Author: iMoney - Singapore

An En Bloc Sale Can Make You A Millionaire, But At What Cost?

There aren’t a lot of ways you can gain instant, substantial wealth. The usual methods (lottery, death of a wealthy relative, money laundering, etc.) are either highly subject to chance or highly illegal. Fortunately, if you happen to be in Singapore, you can add another money-making scheme to the list that requires less luck than winning the lottery, and won’t land you in jail upon a failed attempt: quite a few Singaporeans, especially in the past year, have turned into millionaires thanks to en bloc sales. There has been some media coverage about how these en bloc sales have...

Read More

How To Cover Healthcare Expenses With Schemes, Subsidies And Insurance And Singapore

The Singaporean healthcare system is one of the best in the world – at least according to the Bloomberg 2014 Health-Care Efficiency Index. The index, which ranked 55 countries, placed Singapore at number 2, just after Hong Kong. More recently, the Bloomberg 2017 Global Health Index named Singapore the fourth healthiest country in the world out of 163 countries. However, efficient healthcare doesn’t always equate to affordable healthcare. Most of your healthcare costs may be financed out of pocket – and with a gross medical inflation of 10% in 2017, that amount is increasing year by year. So what...

Read More

Best No-Fee Credit Cards In Singapore

For an island with a population of only 5.7 million, there are certainly a lot of credit cards in circulation. According to the Monetary Authority of Singapore (MAS), Singaporeans collectively owned a total of 7,662,808 credit cards as of January 2018. If you happen to be a card-owning Singaporean, you’re probably always looking out for ways to get the best of your credit card. If so, owning or transitioning to a no-fee credit card can be a great way for you to maximise benefits while minimising costs. Some credit cards in Singapore have no annual fees at all, while...

Read More

How To File Your Personal Income Tax In Singapore

Tax season is upon us again. Whether it’s is your first time filing taxes, or you need a quick refresher, don’t worry – if you happen to be a tax resident in Singapore, it’s quite a straightforward process. Here’s what you need to know about filing your income tax return. What are the due dates to file your income tax? [table “135” not found /] How do you know if you have to file taxes? The filing process depends on your tax residency status. You are considered a tax resident if you stay or work in Singapore: For at...

Read More

Meet Our Home Loan Team

At iMoney, we strive to deliver you the best experience when finding a home loan in Singapore – and we can’t do that without great people to make it happen. Meet the experienced, talented (and rather photogenic) individuals that make up our home loan team: Sean Lim is an established thought leader in the mortgage industry. A keen property investor himself, he owns several properties regionally. He is well-versed with the TDSR guidelines in Singapore, as well as bank guidelines for mortgages in Singapore, UK, Australia, Malaysia, Japan and USA. His opinions have been published in The Straits Times, The Business...

Read More

How To Prepare For Rising Home Loan Interest Rates In Singapore

The Singapore Interbank Offered Rate (SIBOR) has risen sharply and then fallen back again in the past few months. While it’s nowhere as volatile as the meteoric rise and crashes of say, Bitcoin, it does signal that we should expect more movement in the coming months. In fact, SIBOR rates have been on the rise since 2015: What affects SIBOR rates? SIBOR rates are correlated to the federal funds rate in the United States. An increase in the federal funds rate would lead to an increase in SIBOR rates. The fall in interest rates in the past month can...

Read More

Should You Buy Or Rent A Property In Singapore?

The home ownership rate in Singapore stands at 90.7% as of 2017, making it one of the highest in the world. However, with the large number of Permanent Residents and foreign workers living in the city (about 64% of the population as of 2017), as well as strict controls on who can buy HDB properties, the question of whether to buy or rent is increasingly salient. Buying vs renting: financial costs The choice between buying and renting depends on your financial situation and other life circumstances. But first, let’s compare the financial costs of each: The cost of buying...

Read More

Here’s Why Your Credit Card Application Was Rejected

Rejection stings, no matter where it comes from. If a rejected credit card application has left you confused and disappointed, fret not – once you identify the reason(s) why your application has been rejected, you can start to turn things around. Here are the top reasons why a credit card application may be rejected: You don’t meet the minimum income requirements In Singapore, the minimum annual income requirement to apply for any credit card is S$30,000. However, each card has a specific income requirement you’ll have to meet, so make sure you fulfil the minimum income requirement being sending...

Read More

Everything You Need To Know About Singapore Budget 2018

Finance Minister Heng Swee Keat has delivered the Budget statement on Monday, February 19. The total expenditure this year is expected to be S$80.0 billion, or 8.3% higher than in FY2017. As speculated, the goods and services tax (GST) will be raised from 7% to 9% some time between 2021 and 2025. The raise in GST will be implemented progressively so as not to place too much burden on Singaporeans. In addition, a new GST on imported digital services will also be introduced. Some Singaporeans also conjectured that there will be fees or taxes that would affect the wealthy....

Read More

A Guide To Selling Digital Products Online For Income

If you’re looking for a source of side income, or even for a career change, selling digital products can net you a lot of cash. With digital products, you won’t have to deal with the high start-up costs of a brick and mortar shop. You can start creating and selling to the masses with fairly little capital, right from your living room. Plus, you won’t have to deal with the production and shipping of physical products. Here’s a guide to some of the best-selling digital products on the web: E-books Although e-book sales have dipped in the last two...

Read More

5 Principles For Getting The Most Out Of Your Spending

New to the personal finance game? Perhaps you’ve already started cutting down on spending, or even taken steps to increase your disposable income. Here’s something else – did you know that you can change the way you spend the money you already have to save money and even influence how happy you feel? Here are five spending principles to help you save more and even possibly hack your way into happiness: 1. Buy experiences “Buy experiences, not things” is the kind of glib caption you would expect to find on social media, alongside a photo of some twenty-something looking...

Read More

Which Jobs Earn The Highest Salaries In Singapore?

Despite the best money-saving practices, sometimes the most practical way to keep up with the costs of living is to increase your income. For some Singaporeans, that could mean creating a side income stream. For those of us who prefer not to pick up a side gig, it could mean having to rely on a high-paying job. If you’re looking for your first job, or thinking of making a career switch, you’ll want to know what the most lucrative job positions and industries in Singapore are. Recruitment firm Adecco has released a salary guide for the following job functions...

Read More

Latest Credit Card Promotions In Singapore For April To June 2018

The second quarter of the year heralds plenty of occasions for spending. With Mother’s Day and Father’s Day around the corner, you may be planning to shop around for the perfect gift – or make last-minute dinner reservations. Additionally, if you have kids, you may need to start budgeting for your family vacation during the school holidays. No matter what your spending plans are, here are the best credit card promotions to help you save this season: Dining What better way to bond with family this Mother’s Day and Father’s Day than to treat them to a magnificent meal?...

Read More

10 Things To Spend On In Johor Bahru (That Are Cheaper Than In Singapore)

  Due to the strength of the Singaporean dollar against the Malaysian Ringgit (SGD 1: RM 2.99), your money can stretch a lot further if spent in Malaysia. Luckily, Johor Bahru is just a car or bus ride away, and spending your money there could result in savings up to 50% compared to prices in Singapore. Here are ten things worth spending on in Johor Bahru: 1. Groceries Groceries in Johor Bahru cost a lot less (about 25% less, according to a cost of living comparison site), even in big supermarkets like Cold Storage, Tesco and Giant. Here’s how...

Read More

How Much Do You Need To Earn To Afford A Private Property In Singapore?

Buying your first home is a major decision that should not be taken lightly, as it requires a lot of research and financial planning before committing to an initial down payment. For Singaporeans, this decision is made even more difficult due to the fact that Singapore is one of the priciest places in the world to purchase a property. Your costs will further skyrocket if you’re considering buying a private property in Singapore. Not only are they more expensive than public housing, their prices have risen by 1% in 2017 for the first time in four years, and they’re...

Read More

Like us on Facebook

Follow us on Twitter