tag:blogger.com,1999:blog-4206672161681850696Wed, 04 Sep 2024 13:44:04 +0000SavingBudgetingEarningSpendingIncomeShoppingSpending Trapseducationlong-term goalsCharityCompound InterestConservationDepositInterest CalculationInvestmentIrrational exuberanceLeap YearMarketingMoney-saving tipsOpportunity CostPassive IncomeSharingStocks and Sharesallowanceirrational demandshort-term goalshttp://money4youngpeople.blogspot.com/noreply@blogger.com (osyen)Blogger21125tag:blogger.com,1999:blog-4206672161681850696.post-4652825932535194495Thu, 10 Jul 2008 00:51:00 +00002008-07-09T17:55:08.126-07:00SavingEveryone has their own little "tricks" for saving money.A tried-and-tested one that I myself use is emptying out your spare change at the end of the day (your purse or wallet will be much the lighter for it), and putting it in a jar.It's surprising how much money money people can save this way.You can use what you saved from "spare change" money to:(1) help a charity(2) buy a treat for a friend(3http://money4youngpeople.blogspot.com/2008/07/save-your-spare-change.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-8038831257535383607Mon, 23 Jun 2008 11:27:00 +00002008-06-23T04:52:21.801-07:00IncomePassive IncomeOne of the more important financial concepts you should know about is 'passive income'.Passive income refers to income generated through very little to no additional work on your part.Examples of passive income:For example, interest on your bank deposits can be considered a passive income. You just put your money in the bank, and it grows, without any need for active involvement on your http://money4youngpeople.blogspot.com/2008/06/passive-income.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-2102400492124094507Mon, 23 Jun 2008 11:18:00 +00002008-06-23T04:53:00.115-07:00InvestmentStocks and SharesThe term “blue chip stocks” refer to prestigious, well-established companies.Characteristics of blue chip companies: Good record of earnings over a long period of time Good record of dividend payments to investors Strong financial position; with not much debt in their books Large in size relative to the market Leaders in their field or industry Relatively stable, solid companiesFAST http://money4youngpeople.blogspot.com/2008/06/whats-blue-chip-stock.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-7600004207441926291Tue, 10 Jun 2008 08:00:00 +00002008-06-10T01:00:01.914-07:00DepositInterest CalculationLeap YearDid you know this? Banks vary in the basis on which they calculate interest payments on deposits placed with them.Different banks in different countries may vary in the number of days they consider a 'year', either using:365-day year (even for leap years)365-day year (except for leap year, when 366-day year is used)360-day yearThat means that you may actually earn more (or less) interest http://money4youngpeople.blogspot.com/2008/06/interesting-fact-about-interest.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-4659401417107352434Tue, 03 Jun 2008 08:00:00 +00002008-06-03T01:00:01.884-07:00ShoppingWe have a knife at home that we've used for close to twenty years. And that's still the knife that we prefer to use. It was easily 10x the price of a normal knife when I first bought it.So, really, the Cheapest item is not always the best when you calculate in terms of how much use you get out of it.Think about it this way:I could easily buy a pair of sneakers for $10, but I wear it once, and http://money4youngpeople.blogspot.com/2008/06/why-cheapest-is-not-always-wisest.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-8504980226388013129Mon, 26 May 2008 23:42:00 +00002008-05-26T17:21:09.776-07:00CharityEarningTwo natural disasters rocked Asia recently - a cyclone in Myanmar, and an earthquake in China, which brings me to the topic of raising money for charity.Raising money for charity is essentially about earning money for a cause you believe in. And you're never too young to start helping out with various causes. But how do you go about it?First, find a cause that you personally find worthy, and can http://money4youngpeople.blogspot.com/2008/05/raising-money-for-charity.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-6252272190281190294Tue, 20 May 2008 02:27:00 +00002008-05-19T23:15:00.380-07:00EarningIncomeSavingI thought I'd talk about earning money this week, following on from my article on Compound Interest which highlights the fact that the earlier you start accumulating money, the more you stand to gain from your savings.To add to your savings, you can do more than rely on on your allowance. Some common ways of earning money for young people:1. Baby-sitting.People would be relieved to have someone http://money4youngpeople.blogspot.com/2008/05/money-earning-ideas-for-young-people.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-8543498324284063494Tue, 13 May 2008 01:45:00 +00002008-05-12T20:08:15.082-07:00Compound InterestSavingI'm sure you know that when you keep your money in the bank, it pays you interest.But did you know that the longer you keep it there, the greater the magic of Compound Interest?WHAT IS COMPOUND INTEREST?Let's say your grandparents gave you $10,000 at the age of 10, and you put it into your savings account. The bank's interest rate rate is 3% per year. And it remains at 3% over the next three http://money4youngpeople.blogspot.com/2008/05/start-saving-early-compound-interest.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-666135642764077330Tue, 06 May 2008 08:00:00 +00002008-05-06T05:03:37.328-07:00SpendingI was talking to my friend yesterday, and she was telling me that due to various health problems, there are so many types of foods that she can't eat. She regrets so much that she was so thrifty when she was younger that she never ate all the foods she enjoyed. And now she can't.The point of this little anecdote is, just as it is very important to learn to save (and earn), it's just as important http://money4youngpeople.blogspot.com/2008/05/spending-is-not-evil.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-5451457107189529713Sun, 04 May 2008 23:53:00 +00002008-05-06T04:54:01.118-07:00educationMarketingIn my earlier post on Long-Term Goals, I mentioned that Education is one of the most important long-term goal for a young person, as educational level usually correlates with higher earnings in adult working life.Along the same line of thinking, start studying marketing right now, even if you don't aspire to a career in sales.Why?I've observed that marketing is a skill that's extremely useful in http://money4youngpeople.blogspot.com/2008/05/its-never-too-early-to-study-marketing.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-6202883945668035338Fri, 02 May 2008 01:14:00 +00002008-05-06T04:54:22.883-07:00educationlong-term goalsWe talked about short-terms goals earlier here. Also very important to our financial future are long-terms goals.One of the most important long-term goals we can have is Education. So start planning for it early.Step 1: Study possible educational options.Step 2: Calculate how much it will cost to attend the course that you want.Step 3: Ask your parents if that is within what they have saved for http://money4youngpeople.blogspot.com/2008/05/long-term-goals.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-6145045643066209956Mon, 28 Apr 2008 03:42:00 +00002008-05-26T16:49:44.061-07:00Spending TrapsIt cannot be denied that shopping is sometimes therapeutic. It feels good to pamper yourself by buying something. Taken to shopaholic extremes, though, going out to the mall is extremely detrimental to your financial health.One way I've found that really helps curb shopping impulses is to develop an interest or a range of interests that you're passionate about. it's so special to be able to http://money4youngpeople.blogspot.com/2008/04/what-can-feel-better-than-spending.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-8645685438304687840Thu, 24 Apr 2008 01:11:00 +00002008-05-06T04:56:21.089-07:00long-term goalsshort-term goalsThis week, a young friend, Jesse, is getting to go see Clay Aiken in Spamalot, on Broadway.She wanted to go see Spamalot, but her family thought she was just a bit too young to fully appreciate the musical. So she made a deal with them - she gets to go if she can raise the money for her ticket. Her aunt agreed, not imagining that she could get that much money. But she did it, by determinedly http://money4youngpeople.blogspot.com/2008/04/short-term-financial-goals.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-8071449102718976137Wed, 23 Apr 2008 00:37:00 +00002008-05-06T04:56:55.332-07:00ConservationEarningSavingWe often thoughtlessly throw away things which are still fairly new just because we want something newer and trendier. And we send a lot of packing and packaging materials to the trash, from plastic bags, to boxes, containers, cans and bottles. So what can we do to minimise this waste of earth's resources, and earn or save money at the same time? Here are a few ideas:1. Getting bored with your http://money4youngpeople.blogspot.com/2008/04/earth-day-conserve-resources-save-money.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-5855524198033521653Wed, 16 Apr 2008 06:53:00 +00002008-04-16T00:50:10.279-07:00irrational demandIrrational exuberanceIn 2000, MacDonald's in Singapore sparked off a Hello Kitty Craze. People were going crazy over pairs of Hello Kitty dressed in wedding costumes. A different pair was offered every week. The first pairs released by MacDonald's quickly sold out, and people started offering high prices to people willing to resell theirs. Within a short time, prices on the resale market reached ridiculous levels. http://money4youngpeople.blogspot.com/2008/04/irrational-exuberance-hello-kitty-craze.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-1515399311927210991Tue, 15 Apr 2008 02:02:00 +00002008-06-05T01:11:47.180-07:00Money-saving tipsShopping1. Put just enough money for a day or two in your wallet.This is very effective in curbing impulse buys.2. Wait 7 days before buying. You may be surprised at how often something appears much less attractive after you walk away from it.3. Bring a water bottle with you whenever convenient. Buying a drink or two when you're not at home can add up to quite a lot of money.4. Cut down on sweets and http://money4youngpeople.blogspot.com/2008/04/money-saving-tips-for-teens.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-4170378604668264823Mon, 14 Apr 2008 11:33:00 +00002008-05-06T04:57:45.368-07:00Opportunity CostWhen I spend, I've found that it's extremely useful to think about the 'opportunity cost'.For the purposes of talking about money management, we'll definite opportunity cost here as the cost of what you give up when you make a particular spending choice.Let's look at a simple example: You spend $2 per day on snacks, or a total of $10 per week. A movie also costs $10. If you hadn't spent that $10 http://money4youngpeople.blogspot.com/2008/04/remember-opportunity-cost.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-740736312041741453Sat, 12 Apr 2008 01:08:00 +00002008-05-26T16:49:19.849-07:00BudgetingSpending TrapsTrap #1:"All my friends have it!"Trap #2:"I want to be like my favourite celebrity!"Trap #3:"It's just THE.COOLEST.BRAND!"All of us have fallen into these traps at one time or another. It's only normal to want to fit in with our friends, or possess the latest or coolest or best things.But why just hand over your power to make decisions to your friends, your idol or the brand?If all your friends http://money4youngpeople.blogspot.com/2008/04/3-spending-traps-to-avoid.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-3492776212951743080Thu, 10 Apr 2008 10:17:00 +00002008-05-06T04:58:46.658-07:00BudgetingSpendingIn this post, I'm going to talk about creating a spending plan.We'll start with a very rudimentary plan, created by following the 4 steps outlined below. Remember, it's more important to have a plan you can easily follow than to rush into making the perfect spending plan. After all, the goal is to develop habits which will last you a lifetime.STEP 1: Find out what you currently spend your money http://money4youngpeople.blogspot.com/2008/04/your-spending-basics-and-luxuries.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-3878599609928704404Thu, 10 Apr 2008 03:41:00 +00002008-05-06T04:59:17.096-07:00BudgetingSavingSharingSpendingHave you tried sticking to a budget and failed?Then you may be using a method which is too complicated to follow. Some budgets ask you to note down all your expenses every day. Others advise you to spend as little as possible, which makes it as palatable as a diet!But budgeting need not be hard or torturous. Once you get the hang of it, I bet you'll even enjoy taking charge of your money. What http://money4youngpeople.blogspot.com/2008/04/easy-budget-part-1-save-share-and-spend.htmlnoreply@blogger.com (osyen)0tag:blogger.com,1999:blog-4206672161681850696.post-8457272319248859547Wed, 09 Apr 2008 09:50:00 +00002008-05-06T04:59:50.680-07:00allowanceBudgetingAn ALLOWANCE, a fixed amount of money given to you every month, helps you to learn money management skills.An allowance is like an "income" that that an adult gets, except that you don't have to go out to work to earn it. You should be mindful, however, that you're getting the money because you're part of the family, so you should fulfill your responsibilities around the home -- chores, studies, http://money4youngpeople.blogspot.com/2008/04/why-allowance-is-important.htmlnoreply@blogger.com (osyen)0