The new get-rich rules

		Wednesday, Dec 28, 2011 Men's Health
The new get-rich rules
SO WHAT IF THE economy looks like it's on the brink of another downturn? Because this could jolly well be the year that you start your journey towards amassing an abundance of wealth. How? Here's the plan: an easy financial tune-up that will save you plenty of cash, and smart investment tactics to help you make loads more. SEE WHAT YOUR BANK IS HIDING FROM YOU Start your tune-up at where you keep by what you find. Most recently, a technical glitch at HSBC caused its customers to be charged more than they had actually spent. Although some discrepancies were significant enough to be spotted easily, others were not. Some banks also charge miscellaneous fees that you may not be aware of. And if you don't examine your bank statements regularly, you could miss them entirely. Take action if you see something you don't like. "Some institutions will throw in a freebie as a form of service recovery for mistakes they've made, or even drop monthly fees if you make certain adjustments to the way you bank," says Greg McBride, a senior banking financial analyst. SLASH YOUR MOBILE BILLS 80% of mobile phone users overpay for service, says Schwark Satyavolu, co-founder of Billshrink.com (a website that analyses how you spend your money and advises you on how to save). Not by just cents, either, but by an average of $200 a year. If you're not wedded to the latest phone - can you live without an iPhone 4S? - a no contract plan will probably save you big. You can get unlimited phone, texting and surfing the Net for roughly $40 a month. If you can't abandon your gadget, you can at least save on texting by using free apps like Textplus, IMO and Textnow. And don't rule out prepaid - if you're either a very light or very heavy (unlimited) user, this may be the best option for you. Next, call your service provider. Let the company know that you've seen its competitor's ads and you're thinking about switching if you don't get a better offer. More often than not, the rep will pony up a "special promotion" to save you some bucks. INTERROGATE YOUR CREDIT CARD We can never stress this enough: As long as you have credit card debt, you'll never get rich. It's a simple truth. Accept it, then do something about it. The problem isn't really the amount you owe, but what it's standing in the way of: a downpayment on a property, your ability to invest in stocks with good ROI, a rainy day savings account. And don't just transfer your debt from one low-rate card to the next. Eliminate it! Take out a low-interest personal loan to clear all your credit card debts, and work to pay off that loan as quickly as possible without incurring new debt on your cards (meaning, don't even use them).   BADGER YOUR BOSS Okay, now that you're losing less money, it's time to bring in more. Here's what not to do: March into your boss's office and declare: "If you won't pay me what I'm worth, I'll find a company that will." Instead, lay the groundwork now for a big raise next year, says Deborah Kolb, a negotiation consultant. Start by periodically reminding your boss how much you do - just drop it in the conversation. Next, schedule a series of quick meetings to update him on the projects you're working on. Finally, six months before the next round of raises, meet with him formally. Tell him exactly what you believe you're worth, Kolb says. Then ask him for a six-month plan, with specific goals, to take you there. PLAY THE MARKET LIKE A PRO These smart investment tactics will ensure that looking at your bank balance puts a smile on your face. Mix the risk Spread your investments across two or more funds in different sectors to guard against a single investment underperforming, says Darius McDermott, a financial analyst. Play the long game Smarter investors opt for drip-feed schemes known as "dollar cost averaging", where you buy "units" on a month-bymonth basis. It removes the need for a big lump sum and has good returns in volatile markets. Watch and learn Review your investment by comparing it every six months against a benchmark such as the STI index, says Ben Yeardsley, an international funds and wealth manager.STORY READ THE ESTATE SECTION Many Singaporeans have become instant millionaires over the past decade through real estate. But there's really no telling when the bubble may pop, given that the economy may be heading for a downturn. Yet, none of this matters. It's still a smart investment for two reasons: First, every payment you make builds equity in the property - it's like putting money in a savings account (unlike paying for your car, which is a depreciating asset). And, second, interest rates on housing loans are currently very low. Combine these two factors and the "real" monthly cost is half of what It seems. If the house rises in value quickly, that's icing on the cake.

Practical tips to regain control of your life

		Fri, Jun 03, 2011 AsiaOne
Practical tips to regain control of your life
By Ng Kiak Peng, Librarian, National Library Board (NLB) The hectic pace of modern life, coupled with personal and work stress, puts a strain on the mental and physical well-being of even those who are resilient. If you find yourself experiencing more than the occasional "Monday blues" or feel that the drudgery of daily life is getting to you, read The Feel Good Factory on Beating the Blues for short and easy-to-apply practical tips to regain control of your life and beat the blues! Here are four tips: 1. Write it down, make it better "When you're upset, Rant - pour it all out just as it comes to you. Finished? Now read it over and Evaluate what you've written. Try to bring some objectivity. Look for clues as to what is really upsetting you. Spot patterns of negative thinking - are you being a victim? Are you defensive? Finally Decide on a pattern of action." (page 14) Putting your thoughts down on paper will allow you to review all that is troubling you from an objective perspective. This will help you in finding solutions. 2. A pleasure a day… "When we do things we love, we forget ourselves, lose track of time and dismal thoughts take a back seat. Doing just one thing that's fun or that gives you that warm glow of achievement will make you feel better. In fact, even planning to do something you enjoy can cause a mini buzz." (page 21) You may not realise it, but depriving yourself of activities you enjoy leaves you with less energy and motivation to do the "essential but boring" stuff. 3. Create a sanctuary "Creating a place where you can go that is uniquely yours, where you have chosen what you look at, what you feel, hear and smell will prove invaluable in your battle against stress. A room is ideal, a cupboard will do, a corner of a room - just one armchair will be enough." (page 103) The copyright of the book cover belongs to the respective publishing company. Having a place where you can retreat to, where you can do whatever you like, will help you deal with stress and achieve peace on a daily basis. 4. The time of your life "Check emails three times a day and limit how long you spend replying. Morning, lunch and before you leave. That's it. Keeping to this means your working day isn't frittered away in pointless emailing." (page 145) With today's technology, there is no excuse not to be available. Thus, it is important to have a strategy to avoid technology burnout. Otherwise, constant emailing interrupts your daily work and reduces productivity, which will lead to even more stress. The Feel Good Factory on Beating the Blues: Life-healing, mind-mending, soul soothing ideas to heal a troubled mindAuthor: Elizabeth Wilson Publisher: Oxford : Feel Good Factory/Infinite Ideas, 2010 Call Number: English 616.852706 WIL -[HEA] The extracts are taken from the book, which is available in NLB public libraries. Availability of the book title can be checked via NLB's online catalogue at www.pl.sg

25 simple ways to make life easier

25 simple ways to make life easierHave you ever been confused by identical electrical cords or been frustrated by missing jewellery? Check out these 25 simple ways which will make the little things in life much easier. You'll be amazed by their simplicity. Some of them are really creative solutions too. Click on thumbnail to view (Photos: Internet)