How To Retire At Age 50 (2017 Update)

Posted by admin
on September 26, 2017

How to retire at age 50 

Everybody hopes for a comfortable and healthy retirement. It is possible to retire at an early age by saving enough income for your retirement days. There are many retire options for you, finding the right one being your only task. 

It can be disastrous to be in your retirement days without sufficient income. How much do I need to retire? 

The right answer for this involves a plan that will cover all emergencies. Moreover, it should cater for your needs comfortably without you having to strain yourself. The plan has to be more than just basic requirements for you to enjoy your retire days. 

With your finances intact, you can now look forward to a much secure future. 

retire
retire

So how should you plan for your retirement? 

Retirement planning is all you need to sustain yourself. There are critical aspects to be considered when planning for retirement. These aspects are: 

  • Having sufficient funds. 
  •  Having paid off all your debts. 
  •  Whether you are incurring medical care expenses. 

 

It takes a few steps to make a retire plan. You should look into your financial situation to know where to begin. From there, you will be able to budget effectively for retire. Once you come up with a retirement plan, it goes without question that part of this exercise is keeping track of your savings. 

After you have taken up the task of saving, add more funds into your savings account.  Thereafter, build up on your savings which will consequently draw your goals closer. 

Misuses of income through ways such as gambling can cost you a fortune. More so, consider the emergencies and higher expense to income ratio. The more the expenses you have, the more income you’ll need. 

Once you clear off debt, it’s time to acquire and also safeguard all your assets. Anything you may own can be classified as an asset which can be used to earn you some genuine income. Your health is crucial when planning for your retire so start considering visiting your doctor for regular check-ups. 

You stand to benefit a lot when you seek help from an expert who has grasped the ins and outs of the various retire plans you wish to have. By doing so, you will be in a better position to know where you lay. 

How to earn extra income for retirement. 

It is evident that you will require enough money to help you sustain yourself in your retire days. For this reason, you will need to be creative enough and focused to succeed.  

For many of us, our salaries are our main sources of income but there are always other ways to garner more! Here are some ways to make more money in preparation for your retire days: 

  1. Get a new and better paying job. 
  1. Ask for a salary raise. 
  1. Become a tour guide. 
  1. Be a Virtual assistant. 
  1. Consider tutoring on your free time. 
  1. Start your own blog. 
  1. As a writer, you could earn through freelance writing. 
  1. Sell your stuff online on platforms like Amazon and eBay. 
  1. Sell stuff in yard sales. 
  1. Rent out your car or a spare room. 
  1. Consider housekeeping. 
  1. Pet and babysitting. 
  1. Take legit online surveys. 
  1. Be a consultant. 
  1. Try out mystery shopping. 
  1. Graphics designing. 
  1.  Sell your high quality photos.  
  1. Consider getting into the show business. 

Some of these jobs can be done at home after you have retire. When it comes to earning income, bury your head in your works and get things done. 

Which are the best Investments for you? 

Investments are made hoping for good returns in the long run and we here are finding ways to get you making more money to make it easy to retire at 50.  There are many investment types that you can consider, some which will make you very lucrative returns but always keep in mind that investments have risks. 

You can start investing as early as your 20s and you can invest in the following types of investments; 

  1. Bonds 
  1. Stocks 
  1. Retirement accounts 
  1. Annuities 
  1. Products offered in banks 
  1. Peer to peer lending 
  1. College savings 
  1. Commodity futures 
  1. Security futures 
  1. Real estate 

A better goodnight sleep, you get to pay less taxes and being ahead of inflation are some of the advantages of getting into the investment business. Investments are part of retirement planning and if done right you can look forward to better quality of life and also those many vacations you desire can become a reality. 

Personal finance management tips 

You need to get your finances in order for you to dwell in a financially friendly world. It has become much easier to manage one’s finances with the development of personal finance software. These finance software programs enable you to pool all your accounts and financial institutions in one platform. 

To improve your financial life, you have to: 

  1. Work on and stick to a budget. 
  1. Learn how to not only plan for your future just for retirement purposes but also for unexpected emergencies. 
  1.  Let your money work for you through investments by opening up businesses. 
  1. Work on your saving. 
  1. Avoid getting deep into debt. 
  1.  Seek help from financial advisers. 
  1. Use the finance applications. 
  1. Be aware of your net worth. 

How you manage your funds will have a great impact on your life today and days to come. Making budgets, saving and venturing into investments are the basics of personal finance management. With these, you are bound to succeed financially. 

It is always advisable to have more than you actually need in your savings accounts. With all in place, all you’ll be left with is making beautiful memories in life. 

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

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The Steps of the Trader Towards Consistency (2017 Update)

Posted by admin
on September 21, 2017

The Steps of the Trader Towards Consistency

 

Since the beginning of your career as a trader, there are many stages that you have to burn. You will not make money consistently overnight. If a job needs its time to be successful on it, the trading is no less. 

The society has establish the route that you have to follow to be a doctor, architect and lawyer. It is entirely defined. But not to be a trader. You can not go to a university and study the trader’s career and then go out with your degree and earn money. There is no branch for trader or speculator. 

That’s why you only have the experience of other fellow traders, those who have achieved it, those who are investigating day by day. 

Basically and with its nuances, all traders go through the same stages if they do not stay first down the road: 

 

trader
trader

FIRST STAGE: 

The apprentice trader starts in trading world to the heat of the information of the hot day. (the following day in the news media especially when the stock was news of cover). It is clear that the novice comes in a mass when newspapers and TVs are appearing. And that holders such an index or such action has raised by a very high percentage. 

Usually in times where the country’s economy is going very well. Thus, people have money left over in their accounts. The novice is willing, believes himself capable, and takes his first steps in the world of the stock market. He goes to his bank and buys shares, usually mackerel or horse mackerel, which is little appreciated. Because he sees that his quotes are the cheapest. And he doesn’t know it that one of the characteristics of mackerel is that. From time to time, they have or may have, dramatic rises. This may multiply their prices several times in a few months. 

The crucial problem is that they may also be falling for decades. He does not perceive due to lack of training, why some values ​​are worth more than others. 

Advice

As I said it is usual that the volume of small shareholders is greater in the market in times of boom. Because the stock is immerse in full growth any stock they buy and anytime they do it will go up. This trend completely hooks them up. 

Each time they have more and more profits, IPOs appear advertising on TV. And they go for them with all the money they can spend. Some even borrow money from the family (they also involve it in the bargain of the stock market). Additionally, they may even ask for a loan to the bank to buy Actions. 

_ “When the shares are raised enough, I close and pay the entire loan.” 

They are loans that ask you for up to 25% interest. 

What’s more, I can win much more than that … 

Unfortunately, those who earn the most when they raise the bag are usually the ones who lose the most when it is low. Even they do not know what it is to put a stop. They may have heard of just their own, but they do not put it. 

_ I do not need a stop, I close mentally; otherwise I know where I put it and I get it … 

If you do not use a stop to say about money or risk management. 

How boring is this about money management. I buy and sell … no more, I’m a crack. 

Crack the one who will have to put up with your account when the tortilla is turned around. 

Well, as stop-loss does not go with them and if they put them in do not respect them. After a first downgrade in which their EGO does not let them sell, other harder will come. And since in stock does not materialize the loss until you sell. (Unless the value breaks or excludes it from the stock market) will keep the shares in the portfolio for centuries of centuries. Or until you have to sell because you need the little money you have left. 

_ But did not they say that long-term stock market is not lost? 

Many do not go beyond this phase. And those who continue because they continue to generate money in their usual work will continue to “play” the stock market. Thus, and will have to endure several more bankruptcies before moving on to the next stage. 

 

SECOND STAGE: 

The trader, who persists, likes trading and considers something more than an expensive hobby. Starts reading books and attending courses. He wants to know more about that dangerously addictive world that has hook him so much. 

It begins to understand individual programs of graphs, that these are composed of candles. And that in turn exist formations or patterns that repeats historically in the charts. The search for the Holy Grail begins at this stage. 

Spend hours and hours testing indicators, oscillators, moving averages, etc., He starts to do backtesting. Overpopulates his systems until he observes that he may already have found the philosopher’s stone. As the results that on the paper shed backtesting are very hopeful. 

It moves the system to the real operative and turns out to be a new fiasco. At this stage, many traders are left looking for the system that gives them 100% success. 

Those who realize that there is not and that there will never be a 100% reliable technique will make the leap to the next stage. 

 

 

THIRD STAGE: 

At this juncture, he begins to stay with a series of techniques. Which he believes to have worked best and adapt to his personality (he suspects that there is a particular psychological bias in the trading). And he finally becomes more out of necessity. Than for another thing in the annoying and irreplaceable part of the trading called: money management. 

During this stage, he begins gradually to glimpse the different parts of which a good trading system is composed, that said the system is not only consisting of purchase orders but must apply a stop-loss and respect it. And more important if it fits Even to calculate the number of shares or contracts with which you must open a position based on the total money available in your account to operate. 

Notice that I speak not only of actions but of contracts. This response to the fact that it already operates through platforms adapted for the operation of the computer and that the actions are a mere residue in which it only enters the face of the long term in particular moments and very favorable where the current situation at that time so Requires. 

He has moved on to the best financial instrument he can find to become financially independent: derivatives. 

The derivatives allow a high leverage and above all operate up and down. He does not worry about catastrophes or the economy going bad. What’s more, he knows he can make a lot of money even when the markets go down. 

He becomes, as it were, a trader who speculates in markets. It dominates all the markets of the world from its screen: currencies (forex), raw materials and the main exchanges. 

At this stage, you will meet with fans who have jumped on this stage without having first burned the previous ones. They are newbies who approach the world of futures, CFDs, etc., because they have heard that they can become rich in a short time. But as they open and close positions according to what their meaning dictates, without a technique of entry and exit, and without adequate money 

management, they quickly check what the leverage and the margin call is. Surely they will not come back here. It produces a new sieve of novices and traders who are not to pass finally to the next and definitive stage. 

 

FOURTH STAGE: 

This stage can be called the psychological or discipline stage. 

It is called that because the trader realizes that the market is driven only by the psychology of all who participate in it. 

Learn to be meticulous, disciplined and disengaged by money. He knows that if he is in this profession only for money, he will not go far, notes that it is his passion. Although it has passed and passes through a hard sacrifice, this does not seem to him like that because he has decided to accept the trading as his philosophy of life. He does not want to share it with anything else. 

And it persists and continues; notice that it gives 100%. It has correctly defined a system that not only tells you when to buy and sell but where to put the stop, how much money you have to risk the total of your account, how many contracts you have to open the position and psychological rules that help you Control your emotions. It manages to act mechanically, and a loss causes in it the same reaction as a gain: none. 

He has learned to control fear and hope, the two greatest evils of a trader. 

He knows what he has to do, and he knows that after having established his trading rules, he has only one last step to live on, to succeed in the goal he has set, to reach the target: the practice continues in real. As if it were a juggler, practice and practice in the real market until he achieves total detachment, he forgets everything learned and makes it automatic “entering the zone” every time he operates. 

He has pierced the thick line that separates theory from experience, no matter how much he divulges it, no matter how much he teaches his rules. No one will be able to operate with it in the same way and with the same efficiency as him because TRADING IS AN ART AND ART IS WITHIN EACH ONE OF US. 

 

Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

 

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Role of Exports in Economic Growth of Singapore (2017 Update)

Posted by admin
on September 14, 2017

Role of Exports in Economic Growth of Singapore 

Singapore does not possess mineral resources or raw goods for export to other countries. However, due to its strategic location at the Straits of Malacca, it became a base for neighboring countries. Singapore imports raw goods, process them and exports the manufactured goods. Raw materials from mostly nearby countries are refined in Singapore and then re-exported to other nations. Due to this major economic function, the country became a wealth management hub. 

exports
exports

History of the Singaporean Economy 

The Singaporean deep water harbor is the country’s major natural resource. As a result of its presence, the Singaporeans were previously known for ship repair and building.  Most of the natives engage in tin smelting, copra production, and rubber milling. However, the economy of the country was not steady then because of the fluctuations in the revenue generated from tin and rubber. The instability of the export earnings resulted from the price trends and low-quality commodity.
In an attempt to stabilize and boost its economy, the Singaporean government improved industrialization. It developed industrial estates, established manufacturing industries and offered financing and technical services to the industries. Also, it encouraged industrial investment from both local and international investors. The country established a much diversified and stronger economy around 1980. Despite the country’s small size, it became popular in the entire Southeast Asia as a result of its economic importance.

In a bid to promote the industrial activities in the country; the government encouraged advancement from the general labor–intensive operations to capital-intensive and high-technology tasks. The use of improved and technological devices was significant in the refineries and electronic industries.
The Singaporean economy experienced a downturn, five years later. High wages were reported as one of the causes of the decline in the country’s revenue. The country’s products were less competitive on the global market due to the escalated wages. Also, the reduction in the demand for the nation’s products contributed to the economic depression.

 

Expanding the Economy

Singapore started expanding its economy around the late 1980s. Besides manufacturing, the country delved into communications and financial services. This development led to the establishment of multinational firms in the country. Finance and international banking became the fastest growing sectors of the nation’s economy. These industries accounted for a quarter of Singapore’s GDP. As a result of the thriving economy, the country was then recognized as one of the economic nerve centers of South Asian region.
The productivity of the manufacturing companies increased around 1990. At this period, the sector accounted for 30% of the nation’s GDP. The industries were successful in the production of high quality technologically advanced goods. The country’s export increased, generating more revenue and promoting the economy. The electronic industries dominated the manufacturing sector with most of them producing computer peripherals. Also, oil processing contributed significantly to the growth of Singapore’s economy.
The boom in the country’s economy continued till the financial crisis that engulfed Asia. However, Singapore survived the downturn and recovered up to 5.4% in 1999. The nation’s economy almost doubled in 2000 with a GDP of 9.9%. The increase in the economy resulted from the high demand for IT devices and domestic consumables. Also, investments contributed significantly to the Singapore’s revenue.  

Export and Services 

Manufacturing industries were the bedrock of Singapore’s economy. Because of technological advancement, it was ranked in 2010 as the world’s third fastest growing economy. With thousands of tourists in this area, the hospitality industry has grown. Singapore is home to many attractions. Though this country adopted a mixed economy, her government still intervenes with the factors of production and macroeconomic management.

Both the state and the market play a major role in facilitating the nation’s economy.

This model of the economic system is essential to the growth of the GDP. In an attempt to boost the nation’s domestic market and revenue, the Singaporean government welcomed foreign investors. Also, it signed policies to protect the country’s financial system from economic woes of external markets. Besides delving into the global market, the government encouraged industrialization. The establishment of new industries ensured that the demands of the global markets were satisfied.

 

Revenue Generation

Since Singapore has no natural resources, international trade is essential for revenue generation. Also, this trade has contributed immensely to the growth of the country’s economy. Singapore-based industries import raw materials, process them into finished products and re-export them. The country imports raw goods mainly from the US. Re-exports account for 47% of the country’s exports. The WTO recognized Singapore as the country with the largest trade to GDP ratio.
Singapore has few restrictions on trade. However, there are a few barriers on imports. These restrictions are base on health, public security and environmental concerns. Also, the importation of certain product requires an import licensing. This country has numerous trade partners including the US and other Asian countries. Singapore also refines oil imported from other countries before exporting the processed oil. The country has no oil reserves, but it was ranked as the 18th largest exporter worldwide. Thus, the country is home to the world’s third largest refinery. The country has many petrochemical and petroleum industries.

 

 

Manufacturing

Manufacturing industries have also contributed significantly to the nation’s economy. Besides the initial specialization in the production of electronics and digital products, the country has expanded into pharmaceutical and biomedical manufacturing.
Singapore is popular globally for offering financial services. The country has the strongest banking system in the world. Due to the nation’s exceptional capabilities in financial management, its foreign exchange market is the fourth largest in the world. Singapore became a renowned wealth management center in Asia.

 

Tourism

Also, tourism is another thriving service industry in this country. Singapore receives millions of visitors yearly. Tourism has generated revenue through entertainment and sightseeing. The hospitality industry has also contributed to the economy of the nation. With the establishment of new resorts and hotels to provide accommodation for tourists, the service sector has appreciably improved the economy. Industries and services are the growing sectors that increased Singapore’s GDP.

The boom in industrial production in the country and the high demand of the products in the global market has favored the country. Re-exports has contributed immensely to the growth of Singapore’s economy. 

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

 

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How to Plan and Save for Retirement in Singapore (2017 update)

Posted by admin
on September 11, 2017

How to Plan and Save for Retirement in Singapore 

No matter how far you run away from it, you can’t cheat age forever. You will grow older and become a remarkable part of society. In every part of the world, these elderly members of society do not work in corporate or governmental organizations. Even business owners don’t work until death. They plan to retire and leave the stage for the younger members of society. While you may not have absolute control over when you will retire, you can still control the kind of life you will enjoy after retirement. 

Statistics have shown that even the richest of Singaporeans fear retirement. Irrespective of the high cost of living and the challenges attached to retirement, you can still take control by planning beforehand. You need to have a retirement plan.  

Before thinking about having a retirement plan, you need to ask yourself important questions. Questions like how much do I need to save monthly for a very comfortable retirement in Singapore? How possible is this goal? What do I need to put in place to meet my retirement goals? There are many technological innovations these days that can help you check exactly how much is required for a comfortable retirement in Singapore.  

retirement
retirement

Retirement in Singapore

In Singapore, the life expectancy has rapidly increased over the last few years. This is good news as it means that the death rate has significantly reduced. The average age for retirement is the age of 65. Unfortunately, this also means that you have a longer period of inactivity and social exclusion to consider. Also, you will not have the regular flow of income you get from your job. This can be a bit of a worry because that can raise questions like where to begin and exactly how much would be needed. The quality of your life will reduce dramatically since you will no longer be employed. With the right retirement plan, this doesn’t have to be the case.  

 

The first approach is usually focused on saving over the years. A certain percentage of monthly income should be set aside. For instance, if at the age of 30, you start to set aside 25% of your income as it is received it, by the time you get to your retirement age, you must have accumulated enough money for retirement. In fact, you can go as far as saving up four times what your annual income should be.  

The increase in life expectancy means that the percentage you save may not be enough to keep you going till death. The percentage you save can vary depending on your current income and expenditure. However, it should never be less than 25%. 

Alternatives

There is, of course, an alternative approach. It is considered as a more technical and reasonable approach. For instance, if you are below 40, the target would be to accumulate as much saving as you can get annually by the time you turn 40. By the time you are 50 years old, your savings would be almost or, in some cases, more than three times your yearly income. With this approach, when you retire, you would have accumulated up to seven times what your annual revenue is. This method is so much better than the previous one. 

Most people depend solely on financial analysts to help them out with retirement decisions, but they do not seek them out early. There are various approaches offered by analysts during a consultation. It is, however, important to note that visiting a financial advisor early enough is a good place to start. You can’t start planning a future when you are already in that future.  

 Why Plan Your Retirement?

Smart retirement planning is necessary when you want to maintain your standard of living even after work. It would help you determine exactly how much is needed and what adjustments are required. 

Most people in Singapore do not adequately equip themselves for retirement early enough. Inadequate planning increases the possibility of facing the issue of insufficient funds after the first 12 years of retirement. So, the earlier you start saving for when you retire, the more secure you would be when the time comes.  

You need to make a plan that will cover every single need you have. If you wish to enjoy your life during the good old golden years and not work or look for investment plans, it is best to start planning early and adequately. 

 

Planning your Retirement Successfully in Singapore    

1. Examine your Expenditure 

Another important step to take is to calculate exactly how much you need as well as what you spend. You not only need to make plans, but you also need to make necessary calculations. You must calculate the number of years you would spend working before retirement. Several applications can help you find out exactly how much you need, how much you spend and how much you need to meet up with your plan. 

 

There is also an application that can help you make smart investment choices. You can consider signing up on these sites that help teach you how to invest any amount of money and get adequate returns annually until your retirement age. It can also secure you after retirement in case you start running short of cash.  

 

   2. Roundup Funds 

The first step is to calculate your income. This is a crucial step. Calculating your income would help the rest to fall in neatly. You can calculate your income on your own before seeking out a financial advisor. There are websites dedicated to helping you round up your income. 

 

   3. Consider Different Investment Options 

There are many Investments options available. Investing wisely will not just protect your money: it will also increase it. When making investments choices in Singapore, it is critical to be cautious. It is nice to have the knowledge of the risks involved as well as the benefits. Talk to a financial advisor before you make any choice.  

  4. Compare Employment Opportunities 

Look for other employment opportunities and compare them to your present job. If you’re not earning enough to save for a comfortable retirement, consider changing your job. Also, look for ways to make passive income on and off the web.  

It can be difficult to maintain a lifestyle after retirement. This is because you need to look after yourself and people you are responsible for with no monthly salary. Saving adequately is the first and most important way to protect your future. Not planning for retirement will make things difficult for you. Your standard of living will depreciate and so will your health.  

Do not procrastinate when you are trying to plan for retirement. It is never too early to start. The earlier you start, the better. Save, invest, watch how you spend, and talk to an experienced financial advisor. Don’t wait for the future. Plan your retirement today.  

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

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Decisions about Money (2017 Update)

Posted by admin
on September 5, 2017

Making good decisions with your money

Every day people make decisions about money. Many of us think all of our decisions might be the right one. Yet, there are some common misconceptions that may be holding you back financially. You may find out that you have been making one of these bad money choices yourself. So, let’s go over some of them, then we will go over the best solution for it. Some of this money mistakes may have been holding you back. Turning some of these around may actually help your financial situation.  

money decisions
money decisions

Having a Credit Card Can Put You in Money Debt 

Many assume if you have a credit card it is a bad thing. Since it is too easy to use you will find yourself in trouble in no time. Which that can happen if you don’t know how to control your spending. Avoiding having a credit card can actually hurt you. If you have ever had the problem of not having enough credit history, that is a great example. It is ok to have a credit card and it can be used to get that credit you need. 

The best way to rectify this situation is to find a credit card you are happy with. Then ask them to set the spending limit at a very low amount. Use the card for emergency situations, but to get your credit to improve set up a couple of bills to get automatically paid from that card. Then tie your checking to cover the credit card bills every month. That way your balance stays paid and your bills are paid on time equaling better credit. 

Keep a Balance on Your Card 

Too many people think if they keep a balance on their credit card it helps. Some balance doesn’t hurt, but the higher the balance the worse for you it actually is. They calculated a credit utilization, which is the percentage of your credit limit you are using and it counts for about 30% of your score. So, if you are carrying a balance of half your limit or more that is not a good thing. So, the lower you keep that amount, the better. 

It is always best to minimize the amount you use your credit card. If you can pay it off do so, it will save you tons of money due to interest as well. You will be glad you did when you see how much money you are saving yourself. 

Paying Off Student Loan While Skimping on Retirement 

Those student loans may be driving you crazy and since you are probably young yet. You may be thinking that getting it paid off while making a smaller payment on retirement is right. Well to some that may make sense but it is really a bad money move. Sure, it would be nice to have it paid off so it is one less bill to worry about. However, in this situation, you should not skimp on your retirement contribution. Especially if you are lucky enough to be with an employer that matches contributions.  

Take your time to pay off that student loan. If you can opt for an income based repayment plan do so, you could lower your monthly payment making it even easier for you. 

Land the Job First Ask for Raise Later 

Yes, it sounds just as I said it. Many people when trying to land a job, don’t waste time negotiating pay. Reason being is job market is so tight, you just want to get the job before the next person. So maybe you didn’t get the pay you were hoping for. While it makes sense to you, it really isn’t a smart move. Especially in some situations such as jobs with bonuses that are calculated off your starting salary. 

So, the best way to rectify that is to take that step of negotiating the pay. You probably don’t want to start with the highest end but a reasonable amount they may be willing to agree to. If you take the time to show them why you are worth that extra money they may be more willing to give it to you.  

Buying That Home as an Investment 

Many people jump into buying a home feet first because they think it is a great investment choice. That was a great choice when it seemed like the housing market was never going to crash. Years ago, when the housing market was doing great. However, things changed in 2008 when the housing market crashed. If you are buying to invest now is not a good time, because you will not get a return. 

Only buy a home now if you are looking for a place to call home. Otherwise, keep renting until the market decides to come back up. It is a great choice if you are looking for a great deal on a permanent home choice because you can get more for your money in this housing market. 

Timing the Market Is Key 

Everyone has heard of a lucky investor that decided to invest at just the right time. In most cases that are pure luck, but some think they can change their luck town on when to jump in or out of the market. It is a bad decision to change your decision on a whim and it is a high risk.  

The best thing you can do is buy steadily over the years. Invest in funds such as index funds and or exchange traded funds. In the long run, those will get you where you want to be. Let them work for you. 

Conclusion 

Making these changes if you are doing them, will make a big difference. They are the right way to do things for you in the long run. You will be happy when you see your financial situation improving over time. Especially in such things like your credit and your investments. Especially when you have the money you need to live comfortably in retirement.  

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. If you currently need help in anyway, do not be shy and let us know. Anything cash related, we will be able to help you. Our well train loan consultants will be able to come up with a good loan package to help you clear off all your outstanding bills or debts. In doing so, you will help you keep better track of all your expenses and money. We have been a licensed money lender since 2002.

We have the skills, knowledge and people to assist you through the entire loan process while providing you with excellent advice.

In addition, we have one of the highest positive moneylender reviews among money lenders in Singapore. Furthermore, Quick Credit is also one of the few moneylender open on Sunday!

Interested in knowing more about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our manager will get back to you as soon as possible. Or you can drop us a message here and our manager will get back to you soon.

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

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