Author: The Boy who Procrastinates

Revision of Terms and Conditions for Citi MaxiGain Account from 2 Dec 2019

It was with disappointment and dismay that I have received the letter from Citibank, notifying the upcoming changes to be made to their prized savings account. Following the recent change on 2 January, Citibank will be revising the terms and conditions on the Citi MaxiGain Account for the second time with effect from 2 December 2019. This article aims to provide an overview of the upcoming changes and how the existing account holders may be affected by the revision. You may also wish to refer to the revised Terms & Conditions for more information.  Revision of Interest Rates for Citi MaxiGain Account from 2 Dec 2019The base interest rate...

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National Steps Challenge Season 5 Is Back!

It sure has been a while since I last wrote a post as I have been caught up with travel plans and fulfillment of the annual NS obligation. To reignite the writing momentum, this will be about something lighthearted — the National Step Challenge! In order to combat the growing epidemic of sedentary lifestyles, I strive to maintain a regular exercise regime. Now, with HPB dangling rewards for keeping fit, it could certainly serve as an added incentive to keep those legs moving. National Steps Challenge Season 5Started on 26 Oct, the new season of the National Steps Challenge will be...

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Portfolio Review for Sept 2019

By The Boy Who Procrastinates – September 28, 2019 Even though Xi and Trump have agreed to a trade truce at the G20 Summit in late June, the tit-for-tat trade war appears to resume with greater intensity. At one point, the PBOC has let the Chinese yuan fall about 4% to cushion the blow of US escalating trade tariffs. In response, China was labelled a currency manipulator by US Treasury.  At this stage, there does not seem to be a respite insight for this ongoing trade war as both sides have threatened with new tariffs and hikes to the...

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Getting the Most Out Of Your Credit Cards

By The Boy Who Procrastinates – September 14, 2019 As a cardholder of CIMB VISA Signature (back when it was offering an epic 10% cashback at the start of the year), I have relied heavily on information from online forums, Facebook discussion groups and crowd-sourced Google Sheets to figure out whether a transaction falls nicely under the eligible spending category.  With its t&c revamped in June, the CIMB VISA Signature has certainly fallen from grace in my opinion. Nevertheless, it is heartening to know that we can always count on crowdsourcing for the information we seek.  This is especially so with the invariably vague...

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Amassing $100,000 Before The Age Of 30

By The Boy Who Procrastinates – August 31, 2019 The thirtieth birthday is broadly considered to be a major milestone in many people’s lives. In a sense, it marks the ultimate transition from the innocence of youth to the drudgery of adulthood.  Even though this milestone has crept up on Fitzgerald’s narrator, Nick Carraway in The Great Gatsby, he speaks to the masses’s unpopular view of turning thirty after having seen the wrong end of it.  I too turned 30 this month. While it is improbable that the path ahead will be that menacing, there is no reason that its commemoration...

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Are Our Salary Increments Keeping Up With The Inflation Rate?

By The Boy Who Procrastinates – August 24, 2019 When the topic regarding the cost of living was brought up with my friends, some of them lamented about how the price of everything has increased except for their salaries.  Admittedly, I am able to relate to their frustrations, especially when the labour market has been mired in the doldrums during recent times of economic downturn.  Furthermore, as one would expect, such monthly active income provides a pivotal avenue of wealth accumulation and is instrumental in the early stage of journeying towards financial independence.  To enjoy a rising standard of living, the wage hike should...

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Thinking, Fast and Slow – Looking at the Big Picture

By The Boy Who Procrastinates – July 31, 2019 In the previous few posts, I have touched on the topics of Anchoring Effect, Prospect Theory and Endowment Effect in the book review of Thinking, Fast and Slow by Daniel Kahneman.  Building on the concept of loss aversion, we will explore another fundamental shortcoming that may lead to irrational decisions and common financial mistakes. A Brilliant Mistake Imagine that you are presented with the following pair of concurrent decisions and asked to examine both decisions before making your choice.  Decision (i): Choose between A. Sure gain of $240 B. 25% chance to gain $1,000...

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How Much Should Your Investment Be Returning In Order To Beat Inflation?

By The Boy Who Procrastinates – July 27, 2019 As I was raised in a frugal family, the idea that saving is a virtue has stuck with me since young. For that reason, the habit of squirreling money away in my POSB savings account came naturally to me.  So when people around me eventually refuted my belief and pointed out that the purchasing power of my savings was being eroded by inflation, I have maintained a skeptical view about it.  But of course, who am I to kid? Over the years, I too, have had my fair share of experience with...

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Portfolio Review for June 2019

By The Boy Who Procrastinates – June 29, 2019 With the first half of the year behind us now, the second quarter is nothing short of eventful.  On May 10, Trump has raised tariff on US$200 billion worth of Chinese goods from 10% to 25% which was met with retaliation from China with tariff hikes on US$60 billion worth of American goods exported to China on 1 June.  It evidently does not help that US has accused Huawei of espionage and stealing of intellectual property which led to the addition of Huawei to an export blacklist that bans entities...

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Topping up MediSave to enjoy Tax Relief and “Free” Medical Insurance Coverage

By The Boy Who Procrastinates – June 15, 2019 Following the previous article on Unlocking the Potential of CPF, I have made a voluntary cash contribution to my Medisave Account (MA).  The primary intention is to optimise the additional 1% interest earned on the first $60,000 combined CPF accounts. Personally, I find it difficult to pass on the extra interest which would make a significant difference under the compounding effect over the span of 25 years. Voluntarily contributing to MA also allows me to claim tax relief for YA 2020 (ie. income earned in 2019). Furthermore, the increased interest generated by the...

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Thinking, Fast and Slow – Endowment Effect

By The Boy Who Procrastinates – May 19, 2019 Following the previous 2 book reviews on Thinking, Fast and Slow by Daniel Kahneman, with respect to the subjects of anchoring effect and prospect theory, I will be sharing on another concept which is likely to be innately relatable to most of us.  Have you ever noticed that most babies may throw violent tantrums when deprived of items they considered theirs? Undoubtedly, our sense of ownership emerges at a tender age but this also raises the questions: Why are we so attached to our things? How will this sense of...

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Statistical Review of Funding Societies After 100 Completed Loans

In the risk reward paradigm, invested money can provide higher profits only if the investor is willing to accept a higher possibility of losses. Therefore, it follows that the expectation of returns should commensurate with the level of perceived risk by an investor.  For example, the property-backed secured loan generally offers a lower interest rate as these loans are backed by assets which reduce the associated risk. Conducting Due Diligence As with any other investment, performing the necessary due diligence is of paramount importance before committing your money to it. This is especially so given that P2P lending is...

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Saving More on your Daily Commute by Public Transportation

By The Boy Who Procrastinates – April 19, 2019 I spend approximately $60 to $80 on my daily commute by public transportation on a monthly basis. Even though it does not constitute a significant portion of my expenditure, I have always thought that it will be worthwhile if we are able to earn rebate on such essential expenses. Maximum of 5 transfers within a single journey, with 45 minutes allowance for transfer between MRT station and bus service or between different bus services, and 15 minutes allowance for transfers between different MRT stations.  Completion of journey must be within...

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Increment of Salary Bonus for OCBC 360 Account from 1 April 2019

By The Boy Who Procrastinates – April 13, 2019 When the SMS notification from OCBC was shown on my mobile phone on 1 April, I would have thought that this is one of the wacky pranks among other creative April Fools’ Day gimmicks. This is especially so when OCBC has recently revised the interest rate for 360 Account on 1 Nov 2018, merely 6 months ago.  It was subsequently confirmed that this favourable news is here to stay and is now a permanent feature of the OCBC 360 account until further notice. With that, this article aims to find out the...

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Enhanced Deposit Insurance Scheme and Policy Owners Protection Scheme from 1 April

This quote came from Senator Bernie Sanders when he introduced a bill to break up America’s largest financial institutions in 2018. The rationale is that if a financial institution is too big to fail, it is too risky to allow it to exist as its failure would cause catastrophic risk to the economy.  In order to ensure the stability of the banking system in Singapore, the Singapore Deposit Insurance Corporation (SDIC) was incorporated in 2006 to administer the Deposit Insurance Scheme and Policy Owners’ Protection Scheme, as well as to manage the underlying funds. Starting from today (1 April), depositors...

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