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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 (504)
  • Questions (0)
  • Reviews (2)

Credit Cards

Savings Accounts

Investments

Hi Community, if someone found a loophole in the banking system where he can generate money out of nothing and if he make use of this loophole, will he get arrested?
Yes. It is a criminal offence. Please do not do such things whether it is bank or other companies, it is still a criminal offence. You will be prosecuted.
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HDB BTO

Property

Resale HDB

I had bought a resale HDB flat with grant. After 10 years I sold and bought brand new EC. However, I have intended to sell my EC after 5 years. Am I eligible to purchase a new BTO flat?
I dont think you are eligible for a BTO because you already bought 2 property (either HDB DBSS or EC). You can use the link below to see if you are eligible. https://services2.hdb.gov.sg/webapp/BP13EligCheck/BP13SHome?strSystem=CHECK
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Investments

ETF

Stocks Discussion

NYSE (New York Stock Exchange)

Hi, I understand there is a 30% dividend withholding tax for US equities and ETF. However, I will like to clarify if this applies to Asia Equity/ETF listed in the US market too?
If you invest in stocks/ETFs domiciled in US, there will be 30% dividend withholding tax. If its a US domiciled ETF with China companies, the ETF fund will pay a dividend withholding tax of 10% to China and then you will pay additonal 30% dividend withholding tax to US. If you invest in China/Hong Kong through US instead of HKEX, your returns will be affected even more. So if possible try to invest through HKEX if you want to get into china/hong kong companies since Singapore have tax treaty with Hong Kong.
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National Service (NS)

Lifestyle

Career

Should I workout or do part time job before NS?
Nicholes Wong
Nicholes Wong
Level 8. Wizard
Updated 1w ago
My fellow NYP junior, it is up to you if you want to do one at a time or do both work and exercise at the same time. I know I won't be able to do both at the same time. If have to choose one, best to focus on getting fit first in my opinion. Because when I was overweight and unfit, I get tired very easily. I also got cramps and backache from time to time because of it. Not sure if you are in the same situation but I'm pretty sure my body was in a pretty bad state. I was also in your shoes 2+ years ago. I was finishing my 2nd year of poly. BMI of 31.26, weighing 110.5kg at 188cm. Then I realized NS coming and my body was in a pretty bad state as like I said getting some ache and cramps so have to lose weight. So from there I started eating healthy and reduce the amount of food I eat. I focused on fixing my diet first before exercising as I was not fit at all. I could not even do a single proper pushup. Being fat makes me more lethargic as well. I didnt want to push myself too hard in terms of exercise because knowing myself I was worried that I will just give up. Afterwards losing a decent amount of weight, I slowly add in some exercises. I went to CMPB to get reassess and from pes BP got to B1. Then I went to sign on direct entry sergeant with SPF and managed to get in. I was still very unfit even when I went in. We did a trial IPPT almost 1 month inside training in HTA. I got single digit IPPT score with pushup, situp and 2.4km combined hahaha. But on the third official IPPT test on the third month, I managed to pass with IPPT score of 65. Now after posting out, my stamina and weight are going abit out of control again so I have to control and exercise once again hahaha.
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Investments

S&P 500 Index

ETF

Income Tax

I'm interested in investing in the SPDR S&P 500 ETF. How would the US tax me for this?
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

What should I do with my bank savings?
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

At 23 years old, how do I determine my saving goals?
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

Best brokerage account? CDP Vs custodian?
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

S&P 500 Index

How do I begin investing in the S&P 500? What's the simplest/most cost-efficient way to go about doing this?
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

Do we need to pay taxes in Singapore for overseas investments such as ETFs and stocks?
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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