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Reb Liew

Reb Liew

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Reb Liew

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Lifestyle

Reb Liew
Reb Liew
Level 5. Genius
Answered on 20 Feb 2020
Here's mine! http://class.ps/oESNO
👍 3

Policies

Goods & Services Tax (GST)

Reb Liew
Reb Liew
Level 5. Genius
Answered on 18 Feb 2020
It's been delayed to help Singaporeans cope with rising costs, particularly in light of COVID-19. But the hike will happen by 2025 either way to meet the demands of healthcare costs as Singapore's population ages. I've written about it here: https://blog.seedly.sg/singapore-budget-2020-gst-hike
👍 6

Insurance

Travel

MileLion

Travel Insurance

Reb Liew
Reb Liew
Level 5. Genius
Updated on 10 Feb 2020
If I were you, I'd go ahead with the trip anyway — but consider: 1. Wearing a mask (if you manage to get your hands on one) if you do go to crowded areas, 2. Using your own reusable cutlery set where possible to lower the risk of cross contamination, and 3. Minimising direct contact, e.g. handshakes. If you do, don't forget to use hand sanitiser after. You should also definitely check with your insurance agency what's covered, and whether the tour you've signed up for will be tweaked in light of nCoV. For instance, does the travel agency have contingency plans? If the thought of travelling unsettles you, though, then maybe hold off on your trip. It's your call.
👍 5

Cryptocurrency

Multi Currency Cards

MCO Visa Card

Reb Liew
Reb Liew
Level 5. Genius
Updated on 04 Feb 2020
Digital wallet VS MCO tokens MCCs require you to link your debit card(s) and transfer a minimum of $20 into a digital wallet. You can then use this amount for local/overseas transactions and, in some cases, transport. The only thing is, you won't be able to transfer the money from your digital wallet back to your bank account. This is unlike the MCO card, which allows you to make everyday transactions using crypto. Also — and unless you choose the free tier — you'll be required to 'stake'/hold between 50 to 50,000 MCO tokens in your wallet for a minimum of six months. Cashback Rewards for the MCO Card are paid in MCO tokens, whereas multi-currency cards offer actual cashback that's credited to your digital wallet. Again, this depends on your tier type, and which MCC you're looking at. ATM withdrawal fees Depending on what you're looking at, the Revolut Standard card allows free overseas withdrawals for the first S$350 worth of currency; with the MCO card, it's free for the first US$200 (~S$250, at time of writing). At present, only overseas withdrawals are possible for both cards. This comparison piece on Revolut, TransferWise and YouTrip might also help: https://blog.seedly.sg/multi-currency-comparison-singapore
👍 6

Multi Currency Cards

Revolut

Reb Liew
Reb Liew
Level 5. Genius
Updated on 07 Oct 2019
Revolut's challenges include i) distinguishing itself from YouTrip (i.e. as more than a travel card), and ii) incentivising existing YouTrip users to make the switch - or to at least try Revolut. At the Seedly x Revolut event on Oct 2, the challenger bank also shared a constraint in entering the Singapore market: many of Singapore's hawkers still prefer cash. That physical, tangible relationship with money means it'll take time for the country to go fully cashless -- and to convince the masses to that digital banks are the way of the future.
👍 5

Multi Currency Cards

Revolut

Reb Liew
Reb Liew
Level 5. Genius
Updated on 07 Oct 2019
For recurring online transactions, there's no need to use a disposable/self-destructing virtual card - since its purpose is to prevent credit card theft/fraud for one-off transactions. Instead, you could just stick to using a virtual card - you're allowed to hold up to five in your wallet per month - and assign a recurring payment to each of them, e.g. Spotify on one card, HDB loans on another. Also, only Premium and Metal members enjoy unlimited virtual cards; Standard members get one free virtual card, and will have to foot another S$9 for each subsequent virtual card. Hope this helps! More this way: https://blog.seedly.sg/singapore-multi-currency-wars/
👍 9

Revolut

Reb Liew
Reb Liew
Level 5. Genius
Updated on 07 Oct 2019
Revolut's three cards -- Standard (free), Premium and Metal -- are designed to cater to user's needs. For instance, a Standard account allows you ATM withdrawals of up to S$350/month, after which a fee of 2% applies per withdrawal. You'll also only get one virtual card. A Metal account (S$19.99/month) offers ATM withdrawals of up to S$1,050, plus unlimited virtual cards. I've done a full comparison between the three, as follows: ! If you're wondering how Revolut compares against YouTrip, this article might help: https://blog.seedly.sg/singapore-multi-currency-wars/
Answer image preview
👍 8

Multi Currency Cards

Revolut

Reb Liew
Reb Liew
Level 5. Genius
Answered on 07 Oct 2019
Revolut users must be 18 or older. You'll also need to put a minimum sum of $20 in your account, which can be done by linking a card through the Revolut app.
👍 6

Education

Lifestyle

Reb Liew
Reb Liew
Level 5. Genius
Updated on 22 Sep 2019
You can get a rough idea of how much it costs to get a degree in Singapore here: https://blog.seedly.sg/uni-degree-returns-on-investment/ It also depends largely on your lifestyle -- so if you're frugal and don't spend on big-ticket things or take taxis, then the bulk of your cost would really be just the tuition fees. Keep in mind these fees vary for Singaporeans and international students, as with universities 'round the world. And if you're looking to work in Singapore after your degree, this salary guide to median/maximum salaries across various job industries should help.
👍 4

Savings

Retirement

Reb Liew
Reb Liew
Level 5. Genius
Updated on 20 Jun 2019
Ultimately, it’s about: 1) Pre-empting or estimating the cost of future expenses (e.g. wedding, BTO, insurance, car), taking into account estimated annual inflation rates 2) Identifying how flexible your timelines are for each of your milestones (e.g. first home by 2022) 3) For short-term savings – placing it in a high yield savings account like OCBC360, which offers 1.2% interest on the first S$35k, and 2% interest on the next S$35k (capped at S$70,000) 4) Ensuring you’ve set aside a minimum of six months’ salary – a rainy day fund – for unforeseen circumstances, whether a medical emergency or retrenchment (God, no!) 5) Taking stock of your progress quarterly Short-term savings My salary is credited to my OCBC 360 account, of which around 45% is then transferred to my POSB Savings account for monthly expenditure – which could include anything from food and transport to taxes. In order to finance the down payment for my BTO, I plan to funnel $20,000 into a short-term endowment plan like the Aviva MySecureSaver. I’m also looking to GIRO 20% of my monthly salary to my CPF Special Account, which would yield up to 5% interest annually. Long-term savings Some level of risk comes into play if you hope to grow your funds at a quicker rate – so diversification is crucial. I’d recommend: i) investing in stocks that can withstand inflation, e.g. Singapore Savings Bond (averaging 2.13% interest p.a if held for ten years, based on interest rates for the June 2019 bond), and ii) dabbling in higher risk investments like bonds, stocks (e.g. STI ETF) and REITs. At the same time, topping up your CPF in January rather than December could earn you 20% more interest on your savings over ten years.
👍 8
Level 5. Genius
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