You have probably wondered what financial planning procedure professional’s use for their clients. But what you do not know is that you can do most of what these pros do while at home. Here are the six steps for financial planning that you can follow to achieve financial success.

1. Define the Relationship 

If you are making the financial plan for yourself, you will be both the planner and the client. However, it is still important to identify and define the relationship that exists between the client and the planner. This is especially true if your partner is involved in the financial plan and they will have responsibilities in the implementation and monitoring of decisions.

2. Collect Data, Prioritize Goals and Determine Expectations 

There are many tools that you can use to start collecting your financial data. One such tool is Mint. It is straightforward to use, and it will make your data search process less hectic.
After you have your data, the next step you should take is to set expectations. During this step look at the goals, both financial and non-financial, that you have for your finances. Also, consider the number of times that you want to check out your finances. 
It is equally essential for you to consider personal life goals such as your retirement age, your healthcare needs, and your life expectancy. Regardless, prioritizing your goals is the most significant part of establishing your expectations. The rank that you create will be used throughout the planning process to govern how you will allocate funds.

3. Evaluate and Analyze Financial Status

If you are not a professional, you can start with the basics that will help you make progress on this stage. To find out where you stand financially, you can answer all or some of the following questions:
• Is your cash flow positive? 
• Do your cash flows have any obvious outliers? 
• What net worth do you have? 
• If you had any net worth or cash flow expectations, did they become a reality? 
• Are some of your goals within reach and others out of reach but having no implementation process? 
• Have you made a plan that can help you save to achieve your goals?

4. Develop the Recommendations for the Plan

You now have your ranked list of goals, and you have analyzed your current financial status. You are now ready to make a plan for your financial future. Your flow of cash can be mapped into four parts:
• Part One 
The first thing that you should do is figure out how you will spend the money that you have currently. You can do this by illustrating and organizing automatic transfers to the different savings vehicles of your choice. The trick is to take advantage of automation. 
Automation makes it easy because not seeing money coming into your spending account will not notify you that it is missing. Also, you can use services that will give you the chance to track all the investment money that you have in one location. These services will also take charge of depositing your savings automatically. 
• Part Two 
The second step of making your plan is creating a map with details of what you will do with your future money increases. Consider whether all your increased money will go to one savings goal or if it will be divided evenly between all the goals you have created. Also, ensure that you generate a plan in case you experience payment decreases. 
Moreover, ensure that you consider the possibility of reducing the potential to encounter a downside. You can find methods to avoid risks, or you can insure yourself. The advantage of buying insurance is that you pass on any risk to someone else. 
• Part Three 
Consider estate planning as your third step. Your estate comprises of everything that you control or that is in your name in a manner that adds you benefit. This is inclusive of material possessions such as cars, houses, and retirement accounts. 
Additionally, your estate includes your other unexpected possessions such as your pets. You can think about consulting with an estate attorney especially if you have a very complicated situation. This step is very crucial because you should ensure that you have an outlined plan in case of death or incapacitation. 
• Part Four 
The final step of the plan is considering the investments that you have. If you do not have any current investment, make sure that you make a plan that includes your future investment plans. There are two rules of thumb that you can use when investing: 
• If you want to choose between two similar investments, select the one that has lower fees. 
• Ensure that your investment is diversified. For instance, investing only in stocks is not diversified. Instead, invest in commodities, real estate, and bonds as well. 
Then, consider your risk tolerance, goals, and timelines. If you are already set financially, focus more on mitigating risks than creating wealth. If you are starting, then taking risks and making more investments will make sense. If you are close to retiring, select an investment that is perfect for you without being heavily leveraged.

5. Plan Implementation

To implement effectively, ensure that you do not lose momentum. At this stage, you can consider outside help from an estate attorney who can answer your questions. Make a weekly schedule to complete the small things and do it in a way that works for you.
Also, ensure that you are taking advantage of your employee benefits and anything else that is available to you. Remember to check your tax implications every time you make a decision and find ways to reduce taxes legally.

6. Process Monitoring

It is common to find areas in your plan that were incomplete, incorrect or areas that have changed due to uncontrollable outside forces. With every change, take the new information and use it to improve your initial plan appropriately. Have a reasonable review process and be vigilant in monitoring the process and everything will work out correctly.

Conclusion 

The six steps are not easy, but they are achievable if you are willing to invest your time in creating your financial plan. However, always remember that it is more about your goals than it is about the process itself.

Last modified: April 10, 2019

The maintenance of power
transformer is the daily work that
the electrician must do in order to keep the transformer in normal technical
condition and prolong its service life. Transformer maintenance is an important
part of electrical equipment management. If the maintenance work is done well,
not only can reduce the equipment failure rate, save maintenance costs, and
reduce costs. At the same time, it can bring good economic benefits to the
company. Today, OUGE will teach you how to maintain the power transformer in a
good way.

(
OUGE Electrical Transformer )

• Operate in the allowed temperature range

When the transformer is running, its coil
and iron core produce a copper loss and iron loss. These losses become heat
energy and make the transformer’s core and coil temperature rise. If the
temperature exceeds the allowable value for a long time, the insulation will
gradually lose its mechanical elasticity and the insulation will age.

The temperature of each part is different
when the transformer is running. The coil temperature is the highest, followed
by the core temperature, and the insulation oil temperature is lower than the
coil and core temperature. In addition, the upper oil temperature of the
transformer is higher than the lower oil temperature. The allowable temperature
in transformer operation is checked according to the upper oil temperature.

For A class insulated transformer in
normal operation, when the ambient air temperature is up to 400℃, the limit
operating temperature of the transformer winding is 1050℃. Since the temperature
of the winding is 100℃ higher than the oil temperature, in order to prevent the
deterioration of the oil, it is stipulated that the upper oil temperature of
the transformer shall not exceed 950℃. Under normal circumstances, in order to
prevent the insulation oil oxidation, the upper oil temperature should not
exceed 850℃. For transformers with forced oil circulation water cooling and air
cooling, upper oil temperature shall not exceed 750℃ frequently.

• Monitor the temperature difference between upper oil temperature and cooling air

Only monitoring the upper oil temperature
in the operation of the transformer can not guarantee the safe operation of the
transformer, but also must monitor the temperature difference between the upper
oil temperature and the cooling air. The difference between the transformer
temperature and the ambient air temperature is called the temperature rise. For
A class insulated transformer, when the maximum ambient temperature is 400℃,
the national standard stipulates that the temperature rise of the winding is
650℃, and the allowable temperature rise of the upper oil temperature is 550℃.
As long as the temperature rise of the transformer does not exceed the
specified value, it can ensure the safe operation of the transformer within the
specified operating life under the rated load.

In normal operation, the load of the
transformer should be about 75-90% of the rated capacity of the transformer.

The maximum unbalanced current at low voltage
shall not exceed 25% of the rated value, and the allowable range of transformer
supply voltage variation shall be plus or minus 5% of the rated voltage. If
this range is exceeded, tap switches shall be used to adjust the voltage to the
specified range. Normally, the tap position of the primary winding is changed
to realize voltage regulation. The device connecting and switching tap tap
position is called the tap switch, which adjusts the ratio by changing the
number of turns of the transformer’s high-voltage winding. Low voltage has no
effect on the transformer itself, only some output reduced, but it has an
effect on the electrical equipment.

The fault of the transformer can be
divided into an open circuit and short circuit. The open multimeter is easy to
detect, and the fault of short circuit cannot be detected by the multimeter.

• Short
  circuit inspection of the power transformer

Cut off all the load of the transformer,
turn on the power supply, and see the no-load temperature rise of the
transformer. If the temperature rise is higher (hot), it must be an internal
partial short circuit.If the power is turned on for 15-30 minutes and the
temperature rises are normal, the transformer is normal.

First, a 1000 watt bulb is connected in
series in the transformer power circuit. When the power is on, the bulb only
turns red, indicating that the transformer is normal. If the bulb is very
bright or brighter, it indicates that there is a local short circuit in the
transformer.

• The
  open circuit of the transformer

One is the internal coil break, but the
lead wire break is the most common, which should be carefully checked. If the
internal broken wire or the external can be seen to have burned traces, it can
only be replaced or rewound.

For more info, please visit:
http://www.ougedianzi.com/

SINGAPORE: Telepod is introducing a new swappable battery network and partnering with private operators to house its electric scooters, as it looks to grow its business amid regulatory challenges.

The operator, which launched in 2017, was charged in February under the Parking Places Act for providing personal mobility device-sharing services at public places without a licence or exemption. The Land Transport Authority (LTA) had also impounded 68 Telepod e-scooters that were illegally made available for hire at public places.

Telepod’s chief marketing officer Chan Jit Yen told CNA during a phone interview on Wednesday (Apr 10) that it has yet to receive a licence from LTA to offer its e-scooters for hire in public places and this “doesn’t help with business plans”.

The company was one of 10 who confirmed their intention to enter the shared mobility device space in Singapore.

To circumvent this, Telepod has partnered with private organisations to house its e-scooters, Ms Chan said. 

There are currently about 50 e-scooter stations located within private spaces, and these include Suntec Singapore, the Singapore Management University and one-north, she added.

It currently has about “a few hundred” e-scooters in circulation, the executive said.

MORE JUICE FOR E-SCOOTERS

Ms Chan also highlighted that Telepod is the first operator here to offer swappable batteries for e-scooters.

The service, called “Televery” and launched earlier this month, allows e-scooter riders who use it for delivery services, for example, to solve the problem of having to charge the batteries and losing the opportunity of earning money during that time.

READ: Food delivery PMD riders must comply with LTA rules, companies say

“On average, riders prefer to perform food deliveries for up to eight hours a day but, most e-scooter batteries available in the market can only last not more than two to three hours,” Telepod said in a separate press release.

“(This makes) it difficult for freelance riders to find an e-scooter that is able to serve their needs.”

Ms Chan said Telepod’s batteries have 30km mileage each when fully charged, and the swapping out process lasts “less than a minute”. 

There are currently “three to four” convenience stores in the Central Business District (CBD) area that are part of its battery swapping network, and each has about five batteries available.

This is just the start, Ms Chan said, as Telepod is currently speaking to bigger convenience stores operators such as Cheers and SPH Buzz to expand its network. It hopes to have about 10 such stores in the CBD area by the end of May, she added. 

It has also partnered with food delivery service operator Foodpanda to offer the latter’s delivery riders better rates for using its e-scooters and the battery service.

Telepod offers a monthly delivery pass that costs S$150 for 30 days, giving the user up to 10 hours ride time daily, as well as a weekly delivery pass that costs $45 for seven days. 

With the partnership, Foodpanda riders will get 20 per cent off the delivery pass prices, as well as 50 per cent off the cost of a battery swap, which is priced at S$3, Ms Chan said. 

“By partnering with Telepod, we can now provide the option for Foodpanda riders on e-scooters to opt for battery swaps at selected convenience stores and enjoy a more efficient delivery experience as they overcome the challenge of time-consuming charging,” said Mr Luc Andreani, managing director of Foodpanda Singapore, in the press release.

There are also plans to expand Telepod’s business, including the battery swap service, to more places, Ms Chan said.

“We’re moving to expand to more campuses in Malaysia (it is currently in Johor Baru and Kuala Lumpur), as well as to regional markets like Thailand, South Korea and Japan, within the next 12 months,” she said. 

SINGAPORE: A teenager and a firefighter suffered burns after a fire broke out in a Housing Board flat in Woodlands on Tuesday (Apr 9).

Four others – two women and two children – were taken to the hospital for smoke inhalation.

The Singapore Civil Defence Force (SCDF) said they responded to a fire in a fifth-floor unit at Block 159 Woodlands Street 13 at around 3.30pm.

Firefighters had to force entry into the flat, where they rescued a woman, a teenager and two children who were trapped in the kitchen area.

Five other occupants in the neighbouring units were also evacuated.

“The fire which was raging, involved contents of a bedroom and the living room,” said SCDF in its statement on Facebook.

The teenager suffered burns to his back and left shoulder and was taken to Singapore General Hospital (SGH).

Two women and two children were taken to SGH and KK Women’s and Children’s Hospital for smoke inhalation.

An SCDF firefighter suffered minor burns to his left shoulder during the rescue mission and was also taken to SGH.

The fire was extinguished with two water jets. 

Preliminary investigations indicate that the fire was sparked by a personal mobility device that was left charging in a bedroom.

SINGAPORE: A koi fish tank installed on the outside steps of a Tampines flat will have to be removed as it is considered an unauthorised fixture built on common property, the Housing Development Board (HDB) said on Tuesday (Apr 9).

The owner had made an appeal after HDB ordered the tank, which is outside of a ground floor flat at Block 415 Tampines Street 41, to be taken down.

The area is considered common property, HDB told CNA in response to queries, adding that it is an offence under the Town Council’s by-laws to have unauthorised fixtures on common property.

READ: HDB orders removal of koi tank outside Tampines flat; owner to appeal

 “HDB had considered the appeal made by the flat owner very carefully, and decided that it cannot be retained,” it said in its response.

“The stairway area outside the unit is common property. The flat owner himself has acknowledged that this is so. 

“Any fixed installations by flat owners have to be confined within the premises of their unit, and not placed on common property.”

HDB also said it has informed Tampines Town Council and the flat owner of its decision and sought understanding for the removal of the tank.  

The tank was installed a few years ago by the resident of the flat, who was not aware that he needed a permit at the time. It was only in August last year that he requested for one from the town council.

The resident had installed glass panels encasing the space on the steps leading to the entrance of the flat, converting it into an aquarium for about a dozen pet fish. The flat is accessed via the adjacent unit, which the resident also owns.

WATCH: Tampines resident works with town council to keep koi tank | Video

In January, Tampines Town Council said it was facilitating an appeal made by the resident after HDB ordered the tank to be removed, citing safety issues.

There are risks of injury or fatality that could happen from the steps having been “fundamentally altered”, HDB said.

It added that the glass panels could “shatter on impact … and unsupervised children may climb and fall into the tank through the open top”, and that there were electrical sockets and cables exposed to the weather elements. 

Although HDB gives town councils the flexibility to manage common spaces, it is guided by the principle that safety must not be compromised.

“Hence, town councils would generally allow residents to place small or movable items, such as shoe racks and potted plants along the common corridor, so long as they do not post any safety concerns,” HDB said in their previous statement.

In an interview with CNA last August, Member of Parliament for Tampines GRC Baey Yam Keng said there were no complaints regarding the tank. He also noted that while it was obviously against the by-laws, the authorities should be open-minded to look at things on a “case-by-case basis where it warrants”.

He also urged residents to consult with authorities first before going ahead with any modification to their homes.