Equipped with a best-selling spirituality book, you realized that there was a secret to cultivating the life you want. I know how bizarre this sounds, but hear me out! Rhonda Byrne, The Secret’s author, claims that our thoughts can influence the world we live in. This concept of manifesting destiny is called “Law of Attraction”. According to this concept, investing positive energy and belief can lead to a desired outcome. In contrast, negative thoughts may attract negative outcomes.
Similar to other philosophies, the Law of Attraction stresses how the universe and its creations are made of flowing energy. Your energy can be used to either attract or repel money. To attract money based on the Law of Attraction, you may follow these steps.
STEP #1: OBSERVE YOUR THOUGHTS
How can you lure money into your life, if you feel negative about it? What goes around comes around. Before changing your thought patterns, awareness of your thoughts on money is important. Be mindful with how you speak about money and wealthy people.
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Do not be quick to diminish your worth. Instead, appreciate what you have. Law of Attraction entails that you train the universe to send you more money by receiving and appreciating it.
STEP #2: RE-FRAME YOUR THOUGHTS
Have you noticed that whatever you do in two weeks straight usually becomes a habit? The act of repetition is essential to reprogram the minds of animals as well as humans. Reprogram your mind to attract money by wishing for abundance.
Law of Attraction encourages you to send positive signals to the universe by dressing the part, by surrounding yourself with money savvy individuals, and so on. Behave in a way that is directed towards your desires.
STEP #3: MAKE A LIST
Visualization is one of the key tools of the Law of Attraction. It allows you to create a path that you can reach for. You are empowered to create a vision for your financial life. Be clear about the amount of success and abundance that you want to achieve. It is recommended to practice visualization on a daily basis.
Dive into the feelings of abundance by either making a financial list or by making a money vision board. Practicing visualization on a daily basis may open opportunities to manifest these items.
Financial literacy starts to develop while you are young. Discussing financial skills with your children through stories and practice is crucial to their development. Aside from this, they can learn through the examples you set. Hence, you have to find entertaining yet strategic ways to introduce some money concepts.
Teaching children how to count money does not have to be a snooze fest! Pass down positive financial matters through these money activities:
#1: CREATE FLUFFY ANIMAL BANKS
Introduce the concept of saving directed to a specific goal. Simply ask your children what they want to buy with their money. You may provide recommendations of the toys, video games, gadgets, and stationery items that they shall save money for. After identifying the end goal, provide your child with an assortment of art materials that they can use to create their own animal bank. Below are just some of the suggested materials that you can use:
a. hot glue gun
b. scissors
c. googly eyes
d. egg cartons
e. milk cans
f. empty coffee cups
g. baby food jars
h. newspaper
i. glitter glue
j. clear glue
k. markers and pencils
This project also presents an opportunity for you to introduce the importance of recycling. Gather recyclable supplies and be as creative as possible. Afterwards, you may have your children draw the specific item on the side of the animal bank. Through this, they will be motivated to get what they want.
#2: DIG THROUGH THE SLIME
Children love messy play! However, adults have a hard time cleaning it up. What if I told you that you can conduct a “messy play” activity with little mess? Well, start by buying a clear slime. Slime consists of non-toxic viscous material such as guar gum. Squishy and gooey are just some of the words that can best describe this toy.
Slime is a great sensory toy. Sensory toys are designed to tap the child’s five senses. By using slime, you can introduce new financial concepts by encouraging exploration. You can help your child understand the world around him or her by putting coins inside the slime. Ask your child to sort all the coins that he or she digs up. Interestingly, you may join your child as slime can have a calming effect on an adult. It shifts the focus from the demands of work to the unique texture of this toy.
As a preschool teacher, I have witnessed how fond most kids are of scribbling and illustrating. They want to draw on different papers, tables, walls, and mirrors. Do not get me started with what they do when they are handed with a paint brush! Put this artistic energy to good use by asking your children to draw their own “Singapore notes”.
Encourage them to put the faces of each family member. This will evoke a fun reflection of how your child sees the people around him or her. Provide colorful papers with a measurement of 5″ by 2″. Then lay other art materials such as rulers, pencils, colored markers, and wavy scissors. Use these notes to help your child practice the basics of mathematics and the importance of currency.
#4: UPGRADE ON THE FIDGET SPINNER
For some reason, most boys are attracted to spinning objects. These spinning objects provide a distraction that can preoccupy them for countless of minutes. Mimic this effect by creating a coin spinner!
Start by getting an empty cereal box or any cardboard. Then, gather your hot glue gun, markers, pencils, and dollar coins. Use a cup to perfectly trace a circle along the cardboard. Cut accordingly. Then, cut a slit in the center that resembles the exact measurement of a dollar coin. Put the dollar in the center with the help of a hot glue gun. When you are done, you can easily peel off the glue without damaging the coin.
In accordance with April 2012 Foreign Exchange Committee, there are total 4 billion dollars of Forex spot transfers on a regular basis. With diverse participants especially those who are trading for some particular purposes are having an edge in the Forex market.
It is imperative to pay attention to the fundamental analysis as they show up the big picture. By looking at this picture, you can easily come to know about the latest actions of the currency pairs and technical analysis. Not just that, you get information regarding the trends.
The forex sentiment indicator is an imperative tool that alerts all the traders about the extreme conditions. This indicator also helps the traders to know the price reversals. It can easily be utilized in conjunction with the fundamental along with technical analysis.
An Incredibly Imperative Tool That Works for All
The sentiment indicators show up the percentage of the traders who have taken a specific position in the currency pair. For instance, you can assume that there are total 50 traders that are trading in the same currency pair. If 10 of these traders are long and 40 are short, then the 10 percent of the traders are considered as the long ones on the currency pair.
When the traders’ percentage in a particular position reaches the highest level, then the sentiment indicators becomes quite useful. For instance, you can assume that when a certain currency pair starts rising and 70 out of 100 traders are long; then some traders will leave to go with the trend.
The sentiment will indicate that it is the perfect time to consider the price reversal. When the price starts moving in lower and shows up a signal which is topped, the sentiment trader just enters the short. It assumes that those traders in the long will have to make sales to avoid losses when the rate falls.
On the other hand, it is said these indicators are not so accurate in providing the buying and selling signals. You have to wait for the rate to confirm the reversal ahead of acting on the signals of the sentiment. The currencies can stand on the higher levels for an extended time period as well as the reversal might not appear instantly.
The higher levels will be different for each currency pair. In the event that the rate of the currency pair has reversed when the buy reaches 75 percent and when the longs reach that higher level again then it is said that the pair is at the extreme.
Therefore, you will have to wait for the signals of the rate reversal. In case, another pair has reversed when the percent of the traders in the short is 80 percent then you will need to wait for the reversal at the extreme.
The sentiment indicators are present in diverse types. They are available from diverse sources. We cannot say that one is better than the other one. However, they can be utilized in juxtaposition with each other. Or else, the particular techniques and strategies should be followed to the data you find simple to interpret.
A personal loan can help you amass funds that you would require to pay for pressing expenses. However, if you have a poor credit score, you are likely to find it very difficult to get a personal loan approved. A bad credit rating will spoil your chances of acquiring a personal loan. A poor credit score or a poor credit history indicates your failure to pay back your loan amounts. Hence, if you are finding it difficult to get a personal loan approved, you should improve your credit history first.
Often we make the error of assuming that specific factors affect our credit rating when they have no impact. Factors such as your debit card usage, marital status and age have no role in determining your credit score. Other details such as your employment status, bank balance and income have no direct impact on your score, though it might influence your approval.
You will have to give individual attention to the factors that are likely to impact your credit score and the chances of getting a personal loan. Simply getting an appropriate personal loan is not sufficient as you also must have a decent credit rating to benefit from it. If you are looking for a personal loan by taking on a trial-and-error method it will be destructive and fruitless.
Let us look at some tips you can follow to find a personal loan without hurting your credit score:
Pay your dues on time
Even if you fail to pay your credit card bills and other dues on time, try to pay it within a month of the due date. Making payments within 30 days past the due date is accepted normally. By doing so, you can opt for the personal loan of your liking, without worrying about getting rejected. It will also have a positive influence on your credit score.
Avoid applying for personal loans from different lenders
If you are applying for multiple personal loans at the same time, your credit rating is likely to take a hit. This indicates your lack of confidence in obtaining a loan and which will reflect badly on your credit rating. Instead of applying for personal loans from multiple lenders, you must check the prospective rate of interest and eligibility by using a Personal Loan Eligibility Calculator.
Get a quote from the lender of your choice
If you apply for a personal loan formally, the lender will carry out a credit check. It is likely to leave a negative score on your rating. If this takes place often, your score will go down drastically. So, find out if you are eligible for a loan before applying by talking to the moneylender in person and going through the eligibility criteria.
Compare the fees charged by different lenders
Many banks offer low-interest rates but charge substantial supplementary fees. These include high prepayment penalties, excessive processing fees, arbitrary upkeep charges and more. These charges are likely to raise your burden and may lead you to miss a monthly instalment that may eventually damage your credit rating. So before applying, compare the charges and fees imposed on personal loans.
Seek help from non-banking financial institutions
Your chances of getting a loan will enhance significantly if you widen your pool of options. Apart from banks, approach non-banking financial institutions. These institutions are listed with Monetary Authority of Singapore and offer a wide range of loans. Like banks, these institutions also depend on your credit score and history to evaluate your risk as a debtor. However, these institutions may have different packages for different risk appetites.
Your credit score is the most significant financial tool to get the best personal loan. If you have the right credit score, you will easily get the approval for loans at the best available interest rates. As a result, it is very important that you make sure your lender offers you competitive interest rates and simple personal loan eligibility calculator together with other sufrepplementary benefits.
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.
