What does Billionaire Philip Ng say about wealth?

“It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God.” - Matthew 19:24 So what does a rich man have to say when he owns an enormous amount of wealth? A few days ago, I had the privilege to attend the breakfast meeting with one of the richest man in Singapore, Philip Ng, CEO of Far East Organization. According to Forbes, the net worth of … [Read more...]

Tell OCBC what home means to you

What does Home mean to you? “Home is not just a house, it’s a special feeling. Like the sound of a favourite song, the smell of mom’s cooking, or the twinkle in a loved one’s eyes. Tell us what home means to you and get one step closer to your dream home.” OCBC never ceases to surprise me of innovative products and the way they market it. To celebrate Singapore’s 49th National Day, OCBC … [Read more...]

Can you retire if you can only withdraw $5,000 from your CPF?

Recently, wherever I go, be it at coffee shop or at client’s meeting, everybody is talking about Medishield Life change and CPF the hot potato issue. However, what appears to me is that most of the arguments, accusation, conspiracy theories are based on incorrect or incomplete information. This is not surprising as I have highlighted in my previous article. The issue here is the lack of public … [Read more...]

What is CPF Medisave Minimum Sum

The Medisave Minimum Sum (MMS) is the amount you need to retain in your Medisave Account (MA) for your healthcare needs before any excess Medisave savings can be withdrawn on or after 55, subject to the applicable withdrawal rules, after meeting the CPF Minimum Sum (MS) requirement. If you have met the CPF MS requirement and do not have the MMS when you make a withdrawal at age 55 and above, you … [Read more...]

What is Medisave Contribution Ceiling

The Medisave Contribution Ceiling is the maximum amount that you are required to contribute and maintain in your Medisave Account. Any Medisave contribution in excess of the current Contribution Ceiling will be transferred to the member’s Special Account, if he is below age 55, or to his Retirement Account, if he is above age 55 and has a CPF Minimum Sum shortfall. Last Update: From 1 July … [Read more...]

Can you handle if you have one million dollars in your account?

Ask anyone on the street, “will you be happy if you have $1 million dollars?” Of course, who will disagree? The magical number of $1,000,000 has been the target of achievement for many people. Be it money in the bank for your retirement fund or simply for the kudos of being able to call themselves a millionaire, $1 million just sounds exciting. But wait a minute, isn’t $1 million dollars just a … [Read more...]

Get Your Property Loan The Right Way: An Exclusive Interview with iCompareLoan

Last week, I wrote about my encounter with a bank for failing to increase my credit card limit without even an explanation. Come to think of it, the issue is so trivial comparing to property loans. Many people mistakenly think that they can easily get credit from their bank to purchase their property. Worse, they think their own bank or their own agent will offer them the best deal as the “market … [Read more...]

“Sorry, we cannot increase your credit card limit and we cannot tell you why!”

“Sorry, we cannot increase your credit card limit and we cannot tell you why!” – That was the answer from the bank officer. Here is the story: On contrary to many people’s belief, I am a credit card lover. I like to use credit card for my daily purchase as much as possible for the perks they offer, be it cash rebate, points, free gifts, etc. Many think you must be big time spender to get … [Read more...]

Medishield Life Change and CPF The “Hot Potato”

Last week, the MediShield Life Review Committee has come up with recommendations for the national health insurance plan, Medishield Life, aiming to ease anxieties about racking up large hospital bills. The proposed 8 recommendations are Remove lifetime claim limit of $300,000 Increase policy year claim limit from $70,000 to $100,000 Increase daily claim limits for normal wards and ICU … [Read more...]

A Short Note on No Claim Discount

Recently, General Insurance Association (GIA) has received feedback from MAS that many motorists who have bought No Claim Discount (NCD) Protector for their motor insurance are not clearly aware that: i) their NCD Protector may not be transferable to another insurer ii) having an NCD Protector will not necessarily protect them against non-renewal or cancellation of their policy by their … [Read more...]

OCBC 365 Credit Card

sgmoneymatters - OCBC 365 Credit Card

Credit card competition has already been fierce in Singapore. You hardly get your credit card annual fee “waived” every year in other parts of the world. Moreover, it is no longer easy for Krisflyer miles or other form of points to create some excitements among consumers. Singaporeans are spoiled with choices. OCBC’s survey found that “the cashback or rebate card commands 50% of the credit card … [Read more...]

Beware of “investment gurus” offering financial advice without a licence

Have you ever attended a seminar or seen advertisement talking about give you financial freedom, more time and more money, and the returns are GUARANTEED? Well, here is the truth. If it sounds too good to be true, then it probably is. Following the news “Unlicensed property agent faces charges”, my business associate Wilfred Ling has written a letter to Straits Times. Here is his concern. She … [Read more...]

AIA launched Wealth Accumulator 2 with GUARANTEED Yield

AIA Wealth Accumulator has been a successful product for the past issues. Now AIA has launched Wealth Accumulator 2, a non-participating Single Premium endowment plan that provides financial protection against death and guaranteed returns on capital at maturity. Key Highlights of The Plan Provides an effective yield of 1.68% per annum Capital guaranteed at maturity Guaranteed Issuance … [Read more...]

What is “Juvenile Lien”

Many people buy education or insurance plans for their children, but most are not aware of a special clause in the policy called “Juvenile Lien”. It normally goes like this: If the Life Assured sustains Total & Permanent Disability or is diagnosed with Critical Illness before 1st Birthday, 25% of the Sum Assured is used to calculate the amount of benefit payable. After such payment, the … [Read more...]

Who are the insurers for MH370 and how much will the loss be?

According to Asia Insurance Review, Malaysia Airlines (MAS) has already been handed US$110 million by insurers over the loss of its missing Boeing 777 on Flight MH370 which Malaysian Prime Minister Najib Razak announced “ended” its journey in the southern Indian Ocean. Before Mr Najib’s announcement, The Telegraph, a UK newspaper, had reported that the US$110-million payout was made in accordance … [Read more...]

Where can you get funding if you are a first-time entrepreneur

Sometime ago, I have given a tip “how can start-ups get low-cost funding“. However, If you are a first-time entrepreneur with a unique business idea, where can you get the funding to start the business? Ace Startup grant, which gives up to $50,000 for first-tier funding, may well be your savior. Ace is a government initiative to to encourage local entrepreneurship by providing funding … [Read more...]

It now costs $50 for you to submit your will to Wills Registry

It used to be free of charge but with effect from March 1 it will cost S$50 to lodge one’s will information with the Wills Registry and it will have to be done online. Previously, such an exercise involved submitting a hard-copy form to the registry that included details of the person who drew up the will and where it was held. The registry was set up in 2001 by the Ministry of Law to act as a … [Read more...]

How many billionaires are there in Singapore?

According to Wealth-X and UBS Billionaire Consensus 2013, Singapore has 27 billionaires, which makes it the fifth biggest billionaire population in Asia and 18th in the world. The typical Singapore billionaire is said to be mainly from the “finance, banking and investments sector” (I think they probably put real estate in investment because most of the billionaires here are in real estate), has at … [Read more...]

Why is the ease of Total Debt Servicing Ratio (TDSR) restriction disappointing

On Feb 10, 2014, The Monetary Authority of Singapore (MAS) announced to ease the restrictive Total Debt Servicing Ratio (TDSR) on certain property buyers. What it says is that some of whose who bought a residential property before the TDSR measure (introduced on June 29, 2013) will be exempted from the TDSR threshold of 60% so they can refinance their house. Why is this important to the home … [Read more...]

Relaunch of NTUC Single Premium SAIL – Limited Tranche

NTUC has launched limited tranche offer for one of their most popular product, SAIL. SAIL is a savings and retirement plan that lets you decide when you want to retire and provides you with regular annual payouts to enjoy your desired retirement lifestyle. Benefit at a glance Flexibility to choose your desired retirement age Enjoy potential returns of up to 4.37%p.a. Options to enjoy … [Read more...]