Portfolio (as at 30 April 2009)
Challenger: 42000 * $0.195 = $8,190
First Ship Lease Trust: 20000 * $0.38 = $7,600
Suntec REIT: 6000 * $0.735 = $4,410
Total: $20,200
My Portfolio is down 19.14%
Status towards Goal
Net Worth (excluding residential): $46,188 (4.61%)
Annual Dividends: $4,810 (16.03%) / Goal: $30,000
Thursday, April 30, 2009
Sunday, April 26, 2009
Credit Cards - Tools for success
Ok, credit cards don't really make you rich, powerful, nor famous. In fact, if utilised wrongly, can bring great financial disaster to one's financial.
However, when used correctly towards one's advantage, credit cards can be used to one's benefits. For example, my first credit card was the Diners Challenger card. Aside from the free 2 years subscription, I also get free challenger membership, which entitles me to member discount prices at Challenger stores (which I have a vested interest). I also get to earn points at the same time, which allows me to redeem stuff. Cool.
Benefits - Free Challenger membership
My second card was the OCBC Ikea card. Alright, I applied for this as I intended to get some furniture from Ikea, and wanted to pay via 0% interest instalments. Advantages includes 2 free flow drinks (coffee or tea) and member's prices at Ikea Restuarant. It is also great for weekend movies ($8) at Golden Village cinemas.
Benefits - Free Ikea membership, Golden Village $8 weekends tickets
Next, I got the POSB Everyday card, which basically gives 5% rebates at Carrefour, 3% rebates at Watsons, 1% rebates for paying Starhub bills, and SP Services bills. It also has a 0.3% rebate for anything else charged, at non participating stores.
Benefits - Rebates at participating merchants, DBS dining discounts
Next up, the Maybank Platinum eCard. This allows you free entry to Sentosa, via the Sentosa Express (train) at Vivocity level 3. Now I can enjoy the beach there as often as I want! It also has various discounts like attractions, dining and accommodation at Sentosa, much like the Sentosa Islander card.
Benefits - Free entry to Sentosa via Sentosa Express. Dining, attractions and accommodation discounts at Sentosa
Finally, I got the OCBC Robinsons Platinum card, for 5% rebates and member prices and discounts at Robinsons, and River Island, one of the coolest stores for clothes. This card is also great for the priority platinum queue at Golden Village.
Benefits - Rebates at Robinsons, River Island. Golden Village platinum queue + $8 weekends tickets
Not forgetting the cousins of credit card, the debit cards. Must haves include the SMRT Platinum Debit card, which doubles up as an ATM card, and an Ezlink card which gives 2% rebates for every $30 auto top-up. This means that after including the convenience fee of $0.25 per auto top-up, i will still earn $0.35 per top-up ($30 x 2% = $0.60 - $0.25 = $0.35). Talk about paying you $0.35 for every auto top-up. Cool. It is also great for VISA transactions, which gives 1% rebates. In addition, Citibank has various dining discounts at restuarants which you would be able to utilise.
Benefits - Rebates for Ezlink auto top-up, Citibank dining discounts
Next, we have the Standard Chartered XtraSaver debit card. This card requires a minimum monthly balance of $6,000 in your account, before any rebates are given. For Mastercard transactions, 2% rebates are given, while NETS transactions earn 0.5% rebates.
Benefits - Rebates for Mastercard and NETS transactions
With some many cards and benefits around, it is best to utilise the best possible discount for each card. If a store offers a 15% discount with a particular card, it is best to use the required card for the best bang for the buck. Otherwise, the XtraSaver card with 2% rebate is the next best bet. The savings from using the cards could add up to be substantial, and could enhance one's savings.
The most important lesson to note, is to ensure that credit card payments are made in full every month, so that interest would not be levied on late payments, which would defeat the purpose of the savings with the card.
However, when used correctly towards one's advantage, credit cards can be used to one's benefits. For example, my first credit card was the Diners Challenger card. Aside from the free 2 years subscription, I also get free challenger membership, which entitles me to member discount prices at Challenger stores (which I have a vested interest). I also get to earn points at the same time, which allows me to redeem stuff. Cool.
Benefits - Free Challenger membership
My second card was the OCBC Ikea card. Alright, I applied for this as I intended to get some furniture from Ikea, and wanted to pay via 0% interest instalments. Advantages includes 2 free flow drinks (coffee or tea) and member's prices at Ikea Restuarant. It is also great for weekend movies ($8) at Golden Village cinemas.
Benefits - Free Ikea membership, Golden Village $8 weekends tickets
Next, I got the POSB Everyday card, which basically gives 5% rebates at Carrefour, 3% rebates at Watsons, 1% rebates for paying Starhub bills, and SP Services bills. It also has a 0.3% rebate for anything else charged, at non participating stores.
Benefits - Rebates at participating merchants, DBS dining discounts
Next up, the Maybank Platinum eCard. This allows you free entry to Sentosa, via the Sentosa Express (train) at Vivocity level 3. Now I can enjoy the beach there as often as I want! It also has various discounts like attractions, dining and accommodation at Sentosa, much like the Sentosa Islander card.
Benefits - Free entry to Sentosa via Sentosa Express. Dining, attractions and accommodation discounts at Sentosa
Finally, I got the OCBC Robinsons Platinum card, for 5% rebates and member prices and discounts at Robinsons, and River Island, one of the coolest stores for clothes. This card is also great for the priority platinum queue at Golden Village.
Benefits - Rebates at Robinsons, River Island. Golden Village platinum queue + $8 weekends tickets
Not forgetting the cousins of credit card, the debit cards. Must haves include the SMRT Platinum Debit card, which doubles up as an ATM card, and an Ezlink card which gives 2% rebates for every $30 auto top-up. This means that after including the convenience fee of $0.25 per auto top-up, i will still earn $0.35 per top-up ($30 x 2% = $0.60 - $0.25 = $0.35). Talk about paying you $0.35 for every auto top-up. Cool. It is also great for VISA transactions, which gives 1% rebates. In addition, Citibank has various dining discounts at restuarants which you would be able to utilise.
Benefits - Rebates for Ezlink auto top-up, Citibank dining discounts
Next, we have the Standard Chartered XtraSaver debit card. This card requires a minimum monthly balance of $6,000 in your account, before any rebates are given. For Mastercard transactions, 2% rebates are given, while NETS transactions earn 0.5% rebates.
Benefits - Rebates for Mastercard and NETS transactions
With some many cards and benefits around, it is best to utilise the best possible discount for each card. If a store offers a 15% discount with a particular card, it is best to use the required card for the best bang for the buck. Otherwise, the XtraSaver card with 2% rebate is the next best bet. The savings from using the cards could add up to be substantial, and could enhance one's savings.
The most important lesson to note, is to ensure that credit card payments are made in full every month, so that interest would not be levied on late payments, which would defeat the purpose of the savings with the card.
Saturday, April 25, 2009
My Goal
Follow me on my journey to make a million $ in order to get out of the race rat!!!
- Primary Goal - One Million Dollars in Liquid Assets
- Secondary Goal - $30,000 annually in passive income
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