02 October 2011

DBS Remix-Sharing Session by Irene Ang

There is a new concept of Consumer Banking at Scape #02-37-The DBS remix. Basically, it is an interesting place—a bank in the day time and a financial playground in the night time.

Personally, I do feel that this is an innovative concept that will definitely appeal to the youngster. That might be one of the reasons why the DBS remix is situated at Scape—a favorite hangout place for teenagers and young adults. There will be a lot of activities lining up at this bank outlet, eg touch screen, contests, sharing sessions by celebrities on savings and investments etc. Do check out their website http://www.dbsremix.com/ for more information.

One of the programmes for the Remix Launch is a sharing session by the boss of fly entertainment, Irene Ang.

I immediately rvsped for this session as Irene is reputed to be an entertaining host for events. That would also mean that I can get to learn some financial tips from her in a fun manner. She is really an inspiration.

 Who can guess that she has been homeless twice before in her life? I cannot help but admire her spirit to fight against all obstacles in her life. The more she is being looked down upon, the more she is determined to turn her life around by achieving remarkable success and goals in her life.

After switching her career, she finally got her 1st break as Rosie in Phua Chu Kang. But can you guess how much she is being paid for her role? Only $975 per month….

At that time, she set a goal for herself—she want to set up a company that would provide proper talent management for the artiste. Initially, the set up cost for Fly entertainment is $2000 where she has only 1 table and a fax machine in a lingerie factory.

Even though Fly entertainment has limited capital and resources, she never give up.

The same concept can also be applied to savings. Not amount is too small to be started as our savings deposit. We should always be nice to ourselves by setting aside at least 10% of salary to another savings account where we do not touch the money unless necessary.

 It is going to be very difficult at first as we are used to a certain lifestyle. Here is where we need to differentiate between our wants and needs. For eg, designer’s bag is a want and a normal Mobile Phone is a need.

We should always focus on spending on our needs and not our wants. Despite this, we can also reward ourselves occasionally for eg like eating at a restaurant instead of hawker centre. 

By the way, after saving at least 6 months of our salary for rainy days, we can use the rest of the money for investment by choosing low rink investment options such as endowment or unit trust.

I do find that this is an informative session.

All of us know the importance of savings but we tend to procrastinate when we try to put the saving practise into place. Here is where we need to be determined and unshaken where it comes to our spending. Do set a short-term achievable savings goal for yourself. Another issue that we have to take note of as mentioned by Irene is Credit Card—It is suppose to help us in our lifestyle and not to add on our debts. Always take record of the amount of credit cards bill you have accumulated and do not spend more than what you earn.

I have a lovely time attending this session.

 Lastly, I will like to thank DBS for organising this wonderful session on savings and Irene for sharing with us her life experiences.

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