5 Reasons Why Personal Financial Planning Is Important in Singapore

why financial planning is important in singapore

Many Singaporeans are too busy with the daily hustle to intentionally set aside time for long-term orientated matters such as financial planning.

According to St James’s Place Wealth Management Asia, 41% of Singaporeans do not have a financial plan.

Such a statistic is worrying as financial planning can greatly influence one’s quality of life in the long term.

In this article, we will explain more about the benefits of financial planning and why it is important to start early.

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The 7-Step Wedding Cake Strategy to Personal Financial Planning in Singapore

personal financial planning singapore

In the world of personal finance, where content and potential money-making opportunities are like sand on the beach, it’s way too easy to get lost.

Where do you even start? And what should you focus on? 

I set out to condense the core areas you must take note of, and organised them in a way that is simple to understand, yet does not lack in depth.

The result of this is what I call the wedding cake strategy, and it’s my own take on how to significantly improve your personal finances, starting today.

As this topic is wide, throughout this article, there will be links to the related subtopics if you wish to explore them. 

Note: this content should not be taken as formal financial advice.

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Income (& Wealth) Inequality in Singapore: Trends & Statistics (2021)

income inequality in singapore

Despite being a small country, Singapore is fortunate to have achieved great economic progress throughout the years. In general, most Singaporeans have higher incomes and greater wealth now than ever before.

But, does that mean that everyone has benefitted from the country’s success?

In most developed countries, including Singapore, the gap between the rich and the poor is prevalent. 

Are the rich getting richer? The poor getting poorer?

In today’s article, we’ll look at some statistics that show the degree of income (and wealth) inequality in Singapore.

So, read on! 

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5 Reasons Why Singapore Is So Rich (& How Rich Is It?)

why is singapore so rich

You may have heard that Singapore is run like a corporation, and a successful one at that. 

The country has seen significant growth in GDP since its independence back in 1965, and now its GDP per capita is amongst the highest in the world. 

The coffers of Singapore’s government and its population have grown in size too. 

How rich is the country and its people? And how did Singapore get so rich in the first place? 

Today, we explore the answers to these questions. 

So, read on!

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7 Consumer Spending Statistics, Habits, & Patterns in Singapore (2021)

consumer spending statistics singapore

Have you been spending more or less during the COVID-19 pandemic?

Some Singaporeans mentioned they’ve been saving more, while some say they have been spending more.

We were curious to find out how the pandemic changed the landscape of consumer spending in Singapore.

In this article, we present the most updated findings, including interesting consumer spending statistics, habits, and patterns in Singapore.

Read on to find out more! 

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How Much Money in National Reserves Does Singapore Have?

how much money (national reserves) does Singapore have

Because of the COVID-19 pandemic, Singapore had to draw down on its past reserves several times since 2020. 

In total, the government expects to draw up to S$53.7 billion from its reserves for FY2020 and FY2021. 

Does it still have enough left in the tank for future use and other emergencies?

Rumour has it that Singapore’s reserves amount to S$1 trillion. 

Is it true? How much money does Singapore really have in 2021? 

Let’s find out now.

(Conversion rate used: US$1 to S$1.35)

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Wise (TransferWise) Singapore Review: My Experiences [2021]

transferwise singapore review

Contemplating using TransferWise (now known as Wise) for online/international money transfers to send and receive money? 

Well, you’ve come to the right place. 

With TransferWise, your money denominated in your local currency can be automatically converted and sent to foreign bank accounts, and vice versa. 

I’ve personally sent and received funds using their services.

Here’s my review of TransferWise, from the perspective of a person who’s located in Singapore (though it doesn’t really matter which country you’re from). 

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The Average Net Worth (Wealth) in Singapore: Data & Statistics [2021]

average net worth in singapore 2021

Do you know what your net worth is?

Knowing your net worth is important. It indicates the true health of your finances.

If you do know your net worth, how does yours compare with others’ in Singapore? 

We set out to take a deeper look into Singaporeans’ net worths and found interesting facts and statistics such as the average (mean and median) net worth, average debt, wealth distribution, number of high- (and ultra-high-) net-worth individuals in Singapore, and how our wealth compares with other countries. 

So, read on! 

(Conversion rate used: US$1 to S$1.35)

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Are You Really Eligible for the Life Insurance Tax Relief?

life insurance tax relief singapore

While filing your taxes, you may have come across the life insurance tax relief. 

It sounds straightforward – you’ve paid for your own life insurance so you can claim that relief to reduce your taxes.  

However, do you know that it’s difficult to qualify for it? A large portion of Singaporeans don’t qualify.

Today, we take a deeper look at the life insurance tax relief, and at the end, you’ll know whether you’re eligible or not.

So, read on! 

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How to Hit the Maximum Cap of $80,000 in Income Tax Reliefs

how to hit the maximum cap of 80000 in tax reliefs singapore

Did you know that income tax reliefs have been capped at $80,000 since 2018?

If you noticed this, did you also wonder about these two things:

  1. How much income do you need to earn to be affected by this regulation, and
  2. How can you maximise and ensure you get the full tax relief?

Let’s find out the answers to these questions now!

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