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John Smiths

Apprentice-in-training in all matters of personal finance

John Smiths

Tax at Local bank in Singapore

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Apprentice-in-training in all matters of personal finance

Credentials

Tax at Local bank in Singapore

John Smiths

Tax at Local bank in Singapore

  • Answers (36)
  • Questions (0)
  • Reviews (9)

Career

Being a part time FA while having a full time job? Is it viable ?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 19 Jan 2020
Yes since you are still young. Commit everything you have to doing a good job in both your full-time job and part-time FA job. Learn as much as you can. You will not have a life but that's the focus and commitment it takes to find out what you are better at. Do it for a while then choose the path you want to take. Don't keep juggling 2 jobs. Eventually you have to pick the one you are best at and strive from there.
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FIRE Movement

Investments

Property

Lifestyle

Retirement

Career

Savings

Entrepreneurship

Asking on behalf of a friend, how to get to FIRE starting at 30 or even 40 ?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 19 Jan 2020
That's a good article to go on and it's basically about earning more active income (such as salary and side income) and passive income (such as dividend and rent) or start earning business income. On top of that, cut your expenses too. Ask your friend to first choose the route that works best for him and commit to it. Otherwise, it's easy to get lost in your approach and end up in a worse position.
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Career

Fresh Graduates

Should a fresh graduate take on a contract role? Or should he/she continue to apply to full time roles?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 19 Jan 2020
As a fresh graduate, you should be applying for full-time roles in industries and positions that have more potential to grow. You will have a better career path if you do well. Contract roles are good for switching into new areas and gaining experience. They pay better in the short term but lose out to higher paying growth full-time roles in the long term. In the long run, it's better to be in full-time roles, since the higher pay means more active income to invest in your portfolio. You can build a more permanent career path that way. Contract roles are the first to get cut when times are bad. They serve a purpose if you use them well but it's easy to get stuck and hard to get out of.
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Investments

Robo-Advisors

P2P Lending

OCBC RoboInvest

StashAway

AutoWealth

Funding Societies

SeedIn

ETF

MoneyOwl

Syfe

Just finished my first year into investing, investing about 90k into various passive forms of investing, mainly robos (time-weighted average 60k). Iā€™ve generated about 6.5k of returns, is that decent?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 13 Jan 2020
You need to look at your percentage rate of return and compare it to the local Singapore market rate of return, US market rate of return and global market rate of return. That would indicate how well you are performing.
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Career

SG Budget Babe

Are you able to share a bit more about your career path? Like how much have your salary increased (%) since you started working and have you job hopped already? Any advice for fresh grads?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 24 Dec 2019
You are better off referring to the salary guides released by the various recruitment agencies to benchmark your rate of salary increase against the market. This can differ significantly by industry and field so it's more useful for you to compare for the job you are in and not the jobs other people have. Generally, job hopping is a good way to increase your salary but only if it's done wisely. As a fresh graduate, focus on learning both technical (hard) and social (soft) skills that can be relevant for a longer time. Network with your fellow graduates and experienced colleagues because that's how you will find better jobs i.e. by recommendation.
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Investments

SG Budget Babe

Career

This civil servant got the 0.1-month year-end bonus, is it a sign of an economic downturn?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 22 Dec 2019
Yes, it's probably an indicator of a possible economic downturn in the near future (as an expectation from the Government). Otherwise, there would have been no need to cut the civil servant year end bonus from last year. In fact, the Public Service Division in its announcement of the bonus actually highlighted the exercise of restraint to take into account prevailing economic uncertainties.
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SG Budget Babe

Family

Lifestyle

How do you achieve a good work-life balance?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 22 Dec 2019
What jobs do your husband and you work in that require the very long hours? There's only so much you can do with a weekend because it's just 2 days while you spend 5 days at your job during the work week. The key is to manage your job if you want more family and personal time. As long as you have to work very long hours, there's just no way to have a good work-life balance. You have to give something up.
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Credit Cards

I am earning about 4k a month. But I have cc bills up to 6 times my salary now and I want to clear it off asap because the IR is a bit high. Any advise? Should I freeze my credit card?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 16 Dec 2019
I hope you have cleared your credit card bills or entered into a debt consolidation plan by now.
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CPF

HDB BTO

Loans

Should I use cash to top up CPF account or to repay HDB loan?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 16 Dec 2019
Cash to top up CPF Special or MediSave Accounts gets you tax relief and builds up your retirement funds that you can only use years down the road (earn 4% to 5% interest pa depending on your CPF balances). Repaying the HDB loan with the same cash amount does not get you tax relief and you save paying 2.6% pa. Totally different purposes. But I would go with topping up CPF Special or MediSave Accounts if you can put aside S$7,000 yearly.
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SG Budget Babe

Investments

Standard Chartered JumpStart Account

Savings Accounts

Is the Standard Chartered Jumpstart Account any good?
John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 16 Dec 2019
Yes if you are a fresh grad 26 and below with a decent starting pay and savings. A good bank account to park S$20,000 in. If you have more savings, can consider using the UOB One, OCBC 365 or DBS Multiplier bank accounts. Since you have a salary credit and could potentially earn a higher interest rate on your savings.
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Level 5. Genius
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