Singapore Savings Bond: Mission accomplished.

How did my recent application for Singapore Savings Bond go?

The application used the remaining $14,000 I originally earmarked for CPF voluntary contribution in 2023?

The results are out.

Fully allotted.

No need to carry forward any remaining money into the new year.

Nice!

So, money which was meant for CPF voluntary contribution in 2023 went into three Singapore Savings Bonds this year.

1. $10,000 with 10 year average yield of 3.21% p.a.

2. $14,000 with 10 year average yield of 3.47% p.a.

3. $14,000 with 10 year average yield of 3.26% p.a.

So, no voluntary contribution will be made to my CPF OA and SA in 2023.

For readers who do not know why I am doing this or if you want to refresh your memory, see:

Singapore Savings Bond or CPF?

Regular readers know that my plan was to continue with voluntary contributions to my CPF OA and SA at least till I turn 55 years old.

Although I still consider the CPF to be a risk free and volatility free investment grade bond that pays a reasonably attractive coupon, with higher yields, recent Singapore Savings Bonds were more attractive.

I plan to continue putting aside money at least until I turn 55 years old in order to add to this bond component in my portfolio.

However, the money might not go to my CPF account but the Singapore Savings Bond as long as the latter's 10 year average yield remains higher than 3% per annum.

In 2023, I will still top up my CPF Medisave Account (MA) because that pays 4% per annum.

If Singapore Savings Bond's 10 year average yield should exceed 4% per annum, then, I might not top up the MA either.

However, if such 10 year bonds should pay a coupon of more than 4%, we could see the CPF SA getting its interest rate pegged to long term bond yields and not remain at 4%.

How like that?

Cross the bridge if we come to it.

Speculating now is like "on paper discuss soldier."

I am also too lazy to think too far.

Yes, I know I think a lot but that is a bit too much even for me especially in my old age.

So, does AK mean he would continue applying for Singapore Savings Bond in 2023 with money which was supposed to be for CPF voluntary contribution?

Yes, that is the long and short of it.

Source: MAS

I might even frontload and apply for Singapore Savings Bond from 1Q 2023 with money which would have been earmarked for CPF voluntary contribution in 2024.

For example, if I should have a spare $5K on hand early in the year, I could apply for Singapore Savings Bond with that $5K in 1Q 2023.

I don't have to wait till 4Q 2023 to make applications like what happened this year.

I will have more fixed income by frontloading.

I could even do more extreme frontloading by getting more than $38K of Singapore Savings Bond in 2023 if the 10 year average yield stays relatively high.

Basically, I should have another 4 times of $38K meant for CPF voluntary contribution.

That makes a total amount of $152K which could be frontloaded into Singapore Savings Bond.

This is a clue as to the number of years left before I turn 55.

Another $152K is pretty demanding and would not happen all at once. 

It would happen gradually as and when I have some spare cash on hand.

Frontloading is something that the CPF would not allow, of course, with its annual contribution cap.

Anyway, that is the plan with regards to money meant for CPF voluntary contribution (for now.)

Next blog will be on my passive income for the full year 2022 and also what to do in 2023.

Likely to be published only in the new year.

Happy New Year!

Recently published:
4.28% yield T-bill.

Investing this week? What to do?

This is just a quick blog to remind myself what I am going to do this week.

Yes, more of AK talking to himself.

Eavesdrop at your own risk!

If you are not the risk taking type, stop reading now. ;p

Don't worry.

You are not going to miss out on anything, I feel.

This blog isn't going to be about anything earth shattering or mind numbingly ingenious.

It is just going to me sticking to my plan which is to generate more passive income.

It is about being pragmatic and putting money to work in bona fide income producing instruments.

No PONZI schemes please.

I want to continue my exposure to fixed income as their yields have become reasonably attractive in recent months.

So, I will be applying for Singapore Savings Bond with the remaining $14K originally set aside for CPF voluntary contribution in 2023 as planned.

I will also try my luck again with the upcoming 6 months T-bill. 

I was lucky to get some 4.4% p.a. yield 6 months T-bill in the last auction.

Yes, it is luck, despite what some people might say.

It is an auction.

Who knows what is going to happen with any degree of certainty?

I know I don't.

Let's see what we will get in the T-bill chocolate box next.

I know many people want to know what the T-bill yield might be and some people will probably do some crystal ball gazing.

However, I am not going to bother anymore as when people thought that the yield would be higher, it came in lower and when they thought that the yield would be lower, it came in higher.

Alamak.

I blur liao lah.

How like that?

What does AK think about this?

Well, here is the brutal truth.

With a sum of $10,000 to $20,000 per auction, it won't move the needle much whether the yield is 3.9%, 4.2% or 4.4%.

Am I right to say that?

OK, I know. 

Bad AK! Bad AK!

This applies only to AK!

Move on now.

Nothing to see here.

The next thing I want to do is still to increase exposure to the local banking sector.

I blogged about my intention to average up on my investments in OCBC and UOB in October. 

However, I only managed to increase my investments in the banks by 11% and 19% respectively before their stock prices rose much higher.

There is a chance that OCBC might retrace to test support. 

I see the longer term 200 days moving average at just under $12 while the shorter term 50 days moving average at just above $12.

So, that is probably the immediate band of support for OCBC.

That is probably where I would be buying again.

I remind myself that technical analysis shows where the supports are but it cannot tell if the supports will hold or break.

What if it breaks?

Looking at the weekly chart, the 200 weeks moving average is at $11.

I do not believe it would go that low as there is a trendline that is rising and should provide support at around $11.60 to $11.70 in the next couple of weeks.

Of course, Mr. Market does not care what I believe in and will do what he wants to do.

OK, this blog is probably longer than what I had in mind.

Stopping here.

In case I do not blog again until the new year, Merry Christmas and Happy New Year!

References:
1. Walk F.I.R.E. enter demon.
2. 4.4% yield T-bill: Sanity or...?
3. DBS, OCBC and UOB at...

4.4% yield T-bill: Sanity or herd mentality?

Regular readers might remember that AK didn't sound too interested in 6 months T-bills anymore in a recent blog.

Why?

Simply put, the yield was falling and promotional fixed deposit interest rates from the banks were equally attractive or getting more attractive for a 6 months tenor.

Too lazy to go into details again here and some might be offended if I do.

So, for those who don't remember or would like to refresh their memory, see:
SSB, T-bill, "Fed up."

Still, I was expecting at least a smelly smelly 3.8% p.a.

That would not be very attractive but it would still make sense for people trying to get a higher return with their CPF OA money.

Although I was not very interested, at the back of my mind, I was wondering if I should try my luck?

After all, it is an auction and I could be wrong and I said so in the blog.

However, what piqued my interest was a reader's comment in the said blog.

Keng speculated that some people might play hard to get and push up the yield.

I found his comment interesting and I even made a YouTube video out of it:

Anyway, I put in a $10,000 non-competitive bid just to tikam.

Well, the rest is history.

Source: MAS

4.4% cut-off yield!

This is the highest ever since I started my T-bill adventure in October!

100% allotted too!

Alamak!

Should have put in a larger sum.

LOL.

Imagine betting on 4D and getting the first prize when we betted only $1.

Yes, similar feeling.

LOL.

It is like a box of chocolates.

We don't know what we might get.

Auctions are like this.

So, did sanity return to the T-bill auction?

Or was it simply a case of herd mentality?

Quite possibly, like me, many were expecting the yield to be lower.

So, quite possibly, many who participated before did not participate in this auction.

Now, with this "earth shattering" 4.4% p.a. yield, could we see an increased interest in the next auction this month?

I could hazard a guess but I think I will not.

Too hazardous.

LOL.

Huat ah!

Related post:
4% p.a. 6 months FD promo. 

Recently published:
Buy crypto in 2023. Jialat.

Park emergency fund in fixed deposits or SSBs?

A reader asked if it is better to put our emergency funds in Singapore Dollar fixed deposits or in Singapore Savings Bonds?

Read the very thoughtful comment from the reader: HERE.

This is my reply:

For the longest time, I favored fixed deposits over Singapore Savings Bonds for my emergency fund.

This is largely because I am able to get my hands on the money immediately upon breaking a fixed deposit. 

On the other hand, as you have rightly pointed out, we have to wait for a month before we can get our money in the case of Singapore Savings Bonds if we were to make early redemptions. 

In an emergency, I probably need the money in a hurry. 

Waiting a month before I could get the money might be a luxury I could not afford. 

Even now, I am using the Singapore Savings Bond only as an alternative for money which I had planned to make voluntary contributions to my CPF account with. 

10 years is relatively long term and mimics what the CPF does for me and at least for people who are 45 years old or older.

Why do I say this?

From an interest income perspective, the Singapore Savings Bond makes more sense now than voluntary contribution to our CPF accounts.

CPF or Singapore Savings Bonds? It is a no brainer!

In using fixed deposits to store my emergency fund, I make sure that each fixed deposit is relatively small with sums of between $10K to $25K each. 

This is because if I were to break a smaller fixed deposit, I would lose less interest income compared to breaking a larger fixed deposit. 

It is a reason why fixed deposit promotions like the recent one from UOB which requires a minimum sum of $50K in fresh funds to qualify are not viable for my emergency fund. 

This is only my belief, of course, which applies to my own circumstances and, maybe, eccentricities.

The following blog is probably most relevant to this discussion and you might want to read it if you have not done so before: 

Singapore Savings Bond: Good or not? 

Here are more references: 

1. A special chest for emergency fund 

2. Why fixed deposits over structured deposits?

Happy emergency fund building!

Recently published:
SSBs, T-bills, Fed up!

"Walk F.I.R.E. enter demon?" SSB, T-bill, "Fed up."

The Fed has spoken and does Mr. Market like it?

Well, to be clear, interest rates are not going down anytime soon.

In fact, interest rates will be going higher albeit at a slower pace.

Indeed, another 0.5% hike is expected this month and we could see another 0.5% in 1Q 2023.

However, in the near term, there is some celebration.

It is like being in a COVID 19 lockdown for too long and there is just so much pent up energy waiting to break free.

Human beings are like that.

Anyway, it seems that yields are all softer in the near term and we see this in the latest Singapore Savings Bond offer.

3.26% p.a. 10 year average yield.

This is lower than the 3.47% p.a. before.

In case some think it is not a big deal, it is a pretty big deal when we realize it is more than 6% lower.

If our boss tells us we are getting a 6% pay cut, I am sure we won't be happy.

Yes, for the gainfully unemployed like me, interest income is part of our income!

For most people who are unemployed, interest income could be their major source of income.

It is true that it is passive income and not earned income but it is income.

Still, I will be applying for this Singapore Savings Bond as the 10 year average yield remains above 3% which is what I need to see in order to park my funds originally meant for CPF voluntary contribution in the new year.

$14,000 is all that remains to be deployed and with the a lower 10 year average yield, I am hopeful that I will get full allotment.

Of course, it is hard to say what Mr. Market might do.

Those who applied for more mostly got $14,000 allotment for the 3.47% p.a. Singapore Savings Bond but they mostly got only $10,000 allotment for the 3.21% p.a. one before that.

Alamak.

Higher yield, people less interested.

Lower yield, people more interested.

I am confused.

How like that?

Anyway, for those who are interested like I am, remember to apply by 27 Dec 22.

What about the 6 months T-bill auction?

We will have to submit a bid by 8 Dec 22 if we are still interested in it.

AK doesn't sound too interested, does he?

You so clever to think so.

I think we can take a hint from the lower yield offered by the Singapore Savings Bond that the yield on the upcoming 6 months T-bill is probably going to be lower.

Of course, I could be wrong.

After all, my hopes for higher yields from the 6 months T-bills last month were dashed although the Singapore Savings Bond last month offered a higher 10 year average yield.

With people using their CPF OA money to chase higher returns from T-bills and with their opportunity cost so high compared to people using cash on hand, I expect yields for 6 months T-bill to soften further.

This is made more likely with more latecomers joining the bandwagon. 

So, what do I think the yield for the next 6 months T-bill might be?

3.8% p.a. smelly smelly or lower if the pong gets really intense.

As long as the CPF OA interest rate stays at 2.5% p.a., the 6 months T-bill could see yield trending lower as even 3.5% p.a. still makes sense.

Although it might seem stupid and irrational to some that these people bid very low in order to get full allotment, it really is quite rational.

It is very natural human behavior.

I could join the "madness" but the thought of having to get behind a long line at the bank is too off putting.

Anyway, for those using non CPF money like me, we can get higher returns from fixed deposits now.

With interest rates still on an upward trajectory, I expect fixed deposit rates to stay firm and eventually rise in tandem.

There is talk of interest rates possibly reducing in 2H 2023 or in 2024 because the world is probably going into a recession.

What does AK think?

I think I will believe it when I see it.

Crystal ball gazing is all very interesting to some people but I find it pretty boring because all I see is the crystal ball most of the time.

Well, when I am hallucinating, I might see something else.

For now, staying invested in income producing assets and having a meaningful fixed income component in my portfolio is still the strategy.

The strategy is boring and has not changed in years.

Yes, it doesn't make me rich quick like going big into cryptocurrencies has for some people but it is a sound and grounded strategy that is time tested.

Those who made a lot of money in some  more questionable cryptocurrencies and got out early must realize that they got lucky in a Ponzi scheme.

They might not be so lucky next time.

Most people crashed and burned because that is how Ponzi schemes work.

OK, the last few sentences just happened spontaneously.

Didn't plan to say anything like this as all I wanted to blog about was the upcoming Singapore Savings Bond and T-bills.

Alamak, getting old and nagging too much.

OK, I will stop.

Recently published:
1. 4% p.a. 6 months fixed deposit.
2. 50% don't have enough savings.
Achieving F.I.R.E. is not impossible.
See: 59% want to achieve F.I.R.E.
Just don't "walk fire, enter demon."

Singapore banks see higher investor interest in T-bills as inflation rises. CNA reports: 

4% p.a. 6 months fixed deposit! T-bill please give way.

One week ago, I blogged about the 6 months T-bill with a yield of 3.9% p.a.

I said that I was disappointed.

However, I was not massively disappointed as 3.9% was still higher than the promotional fixed deposit rates from DBS, UOB and OCBC for a 6 months tenor.

Today, I woke up to a 4% p.a. promotional fixed deposit interest rate for a 6 months tenor!

Granted that it is not from DBS, UOB or OCBC but from CIMB but it is still exciting for me since I have a relationship with CIMB and can place fixed deposits easily using the phone app without having to visit the bank.

Yes, I don't particularly enjoy visiting banks.

Some readers might remember that I said I was leaning towards fixed deposits as long as their promotional interest rates remained relatively high after the last T-bill auction.

Well, 4% p.a. for a 6 months tenor fixed deposit has really done this for me.

Same interest rate as the CPF-SA albeit short term with reinvestment risk as is the case with all fixed deposits (and also T-bills) is good enough for me.

Still remember how the queue lasted for hours all for a 2.6% p.a. promotional fixed deposit interest rate on a 12 months tenor at UOB in September?

Tsk tsk.

Singaporeans so kiasu.

AK is not like that.

AK is very cool.

You believe me or not?

So, Mr. T-bill, please give way to 4% p.a. 6 months fixed deposit.

Thank you very much.

Oh, for those who joined the queue in September for 2.6% p.a. 12 months fixed deposit, CIMB offers 4.2% p.a. for the same tenor now, in case you are interested.

Cheong ah!

Recently published:
1. Half don't have enough savings.
2. SSB: Fully allotted.
Related post:
6 months T-bill auction. My view.

Almost half don't have enough savings for an emergency.

The Straits Times has an article titled "Close to half of Singaporeans don't have enough savings to tide through an emergency."

Although I know that there are people who do not believe in having an emergency fund and although I know that many do not have an emergency fund or a big enough emergency fund, this is still pretty mind boggling.

If the article is true, one in two Singaporeans are at risk of crashing hard financially in an emergency.

I know there are some "investment gurus" who tell people that there is no need for an emergency fund and that we can always borrow money from the banks.

I think these "gurus" are simply evil.

They shouldn't going around peddling such dangerous ideas which might work for them but not for ordinary people.

They should know that everyone's circumstances are different or maybe they know but they simply don't care.

Why do I say that?

Banks are fair weather friends.

Banks would lend money to people who already have money.

When we are really in distress and have nothing of value, try borrowing money from the banks and see what they say.

When we really need to borrow money, we are probably scrapping the bottom of the barrel.

There is most probably nothing left but despair which is worth nothing.

These "gurus" peddling such ideas could be financially well off and could easily borrow money from the banks (but I don't see why they would since they probably make so much money from selling their courses already.)

If their students are in distress and if no one is going to lend them money, will these "gurus" step in to help?

Seriously, no one cares about our money more than we do.

We genuinely care about our financial health or at least we should care.

No one else does.

What about AK?

Does AK care?

Today's weather is quite good hor?

Things might look OK now in Singapore but there is no way of knowing how long this will last.

Things could take a turn for the worse and it could happen quite quickly.

Don't be overly optimistic.

Having an emergency fund is not being overly pessimistic.

Having an emergency fund and an adequate one is being pragmatic.

For new readers of my blog and for readers who need a refresher, read these:

1. Compared to anger and fear, shame is worse.

2. How to have peace of mind as investors?

3. How much to have in our emergency fund?

Gambatte!

Recently published:
Singapore Savings Bond: Fully allotted.

Singapore Savings Bond: Fully allotted!

The Singapore Savings Bond (SSB) was 2.44x oversubscribed in October which led to almost every applicant who applied for more than $10,000 getting only $10,000.

As the Singapore Savings Bond this month in November has a higher 10 year average yield of 3.47%, oversubscription is very much expected.

I had $38,000 set aside for voluntary contribution to my CPF account in 2023.

With $10,000 of Singapore Savings Bond bought in October, I had $28,000 left.

As my plan is still to channel money originally meant for voluntary contribution to my CPF account into Singapore Savings Bond as long as the bond's 10 year average yield is 3% or higher, I submitted an application for $14,000 this month.

Why not the full $28,000 which was the refund from October's application?

Well, two reasons:

1. With interest rates still rising, could December's Singapore Savings Bond offer a higher 10 year average yield?

2. I expected the oversubscription rate to be even higher and, so, we might even see a lower than $10,000 allotment per applicant in November.

No point applying for more.

Yes, I prepared myself mentally for some of the money to be refunded which I think is prudent so as not to set myself up for disappointment.

So, what's the result?

Source: MAS.

Surprise!

Although oversubscribed, it was less so compared to the preceding month's SSB.

Yes, my expectation for an even higher oversubscription rate didn't materialize which isn't a bad thing.

Allotted: $14,000.

Amount refunded: $0.

So, I got 100% of what I applied for!

Bullseye!

Jackpot!

So lucky!

This also means that I was right not to apply for more because if I had applied for $28,000, I would most probably have ended up with $14,000 allotted anyway.

Now, of the $38,000 earmarked for CPF voluntary contribution, I still have $14,000 available.

Am I applying for next month's Singapore Savings Bond?

As long as the 10 year average yield of Singapore Savings Bond is higher than 3%, I am interested.

What about money earmarked for topping up the CPF-MA?

The CPF-MA pays 4% p.a.

So, unless the Singapore Savings Bond offers a 10 year average yield of 4%, I will still top up my CPF-MA.

Recently published:
6 months T-bill disappointing.

Related post:
1. SSB 2.44x oversubscribed.
2. 3.47% 10 year average yield!
3. SSB or CPF? It is a no brainer.

FD or T-bill? 3.8% p.a. fixed deposit for 5 months tenor!

A few days ago when I logged into my DBS phone app, a message popped up with a special offer.

3.8% p.a. fixed deposit for 5 months tenor.

What?

It was like discovering an endangered species.

I have always thought DBS has the most liquidity sloshing around with the most CASA (i.e. current account and savings account) money from customers amongst the local banks.

DBS has benefitted immensely from cheap funding from relatively conservative POSB customers.

DBS has also routinely said that they were extremely well capitalized.

Are they feeling the heat now or are they making a pre-emptive move to lock in some liquidity?

Whatever the case may be, it isn't my problem.

My question was: "What to do?"

In my last blog, I expressed my disappointment that the cut off yield of the 6 months T-bill was only 4%.

I also expressed my disgust at people who made very low bids in order to get all the T-bill they applied for as that probably resulted in a lower cut off yield.

The problem with T-bill is that we won't know what the yield is until the auction is over.

Could the cut off yield be lower than 4% this time?

Yes, another T-bill auction is now open.

Could the cut off yield, heavens forbid, be even lower than 3.8% this time?

Like I said in my last blog, I suspect it would depend on how competitive (and inane) people get.

This is especially the case with people using their CPF-OA savings which are akin to elephant guns to apply.

I understand that it is costly both in terms of time and money to use CPF-OA savings to apply for T-bill. 

If these people do not get their applications fully filled, it would mean another trip or a few more trips to the bank.

Using CPF-OA funds is costly not only because there is an application fee and a monthly service fee, we will also lose out on one or two months of CPF-OA interest at 2.5% p.a.

This is because CPF-OA interest is calculated on a monthly basis and not a daily basis.

So, if we withdraw money from our CPF-OA at the start of the month, we will not have interest income for one month.

If we withdraw money from our CPF-OA in the second half of the month, we very likely would not have interest income for two months. 

This is because when the fund comes back from the T-bill, it most likely would not be credited into our CPF-OA in the same month but the following month.

CPF interest is calculated based on the lowest monthly balance. 

So, having the incoming fund credited in the following month means no interest income for that sum in that month.

Therefore, if we are unsuccessful in a T-bill auction using CPF-OA savings, it is painful in more ways than one, especially if the amount of money involved is relatively large.

I can understand why these people are more kiasu than others.

Still, I want to apply for this round of T-bills because the yield could be higher than 3.8% p.a.

At the same time, I also put some money in the fixed deposit special offer by DBS.

In case you are wondering, the special offer is for a minimum sum of $20,000 while the minimum sum required for T-bill is only $1,000.

If you are interested in the special offer by DBS, use their banking app to start a fixed deposit account.

Their promo code for this is SR7M.

Related post:
4% yield T-bill 3x oversubscribed. What is my plan now?

3.47% 10 year average yield! SSB beats CPF again!

A short blog to say I will be diverting money set aside for voluntary contribution to my CPF account in 2023 to Singapore Savings Bond (SSB) again.

With a 10 year average yield of 3.47%, the latest round of SSB soundly beats the average return of 3% I would get from the CPF for doing voluntary contribution to my OA and SA.

If you are interested in how I arrived at this conclusion, see:

CPF or Singapore Savings Bond?

Source: MAS.

I expect this round of SSB to be oversubscribed again with its record beating 10 year average yield.

The last round of SSB was 2.44x oversubscribed and even if no new funds joined the fray, this round of SSB would be 1.44x oversubscribed if only unsuccessful funds from the last round reapplied.

So, I won't be surprised if my application is partially filled again.

$10,000 again?

Maybe.

Well, I will only be applying for $28,000 this time since I got $10,000 the last time.

If some of my money gets refunded, it might not be a bad thing as the final round of SSB in December could offer an even higher 10 year average yield.

Hmm.

Maybe, I should hedge. 

I should apply for $14,000 this time and apply for $14,000 in December.

OK.

Sounds like a plan to me. 

Good luck to us all.

Recently published:
Is there hope for Chinese tech?

Related post:
Singapore Savings Bond 2.44x oversubscribed.

4.19% yield T-bill! What is next? Stunned like vegetable!

On 18 October, I shared my thoughts in a blog on growing passive income in an environment of heightened inflation and rapidly increasing interest rates.

If you cannot remember or need a refresher, here it is:

Growing passive income: Equities, CPF and bonds.

I submitted non-competitive bids for 6 months T-bills for both auctions in October.

The cut off yields were 3.76% and 4.19% respectively.

Source: MAS.

I will be submitting non-competitive bids for 6 months T-bills for auctions in November and December too.

This is because I expect their yields to be much more attractive than 6 months or even 1 year fixed deposit interest rates offered by the banks.

Cut-off yield at 4.6% p.a. next?

After all, the U.S. Fed is expected to hike interest rates in November and again in December.

I would avoid long duration bonds in such an environment of rapidly rising interest rates.

For sure, I would avoid bond funds.

If you are new to my blog or if you have forgotten, here is a refresher from my YouTube channel:

Remember, no one cares more about our money than we do.

Do not ask barbers if we need a haircut.

If we are not overleveraged or overly leveraged, we don't have to fear rising interest rates. 

We have not been swimming naked and don't have to fear what the receding tide might reveal.

Yes, I know. Bad AK! Bad AK!

If we are invested in bona fide income generating assets and if we are getting a share of the income, there is really no need to panic (as long as we have a good handle on our expenses.)

The sky is not falling.

We will still enjoy some level of cash flow even during tough times.

This is what ultimately matters.

Simply, it is to keep us afloat.

Related to this:
Simple investment wisdom keeps us afloat.

Unfortunately, it sometimes takes a crisis for some people to realize that reliable and meaningful cash flow is one of the most important things to prioritize in investing and personal finance.

Getting rich slow is not sexy but it works.

Readers who have been following my blog for a long time might remember that I said this:

"Gradually, as our passive income grows from a stream to a river, our earned income could become something less critical." 
Source: Best insurance in life.

If AK can do it, so can you!

Gambatte!

Recently published:
1. SSB is 2.44x oversubscribed.
2. Daiwa Logistics Trust: FX and TA.
3. CLCT: Staying defensive and Chinese banks.

If you want to find out more about T-bills, this is a good resource by DBS: Apply for T-bills.