Alert and warning on BiteBTC

Dear Readers,

It has come to our attention that a cryptocurrency exchange, under the name of BiteBTC.com, has been FRAUDULENTLY using our name to operate and promote their exchange, cheating investors of their hard earn money through investments in cryptocurrencies on their platform. The footer of BiteBTC's website previously claimed to be operated by FinanceFirst Pte. Ltd and was located in Singapore with our rightful UEN identifier. After being alerted by various users, BiteBTC.com have since changed the footer of their website where it claims to be operated by a company named 'First Finance LLC', located in Seychelles (East Africa).

Investment Stab is a blog under the company, FinanceFirst Pte Ltd. We are not involved in any cryptocurrency exchange activities or stored value facility. Any activities by BiteBTC.com are not associated with or carried by us. As to reasons why our details and UEN identifier were listed and misappropriated by BiteBTC.com, this information can be easily obtained from ACRA (Accounting and Corporate Regulatory Authority) of Singapore by doing a search in BizFile. More details can also be easily purchased from BizFile at SGD 11.

Source: Business Entity Search on BizFile ACRA (Redacted for security reasons) 

When we searched for 'First Finance LLC', this company came up, and it is based in the United States of America (USA). It is evident that BiteBTC.com is probably using another company or is a non-existent company to continue their fraudulent business practice. No other information on its operating team or members were found on its website.

We have since lodged a police report against BiteBTC.com for theft of our identity and we trust that the police will investigate the matter. In addition, we were also told that there have already been several reports lodged against the BiteBTC.com for fraud.

In addition, we would also like to use this to educate our fellow readers on the issues surrounding cryptocurrency as an investment or trading instrument. Cryptocurrency currently operates in the legal grey area of many countries and is often not regulated. Due to the nature of technology, ambiguity and opaqueness are usually inherent where investors often do not fully understand its capabilities and promises. With such characteristics, combined with the promised hype of riches, it is a superior tool for scams and other illegal activities. We hope to warn readers and potential investors of any cryptocurrencies to carry out extensive research and exercise judgement on the accuracy of the information presented.

Investment Stab is a financial education platform. We aim to be the site where people can reach out to learn about personal finance, and we are committed to continuing towards that goal.

Thank you for your support.

We will keep you updated should there be any new findings from the police.

Thank you.

From:
The team at Investment Stab

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Are you Suffering from a Debt Hangover?

Yup, the holidays are the time when you can get overboard (in every sense of the word). Who can resist shiny bobbles, Christmas markets and an adorable pair of shoes you’ll wear to a holiday party?

Next thing you know, you’ve swiped your credit card too many times and gone into debt. AKA a debt hangover — when you have trouble sleeping, avoiding your credit card statements, and even snapping at your loved ones.

It’s not exactly a fun topic, but it’s an important one. Instead of saying bad things about yourself, grab a cup of hot chocolate, curl up on your sofa, and read on to find out what you can do to fix the situation and prevent it from happening again.

What is a Debt Hangover?

Let’s say you go out with a bunch of friends to celebrate the fact you got a fancy new job promotion — you have a new office overlooking the city! You’re so happy you ended up buying a round of drink for your friends, then they return the favour. The next morning, you’re a bit sick and wondering what the heck happened last night.

A debt hangover is much like the story above, except that you spent too much money instead of going overboard on drinks. What typically happens is that you’re so caught up in the holiday mood, you go spend-crazy. We’re talking about presents, travel, activities, and food.

It doesn’t stop there. After all, Christmas shops are notorious for making irresistible deals and sales. Besides, if you received gift cards, you may spend more than the amount on the gift card. Your New Year’s resolutions can also make you swipe that card more than you should. Like declaring you’ll implement an exercise routine, so you buy new outfits or a yoga mat. Or you’ll eat healthier, so you go and buy a blender to make smoothies.

Come January, your financial ends up suffering. The credit card bills reveal the consequences of your actions, and it may not be pretty.

No Shame in This Game

If you’re in debt, there is no shame around it. It’s understandable you got caught up in the moment. There’s something about instagramable holidays, delicious food, and great travel trips that can turn anyone into a credit card swiping monster.

The important thing is how you deal with the situation. Allow yourself to feel whatever it is you need to feel, then start working on an action plan. If you got yourself into some hot water with your money, there is a solution to get yourself out of it. The first step is to recognize you have debt and refusing to ignore it.

How to Cure Your Debt Hangover

No matter how much holiday-related debt you picked up, acknowledge how much debt is it and make a plan. As in, tally up all your credit card statements and see how much you owe. It’s OK, take a breath if you’re shocked by the number.Now you’re ready to take some action:

Start Paying Your Credit Cards

It’s pretty obvious you should pay down your debt. It’s important to remember that you need to make at least the minimum payments on those credit bills, more if you can. Paying the minimum payments gets you out of trouble with your creditors and paying more will get you out of debt faster.

It’s also a good idea to figure out a debt-free date. The beginning of the year is also a pretty lucky time — you may get year-end bonuses, cash gifts, and tax refunds. You might want to not spend so much this year and use the extra money to pay down your debts.

Enlist Help

We get it. Debt can be overwhelming. Instead of doing it by yourself, see if you can seek support — friends or personal finance tools — that can offer you suggestions to cut out unnecessary costs. Your budget may have seen better days, but now’s the time to see where you may be able to cut back to help pay off that debt.Think of simple actions you can do like cancelling subscriptions you never use, or negotiating down bills. You’d be surprised at how a simple 15-minute call can save you hundreds of dollars.

Take on a Side Hustle

If you don’t have enough money to pay down your debt, consider taking on a side job to earn more. There are lots of options — think grocery delivery services (GrabFood or honestbee), to giving out flyers on the streets — all you have to do is find one that works around your schedule.

How to Prevent Future Debt Hangovers

As the saying goes: prevention is better than cure. Take it as a lesson learned in that it pays to be prepared. It’s never too early to open a savings account to start your holiday spending fund for the upcoming year. And oh yeah, set a budget!

And when you do, make sure to take as much as you can into consideration. Think gifts, wrapping paper, and transportation costs — everything adds up!

It’s not sexy to think about preventing debt, but your future self will thank you when you leave the holiday unscathed and hangover-free.

This article was originally published at HiCharlie.com.

Recommended Post: Paying my HDB with my CPF after 55 Years Old

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What to Do When You Miss a Paycheck?

You’ve finally got a handle on your budgeting and then the unexpected happens… your paycheck is late.

If the thought is already sending you into a downward spiral, hold up. 

Yes, missing a paycheck is a less than ideal situation, but you need to have an action plan in place before it happens.

Don’t feel like you have to take out a personal loan or grab your credit card. 

Go through the following steps first to see what makes sense for your individual situation.

  

Look at Your Bank Accounts

Seeing where you stand financially will help you set a plan. No matter how you feel, looking at the numbers gives you an objective picture of what is going on.

• Look at all your bills (including debt) and see what you owe and their due date
• Look at how much money you have in your checking and savings accounts

Once you have those numbers,  you can create an emergency budget to get you through the red.

Tap Into Your Emergency Fund

If you have savings set aside for emergencies, now’s the time to use it. That being said, it’s still a good idea to cut your budget down to the bare necessities just in case. When you start receiving paychecks again, then you can factor in a line item on your budget to replenish your emergency fund.

For those who don’t have emergency funds, now’s not the time to feel shame around it. Take this as a reminder that an emergency fund is there to help you when times are tough. Once your situation is back to normal and you’re receiving a regular paycheck, consider setting aside money in case an emergency happens.

As for how much to aim for, most experts agree that $1,000 is a good amount to strive for. Once you’ve reached that milestone, then aim for more — three to six months of your expenses.

Make Sure The Necessities Are Taken Care Of

Now is the time to focus on the essentials, literally. Right now, your essentials are shelter, food, utilities, and transportation AKA the items you need to ensure you still have a place to live and food on the table. If your last resort is eating at home with your parents for a week, you do what you gotta do.

The last step had you list out all of your bills and debt. Go ahead and include expenses and list them in order of importance. Once you have that, look at your emergency budget to see if you’ve allocated money towards the essentials. If not, adjust your budget accordingly.

Let’s say you have $500 in your savings account. Take a good, hard look at what you need to purchase until the next paycheck comes in.

For example, you tend to buy groceries once a month, but you notice that your pantry is pretty well stocked. Can you get creative and make meals based on what you already have? Or can you buy sale-only grocery items?

Recommended Post: CPF: Better Fixed Interest than Fixed Deposit

Slash and Burn Unnecessary Items

Remember — this is temporary. Once your paycheck arrives you can get your subscription services (Netflix & Spotify) back if it makes sense. It sucks to think about giving up on things like Netflix and meal delivery kits. However, cutting back will help provide some relief when money is tight.

If there are services you can suspend or cancel temporarily, great. If cancelling them means paying a hefty fine (like many cable subscription packages), see if you can negotiate with the company to see if there’s anything they can do. Charlie can help you with that! Just say “Help me cut my bills” and he’ll lead the way.

Same goes for any necessary expenses. Call up your mortgage or insurance provider and explain your situation. Some companies —  though not all — may help provide some relief by allowing you to defer your payments.

Sell Your Stuff

If cash is really tight, consider selling some of your unwanted items. Go through all your goods to see what you can sell — think baby clothes, designer items, books, CDs and even jewellery. There are plenty of resale or consignment stores that will take those items off your hands and pay you cash right away.

You can also consider selling your time and skills, like giving out flyers or tutor kids in the evenings. There are tons of ways to put a few extra dollars in your pockets. Get creative and you may be surprised and what you’d find!

If you do miss a paycheck, remember that it’s not the end of the world. Breathe, try to relax and look at your financial situation objectively. There are solutions. And if you need to ask for help from friends, family or in the form of a loan, so be it.

This article was originally published at HiCharlie.com.

Recommended Post: Paying my HDB with my CPF after 55 Years Old

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6 Steps to Ditching Your Debt

Let’s face it — debt sucks! Keeping up with the payments means less cash to do what you really want. And, the interest makes the burden grow, often faster than your payments reduce the balance due. With a solid plan and a lot of determination, you can ditch your debt and get back to having more fun. 

Not sure where to start?

Here are Charlie’s 6 steps to ditching your debt:

Stop the Bleeding

Unless it’s completely unavoidable (like that student loan for next semester), don’t take on any more debt. Avoid new credit cards, lock up/cut up the ones that you have, and consider freezing your credit. It’s important to take control.

Assess the Damage

Now, it’s time to see what you’re up against. Make a list of all of your debts to include who you owe, how much you owe, the minimum monthly payment, and the interest rate. Then, brace yourself and determine the grand total.  (It’s OK to have a glass of wine, a chocolate cake, or a bubble bath after this step!)

Recommended Post: Paying my HDB with my CPF after 55 Years Old

Choose Your Strategy
There are two main ways to tackle debt: the snowball method or the avalanche method. With the snowball method, you pay your debts off from smallest to the largest amount owed. This is great for momentum building — you’ll feel like you’re #winning pretty quickly. With the avalanche method, you pay off your debts from highest to lowest interest rate. Ultimately, the math works out in your favour here because you’ll pay less in interest overall. If you’re paying off debt, ignore any haters, because it’s a victory regardless of how you do it!

Tighten Your Purse Strings
Trimming your budget may be painful at first but crushing your debt will feel amazing. There are some easy places to cut spending first: eating out, shopping, travel, entertainment, etc. If there are things you can’t cut completely, find hacks to spend less. Use gift cards, skip the expensive cocktail at dinner, or shop thrift stores. If you can’t cut these categories any further, consider going more extreme. Get a roommate, sell your car, or move back home. These strategies are hard and may not be possible for you (or you’re already doing them!), but every dollar helps.

Hustle for Extra Cash
In addition to cutting your spending, try earning some extra money specifically to go toward your debt. Look for side gigs, sell your stuff, or offer freelance services.

Track Your Progress
Ditching your debt is hard work. It takes commitment and willpower. This process could take a long time, so it’s important to track how far you’ve come to keep your motivation level high. Be sure to reward yourself (in a budget-friendly way!) as each account balance hits zero.

Recommended Post: 23 Days in Seoul, Spent $2.9k

This article was originally published at HiCharlie.com.

Remember to offer your opinions. If you don't put your two cents in, how can you expect to get change?

Have feedback? Tell us now!

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