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Bang Hong

Getting ready to be financially ready for retirement (or semi retirement)

Bang Hong

Sustainable Spender Specialist at Spender Bang

About

Getting ready to be financially ready for retirement (or semi retirement)

Credentials

Sustainable Spender Specialist at Spender Bang

Bang Hong

Sustainable Spender Specialist at Spender Bang

  • Answers (66)
  • Questions (1)
  • Reviews (3)

Investments

CPF

Unit Trust

Retirement

Would you use your CPF OA to invest in Unit Trust? Any views on this ?
Bang Hong
Bang Hong
Level 6. Master
Answered 1d ago
Depends, but typically no. 1. Reserving OA for stable small returns (2.5%) to form the "imaginary bond segment". You will see the beauty of withdrawing OA at 55 years old, when you are confident to have the CPF FRS @ your 55 years old mark, where CPF-SA alone is above the FRS @ your 55 years old. Then you play the shielding game and tadahhh, that monies in CPF-OA will sit in your CPF-RA , and you can withdraw anytime , payment via PayNow. Need to learn the dynamics of this wonderful game, where interests is withdraw first. 2. Reserved for housing repayment. This is when I have enough for housing repayment for the next 12-24 months, I will use the excess to invest. Else security on hosuing comes first. In case when you are tired you want a career break, or say jobless, housing repayment is no biggie, no big concerns.
👍 0

SeedlyTV S2E03

Career

How important is the pay of the first job?
Bang Hong
Bang Hong
Level 6. Master
Answered on 22 Apr 2020
On pay perspective, I will say yes very important and this is coming from personal experience. In my starting days of my career i get to choose a higher salary post or a job role that can learn more (work more) but lesser pay. As someone whom is fairly junior, I take experience anytime, but I learnt that may (or maybe not) a mistake. Salary benchmark always refer to your last drawn pay, you can work and command like a Manager, but if your salary is 1 level down (Assistant Manager) or pay will not rise by a lot. Big companies (i.e. the likes of MNC) always refer to last drawn and want proof including your bonus. They have guidelines to follow which are not exactly wrong. This is the reason why people whom are underpaid with their current role's responsibilities jump a few companes (2-3 years per company) to get higher pay. I adopt a balance scorecard and pay is not everything. My balance scorecard includes a wide range of factors including location of organization, directions and vision of higher management, company's politics , etc. On personal experience and observation, I will say yes your first job does set a VERY HEAVY benchmark, sad but truth. I will quite another realistic example: 2008: Bank ABC Management Associate program pays $4500 for fresh grad. 2009: Bank ABC's gives 2008 MA employees a pay rise to $4800 At the same year of 2009, the Bank also hire fresh grad MA at $5,300. Those that are hired at 2008 wonder why with someone with 1 year experiences actually get lesser than a fresh grad, and worse of all it is the same company, same management program. Some even wonder, can i quit the Bank and join to get $5,300 salary? In the world of HR, this is how certain things works, salary is often a sensitive topic to discuss and certain practice will still follows for a long time.
👍 0

SeedlyTV S2E03

Career

How important is your manager/boss when you are in a job?
Bang Hong
Bang Hong
Level 6. Master
Answered on 22 Apr 2020
Your social circle at work is extremely important most of the time, especially your direct boss and co-workers whom you will meet them and work with them most of the time. The amount of time spent with your colleagues (bosses inclusive) might be more than your family in weekdays. Better off with (1) or (2) is purely based on personal preferences and also your life stage. For working mothers whom have young children, they might better off with (2). However if we are looking at young adults that grad few years, preparing for marriage, they might prefer (1). How cliche it seems, there's no straightforward answer to this and it is really dependent on the person's situtation of life and what is their pursue priorities.
👍 0

Investments

Career

CPF

Savings

What should my friend do now that she has to provide her payslips after lying about her current salary at a job interview?
Bang Hong
Bang Hong
Level 6. Master
Answered on 10 Sep 2019
I wouldn't think it's an issue, rounding up sounds about right and what most people will do. To collect payslip is just a documentation process on the audit. Why? Because if that person is drawing 3k now and you offered say 5k, you need to justify the increase as that didn't align with the industry norm. Don't worry and just submit. If questioned then just answer.
👍 0

Career

Lifestyle

Personal Finance Books

Investments

Investment Courses

What are some e-book download sites?
Bang Hong
Bang Hong
Level 6. Master
Answered on 08 Jun 2019
I find Kindle default library good enough... Other eBooks: KOBO Epub Books MPH online DIGI Libraries
👍 1

Loans

Could anyone give me some advice as to get out of my debt situation. Where can I even start?
Bang Hong
Bang Hong
Level 6. Master
Answered on 07 Jun 2019
Call CCS 6225 5227 for help. Seek immediate family or 1 level extended for money help. Please be upfront of the things you are at, and your plans. I am not as forgiving as others, people like you should be punished, because of your sin or issues you are affecting people, yes, making people uncomfortable (possibly). 1) Call the helpline and see what they can plan for you. They are professionals as they see many such cases like this. 2) $30k is an amount that is able to repay someone within a year if you are truly sorry and work extra hard including saturday and sundays. Bare in mind it is your wrong doing or wrong judgement that cause this, please feel very gulity and do something about it. Let that gulit become a lifelong life session which you may help your other friends in the future.
👍 1

Career

Savings

Investments

Lifestyle

Credit Cards

What are your personal finance resolutions for 2019?
Bang Hong
Bang Hong
Level 6. Master
Updated on 07 Jun 2019
My personal finance resolutions are 1. Dig deeper into critical illness insurance (early ci), exclusion, etc. To forge a better understanding to determine which plan to buy extra for ci. 2. Diversification, Monitor and pick 3 dividend stocks to invest in. Research on respective industry of stocks and nature of revenue generation not only from balance sheet. 3. Jobs opportunities and side income jobs. To dig deeper to see if there's anything worth doing. 4. Traveling cost optimization by doing more research and staying at a cost effective accommodation and air tickets.
👍 3

CPF

This year is coming to an end. Would you advise me to top-up MA or SA to enjoy further tax relief?
Bang Hong
Bang Hong
Level 6. Master
Updated on 07 Jun 2019
No straightforward answers here. I will advise to top up MA/SA to enjoy tax relief if the following are met (But not limited to): 1) You will confirm + chop reach FRS at 55 years old, with the projected increment of the minimum sum. 2) You enjoy a "good" tax rebate, meaning your income is on a higher tier tax bracket and not the 1st/2nd bracket for instance 3) You do not need the cash until you reach 55 years old (With assumption #1 is met). You should have reserve monies from other places. 4) If liquid monies is important to you, can consider SRS. At least can withdraw at a penalty for early withdrawals subjected to 100% tax for that year.
👍 2

Career

General

Should i invest all via Lump-Sum or Regular Savings Plan (RSP)? What is the best method to rebalance and how?
Bang Hong
Bang Hong
Level 6. Master
Updated on 07 Jun 2019
By theory "investing ALL" sounds like a bad idea, as the context of "ALL" might differ from people to people. With assumption your "ALL" is the amount you are willing to set aside and with other expenses/savings covered accordingly: 1) There is no "best method" , all suits to your personal cash flow. financial management, duration (tenure) , risks appetitate and many more. 2) Typically "professional" says 110 - your age = To invest in equity. For example 40 years old, 110 - 40 = 70. So you get this magic number of 70% stock and 30% bond in your example. 3) Depending how hardworking you are, I would prefer NOT to RSP, and to invest from time to time, rebalance whenever I need to. 4) No best method to rebalance or time frame, because sad to say, market reacts in different ways and sometimes in wonders. If you want more certainity or stability, ETFs might be a good way to start. Personally I rebalance about 2-3 times a year with no fixed duration, usually Q1, Q3 and Q4.
👍 1

General

What are the prospects of SGD fixed deposit rates rising in the next 12 months?
Bang Hong
Bang Hong
Level 6. Master
Updated on 07 Jun 2019
On general, it had been an uptrend and will continue to maintain or go up in the next 12 months based on current economic health and news. But of course this might change time to time, cant say for sure next 12 months sure increase, but at least from current view, it would most likely on a rising trend for interests rate. But rising interests rate doesn't mean SGD fixed deposit rate will increase. The reason being some Banks do not want to have extra funds have many reasons. For example, DBS is not offering attractive FD rates because they already have the largest deposits in Singapore compared to other Bank. Other Bank in comparison need to offer alot more attractive FD to get funding (deposits) for their other Banking needs and maintain a certain ratio % mandate by the central bank.
👍 1
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Level 6. Master
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