Shaun Wq Lim - Seedly
SW

Ex-EEE with a Minor in Business

Shaun Wq Lim

24Upvotes

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Ex-EEE with a Minor in Business

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Shaun Wq Lim

24Upvotes
  • Answers (40)
  • Questions (0)
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Investments

Regular Shares Savings Plans (RSS)

PhillipCapital (POEMS)

Blue Chips

SW
Shaun Wq Lim
Level 4. Prodigy
Updated on 14 Jul 2019
You might want to double check your information. OCBC BCIP charges min. $5 fee per counter per transaction. For 6 counters, that will be $30 per month.

Stocks Discussion

Investments

SW
Shaun Wq Lim
Level 4. Prodigy
Answered on 10 Jul 2019
1. Yes, SCB will credit your FCY Settlement Account with the dividend net of the 30% withholding tax. 2. SCB handles it. 3. SCB has different fee schedules for Priority Banking customers vs Personal Banking customers. Minimum brokerage fee applies for Personal Banking customers. SEC also charges a fee for sell trades in US markets. For US capital gains tax, I don’t think it is applicable for foreigners. Haven’t sold any stock yet. Only had acquisitions of companies that I have stock in.

Investments

Savings

OCBC

Regular Shares Savings Plans (RSS)

SW
Shaun Wq Lim
Level 4. Prodigy
Answered on 05 Jul 2019
Yes for BCIP, minimum of $100/month for each stock you choose. From website: What do you need to start BCIP? For Cash subscriptions all you need is an OCBC deposit account and a BCIP account. If you wish to subscribe using SRS, you will also need an OCBC SRS account. The deposit account or SRS account will be used to fund investments in BCIP. You do not need to open any securities trading account or Central Depository (Pte) Ltd (CDP) account to start BCIP. If you invest using cash, OCBC Bank has appointed OCBC Securities Pte. Ltd to safe keep your shares in a sub-account. If you are investing using SRS, your shareholdings will be kept in a sub-account in the name of OCBC Nominees Singapore Private Limited.

Investments

SW
Shaun Wq Lim
Level 4. Prodigy
Answered on 23 Jun 2019
If you are in poly, I believe you have time on your side i.e. you are young. Time is the most important resource that you can have. Since you are asking about investing, I am assuming that you also are aware of the importance of savings and protection. Do a 360 review if you have not thought about them. This reply will focus on the investing portion and taking a very long term view. Invest as much as you can, as early as you can. Then let time do its magic. Compound interest works on the same principle. You can choose to go with a low cost monthly investment plan into ETFs or robo-advisers with a portion of your planned investment amount. The other portion can go to SSBs. Learn along the way but get started first.

Insurance

Health Insurance

SW
Shaun Wq Lim
Level 4. Prodigy
Updated on 22 Jun 2019
I believe you will need to get insurance in Singapore. Other than travel insurance, insurance policies should only be in force in the country of purchase. If you are savvy in insurance, you can check out the various comparison websites online for term life insurance. Otherwise, do talk to a financial consultant. For medical insurance, you should check what sort of coverage your company group insurance provides first. Then maybe look at additional coverage if you like to.

Robo-Advisors

SW
Shaun Wq Lim
Level 4. Prodigy
Answered on 18 Jun 2019
Looks new and leveraging unit trusts instead of ETFs to generate returns. Management fees look reasonable for the normal portfolio. Got to look deeper into the underlying unit trusts and costs.

Savings

Investments

SW
Shaun Wq Lim
Level 4. Prodigy
Answered on 18 Jun 2019
Put it in a high interest savings account.

Investments

Savings

Lifestyle

SW
Shaun Wq Lim
Level 4. Prodigy
Answered on 18 Jun 2019
The car’s COE expired this month. Decided not to get another car and go with public transport. Should be able to save the operating costs. Packing meals for lunch and saving the difference. Weight loss is a bonus. Health should get better. Sleeping enough for rest and general well being means cutting down on social activities. (Might be signs of getting older too ;P) Indirectly helping with making better financial decisions.

SeedlyTV EP06

CPF

SW
Shaun Wq Lim
Level 4. Prodigy
Answered on 13 Jun 2019
There are another two ways to getting additional tax relief while saving for retirement. You could do voluntary contributions to your Medisave account subject to the Basic Healthcare sum and CPF Annual Limit. One advantage is when you hit the BHS, the usual MA contribution will go to your SA instead. Helps to accelerate your SA retirement savings. You could also contribute to your Supplementary Retirement Scheme account. Tax relief amount is the actual amount contributed to SRS.

Lifestyle

Savings

Bank Account

Education

SW
Shaun Wq Lim
Level 4. Prodigy
Updated on 07 Jun 2019
1. If you are motivated and can work around your job schedules, see if meal prepping helps to reduce your food expenses in school. For me, I will pack lunch to work most weeks. Lunch is steamed vegetables usually. My lunch budget for the week is about $10-15 for the vegetables. The other costs are time to prepare and steam the vegetables every morning and electricity for the steamer. That said, this method doesn’t work if you blow the budget on your dinners or other expenses. 2. Use cash for all your expenses. Have a fixed amount of cash as in your wallet per week, as your spending budget. If it’s gone, it’s gone. Go hungry or walk home as required. 3. Designate one “no spend on entertainment” day per week. Find free activities to do or stay at home to read. 4. Open a separate savings account that is not readily accessible. No ATM card or online only account like CIMB FastSaver etc. 5. Save and consolidate your savings every quarter to buy Singapore Savings Bonds. Out of sight, out of mind.
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