Author: SG Wealth Builder

5 Ways to Cut Your Credit Card Interest Payments

By guest contributor, David Silverstone from Credit Card InsiderCredit cards interest rates are wreaking havoc on many Americans’ lives. The minute you leave a balance on these accounts, you’ll notice that debts continue to increase because of the interest payments, even if you aren’t adding to the debt. Over the years, you will end up paying so much in interest that you are paying much more for purchases than they originally cost. There are several ways of reducing debt, including at least five ways to lower the amount of interest you are paying. Pay the Bills Early The first...

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The 6.9 million Population White Paper

As expected, the White Paper on the 6.9 million population was approved last week in parliament. Before it was approved, PM Lee clarified that the figure was actually a “projection” meant to be the worst case scenario and guideline for infrastructure planning. Both he and Minister Khaw mentioned that it was not a target that the government is working towards. All about money I do not know who wrote the White Paper and I have not read it thoroughly but off-hand, all I can see is: money and economic growth. It shows fanciful charts depicting Singapore’s rapid ageing population and...

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Stock Investments 2013

A Happy & Prosperous Chinese New Year to all bloggers and readers! I would like to thank all my readers for visiting my blog. SG Web Reviews has reached 200,000 pageviews so far. Hope to share more of my views and investment journey in the coming year. Creating CPF Buffer So far, 2013 has been good for me. I have sold off all my stocks, except for my CPF Investment Acount, which has risen by 15%. I opened this account and invested a portion of my CPF Ordinary Account before buying my first HDB flat. For the uninitiated, it...

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Job-hopping to career success

In my previous article, I wrote that 7 in 10 Singapore workers planned to change jobs in 2013. I suppose many of us harboured thoughts of leaving our present job in search of greener pastures at some point of time. But more often than not, we may not know what we are getting into. In fact, I have many friends who keep job hopping for various reasons. Many of them cited company cultures, prospect, bosses and salaries as push factors.Job-hopping is okay Job-hopping is okay, provided it is managed properly. This is because the more you hop, the harder it is to convince...

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What is it like to be 50 years old and jobless?

Yesterday, the government released a White Paper projecting that Singapore’s population would be 6.9 million by 2030. I suppose this is a hint that the government is going to open the floodgate to import more foreigners in order to meet the population target. After all, going by our nation’s current low birth rate of 1.2%, it is not possible to reach this goal through natural replacement. The government’s rationale for importing immigrants is because Singapore needs foreign talents to support the economy. Our unemployment rate has been consistantly low for the past few years, hovering about 2-3%. Yet many Singaporeans,...

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Unconditional love

In my previous article, I chronicled the life of Dad and wrote about his demise two weeks ago. In this post, I would like to share with my readers on a few reflections of mine. No doubt many of us are busy making money, but I think it is important that sometimes we pause down and reflect on events in our lives.Importance of protection I am not an insurance agent and I don’t work in the finance industry. But you might be aware that in my previous articles, I have always encouraged my readers to insure themselves adequately. It...

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Living with stroke for 20 years

On 5th Jan 2013, my dad passed away peacefully at home. He was only 58 years old. His demise ended 20 years of suffering from stroke. I am writing this article to pay tribute to a great man who had struggled and sacrificed so much for my family.My father did not received much education and worked as a lorry driver in his youth. He was a very hardworking man and worked every single day of the year, except for Chinese New Year. As he was the sole breadwinner, he was also very careful with his money but always ensure that my...

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7 in 10 Singaporeans plan to change jobs in 2013

According to a survey done by online recruitment firm Jobstreet.com, nearly 75% of Singaporean workers are considering changing jobs in 2013. This is despite the anticipated economy slowdown and forecasted sluggish job market in Singapore. Among the top pull factors for a job switch are salary and career progression.Money still rules The report confirmed my view that in order to draw a better salary and climb up the ladder, there is a need to switch job. Typical salary increments in Singapore average about 3-5%. With this kind of increment, normal salaried Singaporean can barely meet the inflation and maintain a comfortable...

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Property Market Insights: 1H13 GLS Programme Impact

The following article is contributed by Mr Propwise. Property Market Insights is a leading web-based research and analysis membership site that covers all segments of the Singapore property market. To subscribe to Property Market Insights, simply log on to http://propertymarketinsights.com/ How Does the 1H13 GLS Programme Impact Property Supply? On 14 December 2012 the Ministry of National Development (MND) announced the Government Land Sales (GLS) Programme for the first half of 2013. A total of 23 residential, two commercial, four hotel, and three mixed-use sites were announced. These sites could potentially yield a total of about 14,000 private residential...

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The Best Property Cooling Measure for Singapore

Today, the Singapore government announced a slew of measures to cool the residential property market. It also introduced a Seller’s Stamp Duty on industrial properties for the first time, to discourage speculative activity in the industrial market.Measures Applicable to all Residential Property The following measures will take effect on 12 January 2013:a)      Additional Buyer’s Stamp Duty (ABSD) rates will be: i)       Raised between five and seven percentage points across the board. ii)      Imposed on Permanent Residents (PRs) purchasing their first residential property and on Singaporeans purchasing their second residential property. b)      Loan-to-Value...

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Singaporeans’ misconceptions on money & marriage

I saw an interesting article by fellow blogger AK71 on the the topic of money and marriage. In his article, he illustrated a married person in his early 30s who keep borrowing money to support his family of four and pay monthly housing loans. The person’s gross income is $28k and he is the sole breadwinner and has two kids. AK71 wrote that the person “should not have gotten married” and that he should not have bought a 5 room flat, given his dire financial situation. I have different views from AK71. Married for the wrong reason? Firstly I...

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Importance of having personal Emergency and Opportunity Funds

Today is the last day of year 2012. I am happy to note that I managed to build up my personal Emergency Fund that allows me and my family to survive without my income for six months. It took me more than two years to save up this amount of money. This is because I had used up all my personal savings for my wedding last year. In addition, I am also the sole-breadwinner, had a baby girl and owns a car. Therefore, it took me quite some time to save up this amount of money. My partner and myself...

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Importance of buying insurance when you are healthy

As 2012 is coming to an end, I am reviewing my financial health status. I got married last year and this year my baby girl was born. Therefore, one of the outcome of my review is to purchase the Aviva SAF Group Term Life Policy. I think it is one of the most value for money term policies in Singapore. For as little as S$4.21, applicants can be insured up to a maximum coverage of $1000,000. Of course, only NSFs, NSmen and personnel working for MINDEF are eligible for this policy.The need to have adequate insurance cover really hit me...

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Year end bonuses

Its that time of the year when salaried workers collect their year end bonuses. A couple of weeks ago, the government had also declared 13th month and 0.70 month variable bonuses for all civil servants. With the world economy still in the doldrums, I believe most Singapore workers’ year end bonuses would be modest, in view of anticipated moderated growth for Singapore economy. This year will be the 7th time I am collecting year end bonuses. I will be receiving 2.5 months of bonuses, excluding 13th month. The amount is not big, but substantial enough for me to settle...

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SGD1075 monthly salary for SMRT PRC drivers

In the aftermath of the SMRT PRC bus captain illegal strike, SMRT revealed that they had actually revised the salaries for their Chinese bus captains to $1075. The company had also revealed the salaries of their Malaysian drivers and showed that the Chinese drivers are actually on par with their Malaysian counterparts, if the cost of the free accomodations was factored in. I was actually quite appalled that the PRC drivers earned only slightly more than $1000. I always have this impression that bus captains have to be qualified through tough training and assessed for their driving skills. So to pay someone who is qualified to...

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