9 Essential Personal Financial Goals in Singapore (2022)

personal financial goals in singapore

Why is it so crucial to set personal financial goals? 

Your finances are a key resource that enables you to lead the life you desire. They can help you accomplish important milestones such as attaining a house, getting married, having children, and paying for your children’s education. Having strong finances can also grant you the capacity to travel, indulge in other leisure, or start a business, just to list a few examples.

As such, in order to live your life to the fullest, it is essential to plan your financial goals such that they are aligned with your life goals. Otherwise, you may wind up lacking the monetary resources to fund your activities, which would hinder you from attaining your desired lifestyle.

In this article, there are nine examples of personal financial goals that may be relevant to you.

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Quick (& Essential) Guide to Personal Income Tax in Singapore [2022]

personal income tax in singapore

Whether it is your first time, tenth time, or twentieth time filing your personal income tax, the process can be fairly frustrating, confusing, and cumbersome.

Here is your quick and essential guide to filing personal income tax in Singapore, where we have collated all the important information, links to different sections on taxation, and guides on filing, so that you don’t have to crack your head over this when March comes. 

So, read on!

(Click here if you want to know more about corporate income tax in Singapore.)

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A Quick & Easy Guide to Corporate Tax in Singapore (2022)

corporate tax in singapore

Singapore strives to be an open economy and it attracts multinational corporations (MNCs) around the globe. 

One of the main reasons why it’s attractive to start a business here is Singapore’s low corporate income tax rates. Furthermore, there’s no lack of tax incentives for companies, new or old, bringing the effective taxes even lower. 

If you’re interested in incorporating a company in Singapore, how much money in taxes do you have to pay? And what essential things must you take note of? 

We cover all of these questions in this quick guide. 

(If you’re interested to know more about the personal income tax structure in Singapore, you can read this article instead.)

So, read on! 

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Personal Income Tax Rates in Singapore: Which Bracket Are You In? (2022)

personal income tax rates in singapore

While most Singaporeans know the exact percentage they pay for the Goods and Services Tax (GST), many can’t recall the personal income tax rate offhand.

Singapore’s GST is currently pegged at 7% and set to increase in the coming years, but what about the personal income tax rate?

If you are a tax resident in Singapore, you can heave a huge sigh of relief – while Singaporeans don’t rank first in terms of lowest income tax rate, they can also be thankful that they are not tax residents of Sweden. The highest income earners in Sweden can be taxed as much as 57.1%.

So where does Singapore rank in terms of income tax, and how much tax can you expect to pay throughout your lifetime in Singapore?

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Guide: Supplementary Retirement Scheme (SRS) for Foreigners

Supplementary Retirement Scheme (SRS) for Foreigners

Saving for the future can be difficult when we’re left on our own to do it. 

Fortunately, there are several national schemes in Singapore that help individuals build their retirement nest eggs. 

One such scheme is the Supplementary Retirement Scheme (SRS), which is open to both Singaporeans (citizens and permanent residents) and foreigners. 

Although the scheme is mostly similar for both groups, there are important differences to take note of. 

(This article is meant for foreigners, so if you’re a Singaporean [citizen or PR], do check out this page instead.)

Read on to find out more! 

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How Many Millionaires (& Billionaires) in Singapore? [2024]

number of millionaires in singapore

You may have heard of the movie “Crazy Rich Asians”, which was set in Singapore, but how many people in this country are considered rich?

While the exact amount in net worth (or wealth) to qualify as rich is subjective, many do hope to accumulate a million dollars in wealth.

Currently, how many millionaires (and billionaires) are there in Singapore? 

Let’s find out now!

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How to File Personal Income Tax in Singapore (A Simple Guide)

how to file income tax in singapore

Is it your first time filing your personal income tax?

Or did you recently experience a huge change, either in your job (e.g., moving from public sector to private sector/employee to self-employed) or family (e.g., new baby).

If so, this simple guide will bring you through all the key areas you need to take note of, and understand how to navigate this. 

So, read on!

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15 Different Types of Insurance Policies in Singapore (2022)

types of insurance singapore

If something unfortunate were to happen to you today, would you and your family have sufficient resources to tide through it and get back on your feet?

It may seem as if insurance agents are always telling you “you’re under-insured,” but have you ever stopped to ponder if this may be true?

In this article, I would like to present an informational overview of 15 different types of insurance plans in Singapore and their benefits.

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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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Personal Financial Planning in Singapore: 7-Step Wedding Cake Strategy

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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