by Helmi Hakim | Aug 4, 2009 | Insurance, Miscellaneous, Motivation
I am in a process of engaging a telemarketer, to follow up my leads collected from roadshows, and also to arrange appointments for financial reviews for my existing clients.
I have done roadshows for almost coming 2 years now, collected over 1000 leads. I will get my telemarketer to call all these leads, and together, we will developed an IT BASED follow up system.
As time passed, I will be systematizing all my work, so that I can focus more on giving value to my existing clients and concentrate in completing my book.
I also engaged, marketing consultant, Bro Hafihz’s expertise, to help me draft out a marketing plan, on how to systemise my business operations, from alternative ways to generate leads (other than roadshows), to effective and efficient management of existing clients.
Lots of exciting events coming on the way… 🙂 🙂 🙂
Now, I am assembling a team of Malay Financial Consultants from NTUC Income, and gearing for our first collaborative roadshow at Mega Raya Bazaar 2009, Singapore Post Centre, outdoor atrium. We will be there from 21st August to 19 September 2009.
Its fun….Its fun….Its FUN…..and I am soooo…..charged up to get it started!!! 🙂
by Helmi Hakim | Jul 23, 2009 | Insurance, Investment, Miscellaneous
Everyone in the globe dreaded this “outflow” called TAX.
This is my first time, I pay tax to the government…. and due to my hectic schedule (going for seminars, doing roadshows and meeting clients), I “forget” to make the payment.
They send me a letter, saying that I will be fined extra $28.10. However, because this is the first time, I am paying tax, they will waive it for me if I make the payment by 9 July 2009.
I did it on that very day, using AXS machine. (Victory Sign) 🙂 🙂 🙂
Btw, I’ve been brainstorming ideas, ways and methodologies where YOU CAN REDUCE YOUR TAX PAYABLE OR PAY 0% TAX IN SINGAPORE LEGALLY!!! (evil but innocent smile..hehe)
Note: The strategies that I am going to share with you is purely legal and ethical. (Information accurate as at 23rd July 2009)
Strategy #1) If you are employee,sole proprietor or in partnership, you just need to ensure that your chargeable income (income that is liable for tax) is less than $20,000, and you DONT HAVE to pay any taxes.
Chargeable Income = Total Income – Tax Allowable Expenses – Tax Reliefs
In Singapore, an average Singaporean brings home, disposable income (money that go inside your pocket) of about $5,000/mth or $60,000/year.
So, the first method is quite difficult to apply. Yet , YOU CAN ALWAYS REDUCE YOUR CHARGEABLE INCOME, by documenting and declaring your tax allowable expenses.
Tax allowable expenses are expenses incurred in order to GENERATE income.
Example, if you are a financial consultant like me. Document your roadshow costs, cost for printing namecards, cost for knowledge upgrading like going for seminars and other expenses related to helping you GENERATE your income.
When your chargeable income is lower, you pay lower tax, or no tax if your chargeable income is less than $20,000.
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Strategy #2) Claim as much “reliefs” as you can.
The first relief that every working Singaporean has is Earned Income Relief.
Earned Income Relief reduces the amount of Chargable Income, thus reducing the amount to be taxed.
Below 55 years of age $1,000, 55 to 59 years of age $3,000, 60 years of age onwards $4,000
You can visit http://www.iras.gov.sg to check what other reliefs applicable to you.
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Strategy #3) Contributions to CPF helps you to save tax
When you contribute your CPF, you can also reduce your tax.
Right now, you are required to contribute 20% of your salary to CPF and your employer pay 14.5%.
You can only get the money when you reached age of 55.
Example if, you earn $2000/mth.
$400 of your pay is going to CPF. You take home only $1600. You only need to pay tax for your take home pay of $1600. Money that goes to CPF is not taxable.
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Strategy #4) Supplementary Retirement Scheme (SRS)
This is my favourite… 🙂 🙂 🙂
Supplementary Retirement Scheme is a savings plan that you can sign up when you reach 21 years old.
You can contribute up to 15% of your income. You can use this money to offset your total income, thus reducing your chargeable income.
(Btw, if you already have an SRS account, I can help you get BETTER returns, then leaving it there. Call me for appt! ).
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Strategy #5) Capital Allowances
The assets you buy for your business operations can be used to reduce your tax.
The assets you buy, depreciates in value every single year. Depreciation is an expense and thus tax deductible. The $$$ that you can use to write off differs than accounting term.
Accounting depreciation, takes into account the life of the assets you buy till it become scrap or ready to be disposed.
Depreciation or capital allowance for tax purpose is STANDARDISED!
Example: Computers, hardwares and printers, take 1 year to write off
Plant and Machinery, take 3 years to write off.
Commercial vehicles, take 6 years to write off
Example, for me, I buy laptop, printers etc2 for my business operations..If my laptop and printer cost, example $3000, I can just classify $3000 as my capital allowance and deduct it from my total income, thus reducing my chargeable income.
There are really many ways (like donations to approved charities, paying insurance premium etc2), that you can use LEGALLY, to reduce your tax. It requires planning and continual education.
Hope the above information helps!!! 🙂
by Helmi Hakim | Jun 11, 2009 | Insurance, Investment, Miscellaneous
In life, you must always have a plan.
There’s a saying that if you FAIL to PLAN, then you PLAN to FAIL.
If you do not even care to plan, you will then be automatically be part of other people’s plan.
In todays’ context, I will be touching on creating your own financial plan. There are 6 Steps altogether, to build your personal financial plan. 🙂
Step 1- Set Goals and Objectives
What exactly do you want? You want to accumulate money for retirement? You want to accumulate money for your child’s education?
…or simply you want to leave some money for your beloved spouse and children, in case you go to heaven the next day?
Identify and segregate your goals, into SHORT TERM goals, MEDIUM TERM goals and LONG TERM goals! 🙂
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Step 2- Gather Data
Before you go to war, you need to know what weapons, do you have… the number of soldiers available and more relevant information.
Similarly,when you want to devise your own personal financial plan, you need to take stock of yourself financially. Where are you now?
Create your own net worth statement and cashflow statement.
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Step 3- Analyse and find solutions
So…you have consolidate your financial data into relevant structures like networth statement and cashflow statement? It is time for you to interpret them.
Benchmark it to your goals. How far off you are from your goals? What are the solutions and alternatives involved? 🙂
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Step 4- Recommendations
Out of the solutions and alternatives, CHOOSE the best one, most suitable for you. If you are super risk averse, investing in funds, will not be an option for you. You will love super safe, guaranteed endowment plans.
Relatively, if you are the gung ho and dare to take calculated risks, investing in funds will APPEAL to you. You may view, the returns from endowment plans as too little.
CHOOSE the best options for yourself.
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Step 5- Implementing Strategies
After deciding, which strategies suit you most, it is time to IMPLEMENT them.
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Step 6- Follow Up and Annual Reviews.
Every year, there will be changes in your family. Perhaps, if you are single, you may be getting married. If you are married, you may now have a newborn child. If you are working, you may now be enjoying a pay raise.
So, it is therefore, crucial for you to do an annualized review on your financial plan. What needs to be changed? What needs to be removed or add on?
Btw, if you need any help in the construction of your financial plan, you can always call me, Helmi Hakim at 96520134, for me to assist you in the creation and development of your financial plan. See ya! 🙂 🙂
by Helmi Hakim | Mar 23, 2009 | Insurance, Investment
Many of us, today, are holding tight, holding dearly to our CASH, because of the economic uncertainty that is looming wide on us. 🙁
If YOU read yesterday’s straits times’ newspaper, under the finance section, they recommend YOU to keep at least 12 months of YOUR monthly expenses as YOUR emergency funds instead of the usual, recommended 6 months monthly expenses in YOUR bank account.
I think that is a prudent measure & I will like to add on to it 🙂
You see….I believe, overall, in life, many of us have GREAT AMBITIONS to fulfil.
Some of us are entrepreneurial, will love to start our dream business. Some are career minded, looking forward to climb the corporate ladder. Whatever route or path, you CHOOSE, there is 1 BIG PURCHASE that you will do in your life.
I will usually recommend all my clients to settle this 1 BIG PAYMENT as soon as possible before spending on other stuffs. That is….
1) Paying For Your House
Try to pay your house in full as soon as possible.
Yeah…I know, for some adventurous people, they will say, “Helmi….mortgage rate is so low. May as well, I invest the money, and get higher returns”.
The one philosophy that, I shared with all my clients, is anything you want to do, PROTECT YOUR FAMILY FIRST.
This includes buying life insurance, buying hospitalisation insurance plan, and the most important, pay off your house loan as soon as possible.
This is because, in life, many unwanted things can happen. Today, you may be making lots of money, running your own business, or perhaps earning BIG MONEY, holding an enviable corporate position in your company, BUT no one can guarantee you such blissful fate in the upcoming years.
At least, should anything unwanted happen, you know, you got life insurance, you got hospitalization plan and you got YOUR HOUSE all secured.
You then only, depends on your 12 months contingency savings in your bank to pay for your basic necessities.
You know, I always hear people say, those who indulge in business, are taking BIG RISK. In fact, I will say, most of them take “calculated risk”.
Many of those businesspeople, I met are super risk averse. They do anything ONLY with a clear goal and a well developed strategy.
In fact, if you follow what I share with you, in this article, you are taking calculated risk because all your fundamental needs are well taken care of, should your business or career failed. YOUR BOTTOM LINE IS TAKEN OF. You can explore, can indulge in any field of endeavour FREE FROM WORRY & ANXIETY, because why?
Because your main structural support is already in place. You have done your homework. You have a plan for your worst case scenario.
Only then, you can start planning your financial life in a more adventurous way! 🙂
by Helmi Hakim | Feb 17, 2009 | Insurance, Investment, Miscellaneous, Motivation
Yes…. I am writing a book on Financial Planning.
I will complete it by June 09 and then send it for publishing. It will be available in your local bookstores, once ready! 🙂
The “planned” title of the book is “33 Common Questions People Asked Me As Financial Consultant In Singapore“… (title may change, to make it more CATCHY)
Let me detailed you some of the questions that I will answer in the book….
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Questions On INSURANCE
– Why You Must Get Insurance?
– How Much Coverage Do You Exactly Need?
– What Are The Different Types Of Insurance Available For You?
Questions On SAVINGS & INVESTMENT
• How Do You Create Your Personal Income Statement, Your Personal Balance Sheet & Your Personal Cashflow Statement?
• Discover 3 Big Differences Between People Who Are Successful Financially & People Who Failed Financially.
• How Do You Increase Your Savings By 10% Without Losing A Tint Of Sweat?
• What Is Parkinson’s Law & How Do You Avoid It?
• Why, When, Where and How Do You Invest In Funds? X% Bonds? Y% Equities?
• How To Logically Create Passive Income, So That One Day You Can CHOOSE Not To Work?
• How Do You Measure, How Much EXACTLY You Need For Your Retirement?
• Why Your CPF/EPF Is Not Enough For Your Retirement?
• Why You Should Never-Ever Buy Stuffs On Loan? Examples?
• 6 Months Of Emergency Funds In Fixed Deposit. Huge Opportunity Cost?
• How To Use A Financial Calculator? Just Remember 5 Variables & You BECOME A Financial Expert. 🙂
• Looking For Instruments With Best Return On Investment? How Is Compounded Interest Different Than Simple Interest? (Learn To Interpret Deceiving Financial Brochures)
• How To Create A Budget?
• Credit Card, Double Edge Sword? How To Use It To Your Advantage?
• What To Look For When You Invest In Stocks? Are You Dividend Oriented Or Looking For Capital Appreciation?
• How To Reduce Tax LEGALLY If You Are An Employee? If You Are A Business Owner?
• What You Should Know When Financing A Car?
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These are some of the questions that I will answer in the book. (working very hard on it!)
Right now, I need your help. I am very sure that at the back of your mind, you have some BURNING questions, on insurance, savings or investments.
PLEASE…….Please leave your questions in the comments section below.
Should you have a website, and you will like me to include your name and website url in my book, please leave your details below too…. Its a POWERFUL viral strategy for you to market your business for FREE! 🙂
Yes…. Just type one of your burning questions at the comments section, below…. I truly APPRECIATE your help! Thanks so much! 🙂
