8 Steps to Financial Security

Posted by admin
on August 14, 2018

8 Steps to Financial Security

Whenever we started the New Calendar year, a lot of us made plans as well as vowed to have our economic houses orderly. Sadly most of us broke that decision long before the initial bank card charge come. As opposed to feeling responsible think about these actions to ensure you get initiated on the correct path – whatever season.

Develop the Emergency Finance

Not only the pot of silver which you were thinking about for a new vehicle or even holiday, finance for right crisis situations. The emergency finance must incorporate no less than three to half a year the value of bills. This money needs just to be tapped for medical contingencies, occasions of poorly planned joblessness as well as other times of the magnitude.

When you build your crisis finance, keep sufficient cash in the account or even funds marketplace accounts to handle several months bills as well as than request your Economic Consultant or even your financier to enable you to establish a string of temporary CDs to form a ladder with the other parts. Laddering revenue will assist you to earn a lot more curiosity on the cash that you might have to get your arms on in a rush. Simultaneously, it will help to make sure that you do not get hold of all of it right away for non-emergency reasons.

Make use of credit prudently

Steer clear of buying things on credit if possible. If you choose to have debt, search for the most competitive rates which you can locate. You need to shop out your financial loans as well as credit cards for far better offers. Inquire your lenders for far better charges. Should you get all the cash promptly because they are in sound standing with them, probably they may reduce your expenses. Or else, think about moving somewhere else. Make sure to review the credit report a minimum of the year as well as watch out for identification robbery too.

Budget funds prudently as well as do not overspend

Take some time to start and create your budget or even an expensive plan. Live within the means as well as do not seek to catch up on the Joneses. We have been all accountable of it on occasion, however until we triumph the lottery we may choose to allow the Jones to be ahead a tad to ensure that we have been not striving in retirement. You might be amazed to realize that you will find lots of physicians as well as professionals available that may be generating more than $ 500, 000 each year that are in debt as much as their eyeballs as well as providing the term “living pay envelope to paycheck” a new meaning.

Take care not to overspend about your purchases either

A few companies are providing cost-free exchanging should you “simply spend the bid inquire spread” or even have a significant amount of cash in a bank account. Additional companies are giving cheap inventory deals whereas recharging insanely high margin charges or even other costs. Scrutinize these types of offers thereby making sure that the cost-free dinner is in a few occasions it will save you some money on a commission as well as spend hundreds on a broad spread or even different charges. Most of all, do not seek to save a commission by investing on the internet or also purchasing no-load money once you do not learn what you do because they are prone to risk your finances.

Be readied

Ensure that you are well-safeguarded. Not only for your auto or home (if leasing, make sure to get rental protection) yet additionally for your life, wellbeing, incapacity and if fitting, long-haul mind. Check your scope on protection policies, refresh recipients on your extra security and ensure that you have a restored will.

Learn as much as you can about contributing

As per a Lusaardi and Mitchell examine referred to in Money Magazine, people who comprehended straightforward estimations, for example, accruing funds or rates had higher total assets than the individuals who did not. The web offers a lot of assistance with data about saving. Be that as it may, don’t be excessively pleasing, making it impossible to get help if regardless you require it or to get a second assessment to perceive how you are getting along.

Set realistic objectives

Try not to begin with la-la-land thoughts. Set short, medium and long haul objectives that you can stick to. A transient goal may incorporate working up against that just-in-case account that you swore you would begin or maybe putting something aside for a house. A medium-term objective may include paying for your kids’ training, and a long haul objective may incorporate making arrangements for retirement. Put aside time to get ready for each of these and make sure to screen your advance en route.

Understand the Advantages

Find out what you will be eligible for or if perhaps you may be eligible for all rewards. Does the company provide you with a pension program? Have you been entitled to interpersonal safety? Have you been entitled to a spouse’s rewards if the loss of life or even separation? Make sure to review the advantages from time to time since they might have developed. A few companies possess considerably decreased or perhaps lowered their pension strategies entirely.

Spend with Self-discipline

In a current “Retirement Truth Check” study, carried out by the Allstate Insurance Provider. 40 % of respondents confessed that they would be not saving really for retirement life. In general, 38% of respondents declared that they anticipated their pension to be “financially hard”. Begin saving earlier as well as frequently to prevent this scenario.

Approximate the pension requirements. Finance the 401(k) pension plan to the optimum or even begin an IRA (or also option pension program) should you be qualified. Make investments instantly through your company, via payroll deduction or even via your banks with cash drawn each month immediately before deciding to have an opportunity to invest it. Spend on your own first. Deal with the cost savings such as a charge as well as spend on your own each month. Make cautious choices between shares, stocks, mutual revenue as well as other assets. Choose high-quality investments, stick to all of them as well as rebalance whenever your allocations are no longer along with the program.


Quick Credit Pte Ltd

Quick Credit licensed moneylender is the best money lender you will be able to get in Jurong. Any money related, we will be able sort it for  you. Our well train loan consultants will be able to design a good loan package to help you clear off all your outstanding debts. In doing so, you will help you keep better track of all your expenses and money.

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

Interested to get more information about how you can get a loan from us? You can drop us an email at enquiry@quickcredit.com.sg. Our staff will get in touch with you as soon as possible. Besides that, you also can drop us a message here .

Alternatively you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601.

 

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A quick Singaporean’s guide to cryptocurrency and the factors affecting its price (2018 update)

Posted by admin
on August 6, 2018

A quick Singaporean’s guide to cryptocurrency and the factors affecting its price

Asian countries have an instrumental effect on affecting the cryptocurrency market and the trade surrounding it. Japan, China, and South Korea have already made a significant impact on the cryptocurrency market. Now, Singapore has got into the race as well, with ambitious plans of becoming a smart financial center.

The growing acceptance of cryptocurrency in Singapore has made it an up and coming destination for companies that want to raise funds using blockchain technology. The cryptocurrency market in Singapore has observed a hike in the initial coin offerings, that shows the market in Singapore is on the rise. This increase in interest among Singaporeans calls out for a quick Singaporean’s guide to cryptocurrencies.

In this article, we’ll take you through the basics of cryptocurrencies and the factors that are affecting its prices.

What is cryptocurrency?

Cryptocurrency is a digital currency that is designed to be used as a medium for exchange using blockchain. It uses strong cryptography to facilitate secure financial transactions and verify peer to peer transactions.

Cryptocurrencies are decentralized in nature and work through a digital ledger technology that serves as a public financial database. As cryptocurrencies are decentralized, there exists no control of centralized authority over the digital transaction. But, the transactions are governed and verified by the process of crypto mining. Crypto mining is the process in which transactions, made in the form of digital currency, are validate and add to the blockchain digital ledger. Cryptocurrency miners perform the verification with the help of mining software. When a digital transaction is made, cryptocurrency miners are responsible for authenticating the transaction and adding this information in a digital ledger.

While most of the world is embracing the concept of digital currency with open arms, it still seems that many are facing difficulty in understanding the difference between cryptocurrency and fiat currency. Also, there is a lot of hesitation in accepting cryptocurrencies as official currency. For instance, the monetary authority of Singapore has recently stated that whether or not businesses accept cryptocurrencies for the exchange of their goods is their commercial decision. The MAS will not intervene in trades involving cryptocurrencies.

This increase in interest for cryptocurrency calls for shedding some light on the difference between a fiat currency (Singaporean dollar) and cryptocurrency.

  • A fiat currency is a legal tender issued by the government whereas cryptocurrency is neither a legal tender nor back by the government.
  • A fiat currency transaction is monitoring by the monetary authority of Singapore whereas a cryptocurrency transaction is overseen by the peer to peer network.
  • Unlike fiat currencies, there is a limited supply of cryptocurrency. As the demand grows for a particular type of coin, the supply is increase.

Despite the hesitation to switch from a fiat currency to a cryptocurrency, there are instances where people are embracing it. What makes cryptocurrency so desirable? What advantages does it have over fiat currency? Here are few advantages of cryptocurrency over fiat currency that is leading to a growing interest in the former:

  • Cryptocurrencies are digital currencies that cannot be counterfeit.
  • Cryptocurrencies allow accountability in transactions. This prevents theft and enables the cryptocurrency holder to keep his details safe.
  • Cryptocurrency comes with the feature of smart contracts that eliminates the involvement of centralised third parties in transactions.
  • Fiat currencies differ from country to country, and they belong to a particular nation, whereas cryptocurrencies are uniform all over the world and do not belong to one specific country. This helps in facilitating cross-border transactions.

What are the factors affecting cryptocurrency prices?

The imbalance between the demand and supply affects cryptocurrency prices. As the supply of any currency is determining by the need for it and the supply of it, same is the case with cryptocurrencies. When the market for a specific type of cryptocurrency goes up, there is an increase in its price. Other factors that affect the cryptocurrency prices are:

  • Perceived value

The perceived value of a cryptocurrency refers to its deemed value. When there is a collaboration or partnership with credible companies, there is an increase in their value of cryptocurrency.

  • Security

News coverage about the theft and exchange hacks of cryptocurrency is leading to a volatility of prices. Circulation of such news can create a negative impression on the investors about cryptocurrencies that, in turn, causes a drop in its prices.

  • Stability

The fluctuations in cryptocurrency prices is a concern to many. Due to these fluctuations, a majority of the market may stop accepting a specific type of coin. When such a case arises, the particular currency will lose its value.

  • Difficulty level

The prices of cryptocurrency get affecting by the difficulty level of solving mathematical algorithms. The value of the cryptocurrency increases as it becomes difficult for the miners to solve. The more difficult it becomes to solve the mathematical algorithm, the higher is the value of cryptocurrency.

  • Trustworthiness

The concept of digital currency is still new to a significant population of the world; as a result, people are not sure about investing in it. While the market for cryptocurrencies grows, the trust of the people in it will also increase. As a result, more people will invest in cryptocurrencies which will, in turn, improve the value of every cryptocurrency.

Though cryptocurrencies promise to remain viable financial investment, buyers and investors are subject to some kind of risks. It is better to learn both pros and cons of investing in cryptocurrency to be on a safer side. Having good information about cryptocurrency beforehand can help you make an informed decision about your investment.


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender in Singapore. Anything cash related, we will be able to help you. Our experience loan consultants will be able to come up with a best loan package to help you settle all your outstanding debts or bills. In doing so, you will help you keep better track of all your expenses and money. We open door to giving out loan since 2002.

We have the knowledge and resources to assist you through the whole loan process while providing you with excellent advice.

Moreover, we have one of the top licensed 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. We will get back to you as soon as possible. Or you can drop us a message here.

Alternatively, you can call us at +65 6899 6188. Or visit our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601.

 

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Should you consider child insurance? (2018 Update)

Posted by admin
on August 1, 2018

Should you consider child insurance?

When you bring a child into this world, it is the most joyous moment for most people. From the time the child is born, it is every parent’s instinct to protect their child from all the troubles of the external world. This need to protect them is what makes a lot of parents worry for their child’s short-term and long-term well-being.

They realise that a child is their responsibility for the next 20 years or so or till the time they are financially dependent. And irrespective of however adorable your child looks. At the end of the day, it is an expensive affair to raise a child in a country like Singapore. You might call your little one a bundle of joy but without proper financial planning it won’t be long before your child’s expenses will weigh you down financially. It is, therefore, important to consider child insurance in Singapore.

A child insurance is a financial commitment you make at a very early age for your child to ensure she has a secure future. In Singapore, the population of children has been reducing with more and more people marrying late. This has led to the launch of various bonus plans that encourage Singaporean couples to start a family early on. Many of these plans are a combination of child insurance and savings plans. Now, if you are wondering why you should be taking a child insurance policy seriously, here are a few things you ought to know.

Childcare expenses

Raising a child is an expensive affair right from the time you conceive. Periodic visits to the gynecologist and nutritionist all through the tenure of pregnancy is an expense. Further, if you have a normal delivery in a public hospital it might cost you $3,700 whereas a cesarean delivery in a private hospital will cost you around $17,000. To add to that, you will also purchase consumables for the newborn baby, this includes diapers, formula milk, baby clothes and other miscellaneous items that also need to be purchased.

Plus, you will have to take your child to the pediatrician for vaccinations and common illnesses for the first few years after the child is born. Covering all these expenses can leave you financially depleted for the financial expenses of the future. Hence, it is important that you start saving early on to be able to deal with the responsibility of rearing a child. And one way of doing this is by opting for child insurance.

Educational expenses

If you wish to give your child a good education, you should be aware of the allied costs involved. Your child’s education will span over a period of 18 years or so. During this period, you will have to take care of the primary school, secondary school, junior college, polytechnic, and the university related costs. The average annual tuition fees for a primary school student is $156 multiplied by 6 (as primary school lasts for 6 years) that is $936. Similarly, total secondary school fees comes upto $1500, junior college fees is about $792, polytechnic fees comes to $8,538 and university costs are estimated to be about $30,000-$40,000.

And with time these costs are only bound to increase. The question is – are you prepared to take on these expenses comfortably? This is where a child insurance policy can help you plan for your child’s future educational expenses.

Healthcare costs

We always hope for the best for your child. But God forbid, your child falls prey to some serious illness. Coping with all the healthcare costs at that point in time can make you feel financially burdened. Hence, it is wise to opt for a health insurance for your child and make sure it has a hospitalization plan. While Medishield Life provides basic coverage at B1 and C Class wards at public hospital. You will need a private integrated shield plan to extend the coverage to higher-class wards or private hospitals. You can also use your own medisave funds to pay for your child’s integrated shield plans. Having a good health care policy in place will ensure that your child is covered for any future illnesses or conditions.

Collateral loans

Another benefit of having a child insurance policy is that it is widely accepted across all banks and you can use it as a collateral for any loan requirements in the future. This could be an educational loan for your child’s higher studies or simply a personal loan for any other major life expenses.

The uncertainty of life

Irrespective of how much you love your children, the truth is that someday we all will cease to exist. We never know when and how we breathe our last. It is, therefore, necessary to plan for unforeseen events in life and an effective way of doing this is by taking whole life insurance for your child. You can either opt for a whole life insurance or term insurance depending on your financial goals and needs. However, it is always advisable that you opt for whole life insurance instead of a term plan as the latter provides coverage for a limited period.

As responsible parents, you don’t just want to ensure the physical safety of your child but also their financial well-being in the long run. Hence, you should consider taking child insurance for your little one.


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best legal money lender you will be able to find in Singapore. Anything money related, we will be able to help you. Our well train loan consultant will be able to come up with a good loan package to help you clear off all your pending bills. In doing so, you will help you keep better track of all your expenses and money. We are established from year 2002.

We have 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/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

 

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