Join Us Now!

Subscribe and Get Updated on the Latest News
Name: (*)
Invalid Input
Email: (*)
Invalid Input
SECURE & CONFIDENTIAL
Your email address will NEVER be rented, traded or sold. WE GUARANTEE YOUR CONFIDENTIALITY.
We hate spam as much as you do.
Blog
A Quick Review
Written by Andrew Boey   
(0 votes)

Hi Fellow Automated Millionaires,

its has been 2 months since I have written anything, cause I felt that its time for me to go into action and see how is the result rather than just say only...

Anyway, first of all, of course, everyone knows already... the market crashed and i lost about S$2k in my Mutual Funds portfolio. Not alot comparing to the tycoons who lost from millions to billions in just these 1 month of tumoil... But still its money... haha

To tell you the truth, ever since i started this blog, i always wanted the market to fall... because its only when the market fall, the truth about how well the fund is perform will reflect :) True enough, it fell.... and fell through the bottom. Honestly speaking, i have quite a bit from this market crash.

Investors are really an emotional lot, well... US has not officially been in a recession but yet they are performing like it is already... this would be a great time to do purchasing just like how GIC and Temasek Holdings bought large amounts of Citibank and UBS shares.

I am now currently working on ETFs, hence looking for the right moment to invest but then... as the wise has said... NOW is always the best time to take action... so what am I waiting for? hehe... maybe its a high time for me to find out whats my OCBC online broker password... hehe :)

Disclaimer
The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.

Add a comment
 
Review of Money Management System
Written by Andrew Boey   
(0 votes)

Hi Fellow Automated Millionaires,

just a quick review on the famous Money Management System after several months of using it.... i really felt that the system is really great. After all, so much payments and investments are automated and more importantly, not restricted by a budget, its amazing...

i only have bad comments for the banks in Singapore... It has come to my knowledge that Citibank atms are not part of the ATM5 networks (which comprises of HSBC, Maybank, ABN, Citibank, and Standard Chartered) meaning I can't use my Standard Chartered ATM card to withdraw money from Citibank atms which are so easily accessible from every MRT stations... God damn it..

If that is the case, then, looks like paying local banks like DBS, POSB, OCBC or UOB that S$2 per month for that super convenience is worth it :) guess I can't have the best of both worlds man ;) speaking of which... where is my DBS dongle hmmm... ;)

Disclaimer
The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.

Add a comment
 
Estate Planning - Part 1
Written by Andrew Boey   
(0 votes)

Hi Fellow Automated Millionaires,

This is the preliminary results of my research on Estate Planning:

  1. According to IRAS, our life insurance is NOT exempted from estate duty tax,unless if the beneficary is either your children or wife. Hence, if beneficary is you and the total other assets (excluding CPF and dwelling house) is more than S$600,000, it is due for estate duty tax. (click here for more info)
  2. According to IRAS, voluntary CPF contribution is also due for estate duty tax.
  3. In addition, money situated at CPFIS will be also due for estate duty tax unless it has been transfer back to your CPF account before hand :)
  4. IRAS informed me that unlike America where Living Trust is transparent to IRAS, in Singapore, any income from the Trust is deemed for tax at 20%! OMG!

All are fine except point 4. Let me talk to some professionals in living trust area to see if there is any way to avoid the tax. Maybe a Living Will or a Pour-over Will might help in this? :)

Disclaimer
The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.

Add a comment
 
Market Volatility
Written by Andrew Boey   
(0 votes)

Hi Fellow Automated Millionaires,

Recently, the market went down and down. Acorns of Asia Balanced Fund went down by 5.82% in November. To tell you I am not affected by the whole situation is bullsh*t, my returns are affected of course. But then, I am not cashing out on the investment now anyway. The principle behind the whole Automated Millionaire System is time is on our side, hence history shows that if time is on our side, we are the ultimate winners :)

Both David Bach and Suze Orman recommends RSP so that we can dollar average our investment to diversify the risk and with time on our side, the percentage of getting a ROI of 8% or more (compounded) using Balanced Fund is greatly increase. (Side Note: Accumulative ROI of Acorns of Asia Balanced Fund from August to November 2007 is 3.31%)

This market fall makes me really consider what David Bach and Suze Orman recommendation on ETF. Because according to SGX, ETF has no sales charges, low management fees (less than 1%), diversified portfolio, price transparency, etc. Let me research more in this area before coming back here :)

Disclaimer
The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.

Add a comment
 
October Quick Review
Written by Andrew Boey   
(0 votes)
October Quick Review

Hi Fellow Automated Millionaires,

Confucius once said, "By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest."

Hence, let us learn by imitation and review what an Automated Millionaire should do by now:

  1. Have Life Insurance to cover Death, Total Permanent Disability & Critical Illnesses, Personal Accident Plan and Hospitalisation Plan to protect one's wealth
  2. Have a Citibank Step-Up Account and have your salary credited to this account
  3. Have at least 2 e$aver and 2 xSaver accounts
  4. Have the following accounts for Long Term Savings, Financial Freedom, Education, Play, Charity and Bills (Though some of them can share the same account).
  5. Set a x% of your income for above accounts except Bills of course ;)
  6. Invest a x% of your income to at least a Balanced Fund with a ROI of more than 8%p.a. (compounded) with the Goal of building a neat retirement fund in 25 or 30 years time
  7. Automate the process of transferring the money *KEY factor to the whole process*

If a person wants to be an Automated Millionaire but have not done these 5 steps, then no way he/she can become one in the near future. Start Young, Just do it!

Disclaimer
The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.

Add a comment
 
More Articles...
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>

Page 9 of 11