Financial Freedom

Is the financial sector dead

Many friends have told me that the financial sector is kind of "dead" in a certain sense.

Does that mean I will have to look for a job else where first?

Since it is Chinese New Year, the family has been in the business of giving out red packets or hong baos as the Chinese would call it.

Red packets are supposed to symbolise luck. But even now, I am not sure why do we put money inside the red packets. I guess the kids love to receive some extra cash during the new year.

But for the parents, it can be a little confusing. Questions like:

"Am i giving enough?"

"What if the other parent gives my child a bigger red packet that what I packed for their child? Will that sway them into giving a larger red packet for my child next year just to make up for the difference?"

These are tough questions. Guess i am still a newbie at giving out red packets that's why I am so confused over this chinese tradition. Of course i know it is meant to be just given out in the spirit of good luck and tradition and all.. But a certain part of me says that I need to rationalise how much I am giving out to people. I can't be giving closer relatives the same amount I am giving other distant friends right?

What's more, this red packet thing is a bit sensitive. If I give too little, will I offend someone who also gives my child a larger red packet?

What about relatives who pass to my parents ang bao meant for my child? Am i supposed to give them back ang baos in kind?

What about older cousins who are not married? Do i give them an ang bao. A bit embarrassing wouldn't it be?

Aargh.. too complicated. Perhaps I will just go on a holiday next Chinese New Year =)

2009 is a Dead year?

Is 2009 a dead year for Singapore? Is our goal for this year to just keep our jobs and try to stay afloat?

Got this from a forum:

1) Singapore's trade to decline by 17% to 19% in 2009.
2) Singapore's population could fall by 4% as foreign workers laid off.
3) S'pore fixed asset investments in 2009 to be lower.
4) Economy to shrink by -2% to -5% in 2009.
5) Exports nearly zero.

Hmmm.. time to re-think my job switch perhaps?

I have completed my first book for the month of January "Random Walk Down Wall Street". Will recommend that all DIY investors read it before making any other investments =)

Happy Chinese Lunar New Year to all!

Debts Debts Debts

Recieved a few letters recently. One is from HDB and the other from DBS. Basically, my family's debt are as follows:

Car - $29,000.00

House - $253,128.00

Wow. I have debts of over $280K! How long will it take me to repay all these debt?

Work for Money or Work for Yourself

Have been too busy to write in any entries lately.

Question of the day: Work for Money or Work for Yourself (Job satisfaction)

First Stock Purchase of 2009

I made my first stock purchase for this year.

Bought 1 lot (1000 shares) of Keppel Land @ $1.97. For the long term investment and part of my bid to increase the number of blue chip companies I am holding in my portfolio.

Over the next few months, I will be mainly buying into the various blue chips in the Singapore stock exchange while looking for opportunities to increase my passive income stock portfolio which comprises of a basket of high dividend paying stocks as well as REITs.

New Year Resolutions

Guess it is time to pen down my new year resolutions for 2009:

1. Run the Standard Chart 42km full marathon.
2. Lose 3 kg.
3. Achieve a $400 per month passive income.
4. Pass CMFAS Module 5,9 and Health Insurance
5. Read at least one book per month:

Jan 09 - A random walk down Wall Street (still reading since Dec 08)
Feb 09 - Globalisation and its discontents
Mar 09 - The age of turbulence
Apr 09 - Capital ideas
May 09 - The World is Flat
Jun 09 - Jewish Antiquities
Jul 09 - The Intelligent Investor (thanks to patlim for the recommendation)
Aug 09 - ???
Sep 09 - ???
Oct 09 - ???
Nov 09 - ???
Dec 09 - ???

6. Send out resumes to at least 10 companies by end Feb 09

Any good books to recommend? Preferably non-fiction books =)