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Xue Yi Hang

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Xue Yi Hang

  • Answers (10)
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Stocks Discussion

Investments

DBS Vickers Securities

Online Brokerages

If I have a DBS account can I buy global stocks directly or do I need to open DBS vickers? Same goes for OCBC and UOB, is it a special brokerage account?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 07 Feb 2020
Hi! You will need to open a brokerage account with one of the banks (e.g. DBS Vickers). You don't need a bank account with that bank to open a brokerage account. Do note that each brokerage firm/bank has different trading fees, minimum charges and also note the custody charges (overseas shares are always held by the brokerage on your behalf and they will charge you a small monthly fee for that). Hence do your research properly before opening your account :)
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Travel

Credit Cards

Will there be problems if I cancel my credit card if I used it for flights/hotels booking?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 14 Nov 2019
It really depends on the hotel booking policy, so unless you have a really urgent reason to cancel the card early, it's safest to just hold it til after the trip. You could also try to rebook your hotel if you're able to get the same or better deal :)
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Lifestyle

Savings

Family

Freelancers

How can I increase my savings as a part-time student while working as a freelancer?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 13 Nov 2019
Hi! I've found that saving on a tight budget is super difficult, and if you really can't bring your expenses down then perhaps you could focus your attention on increasing your freelance income instead e.g. find ways to charge more or get more customers. Love your independent attitude btw!
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Stocks Discussion

Investments

US Stocks Entry Level Questions - What is the minimum US stocks like Amazon shares that I can buy?
XY
Xue Yi Hang
Level 4. Prodigy
Updated on 17 Sep 2019
To add on to the other answers, there is a minimum commission paid to the brokerage when you buy and sell, so it is often not worth it to just buy/sell 1 share. In addition, brokerages actually hold your foreign shares on your behalf so they will also charge a monthly custodian fee (couple of dollars).
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Savings Accounts

Credit Cards

Which credit card would be the best for a newly employed person?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 26 Aug 2019
Every card has its pros and cons, so it really depends on what you want out of it (cashback, miles or discounts etc). Do note that most cards have a minimum monthly spend before you actually enjoy some of the featured benefits so do read the fine print. Comparison sites like Moneysmart.sg are your friend :) Btw you'll need at least 3 months of CPF contributions on record iirc for the banks to ascertain that you have regular income before you can apply for a credit card.
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Investments

Savings

To start investing or wait for better market outlook?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 21 Aug 2019
This is the same question I asked myself many times before I actually got started investing. This is not an easy question to answer as it really depends on how much investment capital you have too. What I did was to take a small position in a couple of stocks I was eyeing first. If the market went down, I bought more so my cost averaged down. If it went up, at least I have a starting position and I just hold. Important thing IMO is to get started small, gain the experience and only invest money that you can afford to lose.
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Payments

Credit Cards

Is it a better idea to set up GIRO for credit card payments? Or manually make payment each month?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 20 Aug 2019
I GIRO all my cards so yes if you're not careful, your bank balance may be too low and the GIRO won't go through, resulting in late charges (it's usually first or second time you can apply for a waiver). But I do still go through my statements every month before the due date as a discipline, so I know where my money is going and it also prevents the GIRO from failing since I am prepared for the bill.
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Lifestyle

Anybody have recommendations on basic cooking lessons?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 20 Aug 2019
Actually, why not learn from the internet for free? I started from cup noodles level myself and learned all my cooking from YouTube. Now I cook better than my wife :) You can simply search for things like "basic knife skills" and stuff like that and learn all your fundamentals there. The Pro Home Cooks YouTube channel is great too!
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Savings

Lifestyle

Savings Accounts

What 3 bank accounts should I open?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 13 Aug 2019
OCBC 360 is good if you are able to fulfil their requirements for bonus interest, plus IMO their ibanking interface is the best, particularly because of their Savings Goals feature which helps you compartmentalize and automate your savings. I have no experience with Multiplier so I can't comment on that :)
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DBS Altitude Visa Signature Card

DBS

OCBC

Savings

Family

Expenses

DBS Multiplier Account

OCBC 360 Account

Savings Accounts

Credit Cards

Looking to make a switch from DBS Multiplier to OCBC 365. Should I close my account entirely?
XY
Xue Yi Hang
Level 4. Prodigy
Answered on 13 Aug 2019
It won't affect your credit score. Personally I keep multiple bank accounts as it 1. Makes it easy to segregate my money so I only touch what is in my spending account 2. DBS ATMs often have long queues so I just draw money at OCBC ATMs which usually have nobody and then ibank money between my own accounts lol
šŸ‘ 1
Level 4. Prodigy
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