I have been a premium member of Wealthy Affiliate Online Business community since 2015, and have gained a lot of knowledge covering topics from Search Engine Optimization (SEO), Google Analytics Tool, Google Search Console (formerly Google Webmaster Tool), Bing Webmaster Tool, Keyword Research Tool, Paid-search marketing, and many more.
It has been a wonderful journey since I joined the community. I now host my websites on this platform and my websites are indexing well by all the search engines. With the platform, I can setup my own business Online and grow my business from the ground up.
For everyone wish to establish your own Online Business and master your own destiny, feel free to visit my Get To Know Wealthy Affiliate page to know more about Wealthy Affiliate Online Platform. You will be able to access to a lot of tutorials and training modules to upgrade your digital marketing knowledge and skills. Social medial marketing is also covered at Wealthy Affiliate training platform to drive more traffic to your websites.
There are many successful members at Wealthy Affiliate that go on to build their growing income, after learning all the skills and knowledge taught at Wealthy Affiliate. Simply follow the 4 steps -> (1) Identify your niche (2) Build your website according to your niche (3) Attract traffic to your site (4) Put Income Generator on your site.
Here is a video by the co-founder Kyle, who will walk you through what Wealthy Affiliate can offer you in your lifetime to master your Online business. Click the link here to watch the video.
Learn Affiliate Marketing from Wealthy Affiliate In Singapore
Both founders Kyle and Carson started their Online Business in Affiliate Marketing. They have been doing affiliate marketing business since 2005, and have many years of successful experiences and record in creating huge income from their affiliate marketing business.
They wanted to share their knowledge and provide genuine teaching to those marketers who want to know about affiliate marketing. By introducing the Wealthy Affiliate platform and provide a lot of resources and tools, members can scale their internet business by following the online training modules inside Wealthy Affiliate.
Singapore Is The Center For South-East Asia
I am from Singapore, a tiny little red dot on the world map. Singapore has been an independent country since 1965, and is a member of ASEAN. Population in Singapore is 5.7 million as of December 2017 and the country has an area of only 800 square km on the main island.
If you are my fellow Singaporean reading this post, and would like to know more about Affiliate Marketing and how Wealthy Affiliate can help you to establish your Online Business, feel free to contact me by email. I will be happy to meet up with you to show you all the wonderful features and tools at Wealthy Affiliate. We can have a coffee together in Singapore!
Financial Advisor In Singapore
As Singapore move higher towards the Advanced Economy, it will be very challenging for ordinary Singapore Citizen to cope with the increased cost of living. What you should do if you are born here in Singapore and need to make a living?
For people who are reading my post now, I believe you have already started researching what are the ways and means to stay ontop of the hurdles. It is good to start your planning early and work towards your goal of achieving Financial Independence.
I have found quite a lot of young Singaporean are very financial savy, and they are eager to become Financial Freedom before they grow old. This is very encouraging and I would like to share their blog with you, if you are interested to learn and read about what they do in Singapore:
- Budget Babe – striving to achieve financial freedom in Singapore before the age of 45
- FIRE-Path Lion – achieving financial independence in Singapore
- Dollars & Sense – helping Singaporeans make better financial decisions
- MoneySmart – empowering you to make smarter financial decisions
- Investment Moats – sharing experiences of ways to grow money
Are My Retirement Savings Enough?
When you reach 55 years old in Singapore, the government will create a new account call Retirement Account for you. Most of your money in the Ordinary and Special Accounts will be transferred to that account. FRS (Full Retirement Sum) will be set aside in the RA (Retirement Account) if you have sufficient money in your CPF.
For those Singapore Citizen turn 55 years old in 2020, the Full Retirement Sum is S$181,000 and when you reach the payout age of 65 years old, the government will allow you to draw S$1,350 ~ S$1,450 each month under the CPF Life scheme.
If you wish to have more money from 65 years old, you can consider to upgrade to next level Enhanced Retirement Sum (ERS). Based on CPF website, it will be S$271,500 for those turn 55 years old in 2020. It will allow you to draw S$1,960 ~ S$2,110 each month at age 65 years old as long as you live in Singapore.
Assuming you decided to upsize to ERS, that will give you S$2,110 each month to spend. When you divide this money into each day, you have $70 per day to spend. Is this S$70 enough for you to live on in 10 years time? In 2030 with inflation going up each year? You think about it.
Personally, I cannot image having S$70 for me to live on each day when I am at 65 years old. Surely it is not enough for me to live on this money in 2030. After working hard for 40 years (assuming you start working at the age of 25 years old), you have this saving of S$70 to depend on? It is super ridiculous to me.
You may ask me, why you only save S$271,500 in my whole working life? You will need to see yourself the cost of living in Singapore. Each month the amount of expenses we need to pay in order to make a living. That end up with little saving onhand. To have a saving of S$271,500 is actually a very tough and hardship you need to work on to have this saving at the age of 55 years old, for ordinary Singapore Citizen.
We really need to start planning for other income to sustain our expenses in our old age. And I hope my website here can help ordinary Singapore working class to plan ahead, for a better retirement lifestyle in the years ahead.
Enhanced Retirement Sum Review
There is a limit capped for your Enhanced Retirement Sum at S$271,500 if you turn 55 years old this year. This sum is 3x of the Basic Retirement Sum (BRS) of S$90,500 of current year money value.
When you decided to top up your Retirement Sum to ERS, your extra S$90,500 will grow to S$134,920.36 based on the compound rate of 4% for 10 years when you reach 65 years old. This will provide you about S$70 each month under the CPF Life scheme. When you compare the risk and return with other investment alternatives, CPF is a better bet for your hardearn money.
But the question now, is S$70 sufficient for you to live on when you are at the age of 65 years old in 2030? Don’t forgetting the inflation of 2% each year based on past years average in Singapore. If government decided to increase the GST to 9%, the inflation may go up further, especially with the new emerging Covid-19 pandemic crisis since the beginning of 2020.
We need to look for alternative means to provide us extra income, in additional to the S$70 each month we get if you opt to join the ERS. Personally I would remain at the FRS (Full Retirement Sum) and use the S$90,500 to invest on my Online Business. It will allows us to create more income and allow us to continue working beyond 65 years old.
With continue income, plus the S$1350 money we receive from the FRS-CPF Life monthly income, we have additional income to sustain our expediture in the year ahead. Perhaps you can have additional money to provide your children or spouse, and live with dignity.
Let’s start to create your Online Business as early as you can, build up your knowledge and explore new ways of making income Online.
Ready to learn about Online Business? Visit my Get Started Page and sign-up for the Free Starteer Membership for all the Online Business Training.