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16 minutes ago, sgocean93 said:

This is a good thread. I’m also looking for ways to grow my money faster. I made a bad decision to save with PruWealth a few years back and there’s a 5-figure sum stuck there now. Also I started investing in some stocks this year (REITS) but only a very small amount of about S$5k which makes up just an extremely small percentage of my “net worth” as I’m very risk averse. Don’t wanna lose all my hard earned money. Heard a lot about bonds and unit trusts - anyone has any advice / recommendations for these?

 

 

I would suggest index funds or ETF. Some index funds like SP500 tracks the performance of leading companies, so it's pretty much following the market sentiment.

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2 minutes ago, zyjd said:

Yeah now only left with 2. A 2 seater for weekend use when I go out with my bf and a boring but comfortable sedan for weekdays. The Mazda 3 was meant as a spare car of sorts. I had spare money hence I bought these cars, it's never worth taking a loan on a depreciating liability so I suggest spending within one's comfort level!

 

 

393399.jpeg

Wow that’s a Mazda 3? Pardon me, it’s a different variation of Mazda 3? The one I always see on the road looks different though. 

Be cool, like a breeze...

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Another thing about investing, don't compare yourselves with others. Some random dude posting that they gotten 100% returns in a single year buying xyz stocks, or some guy posting about their newest lamborghini/condo bought with their returns. It might make you feel that you are losing out, that you should earn more. 

 

Do your own research, as long as you are comfortable with your income and life, don't get caught up with the latest fads. What matters most is yourself.

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6 minutes ago, Coolbriz said:

Wow that’s a Mazda 3? Pardon me, it’s a different variation of Mazda 3? The one I always see on the road looks different though. 

I'm left with these 2 now after selling the Mazda 3 as mentioned in my previous post if you read the thread...

 

"Fast forward to a year and a half later, CAT A COE shot up to $40,000, and I've just sold the M3 for $44,800 since I rarely use it now. Even after deducting the ownership costs of road tax and insurance, I still made around $4,000. If I wait till next year when COE premiums are likely to be even higher than now, I'd probably make a bit more money, but I'm a bit tired of maintaining 3 cars."

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9 minutes ago, zyjd said:

I'm left with these 2 now after selling the Mazda 3 as mentioned in my previous post if you read the thread...

 

"Fast forward to a year and a half later, CAT A COE shot up to $40,000, and I've just sold the M3 for $44,800 since I rarely use it now. Even after deducting the ownership costs of road tax and insurance, I still made around $4,000. If I wait till next year when COE premiums are likely to be even higher than now, I'd probably make a bit more money, but I'm a bit tired of maintaining 3 cars."

Ops sorry my bad. An eye opener to learn about making profits from car transactions 👍

Be cool, like a breeze...

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44 minutes ago, zyjd said:

Yeah now only left with 2. A 2 seater for weekend use when I go out with my bf and a boring but comfortable sedan for weekdays. The Mazda 3 was meant as a spare car of sorts. I had spare money hence I bought these cars, it's never worth taking a loan on a depreciating liability so I suggest spending within one's comfort level!

 

 

393399.jpeg

Agreed, spend within one's comfort level even car is a depreciating liability. Still ok to buy if one can afford.

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37 minutes ago, zyjd said:

I'm left with these 2 now after selling the Mazda 3 as mentioned in my previous post if you read the thread...

 

"Fast forward to a year and a half later, CAT A COE shot up to $40,000, and I've just sold the M3 for $44,800 since I rarely use it now. Even after deducting the ownership costs of road tax and insurance, I still made around $4,000. If I wait till next year when COE premiums are likely to be even higher than now, I'd probably make a bit more money, but I'm a bit tired of maintaining 3 cars."

For me i would buy a car that i really like and just maintain that one car, even i have spare cash. As i always think 1 person no point own more than 1 car as how often would you spend your time driving those cars. Unless you are those millionaire that treat buying cars as hobby, and buying special/vintage cars then different story lah.

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22 hours ago, sgocean93 said:

This is a good thread. I’m also looking for ways to grow my money faster. I made a bad decision to save with PruWealth a few years back and there’s a 5-figure sum stuck there now. Also I started investing in some stocks this year (REITS) but only a very small amount of about S$5k which makes up just an extremely small percentage of my “net worth” as I’m very risk averse. Don’t wanna lose all my hard earned money. Heard a lot about bonds and unit trusts - anyone has any advice / recommendations for these?

 

But apart from investing, it’s also a lot gotta do with saving. I’ve a job but nothing is certain.
 

Just to share a little on some changes I made to my lifestyle in 2020 to try and save up more money as I’m looking to buy a small condo for myself before I hit 30. 
 

1. Discontinued my gym membership. Used to gym at AF for $98/mth but decided to cancel it. There are cheaper alternatives around. The ActiveSG gyms, while lacking very sophisticated equipment, remains very functional and now with safe distancing measures, quite comfortable to use as there’s no overcrowding and hogging of equipment. Go for runs around the neighbourhood. I didn’t realise I had free $100 stored value until I downloaded the ActiveSG app to make a booking. 
2. Reduce purchases of unnecessary things especially clothes which is incredibly expensive in SG. This year I’ve only bought 2 shirts (one for CNY and the other for Christmas) lol. Maybe ‘cos I don’t really have an active social life and so I don’t really see the need to dress up to the nines. 
3. Don’t bother with a car. I think some might disagree but personally, I feel owning a car has to be one of the dumbest decisions ever when living in Singapore. It depreciates at such lightning speed and is incredibly expensive. 
4. Walk whenever I can. Public transport is efficient but costs are going up too. I try to walk if the location isn’t too far apart and if the weather and time permits. It’s a form of exercise too. 
5. Eat well but eat within your means. I make it a point to treat my parents a good meal once a month (on top of monthly household allowance). Also, I love having good food and will dine out at restaurants, but I will make sure to space them out apart such that I dine at restaurants (mid-range ones, not Michelin-star atas ones) at most once a week. In the past, I would go to trendy cafes as and when I liked - cut that out. Look out for good Chope deals. 
6. Be always on the lookout for opportunities for career advancement for a pay increment. 

@sgocean93 I tot pruwealth is ok. It is a form of retirement plan. U can take out the money after sometimes. 

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22 hours ago, kratos said:

Another thing about investing, don't compare yourselves with others. Some random dude posting that they gotten 100% returns in a single year buying xyz stocks, or some guy posting about their newest lamborghini/condo bought with their returns. It might make you feel that you are losing out, that you should earn more. 

 

Do your own research, as long as you are comfortable with your income and life, don't get caught up with the latest fads. What matters most is yourself.

I agree! I was tempted to go into buying stock after seeing one of my ex-colleague did so well and now she is happily retired. But after that I realized I totally cannot follow and “catch” how to invest in the stock although she keeps telling me it is soooo simple. So in the end, I decided on not investing what I cannot understand how it works. 

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2 hours ago, tyan said:

I agree! I was tempted to go into buying stock after seeing one of my ex-colleague did so well and now she is happily retired. But after that I realized I totally cannot follow and “catch” how to invest in the stock although she keeps telling me it is soooo simple. So in the end, I decided on not investing what I cannot understand how it works. 

Better don't anyhow go into stock buying if you are not familiar what is happening. Anyway, have you found a job yet? Remember that you are out of job for quite some time in 2020.

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On 1/2/2021 at 5:07 AM, Neh Neh said:

My gay friend went to buy a big size 5 rm flat near bedok reservoir about less than 700k with cash. He rented out all 3 rooms, which fetch him a passive income of about 2100 monthly. Good money for a single gay man.


Yup, that's good. He just needs to be prepared for damages and repairs with 3 different tenants.

Already with a single tenant, various over the years, I can see major wear and tear. 

If he eventually chooses to stay in the flat for his retirement, he might need to renovate first. (15K upwards)

 

On 1/2/2021 at 1:15 AM, single42 said:

As for rental market

 

If you're lucky - 

 

HDB Common room fetched about S$500 - S$800 (depends on how far is ur apartment away from the mrt)

HDB master room fetched about S$800 - S$1200 max (Again; distance factor from the mrt station)

 


Yup, these are true figures. My common room currently fetches 800/month.  During good times, we had a tenant for 1.3k/month.

Location is everything. With 8 min walk to station, nearby mall, kopitiam, hospital, post office, Sports centre etc

Long term plan is for me to get elderly studio for retirement for me and my partner, then rent out the whole unit. 

That will function as additional income in old age.

🌑🌒🌓🌔🌕🌖🌗🌘🌑

 

 

 

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during CB I started several hobbies including baking and brewing kombucha. was pretty surprised that people want to buy my baked goods and teas, so it turned out to be a pretty cool side-hustle for me heh

I chronicle my edging adventures here: https://twitter.com/edgefunmanager 

contact me at: https://t.me/edgefunmanager

 

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On 1/1/2021 at 10:20 PM, tomcat said:

.

.

those who eyeing to start a business, even open small businesses now when all the costs are lower.

.

.

 

1 hour ago, EdgeFunManager said:

was pretty surprised that people want to buy my baked goods and teas, so it turned out to be a pretty cool side-hustle for me heh


congrats! you are one of those i mentioned.

whether intentional or not, it is especially easy now to leverage off platforms like carousell or ig to have a side gig!

the right timing here struck, because during lockdown, people are eating and drinking more at home than going out.

now that commercial life is slowly picking up, did the demand dip? 


 

🌑🌒🌓🌔🌕🌖🌗🌘🌑

 

 

 

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  • 2 weeks later...
Guest eCommerce

Hi, i wonder if anyone has any experience or information to share on online selling or setting up an eCommerce Store?

 

I am thinking of selling on online stores such as Amazon without having to buy the stocks myself or do any stock taking.

 

And there are so many gurus trying to sell their expertise on this. Anyone has attended such courses and found them useful?

 

Thanks.

 

 

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On 1/17/2021 at 9:45 AM, Guest eCommerce said:

Hi, i wonder if anyone has any experience or information to share on online selling or setting up an eCommerce Store?

 

I am thinking of selling on online stores such as Amazon without having to buy the stocks myself or do any stock taking.

 

And there are so many gurus trying to sell their expertise on this. Anyone has attended such courses and found them useful?

 

Thanks.

 

 

Not that easy. Better for you to attend and sign up, pay for the course so that they will give u a winning item to sell, but i think sjared with mayny others. Had friend who swas selling it, but quit after a year. 

 

You can do ship dropping with other platforms. 

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Offer your services (coaching/design/templates) online or sell a digital product. It has helped me grow from side income to me quitting and pursuing it full time. It depends what you're good at and what you like doing. Usually it tends to be creative work. 

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Guest Creative
1 hour ago, ERF said:

Offer your services (coaching/design/templates) online or sell a digital product. It has helped me grow from side income to me quitting and pursuing it full time. It depends what you're good at and what you like doing. Usually it tends to be creative work. 

Mind telling what services you are providing?

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On 1/2/2021 at 2:25 AM, zyjd said:

I dumped a fair bit of money into the stock market over the past few years, and I just did a review: in 2020 my passive income was just under $40k. This figure is solely from dividends and not including some profits I made by selling certain shares that went up.

 

I do most of my trading on UOB Kay Hian, you may wanna approach them for an account opening so you may start your own trading. I have a relationship manager with SCB, but he only assists me in managing certain funds and account related stuff while I do the rest on my own. You may want to start small by perhaps buying some local bank shares (very safe) though just a few months ago they were at recent rock-bottoms. Most of my portfolio consists of REITs, some funds like XLE, STI, and local bank shares.

 

This is perhaps digressing a little, but I try to put in some money into precious metals too: you can open a silver savings account with UOB and monitor prices from https://www.uob.com.sg/online-rates/gold-and-silver-prices.page . Usually when the stock market crashes, gold and silver prices go up, and I'l then take the opportunity to liquidate some of my precious metals funds to throw more inside... and vice versa: when the stock market is buoyant then g&s prices drop a little then I'll buy a bit more. I use this as a small way to balance out my portfolio, lah.

 

Hope the above helps!

@zyjd  You portfolio is around $700,000?

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Guest eCommerce
9 hours ago, gucici said:

Not that easy. Better for you to attend and sign up, pay for the course so that they will give u a winning item to sell, but i think sjared with mayny others. Had friend who swas selling it, but quit after a year. 

 

You can do ship dropping with other platforms. 

 

Thanks for your suggestions.

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I'm not a very financially-savvy person but will just share some of my thoughts... ...

First of all, most people would love to have passive income where one doesn't have to work to survive financially.  One key question is how much income you need so as to solely rely on passive income?  For this, I think a few replies above had highlighted the importance of controlled spending.  This helps to make the target more achievable.

Second point, after determining the passive income target, the question is how to achieve it?  Few better known means include property rental income, stocks dividends, fixed deposits interests etc.  Every mean has its pros and cons and, end of the day, it depends on individual's preference and risk appetite.  The toughest part is actually building up this passive income generating portfolio.  And for every asset class, there're cyclical trends (like property prices, stock market cycles) which may or may not coincide with your investment timings. From my own experience, do note that the returns from your portfolio is never guaranteed.  In my case, my portfolio of higher-yielding RIETs suffered a big cut due to Covid-19.

For me, I lost my job a few years back and had been very reluctant to re-join the work force due to personal reasons.  Before my final salaried days, I built up a dividend-focused stock portfolio to ensure that my mortgage installments are catered for.  The stock portfolio amount could easily used to repay for my mortgage but I chose to enjoy the net return gap as my stock portfolio dividend yield is higher than my mortgage interest rate.  Then I try to make my ends meet by doing some freelance jobs. 

As mentioned by some above, don't compare yourself with your peers and others.  Having said that I'm still trying to learn this myself.  Some people do have greater luck and opportunities in their careers.  Just try to be contented with what you have and plan within your means.

Do plan early as the well-known compounding effect really instrumental in building up your nest eggs.

Edited by garuda
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2 hours ago, garuda said:

@zyjd  You portfolio is around $700,000?

around $500,000, excluding gold and silver. I also bought 1 bitcoin just for fun when it was USD3,300 - now just waiting to see where it heads. Some of my friends are keen on the crypto game to grow their savings, but it's a gamble and not really passive income per-se so I'm not too keen on putting too much money into it.

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2 minutes ago, zyjd said:

around $500,000, excluding gold and silver. I also bought 1 bitcoin just for fun when it was USD3,300 - now just waiting to see where it heads. Some of my friends are keen on the crypto game to grow their savings, but it's a gamble and not really passive income per-se so I'm not too keen on putting too much money into it.

Wow, your portfolio yield is impressive... ...

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2 minutes ago, garuda said:

Wow, your portfolio yield is impressive... ...

actually no leh, it's only around 6% which is normal I guess? I think MAS has guidelines on the dividend percentage REITs should pay out as well (see 2nd para):

 

https://www.mas.gov.sg/news/media-releases/2020/new-measures-to-help-reits-navigate-operating-challenges-posed-by-covid-19

 

you can use this to see how much dividends the companies listed on SGX pays out here:

 

https://www.dividends.sg/

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5 minutes ago, zyjd said:

 

actually no leh, it's only around 6% which is normal I guess? I think MAS has guidelines on the dividend percentage REITs should pay out as well (see 2nd para):

 

https://www.mas.gov.sg/news/media-releases/2020/new-measures-to-help-reits-navigate-operating-challenges-posed-by-covid-19

 

you can use this to see how much dividends the companies listed on SGX pays out here:

 

https://www.dividends.sg/

6% of $500,000 is $30,000 for whole year...

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1 minute ago, garuda said:

6% of $500,000 is $30,000 for whole year...

eh the figures are approximate lah haha "around 500k" and "around 6%" and "just under $40k". Some dividend payouts were only 5% but some better performers were 8% hence I said "around 6%" lol

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12 hours ago, zyjd said:

eh the figures are approximate lah haha "around 500k" and "around 6%" and "just under $40k". Some dividend payouts were only 5% but some better performers were 8% hence I said "around 6%" lol

Hm...u mentioned annual return of around $40k, so out of $500k, the yield should be around 8% right? Which is very high.
Can share what’s in ur portfolio?

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11 hours ago, Singroc said:

Hm...u mentioned annual return of around $40k, so out of $500k, the yield should be around 8% right? Which is very high.
Can share what’s in ur portfolio?

actually I shared that in my first post in this thread on 2/1/21:

 

You may want to start small by perhaps buying some local bank shares (very safe) though just a few months ago they were at recent rock-bottoms. Most of my portfolio consists of REITs, some funds like XLE, STI, and local bank shares.

 

Hope this helps! :)

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Guest Chiva Som

Using SRS account allows you to only invest within Singapore.  

The US market is where people mostly trade because there is movement and volatility. 

IMHO, need to go thru a course to understand terminologies, charts and market. 

Pls do no buy on rumours nor trade on impulse. U can lose not just your hard earn savings but yur pants, too. (Pun intended)

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20 hours ago, Chiva Som said:

Using SRS account allows you to only invest within Singapore.  

The US market is where people mostly trade because there is movement and volatility. 

 

You can indirectly get exposed to global markets via Robo-advisors with SRS. Though I'm not sure what are the exact products these robo-advisors can buy

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Guest activepassage
From what I heard, in the city state there is a shortage of MBs and happy ending providing Massage boys during this time as borders are closed and guys can't escape to JB for certain explorative lust resolving adventures. But taking on such a side job you might not end up passive, in some cases being active would be probably preferred. surely can use your big hammy... On some of the gay dating apps noted some MBs recently.... you wouldn't be the only one venturing into this new field of passive income....
as usual there are pros n cons
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Guest activepassage
On 1/1/2021 at 8:10 PM, Hammy said:

Dear all, just would like to gather feedback on ways to earn passive income. Due to this period, times and hard and passive income is needed. Anyone mind sharing their ideas for me? 

 

Thank you'

From what I heard, in the city state there is a shortage of MBs and happy ending providing Massage boys during this time as borders are closed and guys can't escape to JB for certain explorative lust resolving adventures. But taking on such a side job you might not end up passive, in some cases being active would be probably preferred. surely can use your big hammy... On some of the gay dating apps noted some MBs recently.... you wouldn't be the only one venturing into this new field of passive income....
as usual there are pros n cons
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On 1/22/2021 at 7:11 PM, Guest activepassage said:
From what I heard, in the city state there is a shortage of MBs and happy ending providing Massage boys during this time as borders are closed and guys can't escape to JB for certain explorative lust resolving adventures. But taking on such a side job you might not end up passive, in some cases being active would be probably preferred. surely can use your big hammy... On some of the gay dating apps noted some MBs recently.... you wouldn't be the only one venturing into this new field of passive income....
as usual there are pros n cons

Is it good? 

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  • 1 year later...

Yes, in these more difficult periods of the dream, you should have a passive income. In general, passive income will always be good. You just have to understand what would be the right method for you to get a passive income. In my case, investing in real estate helped me to have a fairly large monthly passive income. I know that it is not easy to invest in real estate, and many fail, but the tips I found on Money Under 30 helped me. I understood how to invest correctly so that the chances of success are high. I put them into practice, and it worked.

Edited by rosindamove
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