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Commerce - Towards Independence

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by

Evelyn Chan

on 2 September 2014

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Transcript of Commerce - Towards Independence

Towards Independence
THE SITUATION
You are:
19 years old
Student
Attending the Hong Kong University of Science and University (HKUST)
Moving out of home in Kowloon Tong to:
Move closer to university
Become more independent
CHOSEN ACCOMMODATION
OTHER CONSIDERATIONS: Insurance
Moving out of home
CONSIDERATIONS
Friends & family
Local real estate agencies
FINDING ACCOMMODATION
Online websites
Newspapers
Address:
Flat A, Block 3, Metro City, Phase 1, 1 Wan Hang Road, Tseung Kwan O, Hong Kong

Rent:
HKD$12,000/month for 2 people
($6000/month for each flatmate)

Size:
584 square feet

Additional facilities:
shopping mall, clubhouse, swimming pool, tennis court
Floor plan/interior:
Kitchen
Living room
Dining room
Bedroom
Exterior:
Property details:
HOME (Metro City)
Haven of Hope Hospital
Po Lam Station
HKUST
Tsim Sha Tsui
Tsing Yi
From home to:
Nearest MTR station (Po Lam Station)
Walk - 2 mins
HKUST
Bus (91M) - 20 mins
Tsim Sha Tsui (Job 1 - Native English Tutor Wonderland)
MTR - 30 mins
Tsing Yi (Job 2 - Native English Tutor Wonderland)
MTR - 50 mins
Haven of Hope Hospital (Job 3)
Walk - 15 mins
Job advertisements:
www.hongkong.geoexpat.com
www.ctgoodjobs.hk
www.hongkong.geoexpat.com
WHEN
CHOOSING
ACCOMMODATION
Is the flat near my university and part-time jobs?
Is the flat near public transport?
Is the flat near affordable shops, supermarkets, restaurants, parks, entertainment/recreational facilities, etc.?
Rent
Is the rent within my budget?
Convenience
Utilities
Will I have to pay for utilities?
***refer to terms stated in your tenancy agreement about whether you or your landlord is responsible***
Is the gas connected?
Is there TV/internet/telephone connection?
Does the bathroom or toilet leak?
Are any repairs needed?
***refer to terms stated in your tenancy agreement about whether you or your landlord is responsible***
Is the flat in good condition for its age?
Does everything work?
Any signs of pests?
Condition
Flatmates
Appliances/white goods
Is there a washing machine?
(Alternative: Laundromat)
Are all appliances (stove, lights, toilet, shower, fridge, etc.) in working condition?
--> Can be bought second-hand/online/outlets/at stores (e.g. Fortress)
Are there double locks and security doors fitted?
Are there fire precautions in place (fire exits, smoke alarms, fire extinguishers, etc.)?
Is the neighbourhood safe?
--> low crime rate
Do I need to purchase insurance (e.g. home contents insurance)?
Safety & Security
Can I get along with the other people?
Is there enough space for a flatmate?
Are there enough bedrooms?
Do the advantages of sharing a flat outweigh the disadvantages?
Other major purchases
Do I need a car?
Are any furnishings provided?
--> Can be bought second-hand/online/outlets/at stores (e.g. Ikea)
MAJOR
COSTS

Establishment costs
(one-off payments)
Rental bond (usually 2 months' rent)
Telephone/internet connection
White goods (e.g. refrigerator, washing machine, microwave, etc.)
Furniture
Electronic appliances
Moving expenses (e.g. rental truck)
Other costs
Medical bills
Repair/maintenance
Entertainment/recreation (e.g. Cable TV, Now TV, movies, concerts)
Personal items (e.g. clothing, cosmetics, cleaning supplies)
Credit cards
Ongoing costs
(recurring payments)
Rent
Utilities (electricity, gas, water)
Internet
Telephone
Groceries
Travel expenses
Insurance
Source: www.gohome.com.hk
How to
MANAGE
FINANCES
Create a household budget that shows:
Expected income
Main expenses
Remaining funds (if any)

This will help you plan how you use your money.
Spend your money wisely by:
Only buying essential items to begin with ('needs' before 'wants')
Spending only what you have (= no debt)
Borrow/rent items instead of buying (e.g. books, DVDs)
Seek assistance from accountants, banks and financial advisers
Identify short-term/long-term goals and start building your savings in your budget
Use cash if you cannot control your spending with a credit card
Household insurance
Home insurance (covers the building)
Home contents insurance (covers the home's contents)
Personal insurance
Life insurance (covers death of the insured)
Health insurance (covers medical costs)
Motor vehicle insurance:
Compulsory third party (covers costs involved if driver kills/injures someone in an accident)

Third party property (covers compulsory third party + property damaged in an accident (excluding the insured's vehicle))

Comprehensive motor vehicle insurance (covers cost of repairs/replacement of all vehicles involved in accident)
OTHER CONSIDERATIONS: Car
Establishing costs:
The car
Stamp duty
Dealer delivery charges
Ongoing costs:
Registration
Fuel
Car servicing
Maintenance/repair
Parking
Motor vehicle insurance
Swimming pool
Tennis court
Clubhouse
Shopping mall
COMMON RENTAL PROBLEMS
You should...
Does not give enough time for tenant to be notified of rent increase
OR
Rent increase is unreasonable
If the landlord...
Does not carry out necessary repairs
Does not provide adequate security
Does not provide a key after changing the locks
Notify your landlord/agent immediately --> complain in person/on the phone
Send a follow up letter confirming what was said
Keep note of what happened during conversations with the landlord/agent/head tenant
If the landlord still does not resolve the problem, complain to the Lands Tribunal
Date: 22/7
- Phone call to landlord
- Agreed to carry out repairs next week
If the landlord...
You should...
Tell your landlord that, according to the lease, the landlord has no right to enter unless previous arrangements have been made.
Turns up without prior notice or consent
Does not respect the tenant's privacy
Landlord coming to carry out repairs
If the landlord...
You should...
Withholds the rental bond at the end of the tenancy
OR
Makes deductions even though the premises is in good condition and there are no arrears
Complete condition report in detail before signing the lease

Take pictures of property before moving in to prove that no damages were done

If all else fails, complain to the Lands Tribunal

OTHER PROBLEMS WHEN LEAVING HOME
Homesickness
Keep in touch with your family
Visit them regularly
Connect with them through social media
Make new friends
Keep yourself busy
Overload of responsibility
Improve time management
Record things to do on a timetable/planner
Prioritize your activities
Try to get all work/important tasks completed during the week (so that you are free on weekends)
(jobs + study + housework = limited social life)
Unhealthy lifestyle
Learn how to cook simple, healthy meals at home from cookbooks, videos, online recipes, etc.










Walk more (reduces travel costs too!)
(no time to cook proper meals or exercise)

Government organisations:
Religious organisations:
Community organisations:
RANGE OF ASSISTANCE AVAILABLE
BIBLIOGRAPHY

TYPES OF ACCOMMODATION
Moving into a share house
Setting up your own share house
Setting up your own flat
Sharing a flat with friends
Sharing a flat with friends
Living by yourself
Lower living costs
(shared expenses --> bills, rent, etc.) = can afford to live in a better flat/more expensive area
Company of friends
= not lonely/boring (there is always someone to talk to)
Shared responsibilities
(e.g. chores --> cleaning, cooking, grocery shopping, etc.)
Better security & safety
(flatmates can help in case of emergencies --> e.g. robberies, sickness)
Builds friendships
(more chances to bond with friends)
ADVANTAGES
DISADVANTAGES
Possible disagreements/disputes
about living arrangements (e.g. division of expenses and chores, house rules, whether guests/pets are allowed, etc.)
Lack of privacy/solitude
Loss of freedom; no complete authority
(everything has to be agreed upon with flatmates = have to come to a compromise)
Risk of financial burden
(e.g. if flatmate is unemployed and cannot pay for bills/rent
Differences in lifestyles/values
may cause conflict (e.g. cleanliness of the flat)
Freedom
to do what you want and make your own decisions (do not have to get permission from others, no complaints)
Privacy
(no disturbances or restrictions)
Can establish own schedule/routine
(no quiet hours)
Independence/self-reliance
Complete control and ownership of amenities
(e.g. electronic appliances, white goods, food, furniture)
ADVANTAGES
DISADVANTAGES
Have to take on all responsibilities
by yourself (e.g. chores, maintenance)
Loneliness
Higher cost of living
(expenses are not shared)
No assistance
(e.g. during emergency situations)
HOW TO ARRANGE A LEASE
If your flatmate...
You should...
Does not keep the apartment clean
Eats your food
Does not pay their share of bills/rent
You should...
You should...
Reach a compromise with common areas of the flat
See if your flatmate is willing to pay their fair share to hire a professional cleaning service
Offer to do more cleaning in return for other chores
Make punishments for not paying in a flatmate contract before moving in (e.g. fee, eviction if it happens repeatedly, etc.)
Keep track of all late fees that they owe
Purchase your own groceries and have your flatmate purchase their own
Establish a kitty and use the money for shared items
Websites:
Common problems with renting. (n.d.). Retrieved July 29, 2013, from Citizens Advice: http://www.adviceguide.org.uk/england/housing_e/housing_renting_a_home_e/common_problems_with_renting.htm

Cost of Living in Hong Kong. (n.d.). Retrieved August 1, 2013, from Numbeo: http://www.numbeo.com/cost-of-living/country_result.jsp?country=Hong+Kong

Hong Kong Jobs. (n.d.). Retrieved June 29, 2013, from GeoExpat: http://hongkong.geoexpat.com/jobs/

How to get here. (n.d.). Retrieved June 27, 2013, from The Hong Kong University of Science and Technology: http://www.ust.hk/eng/about/campus_gethere.htm

Resolving renting problems. (2012, February 13). Retrieved July 25, 2013, from NSW Government: http://www.fairtrading.nsw.gov.au/Tenants_and_home_owners/Renting_a_home/Resolving_renting_problems.html

Slaughter, J. (2007, September 12). Pros and Cons of Living Alone Vs. Having a Room Mate. Retrieved June 7, 2013, from Yahoo! Voices: http://voices.yahoo.com/pros-cons-living-alone-vs-having-room-mate-534801.html?cat=54

Tseung Kwan O - Metro City. (2013, June 12). Retrieved June 26, 2013, from GoHome: http://property.gohome.com.hk/Tseung-Kwan-O/Metro-City/ad-952096/en/

Youth Services Info Leaflet. (n.d.). Retrieved 8 4, 2013, from Hong Kong Police Force: http://www.police.gov.hk/info/doc/child/youth_services_info_leaflet(Eng).pdf

Books:
Stephen Chapman, M. F. (2009). New Concepts in Commerce. Milton: John Wiley & Sons Australia, Ltd.
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