I tried to implement what I have read in my previous book review to my daily life. Waking up at 6am everyday and then slowly enjoy my cup of coffee in the morning. However, this routine did not last quite long before I tell myself that waking up a bit later is alright..
I got to start thinking about how to tweak and change this. Any comments?
<--------------------------------------------Updated------------------------------------------------------>
I got to start on my action plan to exercise.. The thought seems to be stowed away at some hidden corner of my mind and I keep telling myself that if I have to keep it hidden away from my conscious mind, I would. I just recently done a 6km, about 3 to 4 miles jog around my neighborhood and it felt great to do so after a long time to hiatus.
I need to be back to my normal exercise routine at the fitness center...
Saturday, January 15, 2011
Thursday, January 6, 2011
Book review: Focus
Recently I have completed reading Leo Babauta book on focusing. The book is free of charge, that is really a steal for the many thoughts and ideas that he shared in his book. In essense, he encourages people to lead a focus life while they go about doing their daily tasks, somewhat like less is good, and that less is actually more. The book advocates that we coiuld do simple life tests to check whether giving up some tasks would significantly affect our lives, for most of us will tend to do something out of fear of something. For example, I would like to keep abreast to the changes in the finance world for fear that I will miss out something important. He says that, if it is that important, word will come around and somebody will tell you about it. Therefore you would not need to get stressed over this.
The content from here onwards will be what I feel is my best takeaways from this book. If you want to increase your productivity in work, you got to focus on doing a specific task. Let no one else be able to disturb you from your momentum. As you gradually build up momentum, no matter how interested you feel prior to doing the project, you would feel negative about it and it would be classified as 'chore' in your mind. I have experienced it before on the day I touch back down in Singapore. I have to do an urgent application and the sources of distraction filled me a few minutes later. First source; my neighbour recently sold their house and got a handsome return from it due to the hot property market currently. So the new occupants are renovating the house and by 9 usually, the workers will begin their day. Second source of distraction, my dad came in to the room. I could feel that my productivity dropping and gradually I feel like I am a car that is trying to get its engine fired up. Hence, it does not always need to be a place in your home, if you find focus studying in school, library or the park, just bring your work there with you and begin typing away.
Secondly, for tech users, before going on I would like to define these users who needs the computer to do their work. I believe that I am one too. So, for those who needs to urgently churn out a report, spreadsheet or presentation, have only that application running and close all other applications during your focus block of time, which I will be mentioning later in the post. Also fill the screen with that application only. If I am intending to blog about this post, I will open up blogger and go to the text editor. No other programs, that is the rule to not hurting your productivity.
As mentioned, allocate specific blocks of time to focused work and unfocused work. A gauge would be for a period of 60mins, 40 will be focused and the other 20 will be other misc activities. Many would now say that this is easier said than done because the 40mins will feel like eternity if I am stuck on something and unable to continue. This is because the start when you are choosing the task to focus on is not the one that you feel like tackling at that moment. Some reasons could be because the tasks is too daunting, however I feel that if you adopt the focus approach, this usually does not have a case. Other reasons could be I am unable to figure out how to go about doing it, and therefore I am stuck. Now it depends, one, you could drop your focus activity because it does not make much sense to get stuck, or you could just have some quiet time and think about it in your sub-concious. Let nothing else distract you while you focus, like I was just distracted by my other task that I have to do. Distraction is bad, as nothing gets done. You will prefer to focus instead and kill off one task at a time.
If waking up early is a chore, think about waking up early is actually good.
Many people dislike the idea of waking up early. Why should I sacrifice my sleep hours and remain tired for the rest of the day? I recently tried waking up early, about a couple hours eariler than my morning appointment, and I manage to find time to do the things that I like to do. Sometimes, it could be work related too, and for that I get to progress on a task even when I did not schedule for it. Scheduling blocks of time to working and communicating is the next takeaway I have, though I have yet to really implement it in my life, as currently, my main obstacle is how to define my blocks of time in the day. I would usually plan for appointments in my calendar, but never plan for work till the morning or the night before the day (when I realized that I have no appointments that day and therefore I can work on my task list). This book has been a wonderful read and I hope that many readers will go over to Zen Habits and find the link to download the book.
The content from here onwards will be what I feel is my best takeaways from this book. If you want to increase your productivity in work, you got to focus on doing a specific task. Let no one else be able to disturb you from your momentum. As you gradually build up momentum, no matter how interested you feel prior to doing the project, you would feel negative about it and it would be classified as 'chore' in your mind. I have experienced it before on the day I touch back down in Singapore. I have to do an urgent application and the sources of distraction filled me a few minutes later. First source; my neighbour recently sold their house and got a handsome return from it due to the hot property market currently. So the new occupants are renovating the house and by 9 usually, the workers will begin their day. Second source of distraction, my dad came in to the room. I could feel that my productivity dropping and gradually I feel like I am a car that is trying to get its engine fired up. Hence, it does not always need to be a place in your home, if you find focus studying in school, library or the park, just bring your work there with you and begin typing away.
Secondly, for tech users, before going on I would like to define these users who needs the computer to do their work. I believe that I am one too. So, for those who needs to urgently churn out a report, spreadsheet or presentation, have only that application running and close all other applications during your focus block of time, which I will be mentioning later in the post. Also fill the screen with that application only. If I am intending to blog about this post, I will open up blogger and go to the text editor. No other programs, that is the rule to not hurting your productivity.
As mentioned, allocate specific blocks of time to focused work and unfocused work. A gauge would be for a period of 60mins, 40 will be focused and the other 20 will be other misc activities. Many would now say that this is easier said than done because the 40mins will feel like eternity if I am stuck on something and unable to continue. This is because the start when you are choosing the task to focus on is not the one that you feel like tackling at that moment. Some reasons could be because the tasks is too daunting, however I feel that if you adopt the focus approach, this usually does not have a case. Other reasons could be I am unable to figure out how to go about doing it, and therefore I am stuck. Now it depends, one, you could drop your focus activity because it does not make much sense to get stuck, or you could just have some quiet time and think about it in your sub-concious. Let nothing else distract you while you focus, like I was just distracted by my other task that I have to do. Distraction is bad, as nothing gets done. You will prefer to focus instead and kill off one task at a time.
If waking up early is a chore, think about waking up early is actually good.
Many people dislike the idea of waking up early. Why should I sacrifice my sleep hours and remain tired for the rest of the day? I recently tried waking up early, about a couple hours eariler than my morning appointment, and I manage to find time to do the things that I like to do. Sometimes, it could be work related too, and for that I get to progress on a task even when I did not schedule for it. Scheduling blocks of time to working and communicating is the next takeaway I have, though I have yet to really implement it in my life, as currently, my main obstacle is how to define my blocks of time in the day. I would usually plan for appointments in my calendar, but never plan for work till the morning or the night before the day (when I realized that I have no appointments that day and therefore I can work on my task list). This book has been a wonderful read and I hope that many readers will go over to Zen Habits and find the link to download the book.
Thursday, December 16, 2010
Singapore Airlines
Thin profit margins, high cost of capital suggests why airlines are not profitable investments for us
Record profits forecast for airline industry
Record profits forecast for airline industry
Record profits forecast for airline industry GENEVA (AFP) - – Industry association IATA on Tuesday raised its forecast for airline earnings in 2010 to a record 15.1 billion dollars from 8.9 billion dollars as economic conditions improved.
Despite the better than expected performance this year, the International Air Transport Association predicted that airlines would face more turbulence in 2011 with profits dropping back to 9.1 billion dollars (6.8 billion euros).
"The recovery cycle will pause in 2011," said IATA Director General Giovanni Bisignani.
"Although the 9.1 billion dollars profit projection for 2011 is better than we had previously forecast, next year the industry will face tougher conditions than what we are experiencing today," he told reporters.
Fuel prices are expected to average 84 dollars per barrel next year, up from 79 dollars in 2010.
In addition, an ongoing debt crisis in Europe is expected to stifle growth in industrialised markets.
"A number of European economies are in very serious problems," said Brian Pearce, chief economist at IATA.
"We think there will be further (spending) cuts by governments which will further depress economic growth," he said.
"We're going to see slower economic growth in Europe. Clearly that's going to make it a more challenging environment to grow revenues."
Profits for the region's carriers are estimated at just 100 million dollars in 2011.
Growth is largely going to come from fast-growing Asia, which is to post more than half of 2010's airlines profit at 7.7 billion dollars.
Despite the better than expected performance this year, the International Air Transport Association predicted that airlines would face more turbulence in 2011 with profits dropping back to 9.1 billion dollars (6.8 billion euros).
"The recovery cycle will pause in 2011," said IATA Director General Giovanni Bisignani.
"Although the 9.1 billion dollars profit projection for 2011 is better than we had previously forecast, next year the industry will face tougher conditions than what we are experiencing today," he told reporters.
Fuel prices are expected to average 84 dollars per barrel next year, up from 79 dollars in 2010.
In addition, an ongoing debt crisis in Europe is expected to stifle growth in industrialised markets.
"A number of European economies are in very serious problems," said Brian Pearce, chief economist at IATA.
"We think there will be further (spending) cuts by governments which will further depress economic growth," he said.
"We're going to see slower economic growth in Europe. Clearly that's going to make it a more challenging environment to grow revenues."
Profits for the region's carriers are estimated at just 100 million dollars in 2011.
Growth is largely going to come from fast-growing Asia, which is to post more than half of 2010's airlines profit at 7.7 billion dollars.
What happens when the world turn against you
Many would comment on the title of this blog post. Am I still blogging about personal finance, and how is this related? This post, I agree, somehow be different from what I usually blog about. Therefore, if it interest you no further from here, I humbly recommend that you read no further.
Some background
I was on my way back to Atlanta, after visiting my friend in Montreal for a week or so. On my way to catch the flight back to Atlanta, I followed Google Maps direction to the airport. Altogether there are 8 waypoints, and to the 7th waypoint it mistakenly route me to a place in which I couldn't get to the airport. Practicing conservatism, I was determine to reach the airport an hour early, knowing that customs will take long to clear. However, due to the 7th waypoint error, I was stranded and only have an hour to catch the plane. I reached the airport eventually 10 mins before the plane departure, knowing that I have yet to check in, the staff at the ticket counter said that the plane would have departed by then.
The feelings that is going through my mind
Yes, as usual, I started thinking of alternative solutions that could get me out of this predicament. I know that changing the flight will definitely cost some money to change the plane ticket, but the problem is that I am almost cashless and without a credit card to pay for the fees. Being almost cashless also means that I am unable to take the taxi back to my friend's apartment and get him to house me one more night. The feeling ain't pleasant. Along the way, there are many kind souls whom took pity on me and help me in one way or another.
The kind employee
I met her in the bus and heard her communicating in english. I approached her and told her my situation, and she is very friendly. I dashed off in a hurry without having an opportunity to thank her. But if she does read this, I hope that she can drop me an email.
The kind taxi driver
With a lack of a better word, he is simply amazing. It is really rare to meet people who are like him. As he knew of my situation, he told me that he will try to make it in the airport on time for me. I felt bad by telling him a time earlier than the actual flight, and so he took another route that might avoid the rush hour. Yes, I must say that things started going for the worse when I am smacked right in the rush hour. For eg. a 15min journey would take at least 30mins and when I took the direction of the mistaken waypoint, I know that my chances of catching the airplane is really low. He said that he is reluctant to take me because he will be stuck in the jam on the way back. Indeed I felt bad when on one hand, he is doing his best to help me, but it is to his detriment. I know I wouldn't meet him again, probably ever in my life... I gave him a generous tip and hope he have a safe journey back home.
Last of all, the kind airline staff
This is one big obstacle. I had to change my flight timing, but I am without cash or credit card. She eventually changed my flight and no charge. I appreciate that.
Things I should have done better
Time management
I should have allocated more time and not procrastinate especially for important events. The more critical the event, the more time should be allocated to prepare for the event. Do not ever procrastinate knowing that you had things under control
Contingencies
Especially for mission critical events, at least one contingency should be planned for. What if the planned route fails, any backup that you can rely on? Contingencies should not be neglected. Many times, contingencies are haphazard and badly planned. I think if I had a proper plan, such as checking to see how make it here when I first arrive at this airport, this may not have happen
Credit Cards
An essential I must say, after this episode and long trip away from home, credit cards are the most flexible financial instrument to be inside one's personal finance.
Budgets are meant to take contingencies in mind
I have a planned budget on what I would spend on in Montreal. However, I have never thought of leaving the city with any money left on me. That said, budgets should have a buffer range, I would say at least enough to cover the basics, i.e. for my own finances, I think a buffer of 20% (arbitrary set) of my expenses for a month is good.
Some background
I was on my way back to Atlanta, after visiting my friend in Montreal for a week or so. On my way to catch the flight back to Atlanta, I followed Google Maps direction to the airport. Altogether there are 8 waypoints, and to the 7th waypoint it mistakenly route me to a place in which I couldn't get to the airport. Practicing conservatism, I was determine to reach the airport an hour early, knowing that customs will take long to clear. However, due to the 7th waypoint error, I was stranded and only have an hour to catch the plane. I reached the airport eventually 10 mins before the plane departure, knowing that I have yet to check in, the staff at the ticket counter said that the plane would have departed by then.
The feelings that is going through my mind
Yes, as usual, I started thinking of alternative solutions that could get me out of this predicament. I know that changing the flight will definitely cost some money to change the plane ticket, but the problem is that I am almost cashless and without a credit card to pay for the fees. Being almost cashless also means that I am unable to take the taxi back to my friend's apartment and get him to house me one more night. The feeling ain't pleasant. Along the way, there are many kind souls whom took pity on me and help me in one way or another.
The kind employee
I met her in the bus and heard her communicating in english. I approached her and told her my situation, and she is very friendly. I dashed off in a hurry without having an opportunity to thank her. But if she does read this, I hope that she can drop me an email.
The kind taxi driver
With a lack of a better word, he is simply amazing. It is really rare to meet people who are like him. As he knew of my situation, he told me that he will try to make it in the airport on time for me. I felt bad by telling him a time earlier than the actual flight, and so he took another route that might avoid the rush hour. Yes, I must say that things started going for the worse when I am smacked right in the rush hour. For eg. a 15min journey would take at least 30mins and when I took the direction of the mistaken waypoint, I know that my chances of catching the airplane is really low. He said that he is reluctant to take me because he will be stuck in the jam on the way back. Indeed I felt bad when on one hand, he is doing his best to help me, but it is to his detriment. I know I wouldn't meet him again, probably ever in my life... I gave him a generous tip and hope he have a safe journey back home.
Last of all, the kind airline staff
This is one big obstacle. I had to change my flight timing, but I am without cash or credit card. She eventually changed my flight and no charge. I appreciate that.
Things I should have done better
Time management
I should have allocated more time and not procrastinate especially for important events. The more critical the event, the more time should be allocated to prepare for the event. Do not ever procrastinate knowing that you had things under control
Contingencies
Especially for mission critical events, at least one contingency should be planned for. What if the planned route fails, any backup that you can rely on? Contingencies should not be neglected. Many times, contingencies are haphazard and badly planned. I think if I had a proper plan, such as checking to see how make it here when I first arrive at this airport, this may not have happen
Credit Cards
An essential I must say, after this episode and long trip away from home, credit cards are the most flexible financial instrument to be inside one's personal finance.
Budgets are meant to take contingencies in mind
I have a planned budget on what I would spend on in Montreal. However, I have never thought of leaving the city with any money left on me. That said, budgets should have a buffer range, I would say at least enough to cover the basics, i.e. for my own finances, I think a buffer of 20% (arbitrary set) of my expenses for a month is good.
Sunday, November 21, 2010
Why gold is a bad investment Weekend Investor - MarketWatch
I like to share an article about gold. It is an interesting read summarizing all the factors that affect the precious metal... It is a good read... and an investment class which I have yet to know much about...
Why gold is a bad investment Weekend Investor - MarketWatch: "- Sent using Google Toolbar"
Why gold is a bad investment Weekend Investor - MarketWatch: "- Sent using Google Toolbar"
Wednesday, November 10, 2010
Book review Dale Carnegie: How to win friends and influence people
I have recently completed this book. It was touted as one of the best books by Warren Buffett himself. So I decide to do a review of the lessons taught within the book. To summarize the essence of the book, I realized that even though the book gives you ten or twenty steps and guides to follow to ensure good human relations and communications, but the mere fact that the author advocates that it is the way of thinking that most influence the success in the lessons taught. For example, one has to constantly keep in mind the other person opinions and viewpoints; and also to offer endless praise to others. As I repeat what I have mentioned above again, this book, though it has given readers some guides to achieve better communication with others, the central theme lies in to always put others before yourself, thereby humbling yourself and praising others.
Let’s just share a little discovery I made at the end of book. Currently I am on a stopover in Milwaukie on my way back to Atlanta. Dale had also spent some time in Omaha, Nebraska. He had no money then, I had not much money with me either as I am waiting to build my personal wealth. I am definitely not old, but I am not that young either…. Anyway, back to my point, I feel that Dale and Warren do not need to live in the city to succeed. They are able to do as well as their counterparts in the city. Why is that? It is not my incentive to argue that the country side or suburban areas are better than others, for the chances of another Dale or Warren is so minimal; we (those who lives in the city) are merely increasing our chances of probability of success. However, that similarity struck me and I would certainly like to find the reason why… Additionally, I realize that I do not have much drive to do things like reblogging again and to finish this book when I am back in my normal routine of life. I realize that this is also similar to the city and suburban analogy. Living in the city (in our daily normal routine) will seek to increase our chances of success but going on a retreat to Omaha (living in the country side) give us a fresh perspective on our current situation and life.
Monday, November 8, 2010
Reviving this blog
A fresh coat of paint, a new template. I am going to make it a point to blog about my personal journey in my own finance. I was inspired to continue this while spending some time now in the United States, I have the time to not get caught up in all the little to-dos and deadlines due just because I wasn't there to receive any additional new assignment. I do feel a little guilty for letting others to take on my job momentarily but however I guess everyone really needs this break, this pilgrimage to some place else... So that one can think and reflect.
Anyway, currently I am in the land of the best investors of all.. Warren Buffett. Omaha Nebraska... I use to read books on him describing the companies that he purchased, see's candies, Mrs B. furniture mart etc..
Okay.. Shall look forward to posting another post soon.
Anyway, currently I am in the land of the best investors of all.. Warren Buffett. Omaha Nebraska... I use to read books on him describing the companies that he purchased, see's candies, Mrs B. furniture mart etc..
Okay.. Shall look forward to posting another post soon.
Friday, August 22, 2008
A newfound friend
Today, I found a common interest group "friend". Well, actually he supposed to be my project mate for one of the classes and to give a quick introduction of him, a person with some experience in the stock market. We chatted for a while, and he shared with me some of his investing philosophy, like the most important of all is to cut your losses. And he also have his own personal method of playing the stock market, which I shan't share over here for I'm in no position to share his method. Well, just to sidetrack a little, I kinda like writing down my personal journal as and when i please and feel like doing so. As I blog an entry, the weight on my shoulders seem to grow lighter and lighter. it seems that my problems are being transfer to the words that I see in the editing screen. I just like blogging, and sharing my personal life with those who read this blog. Anyway, reverting back to my entry, which I keenly like to share, because I find that the more you share, you can share anything, the more you feel good. it is just like the feeling when I'm blogging, the weight on your shoulders start to lighten, although if you are working out at a gym, surely the preferred choice is the heavier weights. By the way, it is the weekend, well, friday night. I'm quite glad that I can choose to stray away from the main work, although I have some work to do, just done a weekly review and, similar to an antivirus scan, I roughly know what I need to do to keep me going for next week. However, I'm pushing them aside for the moment and look to enjoying my weekend. Weekdays are for being serious and giving my hundred and one percent. Weekends are the reward due to me for working for the week. I'm a little guilty for my statistic class last week though because I strayed away from the class as the professor lets put it as, not very willing to teach the concepts properly. Which made me strayed onto the applications such as msn and facebook. As a result, I hand't learn much from stats. Another class of which is AS, I feel that I didn't learn much, wasting my uni tuition fees huh, and for ppl who are concern about their money, such things shouldn't be always occuring yeah? I was really tired tt I dozed off.. Hm, I think I better go do something about that.
Wish me all the best and look forward to the next post!
Say... since I put a newfound friend as my title, I would liek to mention that I have also made a new friend with the hairstylist just now. Been to the saloon a few times already but he is always sitting either at one of the chairs, or at the cashier counter. I thought that he was the boss of the shop, which owns a branch of shops around the area. I was quite surprised when he actually cut my hair.. haha.. Well, the conversation started from my concern about the 'explosive' nature of my hair currently and we joked about it and yah.. A newfound friend..
~Cheers
Wish me all the best and look forward to the next post!
Say... since I put a newfound friend as my title, I would liek to mention that I have also made a new friend with the hairstylist just now. Been to the saloon a few times already but he is always sitting either at one of the chairs, or at the cashier counter. I thought that he was the boss of the shop, which owns a branch of shops around the area. I was quite surprised when he actually cut my hair.. haha.. Well, the conversation started from my concern about the 'explosive' nature of my hair currently and we joked about it and yah.. A newfound friend..
~Cheers
Friday, June 6, 2008
Book review on Trump Real Estate & 7 years to 7 figures
I figured that I should blog about any books that I have recently completed although it is now early in the morning. A time against my daily routine of waking up past this time and reading hte daily papers. However as I go about finishing my 3 slices of bread for breakfast, I was attracted to dawn, the first rays of light, a scene that I get to rarely see. Then I decide to read a book to complement this majestic view of sunrise. Basically, I have completed reading two books during my 2 weeks term holiday and I am rather glad that I manage to do it as in my other blog I said something about achieving a good balance between self-enrichment and enjoying the other aspects of life like going out with friends.
Let me start with the first book on Mr. Donald Trump real estate investment. I was attracted to it because of the influence that the show 'the apprentice' have in me. I would like to read up more about this interesting genius and what exactly is he dealing with. Before reading this book, I thought his job was to say "your fired" to somebody each week base on a certain weakness seen in that person, but never I get to see what made him the Mr. Trump that everybody revered about him now. As I read this book, the author who is a legal counsel for Mr. Trump and also co-acting as a business consultant in his real estate business has gave a valuable insight of Mr. Trump. He judged Mr. Trump as a person of enthusiasm, good negotiating power, the tenacity to extend himself to achieve something and building really good relationship with his business associates as invaluable character traits of Mr. Donald Trump. The main topic centered on how to be good small-time real estate investor as the author knows that there are not a lot of big players that will be reading his book - they would spend their time tending to their businesses and how else can they make more money. However, I wasn't really interested in that. Let's put the perspective of time frame to be yet. I am interested about the author enthusiasm that has a collateral effect on me which has really spark off an interest in the study of company law in me. How else to nail down the points clearly in a contract to substantially benefit yourself and prevent you from the unnecessary trouble later on in your business. Hence from the author, I am able to appreciate the finer arts of practising law. Unfortunately, I'm not into the law degree though I have some friends whom are taking law, maybe there can be a future partnership between us? Lets hope for the better and if I am to put it crudely, as you(the reader) and I are completely anonymous to each other, that these friends are invaluable to me and it would be good to maintain a good working and personal relationship with them.. To bring back our initial topic of discussion, I would like to bring back just one more point in this book review and that is the art of negotiation. I think I should task myself to learn more about negotiation as it is one of the rare piece of art that is not only interesting, but useful.
The next book that I would give my personal opinons on is 7 years to 7 figures. This book is unfortunately I have to say, not up to my expectations of borrowing and reading hte book. Some good points made in the book is the strategy to come up with a 7 figure salary is to prove yourself invaluable and find many ways to increase your income, so that you have mroe money to invest. Particularly, it made a point on leveraging. His argument that this is important because it actually brings, for what I eprceived as a virtually conceived ROI. High returns of 20% and above is possible if you use borrowed money to invest. I.e. Mortgage to finance a loan, business loan to finance a start-up, and to craft it to a student point of view, study loan for a education. Well, it will in fact bring about a higher percentage of your returns because in reality you are actually using a small portion of your oney to invest, the bigger pie of the captical is finance by the loans you manage to clinch from the banks and hence when the returns are completed absolutely, it is net off a smaller base figure of your own captial investment, thus what I term, "virtual ROI".
Another book that I am starting to read is Detox your finances by John middleton. I will be giving a review of it soon, once I finish it. Otherwise, you can see me writing less next week as I would be off in a camp in a rural part or in singaporean terms, "ulu" part of Singapore. :)
~Cheers
Let me start with the first book on Mr. Donald Trump real estate investment. I was attracted to it because of the influence that the show 'the apprentice' have in me. I would like to read up more about this interesting genius and what exactly is he dealing with. Before reading this book, I thought his job was to say "your fired" to somebody each week base on a certain weakness seen in that person, but never I get to see what made him the Mr. Trump that everybody revered about him now. As I read this book, the author who is a legal counsel for Mr. Trump and also co-acting as a business consultant in his real estate business has gave a valuable insight of Mr. Trump. He judged Mr. Trump as a person of enthusiasm, good negotiating power, the tenacity to extend himself to achieve something and building really good relationship with his business associates as invaluable character traits of Mr. Donald Trump. The main topic centered on how to be good small-time real estate investor as the author knows that there are not a lot of big players that will be reading his book - they would spend their time tending to their businesses and how else can they make more money. However, I wasn't really interested in that. Let's put the perspective of time frame to be yet. I am interested about the author enthusiasm that has a collateral effect on me which has really spark off an interest in the study of company law in me. How else to nail down the points clearly in a contract to substantially benefit yourself and prevent you from the unnecessary trouble later on in your business. Hence from the author, I am able to appreciate the finer arts of practising law. Unfortunately, I'm not into the law degree though I have some friends whom are taking law, maybe there can be a future partnership between us? Lets hope for the better and if I am to put it crudely, as you(the reader) and I are completely anonymous to each other, that these friends are invaluable to me and it would be good to maintain a good working and personal relationship with them.. To bring back our initial topic of discussion, I would like to bring back just one more point in this book review and that is the art of negotiation. I think I should task myself to learn more about negotiation as it is one of the rare piece of art that is not only interesting, but useful.
The next book that I would give my personal opinons on is 7 years to 7 figures. This book is unfortunately I have to say, not up to my expectations of borrowing and reading hte book. Some good points made in the book is the strategy to come up with a 7 figure salary is to prove yourself invaluable and find many ways to increase your income, so that you have mroe money to invest. Particularly, it made a point on leveraging. His argument that this is important because it actually brings, for what I eprceived as a virtually conceived ROI. High returns of 20% and above is possible if you use borrowed money to invest. I.e. Mortgage to finance a loan, business loan to finance a start-up, and to craft it to a student point of view, study loan for a education. Well, it will in fact bring about a higher percentage of your returns because in reality you are actually using a small portion of your oney to invest, the bigger pie of the captical is finance by the loans you manage to clinch from the banks and hence when the returns are completed absolutely, it is net off a smaller base figure of your own captial investment, thus what I term, "virtual ROI".
Another book that I am starting to read is Detox your finances by John middleton. I will be giving a review of it soon, once I finish it. Otherwise, you can see me writing less next week as I would be off in a camp in a rural part or in singaporean terms, "ulu" part of Singapore. :)
~Cheers
Monday, May 26, 2008
Book Review: The power of purpose
I would like to do a book review on this book, the power of purpose. This is my first book review or some can put it to be a summary of the ideas encapsulated inside it as a review would be more of a critical analysis and comments on the author's idea and believe.
This book is somewhat geared towards te idea of philosophy, names such as Plato and Aristole belief on living your personal live the right way and as a result achieving happiness from it. Because of this, I feel that this book gives me a great insight on the ideas communicated to me in the book. Unlike other self-improvement books which generally tends to look at 'hacks' to improve your personal life and productivity, this book gives the reader the perspective of looking at life through the 3 levels of thinking; first level, second level and third level, which I would explain later and also envisage a pyramid which at its peak, is the acme of sucess, or in this case, the power of purpose in life.
The author likes to go on a back to basics approach or a fundamental approach as he explains different concepts in the chapters. Therefore, I feel that understanding what the author sees as basics is where we should start this little conversation on his book. He defines that everyone looks at different people or in the process of communicating with other people, he or she will have 3 levels of thinking. The first level, wihch is what most people could be in, encompasses questions such as "how do I feel about myself". The act of self-fulfillment is very important to this group of level one thinkers then. And when there are bad times, these people seek self-pleasure to overcome their period of sadness. But this does not bring you closer to the goals that you set out to achieve. To sidetrack a little, I wish to touch on a very key idea he expressed in no relation to the 3 levels of thinking. The idea of it is not so important of winning the battle but one should focus on winning the war. It is rather self-explanatory after this and I'm glad that I did not forget to share this idea over here. As I have already explained on the first level of thinking, I'll now move on to the second level thinkers who asks questions like " How will others perceive me to be." This is an advancement of the self-centered first level thinkers in that the individual is now mindful of the people around him or her and he/she wants to make a good impression on them. This however, is again, a step away from what the author thinks is ideal state. The third level of thinking packages questions such as "How are others thinking, and what are their goals and finally to come to a conclusion of how could I help them achieve their goals." It sounds ironical but lets draw te example of me, blogging now. Ask me to see it as a level 3 thinker I would have questions such as, there are people reading this blog that seeks to improve themselves, and to become better indivuals in their surroundings. That is their goal and how can I help to let them achieve the goal, that is to constantly blog down my little ideas over here so it may have a chance that it can help the reader when he reads it. Hence, here comes the cream of the pudding. What do I benefit from being a level 3 thinker then? Firstly, I have already forge a close bond in some way with my readers and establish trust in a subtle but it is still present amond us. Next, it drives me now with a purpose, in order to be able to help others, I need to constantly read up on such good sources of information so that I have things to write on. In conclusion, this might sound simple, but isn't being simple the clearest and best way to look into the game of life?
Next, the author then take this fundamental principles to a higher platform, now you can imagine that you are on a hierarchical platform now, and you are at the lowest base of it, despite you have already so accomplished by understanding the 3 levels thinker. First base, which is the most sound and stable, is that you got to have an ambition in your life. Plato mentioned about we all live in a world of imperfection but within each of us there is always a perfect state, an ideal world that all of us wants to come to, and that can be the source of your ambition, ie the fuel or drive that keeps your inner flame burning. Second base: you must have the insight. You must be able to gain knowledge and know every situation that occurs in your life, that's when your chances of success is greater. Looking at the art of negotiation, who has more knowledge usually has more power. And this second base is a springboard from the first base, that is you got to have a goal to strive towards, then you can focus your energy on fulfilling the second base( i.e. the insight) , which then can make you progress on to the third base of relationship. Building teams and sharing everything you have, keeping no secrets and let me forewarn you that keeping on secrets is a touchy issue, and it is advisable to read up the book on it so that you won't feel that it is going against the grain of what you feel is correct. What can I say about hte building of teams, well the author breaks down to what amkes a team effective. They must "share common interest, have commitment (this is long term as oppose to interest) and have te same desire to work to improve on something to bring them closer to the above 2. Otherwise, a team is much like a doll. A figure without much "effective" value. Pardone me for my blunt vocabulary: I just couldn't think of anything better to phrase it. The highest base is postive thinking. Get bottom 3 right, and the last one should berather simple to achieve if you keep the fundamentals with you always as you apply this pyramid.
That is all for my book review. Hope you like it.
~cheers
This book is somewhat geared towards te idea of philosophy, names such as Plato and Aristole belief on living your personal live the right way and as a result achieving happiness from it. Because of this, I feel that this book gives me a great insight on the ideas communicated to me in the book. Unlike other self-improvement books which generally tends to look at 'hacks' to improve your personal life and productivity, this book gives the reader the perspective of looking at life through the 3 levels of thinking; first level, second level and third level, which I would explain later and also envisage a pyramid which at its peak, is the acme of sucess, or in this case, the power of purpose in life.
The author likes to go on a back to basics approach or a fundamental approach as he explains different concepts in the chapters. Therefore, I feel that understanding what the author sees as basics is where we should start this little conversation on his book. He defines that everyone looks at different people or in the process of communicating with other people, he or she will have 3 levels of thinking. The first level, wihch is what most people could be in, encompasses questions such as "how do I feel about myself". The act of self-fulfillment is very important to this group of level one thinkers then. And when there are bad times, these people seek self-pleasure to overcome their period of sadness. But this does not bring you closer to the goals that you set out to achieve. To sidetrack a little, I wish to touch on a very key idea he expressed in no relation to the 3 levels of thinking. The idea of it is not so important of winning the battle but one should focus on winning the war. It is rather self-explanatory after this and I'm glad that I did not forget to share this idea over here. As I have already explained on the first level of thinking, I'll now move on to the second level thinkers who asks questions like " How will others perceive me to be." This is an advancement of the self-centered first level thinkers in that the individual is now mindful of the people around him or her and he/she wants to make a good impression on them. This however, is again, a step away from what the author thinks is ideal state. The third level of thinking packages questions such as "How are others thinking, and what are their goals and finally to come to a conclusion of how could I help them achieve their goals." It sounds ironical but lets draw te example of me, blogging now. Ask me to see it as a level 3 thinker I would have questions such as, there are people reading this blog that seeks to improve themselves, and to become better indivuals in their surroundings. That is their goal and how can I help to let them achieve the goal, that is to constantly blog down my little ideas over here so it may have a chance that it can help the reader when he reads it. Hence, here comes the cream of the pudding. What do I benefit from being a level 3 thinker then? Firstly, I have already forge a close bond in some way with my readers and establish trust in a subtle but it is still present amond us. Next, it drives me now with a purpose, in order to be able to help others, I need to constantly read up on such good sources of information so that I have things to write on. In conclusion, this might sound simple, but isn't being simple the clearest and best way to look into the game of life?
Next, the author then take this fundamental principles to a higher platform, now you can imagine that you are on a hierarchical platform now, and you are at the lowest base of it, despite you have already so accomplished by understanding the 3 levels thinker. First base, which is the most sound and stable, is that you got to have an ambition in your life. Plato mentioned about we all live in a world of imperfection but within each of us there is always a perfect state, an ideal world that all of us wants to come to, and that can be the source of your ambition, ie the fuel or drive that keeps your inner flame burning. Second base: you must have the insight. You must be able to gain knowledge and know every situation that occurs in your life, that's when your chances of success is greater. Looking at the art of negotiation, who has more knowledge usually has more power. And this second base is a springboard from the first base, that is you got to have a goal to strive towards, then you can focus your energy on fulfilling the second base( i.e. the insight) , which then can make you progress on to the third base of relationship. Building teams and sharing everything you have, keeping no secrets and let me forewarn you that keeping on secrets is a touchy issue, and it is advisable to read up the book on it so that you won't feel that it is going against the grain of what you feel is correct. What can I say about hte building of teams, well the author breaks down to what amkes a team effective. They must "share common interest, have commitment (this is long term as oppose to interest) and have te same desire to work to improve on something to bring them closer to the above 2. Otherwise, a team is much like a doll. A figure without much "effective" value. Pardone me for my blunt vocabulary: I just couldn't think of anything better to phrase it. The highest base is postive thinking. Get bottom 3 right, and the last one should berather simple to achieve if you keep the fundamentals with you always as you apply this pyramid.
That is all for my book review. Hope you like it.
~cheers
Saturday, May 24, 2008
Chasing a higher lifestyle as your income increases
Hi everyone, it has been some time since I have actually typed something over here. I know no amount of reasons could justify my lack of activity here. So I'm sorry for being the owner of this blog but not taking care of it.
I would like to share with you something, that is what happens when in your individual personal life, you suddenly get an extra stream of income. Be it a windfall, a one time gain, or an additional stream of income. May I ask what do you do, what is your mentality towards this additional stream of income. You might fall into 2 categories; one, you will take responsibility and ownership of that sum of money. Two, you will try to adapt to this new environment that you are in. Lets start with the second group first, once you get a raise, promotion, strike some lucky draw or in other ethical means has sourced for an additional flow of income, you would think that "my bandwidth (in terms of finance) has increased, I think I shall adapt to this positive environment. Then, that's where your eyes would began to scout around for 'wants' that could match the so called increase in your income. Let me tell you that it has just recently happened on a personal basis for myself and this will only let you lose a great opportunity to get closer to your goal of achieving financial freedom. Let me touch a little on the idea of opportunity. Opportunity, to the ancient Romans, is a lady god who would bless those that is fated to meet her. however, this god is has a rather special characteristic in her that she doesn't wait for man to embrace the opportunity presented upon them and it will go if the mortal does not want to meet her. Coming back to my point on why is there a wasted opportunity for the second group. The answer seems obvious and why not think about these now. Opportunities come and go, and let's say that this is a fair world and that every individual has an equal probability of receiving an opportunity, then this is considered you have wasted 1 of the 'x' number of opportunities that you will experience. Right?
First group of people, they are the better one, for they used this opportunity to bring them one step closer to their dreams. They are the ones who still stick to their 'needs' and not progress onto their wants. They are discipline in their finance and would put this extra sum into their spreadsheet of their goal to their financial freedom. Then they can progress on to see what can they do with this (specfically this and not their entire net worth) to make it grow harder for them. And looking at the power of compounding, where they are slaves for you and their children would be slaves working for you. Depending on your ability and preference and of course, your risk tolerence and other factors, you can channel them into the appropriate vehicles to make these money work harder for you. It is rather dry to read till here and so let me put my own personal experience down here again. My maiden flight, my blog title, has a sub-meaning that as I'm young and starting out, I definately will make mistakes and it is always good to admit to your mistakes and take responsibilities for your actions, that is the a criterion to good leadership, I have a lot to learn in my maiden journey towards this world. The horizon is clear but visibility is stretched to a certain distance only, beyond it is the vast unknown. After I have gone into the second group, I then tell myself that this is an 'unplanned for' money. This, I must say is a rather good technique as it tells your mind that oh, I have a loophole to cover up, I better do something about it. And then action would take place and this additional money would be somewhere inside your master plan. You then run scenarios on it and how would this new item affect you towards your goal. Positvely of course because it is a deposit to your net worth account. But to date, I must admit that I'm no where near to my financial goal.
~Cheers
I would like to share with you something, that is what happens when in your individual personal life, you suddenly get an extra stream of income. Be it a windfall, a one time gain, or an additional stream of income. May I ask what do you do, what is your mentality towards this additional stream of income. You might fall into 2 categories; one, you will take responsibility and ownership of that sum of money. Two, you will try to adapt to this new environment that you are in. Lets start with the second group first, once you get a raise, promotion, strike some lucky draw or in other ethical means has sourced for an additional flow of income, you would think that "my bandwidth (in terms of finance) has increased, I think I shall adapt to this positive environment. Then, that's where your eyes would began to scout around for 'wants' that could match the so called increase in your income. Let me tell you that it has just recently happened on a personal basis for myself and this will only let you lose a great opportunity to get closer to your goal of achieving financial freedom. Let me touch a little on the idea of opportunity. Opportunity, to the ancient Romans, is a lady god who would bless those that is fated to meet her. however, this god is has a rather special characteristic in her that she doesn't wait for man to embrace the opportunity presented upon them and it will go if the mortal does not want to meet her. Coming back to my point on why is there a wasted opportunity for the second group. The answer seems obvious and why not think about these now. Opportunities come and go, and let's say that this is a fair world and that every individual has an equal probability of receiving an opportunity, then this is considered you have wasted 1 of the 'x' number of opportunities that you will experience. Right?
First group of people, they are the better one, for they used this opportunity to bring them one step closer to their dreams. They are the ones who still stick to their 'needs' and not progress onto their wants. They are discipline in their finance and would put this extra sum into their spreadsheet of their goal to their financial freedom. Then they can progress on to see what can they do with this (specfically this and not their entire net worth) to make it grow harder for them. And looking at the power of compounding, where they are slaves for you and their children would be slaves working for you. Depending on your ability and preference and of course, your risk tolerence and other factors, you can channel them into the appropriate vehicles to make these money work harder for you. It is rather dry to read till here and so let me put my own personal experience down here again. My maiden flight, my blog title, has a sub-meaning that as I'm young and starting out, I definately will make mistakes and it is always good to admit to your mistakes and take responsibilities for your actions, that is the a criterion to good leadership, I have a lot to learn in my maiden journey towards this world. The horizon is clear but visibility is stretched to a certain distance only, beyond it is the vast unknown. After I have gone into the second group, I then tell myself that this is an 'unplanned for' money. This, I must say is a rather good technique as it tells your mind that oh, I have a loophole to cover up, I better do something about it. And then action would take place and this additional money would be somewhere inside your master plan. You then run scenarios on it and how would this new item affect you towards your goal. Positvely of course because it is a deposit to your net worth account. But to date, I must admit that I'm no where near to my financial goal.
~Cheers
Friday, March 28, 2008
First Flight: Seminars
I happen to be rather fortunate to chance upon a seminar which I attended recently about personal finance and investment. The seminar basically talks about the classical investment philosophy about efficent market theory, which I have picked up knowledge prior to this seminar through a book, can't quite remember the name but I wouldn't recommend it as a must read because most of it is rather information that you can just find out off the internet, sites like investopedia for example. What is efficent market hypothesis. Wouldn't dwell through the nuts and bolts of the classical theory as that should be the job of the books and the internet site to teach you rather than me. Basically I would say it to bring me forward to my next point which I would discuss over here. EMT is a theory contrive by some investment brokers in the past that suggest that the markets are efficent and that all information are already reflected in the price of the stock, and that no effort of market timing could beat the market. The list goes on and on as both school of thoughts argue it out. Alas, the seminar is mostly about EMT with regards to investment, however, the speakers of GYC are actually CFAs or Financial planners to make things simple. Investment is just a component of wealth management and good financial planning will result in sound wealth management. Thus, these people also brought about certain interesting points which I will highlight in the next paragraph.
Power of compounding, delaying instant gratification and put off luxury in view of the future. I'm sure many forums and blogs around have advocate this approach. Just to sidetrack a bit, I am intending to read up a blog on how someone is planning to achieve the million. However, I don't have the time to do so yet but keep in tune to here. I'll post it as soon as I read them and echo some of the views of the author of that blog. Coming back, the lesson learnt here was that certain luxuries like cars and houses should be delayed to as late as possible. Some other circumstances such as the need to support your parents are also factors that can contribute to whether you hit that million at a earlier age or later. However, I second what the speaker mention that all these wouldn't have been possible if you do not even think about it and work out Goals that are SMART- Specific, Measurable, Attainable, Relevant and Time Frame. If you just sit there thinking about when are you going to get rich or when is the million going to appear through years of being in the rat race cycle where you just go around in circles just like a hamster in an exercise wheel, you never get there! Why? Because for example, taxes. Taxes are aimed to bring down the Gini co-efficent in the country or in other words, the income inequality of the country. But, just a food for thought. Wouldn't those who are rich have already circumvent the pitfall of being taxed heavily? In the end, it is usually the one in between the extremely rich and the extremely poor-due to good govt care for them, that suffers the burden of income taxes.
Pycmalion effect: What you expect is what you get. Certainly something worth stopping to ponder about. If you expect to get a million and desire to get a million, you will get it. Therefore, people, in order to get your goals, you have to want them.
Then I will also share an interesting diagram but it is impossible to draw over here. Your personal comfort zone. At first, it will become a 'combat zone' as mentioned by the speaker, then, it would gradually become your comfort zone. Please mail me if you really wish to know what the diagram is. I just can't define any methods to put it together with the blog post.
Lastly, do enjoy your coming week. As for me, Life isn't just that pleasant as I have failed my first Practical Test.
~Cheers and enjoy :)
Power of compounding, delaying instant gratification and put off luxury in view of the future. I'm sure many forums and blogs around have advocate this approach. Just to sidetrack a bit, I am intending to read up a blog on how someone is planning to achieve the million. However, I don't have the time to do so yet but keep in tune to here. I'll post it as soon as I read them and echo some of the views of the author of that blog. Coming back, the lesson learnt here was that certain luxuries like cars and houses should be delayed to as late as possible. Some other circumstances such as the need to support your parents are also factors that can contribute to whether you hit that million at a earlier age or later. However, I second what the speaker mention that all these wouldn't have been possible if you do not even think about it and work out Goals that are SMART- Specific, Measurable, Attainable, Relevant and Time Frame. If you just sit there thinking about when are you going to get rich or when is the million going to appear through years of being in the rat race cycle where you just go around in circles just like a hamster in an exercise wheel, you never get there! Why? Because for example, taxes. Taxes are aimed to bring down the Gini co-efficent in the country or in other words, the income inequality of the country. But, just a food for thought. Wouldn't those who are rich have already circumvent the pitfall of being taxed heavily? In the end, it is usually the one in between the extremely rich and the extremely poor-due to good govt care for them, that suffers the burden of income taxes.
Pycmalion effect: What you expect is what you get. Certainly something worth stopping to ponder about. If you expect to get a million and desire to get a million, you will get it. Therefore, people, in order to get your goals, you have to want them.
Then I will also share an interesting diagram but it is impossible to draw over here. Your personal comfort zone. At first, it will become a 'combat zone' as mentioned by the speaker, then, it would gradually become your comfort zone. Please mail me if you really wish to know what the diagram is. I just can't define any methods to put it together with the blog post.
Lastly, do enjoy your coming week. As for me, Life isn't just that pleasant as I have failed my first Practical Test.
~Cheers and enjoy :)
Monday, March 24, 2008
Thinking about where I am now
i have recently been active in some online forums, sharing and at the same time learning more knowledge about wealth and financial freedom. One comment I read, though not directed to me, was rather disheartening. It states that initially when he started creating his blogs, it didn't receive much responds, then somehow he manage to create good revenue from google adsense and other forms of online advertisements that were in his blog. Then I think about this blog, does the title have the level of 'maturity' to talk about financial freedom, is C-130_Spooky going to scare everyone away from this blog. No doubt that I hardly have much time to blog right now, partly because I'm being caught up in the 'rat race' , but similarly after learning that the most effective method of being financially free is cost prudence, much of my income that I have from my salary now as a temp staff is not being used to spend. Rather, I decide to live within my means. Receiving an allowance of less than fifty dollars weekly from my family. Usually they are all well spent off for lunches during the weekday and any remaining would be spent on either leisure or getting gifts for people's birthdays. I would say that I'm fortunate to receive this allowance because most of my other living expenses like utility bills (because I live with my parents) , phone bills and any large expense items are settled by them, excluding the fact that I'm already drawing a paycheck monthly from the temp job which I would work till end april, after which my university would start. I supposed that once university starts too I would have less time to think about how to achieve financial freedom or have time to dwell about that topic too. But I guess education is more important than my finance now, although I wouldn't discount that the latter isn't important. Drawing your attention back, yes I admit that I am in the rat race of 'work, rest, spend and then work again' , however, the irony is that sometimes working can curb spending, as you have have no time left to decide what you want to spend on. Don't you agree with me on this.
Another interesting topic that I would want to mention here is about a self-made millionaire who claims to be the youngest among the rest in his 'class of millionaires.' Although credit goes to him for being able to become so wealthy in such a young age, the comments I read about Adam khoo isn't that favourable. Some mentioned about him being too disillusioned about his methods to become rich that what he thinks is 'bao' , others will regard it as crap. Again, I shan't be bias towards any sides but I should share that not all, but some of his ideas can work and probably might work for you, i.e. it is generic, unlike being unique to him and his conditions. For example, because I heard this phrase of having multiple sources of income from him first, hence I would put it that he taught me this idea. And I find it rather true, and on top of that, useful. Diversifying your income not only generates more income and in the long term, more favorable investments, it can also be a safety net should one source of income e.g. your current job, fails.
Well, to end off today post, ocbc has started this new initiative called the young investors pack. In the pack are freebies and also a free online trading account with ocbc sercurities, according to their media release in their website.
~Cheers
Another interesting topic that I would want to mention here is about a self-made millionaire who claims to be the youngest among the rest in his 'class of millionaires.' Although credit goes to him for being able to become so wealthy in such a young age, the comments I read about Adam khoo isn't that favourable. Some mentioned about him being too disillusioned about his methods to become rich that what he thinks is 'bao' , others will regard it as crap. Again, I shan't be bias towards any sides but I should share that not all, but some of his ideas can work and probably might work for you, i.e. it is generic, unlike being unique to him and his conditions. For example, because I heard this phrase of having multiple sources of income from him first, hence I would put it that he taught me this idea. And I find it rather true, and on top of that, useful. Diversifying your income not only generates more income and in the long term, more favorable investments, it can also be a safety net should one source of income e.g. your current job, fails.
Well, to end off today post, ocbc has started this new initiative called the young investors pack. In the pack are freebies and also a free online trading account with ocbc sercurities, according to their media release in their website.
~Cheers
Tuesday, March 11, 2008
Shopping for bank products
Today I took a look at the results for the previous week results for action of treasury notes, only a 1.05% yield for the 3 mths treasury bill Most probably it would be a declining trend coming for this investment vehicle. Also, I realise that the itnerest generated from my 'since young' savings account is too little! Therefore I went on a massive hunt and came up with the following options in the order of preference. I would rate it according to the interest rates and also the relevant fees and charges. If you are like me, you have some excess money and want to make them work harder, without the need to take on additional risk, then here is the place for you to read.
First on the list, Maybank ISAvvy, interest rates would kick in after the 5000 mark @ slightly > 1%, in addition the bank also has this element on compounding another 6% interest after the 2nd mth if your account on the average mth doesn't fall below 5k balance. However, there is a account maintenance fee of 2 dollars a month which would significantly eat up any interest you want to achieve from it if your balance is below 500, same as most banks saving accounts.
Second on the list is probably Stan Chart e-savers account. Although its interest rate is nowhere near its historical rates of more than 2%, it is generally higher than normal saving plans. In addition, there is no minimum balance fee or any charges worth noticing if you just want to put the money as savings. At a interest rate of 0.78% - recently revised, it is still better than most banks. However, a comment about their customer service: it is appalling. Please Stan Chart, do something about it. My experience to enquire about this product is rather bad, nothing worth praising I would say.
Anyway, here are 2 avenues if anyone wants to make their savings work harder for them. But be careful of all the unnecessary hidden charges though as you apply for the plan to earn money, not to lose money
~Cheers and enjoy
First on the list, Maybank ISAvvy, interest rates would kick in after the 5000 mark @ slightly > 1%, in addition the bank also has this element on compounding another 6% interest after the 2nd mth if your account on the average mth doesn't fall below 5k balance. However, there is a account maintenance fee of 2 dollars a month which would significantly eat up any interest you want to achieve from it if your balance is below 500, same as most banks saving accounts.
Second on the list is probably Stan Chart e-savers account. Although its interest rate is nowhere near its historical rates of more than 2%, it is generally higher than normal saving plans. In addition, there is no minimum balance fee or any charges worth noticing if you just want to put the money as savings. At a interest rate of 0.78% - recently revised, it is still better than most banks. However, a comment about their customer service: it is appalling. Please Stan Chart, do something about it. My experience to enquire about this product is rather bad, nothing worth praising I would say.
Anyway, here are 2 avenues if anyone wants to make their savings work harder for them. But be careful of all the unnecessary hidden charges though as you apply for the plan to earn money, not to lose money
~Cheers and enjoy
Thursday, March 6, 2008
My first investment
I was initially very excited to enter this entry down, but due to many things to do and preping for tmr, eventually I lacked the luster to finish this topic. Nevertheless, shall proceed on. Today I decide to take the plunge into the world of investment and securites by purchasing T-bills from MAS. You can access the website here http://www.sgx.gov.sg/ . GeneralPanzar (hopefully I got the spelling right) is of great help although not directly, but I read one of his forum posts to another netizen about T-bills and realise that the primary banks in singapore could tender in the bid for you. So, at the young age, the bank staff who attended to me was pretty,no, pretty helpful to let me fill in some forms to open an account with sgx in order to submit my tender now and in future and new investors, please be aware that the bills are issued every saturday and most banks would stop receiving applications for the bids a week before on the friday. For my case as an example, today is 6 Mar, by right if I had an account with sgs already, then I would be bidding for the 15 Mar issuance, instead of 8 Mar. It takes 3 working days to open the account hence by then I would have missed the 15 Mar and hence I placed tender for the 22nd Mar issue. My decision was initially to go into trading stocks and such but looking at the markets now, something that gives signs of weakness due to a slowdown in the US economy, high inflation rate in singapore, US and even mainland China, things would be too risky if I were to put my capital in the markets right now. Moreover recently, an analyst said that the economy won't recover till the third quarter of 2008. Know I shouldn't be following analyst opinions but indirectly, it influenced me to put my cash in safer, lower returns T-bills
~cheers and enjoy
~cheers and enjoy
First Post: An Introduction
Hello fellow bloggers and readers who happen to stumble upon this blog, for bloggers, please drop by more frequent and probably we could do an exchange of links. As for readers, do drop your comments. I'm going to do a self-introduction about myself. Basically you can call me "spooky" and it is part of a larger entity which is the C-130 spooky, a gunship used by the US air force during the Vietnam War. The blog's address also corresponds to my nick; an aircraft once commissioned, would have its maiden flight but this time I decided to personalise it and hence call it "my maiden flight". However, again this has a larger symbolism in that this blog would centralize around a single theme - that is, 'Finance'. I would like to use this blog to communicate with the world about my journey to achieve what many people termed it as "Financial Freedom" I would also like to share with you this quote by Norman Brinker - Begin with the end in mind. Just thought that it is a rather short and sweet quote that holds a lot of meaning to me. What made me start this blog, amid so many other blogs around the blogosphere that has the same theme. Firstly, to share with those who have a vested interest in achieving financial freedom or to some, strike their first pot of gold by a pre-set age, about my own journey on what I am doing or had done in the past to achieve my own goal. Secondly, after being inspired by many blogs such as fivecentstencents.blogspot.com, musicwhiz and many other websites and blogs that I have read, I decide to open this blog so that, being such a young investor now, I would like to share my experience with these "mentors" and hopefully they can also guide and prepare me as all of us share the same goal in one way or another.
A little more about me. Firstly, many people would first be interested to know about the age, as this also indirectly represents the avaliable time horizon for any investor and well, I'm at a tender age of 21 this yr, fortunate enough to receive a good education and preparing to enter uni. Would probably share with you that I'm going to Smu doing a degree course that expected working age would be 26, 4 years shy from thirty, hence I believe that it would be difficult for me. Everyone, say hi to C-130 spooky as I shall take you on my maiden flight
~Cheers and enjoy
A little more about me. Firstly, many people would first be interested to know about the age, as this also indirectly represents the avaliable time horizon for any investor and well, I'm at a tender age of 21 this yr, fortunate enough to receive a good education and preparing to enter uni. Would probably share with you that I'm going to Smu doing a degree course that expected working age would be 26, 4 years shy from thirty, hence I believe that it would be difficult for me. Everyone, say hi to C-130 spooky as I shall take you on my maiden flight
~Cheers and enjoy
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