Ultra-high net worth clients have different needs than ordinary people. For ordinary people here in Singapore, we apply for credit cards. We can be accepted or we can be denied. If we are accepted, we are bounded by credit limits. We do our best not to exceed our limits because we will suffer at the end of the day.
This is not the case for ultra-high net worth clients. These clients are not bounded by credit limits. Anything that they want they can have it. If they asked for the moon, maybe the banks will try and get it for them. In the previous article, we learned that there are different cards for the ultra-high net worth clients like the American Express Centurion Card, JP Morgan Palladium Card and Dubai First Royale Card.
These cards are exclusive. There are some people who own this kind of card here in Singapore This article will continue discussing about other cards for the ultra-high net worth clients. Here are other cards for the ultra-high net worth clients:
- Coutts Silk Card: This card is propelled by Coutts & Co. – a private bank. The card is considered the most prestigious and sought after especially because the client can access world-class concierge service. The spending limit is £30,000 per month. The client do not need to keep track of the points because the bank will send letters if the client pass the spending threshold.
- Citibank Ultima Infinite: Citibank Ultima Infinite is offered here in Singapore, India, Hong Kong and United Arab Emirates. This kind of card is strictly invite-only. This is Asia’s first exclusive card. This is available for clients with minimum earnings of at least S$350,000 a year. However in 2010, they change their target consumers. The consumers should at least have a minimum of S$5 million assets.
The New Year can be a good reason to start paying attention to your finances and let it grow by investing it wisely. If you are a beginner in investing, don’t fret. You can use these suggestions in investing and getting the most out of your investment.
1. Start on smaller stocks
The Singapore Exchange announced that the minimum lot sizes would be altered from 1000 shares to a hundred. This is a very good news because more people would be encouraged to start investing their money in shares and stocks. However, don’t jump in just yet. In order for your investment to be a success, keep in mind that in investing, there are wins and losses involved. It is important to acknowledge the risks and study your next move.
2. Real estate
Real estate investment is relatively a low risk way but profitable way of investing compared to other forms. You can invest in different types of properties- commercial or industrial. Nonetheless, as stated above, it is highly essential to do necessary research to determine which investment strategy you are most comfortable in doing.
3. Traded funds
Exchange traded funds are one of the easiest form of investment to get into because of its low cash requirement. Exchange trade funds are a passive form of investing that is based on an index. To start in this form of investing, you need about $100 a month. It’s also not time consuming because it does not require daily check-ins in the current standing of the indexes.
Having a debt is not new here in Singapore. There are some Singaporeans who have debt or money problems. Getting out of debt is not easy and it can be very challenging. After getting out of debt, another challenge arises – staying out of debt. It is important that you know how to manage your resources.
If you are reading this, chances are you already amassed big debts. Do not lose hope because there are many things that you can still do. Do not worry, you can redeem yourself. It only takes discipline. Here are some tips that you can consider to get out of debt:
- Stop increasing debt: This is pretty obvious. When you decide to step away from life of debts, the first thing that you should do is stop increasing it. You have to know when to stop and be serious about it. You can start with your credit cards. It will not help you so it is better to cut them. If you do not want to cut it, at least have the discipline to keep it and only use it for emergency purposes.
- Record everything: You should keep track of your spending so you will know where it went. It is crucial that you record your spending. No matter how small, you have to write your spending. When it is time to cost cut, you will have an idea which should be eliminated.
- Categorize: Not all people know this but you categorizing your spending is effective. When you record your spending, do not forget to label or categorize it. For example, you can group them into “must have’s” (refers to rent, food, utilities, etc.) and “should have’s” (clothes, gym membership, etc.).
- Make a budget: Now that you record everything and categorize it, the next step is to make a budget. Making a budget is easy because you have an idea of things to prioritize. If you are determined to cost cut, you can start right away.
- Figure how much you owe: After making a budget, you will have an idea how much to pay. You need to know first how much you owe and the terms.
- Start paying: You can now start paying. How will you know which one to get started? You have to choose or prioritize those that have exceeding interest rates or past due debts.
- Repeat: For the coming months, you can consider the steps mentioned above repeatedly. The good thing about this is that it gets easier as time goes by so do not worry.