Tuesday, October 25, 2016

POSB Cashback Bonus

Hi Everyone,

I believe most of you have heard about POSB Cashback Bonus program introduce by POSB (obviously). After reading the requirements online, I find that this might be a good way for me to earn some cashback if I buy my property next year and get a loan from POSB. If I manage to do that I think this will be an additional passive income for me!

The requirement as shown in the picture below

Image result for posb cashback bonus

So if I were to get it, I will be aiming for these three requirements, 1) Credit Card, 2) Home Loan Installment (condo loan) and Investment (Invest Saver). 

I did a rough calculation (Just an estimation)

Spending $100 - Credit Card
Home Loan $1800 per month
Investment - $200 per month

With the above, I can earn about $36 per month, which I think is good. Because with this $36, it is another avenue where I can earn additional income and use it to save up for my investment. So if you have home loan and intend to do some investment (invest saver), do try this out. With this small amount of investment and spending (credit card), coupled with home loan, make use of this to earn more!

Certainly, if this program still available (mid of 2017 or late 2017), I will certainly go for it!

Friday, September 30, 2016

Personal Passive Income and Expenses Monthly Report - September 2016

Hi Everyone,

This post might not contain much information regarding my expenses because I was too busy this month with my wedding preparation that I did not keep track of my expenses. On top of that, I guess I over spend too much this month as well which is due to wedding expenses.

For my personal target, I have cleared my passive income of $1,500 in the year of 2016! Another target down. Hopefully I can hit $2,000 worth of passive income by the end of this year. (Probably should add that in!)

And this is the result of my current passive income for the year 2016! Although it is still quite little to some of you but I am slowly building up my passive income starting next year and more results can be seen.

150K progress - September 2016

As of now, my savings is around 76%. 24 more percent to go before I hit my target, which boils down to around $36,000 more to go!

Conclusion - September 2016

Even though I manage to hit one of my personal goals in September 2016, but the savings for this month is pretty low, only manage to increase the savings by 1% (for 150k target). Hopefully I can save more in October (aim to save around 2.5k if possible).

Monday, August 29, 2016

Personal Passive Income and Expenses Monthly Report - August 2016

Hi Everyone!

This post might come a bit early but just two days won't make any much difference. I just got my recent salary increment, which is around $200, feel very happy because an increment is an increment, and I have hit my targeted salary, making $4,000 per month!

One target achieved, 4 more to go! 

Secondly, I just received $64 worth of dividends from Singtel, which is a good thing and this raise my passive income in 2016 to $1,405.65! Well, it might be little, but my actual investment journey starts mid of next year (after I purchase my first property).

I am on my way to hit my goal for myself of generating $1,500 worth of passive income before I hit 28 years old. My investment is still float above $3,000 for now, generating around 4.2% dividend yield per year I guess.

Savings and Expenditure - August 2016

Based on the graph below, my expenses break down are as below (pretty much the same as last month) - but the good thing is that all the target are green! I didn't exceed any of the category:

1) Travel: $120 (Planned) VS $120 (Actual) - I bought adult concession so the amount is fixed
2) Food (Weekday): $160 (Planned) VS $122.20 (Actual)
3) Bills: $120 (Planned) VS $65.13 (Actual) 
4) Entertainment: $120 (Planned) VS $119.75 (Actual)
5) Others: $580 (Planned) VS $511.00 (Actual)

Overall: $1,100 (Planned) VS $938.08 (Actual)

150K progress - August 2016

As of now, my savings is around 75%. 25 more percent to go before I hit my target, which boils down to around $37,500 more to go!

Conclusion - August 2016

My expenses is under controlled, but hard to say for the next few months because of my wedding expenses. Well, $37,500 more to goal to hit my target, hope I will achieve that goal at the mid of 2017. I believe my passive income will generate around $160 per month by the end of this year. 

Also, very happy that I achieve one of my goal which is hitting $4,000 monthly income and hope I can reach my target soon enough! Can't wait to buy my first property and start my investment journey full time!

Monday, August 8, 2016

Plan-it for the Plan-et: Sustainable Finance for the 21 st Century Family

Hi Everyone!

This is a guest post by Cara MacMillion (MBA), and it's an honor for me to have her post written on my blog. So the guest post is as below, do enjoy!

Plan-it for the Plan-et: Sustainable Finance for the 21 st Century Family

Go for it!

You have financial goals; you have written them down...now what?

Move forward.

The biggest mistake people make is inaction. I was recently coaching a couple on setting financial goals. We started the conversation on a warm summer day in 2016. But the couple was still discussing a bad financial decision that they had made in 2006. Somehow, they just decided to stay in 2006 and so they did. And so did their finances.

Treat your finances like a business. Get the emotion out of it. Check your ego at the door and focus on your values and your goals. How long would you stay employed if you refused to move forward and adapt? As an employer, I can tell you I would be setting both of you up on performance improvement plans.

Go ahead. Set yourselves up on performance improvement plans.

So here are the first steps of the Financial Performance Improvement Plan:

1. Pair up with a loved one and separately write down your budgets.

2. Write down financial goals that you hope to achieve in the next 90 days. (I.e.; take a vacation, buy a new car, fix the car, paint a room etc)

3. Determine how much each of those goals would cost and add up your wish list.

Now, this last step is the most important. You see, if you are living in the past and you keep reliving that one bad decision then you cannot move forward. So go on a date in a public place. It can be a coffee shop, a restaurant or pub, or even a picnic in the park. Get out of your regular surroundings! You are about to hold a strategic planning session. Executives always move strategic planning sessions outside of their regular work surroundings so that they can change their perspective and their thought patterns. Follow their example!

As you relax, follow an agenda. Give your budget to your partner and you take theirs. Read them alone and make notes. Each takes your turn asking questions respectfully to ensure complete understanding. You will have a complete first draft of your budget. You have each created one and you can now blend the two budgets together into one. You share accountability for the future.

Now dream a bit. Celebrate a bit. Share your wish list in the same manner. Do any of the goals match? If not, that is ok. This is why you cannot move forward. To get past this, you should agree to accomplish one goal from each other’s wish list in the next 90 days. And accomplish it.

Congratulations! You are now working together on your sustainable financial family plan.