Common retirement strategies used by Singaporeans
Singaporeans are among the wealthiest people in South East Asia, but that notion goes out the window after a five-minute conversation in a coffee shop. Every quote in this Straits Times article, for example, reads like the interviewees are one bad accident away from living in dumpsters behind the nearest kopi tiam. Granted, some of […]
How much do you need exactly to own a condo in Singapore?
When I was asked this question, I gave the most accurate answer possible, which is “too much”. However, in the interest of ensuring our Single Digit Millionaire readers are well prepared – and not at all because Google requires several thousand words for this to appear on their search engine – I’ve decided to drill […]
Dual-key units: a way around the ABSD for property investors
Ever since it was introduced, the Additional Buyers Stamp Duty (ABSD) rate has never gone down in Singapore; and at the time I’m writing this, it’s at 20 per cent for Singapore citizens. So there’s no good way to invest in a second condo, unless you can decouple right? Uh…not quite. There is a workaround, […]
5 things foreigners need to know about buying residential property in Singapore
Singapore is the world’s most expensive city, particularly for foreigners. To be blunt, I think you’re insane if you’re buying a private property here right now, and if your wealth manager hasn’t told you so, here’s a newsflash: they’re too afraid to disagree with you. But if you have the cash to burn, or you […]
Why do so many finance gurus want to tell you how much you should save by 35?
Partly because they have underpaid writers like me, who are given specific instructions to imitate content that they think is “cool.” After a while it all becomes one giant echo chamber, where we all end up explaining why you need to save $100,000 by age 35 in slightly different tones of alarmism. But cynicism aside, […]
5 unseen pitfalls of an en-bloc sale
For Singapore’s sandwiched class, private property is often a key investment asset. One of the key reasons is the possibility of an en-bloc sale: a collective sale to developers can be a windfall, as well as a successful exit point for ageing properties. In recent years however, more property owners have become reluctant to vote […]
I became my family’s sole breadwinner at 16 years old. Here’s what I learned:
KT managed to become a single-digit millionaire (in net worth) in her late forties, but hers was a rough journey. When her father passed away unexpectedly, KT was still a teenager – but she already had to provide for both her mother and brother. Here’s what she learned on the road to financial recovery, and […]
Why do millionaires and billionaires still take so many loans?
You may think that, because millionaires and billionaires have so much wealth, they would rather pay everything in full and avoid interest rates. But in reality, wealthier people use quite a lot of loans. It’s commonly known, for instance, that billionaires like Mark Zuckerberg still have outstanding mortgages, even though someone like Zuckerberg could certainly […]