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Chin Guo Qiang

Food, Tech and Hobbyist Photographer [Apple iPhone XR and Canon EOS M50]

Chin Guo Qiang

Project Manager (Corrections_Narcotics) at Home Team Science & Technology Agency

About

Food, Tech and Hobbyist Photographer [Apple iPhone XR and Canon EOS M50]

Credentials

Project Manager (Corrections_Narcotics) at Home Team Science & Technology Agency

Chin Guo Qiang

Project Manager (Corrections_Narcotics) at Home Team Science & Technology Agency

  • Answers (44)
  • Questions (5)
  • Reviews (7)

Savings

Lifestyle

COVID-19

How much cash are you keeping to recession-proof yourself?
General rule for myself : 18-24 months of necessary expenses (excluding all entertainment and misc expenses).
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MCO Visa Card

Cryptocurrency

How do I use the MCO Card properly? Should I use fiat or Crypto? Which is better for transactions?
Chin Guo Qiang
Chin Guo Qiang
Level 5. Genius
Answered on 31 Mar 2020
For this topic, you can do the following : 1. Credit Card Top-up 2. Pros : Instant Payment 3. Cons : 3.5% admin fee per top-up applies 4. 5. Xfers Transfer (Bank Transfer) 6. Pros : Minimum fees (only paid during purchase of cryptocurrency tokens on Crypto.com App. 7. Cons : Xfers Bank Transfer HAS TO BE DONE FIRST, FAST transfer has a delay of 5-20 mins.
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Lifestyle

If you have only $100K in Cash and CPF at age 30, what can you do to buy a EC or Private condo without taking on too much jobs or debts?
A typical research for the private properties in my home area (Downtown) reveals that the pricing for these housings are of the following : 1. EC : Not available 2. Condominium : Min $850,000 for a 45sqm studio "shoebox" styled apartment, like a 2-room HDB BTO Flat size (Great Southern Waterfront area upcoming projects, near to HarbourFront area) It is technically doable for 1 person but the long duration is 25 years with over $2,500 average loan payment. 2 more questions will be raised too - How long are you "secured" into your current job to service the 25-year loan ? - Assuming you can sell off the EC / Condominium, how much to break even before profits and at which price grade ? Note : This does not include current economic downgrowth due to global COVID-19 pandemic crisis.
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CPF

At which age do you think we should do a CPF nomination. What happens if we do not?
It can be done anytime but good to do after the following events. - Marriage as the previous CPF nominations will be voided upon marriage - A kid is born as you would want to keep some monies for your offspring to get a headstart in far future, saving up even more via compounding effect. - This is uncommon but it helps to reduce some family tension as the CPF member nomination is under sound mind declared, and speeds up the CPF claims processes if in place (need to verify on this though).
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Seedly

Healthcare

Lifestyle

COVID-19

What do you think we should do with 1,000 face masks?
Chin Guo Qiang
Chin Guo Qiang
Level 5. Genius
Answered on 30 Mar 2020
I suggest to shrink wrap the face masks and make it 1-time packs for Seedly event attendees (no more than 10 for small group sessions, no group photo), if not just keep for Seedly and ShopBack staff own consumption #WINoverCOVID19in2020
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Promo Codes

Credit Cards

Does anyone have promotional/referral codes for MCO Visa Card?
Here's my Crypto.com MCO referral code. NOTE: You need to stake 50 MCO tokens for 6 months holding period BEFORE you get the USD$50 referral credits (in MCO tokens) Code : Use my referral link (sgs846n541) Web Link : https://platinum.crypto.com/r/sgs846n541 to sign up for Crypto.com and we both get $50 USD :)
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Savings

Investments

Stocks Discussion

Savings Accounts

What should I do with my bank savings?
I would say if you are on the following accounts, keep a part of the $60k in. - DBS Multiplier ($25k for 1st tier interest) - SCB JumpStart ($20k for bonus interest) - OCBC 360 ($35k for 1st tier bonus interest) The remainder $25k ~ $35k can be better managed with the following tools (ris-averse approach) 1. StashAway (Up to 1.95% pa interest, non-guaranteed ) 2. Dividend stocks or REITs (Avg 5 - 7%, depending on the stock type and companies)
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Investments

Savings

DBS Multiplier Account

Savings Accounts

Credit Cards

For those who are switching out of DBS Multiplier, where are you guys switching over to?
Back to OCBC 360 / CIMB FastSaver / Singapore Savings Bond trifecta combo. Recent switched out of Citibank Citi Priority due to nerfed interest rate from 2.2% to 1.5% pa.
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Savings

Salary

Career

I'm almost 28yrs old but I didn't save any money at all. How can I manage my salary if I intend to save the money? What skills or jobs can I learn and work to earn extra income at the fastest way?
Can consider industry related skills to upsell yourself as more technically capable to contribute for your current company. Then ask for pay adjustments (pay raise sounds a bit crude to ask).
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General

Savings

I'm in my mid-20, and didn't declare that I am freelancing. My strategy is to contribute up to the $20k limit of CPF OA to get the 3.5% ASAP by putting in a lot monthly, and empty it for housing. Any advice?
Don't rush to get to $20k OA just for the 3.5% pa interest in CPF account. It can be $5,000 or $10,000, but the 3.5% pa interest do not add up to be a significant sum, for balances less than let's say, $50,000 (I did the math myself and saw the trend). Just contribute if you see it fit for a good 3.5% interest rate, if not keep the earnings as liquid for opportunities to come by. :)
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