Category: The New Savvy

Financial Preparations Before You Start Your Business In Hong Kong

Financial Preparations Before You Start Your Business In Hong Kong If you want to start your business, you need to make a lot of financial preparations to make it happen. While women have a lot of opportunities to work in Hong Kong, there is still a significant pay divide that bothers a lot of the talented ones. According to an article published in the South China Morning Post, more women are trying to become entrepreneurs. Apparently, they are not given the same compensation as their male counterparts. This is not because they are less talented or skilled. It is because they are women. The truth is, equality between men and women have come a long way – it is evident in the way women are treated and accepted in the workplace. However, you can still see that there is a lot of room for improvement. The same article revealed that more women are choosing to be self-employed – although there is a decline in women entrepreneurs. They are probably opting to be free from the employment rat race, but they do not like to be burdened with starting their company. While being self-employed is still remarkable, there is something better

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5 Things Your Friends Say About Personal Loans That Are Wrong

Personal loans are incredibly popular in Singapore. Given that they neither require a collateral nor limits how you can use the money, it’s not surprising that even Google sees the highest level of consumer interest in this product than other financial instruments. However, there are also many misconceptions about this product that can cost you if you believe them. Source: Google’s APAC Financial Dashboard Misconception 1: Personal loan is the best way to pay off credit cards Personal loans used to be one of the best ways to pay off one’s credit card debt. However, this is no longer the case. Earlier this year, MAS introduced a new instrument called debt consolidation plan, which is effectively a spinoff of personal loan that is specifically designed for paying of other liabilities. While personal loans can be used for any purpose, debt consolidation plans have a more specific use of paying off your loans and therefore charge a slightly lower interest rate. For instance, HSBC offers one of the lowest interest rates for both personal loans and for debt consolidation plans in Singapore. However, its debt consolidation plan is 0.1% to 0.8% cheaper than its personal loan offering for tenures between 1 and 7 years.

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Want the New iPhones? Buying from Telcos vs Apple

Apple’s release of the new iPhones, as always, drew the entire world’s attention to Cupertino. While whether iPhone X is truly revolutionary is being questioned, what is undeniably true is that it is insanely expensive; in Singapore, the iPhone X’s price will start from S$1,648. Despite this astronomical cost, a countless number of Apple fans is expected to skip the iPhone 8 to wait for the iPhone X. To help more people afford these luxury devices, Singapore’s telecom companies (and many others all over the world), have been announcing bundle deals that make these phones available with much lower upfront cost in exchange for committing to a 2-year contract. But are these “deals” really more economical than buying the phone straight from Apple? Bundle deals are more expensive than purchasing directly from Apple By analyzing most comparable plans from each telco in Singapore, we found that 2-year bundle deals are generally more expensive than purchasing a phone directly from Apple and subscribing to a SIM-only plan. Not only that, we observed the gap in cost widened dramatically for data-heavy subscribers. Consider Starhub’s postpaid mobile plans, which make for the easiest comparison between bundle plans and SIM-only plans. For example, its “M” plan is

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Places You Can Visit for Under S$600 on Deepavali Long Weekend 2017

Deepavali long weekend is just around the corner. Although taking a trip somewhere might be an awesome way to spend your vacation, you might be hesitant to do so because it might cost you too much money. For people who haven’t booked a flight yet for the upcoming long weekend, we’ve prepared the below list to help you decide if and where you could visit between 18th and 22nd of October. Nature, beach, and resorts If you are looking for a relaxing vacation on a beach, you may want to consider going to Cebu or Phuket. Direct round trip flights are still available for just over S$200, and both cities should have plenty of affordable lodging options, including Airbnb. Phuket is particularly famous for being an international magnet for beach lovers and serious divers. Blue lagoons and salmon sunsets make for a dream-like atmosphere, and indeed, a vacation here can feel a bit surreal. Bali or Ko Samui may be beautiful, but Phuket and Cebu’s beaches are just as famous and flights cost only half as much. Nature lovers may also want to visit Kunming and its famous stone forest. Cost of a round-trip flight to beach and resort Destinations

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Travel Tips For Solo Female Travelers

The need for travel tips for solo female travelers is increasingly becoming a popular topic. This is not surprising as more and more women explore the world all on their own. Regardless whether it is for business, pleasure, or both, women are taking to…

Tips For Forex Investing In Hong Kong

Tips for Foreign Exchange Investing in Hong Kong Forex investing in Hong Kong is one of the ways that you can make your money work for you. Literally. Forex is short for foreign exchange. You earn from the daily fluctuations of various currencies around the world. For instance, if you invested while HK$1 is equivalent to US$0.13 and you withdrew while it is US$0.14, you just got a profit of US$0.01. Of course, it is a bit more sophisticated than that, but it should tell you the basics of how it works. Forex investment is one of the most fast-paced markets – not to mention the most exciting. This type of investment used to be dominated by financial institutions, central banks, corporations and select wealthy personalities. The data from Investopedia.com revealed that 10 firms control 75% of the volume of foreign exchange. Although they still dominate the trading, the average investor can already join in the excitement thanks to the Internet. Tips when trading foreign currencies Forex investing follow a few important rules. Do your research. Make sure you understand the market and where to get the information that will educate you about it. In general, all investments are regulated

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Why Banks Are Waging a Mortgage War, and What It Means for Singaporean Homeowners

According to a Business Times report, there is a “mortgage war” being waged among banks in Singapore. An increasing number of banks are beginning to offer 3-year fixed rate packages, now with HSBC and UOB joining the flank to match DBS’s leading rates. Others have yet to follow, but it’s too early to rule them out. Why is this happening? And is this really a good development for Singaporean homeowners? We examine the facts here one by one. Home transactions at record highs Indeed, these recent developments do represent an increased competition among banks, and therefore a change that is beneficial to consumers in Singapore. But what are the banks’ motivations in capturing more market share at the cost of potentially lower margins? The first clue lies in the real estate market. According to the Urban Redevelopment Authority, the number of private homes sold just reached the highest level since 2013. More home sales mean more customers looking for a mortgage. And banks are particularly interested in wealthier customers who are buying private properties that tend to be more expensive than HDBs. Given the luke-warm real estate market in the past few years, the rapid increase in private property transactions recently seems

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This is what every ETF investor needs to know today

The exchange-traded fund (ETF) revolution is well underway… Last week, we wrote about how the ETF industry has exploded over the past few years. A record US$3.4 trillion in assets under management (AUM) are now held in ETFs. That’s a nearly 17-fold increase since 2003. Investors have already sunk $391 billion into ETFs so far in 2017, according to industry consultancy ETFGI, surpassing last year’s record in just seven months. There are now over 1,200 ETFs listed on the New York Stock Exchange. And about 5,000 ETFs around the world – up from just 450 in 2005. This growth is part of the larger trend of passive investing. This has been great for everyday investors… their portfolio performance has been a lot better than actively managed funds. But passive investing is becoming a snake that’s eating itself… and the unintended consequences of a good thing could turn into something bad. The passive investment boom Passive investing involves investing with a buy-and-hold strategy through an ETF or index fund that simply tracks an index. It works – well. Depending on the fund, somewhere between 71 percent and 93 percent of active U.S. stock mutual funds have closed or underperformed the index funds

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3 Home Loan Secrets That You Probably Forgot About – But Shouldn’t

Buying a home is one of the most important and impactful transactions a person makes in his entire life. However, because it only happens once in a lifetime for most people, people usually don’t have a good grasp on the best practices regarding their home mortgages. It’s especially easy to forget the nitty-gritty details of how your home loan works few years after you’ve gotten one. However, just because you don’t deal with home loans on a daily basis, it doesn’t mean you can just forget about them. There are important features of a home loan that can meaningfully affect your day-to-day finances if you remember to utilize them appropriately and regularly. Here, we reveal 3 biggest secrets about home loans that you have to know if you own or are thinking about purchasing a home. Don’t Use Your CPF to Pay for Your Home or Your Home Loan By far the most commonly discussed way of utilizing your CPF money is to use it to make your down payment or monthly mortgage payment for your home. Since you can pay 10% to 20% of your purchase price with the money that’s sitting in your CPF account that can’t be

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Common Pitfalls Of Refinancing Your Home In Hong Kong

Common Pitfalls Of Refinancing Your Home In Hong Kong Refinancing is a great way to get a better interest rate or terms on your mortgage. You might think that this is unnecessary since home loans have remarkably low-interest rates anyway – at least if you compare it with credit cards. However, if you want to maximize your money, you should look for ways to lower your interest rate so you can save money on the mortgage in the long run. With all the benefits of a remortgage in your home loan, make sure that you approach it with caution. There are certain mistakes that you can easily fall into. You need to be aware of what they are because committing these mistakes might forfeit the benefits that you should be getting from refinancing. Common mistakes when you refinance your house To help you make a smart choice about your move to refinance your home loan, here are the pitfalls that you need to stay clear of. Having a low credit score. One of the reasons to refinance your house is to get a lower interest rate. This is one of the ways that you can lower the amount that you

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