Author: SG Wealth Builder

The magic of compounded savings

Two years ago, when I was wooing my wife, I gave her a plastic piggy bank as an anniversary gift. I noted back then that she had difficulty saving regularly because she needed to repay her student loan and supported her family. So I gave her a piggy bank hoping that she developed the good habit of saving. She was pleasantly surprised to receive the gift and made a commitment to deposit only one dollar coins in it. Subsequently, I also bought one for myself and after we got married, we challenged ourselves who can save more. Recently, both...

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Attaining personal financial success in Singapore

Some time ago, I wrote an article, “Three Ways to Become Rich in Singapore”. Recently, a reader commented that I made it sound so easy to become rich in Singapore. I think he misunderstood me. Striking it rich is never easy, especially in Singapore’s context. After all, if most Singaporeans are willing to toll 16 long years to obtain a tertiary qualification in the hope of securing a good job, what make you think that financial success can be achieved in a couple of years? The hard truth is that the route to wealth is never easy and the ideas which...

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The $100,000 Question

Singaporeans who are contemplating a new car must be wondering if it is worthwhile to buy now. This is especially so considering the sky-high Certificate of Entitlement (COE). Despite the recent drop in the prices of COE, the entitlement to drive a new car on Singapore roads still remain very expensive. Buyers need to fork out at least around $100,000 for a new car. This is by no means a small sum, even for a big ticket item. So let’s examine what are the factors we should consider before damaging our pockets. Buy for the right reason Most Singaporeans, especially...

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My comments on Xiaxue episode

Some of my thoughts on the recent Xiaxue’s name-and-shame fiasco. First of all, I do not wish to take sides on who is right and wrong. Because obviously it is easy to be an armchair critic and made morally correct statements. But  I think most importantly, what can we, as online citizens, learned from this incident. Be socially responsible This incident has certainly highlighted the worrying trend of irresponsible and baseless comments made by online citizen. Nowadays, you can find all sort of nonsensical and toxic online comments in forums, blogs and even Yahoo website. Many online citizens naively...

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How to find a good financial advisor

Most experts recommend novice investors to engage financial adviser to help them achieve their financial goals. Yet how do we find someone whom we can trust? Over the years, I have met many financial consultants, some good, some down right bad. I would like to share with my readers some of my experience dealing with these jokers. Title Inflation Many of the financial advisers I met carried with them big titles like Associate Director, Vice President, Sales Director, etc. A lot of them were also quite young. I think many of them suffered from the mistaken belief that if...

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Investment Insights: UOB Gold/Silver Saving Account

Two years ago, I wrote two articles on my investment experience on UOB Gold/Silver Saving Account. There were many comments and queries from my readers. Firstly, I must clarify that I did not represent UOB when I wrote the articles and UOB also does not pay me for promoting their product. Secondly, I wrote the articles based on my investment experience. I had made some money from it and thus, wished to share with my readers. I will not bear responsibility for any potential losses incurred as readers need to do homework before investing or alternatively, they should seek...

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Investment Insights: Importance of managing your ego and fear

In the investment circle, everyone knows the golden rule of setting targets for investments. But how many investors actually put that into practice when the crunch comes? After all, greed and fear often come into play whenever we make important financial decisions. Uneducated investors often make irrational decisions, leading to losses in their investments. They sell their stock holdings when the stock market crashes and buy when the market booms. When they lost money, they blame their stock brokers, they blame the market, they blame the stock analysts. They blame the whole world except themselves. What most investors failed to realize is that the greatest investment...

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Investment Insight: Whether to enter the stock market now

The recent mini-correction in the stock market must have caused some jitters to many local investors. Most of us wonder whether the current Euro debt mess, which has been on-going for three years, will spark off a major world-wide stock market mayhem or taper off in a few years. My own personal view is that history will repeat itself all over again and that a major correction is coming, probably at the second half of the year. During 2007-2008, my company announced pay adjustment for all existing employees and I remembered my pay was adjusted upwards by $550. The...

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Investment Insights: The importance of knowing your life purposes

Recently one of my colleagues attended a personal finance workshop arranged by my company. I was very interested to attend because the topics seemed very relevant to me but eventually I was unable to make it due to work commitments. Over lunch, my colleagues updated me that the workshop indeed was very useful as it touched on various money issues in the local context, like CPF, hospitalization shields, life insurance and retirement plans. The instructor also gave tips on investments and the key concept of managing personal finances (budgeting, knowing the difference between “needs” and wants”).OK, I thought to...

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Comments/feedback to my blog

I have been receiving many comments to my blog postings recently. Some of my readers might be wondering why I didn’t publish their comments/feedback to my blog. Actually I don’t moderate my blog and all comments should rightfully be published. This is because I believe everyone should be entitled to his own personal views. But somehow whenever I clicked on the “publish comments” radio button in my dashboard, the comments were not shown on the page itself. In fact I received quite a number of good comments to my articles but unable to show them to the readers. I...

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Singaporeans becoming more anti-foreigners?

The recent online uproar over the Bugis accident which involved the death of a millionaire PRC, a Japanese female student and a Singaporean cabby driver set me thinking. I wondered aloud if the Ferrari driver was a local and not a PRC, would there be so much public fury? After all, there were fatal accidents caused by Singaporean drivers in the past but they were not sensationalized like this. Not too long ago there was a PRC who got into a fight with a cabby driver and recklessly drove his taxi and rammed onto an innocent Malaysian cleaner at the Budget Terminal. He...

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A tribute to my Mother and Father

Today is Mother’s Day. Me and my siblings planned to give her a treat but she felt that the restaurants would be very crowded today. So we postponed our celebrations to next weekend. My mom is one of the baby-boomers. She belongs to the generation who don’t express love on their lips and believes in tough love, hard work and sacrifice. My mom is a great person although I am not close to her since young. This is because I used to be a very mischievous brat who liked to talk back. Of course she wasn’t please with that...

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My comments on Tan Kin Lian Blog Posting "Consumers who deserved to be ripped off"

I was reading Mr Tan’s blog and came across his posting “Consumers who deserved to be ripped off”. I was quite angry when he commented that consumers should be ripped off for choosing to buy life insurances. Make no mistake, I totally agreed with him that we should all buy term policies and hospitalization plan for protection purposes. The rest of the money can then be used for investing or consumption. But what I am unhappy was that he made all these comments to the public after he stepped down as CEO from NTUC Income in 2008. I have...

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My views on Singapore’s low birth rate

In my previous post, “Sentiments of a Singaporean”, one of my readers pointed out whether it is fair to burden taxpayers who are single and do not have children with heavy costs of baby bonuses. Actually before he responded, I already knew where he is coming from. It is human nature to feel sour grape seeing others who have babies receiving monies from the government while you are ineligible . Deep in my heart, I believe this is one reason why policy-makers are so reluctant to give more monies to citizen who are willing to give birth. This is...

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