Humans are social creatures. The only problem is that socialising in Singapore is usually an expensive night out and an overpriced bottle of cheap wine puked down the toilet bowl. We explore the social consequences of frugality.
For average folks like you and me, chasing the dream of a comfortable retirement, especially in Singapore, usually involves adopting the concept of frugality. This means reining back on luxury purchases, discovering better deals for products you need, and carefully calculating your daily expenses. There are two primary downsides to a life of frugality.
Social Consequence 1
“All my friends on Facebook and Instagram are really letting loose and enjoying themselves. Why should I count my dollars and cents too? I can afford to enjoy myself now anyway.”
The Trappings of Consumerism
We live in an increasingly consumeristic society. The value of your life is not determined by the betterment of yourself and the people around you but by how much you can spend without batting an eyelid. The media too is guilty of propagating mindless consumerism, constantly running stories that promote splurging and shining the spotlight on folks who haven’t done anything significant yet except being born into a wealthy and powerful family.
During Singapore’s embryonic …read more
By Alvin Chow
It’s the last day of 2014!
Thanks for following BigFatPurse.com all these while. It is time to review the happenings in this year. I have to write it down otherwise I would lose my memory few years down the road 😛
We will begin with the top ten most visited BFP pages in 2014!
- STI ETF Monthly Investment Plans Comparison – Why POEMS Share Builder Plan is Preferred?
- How I Blew Up $105,000 In My Trading Account
- How Does STI ETF Give Out Dividends?
- You Shouldn’t Open a Cafe For Money Unless You Scale
- Singapore Property Auctions
- What is the difference between Cum-Dividend and Ex-Dividend?
- Why I Stopped Trading
- Play CASHFLOW Game Online!
- Your First $1,000,000 Making It In Stocks by Dr Michael Leong
- The Economics of Lor Mee
Blog to Business
It was a major transition for BigFatPurse last year. We turned from a blog to a functional business providing financial education to the public.
Though it may sound glamorous to own a business, it is a war zone behind the scenes. There were a lot of uncertainties and discomfort in this journey.
What if you failed? The odds are always against entrepreneurs. In Asian culture, it is very shameful to fail. You will be …read more
By Singapore Man of Leisure
Let’s have a bit of fun as the year comes to a close.
Cash flow versus net worth, which is better?
If I am a gold digger, I’ll definitely go for net worth – especially if he got a 40 million dollar landed property.
Look, it’s much easier and natural to whisper to him during “pillow talk” to have my name added to the title deed.
Now try doing that with a partner who is asset light (rents a penthouse condo) but have a 5 million dollars annual salary…
“Dear, can you include my name in your bank account?”
Now that’s a little too obvious, isn’t it?
Wages, salary, and remuneration
Would you prefer to have a 10 baggers in 10 years with no yields; or no capital gains but you get 15% yield annually for the next 10 years?
Let’s put this question in another light.
Those of you who are working in the corporate world, you know you have it good when you can negotiate your remuneration in annual terms. Now who wants to be paid in weekly or daily terms?
I am paid in hourly rates for my weekend job 🙁
(Consultants and lawyers who charge by the hour don’t …read more
You can learn a lot from great investing books. The only problem is picking the right ones to read. We share with you three timeless investing books that should be on your shelves.
Words by Lee Weiliang
Most successful investors have one thing in common – they’re great readers. For example, take legendary investor Warren Buffett. He spends about 80% of his day reading. If you don’t know how to differentiate chalk from cheese when it comes to investing or just want to gain more knowledge, here are our three definitive investing books for investors.
With 2015 just around the corner, these are the perfect reading materials to set you on the road to achieving your financial resolutions.
- Beating the Street by Peter Lynch
Get into the mind of Peter Lynch, the former fund manager of the legendary Fidelity Magellan Fund. In the book, Lynch shares and explains his personal strategies on how he grew assets of US$20 million to an incredible US$14 billion during his tenure of 13 years. The fund averaged an amazing annualised return of 29.2 percent from 1977 to 1990, and Lynch reportedly beat the S&P 500 Index benchmark in 11 out of those 13 years.
From …read more
Resolutions are hard, especially those that involve saving money. Spending cash, however, is as easy as pie. The secret to achieving your financial resolutions: simple science.
Financial resolutions, whether it’s saving more or spending less, are hard to adhere to. Normally, in the first few weeks of the New Year, you’re as disciplined as a monk. The Starbucks coffees you always purchase on your way to the office have been replaced with a cheaper cup of joe from the kopitiam. You’ve unsubscribed from all the different online shopping websites and your bookmark bar has been wiped clean. You’re making a conscious effort to steer away from taxi queues and resist raising your hand up whenever you’re weighed down with items.
Then, your newfound resolve starts cracking and you comfort yourself by saying it’s just a couple of Starbucks coffees/taxi rides/shopping purchases and it won’t hurt your financial resolutions. By the end of March, any semblance of a financial resolution has disappeared and you’re back to your old overspending self.
It’s a common thread that ties many separate failed financial resolution stories together – the lack of willpower. Before you start beating yourselves to the ground for this, take heart that from a …read more
Ernest Hemingway, one of the greatest writers ever lived, master of words, winner of the Nobel Prize for literature in 1954.
Hemingway was born in 1899 in the Illinois, USA. He lead a tumultuous and colorful life, going through four wives, having fought in and being awarded for bravery in the World War II, and surviving two plane crashes. He traveled extensively and lived in many different countries in Europe, Africa and Central America, most notable of which was Cuba in which he spent a good many years and maintained a residence called the Finca la Viaga.
By any account, Hemingway was not a prolific writer. His writings were sparse, just about a great work every decade. During his lifetime, his published works included 7 novels and a few collection of short stories. They included the classics ‘The Old Man and the Sea’ and ‘For Whom the Bells Toll’. Yet, till this day more than fifty years after he took his own life with a shotgun, his flamboyance and influence amongst the literacy set resonates strong.
Legend has it that Hemingway was in the company of a few other writers in a Manhattan restaurant when the conversation drifted to short stories. Being …read more
Sorry! I just can’t help myself.
No. I won’t be doing an English translation.
If you are already too deep into western way of thinking – think like ang moh, talk like ang moh – you won’t accept it anyway. Too much vested interests. Letting go is hard.
If you still have some “cheenaness” in you, how?
What do you think of what Jack Ma has said?
Hi fellow investors,
This week we have a very special promotional offer from CIMB CFD. They are a strong supporter of this event and am grateful that they have put together a very attractive promotional package for all participants of this event. Even at the last few minutes, they are still trying to add more goodies to the already attractive package. I think the ‘spirit of giving’ really got on to them.
Have you ever wanted to have a trading platform that allow you to take advantage of the market no matter where it is trending? Well, having a CIMB CFD account allows you to do exactly that. No matter if the market is breaking new highs or breaking new lows, CIMB CFD allows you to ‘long’ or ‘short’ a counter with ease with their state-of-the-art trading platform.
For a limited time, they are offering exclusive promotional offers to you when you open and fund an account. Offers include:
- Attractive promotional rates when you trade (see below)
- Redeem a sleek looking wireless mouse
- Attend a free 3 hrs Stock Investment class organised by Wealth Directions
- Stand a chance to win a pair of tickets for ‘Value Investing Summit 2015’ (only for early bird)
The offers are limited to the first 100 who sign up and fund an account. You can register your interest here.
If you missed previous goodies, you can still click on the link below to find out more.
Just like the California Gold Rush of 1849, investors in Singapore have been flocking in droves in the past three years to the region of Iskandar Malaysia to purchase property. Now, the party is over and the fat lady is clearing her throat.
In the past three years, it seemed like nothing could stop the Iskandar train. Malaysia’s richest man Robert Kuok, Australian billionaire Lang Walker, Valencia’s adopted son Peter Lim, and a host of other big players had invested huge sums of money in the region.
Kuok had purchased S$74 million worth of land last year for a mixed-development project. Walker had bet more than a billion dollars on Iskandar Malaysia becoming a boomtown, constructing the “largest master-planned urban project ever undertaken in Southeast Asia”. As for Lim, his considerable influence can be felt everywhere in the area that’s roughly three times the size of Singapore. The businessman and friend of the Sultan of Johor has his fingers in many Iskandar Malaysia-baked pies, including a premium security business, a medical hub, and the motorsports city.
It’s no wonder that many Singaporean investors have made a play in the region in the past half a decade, snapping up properties the …read more
The HDB flat is probably one of the biggest investments most Singaporeans would make in their lives. We explore the important part of every shoebox purchase – the finances.
It’s the rite of passage that almost every Singaporean not born with a silver spoon in his or her mouth goes through – purchasing an HDB flat. Whether you’re single and turning 35 (the age at which HDB finally allows singles to buy their own apartments) or married and looking to build a home, the money is probably the most important factor to take into consideration when you’re in the market for a flat. We’ve put together a comprehensive list of questions you should ask and financial guidelines we recommend you adhere to so that you’ll have worry-free nights in your new home for the next few decades.
Should I ballot for a new Build-to-Order flat or find one in the resale market?
According to PropertyGuru, the average price difference between BTO and HDB resale flats has increased in the past decade. Today, the price difference stands at 31 percent, as compared to 18 percent in 2004. Furthermore, HDB is only launching 16,900 new flats in 2015, down from 22,400 units this …read more