Five Cents Ten Cents

Financial freedom, one realistic step at a time.

Monthly Archives: March 2009

Make time for important things


 

My Darling Flickr! image by Gaptone

"My Darling" Flickr! image by Gaptone

One of the key lessons I’ve learnt in the journey towards financial freedom is to make time for important things.

Financial freedom is my objective. The process in which I achieve my objective is also important. In my quest for financial freedom, I realise that health is critical to being able to enjoy the fruits of your success. If you sacrifice your health to achieve financial freedom, it is what we call a “pyrrhic victory” or as Wikipedia explains:

…the term is used by analogy in fields such as business, politics, law, literature, and sports to describe any similar struggle which is ruinous for the victor.

There is no point in winning the battle but to have lost the war. Continue reading →

»crosslinked«

Income tax filing period is here!


Have you paid youre income tax this month ?

Flickr! image by Walt Jabsco

The income tax filing season is upon us. You need to file your income taxes by 15 April 2009 (or 18 April 2009 for efiling) if:

  • your Singapore income for the previous year is $22,000 or more; and/or
  • you wish to claim tax deducted at source in respect of Singapore dividends that you received last year.

The penalties for non-filing are severe if you are required to file your income taxes. To be safe, check with the Inland Revenue Authority of Singapore (IRAS).

So far, my practice has been to file early and pay up my taxes at one go. This way I feel the pain once and forget about taxes for the other 11 months of the year. Some people choose the GIRO method of monthly deductions which help in the cash flows.

Clinch that job to fund your financial freedom

This entry is part 3 of 10 in the series Grow Your Means - Career

Flickr! image by Pulpolux !!!

The path towards financial freedom for many of us lies in getting a good (and relevant) education, pursuing a career and living within our means to generate the savings that will fund our future retirements.

Your career would be one of the most important areas you need to focus on besides living within your means, saving and investing as well as growing and protecting your means. Continue reading →

Panzer’s Quest for Financial Freedom [Look back at Five Cents Ten Cents a year ago]


[This article was first posted on Five Cents Ten Cents at blogspot on 17 March 2008]

The picture above shows the token of appreciation given by the Singapore Armed Forces to me last year when I completed my 10 years of reservist duty to the State as a Conscript in the Lion City. It comprises a Hamilton Khaki watch, a collar pin and a medal as a form of recognition of my services to the nation. Continue reading →

How to think out of the box in financial freedom


Black walnut jewellery box

Black walnut jewellery box

I come to realise in my journey towards financial freedom that many of what people think are the tried and tested ways towards financial freedom doesn’t always hold true. Continue reading →