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Nicholes Wong

Learnt a bit in school and decided to learn more about investments and money stuffs through Google

Nicholes Wong

Diploma in Business Management at Nanyang Polytechnic

About

Learnt a bit in school and decided to learn more about investments and money stuffs through Google

Credentials

Diploma in Business Management at Nanyang Polytechnic

Nicholes Wong

Diploma in Business Management at Nanyang Polytechnic

  • Answers (500)
  • Questions (0)
  • Reviews (2)

Investments

S&P 500 Index

ETF

Income Tax

The 30% tax is on the dividends. So if your dividends you get every year is $100, US government will take $30 and you get $70. There are no capital gain tax for Singaporeans investing in US stocks. So if your ETF price grow from $10 become $20, its all yours. You either sell your stocks or use dividends to pay for your retirement. There is no retirement tax. There is also 40% estate tax in US. So if you die with 1 million in the ETF, 400k goes to US government and 600k goes to your family. Books ask you to sell 4% every year of your total stocks/etfs to pay for your retirement. Because stocks typically goes up in the long run. But its better to reduce it further to around 3%-3.5% to be safe. So if you need 100k every year for your retirement, you would need to have 2.5 million in the ETF for the 4% to work and 3.3 million for 3% to work. Alternatively, you can look at VUSD ireland domiciled ETF for S&P 500 which will reduce the 30% dividends tax to 15% and theres no estate tax. Singaporeans does not have capital gain tax and estate tax in Singapore. So only the other countries taxes matters when you invest overseas stocks.
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Savings

Investments

Stocks Discussion

Savings Accounts

If you want something safe, Standard Chartered Jumpstart account will be good for 20k at 2% interest. High interest savings account like DBS Multiplier, UOB one and so on are also good if you can hit their requirements. If you can stomach some risks, you can also take a look at ETFs or robo advisors like Stashaway, Autowealth, Endowus, Moneyowl, Smartly and so on. But you have to do abit of research about them before putting your money in them. You can start with this link https://blog.seedly.sg/singapore-robo-advisor-investment-comparison/
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Savings

Lifestyle

Personal Finance 101

3-6 months of your expenses would be a good sum as emergency fund before you start investing. As for saving goals, it will be based on your goals like wedding, house, children or retirement. You have to make your own decision on how much are needed for your own life events. Its easier to save more when you are young with lesser commitment, Personally, I am 23 this year just like you. My take home pay around 1.8k and I save around 1k every month and I also try to save majority of my bonuses if any. My net worth is currently 15k including emergency fund. I started working with $0 savings as well.
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Investments

DBS Vickers Securities

Brokerages

You can consider TDAmeritrade for US stocks. Standard chartered also around $10 without custodian. Interactive brokers have even lower fees but have minimum activity fees of $10 every month if you do not have at least 100k USD with them. But commission fees are included so if you incur $5 commission fees with them on a particular month, you only need to pay another $5 that month.
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Investments

Stocks Discussion

S&P 500 Index

Simplest way is just invest US domiciled S&P 500 ETFs from any local brokerage but comes with higher fees and higher withholding dividend tax. Better way is to invest with Standard chartered and buy Ireland domiciled S&P 500 listed on the London stock exchange which have slightly lower fees than other local brokers and reduced the withholding dividend tax from 30% to 15%. Interactive brokers is good as well but charge minimum activity fees of $10 per month if you have less than 100k USD with them. But trading commission fees is part of the $10. So if you have $5 trading fees on a particular month, you only have to pay $5 for minimum activity fees.
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Investments

Payments

Stocks Discussion

ETF

Dividends

FSM INVEST EXPO 2020

Depends on which overseas ETF/stock you talking about. US stocks/etfs will have 30% tax on the dividends while hong kong stocks does not have any dividend tax etc.
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Multi Currency Cards

SG Budget Babe

GrabPay Card

YouTrip

https://blog.seedly.sg/multi-currency-comparison-singapore/ https://blog.seedly.sg/grabpay-card-mastercard/ You can check out both of this links by seedly. The first link compares Youtrip, Revolut, InstaRem and Transferwise while the second link shows the Grabpay card fees.
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Savings

Retirement

Savings Accounts

DBS Multiplier, UOB one, SC Jumpstart, SC Bonussaver, BOC smartsaver, OCBC 360, Maybank Saveup
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MileLion

Investments

CPF

Savings

Lifestyle

Stocks Discussion

SG Budget Babe

Career

General

1. Start investing 2. Control my spending for food (spending wayyyyyyy too much on food) 3. Continue to learn about personal finance and investing
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Investments

Savings

Loans

Family

Stocks Discussion

Lifestyle

You are playing with fire. Investments like stocks are volatile. It is not a good idea to rely on them for short term goals which are paying your school fees and if BC means Bitcoin, it is even worse. Maybe get some part-time jobs while you are studying will be a better way. You don't have to avoid debts as well. Just plan properly on how to pay it all off when you finished your degree as soon as possible.
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