Personal Finance
Why I Paid Off my Income Tax One-time in Full?
By Live Rich Life Free  •  June 15, 2024
In life, the only constants are Taxes and Death. It is the heart wrenching time of the year as we receive Notice of Assessment from IRAS. My income taxes of ~$3.8k are due by 1 Jul 2024. I have explored ways to earn miles through paying taxes using payment platforms such as CardUp, IPayMy or CitiPayall. The lowest admin fee is 1.75% and I am unable to get the $30 new user discount as my accounts do not qualify as new user. Effectively, I would be buying a mile for $0.014 if I use CardUp or ipaymy with Citibank Premiermiles card from incurring $60+ admin fee. I decided to skip earning miles from tax payment this year. I will just pay off using Citibank Premiermiles card on AXS without any benefit, saving up $60+ from buying miles while enjoying deferred tax payment of 1 mth from the credit card cycle. In today's high interest rate environment, the yield from $3.8k for 1 mth at 3% p.a is around $10....
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By Live Rich Life Free
The purpose of this blog is for me to share my reinventions of how life should be lived and journal my journey towards financial independence. I believe that life is a story book. Each chapter contains 10 years of our lives. I am moving on towards mid 30s in 2021. As a nobody but somebody, I am in Chapter 4 of my story book. I hope to influence my philosophy of living a rich life freely and healthily with all of you. Embrace the future and empower freedom!
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