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Lifestyle

Career

Salary

Do you think the median household income includes bonuses, allowances, etc? Or it is just the basic pay?
YT
YT
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Answered 6d ago
This definition is possibly used for the computation of median household income: Gross monthly income ... refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx
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Career

Education

Salary

Undergraduate

Thinking of taking up an accounting degree, but heard the starting pay is much lower than an average Uni grad. Anyone have insights on what the pay progression is like?
YT
YT
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Answered 6d ago
The accounting industry is an oligopoly of the Big4 and therefore starting pay is more controlled. The pay increases significantly as you progress to a controller (S$114k) or management level such as CFO (S$134k).
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Forex (FX)

DBS

Salary

DBS Multi Currency Account

Savings

Savings Accounts

If I have an incoming income in USD from a company’s DBS account and I gave them my DBS MCA account, would I be charged Telegraphic transaction fee?
Generally payable Best to ask DBS not here https://www.dbs.com.sg/personal/deposits/pay-with-ease/international-transfers
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Income Tax

Salary

When we file our income tax, is it for the year or quarterly? How much of our monthly salary do we reflect in it?
Hi anon, It will be for a full year. All income declared within that year, inclusive of allowances that are subject to CPF, bonuses, AWS, will be reflected if your employer is on the auto inclusion scheme (AIS). So if income was declared on 30th Dec and credited on 2nd Jan, it still counts as last year's income. If your employer is not on AIS you will have to file on your own.
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Career

Education

Salary

Lifestyle

Undergraduate

I am entering university next year. What kind of job/career would pay well?
CH
CH
Level 7. Grand Master
Updated 3w ago
I commented his post he very satki. lol. got a feeling it is finance related. in my investment journey met several finance controller, auditors, portfolio managers, consultants, all seems very well to do at a young age. yah, but we outside their industry may not understand the hardwork they put in. and if you do not like the job nature, you may not stay long. have also seen many insurance agents come and go. therefore cannot simply believe insurance agents when they tell you they are there to build a long term relationship with you.
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Income Tax

Career

Education

CPF

Salary

How do I file taxes as a self-employed tutor? I am 22, just graduated and have been giving tuition since Jan 2020. My income increased significantly since April, but I am not sure if I need to file taxes. Any advice?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (Jun)

Level 7. Grand Master
Answered 3w ago
Wait till next year when the tax filling period opens tou can fill you tax as Self Employed. Its a simple form to fill in. Dont really need much details. However, you should keep the records of your income (e.g. the paynow transactions history, download it and save as PDF) for 5 years incase of audits/checks.
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Investments

Savings

Salary

I need some advice on investment and saving up on my war chest. Am I investing too much? Should I have a war chest in case market crash?
Hi Anon, First of all, I feel warchest is for some people who are timing the market. As much as people would like to describe it as opportunity money, but mostly are speculating and hoping the crash happens if not their warchest is decreasing in value due to inflation. So just make sure you don't belong to the some people! It's good that you have sorted out your emergency fund and drawing such an outstanding salary at a young age. With that being said, you should continue invest money that you do not need, lest for a short period of time. Just make sure you allocate your resources properly and have a adequate diversified portfolio. If the market really crash, it's still okay to do top up if you have any spare cash even though it may not be a huge sum. Time is on your side, recovery is going to happen as long as you are investing in fundamentally good investment. Just don't speculate. You do not have to care much about what your friends said because everyone has different risk tolerance and views on the stock market. As long as you know what you are doing, you are always ahead in terms of planning and mentality. You are doing great, all the best!
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Fresh Graduates

Salary

Savings

Investments

I am a 28yo fresh grad starting my first job. I will have 4k base with 2k extra monthly bonus for 2yrs (will drop back to 4k after 2 yrs). How can I leverage on the extra 2k bonus before it stops?
Aaron Leow, CFA, ChFC®/S
Aaron Leow, CFA, ChFC®/S
Level 7. Grand Master
Answered 3w ago
I would put in effort to ensure I continue getting the extra 2k after it stops. It makes little sense that it would drop after 2 years. You can use this calculator for a rough budgeting guide: https://www.aaronleow.com/life-budget-calculator Afterwhich, you can consider Roboadvisers after you have set aside your emergency funds.
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Salary

Fundamentals

Personal Finance 101

Does anyone have any recommendations for an Excel template to track finance expenses?
Hi anon, A simple excel spreadsheet, detailing line by line every single spend on each day would suffice. But it's important to capture every single thing. I would suggest making quick notes in your phone throughout the day if you cannot remember, and then recording it in excel at the end of the day. I did that for 10 years and I'm still doing it. What's more important is after tracking your expenses, you need to categorize them to understand your patterns. Needs vs wants. Entertainment, food, travel expenses, etc. With an understanding of how much you spend in each category, you'll be able to better understand your spending patterns and from there, make adjustments. As an example, when I started working, one month of tracking led me to discover that I was spending a bit too much on discretionary food such as bubble tea, etc. That also led to a re-thinking of how to be more careful when spending on such food, etc. After 2-3 months you'll start to get a sense of your expenditure habits and will be able to see if you can squeeze more out of your hard earned money.
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