writing pool
A Collection of Reviews, Short Stories and Essays
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Monday, November 5, 2007
Madonna aptly summed it up for all of us—we are living in a material world and I am a material girl. Why bother hiding the fact? Embrace it! Sassy lyrics like Diamonds are a girl’s best friend or classic adages like Money makes the world go round didn’t pop out of thin air for nothing. We DO live in a material world. And while we fully know how to appreciate the more important things in life like love and friendship, there’s no denying the fact that we don’t mind having our fair share of the Louis Vuittons, Guccis, Armanis and Cartiers of the world. For these material luxuries and rewards represent something we all aspire for—success in life, in our careers. They go beyond being mere retail therapy. They’re rites and symbols of passage. At the end of the day, driving home in your first Porsche or BMW, seeing the first Chagall acquisition hanging proudly on your living room wall, going on that first luxury cruise around Asia with your partner, or the mere act of watching your favorite Queer as Folk episode in your state-of-the-art plasma TV gives you a sense of accomplishment—all your hard work finally reaching fruition! We all dream for that day to come. Heck, we all dream the day will come SOON, all of us yearning instant gratification. However, saving for our dream car/wardrobe/vacation while satisfying our immediate needs (bills, bills and more bills!) is easier said than done. Reality, in the form of our monthly pay checks, can be such a pain in the behind. That is why we’ve asked financial expert Jason Tan for a couple of pointers on how to manage our money well. Tip No. 1: Determine your spending style. Learning about your financial bad habits and weak spots can save you a lot of grief later. You need to ask yourself these questions: Are you a power spender? Do you feel the need to challenge your credit limits with your monthly Vuitton purchases? Do you spend more when stressed? Are you the type who goes out to buy only a pen but ends up buying three different colored pens, a couple bars of chocolates, a magazine and a steaming cup of Starbucks’ White Chocolate Mocha…and a muffin? Do you pay in cash or are Visa and Mastercard your best friends? Do you even spend at all? Because while spending too much can be bad for you, too much saving can be unhealthy as well. You wouldn’t want your friends thinking your Ebenezer Scrooge! The key here is to learn how to spend your money without guilt. Jason states that it’s all about prioritizing things. He suggests setting aside 30% of your monthly salary either on a savings account or using it to start an investment. The rest you’re free to spend on retail therapy (we all need our monthly fix, after all), clubbing, cruising the gym and Friday-night dates with the boylet(s)! Tip No. 2: When it comes to investments, one theory stands true—the higher the risks, the higher the returns. Time deposits may well be a safe place to put your money in. But given that it only earns around 3 – 4% interest, you may have to wait a little bit longer before realizing your dream of opening up that club in Malate. Instead of waiting, learn to take risks when it comes to your money. Other financial instruments you might want to look into are UITFs, mutual funds, bond funds, and stocks. Each has its own level of risk and its corresponding return. Stocks, for example, are more volatile compared to bonds but the pay-offs should you happen to invest in a company with a strong and solid foundation is well worth the risk in the end. You could end up a millionaire in a day! “With the country’s booming economy, now would be the perfect time to invest in stocks,” says Jason. “Different sectors of the economy have been experiencing growth and a lot of businesses are booming. It’s all a matter of choosing where to invest your money, definitely something we have to really put our thoughts into.” Tip No. 3: Unleash the Creative Spender in you. Believe it or not, you don’t really need a lot of moolah to have the time of your life NOW. Being young is supposed to be one heck of a party. But when you’re too broke to even hit the cheaper night clubs (why would you even go there?), then you know it’s time to be creative. Convince a friend to throw a party. One word: charisma. Talk your way into gaining entrance in a big event. If all else fails, put your networking skills to the test. What are connections for? Be spontaneous and pretend it’s your birthday—birthdays bring out the best in restaurant and club managers so enjoy the free dessert or VIP pass it gets you. This is also a great tactic in catching the attention of that hot male specimen you’ve had your eyes on since your arrival. Gatecrash a launch party—aim for a big one to blend in the crowd better…who knows, you might even meet Mr. Right-Now there! Be reckless…but try not to get arrested. Other money saving ideas: Fond of shopping? Try doing it online—you often get really good deals by shopping online for everything from the latest Madonna album to books and clothes. Just be sure to pay off your credit card bills immediately as you don’t want to drown yourself in unpaid bills. Looking into raising extra cash quickly? Take a look around and you’re bound to see unwanted stuff lying around your apartment. Instead of throwing them away, unwanted CDs, clothes or furniture may just be what you need to boost that bank account. You’ll be surprised at the amount of money you can raise. Next thing you know, you’re on your way to making that great fabulous purchase! The fun, crazy antics you used getting there…icing on the cake! *This article was written for Generation Pink, a gay lifestyle magazine.
posted by Tricia @ 3:37 AM 0 Comments:
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