Category: Personal Finance

One Dollar Idea

dollar-signWhy pay a dollar for a bookmark?
Why not use the dollar for a bookmark?
– Steven Spielberg

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One Dollar Idea

Why not indeed! When a bookmark has ceased its usefulness, we get rid of it, whilst a dollar will always has value, which of course is subject to inflation. But a dollar is a dollar.

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big-pound-signIn the UK, the rough equivalent of a dollar is the pound. The pound has become really mighty in terms of its reputation of spendability.

Pound shops are growing exponentially. They are everywhere. Everyone goes out there to shop, the rich, the very rich, the middle classes, the working class and sometimes the down and outs.

Everything is for a pound but sometimes it is even less (especially if you shop at its sister company the 99p)

The first tine I went to a pound shop, I saw a huge Toblerone which I could not believe was only for a pound. I had to double check that it was for a pound, afterall just a few weeks before I paid £4.99 for the same size at the Duty Free. I just bought one because I know my Toblerone. I have been eating it regularly on a weekly basis for the past 29 years. I am an afficionado. 😉  Got home, unpacked the shopping. Sat down in front of the telly with my cup of tea and then slowly and rather gingerly unwrapped my Toblerone, I was rather half expecting that something untoward was about to happen. I don’t know, I thought it would be green or mouldy. But it was fresh, and delicious, and nougathy and crunchy and nutty and heavenly. It tasted like the kosher Toblerone. Result!!!

It gave food for concern thought.  Instead of Peter buying me the smallest size Toblerone weekly, I now have the full size one any day of the week? I don’t really want to get even fatter. Seriously!

Ooops I digress. Anyway in the pound shop you can almost get anything. They have even started selling milk, eggs, butter, bacon, sausages which I have to admit I would still prefer to buy from my local Sainsburys even if they could twice the price. I don’t know, it is just me.

Next Phase: Retirement

retirement

Next Phase: Retirement

Life begins at retirement.
– Anon

 

The phases of life are usually, from birth, getting an education, working for a living, retirement and then whatever comes next!  Of course this is not always the case as sometimes the grim reaper comes calling in before you even started to really live.

You also hear of cases now where the nanny state looks after the people in her very encompassing embrace and protection.  Just a few weeks ago I was talking to a man who was very proud of his disability.  He was only in his late 50s but he was half-boasting that he has not worked for more than 37 years and yet he and his family are comfortably housed, fed, and clothed.  (All he was worried about was how the new Universal Credit will apply to him and his family.  Again he is lucky as the Universal Credit is for the moment only affects those who are single claimants.)

I will not retire while I still have my legs and my make-up box.
– Bette Davis

At the other side of the spectrum, there are those who are only too happy to go on working as long as they can;  we have very dear friends who have worked all their lives, taking any kind of jobs along the way. They had just retired this year at the ages of 80 and mid-70.  They are both hale and hearty, probably because of their industrious ways and keeping busy all the time.

Peter and I attended a Retirement seminar a couple of weeks ago.  It was rather sobering to note that retirement is not all it’s cracked up to be.  Apparently, retirement is not really a time for that perceived and imagined comfortable life in the sun overlooking the seaside.  Retirement is just another obstacle course to navigate in one’s life.

I’m retired – goodbye tension, hello pension!
– Anon

If you don’t look after your money, your money won’t look after you.  The IFA conducting the seminar said that the number one foe of retirement is inflation. To start with, you might think that you have enough to live on, but can you still live comfortably in 10 years time when inflation has sunk its mighty claws into the basic necessities of everyday life?

Peter and I just hoped that the IFA gave us a frigthener to ensure that we invest the tax-free cash, which is 25 per cent of the pension pot.  But then again, he might have a point.  The salaries in the last 5 years have not really gone up but the prices of food, water, gas, electricity and fare have gone up exponentially.  These are basic necessities, things that we cannot do without.

It was only mentioned during the seminar that state pension is under consideration. It is being mulled about that it should be awarded at 70 of age for both men and women and that they needed to have both worked for a minimum of 35 years each (or to have previously claimed benefits for 35 years).

There are also the Inheritance Tax (IHT) to consider and most frighteningly, the dreaded Long Term Care.  If not thought out properly the home you paid for with crippling mortgage will not pass to your heirs.  Instead it could be forcibly taken out of your hands to pay for your long term care.

Another thing to really think about!!!

Saving for Retirement
And in the end, it’s not the years in your life that count. It’s the life in your years.
– Abraham Lincoln

Retirement

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Retirement is a phase in every working person’s life that comes sooner or later; many wish sooner rather than later.

But is retirement all what it is cracked up to be?

According to a British insurer, 1 in every 5 pensioners returns to work after retirement to alleviate boredom? Will you or are you one of the returnees?

Does life begins at retirement?

Is retirement an ending or a beginning?

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retirement

The Philippines Asia’s next tech tiger?

The Philippines Asia’s next tech tiger?

The Philippines could be Asia’s next tech tiger.  When my dear wife & I visited the Philippines nearly two years ago, we spent most of the time with Jean’s delightful family and touring around.  I was impressed at the scale of building work.  I saw architecturally interesting, clean bright looking buildings being erected, mainly apartments & offices. I could see so much potential in the Philippines, it is a growing SE Asian economy. Their use and development of IT is as good as any developed country.

If the infamous and exposed corrupt (Napoles et al) Pork Barrel PDAF  budget systems are corrected soon, this potential would be unleashed to improve the economy to benefit the hard-working & innovative Filipino people.  The IT industry is growing in the Philippines and cyber hubs are growing. This is no surprise, as I find Filipinos are natural engineers and problem solvers. Many are electronic , hardware engineers, computer coders, programmers  who enjoy embracing technology.  However those who have the skills tend to migrate to more prosperous countries, which have better infrastructure.

The internet infrastructure in the Philippines needs drastic improvement.  Only the ‘social surfing elite’ having decent connection speeds.  This severely hampers those who need faster broadband speeds needed to develop cyber innovation and therefore generate income to the nation.

Below is an interesting BBC news item about the Philippines emergence in technology.

The Philippines may have the fastest-growing economy in South East Asia but it also has the slowest internet in the region. Despite this, some think they have spotted an opportunity that could turn the country into Asia’s next tech tiger. Aurora Almendral met some of the true believers. On paper, the Philippines has all the ingredients of an emerging tech tiger: a fast-growing middle class with money to spend; a 100-million strong, largely English-speaking, population addicted to social media; plus low labour and operating costs.

But go anywhere on the islands and you’ll notice frustrated faces on many of those with a handheld device in their palm.

Internet speeds are atrocious – a measly 3.6 megabits per second (Mbps), well below the regional average of 12.4 Mbps. Never mind the US average of 22.3 or near neighbour Singapore with 61 Mbps.

Peter Fabian

“We see the Philippines as a good testing market”

Peter FabianInternet entrepreneur

Coverage is patchy at best for mobile. Venture outside of the cities and you might as well be in the 1990s.

In the words of Peter Fabian, a recently arrived tech entrepreneur, to any seasoned Silicon Valley investor the Philippines looks like “the end of the world. For years, the Philippines lagged behind the rest of South East Asia, and entrepreneurs looking for the next tech hub overlooked the country for other nearby booming economies, like Thailand and Singapore. But, says Mr Fabian: “We see the Philippines as a good testing market.” After researching emerging markets across the globe, he decided on the Philippines for his start-up, which aims to use big data to build a credit card company aimed at the middle class who are not customers of traditional banks. Furthermore, there are a lot of unexplored opportunities and, with few experienced tech entrepreneurs around, not much competition. Mr Fabian was also attracted to the fact that, as a former US colony, the country shares many US institutions and has a similar culture, making the Philippines feel very familiar.

Group of Filipinos using mobile phones

More than 60% of Filipinos have smartphones.

“The attitude towards foreigners is very welcoming, which cannot be said of a lot of people in Asia,” says Mr Fabian. The Philippine start-up scene is small, but people are starting to trickle in. Some are adapting Western products to the local market, like fast fashion ecommerce, daily deals sites or taxi service apps. Others, like Ron Hose, a Silicon Valley-bred, Manila-based entrepreneur and investor, are looking at solutions to more local challenges.

There are a second set of problems that are unique to emerging markets that companies and entrepreneurs in developing countries are not really building products for,” he says. “An entrepreneur sitting in an office in Silicon Valley,” Mr Hose says, “is not thinking about the problems of a Filipino who is sitting in a Jeepney [local taxi] for an hour and a half a day to go to work, or whose home gets flooded 10 times a year during typhoons.” Mr Hose’s company, Coins.ph, provides financial services for people without bank accounts. He says that while each country is unique, there are big fundamental problems that are common across emerging markets, such as lack of access to education or the fact that people are unbanked. “If you solve one of these needs, then the market is larger than any one of these countries. If you can solve banking for people in the Philippines, you can solve it for 500 million people in South East Asia,” he says.

Richard Eldridge is another tech entrepreneur based in Manila. He co-founded Lenddo, an on-line loan company that wants to help consumers use their social media activity to develop creditworthiness, giving them access to financial services. He has been working in the Philippines since 2001, and has had a front row seat for the Philippines’ economic growth.

Ron Hose, co-founder of Coins.phRon Hose believes his on-line site will be a breakthrough service for the middle classes in emerging markets

He previously ran a large outsourcing company, and found that many of his employees – the very middle classes he seeks to serve – kept asking him for loans. “It fascinated me that they were coming to me and not going to a bank and getting loans,” Mr Eldridge says. He left the multinational in 2011 to start Lenddo with New York-based chief executive Jeff Stewart. The Philippines remains Lenddo’s home base and largest market but in the past year it has expanded to Mexico and Colombia and is looking at 30 other emerging countries.

Local problems, local solutions

While foreigners have made a mark in the Philippine start-up sector, most entrepreneurs are locals, solving local problems. Norris Jay Perez was a programmer for a small company before he struck out on his own in 2009. For four years he tried and failed at 10 different start-up ideas before coming up with Apptivate, a platform that allows smartphone users without credit cards to buy apps. He had the idea when he wanted to buy an app for his second-hand smartphone but could not because he did not have a credit card. Nearly 60% of Filipinos own a smartphone, computer or tablet, significantly higher than comparable emerging markets such as India, Vietnam or Indonesia. Mr Perez says that only 3% use Apptivate and he believes he is tapping into a large market with plenty of room to grow. However, spotty mobile coverage and slow internet speeds are hampering adoption. Mr Perez admits he spends time fielding emails from Apptivate customers, frustrated because slow and patchy mobile internet connections kept them from downloading apps they had already paid for.

Limited local talent

The situation has attracted the ire of Senator Paolo Benigno Aquino IV, who requested a Senate investigation to find out the cause of slow internet speeds in the Philippines and how it was affecting the ease of doing business. “Lack of good internet is going to slow down economic growth in the Philippines, that I know for sure,” says Ron Hose of Coins.ph. But he adds: “It’s not going to slow down tech entrepreneurs.” He thinks the bigger issues are an underdeveloped funding infrastructure and a lack of tech talent. “The good ones have left for Singapore or Hong Kong. It makes it hard for tech entrepreneurs to operate here,” he says. Lenddo solves its talent shortfall by outsourcing the most complex data engineering work to New York, while hiring the rest of its team locally. For now, the Philippine tech industry is for true believers, willing to build not just a business, but an industry from the ground up.

Fake Filipino Pesos from MLhuillier Money Transfer

Fake Monies from Money Transfer Agency

Someone from Facebook just posted this photo.  Apparently this P1000 note is a fake.   She was incandescent with rage and I do understand how she felt.

It is not right that the money transfers agencies like MLhuillier do not check for authenticity of monies they are issuing to their customers. It should be the first order of business to know that monies in their stocks are safe, secure and legitimate.   Afterall their clients pay premium fee to transfer monies to relatives back home to the Philippines.

Another thing, don’t make it too hard for a customer to put a complaint.  Try to cater to their concerns and not ignore them and sweep their problem under some dirty carpets.

To the customers, ensure that the money you received are not the fake ones. Probably a selfie while at MLhuillier or some other money transfer agencies showing the serial numbers of the money would help;  if you are a victim of the fakery,  report to the police this fake transaction at once.

fake money

Money, Money, Money

Money is human happiness in the abstract.
– Arthur Schopenhauer (1788-1860)
 

Does Money make the World Go Round?!!!

I was taken aback when I read that there are so much that can’t be bought by money.   I thought everything has a price tag these days.

Anyway I saw a list of these 50 things in Facebook and I was forced to add my comment to a friend’s timeline disagreeing with some of those in the list.  I am afraid my comment was unappreciated. LOL

Below is that list and would appreciate your thoughts! 😉

money can't buy

I think most of the things above can be achieved more easily with money!

Below are quotes from the famous, the millionaires and the billionaires.  Surely they can give a better glimpse on how it is to have money, money, money!!! 🙂

 

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Money is power.
– Andrew Jackson

big-pound-sign
Money is the root of all evil, and yet it is such a useful root that we cannot get on without it any more than we can without potatoes.
– Louisa May Alcott
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A feast is made for laughter, and wine makes life merry, but money is the answer for everything.
– Ecclesiastes 10:19
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Always live within your income, even if you have to borrow money to do so.
– Josh Billings

😉
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Euro-sign At the back of every great fortune lies a great crime.
– Honore de Balzac
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Everytime you spend money, you’re casting a vote for the kind of world you want.
– Anna Lappe
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I believe that the power to make money is a gift from God.
– John D Rockefeller
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If you can actually count your money, then you are not really a rich man.
– J. Paul Getty
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I’m not a paranoid deranged millionaire.
Goddammit, I’m a billionaire.
– Howard Hughes
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In suggesting gifts, money is appropriate, and one size fits all.
-William Randolph Hearst
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It is physically impossible for a well-educated, intellectual, or brave man t make money the chief object of his thoughts.
– John Ruskin

It isn’t necessary to be rich and famous to be happy. It’s only necessary to be rich.
– Alan Alda
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If money be not thy servant, it will be thy master. The covetous man cannot so properly be said to possess wealth, as that it may be said to possess him.
—Bacon
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I don’t like money, but it quiets my nerves.
– Joe Louis

LOST money is bewailed with deeper sighs
Than friends, or kindred, and with louder cries.
– Juvenal

Money is a good thing to have. It frees you from doing things you dislike. Since I dislike doing nearly everything, money is handy.
– Groucho Marx

Money, it turned out, was exactly like sex, you thought of nothing else if you didn’t have it and thought of other things if you did.
– James Baldwin

Not having to worry about money is almost like not having to worry about dying.
– Mario Puzo
One should look down on money, but never lose sight of it.
– Andre Prevot
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dollar-sign

PLAIN food is quite enough for me;
Three courses are as good as ten;
If Nature can subsist on three,
Thank heaven for three—Amen!
I always thought cold victual nice—
My choice should be vanilla-ice.

I care not much for gold or land;
Give me a mortgage here or there;
Some good bank-stock, some note of hand,
Or trifling railroad share:—
I only ask that fortune send
little more than I shall spend.

– Oliver Wendell Holmes.

……………………………………………………peso
To be clever enough to get a great deal of money, one must be stupid enough to want it.
– George Bernard Shaw
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The only thing money gives is the freedom of not worrying about money.
– Johnny Carson
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The love of money is the root of all evil.
—1 Timothy 6:10.
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There’s certain part of the contented majority who love anybody who is worth a billion dollars.
– John Kenneth Galbraith
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yenWhoever said money can’t buy happiness simply didn’t know where to go shopping.

– Bo Derek