We all dream of a life free from financial burdens. Many Singaporeans dream to be rich – if not the richest but there are others who gave up dreaming and just accepted their lives as it is. Accumulating massive riches is difficult but it is possible. We need many things to be successful.
We heard many things but we lack the perspective of a person who endured it all. Let us hear out the words given by a self-made tycoon – Peter Lim. Peter Lim is our classic story of rags to riches guy. He came from a humble family but it did not stop him from getting far. He went far that he is now the 11th richest man here in Singapore with net worth of S$3 billion.
From his humble roots, he became a high-profile personality and philanthropist. He is known for is S$10 million donation to the Olympic Foundation and just last year, he bought the Spanish football club, Valencia. The tycoon kept away from the limelight but his thoughts fare valued by the public over the years. Here are some of his thoughts about happiness, wealth and giving back:
- Fortune is 90% hard work and 10% foresight: It is interesting that Peter thought he is somehow destined to amass riches. He said that fortune is 90% hard work and 10% foresight. He believes that his thousands became millions because many people like him and that his path has been drawn.
- Accept all things – good and bad: Life is not all about good things. Sometimes we have to endure the bad things. Peter believes that we have to accept all things with calmness. If our hearts are fluctuating, we might die of heart attack.
- Money complicates life: We will never know how this feels because we are not that rich. However, for the rich people, money complicates their lives. More troubles are created because of money.
- There will come a time that wealth will become meaningless: Again, we will know how this feels but Peter says that there will come a time that wealth will become meaningless. Yes, Peter owns an entire eleven storey condominium but all that wealth is meaningless.
- Success must be passed on: His blessings are not only for him. He has more blessings but he doesn’t forget to pass the success on. He gives back. When we accumulate riches, it is important that we give up. We cannot spend it all, why not give others opportunity to live?
We might not be as rich as he is but with the wisdom he shared, we might be richer than yesterday or last month. It is not easy to build riches but we should not stop.
It is important that you know your credit score especially if you are planning to buy a house or car in the near future. Before anything else, it is crucial that you know how to define credit score and credit report. Some Singaporeans are confused. Credit report is totally different because it contains all pertinent information about the person’s credit file which is maintained by the Bureau.
The data on your credit report is computed and interpreted which can determine your credit score. Credit score is a single number and it usually ranges from 300 which is terrible to 850 which is perfect. Knowing your credit score is vital since it can change anytime and it can affect your life in general. With that, you have to check your credit score all the time and learn how to manage it effectively. Here are some tips that you can consider:
- Set dates for acquiring your credit reports: It is imperative that you set dates for getting your credit reports annually. You can avail of the services of agencies to help you with your credit report.
- Get credit score at least once a year: You know the importance of getting and knowing your credit score so with that, you have to retrieve your score at least once a year.
- Limit the use of credit cards: If you paid all your debts, you will consider cancelling one or two of your credit cards. That is not recommendable since your credit score is relying on your credit lines that are open and in good standing. The least that you can do is limit the use of your cards not cancel them.
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- Pay on time: If you want to have good records, you need to pay on time. If you are late, it can surely damage your credit standing. You have to prioritize paying big loans like car payments and your mortgages.
- Monitor your credit problems: If you filed for bankruptcy, you have to monitor your credit problems so it will not affect your record. You have to follow-up every now and then to make sure that the removal of your debt in your record is removed.
- Track your credit card spending: You have to track your credit card spending so you can plan your payment accordingly. You can write it in a simple paper or you can use a program.
Hopefully the things mentioned above are clear to you. If you fully understand credit score and how to manage it, your dream house or car is in your grasp. Good luck!