Why do some people make fortunes while others lose it all, despite having the same knowledge? What if the real secret to financial success isn’t about mastering money, but mastering yourself?
Understanding the psychology behind your financial decisions might just be the missing piece in your quest for wealth.
With Singapore property prices hitting stratospheric levels, many are inclined to look at the wider South East Asian region. After all, we do have a pretty strong Singapore dollar right now, and many Singaporeans are flush with cash.
Right now, residential properties in Makati, Manilla (Philippines), and the Iskandar region of Johor Bahru (Malaysia) appear to be the hottest ones in the market. Those who prefer to venture further afield are also considering properties in the white hot Melbourne and Sydney markets or even properties in the UK.
What about the island of Penang? Are Penang properties still worth investing in? Let us take a closer look.
Why are some folks blessed with riches while others struggle to make ends meet? What is the magic formula to wealth?
The answer, according to renowned millionaire guru T. Harv Eker, is found in one’s money blueprint. In his bestselling book, Secrets of the Millionaire Mind, Eker urges us to change our personal money blueprint and reprogramme the way we think, feel and act in order to achieve mastery over our wealth, attain financial freedom, and lead more meaningful lives.
PM Lee at National Day Rally 2014 (courtesy of Prime Minister’s Office)
Prime Minister Lee Hsien Loong’s recent National Day Rally speech got me thinking about the challenges of planning for one’s retirement. Are Singaporeans aware of how much funds they need to retire comfortably? Do they know what their true retirement living costs will be?
I like how PM illustrated the case of a fictitious 54 year old senior technician named Mr Tan, and how his estimated living costs of $2,000 per month could possibly be met. Through the example given, PM showed that a CPF Minimum Sum of $155,000 – to be adjusted to $161,000 next year – isn’t an unreasonable amount to be considered in one’s Retirement Account (RA). In fact it can only cater to a very basic lifestyle and is probably insufficient for those who retire earlier (at say 55 rather than 65 years of age).
Singapore’s Central Provident Fund (CPF) is certainly in the news these days.
The buzz began with recent announcements made on the rise in the CPF Minimum Sum, our President’s address on the review of CPF at the opening of Parliament, a series of blog posts by a certain blogger, and the accompanying lawsuit of the blogger by the Prime Minister. As you’d imagine, lots of bloggers have weighed in on both the positive and negative aspects of CPF (you can find a tonne of them in SG Daily here). The latest is a blog post clarifying what CPF is on The Ministry of Manpower’s blog, followed by assurances that the Government is looking to enhance the CPF Life annuity scheme.
.jpg)
Audrey (left) and Min Xuan of PlayMoolah
Money makes the world go round. Like charity, however, money management habits should begin at home.
With the world still reeling from the 2008 financial crisis and the more recent European sovereign debt crisis, it is clear that greater financial education is in order. While we Singaporeans (and many of our Asian counterparts) still have some moolah in the bank, it is difficult to foresee what the future may hold.
Courtesy of Rentoid
In an age where anything and everything is trending towards FREE, companies face many increasingly thorny dilemmas on the issue of pricing. What should one charge in order to make a profitable and sustainable living? How can one stand out from other similar businesses using price as a lever? Is there a trade-off between the number of users/subscribers/fans and actual paying customers?
Answering these questions isn’t easy. One can either choose to go with one’s gut (ala Malcolm Gladwell’s the Law of Thin Slices) or perhaps embrace a more methodical approach.