Credit Cards? No Thanks!
Spending within limits - “I have decided I do not need credit cards. Now, I have 2 debit cards. It’s better to have money debited straight from my bank account. I now spend what I can afford.” -Mr. Ryan Soh.
Having learnt how to manage his finances the hard way,
entrepreneur wants to help others.
Mr Soh aims to inculcate money management skills in children and young adults as he believe positive habits have to be built from a young age.
This article is featured on 27 July 2008, Sunday Times under Invest - Me & My Money. Click on the links below to see the article in the online papers.
The Sunday Times Online => Click Here
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Credit Cards? No, thanks |
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| Fed up with the financial woes that he got mired into because of his unchecked credit-card expenditure, Mr Ryan Soh decided to get rid of his six credit cards. Now, he uses only debit cards.’That was about four years ago. I incurred a credit-card debt of $40,000 over a four-year period. I was careless with my expenditure and did not really look into the credit-card charges,’ he said.’So I have decided I do not need credit cards. Now, I have two debit cards. It is better to have money debited straight from my bank account. I now spend what I can afford.’Having learnt how to manage his finances the hard way, Mr Soh, 30, now wants to help others. Last year, he set up a financial firm, MoneyTree Singapore, with two friends. His personal investment in the firm was $150,000. They launched a MoneyTree programme which promises to inculcate money management skills in children and young adults, aged nine to 22.So far, the MoneyTree programme has trained more than 2,000 youth via face-to-face coaching sessions, boot camps, workbooks and an e-learning portal.Besides Singapore, the programme has been conducted in Malaysia and Hong Kong.Being an entrepreneur is not something alien to Mr Soh. His father owns a construction firm and his mother ran her own optical shop for 23 years before becoming a housewife. He recalled helping out at her shop when he was just six. When he graduated from the Singapore Polytechnic with a diploma in mechanical engineering in 1998, he joined his father’s firm as a project coordinator for a year before striking out on his own.He is planning to marry Ms Jamie Siew, 30, a manager at a statutory board, in December.Q: Why did you want to be an entrepreneur?
Q: What are your money habits? Q: What financial planning have you done for yourself? Q: What about insurance planning? Q: What is your investment philosophy? Q: Any other investments? Q: Money-wise, what were your growing-up years like? Q: What has been a bad investment? Q: Your best investment to date? Q: What is your retirement plan? Q: And your home now is… Q: And your car is …? |
Click on the links below to see the article in the online papers.
AisaOne Business => Click Here
IMSAVVY.SG => Click Here
Other Related Articles:
- MoneyTree Singapore on Channel U - MoneyWeek 财经追击
- MoneyTree Singapore on Channel NewsAsia
- Mind your spending
- MoneyTree Singapore on Gold 90.5 FM -Gold Weekend
- MoneyTree Singapore Featured in Brunei’s Newspaper
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Credit card is not to be used for luxury but we should keep in mind that in case of emergency when we don’t have enough cash in our accounts, Credit cards will be of maximum help instead of begging someone for help. And Citibank credit card offers you great schemes with low interest and maximum benefit. Check this site for more information [URL removed]
I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you down the road!
Hi Eileen,
Yes. I do agree with you that Credit Cards can be useful at times. But this is provided that the user always have his/her money management in control and not to over spend.
Money Worries normally happen when the card users overlooked or don’t even care if they can pay their next month C.C bill(s). If they can pay, they might only pay the minimum amount or just ignore the payment and let the interests snowball. That will be the start of a disaster.
Just my 2 cents.
Cheers!
Ryan
Just follow up your instinct and people will believe you.
Perfect work!Keep posting