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Investing in Singapore for Novices (2018 Update)

Posted by admin
on February 19, 2018

Investing in Singapore for Novices (2018 Update)

KEYWORD PHRASES – investing in Singapore for beginners 

Investment is a term that has confused every beginner when they plan to start investing. If you’ve decided to incorporate investments in your savings plan, then there is a chance that you have bombarded your friends and family with queries on the subject. You must have also read blogs and articles, but may have failed to fully understand the concept. Investing is a huge discipline that involves various tools and techniques to boost your savings. Yes, reading and keeping abreast with the news helps. But, a thorough understanding of the subject comes with experience.  

For all novices who wish to invest and succeed, we have compiled a guide that will answer all your questions on investment. This guide to investing in Singapore for beginners will enlighten you on all the factors you need to consider before you start your journey of investing.  

investing
investing

What do you need to know before investing?  

There are various factors you need to consider before you embark on your journey to invest. This includes everything from having your finances in place to understanding some basic investment concepts:  

Set financial goals and understand your risk appetite 

Aimless investments make no sense. If you do not know the purpose of investments, you will be unable to strategise and reap benefits. Ask yourself the reason for which you want to invest. Do you want to invest to gain financial independence? Or do you have certain commitments to fulfill? Depending on your goals and investment horizon, you will be able to estimate your risk appetite. If you are planning long-term investments, then you can gradually take risks. But, if you have commitments coming up in a few years, then you need to be on the safer side and ensure you reap maximum returns.  

Know your financial circumstance 

Whether you have millions of dollars or only a few thousands, you cannot allocate all the money toward investments. While savings are important, budgeting for necessities, debts, and other financial commitments is equally essential. Clearing debts should be a priority, and you should keep some funds aside for fixed expenses. Depending on your goals, you can then budget some amount for investments. To begin with set aside a fixed amount for monthly investments.  

Understand the relationship between risk and reward 

‘Investments are subject to market risks’ – you must have heard this several times. Markets are unpredictable and influenced by various political and economic factors. It takes years of experience to be able to predict how the markets will fare the next minute. While this is true, it is also said that to achieve something in life you have to take risks. Typically, investments with a high-risk rate give better returns, and vice versa. But, that doesn’t mean you jump on to riskier investments. Initially, you should stick to investments that match your goals and risk tolerance. Calculate and stick to the risk-reward ratio suitable to your situation.  

Once you understand these basic aspects, you can begin investing. Here’s how:  

Set up your brokerage and CDP account 

The first thing you need to start investing is a brokerage and a Central Depository (CDP) Account. A brokerage account makes paying for investments and investing overseas convenient. All you need to do is a Google search and send an email to your preferred brokerage firm. Some people go for the banks, where they have their savings account to make things easier. Banks like DBS, UOB, OCBC, Standard Chartered, Maybank, and CIMB offer brokerage account services. Alternatively you can opt for brokerage firms or online portals like Phillips or FMSOne portal. Additionally, open a CDP account. It acts as a wallet, where you can store all the stocks you buy.  

Select from investment options 

Basically, we mean strategise your investments. This begins by understanding the different investment options available in the market. Typically, when you think of the term investments, the first that comes to our mind is the stock exchange. But, investment is not limited to that. There are a variety of assets and options for investments. Stocks, bonds, mutual funds, insurance, real estate, and exchange traded funds, are some options that you can choose from. Some of these options may be riskier, while others are great for those looking for safe investments. If you’re considering investing in stock markets, then analyse the company to ensure you receive considerable returns. Additionally, should also bear in mind your investment goals, risk tolerance, and financial needs when devising an investment plan.  

Diversify and monitor your investment portfolio 

Once you have a plan in place, you can start investing. Make sure you diversify your investments. Diversification is an important aspect of investments that act as a defence to unfortunate circumstances. You should invest your money in different assets and of different companies. Putting all your money in one place comes with a risk of losing it. But, if you spread it across different assets, you minimise your exposure to risk. Continuously monitor your portfolio to make sure you have assets that serve your purpose of investing.  

So, here was a brief on investing in Singapore for beginners. Remember, investing is not the same for everyone. A strategy that suits someone else may not be apt for you. Make sure you invest with your goals and situation in mind. If needed, consult a financial advisor to help you with investments.  

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. 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/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

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4 Pro Tips To Manage Your Investment Portfolio (2018 Update)

Posted by admin
on February 13, 2018

4 Pro Tips To Manage Your Investment Portfolio

 

investment portfolio
investment portfolio

KEYWORD PHRASES – investment portfolio management tips 

Investments, a heavy word, comprises of various money-saving tools and strategies aimed to obtain financial independence. But, if investing was that simple, every individual could have become a millionaire. Young people rarely understand that importance of investing and skip this essential aspect of financial management when planning for the future. And, those who do, young and old, most often fail to succeed with it. Investing is not any art, which requires you to have the talent to excel in it or get trained. Success in investments comes with practice, patience, discipline, and continuous review of your investment portfolio. Yes, there are strategies, but without these qualities and strong portfolio management, you can fail.  

The importance of portfolio management cannot be undermined. Life and markets undergo constant change. The goal you have today may be replaced by something else tomorrow. Similarly, the stocks of a company that looks promising on the exchange may turn out to be unproductive tomorrow. If your investment portfolio is not in accordance with your goals and the market conditions, then chances of success reduce.  

Successful portfolio management requires a proactive and disciplined approach to help you protect your finances and also attain financial independence. Whatever your investment strategy, there are certain basic principles that apply to it that can help you maximise your returns.  

Here are certain investment portfolio management tips to bear in mind to achieve success through investments:  

 

Start Early and Go Slow and Steady  

As mentioned before, many young adults overlook the importance of investing early. But, investing from an early age brings you many benefits. You get a longer time span to learn and acquaint yourself with investments. Additionally, you also get time to experiment with different investment strategies and ride out risks to maximise your returns. You can invest in various assets like stocks, bonds, real estate, index funds, and more. When you start investing, make sure you stick to the products you understand. It is important to not rush when you commence investing. Dollar cost averaging method of investing a fixed amount each month in a mixed portfolio of assets can be a great option to start with. You can keep a fixed amount aside each month and span out your investments in the assets you understand. Once you gain confidence, you can move on to riskier investments.  

 

Diversify, Diversify, Diversify 

The importance of having a diversified portfolio cannot be overlooked when investing. As the saying goes, ‘you should not put all eggs in one basket.’ Imagine, you bought stocks of a company named XYZ. You put all your money (say $10k) into buying this company’s stocks and bonds. Now, one fine day, this company goes bankrupt. You must have guessed by now the result of your investments.

Since you hardly got any returns on your investments, you ran into a loss. If you would have divided the same amount and invested different asset categories of different companies, you could have reduced the risk of loss and ensured steady returns.  

It is imperative to create an investment portfolio that exposes you to different asset classes. Furthermore, you must diversify your money within an asset class or category. For instance, if you’re investing in stocks, invest a specific amount in stocks of different companies, instead of putting all your money in a single firm. Make sure to not put more than 4% of your total portfolio into an individual stock. The more you diversify the better you chance of success.  

 

Regularly Rebalance Your Portfolio 

Asset allocation is a term that refers to allocating your investments across different asset classes with the aim of balancing risks and rewards. When you start investing you should set a certain percentage of your money to be put into different asset classes. Say for example, you have $10K and you put 50% in shares and 50% in bonds. As and when you progress, you need to review your portfolio and rebalance this percentage to make sure you keep churning good returns.

Market conditions can have a huge impact on the value of your investments. And, this can have an impact on your current portfolio. Say for instance, the value of your stocks appreciated by 20% and the value of your bonds stay stagnant. Considering this, you now have $6000 worth of stocks and $5000 worth of bonds. To rebalance, you need to sell $500 worth of stocks to buy the same amount of bonds. To make it simple, with rebalancing you are minimising risk exposure. It is recommend to do this 6 monthly or yearly. 

 

Maintain Discipline 

To achieve financial freedom through investments, you have to be discipline with your investments. Skipping to invest, failing to monitor your investment portfolio and getting carried away with some success or good market condition is the biggest mistakes people make. And, as a result, you fail to succeed with investing. Remember that investment is not a sprint. It’s best to go slow, stay patient, and not get demotivate by past performances or get excite and flow with the good market conditions. Sticking to your plan is essential. You should also ensure that your investment portfolio aligns with your objectives all the time.  

Having a well-maintained portfolio is a key to successful investing. So, keep these basic portfolio management tips in mind, and you are good to go.  

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. 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/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

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How to Earn Money with Bitcoin (2018 Update)

Posted by admin
on February 8, 2018

How to Earn Money with Bitcoin  

KEYWORD PHRASE: Earn money with Bitcoin 

bitcoin
Bitcoin

 

 

 

 

 

 

Breaking international barriers, cryptocurrencies now allow us to eliminate the handicap caused by the tedious process of foreign currency conversion when conducting international  trading. The unexpected boom that these cryptocurrencies have experienced in the recent years has financial analysts scratching their heads. Nothing could have prepared them for this back in 2008.  

People naturally have all sorts of questions. “Are Bitcoins a risky investment?”, “Do governments recognise Bitcoins?” “How do I earn money with Bitcoins?” Among other such questions.Let’s take a step back to understand how it works though.  

In easiest terms, cryptocurrencies are a collection of computer codes that happen to have a certain monetary value. Furthermore, bitcoins are not issued by any International or Government institution; these currencies are completely unregulated and decentralized. 

The residents of Singapore have much to cheer about because their establishment does recognise bitcoins. It is a perfectly legal instrument, and the MAS plans to regulate businesses that operate with bitcoins.  Traders, however, would be taxed accordingly. The MAS also warns users of the potential risks that surround bitcoins, and rightly so. There are financial and security dangers that could result in losses. This  article aims to explain how could you can earn money with bitcoins.  

Bitcoin Exchange 

Relatively uncomplicated, a ‘Bitcoin Exchange’ works just like generic buying and selling works. The working is simple; you must purchase bitcoins, store them safely, and hope the value increases over time.    

How to Earn Money with Bitcoin Exchange 

You would first make a purchase. Singapore residents could make the purchase through the standard means: credit cards, debit cards, and bank transfers. In Singapore, there are several popular exchanges that you could choose from. The most popular ones are Coinbase, Coinmama, GDAX, and Luno among others. It is important to check the privacy and security levels of your account before you are done with the process. Additionally, it is essential that you store your bitcoins in a Bitcoin Wallet.

The exchanges offer their own, but for higher security, hardware wallets such as Ledger Nanos or TREZOR are preferred. Knowledge Requirements 

A basic understanding of bitcoins is imperative. Uses should also conduct thorough research of the available exchanges, and their offerings; and available wallets, and their offerings as well. The key here is to fortify your account in order to avoid security risks.  A better understanding of security aspects is essential to ensure your bitcoins are not stolen. For greater security, storing the bitcoins in a local hardware (cold storage) is the best way to move forward.   

CFD Trading 

CFD stands for ‘Contract for Difference’. Thus, CFD Trading is essentially ‘playing the market’, and only, bitcoin markets are excessively volatile. This means there are natural risks, and earning profits is uncertain.  

How to Earn Money with Bitcoin CFD Trading 

The concept of CFD Trading is build around speculating the rise or fall in the value of bitcoins. This method of earning money with bitcoin appeals to some because there is no question of owning bitcoins, and by extension, there is no question of safely securing bitcoins either. The agreement in place allows you to trade the difference in the value of bitcoins from the time of entering the contract to the time of contract termination.  

For example: let us assume the current valuation of bitcoin is $1000. The current buying and selling rates are $1005 and $995 respectively. The valuation to buy one contract equals 100 bitcoins. You predict a price rise and decide to speculate via CFD. Since the buying rate is $1005, you make a buy at that rate. The value of bitcoin surges by 50 pips.

Now, the value of buying and selling jumps, and rises to $1055 and $1045 respectively. You would make a sell at the selling rate of $1045, and in the process, pocketing the difference of 40 (Initial buy at $1005 and eventual sell at $1045). You just make $4000!  

The key takeaway here is that you need to be aware of how the market works to make accurate speculations. Inaccurate speculations result in losses.        

Knowledge Requirements 

Essential know-how of how the market works is the only prerequisite to successfully  of earn money with bitcoins through CFD Trading. This knowledge is essential because it gets you to make relatively accurate speculations, and as we’ve discussed earlier, inaccurate speculations endanger your chances.  

 

Bitcoin Mining 

Bitcoin Mining is the means to generate the currency itself. The bitcoins that you have mined also function the same way as the currency that you purchase through exchanges.  

 

How to Earn Money with Bitcoin Mining 

Additionally, the process of mining bitcoins is rather complex. The process involves using high power-consumption,  and sophisticated machinery. Your computer’s graphic card and processing power are capable of solving complex mathematical algorithms. These complex algorithms are essentially ‘Blocks’ that miners look to solve to extend the ‘chain’. The number of bitcoins that you mine heavily depends on the processing power of your hardware. Additionally, you also have the option of opting for a cloud-based bitcoin mining.  

 

Knowledge Requirements  

The key requisite here is the strength of your personal computer. Earlier, mining was done through the CPU itself. But these days, a graphic card (GPU) is preferrable instead. GPUs present a far brisker way of mining bitcoins. Certain experts think highly of the ATI HD 7950 cards. However, keep in mind, cards of higher quality come at a premium.  

There are other indirect ways to earn money with bitcoins. These methods include selling products and services that pay in bitcoins and, creating bitcoin-related websites that are informative nature. This is not far-fetched since these currencies work globally, and help us bypass the inconvenient process of currency conversion.  

Dealing with bitcoins has its own risks. If your security arrangements are not adequate, you risk the possibility that your bitcoins are stolen. Bitcoin market is very promising and there is no reason why you should not invest some of your surplus money, there is a fair chance that the investment you are making could pay rich dividends.    

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. 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/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

Continue Reading...

Why You Should Start Your Business in Singapore (2018 Update)

Posted by admin
on January 29, 2018

Why You Should Start Your Business in Singapore 

KEYWORD PHRASES – reasons to start a business in Singapore 

Singapore is viewed as an amazing tourist destination. Its natural beauty, the historical structures, and the excellent infrastructure are a treat to the eyes. But, did you know that Singapore is also one of the best places to start a business?  

Aspiring entrepreneurs want a business-friendly atmosphere to kick start their venture. Since growth and profit are their main aims, they typically look for an environment based on strong virtues that can provide skilled manpower, low corporate tax rates, and hassle-free registration. And, all of this can be found in Singapore.  

Singapore has driven its economy to a highly profitable one and placed itself among developed nations within a short span of time. Global players like Apple, Google, Procter and Gamble, DBS Bank, etc., have already recognised the potential that Singapore has to offer entrepreneurs. Whether you want to expand your business or start a new venture, Singapore offers immense opportunities and a conducive environment. Here are some reasons to start a business in Singapore.  

 

open-business
start your own business

Singapore’s Strategic Placement Offers Excellent Connectivity 

Singapore is in the heart of South-east Asia. The world’s top companies that plan to expand to the South-east Asian region chose Singapore as their base. All thanks to its strategic location that offers excellent connectivity with other nations across the world. When doing business in Singapore, logistics should not be a worry. Singapore’s Changi International Airport serves around 80 airlines and offers connectivity to more than 330 cities. It also hosts leading logistics firms like FedEx and UPS. Considering this, there is no doubt Singapore tops the charts in Asia in the Logistics Performance Index by the World Bank. Apart from its great air connectivity, Singapore also houses the world’s busiest port. Its port offers 200 shipping lines with links to around 600 ports in 23 countries. Who wouldn’t like to set up business in a place that is so well connected with the world? 

Singapore has a Business-Friendly Ecosystem  

According to the World Bank’s Ease of Doing Business report, Singapore has ranked among the top two out of all the countries in the world. The reasons behind this are the nation’s hassle-free business registration process and the business-friendly laws. As compared to other nations, where it may even take a month to register your corporation, you can incorporate your business in Singapore in just three days. Its strong judiciary system and virtues offer entrepreneurs a stable environment to conduct business. The country-state is also a thriving start-up ecosystem. The government offers extensive support to budding entrepreneurs by providing funding support in various ways. One of its initiatives is Startup SG offers them with access to local support initiatives and connects them to the global entrepreneurial network. Whether you are looking for funding, guidance, or both, Startup SG is categorised to offer support in all forms to startups.  

You can take Advantage of Affordable Tax Rates 

According to the World Economic Forum’s report, Singapore is amongst the top 10 in the world in the list of countries having low tax rates. With the tax rate standing at only 17%, Singapore offers one of the most attractive corporate tax structures. One of the major considerations for entrepreneurs when setting up their business is taxes. After all, a huge amount goes into paying dues to the government. Also, there are no capital gain taxes in Singapore. Overall, Singapore has a progressive tax framework, which is base on a territorial policy. To reduce dependency on income taxes and enhance their competitiveness, the Singaporean government follows the Goods and Services Tax (GST) system. Again, Singapore is one such nation that maintains one of the lowest GST rates, which is currently 7%. These affordable tax rates are sufficient to entice entrepreneurs to set up their business in Singapore.  

Free Trade and a Stable Economy 

The government of Singapore has signed over 21 free trade agreements with 27 economies. In addition to this, it has signed 76 comprehensive avoidance of double tax agreement. Cost of trading with other nations, including additional taxes, is one of the biggest barriers in trading across the borders, the flow of investment, technical know-how and expertise. These agreements allow businesses to minimise these tax barriers and freely trade with other nations. Another lucrative reason to set up your business in Singapore is its stable political environment. According to the Global Competitiveness report 2015-16, the World Economic Forum ranked Singapore as having the best IP protection in Asia. The same report also cited that Singapore has a sound political framework and policy-making procedure.  

Access to a Pool of Talent 

As per the Business Environment Risk Intelligence (BERI) report of 2014, Singapore enjoys the highest ranking for workers’ productivity and general attitude. Effective company policies, conducive working environment, and healthy living conditions can credit for a highly motivating workforce in Singapore. Additional, the Human Capital Report of 2015, also states that a huge 54% of Singapore’s workforce is highly skill. The nation’s emphasis on quality education and its progressive education policies. And the ongoing training programs, and attractive immigration policies have helped churn out skilled professionals time and again. Doing business in Singapore can let you access local as well as immigrant talent.  

Access to human and other resources and a sound economic framework is vital for the smooth growth of your business. While these reasons to start your business in Singapore are enough for anyone to be convinced, make sure you do your research before making such a big decision.  

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. 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/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

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How Exactly Does a Critical Illnesses Plan Work (2018 Update)

Posted by admin
on January 22, 2018

How Exactly Does a Critical Illnesses Plan Work

KEYWORD PHRASES: Critical illnesses plan in Singapore

critical-illnesses
critical-illnesses

 

 

 

 

 

 

 

One needs to be extremely blessed to live a long life without any serious illness. But not many Singaporeans are so fortunate. According to a study conducted by the Ministry of Health Singapore, out of the total number of deaths in 2016 (20,017 people), 29.6% Singaporeans died of cancer, 17% of them died of Ischaemic heart diseases and 1.9% of other heart diseases. The Singapore heart foundation states that 16 people die of cardiovascular diseases and stroke everyday. Additionally, in the past couple of years, these numbers have been on a steady rise, which means we can expect the same trend to continue even in the future.

The above statistics clearly show the prevalence of critical illnesses in Singapore. It is one of the primary causes of death, and you ought to be prepared to combat them. But are you really prepared for a critical illness? Do you have the funds in place for the treatment and payment of hospitalization bills? Will your insurance plan cover your expenses in case of a critical illness? Having a critical illness plan is of prime importance to cover your medical expenses at any stage of a critical illness. Read on to know more about a critical illness plan in Singapore.

What is a critical illnesses plan in Singapore?

A critical illness plan is a type of insurance product that covers your medical expenses at the time of a critical illness. As per the norms of the policy, you get a lump sum payment when you are diagnosed with a critical illness covered under the policy. There are usually a list of 37 critical illnesses that are covered under a critical illness plan in Singapore.

However, the money given does not depend on you incurring medical costs, once the amount is given you have full discretion as to how you want to use it. At times you may have the funds to spend on treatments for a critical illness but you might be unable to work for a couple of weeks after that. In such cases, the amount you get from your critical illness plan can be used to substantiate the temporary loss of income.

Some of the common products found in the market are AIA triple critical cover, early critical protector life plus, and the My Early Critical Illness Plan by Aviva. AIA triple critical cover is one of the few insurance plans that provide coverage for multiple critical illnesses. But there are some insurance plans that provide coverage only at the intermediate or the last stage of your illness. So, even if you were diagnosed with cancer at the first stage, you would be able to bank on your critical illness plan only when you reach the intermediate stage. Sounds absurd, right? The early stage critical illness plan covers this loophole.

How is it different from an early stage critical illnesses plan?

As mentioned above, to claim your money in a critical illness plan your doctor needs to ascertain the stage of your illness. But in an early stage, critical illness plan allows you to claim payouts upon the diagnosis of the critical illness (covered under the policy), irrespective of the stage of the illness.

Being diagnosed with a serious illness is already bad enough. It can have serious implications on all other areas of your life as well. If you are a working professional, then you might temporarily or in some cases permanently be unable to go to work. Amidst the stresses of having a critical illness, you do not want to wait to fall even more sick to get your insurance claim. This is where an early stage critical illness plan is necessary.

Which illnesses are covered under this plan?

Most critical illness plans in Singapore cover the following illnesses:

Heart Disease

Paralysis

AIDs

Stroke

Organ Transplant

Parkinson’s disease

Blindness

Cancer

Chronic Liver Disease

Loss of hearing

Fulminant Viral Hepatitis

Chronic Lung Disease

Loss of speech

Alzheimer’s disease

Major Head Trauma

Multiple sclerosis

Major Burns

Aplastic Anaemia

Primary Pulmonary Arterial Hypertension

Coma

Muscular Dystrophy

Heart Valve Replacement

Terminal illness

Benign Brain Tumor

Surgery to Aorta

Motor neuron disease

Encephalitis

Poliomyelitis

Brain Surgery

Bacterial Meningitis

Why opt for a critical illnesses plan?

Including a critical illness plan in your financial profile has many benefits. It can act as an income replacement. Whether or not you choose to use the lump sum amount for hospitalisation is upto to you. But in most cases, a person with a critical illness will need a temporary source of income to cover his other expenses. A critical illness plan will help you sustain your living expenses till the time you are fit enough to work again.

We hope this article has given you a fair idea of how a critical illness plan works.

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. 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/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

Continue Reading...

What’s Challenging Singapore’s Successful Economy (2018 Update)

Posted by admin
on January 15, 2018

What’s Challenging Singapore’s Successful Economy (2018 Update)

KEYWORD PHRASES – challenges facing Singapore 

singapore economy
Singapore Economy

 

 

 

 

 

 

Singapore’s journey to development is an exceptional one. Starting as a small country-state with little to no resources and the lack of infrastructure and support from foreign nations, today Singapore has grown to be a developed nation, and is at par with the USA. There is no denying that Singapore enjoyed a rapid growth from being less economically advanced to one of the developed economies in the world during the past 50 years. Its progressive thinking leaders, open economy, and free trade acted as critical catalysts to its growth.  

However, since the last couple of years, the Singaporean economy is under the weather. Reports stating the slow growth pace has been doing rounds. As Singapore marked its 50th anniversary in 2015, Prime Minister Lee Hsien Loong cited some critical challenges facing Singapore and how the nation can overcome them.  

Although the country has shown great progress, the future is filled with challenges and constraints. As economic cycles are getting shorter, the developed economy has less room for catch-up growth and sharper constraints. Here are some key challenges facing Singapore, which may also lead to trends for the future:  

Technology Disruption 

The emergence of disruptive technologies is one of the biggest challenges faced by Singapore. The effect of technology on all industrial sectors is visible around the world. The emergence of technology has lowered costs and enabled more businesses to enter the global market. Whether it is in the manufacturing or retail sector, technology is taking over certain jobs. 3D printing and additive manufacturing are changing how factories are configured. Retailers are shifting online to serve their customers. Today, you don’t even have to go to a travel agent for your flight and travel bookings. You can do that through travel booking platforms.  

Yes, jobs of routine-nature are being eliminated. But, they will be replaced by newer, skilled jobs. Since new types of jobs are being created, Singapore will need to match up with a talented workforce to prevent unemployment and slow digitisation. Initiatives like SkillsFuture are the way to prepare the workforce for new jobs.  

Need for Local Innovation 

Singapore’s growth has been exceptional since its inception. However, in the last few years, it is moving from a phase of rapid catch-up growth to trend growth, which is mark by a low GDP growth. To avoid an economic doom, Singapore must focus on local innovation along with using resources developed abroad. Promoting small and medium-sized enterprises (SMEs) can help the nation as they provide a continuous flow of business and employment opportunities, which rejuvenates the ecosystem. Although SMEs have a tough time competing with big players, those who survive the competition usually emerge to be a large fish themselves.

The surviving SMEs grow faster, drive productivity, and act as a supporting pillar to the overall economic growth. And, as they expand to international waters over the time, they become stalwarts for Singapore’s economic growth. Since SMEs also create more jobs, they act as a buffer for employees after a recession. While this is the need, Singapore must not overlook the importance of MNCs. MNCs provide abundant job opportunities and also expose employees to different facets of doing business. This exposure is important for entrepreneurship. The nation can also look at collaborations between MNCs and SMEs to boost economic growth.  

Decline in Local Workforce 

People create ideas and ideas lead to innovation. To maintain economic growth, Singapore needs more productive and skilled workforce. Yes, businesses in Singapore do have access to a pool of local and immigrant talent. But, the growth of local workforce is expected to slow until 2020. You can attribute this to low-birth rate and the growing ageing population. Churning out productive workforce and providing quality education are major challenges face by Singapore. Since Singapore plans to harness technology to create more opportunities, it must train its human resources to take over the new jobs created in a digitised world.

The education system needs to prepare children to think critically and out of the box. It must also promote undying motivation in students, so they live with a ‘never give up’ attitude. While SkillsFuture helps Singaporeans upgrade their skills, the nation also needs to remain open to skilled foreigners. Greater diversity brings in fresh ideas and helps in bettering the innovation.  

The Problem of an Ageing Population 

Singapore is one of the fastest graying populations in the world. In an event, Mr. Shanmugam shared a news article on how adult diapers will soon outsell baby nappies in Japan. While doing so, he noted that Singapore is ageing even faster than Japan. In his lecture on June 30, 2015, when the country-state celebrated its 50th anniversary, PM Lee spoke about the concerns of ageing population. Demography indicates the future of any country. Singapore’s population growth rate in 2014 was 1.3%, the slowest in a decade. He also stated that according to some statistics, two adults would support a senior citizen by 2030 as compared to 5:1 ratio in 2015.

Increasing fertility rate from 1.2 to 1.5 over 25 years is one of the solutions give by him. While he assured that the government would do its part to facilitate this, he also admitted that Singapore also required a cultural change to become a more family-friendly country.  

So, here were some of the challenges facing Singapore currently. The way it tackles these challenges will tell us whether Singapore succeeds in retaining its successful economy and the strong pillars of virtue that it is based on.  

 


Quick Credit Pte Ltd

Quick Credit Pte Ltd is the best money lender you will be able to find in Singapore. 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/B IMM Building Singapore 609601. The nearest MRT station to us will be Jurong East Station.

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Bad Financial Habits You Need To Get Rid Of NOW!

Posted by admin
on January 4, 2018

Bad Financial Habits You Need To Get Rid Of NOW! 

KEYWORD PHRASES: Good money habits, good financial habits, financial habits 

bad habits
bad habits

When renowned American clergymen and historian, Jeremy Belknap, coined the phrase ‘Old habits die hard’, he may not have realised that this applies to every aspect of life including your finances. Most of us struggle through our life longing to be rich. Some of us get there, while others continue wishing for it. The difference between people who become wealthy and those who don’t are their financial habits. People with good financial habits succeed in growing their wealth whereas others end up dealing with their finances carelessly.  

Anyone can orient themselves to modify one’s bad financial habits with conscious efforts. But to do this, you need to be aware of your bad financial habits. As the popular saying goes, ‘The first step towards change is awareness’. With awareness, you will be in a better position to employ changes in your financial decision making. To help you get started, we have listed 6 common bad financial habits. Let’s take a look at them one by one. 

Using credit cards for the points 

Let’s accept one fact that in the world of banking, the motive of every player is to do business. The reward points on your credit card are no doubt helpful for you. But in the long run, it can weigh you down financially. The reward points will act as a catalyst in increasing your overall purchases. Suppose if you were going to buy goods and services worth $100; the reward points will tempt you to expend a lot more than $100. It is, therefore, a bad idea to use credit cards for points. However, if you use the credit card responsibly, then it can have a place in your wallet.

Buying more than you can afford 

In the initial phases of your career, it may seem tempting to not live within your means. You might want to be carefree about your expenses as you start using your earnings to buy a better house, car, clothes and so on. There is nothing wrong with wanting a good lifestyle as long as it is within your means. When you buy more than you can afford, you are incurring unnecessary debts. This habit is indeed harmful to your financial health.  Imagine if Mr. Lee who earns $60,000 a year spends only $45,000 whereas Mr. John who earns $1,50,000 and spends $1,75,000. Who do you think will be in a better financial position in the long run? It goes without saying that Mr. Lee will have a better financial scenario. He will have lesser chances of going bankrupt in his life. Hence, it is essential to get rid of this bad financial habit. 

Ignoring the importance of saving 

Most people who are careless with their lifestyle expenditure tend to ignore the importance of saving. If you look at any working professional who has done well for herself, you will see that they were able to grow their wealth only because they started saving money from the very beginning. It is only when you save that you can consider investing your funds and good investments are key to growing rich. Moreover, saving is essential to maintain emergency funds. Life is uncertain and at times, you could be in a situation where you cannot work or are jobless. At such times, your emergency funds should be enough to help you survive for at least 2-3 months. Ideally, you should save up at least 20-25 % of your income every month.  

Not budgeting your expenses 

A stipulated monthly budget is the financial benchmark you set for yourself. It helps you spend in a limit and allows you to effectively allocate funds in the right places. But most of us either – fail to stick to our budget or simply don’t budget our expenses well enough. This can be detrimental to your finances, especially if you are prone to impulse buying. Without a proper budget, it is difficult to curb your expenses or set reasonable financial goals to grow rich. A monthly or a quarterly financial budget will give you an overview of your expenses and thereby enable you to come with efficient cost-cutting strategies. Budget your expenses is one good habit, you need to start with right away! 

Complaining about your paycheck 

This might seem as a weird financial habit but constantly complaining about your paycheck can go against your desire to grow rich. Complaining will only add to your misery and marr your ability to grow. Instead, it is wiser to spend the energy to devise ways to help you earn better. If you are being paid less, then maybe you should consider putting in more efforts to get promoted, which in turn will increase your the amount on your paycheck.  

These were the a few bad financial habits that have been deterrents to your financial growth.  Work conscientiously to get rid of them and nothing will stop you from growing rich. 

 


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

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Save Yourself From Impulse Buying With These Shopping Tips

Posted by admin
on December 18, 2017

Save yourself from impulse buying with these shopping tips 

KEYWORD PHRASES: impulse buying 

 

impulse buying
impulse buying

We all love shopping. The freedom to select something new to adorn ourselves makes us feel incredibly happy. Though impulse buying is usually linked with women, men too find themselves sucked into the consumerist trap of retail therapy. No doubt, shopping is a good experience but problems arise when you overdo it. Owing to the work-life stress, and effective marketing strategies, consumers are increasingly falling for impulse buying.  

A survey commissioned by Chic Outlet shopping revealed that Singaporean women spent more than $200k on their shoes in a lifetime. And $200k is a lot of money. The study also showed that 46% of Singaporean women own shoes they’ve never even worn before. This just goes to show the shopping mania among most Singaporeans these days. Quite often these impulse buying habits end up affecting your finances, and in adverse scenarios lead to unnecessary debts. You too may have encountered moments when you end up over indulging and then feel guilty about having spent incredulous amounts on shopping.  

Here are a few tips to keep in mind to save yourself from guilty spending: 

Follow a compulsory waiting period  

Whenever you are tempted to make an unnecessary purchase, ensure you have a mandatory waiting period. Wait for at least a week before you make up your mind to make the purchase. This mental trick gives you time to think whether you really need the product you are longing for. In most cases, people don’t end up going back to the store to make the purchase, and you save yourself from making an impulse purchase.  

Keep track of your shopping expenditure 

If you are reading this article, you are most probably a working professional or an entrepreneur. In that case, you have a limited income. So, it is always preferable that you keep track of your expenses. Maintain a diary for tracking all your expenses. Every time you make a purchase, you should make it a point to pen it down in your expense journal. This way you will be conscious of the total money spent at any point in time and be aware of your bank balance. Keeping a tab on your expenses will automatically prevent you from making unnecessary purchases.  

Consider cleaning something 

This might seem like a weird advice, but every time you feel like buying something you don’t need, you should clean your home. For example, if you’ve fallen head over heels for a particular shoe you saw online, you should try cleaning your shoe shelf. This experience will divert your mind from your temptation, and you will have a renewed sense of appreciation for your old shoes. By following this tip, you will be able to trick your mind to not fall for impulse buying successfully. 

Learn to be more mindful 

To avoid overspending, it is important to shop consciously. Before buying something ask yourself if you really need that. Make a list of all the things you want to purchase. This can be easily done for your grocery shopping and also try doing the same for your clothes, cosmetics, shoes, gadgets and all other shopping items.  

Be wary of your weaknesses. If you know that there are certain stores that tempt you to splurge, then stay away from them. You can also make a list of things you purchased, which made you feel like a total idiot. These are things that you never really needed or used. Go through this list, understand your mistakes and be mindful enough not to repeat these mistakes. 

Create a budget 

Another way to save yourself from guilty spending is by creating a budget at the beginning of every month. Plan your budget smartly and allocate your funds wherever required. Once this is done, set some goals and spending limits for yourself and try to stick to them. With a basic financial overview in mind, you will orient yourself to spend less, thereby reducing any chances of impulse buying. Moreover, a budget will help you understand how much discretionary spending you can afford and how much you should save and invest. 

Avoid Impulse buying when you are emotionally disturbed 

Retail therapy is known to work wonders for people who are stressed, upset or emotionally disturbed. But this might not be a good idea for your finances. Shopping immediately after a breakup or a major event in your life can lead to overspending as you will be looking at shopping as means for instant gratification. No doubt, you will temporarily feel good while overindulging but after a while you will end up feeling worse when you will be left with a broken heart and no money left to pay your credit card bills. Hence, you should avoid shopping when you are emotionally disturbed.  

We hope you will follow these shopping tips to refrain from impulse buying and thereby have better control over your finances.  

 


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

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Insurance or stock market: Where should you invest?

Posted by admin
on December 14, 2017

Insurance or stock market: Where should you invest 

KEYWORD PHRASES – invest in insurance or stock market 

Financial freedom is everyone’s dream. Who wouldn’t like being a millionaire and have the money that can help in any unfortunate event or serve the needs of generations to come. People seek financial security for themselves as well as their family. Although savings help, can they alone drive you toward achieving the financial security that can alleviate adverse consequences?  

insurance
insurance

The Breakdown

Savings do help, but they may not be enough to face a financial crisis or get you the needed freedom. However, if these savings are invested, it can help you achieve the financial security you seek. Investment is the only way to enhance and earn great returns on your savings. When we talk about investments, the stock market comes to our mind. Stock markets or shares and securities have long served as the ultimate investment option. Since long, insurance has also been a lucrative investment option for many people. Certain insurance policies not only provide you with life cover but also offer investment options.  

With choice comes confusion. People often fail to decide whether to invest in insurance or stock market. Both options come with their own sets of benefits and risks. Let’s explore each option to help you figure out a solution. 

 

Insurance Investment 

Life insurance is an important component of your personal financial management. When considering life insurance, chances are your agent must have spoken to you about Investment-Linked Policies or ILPs. As the name suggests, these policies are a combination of investment and insurance. Many people prefer going for investment-linked insurance policies because they offer a great amount of exposure to insurance as compared to other life insurance cum investment products. ILPs are of two types –  

Single Premium ILPs 

In this type of ILP, you pay a lump sum premium to buy units in the sub-fund of your choice. Typically, single premium based ILPs offer less insurance coverage as compared to regular premium ILPs.  

Regular Premium ILPs 

If you hold a regular premium ILP, you are required to pay premiums in regular or monthly installments. This type of investment-linked policy offers you the advantage of adjusting your insurance protection as per your need.  

Since investment-linked policies play a dual role, they may sound apt. And, they may be. But, these policies come with various risks along with the benefits they offer.  

The Benefits and Risks Associated with ILPs 

ILP’s have several risks and benefits associated with them. These advantages and disadvantages relate to various aspects like the choice of sub-funds, returns, associated fees, and the use of premiums. Also, many people think that these policies are same as whole life plans. But, in reality, they are different.  

Unlike a whole life policy, ILPs offer you a wide range of sub-funds to choose from. Most insurers also provide fund switching options with a limited number of free switches and a fee on additional ones. While this freedom of choice allows you to put your money where you want, you are also incurring fees or are restricted to switch to better funds. Plus, ILPs do not offer guaranteed cash value. This is because the policy value built up depends on the performance of the sub-funds.  

The major disadvantage of the policy comes in the way your premium is used. By paying for these policies, you not only pay for the returns and coverage but also for the agent’s commission, fund management and administrative costs, any additional fee and charges, and the maintenance fees. Considering this, for the initial few years, you may not have any cash value attached to your policy.  

Stock Market Investment 

Singaporean Context 

Singapore has always been a high yielding market. But, the trends from 2013 to 2016 were not so great. 2016 had been a disappointing year at the stock market. Investors were showered with one shock after the other. The trends last year signified investors to adopt a cautious approach with stock markets in 2017. This was mainly because of the economic and political scenarios around the globe that was expected to bring in more volatility to the market. Current trends show the market slowly recovering. While nothing definite can be said, investors may be able to hope for a better future.  

 

Stock Markets – Risks, Benefits, and Solutions  

While the Singaporean stock markets may not give you positive signs as of November 2017, they may show high profitability in the future. That’s how stock markets are – volatile and unpredictable. Investing in stock markets has been a preferred choice for many investors. Yes, they come with risks. But, these risks have allowed investors to enjoy great returns. The biggest disadvantage that comes with this investment type is losing every penny you invested. But, if you are well versed and plan well, these investments can give you great returns.  

Financial planning and good portfolio management is the key to reap the high returns offered by stock markets. Keeping track with inflation, having the right mix of investments, keeping your financial goals in mind when investing, etc., are ways you can gain good returns. Whether you want to achieve financial freedom or gain good returns on investment to finance your child’s education or marriage, having a diverse portfolio can be beneficial. Using a dollar cost averaging strategy can be helpful in mitigating the risks arising from these investments. Dollar cost averaging is nothing but starting by investing small amounts of money at intervals to reduce the effects of violent price shifts. Good financial planning can take you a long way with stock investments.  

Conclusion

Whether you invest in insurance or stock markets, you will have to face the risks that come with them. While investing in insurance offers you life coverage and savings, there is no guarantee about the cash value you gain. Plus, the benefits are highly dependent on the performance of the funds. Stocks don’t get you insurance, but if done right, they have the potential for bringing you financial freedom. Everything boils down to your preferences and goals. Maybe balancing both investment options in consideration with your goals can be fruitful.  

 


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

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Steps to Prepare Financially for a Newborn (2017 Update)

Posted by admin
on December 5, 2017

Steps to Prepare Financially for a Newborn 

It’s always a delight to have a new member of the family or knowing that you are going to be a parent shortly. However, for lots of people, the financial uncertainty of bringing a child into this world can be a source of stress. That said; in this piece of information, we are going to enlighten you on several tips that will assist you to bring a child into the world devoid of worrying about your financial situation.  

newborn
newborn

Ensure Your Emergency Fund Intact 

There is nothing that is so convenient such as having an emergency fund in place. It might sound hard or an attainable to have sufficient emergency fund, but that will only remain unseen if you haven’t taken the first step. You can always save a piece of your month to month paycheck into your emergency reserve fund. That said, you have to note that, babies are very delicate being and they are only going to enhance the chances of emergencies. Therefore, if you don’t have an emergency reserve in place, it is high time to create a plan to contribute to an adequate rainy day fund.  

Plan for Increased Expenses 

With additional people in the family comes extra expenditure. If you already have a budget, you need to sit and think about on how it will look once you have a new member of the family (baby). If you lack the idea of the amount the newborn will need on a monthly basis, ask friends who have had baby lately or make a simple calculation. Once you have the real picture of what the newborn baby will need monthly; you have to start thinking about what expenses you will have to cut to accommodate the cost of him/her. Never forget factoring in the cost of health insurance.    

Evaluate Your Health Insurance Options 

Health Insurance option has never been a better option for many individuals. However, in a situation such as giving birth, health insurance has been one of the best tools in ensuring that women get the best maternity attention all over the work. Luckily, there are several health insurances to choose from, and the only thing you need to do is select a plan that will offer more coverage for the newborn-related expenses. As you make your choice, you also have t check how much more it will cost you to add the baby to mom’s or dad’s health insurance plan. Having a child qualifies as a qualifying life event which will provide you with a chance to improve your health insurance by work or the healthcare exchange outside of the yearly open enrollment time.

Finally, it makes lots of sense to switch from one plan to another relying on the increased cost of adding up dependents. 

Plan for Paid/Unpaid Leave 

You and your better half discussed how much time you are planning to take off? If not, this is the right now to do so. Leave are usually very critical to the mother, father and the newborn during this time. That said, as a family, you also need cash to be able to cater to the need for the newly born child and now here comes the situation of paid leave.  

As an employee of any company ensure that you have information as to whether your firm proffers paid, unpaid or partly paid leave and more importantly, how long the benefits last. If you are planning to take unpaid leave or partially paid expenses, it is essential to have money set apart to pay for the expenditure whereas you are on the payroll.    

Think About Estate Planning 

It might appear a bit off the hook, however, having an estate planning document in place early enough might be a good idea because anything might happen for instance death and so forth. You have to start thinking about whom you what your property left to when you die and whom you would wish as a guardian for your child. You can write all these intentions in your estate planning documents. It is also the best time to reassess your life insurance needs, factoring the newborn. 

Start Thinking About College 

When a baby is born, you all concentrate on the immediate things. Like clothing the baby, feeding the baby and so forth. However, it is relatively essential to have a long-term plan for securing your future and your child’s future. With that in mind, you need to begin discussing the percentage of college cost you would like to save. Make a plan to save enough cash to achieve your college funding goals. Just like retirement, beginning early is one of the most vital things. You can do so to save enough to achieve your goals. Once you have a saving plan in place, work with an expert and see which kind of plan works better for you. 

Preparing financially for a baby might assist you to plan for the unanticipated and protect you from the unexpected. If you still do not know where to go from here. Look for an expert who can assist you or educate you; however, you need to make sure that he/she is a certified personnel. 

Open a baby-fund for diverse baby plus mommy expenditure 

Besides getting health and life insurance, you can as well open an account for the newborn. And start saving for him/her for the unexpected eventuality. The many you are saving in the baby account might be of great importance in different ways. For instance, buying clothes, medical care as well as any other extra cost that comes your way. Financial preparation will assist in dealing with stress-related with unforeseen issues.  

Discuss and explore daycare 

Before you get a baby, you need to discuss. If you or your better half has the plan to stay in the house with the child. Or if you’ll use a daycare. All the options can affect your financial ability dramatically. Before doing anything, you need to discuss options to give yourselves a chance. To prepare for a financial change which will assist both of you to deal with stress effectively. 

 


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

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