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)

Read more

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! 

Read more

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!

Read more

One of the most certain things in life is this: You cannot run away from paying income tax.

Every April, all working Singaporeans will be busy filing their taxes – and some really feel the pinch especially if they have made substantial earnings that year. 

The income tax is not fixed – it progressively increases as you earn more annually.

According to IRAS’s tax calculator, you need not pay taxes on the first $20,000 you earn. The next $10,000 of income will incur 2% tax. And the tax rate increases the more you earn. The highest personal income tax rate is pegged at 22%, and this is for those who earn more than $320,000 per annum. 

However, there are 15 ways you can reduce the total income tax legally. Before we dive into these 15 methods, you will need to understand what tax reliefs and tax rebates are. 

Read more

A 2020 survey by HSBC showed that unexpected expenses and reduction of income are 2 of the top 3 financial concerns of all respondents across all financial fitness levels.

Ironically, a separate survey showed that only 1 in 3 Singaporeans have enough put away to last them 6 months.

Most of us are worried about these unexpected expenses but only a third of us are prepared to face it; only a third have what most financial advisors would consider as a good sized emergency fund.

Read more

Many parents of this era are great planners.

Apart from purchasing the basic insurance plans, many Singaporean parents also put their child on the waiting list for the best preschools, enrichment classes, and even design their own Montessori-styled education at home.

Likewise, these parents also begin to save for their child’s university education fund.

While your child may only begin their university education 20 years later, starting the planning now will help to ensure that there is enough to fund the entire university education.

Read more

Do you think we can afford to send our children to universities in the future?

The cost of education has risen significantly over the years, leading to some Singaporeans questioning whether it’s worth it to pursue further studies. 

We were curious to see what Singaporeans’ thoughts are on the cost of a university education and whether it’s worth its high price.

We surveyed 1,088 adults aged 18 and above and here’s what we found. 

Read more

Although the world is moving towards a workforce that focuses more on skills and talent (hence the rise of the gig economy), many parents still hope to be able to send their children to university.

Apart from opening up opportunities for their children by arming them with a degree, many who have gone to university would also acknowledge tremendous benefits that are not purely related to the economy.

Critical thinking, networking, and deepening of knowledge are all valuable experiences that would benefit any individual. So if you are intent on sending your child to university, and scratching your head about how to begin funding his/her education, this article is for you. 

Read more

While most parents hope that their child can study in one of the six local universities in Singapore, this may not always be possible due to a range of reasons.

For one, there are some students who are unable to produce the minimum results to gain entry into the local university and course of their choice.

Next, their child may be interested in pursuing a course that is not available in Singapore such as Veterinary or Psychology. (In Singapore, to be a practicing psychologist, you will need to have a Ph.D. to be a recognised clinical psychologist. Ph.D. for the course of Psychology is not offered in Singapore.)

Lastly, the child may be more interested in pursuing the course at one of the prestigious universities, as many of the well-known professors and experts are there. 

As a parent, you would likely want to give your child the widest range of opportunities. In this article, we explore the cost of an overseas university education and how we can fund it should the need arise. 

Read more

Raising a child in Singapore can be a costly affair. 

Amongst the many costs involved – child delivery, childcare, living expenses, etc – the biggest ticket item of all is to provide for their university education. 

Providing financial support for a child’s last hurdle in their education journey before they become a (real) adult is one of the last things we can do as parents. 

Singapore is a competitive space; every edge that can be given to a child increases the likelihood of them succeeding in the future. 

Setting up an education fund for your children ensures that when it’s time for them to enter university, the money is always there if they need it. 

One popular way to fund an education is a child education endowment plan. 

Today, we’ll take a look at what it is and some reasons why it’s effective. 

So, read on! 

Read more