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AMA The Woke Salaryman

This AMA will be held LIVE on Wednesday, 23 Sep 2020 from 7-9pm. Start asking your questions here!

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AMA The Woke Salaryman

Retirement

Savings

Any single premium retirement annuities with good guarantee returns?
! Hi Anon, here's a quick snapshot comparison for single premium lifetime annuities that I carry. I personally prefer Taiping's policy due to highest potential payout and good surrender value growth as well.
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AMA The Woke Salaryman

Renovations

Resale HDB

Property

Could you share some tips on how to evaluate resale houses?
LL
Lynn Lim Choo
Level 2. Rookie
Updated 3h ago
Why not consider BTO?

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AMA The Woke Salaryman

FIRE Movement

Fresh Graduates

How can a fresh graduate start being involved in FIRE movement?
Chris
Chris, Writer at Assetincentives
Level 3. Wonderkid
Answered 7h ago
Hello! For context, I am a recent graduate as well, trying to get involved in the fire movement! I personally feel what is most important is to cultivate discipline. With a disciplined approach, you can keep track of your expenses, increase your savings thus enabling you to build a larger asset base. If you have a nice income figure but do not have the discipline to retain most of it to further your FIRE goals, then it will be quite counterproductive. For example, it takes a huge amount of discipline to refrain from giving in to temptations which you can then leverage on to reduce expenses. The little expense savings add up and soon you will find that you can save much more than before. Also, by being disciplined, you can then budget and allocate your income to your expenses, savings, and investments. You will also find that you will start to set little milestones for your journey to inch you nearer to your FIRE goals. As such, the problem is not when you start, but your ability to sustain what you started. (: All the best! If you are interested, I am documenting my personal finance journey here. I am also a beginner in this area that's why I am documenting my processes and perspectives in this space to receive feedbacks/ on best practices. (:

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AMA The Woke Salaryman

Career

Fresh Graduates

Any advice on how to establish a network and remain competitive in the job market for returning Singaporeans (2 years after graduating uni)?
Daniel Kok
Daniel Kok
Level 5. Genius
Answered 11h ago
Hope I'm not wrong by guessing you're in a finance related field since your internship was with audit. Nonetheless, what you can do is to reach out to headhunters that are specialized in the field to assist you on your job search. overseas experience within the relevant field is always appreciated as you might bring a different perspective comparing to your other competitors interviewing for the same job opportunity. update your CV and LinkedIn profile and start actively looking for jobs at portals that you might be keen in for a start! :)

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AMA The Woke Salaryman

Career

I work in the media industry and my pay is only $3.1K. I've worked for more than 2 years now and earn on average $1k lesser than my peers. I'm 25. Any advice on how to increase my pay faster?
He Ruiming
He Ruiming, Co-Founder at The Woke Salaryman
Level 6. Master
Answered 3d ago
So I'm like you, I started out with a $2,700 salary in 2014. I got it up to $3,200 in 2015 by aggressively asking for it and meeting my KPIs and becomiing a vaulable member of the team. By 2017, it was around $4,500. In 2018, I got headhunted whch brought my salary up to almost $8,000. I can't share what has changed since then due to respect to my (former) employers, but the key is really to be good at your job, deliver the results, and consistently and methodically ask for a salary increment. I believe the top 20% of professionals in any given industry are paid more than the remaining 80% combined. I've known creatives in advertising who're paid five figures in their late 20s/early 30s.

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Career

Fresh Graduates

AMA The Woke Salaryman

Any advice for someone working in a startup? Long hours, fast paced, feel like at some points compromising on work life balance, not sure if I can hold out long term...?
C
Cam
Level 4. Prodigy
Updated 2d ago
Working in a startup, it means brand new business, the unknownpath has to figure out, more work effort and discoveries are needed as compared to an established company that has system , which gives smaller room to disagree and make improvements on. Yes the effort and time put in startup companies can be quite alot. No pain no gain. With the effort and time that you put into your work ,may bring to you great discovery and breakthrough in your career, giving you the experience and sharpening of your skills, which makes gives you an edge to climb up the corporate leader in the startup entity itself or even career jump to bigger and establish corporations. End day , you will need to consider what's your career goals you want to achieve, and what makes you passionate in your work. With the passion, it can helps us to pull through the toughest part to endure in our endeavours. If you do not find passion in your work you might want to consider your career options

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AMA The Woke Salaryman

Career

What do you do when you run out of ideas? You know those days when nothing works? How do you deal with those brain blocks and think of new ideas?
C
Cam
Level 4. Prodigy
Answered 2d ago
Read up on a subject that you are keen on churning new ideas from. Reading goes us good source of inspirations on new ideas

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Savings

Investments

AMA The Woke Salaryman

Savings Accounts

Whats the risk involved when saving in high interest savings account (singlife, Gigantiq, easy learn)?
RL
Rayner Lim
Level 3. Wonderkid
Answered 2d ago
Hi there. Firstly, we have to understand that the above accounts are not bank accounts or fixed deposits, but are insurance savings plans structured similarly to a bank account. Therefore, there may be liquidity issues (e.g. lock up periods, needing to transfer to another bank account before being to able to withdraw) Secondly, the “interest rate” is not guaranteed (Singlife’s 2.5% is not as they have stated) or guaranteed only for some time period (only for 1 year for some plans). Of course, bank account interest rates also change regularly with market rates. Thirdly, those are insured under the Policy Owners’ Protection Scheme and not under Deposit Insurance Scheme for all other bank accounts. Terms and conditions for insurance of amount deposited would of course be different (e.g. amount protected differs with $100k under PPF vs $75k under DI)

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AMA The Woke Salaryman

Career

Lifestyle

What considerations should one take before deciding to work overseas?
He Ruiming
He Ruiming, Co-Founder at The Woke Salaryman
Level 6. Master
Answered 3d ago
Here are some that come to mind: Skills – Not all Singaporeans are attractive hires. Many parts of the world still view Westerners as superior. Cost-wise we also lose to out to many developing countries. Your skills here will set you apart. No skills, no overseas job for you. Network - If you intend to return to Singapore in the future, your network will probably be impacted. That's okay as you get to build a network elsewhere. Cost – You might be paid more in London, but will you be able to save more? It's possible to return home in poorer financial shape than before. Fit – Some Singaporeans thrive overseas as they're global citizens. Others shrivel up and die like the quiet mouse in the room. When you work overseas you'll have to behave like other expats. Assertive, confident and aggressive. If you can't do that, then you need to start learning. Benefits – Some companies will offer you attractive expat packages. Once again, dependent on skills.

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AMA The Woke Salaryman

Supplementary Retirement Scheme (SRS)

Retirement

Should I go for special account top or SRS if I were to plan for my retirement in a more “efficient way” to reduce tax?
J
Just_Saying
Level 4. Prodigy
Answered 2d ago
I think there is no right choice, as it depends on the purpose of this contribution, the liquidity and the individual perspective and knowhow. Some of us even do both SRS and SA top-up if we are super high in-come earners now. But below are some of the basis comparison for reference. SRS - WIthdrawal age is statutory retirement age at time of application (current 62) - To effectively earn the tax relief, annual withdrawal post-retirement should not be more than 40k per year. - Early withdrawal allowed with penalty 5% and subjected to income tax - Good for invest-savy participants who can achieve more than 4% offered by SA SA account - Withdrawal age is 55 (on balance after forming RA account) - Not subjected to further tax during withdrawal - One way contribution and non-reversal - Good for risk adverse participants who is satisfied with 4% offered by SA

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