MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

4 Must-Read Books On Real Estate Investing

Books will always serve as a clever investment. Books will offer you the chance to learn new strategies to become a better real estate investor. Furthermore, you can save a substantial amount of money by avoiding the expensive mistakes of other authors.

On that note, here are the must-read publications if you are looking for ways to make the most of your property investments:

1. REAL ESTATE INVESTING FOR DUMMIES BY ERIC TYSON AND ROBERT GRISWOLD

Buy it here.

The preconceive notion of purchasing a “For Dummies” guide is that you are utterly clueless about a certain topic. Do not mind this! This book is a good resource for newbies in the Real Estate scene, especially made for those who have no prior experience. It elaborates difficult concepts in simpler terms.

The authors do not promise an overnight success story. Instead, they offer practical and realistic advice for its readers. These advice will help you conquer the challenges and take advantage of the opportunities ahead.

2. LANDLORD ON AUTOPILOT BY MIKE BUTLER

Buy it here.

The rich wisdom of this book grew from the author’s experiences after he managed 75 rental properties while he still committed to a full-time job as a police detective. It may seem impossible to juggle the two worlds but, it is doable.

Landlording on AutoPilot features useful information on dealing with the dynamics between the tenants and the landlord. It can dramatically improve your rental business and its surrounding relationships. If you are afraid to jump in this field or if you are struggling as a landlord, you must give this book a shot!

3. RICH DAD POOR DAD BY ROBERT KIYOSAKI

Buy it here.

As you dive in the world of investments, feed your mind with the philosophy of the renowned author and lecturer Robert Kiyosaki. I was intrigued about his teachings after I watched the book summary video by Evan Carmichael. See it for yourself.

What you can expect from this book is a lot of motivational talk. It is one of the library staples among investors because it contains a massive amount of thought-provoking content. He created two unique perspectives about money that emerged from two of his fathers – the rich and the poor. While the poor dad will tell you to work for your money, the rich dad will tell you to let the money work for you. The author did a great job in encapsulating the what I had been feeling for a long time.

4. THE ULTIMATE GUIDE TO REAL ESTATE INVESTMENT IN SINGAPORE BY ISMAIL GAFOOR

Buy it here.

When it comes to the big players in the Singapore real estate industry, Ismail Gafoor leads the wolf-pack. This book is the culmination of his passion and hardwork. Let us begin with his inspiring life story.

Mr. Gafoor and his family struggled with money when he was young. At the prime age of 7, he was tasked to deliver newspapers with his dad. This means that he was constantly late for school. As a young adult, he began a career with the Singapore Armed Forces. His cumulative salary led to his brave decision to buy his first property at Normanton Park. Because he saw the potential of real estate investments as a decade passed, he decided to open his own property agency with his wife. Nowadays, we know this leading agency by the name of PropNex Pte Ltd.

Image Credits: pixabay.com

Enclosed in this book are answers to various questions that investors ask. It is hard to go wrong with this book knowing that its contents came straight from the workings of a top real estate pioneer.

Sources: 1 & 2

How To Deal With Relationship Feuds About Money

The moral values that we learned taught us that relationships are far more important than money. Conflict is bound to happen when people put more weight on material items over interpersonal relationships or when they see money as a measure of the relationship’s worth.

Deal with the monetary feuds to save your various relationships.

1. PARTNER’S PERSPECTIVES

Differences in each others perspectives is inevitable when two people come together. Although you love each other dearly, it is rare to find couples who always see eye to eye. This is why it is important to start understanding each other’s views about money. Explicitly discuss about your beliefs on financial issues and spending habits. For instance, a partner who is a hardcore saver may view money as an important currency that shall not be wasted.

Learn to put yourself in your partner’s situation by recognizing his or her financial strengths. Let us put this in perspective by imagining that two people are buying a flat screen television. Half of this relationship is a spender while the other half is a saver. They can compromise by combining the spender’s ability to commit to a new purchase with the saver’s ability to get a good deal!

2. FIGHTING FOR INHERITANCE

The authors of the informative book entitled “The Family War: Winning the Inheritance” vividly explained what it is like to be tangled in estate disputes. Envision your own family tree with interconnected branches that share a single trunk. After it has been shaken by a strong force (i.e., war over inheritance), one or more of its branches are broken down. The sad part is that they may never grow back.

As you can see, money and death can do strange things to a close-knit family. Lawyers find this scenario as one of the most challenging cases to handle. This is why some of them advocate the drafting of a will and planning for estate distribution while the client is still alive. You must also appoint a trusted person to make medical decisions should you become incapacitated.

3. MARITAL WOES

Financial issues is among the top reasons why Singaporean marriages fight and eventually part. A committed couple who suffers from serious monetary problems will usually face loads of tension and stress, which often translates to heated quarrels.

Prevent a fueled fight by fully disclosing your financial circumstance to your significant other. This is uncomfortable and awkward at first but, you have to try. Tell your partner about your outstanding debts, financial obligations, income sources, and other assets. This will make you empathize with each other more. From time to time, do not forget to check if your financial goals are still in sync.

4. BORROWER VS. LENDER

To deal with the disputes over the money that you loaned, you can show your written agreement and other supporting documents.

You may have dodged the constant knocking of the bank by loaning from a friend or a family member but, you must still treat it as a business matter. Putting the terms of the loan in a handwritten format protects both parties as well as your relationship. After all, borrowing a substantial amount of money is not the same as borrowing a vehicle!

Get everything in writing if you are borrowing a large sum of money or if the lender is strict when it comes to full repayment. The agreement is called a promissory note. Have the promissory note signed by both parties and and a lawyer (if possible). This will ensure that pursuit of legal actions when necessary.

5. GRANDPARENT’S FAVORITE

If your mature child and his or her spouse are having a hard time drawing a healthy financial conclusion, you may offer to help them out especially for the sake of your grandchildren. As a grandparent, it is acceptable to give out money to your family for a specific purpose. You may also highlight that the money must be used for that purpose. However, it does mean that you are entitled to manage all their financial affairs.

Financial advice should be given only if asked. You do not want to be a “know-it-all” parent who constantly dishes unsolicited advice. Your children are no longer toddlers that you have to guide. Although, you can always make a polite offer.

6. FRIENDLY DISPUTES

No matter how much you disagree with your friend’s unhealthy spending habits, you must take a step back from those negative feelings. Do not immediately burst into anger when you see his or her credit card bills. Blaming your friend for his or her outstanding debt will not help too. It is crucial for you to remove anger and frustration out of the equation.

Break the cycle of constant fighting and help your friend out by discussing the matter maturely. Agree to support each other along the way.

Image Credits: pixabay.com

Do not let your financial woes to get the best of your meaningful relationships!

Sources: 1 & 2

You Must Stop Buying Items Just Because They Are Cheap

Do you ever purchase items that you do not need just because they are cheap or on sale?

Many of us do! If you adopt this hobby, it can easily get out of hand. Prevent yourself from spending on indulgences by regaining self-discipline with these 5 tips:

SHOP FOR WHAT YOU NEED

Previous studies have shown that people who overspend are craving for the surge of the feel-good hormone called dopamine. They associate this hormone to shopping for items while they are on sale. It is okay to give in to what your heart desires every once in a while as long as you are in control. However, you must regulate your shopping habits if you are overdoing it.

A bargain deal such as Lazada coupons can be a great score but, not if you have not intended to buy the item in the first place!

CONDUCT AN INVENTORY CHECK

I can still recall the moment when my mother came home with bag of groceries in her hands. Inside the bags were bathroom supplies such as shampoo, conditioner, and toothpaste. It dawned on me that she picked up the same items merely four days ago. She says it slipped her mind. Well, she is not alone!

It is common for people to buy new items because they cannot remember what they already have or they cannot locate them. I am not limiting this scenario to the items in your wardrobe as it is applicable to household products, car tools, and so on. A neat solution is to conduct a monthly inventory check to filter out what items are worn out, ill-fitted, and useless. You can toss or donate these items afterwards.

SPEND ON QUALITY

Clothes and other products that are of quality lasts longer and are usually more comfortable. Think about it! Cheap clothes are not entirely cheap as time passes. Mediocre items made with thin materials and poorly sewn ensembles wear out faster than quality ones. Furthermore, it requires time to replace and repair them. Consider spending your hard-earned money on few good things than, in loads of rubbish things.

Image Credits: pixabay.com

USE WHAT YOU BOUGHT

Whether you want to admit it or not, you use your most valuable items the least. You want to protect your precious item for as long as you can. I do too!

When I got my hands on the iPhone 6s last year, I played with it for a few hours and kept it safe in my cabinet. I relied on my iPhone 4 for so long that I jumped several generations when I bought the said device. Can you imagine how happy I was to explore the new iOS features and to savor the larger screen? Despite my satisfaction, I still preferred using my iPhone 4. I adored the new device and I did not want to spoil it immediately. A couple of weeks passed and I came to realize the irrationality in my actions. I bought this device for a reason and I must use it!

Use your priced item to maximize its value. Dissatisfaction can only lead to buying cheaper knockoffs or settling for less.

WALK AWAY CONFIDENTLY

Shopping eats up a significant portion of time. Sometimes, you may feel like your trip to the store was wasted if you do not purchase anything. This is why boutiques and online stores employ strategies to draw shoppers in for a long period of time. But, you must not fall for this! Purchasing something unnecessary makes is more wasteful than spending your time on window shopping.

Image Credits: pixabay.com

Remember that it is alright to walk out of the store and buy nothing.

Sources: 1 & 2

SWAT, a new ride-sharing app, takes you anywhere for just $5 fixed

Do you take Uber and Grab often because of its cheap fares?

Here comes SWAT, a new ride-sharing service, that has recently launched and promises to take you anywhere for a flat fee of $5 regardless of the distance.

Too good to be true? Read on.

SWAT aims to provide low cost and convenient transport that is accessible to everyone. To achieve this, they analysed millions of commuters’ data to identify repeated group travel patterns.

The data shows that most of us travel from and to the same destinations more often than we think. SWAT technology adopts a data driven approach to pool commuters real time to achieve highest vehicle utilisation rate at the lowest cost for commuters

SWAT is an intelligent pre-book ride services that provides taxi-like services at bus-like prices.

SWAT currently uses Toyota Hiaces as its Swatmobiles and they can ferry up to 13 passengers at one time. Think carpooling.

The catch, however, is that you need to prebook your ride up to 1 day in advance or up to 30 minutes before your departure. Prebooking your ride creates reliability and reduces the stress of early peak hour commute.

In some occasions, you will also need walk to the pick up location of no more than 300m to wait for the vehicle. These are bus stops, taxi stands, lamp posts, petrol kiosks, and landmarks.

Your travelling time will be slightly longer than if you took a taxi but the difference should be no longer than 10 minutes.

How it works:

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As part of its pilot launch, the services currently operate from 7am – 10am on weekdays excluding public holidays. Routes and servicing hours will be expanded progressively.

Currently, iOS users can download the app from the Apple iTunes store. It will soon be available for download at the Google Play Store.

For more information on their services, check out their website here.

* Pre-booked rides will be free this week till 30 Sep 2016.

Do Not Let Your Financial Problems Keep You Up At Night!

Is there anything worse than reaching home after a stressful day only to be kept up late because your brain keeps ruminating over your financial burdens?

If this happens to you constantly, it is a sign that you are either feeling helpless about your current situation or trying to exert too much control over your future. Stop right there! Thinking about all your financial problems before you fall asleep will not solve anything. It may even cause health issues such as headache, chest pain, and muscle tension on the next day.

The obvious move that you must take first is to solve the underlying problem. Set aside a portion of your day to contemplate about the solutions to your situation. Afterwards, work on your sleep hygiene. It involves healthy sleeping habits and maintaining a conducive sleeping environment.

If these two strategies are not enough, try my other suggestions:

a. ACCEPT EVERY CHALLENGE

You must accept the fact that you cannot accurately predict the future. No one can! Hence, it is always a good idea to be prepared for any money woes that life will throw at you. Make calculated strategies to shield yourself against unforeseen events such as unemployment and critical illness. For instance, you may save at least six months’ worth of your salary to cushion unemployment or apply for health insurance to fund your critical illness.

Let go of all the worries once you have planned for the situation. Unfortunate events may test you but, you will be alright.

b. BE ASSERTIVE

If you keep on lending your hard-earned cash to friends and family, financial issues can rise. Your money belongs to you and you are accountable for it. If you do not feel comfortable in lending money to a friend or a family member then, be assertive. Genuinely say that you cannot loan the money at the moment due to your financial responsibilities. Discuss the matter in a mature manner. People who care about you will understand.

c. CREATE A RELATIONSHIP

For your relationship with money to flourish, you must understand that it involves the two of you. Do not let the power of spending govern you! When things go badly, it is partly because of what you brought to the situation and partly because of what the money brought.

d. BE ACTIVE

Redirect your cognitive energy to productive matters such as catching up with your friends or updating your C.V. or resume. If you have more time in your hands because you were recently unemployed, improve your relatively low mood by exercising. You do not have to exhaust your savings to stay health. Be active by following the free online tutorials or by registering at the “Places To Find The Cheapest Gym Memberships In Singapore“.

Image Credits: pixabay.com

No matter how much you dream about achieving an indestructible body like Incredible Hulk’s, it is still impossible. This is why you need quality sleep to combat the daily challenges. Constantly worrying about your finances is not only draining your body but also straining your relationships. Remember to value your well-being as much as you value your bank account.

Sources: 1 & 2

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