Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Wednesday, 24 March 2021

Closing my Standard Chartered JumpStart Account



Today, we are going to show you how to cancel your Standard Chartered JumpStart Account.

Personally, I had to cancel the account because I was past 27 years old and no longer eligible for the higher interest rate.

I found it hard to find a function/button on its website that allows me to delete my account.

So after I found it, I decided to make a guide so that it's easier for you to cancel your own account in the future.

Refer to the steps below. 😉


Steps to Close Your Account


1. Go to Standard Chartered "Contact Us" page

Which for convenient sake, here's the link:

https://www.sc.com/sg/help/contact-us/


2. Select the talk to a chat option.


3. Proceed with some verification


4. Then tell the person that you would like to close the account.



Recommended Read: 9 Things I Learnt from my Internship at GIC


The Process


The process is generally simple and fast.

Basically what I did above was all that was required.

I probably spent more time searching how to close my account than the actual act of closing my account 😅


Recommended Read: What I Learnt 6 Months into My SGUnited Traineeship


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Wednesday, 17 March 2021

What I Learnt 6 Months into My SGUnited Traineeship


It has been 6 months since I started my SGUnited Traineeship with a local bank back in August 2020.

It's a halfway mark and I thought it'll be nice to pen down what I have learnt or experienced so far.

Kind of like a good midpoint check on my progress and plan.

If you are currently working as a trainee and would like to share your experience, feel free to leave a comment below or reach out to us to share your experience.



1. Slide presentations the school never taught


I thought I was a good presenter until after my first couple of presentations to my boss, I realised I sucked at it.


Note: Everything the school ever taught you about presentation slides, throw it out the window

I'm saying this as a guy who went to both a business school and an IT school.


I was considered a good presenter back in school, praised by most of my lecturers and scoring high on almost all my presentations.

Entering the workforce and having to make my first presentation to my boss, I was like "how hard can it be?".

Turns out it was really tough, simply because it was very different from how schools made us think about how a presentation should work.


Standard School Slides Format

The school slides generally fall under this format, in that sequence.

1. Start with a narrative or what you want to find (2 to 3 slides)

2. Explain the numbers you did/found (2 to 3 slides)

3. Give the conclusion/steps/actions to take (1 slide)


I did just that, and literally, I got the "so what? what's the purpose of this?" from my boss at the first 3 slides.

I literally went to the last slide, showed the conclusion, then got sent back to work on the numbers again 🤷‍♂️.

That didn't end up the way I expected.


Long story short, after a few rounds of such "so what?", I went to learn how professional people (like Mckinsey) did presentation slides.

It was completely different from anything the school taught.

I learnt from YouTube how to create consultancy-kind of slides and actually paid for a course on it (which BTW is not SkillsFuture claimable cause apparently it's not a "skill" the authorities find "technical" 🤷‍♂️).

Below is the video that I learnt from to create consultancy-kind of slides. Thought it would be useful if I put it down here for you to watch and learn.


Recommended Read: Why You Should Max Your CPF Retirement Sum Early


2. Slow decision-making


As with any organisations, once it starts to get big, bureaucracy and controls start to set in to rein in the chaos, which at times also meant that decision-making becomes very slow.


Although I had previously written that I think companies should follow Mark Zuckerberg's motto of "move fast and break things", I no longer think that this motto fits ALL companies.

Can you imagine that your bank account or payment stopped functioning because a bank was progressing so fast that some of its features/products were breaking down?

So companies that are dealing with serious mission-critical products/services should not adopt that whole "move fast and break things" mindset.


However, that's not to say "don't move and keep things."

We still need to make decisions, make bets, and bet on macro trends.

And instead of waiting for 100% of information clarity before making a decision, sometimes it's best to make a move even with just 70% information clarity. 

Sometimes what causes lost opportunity is the time to wait for that 30% of the information to come in.

Like Jeff Bezos said, there are 2 types of decisions, and most decisions belong to Type 2. 

But large companies have the tendency to use the Type 1 framework on Type 2 matters, which slows down progress and leads to frustration.

So it's important for companies to understand if their decisions are Type 1 or 2, and applying the corresponding decision-making matrix.



3. Too many meetings


Meetings can be packed end-to-end from the start of the day to the end of the day.

Real work can only be done after 6pm when no more meetings are schedule (if you are lucky)

How would it be possible to not work overtime (OT)?

I used to think that it was the lack of manpower that result in overworked staff.

Now I realised, we are not overworked, we are just over-meeting.

If we reduced the number of meetings we have, we might just have enough time to do some real work.



Recommended Read: 8 Years of Investing: How a Hedge Fund Manager Wannabe Became Just Another Singaporean


4. It's not about learning


 I think a lot of people get into a job thinking "alright, I think I am going to take this job because I can learn a lot from this role/position/job/etc", and I personally don't believe in this kind of thinking.

I personally (it's just my opinion) think that it's better to pick a job that I can excel in, and then see what I can learn on my own during my time with the company.


Don't get me wrong. I don't mean that you shouldn't learn anything on the job. You should still learn how to do your job right (the nuances and whatnot).

But join a few companies, and you'll soon realise the hard skills (systems, software, tools, applications, etc), are things that you can learn, and probably are not able to bring them over to another company because they probably have other systems, etc.


Instead, it's the things that are not in the SOP, like slides creation, or positioning of offerings, etc, that is portable across most companies, and are things that you pick up along the job, usually without someone guiding you.


1. It's a company, not a training institute. 

I always think in terms of "what can I offer you?" instead of "what can you offer me?"

I think a better offer would be to go in with a mindset of "this is my skills, this is what I can do to help you grow your business. Let me try", than one that is "I know I am not skilled for the job currently but I'll work hard and learn and do my best.".

I'm not saying the latter is bad.

But I'm just saying, if I'm an employer, I would think that the former is a much better offer than the latter. 

You do your best to push the company forward, and try and learn something on the side.

Not the other way round, try and learn something while pushing the company forward on the side.


Is this a hard and fast rule? Of course not!

It depends on situations, just like what Sir Richard Branson says.



2. Learning is personal

It's interesting how Singapore is now pushing people towards lifelong learning.

It's like once people graduated from school and entered the workforce, they immediately stopped learning - which I do think is true, due to circumstances (commitments) and the whole "That's it I'm done with school".


When actually if you look at really successful people, they are always learning.

We like to think learning has to be proper, it has to have a school, have a curriculum, and it better gives me a certificate at the end of my course.

But when you look at successful people of our times (Musk, Bezos, Gates, Jobs, etc), I don't think they take courses on the side.

But they are constantly learning.

It doesn't have to be from a school, and it doesn't have to be formalised at work.

If you are keen to learn, you will learn. 

If you are not keen to learn, anyone who has been through school will know that nothing will ever get learnt.



Recommended Read: 9 Things I Learnt from my Internship at GIC


Conclusion

I like my current role. 

It's a mixture of marketing, ops, analytics, programming (although added on subsequently without additional pay 🤷‍♂️).

It's a wide variety of things to do daily, which doesn't bore me, a key reason why I chose this role over other offers.

And I do think there are still quite a lot of things to learn (which is great).

But, as I always say, there are always rooms for improvement. 😉


And PS: to anyone from my company reading this, please don't not convert me after my traineeship ends 🙏🤣


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Sunday, 7 February 2021

Which Chinese Zodiac Has the Best Financial Outlook for 2021?

As legend has it, the Jade Emperor (Emperor in Heaven in Chinese folklore) wanted 12 animals to serve as his guards. To determine their ranking, he sent an immortal being to earth to spread the message about a race, where each animal’s rank would be determined by the order in which they passed through the Heavenly Gate.

On the day of the race, Rat woke up early but encountered a river with a swift current. To overcome this obstacle, Rat jumped onto Ox’s back. Ox did not mind and helped Rat cross the river. After crossing the river, Rat jumped off Ox and dashed towards the feet of the Emperor. Rat finished first place in the race, Ox came in second, and the rest of the animals followed— that’s how the Chinese zodiac began.

On 12 February 2021, we will be welcoming the Year of the Ox. Apart from hosting reunion dinners, enjoying pineapple tarts, and receiving red packets, what’s Chinese New Year without reading your Chinese horoscope predictions? While shopping malls and Feng Shui masters focus on how lucky you’ll be in your career, health, and relationships, we’re shedding light on your financial luck for 2021. If you’re unsure of your Chinese zodiac sign, find it in the table below.

Key Highlights

  • The Monkey, Rooster, and Dog zodiac signs are predicted to have the greatest financial luck in 2021, according to Feng Shui Grand Master Tan Khoon Yong.
  • The Tiger and Rabbit zodiac signs will obtain financial independence by discovering a new income source.
  • The Dragon zodiac sign will enjoy large profits, as long as they take advantage of the investment opportunities.

How to Find your Chinese Zodiac Sign

Chinese Zodiac SignBirth Year
Rat1948, 1960, 1972, 1984, 1996, 2008
Ox1961, 1973, 1985, 1997, 2009, 2021
Tiger1950, 1962, 1974, 1986, 1998, 2010
Rabbit1951, 1963, 1975, 1987, 1999, 2011
Dragon1952, 1964, 1976, 1988, 2000, 2012
Snake1953, 1965, 1977, 1989, 2001, 2013
Horse1954, 1966, 1978, 1990, 2002, 2014
Goat1955, 1967, 1979, 1991, 2003, 2015
Monkey1956, 1968, 1980, 1992, 2004, 2016
Rooster1957, 1969, 1981, 1993, 2005, 2017
Dog1958, 1970, 1982, 1994, 2006, 2018
Pig1959, 1971, 1983, 1995, 2007, 2019
The Chinese zodiac sign is based on your birth year.

Your Chinese Zodiac Financial Outlook for 2021

Here is a breakdown of your Chinese zodiac’s financial prediction for 2021, and the investments you should consider making.

Rat

CNY financial horoscope prediction 2021 - Rat
CNY financial horoscope prediction 2021 - Rat
Your financial prospects will greatly improve, compared to the previous year. Your work at hand will reap huge profits, especially during the 5th and 10th month. With Rat being your zodiac animal, you’re naturally smart when it comes to money matters. If you have spare money, consider making an investment in your field of expertise.

Ox

CNY financial horoscope prediction 2021 - Ox
CNY financial horoscope prediction 2021 - Ox
The financial horoscope of the Ox can be improved. You should avoid high-risk investments and maintain caution towards spending beyond your means. Wealth is predicted to dip during the 3rd, 6th, and 8th months. As family expenditure will be particularly large during 2021, remember to create a budget and plan to increase your monthly savings. Consider opening a savings account, as a low-risk way to earn more with your money.

Tiger

CNY financial horoscope prediction 2021 - Tiger
CNY financial horoscope prediction 2021 - Tiger
When it comes to your finances, wealth projection is flat, and money can be easily lost, especially during the 7th month. On the bright side, the 4th and 8th month will bring you the highest financial luck. As you gain more financial independence, remember to save throughout the year to avoid financial hardships.

Rabbit

CNY financial horoscope prediction 2021 - Rabbit
CNY financial horoscope prediction 2021 - Rabbit
Your financial luck in 2021 is relatively flat, with extra financial success during the 9th month. Although you’re a natural saver, this year's income is set to be far less than expected. Every time you’re able to save a sum of money, it is destined to be spent on various necessities. This may cause you to feel challenged when managing money from home. With the finance industry becoming increasingly digitised, there are many new financial management tools that can help you manage your money in an easier, smarter way.

Dragon

CNY financial horoscope prediction 2021 - Dragon
CNY financial horoscope prediction 2021 - Dragon
You will be presented with investment opportunities where waves of profit will come crashing in. Be content with your financial abundance and avoid the temptation of going overboard, which may put you at risk of losing more than you gained. Your financial outlook for 2021 is stable and you will not need to worry about covering household expenses. You will be especially financially lucky during the 10th month.

Snake

CNY financial horoscope prediction 2021 - Snake
CNY financial horoscope prediction 2021 - Snake
Your performance in the workplace will yield double the financial return. You will also earn money from unexpected areas. However, your financial consumption will also increase. Remain open to an opportunity that will let you strike rich during the 4th month. If you’re used to being cautious with spending, seek guidance from a friend or mentor born in the Year of the Ox.

As the Snake is a fire sign, it clashes with metal – an element that represents money. According to Chinese Ba Zi readings, the Ox is nicknamed, “The Storeroom of the Metal”, which means they can safeguard the wealth of animal signs who have trouble achieving monetary abundance. To increase your financial luck in 2021, look through your contact list and contact an Ox benefactor.

Horse

CNY financial horoscope prediction 2021 - Horse
CNY financial horoscope prediction 2021 - Horse
You’ll experience smooth progress in your career, which will be tied to good income. Expect to receive the highest financial luck during the 11th month. If you find yourself faced with unexpected events, learn to plan monthly expenditure as opposed to spending money on meaningless things. Consider applying the 50-30-20 rule when to divide your income into three categories:
  • 50% should be spent on your essential needs;
  • 30% should be used for discretionary spending;
  • 20% should go towards your savings, investments, and emergency expenses.

Suppose you earn S$6,000 a month, after all taxes and deductions. According to the rule, S$3,000 should be spent on your needs, S$1,800 should be used for your wants, and the remaining S$1,200 must be used for your savings and investments.

Goat

CNY financial horoscope prediction 2021 - Goat
CNY financial horoscope prediction 2021 - Goat
Your financial income may be greatly reduced, especially during the 3rd month. However, with hard work, you can expect financial success during the 6th month. Approach financial matters with increased caution. If you’re intrigued by the idea of making money through investing, you should first understand what investing is all about. Start by understanding the basics of investment, including the risks and portfolio diversification.

Monkey

CNY financial horoscope prediction 2021 - Monkey
CNY financial horoscope prediction 2021 - Monkey
Your financial luck looks quite bright. You’ll enjoy increased wealth and bonuses during the first half of the year. Also, you’ll earn rewards from your side investments. While you will be most financially lucky during the 4th month, you’re expected to face great loss during the 12th month. To avoid financial hardship towards the end of the year, consider planning ahead with a Robo advisor, a low-cost alternative to traditional wealth management advisors.

Rooster

CNY financial horoscope prediction 2021 - Rooster
CNY financial horoscope prediction 2021 - Rooster
Your wealth projection is quite positive and you will encounter many good opportunities in 2021 to obtain high returns. However, as you tend to be more materialistic by nature, your expenses will also be relatively high. Remember to minimise spending, even if you have a comfortable monthly income. Be especially careful during the 2nd and 6th months and welcome good fortune during the 5th and 11th months.

Dog

CNY financial horoscope prediction 2021 - Dog
CNY financial horoscope prediction 2021 - Dog
Your financial outlook is relatively flat. As you tend to be more conservative in nature and risk-averse, it is recommended that you focus on diligence this year, and wait for the right investment opportunities to come to you. You may not receive a windfall or a big promotion – but you won’t be burdened with significant income complications either. 2021 will be a year of financial smooth-sailing, without any major ups or financial loss.

Pig

CNY financial horoscope prediction 2021 - Pig
CNY financial horoscope prediction 2021 - Pig
For your wealth prediction, expect to receive a good income from your investments. You will not need to worry about financial shortfalls, with the exception of the 3rd, 6th, and 10th months. You will also enjoy a pleasant financial surprise during the 5th month.

Chinese Zodiac Wealth Predictions in 2021

After the financial rollercoaster during the year of the Rat, we can’t wait to see a better financial outlook during the year of the Ox. While it’s exciting to read you Chinese horoscope and see all the good fortunes the new year brings, remember that luck will only go so far – it’s up to you to make the most of the new year, work hard, and make smart financial decisions. The same applies for those whose financial predictions weren't the most auspicious – take it with a pinch of salt. Happy Chinese New Year!

 

Credits:

ValueChampion.sg is a finance consumer research company. Our experts have been featured in several major publications including CNN, CNBC, New York Times, Straits Times, Business Times, US News & World Report, USA Today, Associated Press, Reuters, Motley Fool, BizJournals, MarketWatch, the Street, Baltimore Sun and more. The articles and case studies that we produce help people in Singapore make smarter financial decisions.

Sunday, 31 January 2021

10 Funny Reddit Comments on GameStop

If you do any form of investing in the stock market, you most likely heard of the recent GameStop saga.

If you didn't, may I recommend that you read the story HERE.

Needless to say, the sub-reddit thread that started this whole saga was filled with funny comments.

We fished out a few out of the hundreds of thousands of comments that we thought were pretty good for you to read and have a laugh.


1. Looking forward to a new Wall Street/Main Street movie post-lockdown 😁.

 


2. This is financial prudence 101.


3. Aint' this a pretty extreme analogy 🤣.



4. Just need 1 whale instead of many small fishes 🐳.


5. One of the best stories on a part of the Saga explained on Reddit.

6. Awesome logic there 👍. (No, just kidding. This is flawed logic).



7. The mentality of everyone who's in for the movement 🙌.

8. It's about sending a message 🔥. (PS: what message was it exactly?)


9. I'm no genius, but I'm quite sure owning the stock doesn't prevent the company from going bankrupt? 🤷‍♂️


10. Interesting reasons to "save" a cinema 🍿 


Bonus 11. So rude, but quite true 🤣.


Recommended Read: Why You Should Max Your CPF Retirement Sum Early


Conclusion

I didn't participate in either side of the trades.

These stocks don't fit into my portfolio.

But, I sure am interested to see how this will unfold next week! 

Ending this post with a meme image of our own:


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