Bank Savings Account Interest Rates and Singapore Savings Bond

The interest rates for the flagship savings account of the 3 local banks have gone up.  As of 1 November 2022, the interest rates are as follows:

UOB One Account- 3.6%

DBS Multiplier Account- 4.1% 

OCBC 360 - 4.65%

Meanwhile, Singapore Savings Bond (SSB) 10 year average interest rate of the December tranche  = 3.47%

Which one is more attractive?

I think the SSBs are a good long term holding.  While the interest rate seems less,  you don't really have to jump through any hoops or fulfill any spend/save/salary kind of criteria to earn the higher interest rates. 

Given how the SSBs were oversubscribed in the last tranche,  I think I will opt for a 10k sum for this tranche. 

MHA officers to receive 3-10% pay increase

It was reported in ChannelNewsAsia that about 22,000 MHA officers will receive a 3-10% increase in their gross monthly salaries starting 1 January 2023.

MHA said on 31 October 2022 that officers on the Home Affairs Uniformed Services,  Home Affairs Services,  Home Team Specialist Scheme and Commercial Affairs Scheme will receive the salary adjustments. 

Earlier in June, the PSD had also announced a salary increase of 5-14% for about 23,000 civil servants. This took effect from 1 August 2022 and applied to the Civil Service generic schemes.

PSD also announced in September another pay raise of 5-12% for administrative officers, judicial officers and statutory appointment holders. Around 300 administrative officers and 30 judicial officers amd statutory appointment holders benefited from the pay increase. 

The salary adjustments were to keep pace with the market amd ensure that pay remains competitive. 

6 month Treasury Bills Hit 4.19%

6 month Treasury Bills yield have reached 4.19%. This is up from 3.77% reported for 6 month bills last week.

This is compared to Singapore Savings Bond last tranche average of 3.21% over 10 years

CPF and Singapore Savings Bond - Risk Free Component of Portfolio

Have been making regular voluntary contributions or top-ups to my CPF ever since I started working.  This is on top of the "mandatory" contributions and it has been tough at times to force myself to top-up especially when cashflow might be tight and there are so many other investment opportunities out there that are screaming a "Buy!".

However, the CPF really forms a solid foundation for anyone's retirement plan.  Having been inspired by other blogs in my younger days, I stuck to the habit of making regular contributions to my CPF Special Account and Medisave Account since this was earning an interest rate of 4%.  This was much higher than any fixed deposit rates out there in the past 10 years (ignoring this year of course where fixed deposit rates have climbed up).

At times, I will also refund my CPF housing loan component which I had utilised to buy my home.  This has not been the priority recently since there are other instruments such as the Singapore Savings Bonds which now provides an interest rate or return of more than 2.6%.  Thus, it makes sense to buy into these instruments using my spare cash instead of returning money to my CPF OA which only earns 2.5%.

The CPF now forms a significant amount of my portfolio as it is equivalent to the risk free or "bond-like" component of my portfolio.  I am essentially investing in a risk free asset and this should form the base of my retirement portfolio.

The Complete Guide to Buying a Home in Singapore

Introduction: Why Buy a Condo?

The idea of owning a condo is appealing to many people. And the reasons for this are many. For starters, condos are relatively affordable, and they offer a lot of great facilities like pools, gyms, and playgrounds.

A condo is an ideal choice for people who want to live in a place where they can have a sense of community with other residents. Condos are also great for those who want to enjoy all the facilities that come with living in a condo.

Condominiums are typically more expensive than apartments because they offer more amenities and facilities. This is why condos are usually the first choice for people who want to live in Singapore, especially if they have children or pets.

Things You Must Know About Your Housing Options In Singapore

There are various housing options in Singapore. For people looking to own our buy a property,  you can select from a variety of choices. 

This includes:

1. HDB flats (in various shapes and sizes)

2. Apartments 

3. Condominiums

4 . Landed property

Renting a place is also possible though most landlords will typically rent out their places for a minimum of 12 months. The typical lease period will be 24 months or 2 years. 

Where Can I Find the Best Deals on Buying Property In Singapore?

PROPERTYGURU is the leading real estate portal in Singapore. They offer a wide range of listings for properties, from condominiums to bungalows and everything in between.

PROPERTYGURU is the leading real estate portal in Singapore. They offer a wide range of listings for properties, from condominiums to bungalows and everything in between. They are open 24/7 so you can find your dream home anytime, day or night.

The website also includes detailed information about each property such as location, size, price and amenities so you can make an informed decision before making an offer on your dream home.

***

ENJOY THIS OTHER POSTS BELOW

Real Estate Investment Trusts (REITs)
What are REITs?
Buy Property or Invest in REITs?
Why Invest in REITs?
Singapore REITs - History and Regulations
Income Investing - REITs
REITs trading below Net Asset Value


Commodities/Gold/Silver
Buy Silver in Singapore
Is Gold and Silver Still a Buy?


Insurance
Cheapest Insurance in Singapore?
Can You Trust Your Financial Planner?


Popular Reads
How Much to Give for Chinese Weddings
How Much to Give for Church Weddings
A Brutally Honest Post

How Much Does a Tesla Cost in Singapore

Tesla, a company that manufactures electric cars and energy storage systems, is an American multinational corporation. Tesla’s products are electric and use lithium ion battery technology.

Tesla was founded in 2003 by Elon Musk with the goal of creating a sustainable transportation system. The company's first vehicle was the Tesla Roadster, which was the first production EV car to use lithium-ion battery cells and to be able to travel 200 miles on a single charge.

Tesla has been in business for more than 15 years now. They have had their fair share of ups and downs, but they are still one of the most innovative car companies in the world today.

Have been seeing lots of Teslas around Singapore lately.  So how much does a Tesla cost in Singpaore?

Tesla's Model Y is available in Singapore.  

Based on article in Jul 2022 - Model Y without COE:

1. $142,471 for rear-wheel drive version
2. $190,195 for all-wheel-drive Performance version

Model 3 without COE:

1. $114,655 for rear-wheel drive
2. $164,398 for all-wheel-drive

Top of News - 21 Oct

1. Singaporeans, remember VR man? Standard Chartered has hired James Lye (ex-actor) as global head of international banking.

2. Durian season is back. MSW durian at $25/kg. Expensive?

3. China's Xi sends warning signal to the wealthy.  “We will protect lawful income, adjust excessive income and prohibit illicit income.” This is a sign of more concrete policies to come under the "Common Prosperity" policy. 

4. After Singapore announced new cooling measures that were implemented end September, HDB has waived the wait-out period of 15 months for 220 private owners who had obtained an option to purchase prior to introduction of the measures. In a bid to cool down property prices,  the government had introduced new cooling measures that will require private property owners to wait for 15 months after the sale of their properties before they are allowed to purchase a HDB flat. Many retirees who wish to cash out of their private properties and right-size to a HDB flat will be affected. There have been 650 appeals lodged thus far.

5. An officer with the Ministry of Manpower has been sentenced to 8 months jail after he used a credit card he picked up on a road to top-up his EZlink card and to buy a gold ring. Seah Guo Rong, 36, took urgent half day leave to commit the offences. Civil servants salary not enough? With the formation of the Credit Bureau in Singapore,  perhaps it is time that the government conduct spot checks on civil and public servants to ensure that their self-declaration on indebtedness is verified by an independent third party. Financial Indebtedness and Declaration for Civil Servant

6. Liz Truss has resigned as 🇬🇧 Prime Minister. Bring back Boris?

Applied for T-bills

Applied for $5000 worth of T-bills (6 months cut-off yield at 3.77%).

Topped up my SRS account with spare cash and applied for the T-bills.

Given the interest rates,  it is probably better than fixed deposit rates.  Besides that, I get tax reliefs for topup to SRS account too.

Top of News

Yahoo journalists in Singapore retrenched. 🇸🇬 This does not affect Singapore news coverage.

With rising property prices in Singapore, it was reported that HDB BTO flats are affordable for a couple with monthly household income of S$3,000. Not sure how the math works but it makes me wonder 🤔.  How many flats are available at that price range (SUPPLY) and how many couples with household income of S$3,000 there are who are property hunting (DEMAND)? Because while the math might be true, if there are only 10 of such affordable flats available but 1000 couples looking to buy....

Returns of Different Instruments

CPF-OA = 2.5%

CPF-SA =4.0%

CPF-MA =4.0%

HDB loan rate =2.6%

Singapore Savings Bond= 3.21% (10 year average return)

6month T-bills = 3.07%

12 month T-bills = 3.77%

Different instruments give different returns.  Just like plants 🪴 growing at different rates. 

How to Buy T-bills - OCBC Mobile App

 T-bills yield are going up. Here is a simple guide on how to subscribe using OCBC Mobile App.

Books to Read - My 2022 Reading List

 It is the new year and Covid has definitely given us lots of opportunities to stay home and indulge ourselves in hobbies such as reading.

Here is my list of books that I intend to read in 2022.

1. Atomic Habits 

This is a New York Times #1 Bestseller by James Clear.  Packed with different self-improvement strategies, the book is meant to bring about changes in your life through tiny changes that you can make.  Lessons from the book can be found.

Amazon is having an offer right now and you can get the book through this link: Atomic Habits: The life-changing million copy bestseller

2. Genghis Khan: And the Making of the Modern World

Highly recommended by various people, this book is an epic tale of how Genghis Khan rises from a small tribe to become ruler of a vast empire, conquering more lands than the Romans did in a much shorter time.  This revisionist history depicts Genghis Khan as a progressive, tolerant leader who abolished torture, and provided almost universal religious freedom.  In fact, many of the Mongols were either Christian, Muslims or Buddhists.

Get your copy from Amazon here:

Genghis Khan: And the Making of the Modern World 

3.  Klara and the Sun

Kazuo Ishiguro is probably one of my favorite authors and have read almost every single book of his.  Unfortunately, have yet to read this book of his.

Klara and the Sun: Longlisted for the Booker Prize 2021

4. Has China Won?

The title of this book is intriguing enough.  And it is written by Kishore Mahbubani who wrote Can Asians Think?  Having read his earlier books, I think this will make for an interesting read given his previous experience in Singapore's Ministry of Foreign Affairs.  He actually rose to the rank of Permanent Secretary in the Ministry of Foreign Affairs which is actually the highest ranking civil servant just below the minister.  So his knowledge of the issues at hand are definitely worth a read.

Has China Won?: The Chinese Challenge to American Primacy

5.  The Audacity of Hope

Well, it has been quite a few years since Barack Obama has stepped down as President of the United States of America.  And this book which became the best seller in 2006 has been on my reading list.  But this year, I intend to complete it. I am currently at Chapter 2 of the book.

The Audacity of Hope: Thoughts on Reclaiming the American Dream

[This post to be continued...]

Starting Pay in Civil Service and Yearly Bonuses

Many young graduates who are seriously considering joining the civil service are likely curious to find out what is the starting pay or salary in one of the Ministries.

Reading in some forums, there are anonymous people who claim that they are receiving $4k starting salary.  In one of the forums, a female with first class honours claims that her starting pay when she joined was around $3400.

Just for a more accurate picture, im a female, almost 2 years in CS, NTU FCH, in a ministry not listed above.
2015 Sep - MX13 $34XX
2016 Sep - MX13 $36XX
2017 Apr - MX13 $37XX (after Apr increment), will likely be promoted to MX12 after i hit my 2 year mark.

The civil service has a salary range for the various grades.  A fresh graduate will enter at the grade known as MX13.  The common standard is for them to stay at this grade for 1-2 years before they are promoted to MX12.  To take care of merit increment for these people who have been in the job grade for a few years, the salary range of MX13 thus varies.  

Depending on whether one has completed NS obligations or not (Singapore males), the starting pay will then be adjusted accordingly.

Few years back, I posted on the starting pay for a fresh graduate.  The median salary was around $3400 for a fresh university graduate in Singapore.  The civil service often tries to pay a competitive salary so it will not be an anomaly for a fresh graduate to earn a starting pay around that region.

Back in 2011, I also published what was salary range for civil servants.  The starting salary range was $2800 for MX13 and that was 10 years back.  Right now, one can expect the starting salary to be much higher. So the starting salary for a fresh graduate will be minimally $3000 based on current estimates.

And how much bonuses does a civil servant get? Well, the pay structure is quite complicated.  But based on open source information, there are the following bonuses paid out:

1.   Mid-year bonus (Annual Variable Component) = Usually 0.5 month bonus
2.   Year-end bonus (Annual Variable Component) = A range from 0.25 to 0.75 months
3.   Year-end 13th month bonus (Non Pensionable Annual Allowance) = Standard of 1 month bonus
4.   Once off bonuses = Varies
5.  Performance bonus = ranges from 2-3 months depending on performance grade and job grade 

13th month bonus is guaranteed.  So everyone will definitely get 1 month bonus.  

Mid-year bonus and year-end bonus can vary quite a bit.  Have compiled the bonuses that was paid out by the civil service for the past few years.  Do note that the bonuses paid out at year end includes at least the 13th month bonus (standard minimum of 1 month of salary) and a AVC bonus that varies.  The AVC bonus is paid out in July (what is commonly called the mid-year bonus) and in December (together with the 13th month bonus, what is commonly called the year-end bonus).

At times there are minimum caps to the AVC bonus so that a minimum quantum is paid out for lower wage civil servants.  For fresh graduates, this is probably not relevant since their AVC bonus will usually be higher than the minimum quantum set.

2011

Mid-year bonus = 0.5 months + $250 cash quantum

Year-end bonus+ 13 month = 1.75

Total for 2011 = 2.25 months + $250 cash quantum

2012

Mid-year bonus = 0.3 months

Year-end bonus + 13 month = 1.7

Total for 2012 = 2 months bonus

2013

Mid-year bonus = 0.4 months

Year-end bonus + 13 month = 2.1 months

Total for 2013 = 2.5 months

2014

Mid-year bonus - 0.5 months

Year-end bonus + 13 month = 1.8 months

Total for 2014 = 2.3 months

2015

Mid-year bonus = 0.5 months

Year end bonus + 13 month = 1.65 months

Total for 2015 = 2.15 months

2016

Mid-year bonus = 0.45 months

Year end bonus + 13 month = 1.5 months

Total for 2016 = 1.95 months

2017

Mid-year bonus = 0.5 months

Year end bonus + 13 month = 2 months

Total for 2017 = 2.5 months

2018

Mid-year bonus = 0.5 months + $300 ($500 for lower wage)

Year end bonus + 13 month = 2 months

Total for 2018 = 2.5 months + $300

2019 (Bad year due to economic downturn)

Mid-year bonus = 0.45 months

Year end bonus + 13 month = 1.1 months + once-off payment of $250 to $1,500

Total for 2019 = 1.55 months + once-off payment of $250 to $1,500

2020 (Worst year ever due to Covid 19)

Mid-year bonus = None paid out

Year end bonus + 13 month = 1 month + once-off payment of $1,200 (lump sum only for low wage civil servants)

Total for 2020 = 1 month 

Well, not to fret for fresh graduates.  There is still a performance bonus that is paid out every year too.  This usually ranges and an average performer at MX13 can expect around 2 months bonus.   Note that there are civil servants (high potential or scholars) that do get additional bonuses too.  Fresh graduates probably don't qualify for these.

Natural Language Processing Using Python - Trump Speeches

Again, just having fun on the very first day of 2021.  Passing Trump's speeches into a markov algorithm to churn out random sentences.

Note that Trump of course did not say these sentences.  It is just generated by a computer algo.

Sentences I like are in underlined bold.  It is almost good to pass off as one of Trump's own sayings.

1. We’ve been thinking about that now for a little while but I want 10%, 15%. Because the truth is that the establishment can’t believe it because it’s so bucolic, so beautiful.
2. But that’s the statement of an inexperienced man…About we have to be able to get along with everybody.
3. We have to be smart enough to stop it, folks.
4. Of course if you listen to the pundits, we weren’t expected to win it; Jeb was expected to come in legally.
5. But the whole point is that it brings us all together.
6. One of the best-selling, all-time, and I mean this so, so strongly – the veterans hospitals – obviously they have problems.
7. You can be tough, you’ve got to lead these men.
8. I’m a little bit foolish.
9. And I’m not knocking it.
10. BUT WE HAVE TO TAKE CARE OF PEOPLE.
11. But you know, you look at our roadways where they're crumbling.
12. We have people – bureaucrats in Washington telling them how to educate their kids.
13. I’m not watching any of them in the next week.
14. Did you ever see what they do is they convince people like me not to do it right from here and from here.
15. But it’s still the New York Times is a big problem, Russia’s a problem, China’s a problem.
16. We want trade deals that Bernie was so vehemently against and he’s right on that – it’s such misrepresentation.
17. I have many of these people that are morally corrupt.
18. But if I’m forced to fight for the Second Amendment.
19. They pay them hundreds of thousands of people and move to another location.
20. But we are going to make our own products.
21. And this is not a good sign.
22. When I have somebody that’s going to be our president.
23. Actually though what I got was worse than credit because they were the first victory I had.
24. I mean, you look at Atlantic City.
25. Look, Club for Growth – you ever watch the McLaughlin Report?
26. Just take a look at your security, take a look at what's happening with the devaluations of so many countries.
27. ...A poll came out and some of the Super PACs have total control over the people running for office.
28. This is a wall too.

Natural Language Processing Using Python - Trump speeches

Got a Python code from Github that uses Markov algo to churn out random sentences using Trump's speeches as a database.

Check out some of the random sentences I got below:

Immigration is a privilege, and we should have kept 20,00 troops or something, we give Iraq.

ADD LEAST HE'S NOW ADMITTING IT IS GOING TO BE AS BEAUTIFUL AS A WALL COULD BE.

We have 93 million people that are incompetent.

When Ford moves to Mexico, I’m going to stop drugs from coming into New Hampshire.

When Carrier Air Conditioners, as you know, Afghanistan for $43 million – can you imagine we are ranked number 28 which is way down at the negotiating table without pre-conditions for years.

In other words, the worst elements in Mexico are being pushed into the United States and Israel is absolutely, totally unbreakable.

He mentions it but I want them to invest in our country.

Why do they have to do that, you know, I said bomb the oil, right?

And again, we have a situation in Afghanistan; we're spending tremendous amounts of money were spent – millions and millions of votes more.

So I told these political pros, you know, I hate to say 40 but I won’t even say.

We will someday in the not too distant future.

Again, many Americans must wonder why we get the crowds, you wonder why you get yourself in trouble.

Don’t forget, I didn’t want the credit for that.

I mean, they have no documentation and we don’t win very much.

I’d get along with him.

And I believe we’re going to be incredible.

Rwanda - Becoming Africa's Singapore

Whenever anyone hears about Rwanda, images and thoughts of the horrible 1994 genocide surfaces to the mind.  Back in 1994, the majority Hutu massacred an estimated 500,000 to 1 million Tutsi.  More than 2 million people fled the country into neighboring countries until order was restored.

It is therefore hard for anyone to imagine that economic transformation is under way after more than 25 years since the horrible incident.  But Rwanda has taken long strides since then. Under the leadership of ex-military strongman, Paul Kagame, the country seems to have picked itself up since 2000 is making steady progress towards becoming Africa's Singapore.

Under Paul Kagame, a Vision 2020 was set to develop Rwanda into a knowledge-based middle class country by 2020.  Kagame sought extensive advice from various experts outside of his country.  And it seems like good progress is being made.

Amongst the reforms that have been brought about, one of them includes keeping Rwanda clean.  It is illegal to use plastic bags in Rwanda and bringing in plastic bags is an offence.  Talk about dedication to sustainability efforts!  Rwanda

Here is a good informative video on Rwanda.  The Singapore of Africa perhaps?

Any Rwandans reading this post?  Please leave a comment below.  Will definitely want to hear more.

Read More Links Don't Work After Migrating to New Template

 This blog post is a test.  

After migrating to a new template,  most of the links in both featured post and blog post do not work. 

Testing to see if the same issue occurs for a brand new post under the new template. 

Hopefully,  this works. 

Car Ownership Cost in Singapore - Parking

Of the many car ownership costs in Singapore, the cost of parking probably varies the most.

How much does parking cost in Singapore? Well it really depends. 

Firstly, it depends on where you are staying. If you are staying in  landed property, there is zero parking costs involved. If you are stay in a condo/private apartment, probably no parking costs incurred too (if you keep within the limits of the number of cars).  

How Much is CPF Retirement Sum

CPF Retirement Sum.  Easy yet complicated.

Fact #1 - For your retirement needs

Firstly, to withdraw money from your CPF at age 55, you are required to meet the CPF retirement sum.  At the age of 55, one's money in the Ordinary Account and Special Account are swept into the Retirement Account.

Civil Service Bonus for 2020

Straits Times reported lately that civil servants will not be getting a year end bonus this year due to Covid 19.  There was also no mid-year bonus paid out.

Civil servants received a one off payment of 0.25 months which was capped at $750 as well as their 13th month bonus.  This year, senior civil servants also had a pay cut of 0.5 to 1 month according to their seniority.

Not all gloom and doom though.  Civil servants still enjoy a performance bonus that is outside of the mid-year and year-end bonus.  An average performer should get around 3 months worth of performance bonus according to anonymous feedback in various forums.  So taking that into account, civil servant's annual pay package for this year should be around 16 months of monthly salary.  That is assuming one is an average performer.

Interested in civil service payscale? Check out this link here https://sgfinancialfreedom.blogspot.com/2015/10/singapore-civil-service-pay-scale.html

MHA Bonus?

Grab and Gojek merger rumours

There has been various reports that Grab and Gojek are making progress in talks to merge both companies. 

Based on estimates, Grab is valued at US$15 billion and Gojek is valued at US$10 billion.  The rival companies are both loss-making and are two of Southeast Asia's most valuable start-ups.

Over the years,  Grab has expanded from ride hailing  to food delivery and even to payments (GrabPay). They have expanded rapidly over the years but it remains to be seen whether the various business ventures are profitable. 

Just shortly after Covid 19, when its ride hailing business took a hit, its food delivery business saw increased volumes.  However, that seemed to increase the rate of their cash burn as food delivery was not too profitable a business to be in. 

Both Grab and Gojek refused to comment on the speculation though it was also reported that Grab's CEO Mr Anthony Tan had said in an internal note that they were in a good position to acquire.

Grab's last big acquisition was when it bought over Uber's Southeast Asia business with Uber taking a 27.5% stake in Grab. SoftBank was an investor in both Grab and Uber. 

With any merger,  Comfortdelgro might end up the loser as it has been facing intense competition ever since Grab began its operations.  

Apple Maps Car Spotted Today in Singapore

Was walking along the road today when I saw a Apple Maps car (white in colour) driving about.  

Interesting.  

Didn't know that Apple had a car like this similar to Google.  

In any case, read up a bit and realised that Apple has also come up with a 3D streetview concept like Google Maps called Look Around.  

Though I haven't noticed such a feature on my iPhone yet.  So perhaps it is still being rolled out in phases.  

Singapore Civil Service - Declaration of Indebtedness and Financial Embarrassment

Civil servants or public officers in Singapore are expected to declare their financial standing when they first join and every year thereafter or whenever their  unsecured financial liabilities exceed 3 months salary.

This declaration of indebtedness is meant to ensure that civil servants remain of good financial standing and helps the Public Service know whether an officer becomes vulnerable due to financial embarrassment.  The intention is meant to protect the officer (and by extension the Public Service) and is not meant to penalise the officer.

An officer is considered to be financially embarrassed if he or she has defaulted in repayment of loans, credit facilities and liabilities for 3 consecutive months.

Other situations where one is financially embarrassed also include being an undischarged bankrupt or where one takes a loan outside certain categories.

So this means that if one has not been making payments for credit card bills for 3 months consecutively, one will be considered financially embarrassed.  Or if one has borrowed from a money lender,  one will also be considered financially embarrassed.

So a civil servant must be careful to take only secured loans like housing or car loans. Other loans such as education loan, renovation loan is also allowed.  Unsecured loans like balance transfer or credit cards must be capped at 3 months salary.

A civil servant who is financially embarrassed must declare.


Check out other posts related to the civil service:

1. Civil Service Bonus for 2020

2. Civil Service Payscale

3. Credit Checks and Credit Bureau in Singapore (Bet you did not know that your credit report is actually available and compiled by certain agencies)

Civil servants in Singapore, like anyone else, can experience financial difficulties due to a variety of reasons, such as job loss, medical expenses, or overspending. While the job security and steady income that comes with being a civil servant may provide some financial stability, it is still important to practice good financial management and plan for unexpected events.

To avoid financial embarrassment, civil servants in Singapore can take the following steps:

Budgeting: Create a budget and stick to it, to ensure that expenses do not exceed income. This can help to avoid overspending and build up savings for unexpected events.

Debt Management: If necessary, seek help to manage debt and prioritize repayments.

Savings: Build up emergency savings to cover unexpected expenses, such as job loss or medical expenses.

Investment: Consider investing in diversified portfolios to grow wealth over the long term.

Financial Planning: Seek professional advice to develop a comprehensive financial plan that takes into account one's current financial situation, goals, and risk tolerance.

In conclusion, financial embarrassment can have a negative impact on personal and professional lives. Civil servants in Singapore, like anyone else, should be concerned about financial embarrassment and take steps to avoid it, such as budgeting, debt management, savings, investment, and financial planning.

Rental Income or Dividend Income

Which is better? Rental income or dividend income?

Having both rental income and dividend income,  I can say that I actually prefer to collect dividend income.

In Singapore, I don't have to pay taxes on dividends. But I have to pay taxes on my rental income.

Also, rental income is taxed at one's income bracket and that results in a lower yield from whatever rent I collect. 

If using a housing/ real estate agent, one also has to pay the agent commission ranging from 1 to 1.5 months rental.  This alone can be quite significant.

In terms of passiveness,  there is work involved too in terms of finding tenants paperwork, etc.

On the other hand,  dividend income is fairly straightforward.  No taxes,  no hefty commissions to be paid, and relative ease in terms of monitoring (assuming one is buying a good quality income).

This is not investment advice. Purely stating my preference as a very lazy investor.

Still Alive & Kicking

Haven't written in a long while. The last time I logged in to blog was probably 1-2 years back.

Everything is fine.  Just saying hi to all my readers. 

Still alive and kicking!

Starting Pay for Fresh University Graduate

So what is the starting pay for university graduates that are fresh out of university?

In 2017, the median salary for fresh graduates was $3,400. This is as compared to $3,300 in year 2016.

The top gross salary went (not surprisingly) to law degree holders from NUS and SMU, medicine from NUS, and those who did a double degree in business and computing from NTU. These earned  $5,000 per month.

Computer Science and dental surgery ranked 2nd and 3rd respectively at  $4,285 and $4,050.

The survey results are quite surprising I must admit.  But it shows that computing is probably in great demand for a variety of sectors in Singapore's economy.  With the rise of fields such as data analytics, machine intelligence and cybersecurity, these graduates are probably well - placed to take advantage of the digital economy.

The usual suspects of law, medicine and dentistry naturally command a high pay.