Thank you bro. Yes I do have my new IPA with me that can be presented I suppose.PNGMK wrote: ↑Wed, 07 Jun 2023 7:52 pmYou should be able to continue Giro unless you want to leave Singapore in the mean time. If IRAS demand payment immediately explain that you atr moving jobs (hopefully you can provide proof also).
The main issue IRAS have is with EPs fleeing the country with a tax debt and no plan to repay it.
I suggest watch Ramit Sethi's Netflix show "How to get rich". When i watched his show, I used to wonder how can people who earn so much be so bad with managing money. It still makes sense, becuase his show is US based and they live their lifes on credit cards and debt. But in Asia, it is kind of rare.truthhurts1 wrote: ↑Thu, 08 Jun 2023 1:36 pmThank you bro. Yes I do have my new IPA with me that can be presented I suppose.PNGMK wrote: ↑Wed, 07 Jun 2023 7:52 pmYou should be able to continue Giro unless you want to leave Singapore in the mean time. If IRAS demand payment immediately explain that you atr moving jobs (hopefully you can provide proof also).
The main issue IRAS have is with EPs fleeing the country with a tax debt and no plan to repay it.
This gives me a bit of relief.
Saying that, it’s necessary to save.. been here for 10 years and have nothing to show for myself!!
Wd40 wrote: ↑Thu, 08 Jun 2023 11:57 pmI suggest watch Ramit Sethi's Netflix show "How to get rich". When i watched his show, I used to wonder how can people who earn so much be so bad with managing money. It still makes sense, becuase his show is US based and they live their lifes on credit cards and debt. But in Asia, it is kind of rare.truthhurts1 wrote: ↑Thu, 08 Jun 2023 1:36 pmThank you bro. Yes I do have my new IPA with me that can be presented I suppose.PNGMK wrote: ↑Wed, 07 Jun 2023 7:52 pmYou should be able to continue Giro unless you want to leave Singapore in the mean time. If IRAS demand payment immediately explain that you atr moving jobs (hopefully you can provide proof also).
The main issue IRAS have is with EPs fleeing the country with a tax debt and no plan to repay it.
This gives me a bit of relief.
Saying that, it’s necessary to save.. been here for 10 years and have nothing to show for myself!!
Regarding tax clearance, your GIRO gets closed and your entire outstanding amount becomes due immediately. Your employer is obliged to withhold your salary, to payoff IRAS, the moment you serve notice, so the longer your notice period the longer you have to go without salary.
There are pros and cons in everything, you have enjoyed your life until now care free, so that counts for something. You can start saving and investing now. The founder of Mc Donald's chain did it in his 50s if you watch the movie The Founder, so it is never too late.truthhurts1 wrote: ↑Fri, 09 Jun 2023 9:38 amWd40 wrote: ↑Thu, 08 Jun 2023 11:57 pmI suggest watch Ramit Sethi's Netflix show "How to get rich". When i watched his show, I used to wonder how can people who earn so much be so bad with managing money. It still makes sense, becuase his show is US based and they live their lifes on credit cards and debt. But in Asia, it is kind of rare.truthhurts1 wrote: ↑Thu, 08 Jun 2023 1:36 pm
Thank you bro. Yes I do have my new IPA with me that can be presented I suppose.
This gives me a bit of relief.
Saying that, it’s necessary to save.. been here for 10 years and have nothing to show for myself!!
Regarding tax clearance, your GIRO gets closed and your entire outstanding amount becomes due immediately. Your employer is obliged to withhold your salary, to payoff IRAS, the moment you serve notice, so the longer your notice period the longer you have to go without salary.
Thanks bro.. yes should have made wise investment and saving decisions which are going to be a part of my downfall now that I am in my mid - 40s.
I called IRAS and they said that the employer needs to file IR21 for Tax clearance for cancelling EP.
Then I can contact IRAS and request them to issue a new GIRO,I need to give proof of new job from new Employer IPA and then continue with the GIRO.
Hope this will work.
Wd40 wrote: ↑Fri, 09 Jun 2023 1:22 pmThere are pros and cons in everything, you have enjoyed your life until now care free, so that counts for something. You can start saving and investing now. The founder of Mc Donald's chain did it in his 50s if you watch the movie The Founder, so it is never too late.truthhurts1 wrote: ↑Fri, 09 Jun 2023 9:38 amWd40 wrote: ↑Thu, 08 Jun 2023 11:57 pm
I suggest watch Ramit Sethi's Netflix show "How to get rich". When i watched his show, I used to wonder how can people who earn so much be so bad with managing money. It still makes sense, becuase his show is US based and they live their lifes on credit cards and debt. But in Asia, it is kind of rare.
Regarding tax clearance, your GIRO gets closed and your entire outstanding amount becomes due immediately. Your employer is obliged to withhold your salary, to payoff IRAS, the moment you serve notice, so the longer your notice period the longer you have to go without salary.
Thanks bro.. yes should have made wise investment and saving decisions which are going to be a part of my downfall now that I am in my mid - 40s.
I called IRAS and they said that the employer needs to file IR21 for Tax clearance for cancelling EP.
Then I can contact IRAS and request them to issue a new GIRO,I need to give proof of new job from new Employer IPA and then continue with the GIRO.
Hope this will work.
Good find on the tax clearance thingy and thanks for updating here. All the best in your new job![]()
This.malcontent wrote: ↑Sun, 11 Jun 2023 10:38 amThe best way for most people to save is to not have the money available to spend in the first place. Savings should be like a bill that has to be paid every month — out of sight, out of mind… it never becomes available to spend.
I would urge caution about jumping into SRS too quickly.smoulder wrote: ↑Fri, 16 Jun 2023 8:52 amThis.malcontent wrote: ↑Sun, 11 Jun 2023 10:38 amThe best way for most people to save is to not have the money available to spend in the first place. Savings should be like a bill that has to be paid every month — out of sight, out of mind… it never becomes available to spend.
TH1: The moment you get your salary, you can have 2 GIROs. 1 to an investment account which will constitute your savings. The other one to another savings account to constitute an emergency fund - avoid carrying around the debit card for this account, don't add it to your GPay or whatever so you avoid spending from it. Once it builds up to the level you need it to be, you can cancel the GIRO and add that money to your investment account instead.
You might want to look up the SRS account as well - it seems quite well suited to someone with your mindset.
Agree. If you don't think of it as money that's there to spend, the savings will add up quickly.malcontent wrote: ↑Sun, 11 Jun 2023 10:38 amThe best way for most people to save is to not have the money available to spend in the first place. Savings should be like a bill that has to be paid every month — out of sight, out of mind… it never becomes available to spend.
In the US, the default is to make payments on credit cards, which is why credit card debt is so common. In Asia, that is practically unheard of. There are some junior employees at my workplace who are nearing their 30s and still only use debit cards. Asians are far more frugal, in the US they spend what they don't have. In SG, they don't spend what they have.Wd40 wrote: ↑Thu, 08 Jun 2023 11:57 pmI suggest watch Ramit Sethi's Netflix show "How to get rich". When i watched his show, I used to wonder how can people who earn so much be so bad with managing money. It still makes sense, becuase his show is US based and they live their lifes on credit cards and debt. But in Asia, it is kind of rare.truthhurts1 wrote: ↑Thu, 08 Jun 2023 1:36 pmThank you bro. Yes I do have my new IPA with me that can be presented I suppose.PNGMK wrote: ↑Wed, 07 Jun 2023 7:52 pmYou should be able to continue Giro unless you want to leave Singapore in the mean time. If IRAS demand payment immediately explain that you atr moving jobs (hopefully you can provide proof also).
The main issue IRAS have is with EPs fleeing the country with a tax debt and no plan to repay it.
This gives me a bit of relief.
Saying that, it’s necessary to save.. been here for 10 years and have nothing to show for myself!!
Regarding tax clearance, your GIRO gets closed and your entire outstanding amount becomes due immediately. Your employer is obliged to withhold your salary, to payoff IRAS, the moment you serve notice, so the longer your notice period the longer you have to go without salary.
It’s actually beyond credit cards, people in the US overextend themselves in just about every possible way — buying cars they can’t afford, taking out home equity lines of credit and spend it on vacations… it’s wild abandon at its finest. And just like the song.. I owe, I owe; it’s off to work I go.Lisafuller wrote: ↑Mon, 19 Jun 2023 3:18 amIn the US, the default is to make payments on credit cards, which is why credit card debt is so common. In Asia, that is practically unheard of. There are some junior employees at my workplace who are nearing their 30s and still only use debit cards. Asians are far more frugal, in the US they spend what they don't have. In SG, they don't spend what they have.
There's definitely a culture of excess and lavishness in the US, whereas here and in Asia in general it's about prudence and financial conservatism. Believe it has to do with the East's more humble roots.malcontent wrote: ↑Mon, 19 Jun 2023 11:13 pmIt’s actually beyond credit cards, people in the US overextend themselves in just about every possible way — buying cars they can’t afford, taking out home equity lines of credit and spend it on vacations… it’s wild abandon at its finest. And just like the song.. I owe, I owe; it’s off to work I go.Lisafuller wrote: ↑Mon, 19 Jun 2023 3:18 amIn the US, the default is to make payments on credit cards, which is why credit card debt is so common. In Asia, that is practically unheard of. There are some junior employees at my workplace who are nearing their 30s and still only use debit cards. Asians are far more frugal, in the US they spend what they don't have. In SG, they don't spend what they have.
Nowadays in the US you see more and more check cashing services on every corner — these will loan you money against a paycheck that hasn’t cleared yet… and that is typically right next door to the rent-to-own appliance center — just a few examples of business that are exploiting people who don’t have any self-control or common sense. Reminds me of the Mark Twain quote, thank god for the fools, if not for them, none of us could succeed.
That said, not everyone in the US is this way — my parents and I never were, but my other siblings… definitely. I remember selling gum to my siblings, because they didn’t think ahead and buy their own — I’d charge them the price of a whole pack for just one piece… and they paid it!
I guess Crazy Rich Asians was an urban legend.Lisafuller wrote: ↑Tue, 20 Jun 2023 12:35 pmThere's definitely a culture of excess and lavishness in the US, whereas here and in Asia in general it's about prudence and financial conservatism. Believe it has to do with the East's more humble roots.malcontent wrote: ↑Mon, 19 Jun 2023 11:13 pmIt’s actually beyond credit cards, people in the US overextend themselves in just about every possible way — buying cars they can’t afford, taking out home equity lines of credit and spend it on vacations… it’s wild abandon at its finest. And just like the song.. I owe, I owe; it’s off to work I go.Lisafuller wrote: ↑Mon, 19 Jun 2023 3:18 amIn the US, the default is to make payments on credit cards, which is why credit card debt is so common. In Asia, that is practically unheard of. There are some junior employees at my workplace who are nearing their 30s and still only use debit cards. Asians are far more frugal, in the US they spend what they don't have. In SG, they don't spend what they have.
Nowadays in the US you see more and more check cashing services on every corner — these will loan you money against a paycheck that hasn’t cleared yet… and that is typically right next door to the rent-to-own appliance center — just a few examples of business that are exploiting people who don’t have any self-control or common sense. Reminds me of the Mark Twain quote, thank god for the fools, if not for them, none of us could succeed.
That said, not everyone in the US is this way — my parents and I never were, but my other siblings… definitely. I remember selling gum to my siblings, because they didn’t think ahead and buy their own — I’d charge them the price of a whole pack for just one piece… and they paid it!
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