Welcome to my Blog!

With the current bonus, I ended up with $1000 a thousand dollars to spare. So what I did was through the internet banking order viagra services provided by DBS, (with the dongle) I got access to the account number for POSB MySavings, hence I could transfer the savings easily through any POSB or DBS ATM machines.

To get the dongle, simply go to an ATM machine and request for a DBS ibanking service… and ask the outlet’s customer service for assistance.

To transfer money from your POSB Savings account to the POSB MySavings Accounts, go to any POSB or DBS ATM and do this.

Other services -> Fund transfer -> From savings account -> To another savings account.

Enter your My Savings Account number. You may check this through DBS ibanking or check this with the outlet’s customer service assistance. Next enter your Amount and that’s it. It works like a normal fund transfer facility.

Basically with the DBS iBanking, tracking transactions is much easier and faster.

It’s a good thing that Wordpress has this scheduled post thing. By the time you are reading I am on my way to Kuala Lumpur in Malaysia attending “Hack in the Box”.

So… the other time I was explaining in my post on a savings account, which covers compounded interests. Then there was this guy asking the exact calculation on compounding interests. It is quite tricky though, because calculating how much interest in savings or loan you incurred is not an easy task.

Heres the post that I made on compounded interest savings account:
http://www.dennisquek.com/2008/09/introduction-to-citibanks-step-up-saving-accounts/

So I decided to develop a simple “Compound Interest Excelsheet calculator”. This calculator is based on a monthly compount, so please used it appropriately .This is an excel spreadsheet, so you can download it and open this using Microsoft Excel, or a Microsoft Excel Reader. (Don’t worry, it is virus free, trust me.)

On this calculator, you need 3 variables.

1. Your initial amount.
For viagra to buy online savings, this is the initial opening amount. For loan, it is the amount you have already paid.

2. Your monthly figures
For savings this is how much you save a month / For loan this would be the amount you will repay each month.

3. Interests in compounding percent.
This is the yearly interests you always see in marketing ads. If your saving plans offers a 1.2% compound interests yearly, it means it is offering a 1.2% divided by 12, which is 0.1% a month. This is different from 1.2% a year.

With these in mind, key the data in, and all the figures shows up instantenously. My aim is to show you the effective interest rate, by calculating interests earned less the amount without the interests, to calculate the effective % of interests earned.

You can download it right Here!

After paying my final semster school fees which amounts to $3000 (damn !) I am more or less clear of debts. I hope the bank and insurance agents doesn’t approach me for saying that.

I’ve decide to put in additional $300 monthly into this cheap cheap viagra target=_blank”>savings account provided by POSB-DBS that offers a 1% interest P.A based on the $300-$799 range. Though they say saving your money in bank is the most stupid choice, but for a start hmm…

Hopefully my monthly passive income in my monthly summary announcement will increase by that few dollars!

This was taken from an email forwarded to me. There’s no source, but I hope to find it and link it here. Heres the story:

“Once upon a time in a village in India , a man announced to the villagers that he would buy monkeys for $10.

The villagers seeing there were many monkeys around, went out to the forest and started catching them.
The man bought thousands at $10, but, as the supply started to diminish, the villagers stopped their efforts. The man further announced that he would now buy at $20. This renewed the efforts of the villagers and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms. The offer rate increased to $25 and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!

The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now act as buyer, on his behalf.

In the absence of the man, the assistant told the villagers: ‘Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when he returns from the city, vardenafil you can sell them back to him for $50.’

The villagers squeezed together their savings and bought all the monkeys.

Then they never saw the man or his assistant again, only monkeys everywhere! Welcome to WALL STREET. ”

There you have, the wall street humour. This is also how Wall Street and the stock exchange operates, that lead to our current economic situation.

We often see investments as part of financial protection and security, because in long terms of 10-20 years, we see growth in our money and assets. And instead of putting your cash in banks of low interest, people often invest, because the returns are higher. But there are several options when it comes to investing, and where to invest.

Yes there are many options to invest. You can invest in houses and estates, businesses, stock and shares, bonds, fixed deposits etc etc… we shall cover that in details other posts.

Invest in Estates

Right now in the US, house prices are hitting the bottom end. And it is even hard to get a bank loan in this financial crisis period if you want to purchase houses (unless you have ready cash:) ). Buying houses is a good and healthy way for investments. Say the property prices in the area increases in the next 5 years, or you rent the house out. These are investment opportunities.

Invest in Businesses

To invest in businesses, basically we are talking about being a shareholder. No matter if it is a small or big business, you can always “lend” or invest into a business first. Then the managing guy will make use of the initial capital to buy assets, or things used for the business to start.

Similarly, we are talking about after a few years later when profits have break even, and we start to see ROI (return of investments) occuring. That is when, I am not sure the returns will be. It might be very high, depending on how good it is done.

Invest in Stocks and Shares

For stocks and shares, it is quite interesting to understand them because there are many financial companies, and banks, investment companies that offers the same services. And an US economy can affect the whole world (Just look at AIG and Lehman Brothers.) Even a portion of your higher-interest savings and insurance goes into investing stocks and shares.

Invest in Low risk products

Lastly, fixed deposits are considered low risk investments. Unless you need liquidity in your cashflow, putting your savings into fixed deposits cialis to buy accounts for 2-3 years won’t hurt. Just find a bank that is reputable and that you are more comfortable with, in terms of services, or actual percentages and then park your money there. Oh, and don’ forget those saving accounts which can yield monthly compounded interest rates as well. I’ve listed 2 examples here:

http://www.dennisquek.com/2008/09/another-saving-account-from-local-bank

http://www.dennisquek.com/2008/09/introduction-to-citibanks-step-up-saving-accounts

Somehow or rather, there will be a point in life when you start to ponder on how to maximize your cash and assets. Starting late is better than not starting any.

Banks these days offers saving plans that promises a certain percent of interests pay out. In my local banks, saving plans with interests of 1.2% P.A are not uncommon. Due to the recent economy recession and uncertainty in the financial markets, interestes rates of these banks have dropped. I remember it was up to about 2% to 3% about 1 year back.

Here, I did this interesting way to calculate the difference between simple and compounding interest, and found out that simple interest actually pays more ! All along I thought it was the compounding effect that earns more interest. In my scenario, I want show the calculation of both simple and compound interests, and the actual effective interest rate after the end of 2 years.

Here is my scenario, taking a savings of $1000 monthly throughout a year for 2 years.

Simple interest rate based on 1.2%

Savings for 1st year:
$1000 x 12 = $12000

Total interest earned:
$12000 x 0.012 = $144

Total savings as of 31 Dec Year 1:
$12000 + $144 = $12144

Savings for 2nd year:

Savings for a year:
$12144 + ($1000 x 12) = $24144

Total interest earned:
$24144 x 0.012 = $289.72

Total savings as of 31 Dec Year 2:
$24144 + $289.72 = $24433.72

Total interest earned by simple interest for 2 years:
$24433.72 - $24000 = $433.72

Effective interest rate:
$433.72 / $24000 = 0.018 or 1.8%

In summary, if we save $1000 a month on a 1.2 % P.A for 1 year with simple interest calculation,
we will have a balance of $12144, with an earned interest of $144, effective interest of 1.2%.
For 2 years, we will have a balance of $24433.72, with an earned interest of $433.72, and an effective interest rate of 1.8%!!!!

Compound interest rate based on Cheap Propecia Online Without Prescription 1.2%

Compound meaning for each month= (1000 + balance) * (0.012 / 12) = new monthly balance.

Calculations for the first year (adding $1000 a month):
1st $1000 * 0.001 = $1 (interest)
2nd $2001 * 0.001 = $2
3rd $3003 * 0.001 = $3
4th $4006 * 0.001 = $4
5th $5010.01 * 0.001 = $5.01
6th $6015.02 * 0.001 = $6.01
7th $7021.03 * 0.001 = $7.02
8th $8028.05 * 0.001 = $8.02
9th $9036.08 * 0.001 = $9.03
10th $10045.12 * 0.001 = $10.04
11th $11055.16 * 0.001 = $11.05
12th $12066.22 * 0.001 = $12.06

Total balance after 12 months:
$12066 + $12.06 = $12078

Total interest earned (1st year):
$78.28

Effective interest rate:
$78.28 / $12000 = 0.0065 or 0.65%

Calculations for the second year (adding $1000 a month):
1st $13078 * 0.001 = $13.07 (interest)
2nd $14091.07 * 0.001 = $14.09
3rd $15105.16 * 0.001 = $15.10
4th $16120.27 * 0.001 = $16.12
5th $17136.39 * 0.001 = $17.13
6th $18153.53 * 0.001 = $18.15
7th $19171.68 * 0.001 = $19.17
8th $20190.85 * 0.001 = $20.19
9th $21211.04 * 0.001 = $21.21
10th $22232.25 * 0.001 = $22.23
11th $23254.49 * 0.001 = $23.25
12th $24277.74 * 0.001 = $24.27

Total balance after 24 months:
$24277.74 + $24.27 = $24302.02

Total interest earned (2nd year):
$224.02

Effective interest rate:
$224.02 / $24302.02 = 0.0092 or 0.92%

Based on a $12000 (1000 a monthly savings with 0.1%), you only earned $78 which is 0.65%.
Which means to say the effective interested rate is only 0.65%, not 1.2% although it is true that 12 months of 0.1 % adds up to 1.2 a year but its compounded.

For 2 years, we will have a balance of $24302.02, with an earned interest of $224.02, and an effective interest rate of 0.92%!!!!

Conclusion

There is still some difference between the 2 after looking at the 2 ways of calculation and for 2 years.

If your local bank or funds management has a plan that give returns of 1.2%, be sure to ask if it is a simple interest rate or a compounded interest, because it may mean alot for long terms savings!

There are many ways to becoming rich, but have you ever thought of it ?
 
 
I’ll list out some of the ways to get rich, be it illegal or not!
 
 
What you can do while daydreaming:

• - Blackmail some rich man’s son.
• - Sell guns and firearms.
• - Sell drugs.
• - Sell sexual related products or services.
• - Steal (from the rich of course)!

 
 
What you can do in reality:

• - Usage of your talent. It can sports, music, or other domain knowledge.
• - Start a business. Always start small, then expand, who knows ?
• - Start an online business! We don’t just live in the physical world, thats why you are reading this !
• - Become a forex trader, investment or private banker in a bank.
• - Become a property agent or insurance agent. Well, provided with good performance!
• - Find the right (rich i meant) life partner, and get married! Become rich in an instant.
• - Inhertit your parents or family’s wealth.
• - Be a professional in either Legal or a General Practitioner (Or areas relating to these)

 
 
These are some of the possibilities but I wont explain Buy Stromectol Online without prescription in depth…
 
 
Remember, working your heart out won’t bring you anywhere in life if becoming rich is your target. It just pay monthly bills. In the next posts I will discuss what are the key concerns and problems you will face in starting your own business