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Should You Say, “Yes” To A Prenuptial Agreement?

BACKGROUND

In Singapore, more and more couples are interested to enquire about what Prenuptial Agreement entails.

Prenuptial Agreement (Prenup) is a contract between a couple that is about to get married. It is used to set the terms of assets, the control over properties acquired before marriage, the potential wealth division if the relationship later ends, and more. Sounds like a major romance buzzkill, doesn’t it?

Despite its reputation, prenups include significant benefits namely:

a. Protection from one’s debts incurred by the other party,

b. Offer supplementary certainty in financial arrangements, and

c. Protection of family inheritance or businesses in an event of divorce.

IMPORTANT CONSIDERATIONS

Before you sign a prenup, you must consider these 3 things:

1. IT MAY BE DIFFICULT TO DISCUSS

Even if we live in the most expensive city in the world where finances shall be carefully planned, do not assume that your future spouse is comfortable with pushing through a prenup. A prenup may suggest lack of trust in one party as you are planning for unforeseen divorce. Aside from this, talking about monetary and property division can make the marriage sound more like a business matter. Truly, this is a sensitive subject matter that should be handled with care, love, and honesty.

2. IT MAY NOT BE APPLICABLE FOR YOU

Just because your favorite celebrity did it does not mean that you should too! Prenup is not a necessity for everyone. But, I cannot deny that a prenup is especially helpful for couples that either earns about S$20,000 a month or already have children from previous marriages. Couples with previous marriages need to ensure that their children are protected and supported no matter what.

3. PRENUPS ARE IDEALLY BASED ON FAIRNESS

The idea of this written agreement is to highlight fairness and full disclosure of the couple’s assets. Terms have to be fair and reasonable to ensure that there will be no bias (e.g., elitism) and no coercion (e.g., use of threats).

Image Credits: Bambi Corro III via Flickr

Sources: 1 & 2

Experts’ Powerful Insights About Money And Achieving Success

Have a dose of inspiration about money and success, employees and entrepreneurs of Singapore! Take it from the legendary experts such as Henry Ford, Steve Jobs, and Coco Chanel…

1. CUSTOMERS ARE IMPORTANT

Henry Ford (Founder of the Ford Motor Company): “It’s not the employer who pays the wages. Employers only handle the money. It’s the customer who pays the wages.”

Henry Ford was right, customer’s satisfaction is important, as they are the ones who clamor over your products. Whether you are selling electronics or cosmetics, the consumers are one of your greatest assets. Pay attention to what they need and want through intensive research (e.g., focus groups).

2. HAVE NO FEAR

Coco Chanel (Founder of the Chanel Enterprise): “Success is often achieved by those who don’t know that failure is inevitable.”

Image Credits: CHRISTOPHER DOMBRES via Flickr

Success in business requires experience, discipline, and hard work. But if you are afraid of taking risks, you might miss out a lot of opportunities. Instead of dwelling on failing, dwell on you’re mastering your strengths.

3. DO YOUR BEST AND WIN

Colonel Sanders (Founder of KFC): “I made a resolve then that I was going to amount to something if I could. And no hours, nor amount of labor, nor amount of money would deter me from giving the best that there was in me. And I have done that ever since, and I win by it. I know.”

What Colonel Sanders imparts is the true essence of work: doing your best despite of the amount of hours or money one receives. Each job you take is part of your learning experience. Someday, it will all be worth it.

4. TAKE YOUR TIME TO LEARN

Vera Wang (Well-known Fashion Designer): “Don’t be afraid to take time to learn. It’s good to work for other people. I worked for others for 20 years. They paid me to learn.”

Some of you may be taunted by the idea of working for somebody for more than 10 years because of your deep desire to become your own boss. But, 10 years worth of experience and wages – that is a lot of wealth! You may be at the bottom of the company’s hierarchy now but as long as you give your all that would not be for long.

5. IT IS NOT ALWAYS ABOUT THE MONEY

Steve Jobs (Co-founder and Past CEO of Apple Inc.): “When I was 25, my net worth was $100 million or so. I decided then that I wasn’t going to let it ruin my life. There’s no way you could ever spend it all, and I don’t view wealth as something that validates my intelligence.”

For someone who had it all, Steve Jobs showed that life is not always about having hefty loads of cash. Even B.C. Forbes (Founder of Forbes Magazine) agree as he said: “real riches are the riches [we] possessed inside”. Cultivate what is within!

Image Credits: James Mitchell via Flickr

Sources: Brainy Quote and WriteMoneyInc

Opening A Franchise in Singapore? Know These 5 Things First

Starting a business in Singapore cannot only be expensive but also difficult. As Albert Kong, CEO and chairman of Asiawide Franchise Consultants that advised 650 franchise clients in Asia, once said: “Starting a business in Singapore is much tougher than other countries in the region especially when it comes to dealing with landlords and managing employees.”

1. SAVE LOADS OF MONEY FOR FUTURE EXPENSES

You must save for the franchise fee, renovation of the space, rent requirements, raw materials, and employee salary. Regardless of whether you are making a huge profit or not, the franchisor will request a share in your revenues.

For example, the franchise fee for a cafe is about S$50, 000 for a 3-year contract. The renovation costs may hit about S$100, 000 for only a 600 sq ft place. The rent of this 600 sq ft place costs about S$7, 000 a month. Additionally, the raw materials and employee salary for the first few months costs an extra S$100, 000. These costs heavily depend on your franchisor and landlord.

2. EMPLOYEE EXPENSES ENTAILS HIGH COSTS

Employees in Singapore are among the highest paid workers in the world. Not to mention, as an employer, you will have to contribute a given amount to the Central Provident Fund (CPF). Employees can leave you whenever they want and because of it, you will have to spend more resources to hire and train again. To avoid this, layout a 1-month waiver for employees that want to resign.

3. FAMOUS BRANDS ARE THE SAFEST

A household name such as 7-Eleven is your safest bet if you are franchising for the first time. First, the landlord will be more lenient to you as they know the “required look” of the establishment. Second, consumers tend to buy brands that they are most familiar with. In Singapore, the famous F&B franchises are Subway and Ya Kun Kaya Toast.

4. FOLLOW YOUR PASSION

Follow your passion so you do not feel the stress of costs too much especially during the first few months. If you are motivated by your happiness then, you are more likely to succeed in what you do. Furthermore, you may consider franchising a unique business with a popular brand to avoid the competition.

5. BUILD GOOD BUSINESS RELATIONSHIPS

It pays to have a good business relationship that is open and honest with the suppliers and the landlord so that if disagreement and troubles arise, you can settle it out in a friendly manner.

Image Credits: 드림포유
via Flickr

Sources: Business Insider Singapore

Best Credit Cards For Online Shopping

Modern technology optimized our shopping experiences by letting us purchase items online. Now it is our job to maximize our hard earned money by choosing the right credit cards to shop with. Here is a list of the best credit cards available in the Singapore market…

3. DBS WOMAN’S MASTERCARD® CARD

Minimum Annual Income (Singaporean/PR): S$30,000

Take it from Beyonce as girls truly run the world – virtual shopping world to be exact!

With DBS Woman’s MasterCard®, you can earn rewards points 5x if you shop anywhere online. Also, you can get S$40 worth of Qoo10 discount coupons every month or complimentary access to selected True Yoga and True Fitness Centres! Go crazy with these privileges by using the DBS Woman Mobile App. The annual fee of S$161 is waived for a year.

2. OCBC FRANK CARD

Minimum Annual Income (Singaporean/PR): S$30,000

With over 120 free card designs to choose from, OCBC Frank Card proves to be a stylish companion to your online shopping. It gives you 6% rebates on every online purchase you make up to a cap of S$60 a month. If you exceed that, you will enjoy unlimited rebates of 0.5% on all other purchases. You can easily track your spending and rebates by going to OCBC Online.

The good news is that you can get 10% off hotel bookings by booking online through Expedia.com.sg, 10% off regular-priced items on The Travel Store, 10 off purchases on GoBuyLah.sg, and 15% off purchases on Ruedusucre.com. Also, the annual fee of only S$32 is waived for 2 years!

1. CITIBANK REWARDS CARD

Minimum Annual Income (Singaporean/PR): S$40,000

How does Citibank welcome its new rewards cardholders? Well, with complimentary shopping vouchers worth up to S$100 of course. Enjoy shopping vouchers from Havaianas & CommonThread, Dockers®, Headline Seoul, New Look, Max&Co., Victor York, and more. The Citibank Rewards Card allows you to earn 10x reward points when you shop online. Aside from this, gives you discounts to several online shops.

Want to know more? Here is the concise list of their current online shopping offers…

Blue Nile: 10% off on all purchases of standard jewelry products storewide.

HipVan: 15% off on the site’s items

IN GOOD COMPANY: 10% off storewide

Klareti: 7% off on regular priced items storewide

Luxola: 25-40% off depending on spending

Menlook: 10% off with minimum spend of S$150

Modajar: 10% off storewide

Rakuten: 10% off on the site’s items

Reebonz: 7% off on all purchases

ShopBack: 20% rebate on the site’s items

Victor York: 20% off storewide

ZALORA: 25% off on the site’s items

Fret not about the annual fee of S$193 because it is waived for a year.

How Safe Are Online or Mobile Money Transfer Services?

Money Transfers that lets you send money in just the few clicks of the mouse or the few taps of your hand seemed unimaginable decades ago. But nowadays, online and mobile apps are sprouting everywhere. Its convenience to send money to your friend for instance, even if you live far away from each, keeps you tempted to use it.

However, when you allow doing the transactions online with your personal details, you are also vulnerable to identify theft, fraud, hackers, or worse. This is why it is important to ensure that you enable all the security features that the company offers. Here are some of them…

1. SQUARE CASH

Square, Inc. is a company that permits individuals and merchants in the United States, Canada, and Japan to accept offline debit and credit cards on their iOS or Android smartphone or other tablet devices.

Square has SSL to protect your identity and activity. Also, the company makes sure that your personal data and password are encrypted. However, they do not have two-factor authentication and notifications that tell you when your password has been changed or when you have added a new account.

2. PAYPAL

PayPal is one of the largest online money transfer services available worldwide. It is available on your laptop, smartphones, or tablet devices. Its international digital wallet allows business to make payments and transfer money fast without the traditional paper methods.

Unlike Square Cash, PayPal protects your account further by allowing two-factor authentication and notifications as soon as account changes have been made. They warn the users to watch their transactions and assist them through the help pages. They also offer SSL to protect your identity and activity. Lastly, your personal data and password are encrypted.

3. GOOGLE WALLET

Google Wallet, developed by Google, is an online money service that allows the users to store their debit cards, credit cards, loyalty cards, and gift cards as well as redeeming sales promotions through the mobile application.

Google has a strong protection wall like PayPal. They offer a huge volume of information on how to be safe when using their services. Putting money in your Google Wallet account or paying online is a breeze however; getting your balance back is quite difficult. This may seem less convenient but it is good from a safety perspective.

Image Credits: www.google.com.sg/wallet/

In conclusion, older and tested money services such as PayPal and Google Wallet have set up a tougher protection wall. And, if you choose to use these services, be sure to enable all its security features and be vigilant about your cash flow at all times. Also see Mothers day in Argentina.

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