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All about Income, Jobs, Career, and Investment in Singapore

 

Why You Should Still Invest in Bitcoin

April 19th, 2014

With a bunch of high profile bankruptcies in key companies and technological loopholes found in the underlying system in recent months, bitcoin has seen a massive drop in value. While it was trading at a high of more than US$1200 less than a year ago, the price now hovers around US$500. This has led many to question the long term viability of the currency that has been touted as the future of e-commerce.

Bitcoins

 
However, there is still major scope for investment in the technology and while it may not see the huge leaps in value that wild speculation from Chinese investors had created, it is still poised for growth due to a number of factors.

There is still a lot of buzz around bitcoin which makes it great as a short term investment. High profile bankruptcies and technological problems only keep it in the spotlight longer meaning that it will be heard of by more people which will cause movement in the prices in the short run. While the press buzz will eventually subside, it is surprising how many times it has been written about and analyzed over the last few years which shows genuine interest in the currency. Everyone from Bill Gates (who thinks the low transaction costs make it valuable to developing economies) to Paul Krugman has an opinion on it, which might signal that it is here to stay.

In the medium and long run, the price will stabilize and the market will correct itself but after the technological problems are fixed and stable companies and exchanges are established, there are great returns to be had in the long run as the economy surrounding the currency grows every day. While it may have started as an underground currency in the deep web, it is now accepted by thousands of online and physical retailers with these numbers increasing every day. ATMs, companies dealing in transactions and reliable third party coordinators are also setting up shop and increasing the viability of the currency.

Another great reason to trust bitcoin is that it is not affiliated or controlled by a government of financial institution which means that the price is truly dictated by the free market. This also makes it impossible to ban as no central bank controls it. It is a truly democratic currency working on pure free market principles. In fact, China has recently said that it has no plans to ban the currency as it cannot because of just that reason. Even with news that governments are going to start to regulate it, with New York state being one of the first to take these steps, it is almost impossible to control it due to the segregated system it operates on and the way the data is arranged between all users. Regulation will only make it safer to use and possess with the number of high profile frauds and thefts being reduced substantially.

However, it would be prudent to observe caution as with any investment and do extensive research before putting any money into it.

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Car Prices in Singapore

April 10th, 2014

Cars are expensive in Singapore. The most expensive by most studies. In fact, more than twice as expensive as the runner-up according to one particular report.

In a recent report done by Yahoo!, Singapore ranks 1st in the Toyota Corolla Global Price Index, which is definitely indicative of the general car prices here.

 
Yahoo! compared the prices of Toyota Corolla Altis in various countries around the world, using similar variants of the Altis model as far as possible.

We sorted the prices and found, to our horror, that the cost of Singapore’s Altis is a whopping 270% that of the second-placed Cuba! With the same amount of money, you can buy 6 similar cars in USA or Japan.

Here’s the car prices ranking table:

  1. Singapore – $135,988
  2. Cuba – $50,440
  3. Nigeria – $46,110
  4. Indonesia – $45,510
  5. Brazil – $45,388
  6. Malaysia – $43,954
  7. Germany – $38,950
  8. Thailand – $32,147
  9. South Africa – $30,303
  10. Taiwan – $30,247
  11. Australia – $30,144
  12. China – $28,583
  13. USA – $22,963
  14. Japan – $20,741

 
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See also our previous article on “High” COE prices. (It’s much higher now.)

Ways to Increase Your Income From Your Job

April 3rd, 2014

by Calvin Yeo, Managing Director of Doctor Wealth Pte Ltd

For most people, their work based compensation (i.e. salary, bonus, commission) make up most of their income. When it comes to financial planning, we are focused on managing current financials and projected financials based on status quo. Thinking outside the box though, you should also explore ways to give your income a boost.

Increase your income from your job

Ensure That You Are Fairly Compensated

All salaried workers should expect to be paid at least market rate for their work. One of the first ways to figure that out is to look for job surveys published by recruitment agencies and job classifieds. They normally have a pay scale varied by industry and position level. Make sure your pay scale is at least in the middle tier or top tier. If you are not, you should renegotiate your package or look for alternative jobs

Plan Your Career and Upgrade Yourself

Plan out where your career is going and figure out how you can climb up the corporate ladder. All Companies want individuals who are willing to step up and contribute without being asked to. Show the initiative and work hard to prove yourself to the Company that you are ready for higher responsibilities. By doing so, you will eventually get recognized and be promoted, raising your salary packages and more. It is also necessary to keep educating and upgrading yourself, be it taking new courses, getting a MBA, picking up books on the industry and management. Learning never ends.

Opt for a Variable Package as Opposed to Fixed Package

A well designed salary package is often based on variable factors as opposed to a fixed salary. A good management knows that by tying rewards to contributions, employees are well incentivized to work harder. Similarly, you can try to get a job with a variable package such as sales, work really hard every month and you will see your rewards very quickly in terms of higher commissions and so on. Even if you are a manager on a fixed salary, discuss with your employer to see if they can tweak the salary package to one which is of lower basic but higher overriding or profit shared incentive. So when your division does well by having good profits, you get a higher compensation package as well, making it a win win situation. An even more daring approach would be to take up company stock options as opposed to getting a higher salary, the potential upside is a lot higher for smaller companies.

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About the Author

Calvin Yeo is the Managing Director of Doctor Wealth Pte Ltd (www.drwealth.com), which is an online financial planning platform. He is also a Chartered Financial Analyst (CFA) as well as Certified Financial Planner (CFP).

Top 100 Jobs In Singapore (2014)

March 25th, 2014

This is Salary.sg’s early 2014 edition of the 100 Best-Paying Jobs in Singapore. This year, we include a second ranking table just for the Financial Services Industry, which is the source of many highly paid jobs here. Wage data from Ministry of Manpower were used to generate our Top Jobs ranking tables. The MOM wage [...]

Read the full article at Top 100 Jobs In Singapore (2014)

How Much Savings Should You Have By Now?

March 23rd, 2014

We previously mentioned that graduate couples should have no problem saving $1 million. Now, here’s a more precise way to calculate how much you should already have in savings based on your current age and current income. This method is taken from JP Morgan Asset Management’s Guide to Retirement 2014. Calculate How Much Savings You [...]

Read the full article at How Much Savings Should You Have By Now?

Income Tax Calculator YA2014

March 14th, 2014

To help our Salary.sg readers get ready for paying income tax, here’s our income tax calculator for this year (YA2014). Just enter your chargeable income (assessable income minus all applicable reliefs): The above calculator is based on information from Inland Revenue Authority of Singapore (IRAS). Even though the maximum individual tax rate is 20%, most [...]

Read the full article at Income Tax Calculator YA2014

Graduate Employment Survey 2013 (Published 2014)

March 2nd, 2014

Law, medicine, business and IT are tops again in the latest Graduate Employment Survey Results. Fresh lawyers earn an average gross monthly salary of $5k+, while fresh doctors and dentists make $4k+. IT, business graduates and almost all the rest get $3k+. At the bottom of the table are: Art, Design & Media, Linguistics, Science, [...]

Read the full article at Graduate Employment Survey 2013 (Published 2014)

Median Household Income is $7,870 Per Month

February 28th, 2014

In a recent Singstat’s press release, it is stated that Singapore¬†households earn a median monthly income of $7,870. This is a 4% increase from last year. Note that this is the median of households that have at least one person employed. We understand that some households have three or more members who are employed and [...]

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Personal Finance App – An Interview with the Developer of “Clara”

February 22nd, 2014

by¬†Mark Schreiber, Salary.sg guest contributor Salary.sg is pleased to interview the software developer of a new mobile personal finance app. Meiwin Fu is a software engineer with 10 years of experience under his belt. Currently working at a small startup in Singapore, he builds software products for enterprises. The name of Meiwin’s personal finance app [...]

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Anton Casey and Wealth in Singapore

February 3rd, 2014

by Mark Schreiber, Salary.sg guest contributor Had Anton Casey castigated Bangladeshi construction workers or Filipina maids he would be just another wealthy expat banker revving his Porsche on Orchard Road, taking his ex-Miss Singapore wife shopping at Cartier, teaching his young progeny how to hit a boast on the squash court. But instead he is [...]

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