand, has been popular since the medieval times (collected by the European monarchs in 1500s).
As a start, you can collect the banknotes and coins available in Singapore and in the neighboring countries. If you have a limited budget, it is more inexpensive to collect currencies in lower denominations. Joining a currency collection club and attending related exhibitions are useful ways to update your knowledge. For instance, the Singapore Historical Banknote Collections’s Facebook page announced the “Singapore International Coin Fair” last April 1-3. It is a coin and banknotes exhibition that happens only once a year. Follow their page to stay informed.
Newbie collectors are advised to specialize not only because of a tight budget but also because of the opportunity to become an expert on a certain series. Currency collection with a face value can both signify a hobby and an investment.
TYPES OF BANKNOTES
UN-CIRCULATED COINS: These notes are taken out from a pack of unused banknotes and are placed carefully in protective holders.
COMMEMORATIVE ISSUES: These notes are issued to honor a special event such as the ones issued to celebrate SG50.
RARE NOTES: These were created with misprints or errors. Being one of its kind, these are sold at a high premium.
NOTES WITH DISTINCTIVE MARKS: These are notes with distinctive logos, commemorative text, and serialized numbering of notes printed.
NOTES WITH LIMITED CIRCULATION: These are sought after notes due to its limited supply.
NOTES WITH AUSPICIOUS NUMBERS: In the Chinese culture, there is a widespread belief of auspicious or lucky numbers. These auspicious feature can only be found in notes where numbers are serialized.
TYPES OF COINS
SINGAPORE CIRCULATION COINS: A complete set of all the coins in Singapore must start in 1967. There are 6 denomination of coins in circulation such as 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, and $1.
CIRCULATION COINS: One of the least expensive and the most popular collection among beginners.
EARLY COINAGE OF SINGAPORE: These are the coins issued before the formation of the Republic (expanding way back to 1819).
NUMISMATIC & COMMEMORATIVE COINS: These are released occasionally at various times of the year.
COINS BY THEME: These are collectible coins with themes such as people, endangered species, sports, and many more.
BULLION COINS: These coins are mainly minted with gold, silver, and other precious metals. They are sold at premiums marginally above their “gold content” to entice investors.
The quickest way to save money on your next hotel booking is to shake up your travel dates. If you are flexible enough to travel a few days earlier or later especially in the midweek, you will be able to avoid the hefty prices of the weekend rooms. Also, traveling during the off-peak season is usually advantageous. Aside from the lower prices of the hotel rooms, you will be able to indulge more on sightseeing as there is less crowds.
For example, you can host your stag party in Las Vegas on August instead of December to save about 50% off on hotels.
2. INCLUDE THE HOTEL’S PERKS
When choosing a hotel, include the its free perks to your travel budget as they can impact it significantly. For instance, the complimentary breakfast meals help you save a couple of dollars for your whole trip. And if your hotel has a game room, a gym, and a swimming pool, you can spend countless hours on free entertainment. Some hotels even go beyond by offering free drinks at the their bar, discounts at their spa, and free shuttle services.
3. TALK THE “TALK”
Much like any other professions, hotel staff has their own jargons or “lingo” that you must be aware of in order to increase your chances of getting the best price. Instead of asking for the “best deal on a room”, you must ask for the “cheapest non-refundable rate”.Reduce the ambiguity of your statements.
4. USE CREDIT CARDS WITH HOTEL REWARDS PROGRAMS
When paying for hotel reservations, use a credit card with hotel rewards program. Your credit card can either reward you with points to avail a free hotel room or discounts at the affiliated hotels.
In Singapore, redeem OCBC$ to get free hotel stay packages with your OCBC Titanium MasterCard Credit Card or enjoy 12% savings at several hotels with the American Express Personal Card.
5. DOWNLOAD AN APP
Worry not about your emergency accommodation! HotelQuickly, as the name suggests, allows you to book last-minute discounted hotels within seconds. They bring you exclusive deals on Asia-Pacific’s top-rated hotels located in New Zealand, Cambodia, Hong Kong, Myanmar, Indonesia, Macau, Malaysia, Philippines, Vietnam, Singapore, South Korea, Taiwan, Thailand, Laos, and Australia. Keep an eye with their featured accommodation to enjoy discounts up to 70%.
Most people avail the services of travel agencies thinking that they offer the cheapest prices in town. However, they add service fees to the prices and make it more expensive. On the flip side, some people compare the hotel prices of 2 specific websites thinking it is enough. But it is not! A better option is to use our hotel comparison tool- hotels.moneydigest.sg. It is an extensive tool that helps you narrow down the best deal on various websites such as Expedia, Hotels.com, HotelTravel.com, and so much more.
Never underestimate the money you will save by comparing hotel prices! It may just boost your travel fund by a lot.
Waking up early gives you an opportunity to get more things done and to earn more in the process. As mornings are typically the time of the day when your brain is most focus and alert, you will be more productive. Not to mention, there are fewer distractions in the early hours of the day anyway. You can really achieve more things smoothly.
2. ANSWER EMAILS SWIFTLY
One of the most useful tools invented in the last 4 decades was the electronic mail or email, for short. It can also give way to procrastination despite its efficacy. You see, the Psychological pay-off of checking emails is seemingly the same as gambling. It is addictive because the behavior is reinforced. This is why you must answer your emails at defined and discrete times throughout the day.
Stretch your productivity even more by learning the keyboard shortcuts to Gmail, such as Ctrl + Enter or ⌘ + Enter to send a message.
Screen-grabbed from support.google.com/mail/answer/8260
And if you want to insert a link to your text, type Ctrl + k or ⌘ + k.
3. TAKE BREAKS
Much like a computer, your brain needs resetting, refreshing, and de-fragmenting of data in order for the information and memory to work smoothly. And if you are able to organize your memory and thoughts properly, you will receive and digest new information easily. Furthermore, you can even solve the problems you had pending.
So break up your day into timed chunks with at least 5-20 minutes break to refresh the processes of your brain.
4. LEARN TO SAY “NO”
Every time you agree to help out a fellow employee at work, you are increasing your personal workload and inhibiting your ability to quickly tackle tasks assigned to you. It is hard to refuse to friendly requests from colleagues especially if you are the type of person who loves lending a hand. However, if you want to jumpstart your productivity, it is important to learn to say “NO”.
According to a study by Vanessa Patrick and Henrik Hagtvedt, putting the words “I do not” into your workplace vocabulary can do the trick. Rather than telling your colleagues that you cannot help them out, they will respond better if you tell them that you do not have the time to do so.
5. STICK TO A SCHEDULE
It is a no brainer! If you want to get things done quickly, you must stick to a fixed schedule with the conscious thought of having limited time. Allow your schedule to guide you until it becomes a routine. Once the routinely operations become automatic, you will be able to do the tasks faster and better!
Are you searching for ways to improve your credit score for a better financial future?
You can see the light at the end of the tunnel when you first realise that so much of it depends on numbers. Your credit score is one of those important numbers. It is guaranteed to influence the cost of the big ticket items you have to prepare for such as taking out a mortgage, planning a wedding, qualifying for a car loan and building up for retirement. A good credit score is crucial for these financial successes.
Improving your credit score should be a priority. The higher your score, the better your chances of getting the credit you need. So do you know your credit score? And more importantly, do you know how to improve your credit score if it’s not measuring up?
Here are five tips to help you improve on your credit score.
Check your credit report and rectify any mistakes
Any incorrect information you find on your credit report could be affecting your credit score. Check your report thoroughly and get it fixed if you do see a mistake or factors that have pulled down your score. It is advisable to check at least once a year as the information in your credit report determines your credit score. Take steps to fix it and follow up to ensure it has been resolved. Otherwise, the error will remain on your report and could possibly hurt your credit score.
If you wish to dispute the completeness or accuracy of any item of information such as the account status, previous enquiries and overdue balances, do consult Credit Bureau Singapore (CBS) and CBS will post a notice in your credit file that the credit data is being disputed and is under investigation.
Pay your bills on time, all the time
A missed credit card bill payment will have the greatest and longest lasting impact. The more recent the missed payment occurred, the greater that impact will be, and the more missed payments you have, the longer it will take to recover. The prescription here is clear: Pay your bills on time, all the time.
How you charge purchases to your credit card and pay off your credit card debt every month will determine your credit standing and show how much of a credit risk you are. Paying your credit card balances in full every month helps you to maintain your credit rating and build up a good credit score. This will enable you to use credit to work harder for you, rather than becoming a slave to credit.
Where possible, always try to pay in full as rollover or outstanding balances will be charged at 24% p.a. Consider payment via GIRO to ensure payments are not late. The consistency of paying bills on time is critical to your credit score. It is simply month after month of plain-vanilla, on-time payments. This will greatly help improve your credit score if you are trying to offset the late credit card payments as these on-time payments will make positive behaviour in your favour moving forward.
Note: Default records stay on your credit report for 3 years upon full or negotiated settlement while bankruptcy data is retained for 5 years from the date of discharge from bankruptcy.
Avoid multiple new credit applications within a short period of time
There is no hard and fast rule that determines the number of new credit applications that will push you from looking like a responsible consumer to an unreliable one as every bank has a different set of requirements and criteria to satisfy.
Applying for new credit facilities within a short period of time can have an adverse effect on your credit score as it would put many enquiries against your credit report. Always approach credit use with moderation.
Note: Previous Enquiries are retained on your credit report 2 years from the date of enquiry.
Keep your credit active
One of the main purposes of having a good credit score is to ascertain that you are a responsible user of credit. It may seem contradictory, but it is not good enough to simply pay off your credit card bills and not utilise them again. There’s a solution, but one that should not be treated irresponsibly. Use your cards from time to time, manage within your credit limits and generate a sustained history of on-time repayments. Keep your credit active. In today’s world of credit repair, part of proving you’re a good credit consumer is actually using your credit.
Commit to keeping it simple
The bottom line when it comes to credit is this: When you do pay your bills on time, all the time, keep your balances low, avoid multiple new credit applications within a short period of time and keep your credit active, your credit score will work out fine. Many of us tend to overthink credit, but it is that simple. It is all about prioritising what’s important to you.
The absolute best thing you can do for your credit is to commit to doing the following in the long term:
Check your credit report annually
Pay your bills on time, all the time.
Avoid multiple new credit applications within a short period of time
Keep your credit active
Not everyone may have a sterling credit record but the good news is, it is entirely within your power and control to rebuild your credit health. You also have to be consistent. The above factors all matter, and credit is not something that grows by leaps and bounds, but if you treat it right, it will not fail you but push your score in the right direction.
Anna Agoncillo
MoneyDigest