Thursday 27 October 2016

Is investment just about focusing on the financial aspects?


At the start of my investment journey, I only emphasized on the financial aspects of a company such as the balance sheet, income and cash flow statement. Gradually, I learnt that I should also look out for macro factors such as the global trends that will affect a company’ cash inflows and outflows.
Why are global trends important to me?
Global trends such as exchange rate, import/export, interest rates, etc are some high-level information that seldom affects our day-to-day livelihood unless we are deeply involved with them directly (i.e. trader). But, if we are able to find the link between global trends and companies of our interest, this information will certainly be useful!
So the question is: 
"How will the change in (global trends) affect the companies’ business?"
Let me share an actual situation regarding the currency change between AUD$/S$; and its impact on companies’s business:
When Singapore dollar is strengthening against Australian Dollar (i.e. Receive more AUD$ for every S$1), Singapore companies (i.e. Singtel and Fraser Centrepoint) that have significant business exposure in Australia, will earn lesser when their revenue in AUD$ is converted to S$. If the companies intend to maintain their S$ margins, the higher AUD$ cost will make them less cost-competitive. For these companies, I will focus on finding out the companies' plans to manage/hedge their foreign currency exchange risk.
What have I been doing?
I usually test my observations with the actual outcomes and over time, calibrate my assessments accordingly. I also engage in active discussions with my peers to gather more view points. I also realised that the global trends are changing so rapidly due to new considerations and unknowns (i.e. Brexit). Thus, I believed that I must continue to stay updated on the latest global situation; and engage in more discussions with others. All these are to gain a fuller perspective as well as to challenge my existing assumptions as they might no longer be valid in the latest global situation. I have applied them in making strategic decision for my investments (i.e. to invest in companies in certain business sectors or with exposure to specific countries).
Same-Same or Different?
It is likely that all of us may end up with different views and perspectives as we try to connect the dots between the global trend and potential business prospects. This is not for me to perform fortune-telling. It is really to analyse possible trends or likely outcomes so that I can uncover new understanding to improve my investment skills and reduce my own investment risks. I enjoy exchanging my thoughts with people, especially those with differing views, as I see such sessions as opportunities to find out new perspectives and see the same world through another angle. Well, what I am sure is that nothing is certain and the future is for anyone's guess :) 
So what's next?
So other than the macro factor that was mentioned above, what other factors do you think are important to take note of? Feel free to share your views below! I also actively engage in discussions in several facebook groups to exchange my views. You can also join our TripleHuat facebook page here!!
Together, let us all Go & Huat ah!
GoHuat

Sunday 23 October 2016

The "Art" of Asset Allocation (Part 1)

These days I often question myself: should I rebalance my portfolio? Should I keep more cash? Less cash? Should I add bonds to my portfolio? While thinking through about my finances and asset allocation, I recalled some wealth management theory, which is what I would like to share here today and perhaps, see how I (and you) can apply it in real life.

Most of us earn and save from human capital to build financial capital over time to fund retirement. What is human capital? Theoretically, it is the present value of a person’s expected future earnings from salary, wages, bonuses, etc. It is a measure of one’s lifetime earning capacity. Therefore, the younger you are, the more human capital you have. Financial capital, then, is just the monetary value of your assets.

human vs fin capital.png
Pardon my rudimentary Paint drawing.

This is the expected relationship between human capital and financial capital. At any point in time, total wealth is the sum of the two. Of course, there could be unexpected events that disrupt this progression, for example, earnings risk as one could lose his job due to health, or changes in economic conditions. This earnings risk, however, can be reduced by saving more now to build financial capital more quickly and allow it to start compounding in value more. (You can refer to our earlier posts on savings!)

Now, the mistake that many people make in their asset allocation is that they often neglect this human capital, or perhaps take it for granted. What’s a better investment than just turning up at a certain place at a certain time for a number of hours, to receive a dividend at a fixed regular interval, which even steps up over time?

So, let’s say human capital is treated as another portfolio asset. Hypothetical Investor A has highly certain future income (stable job in the public sector?) and human capital. Financial capital, on the other hand, is relatively minimal because he is young and only started working 3 years ago. Thus, his human capital can be thought of as a low risk bond with regular coupon payments (salary), and his financial capital should be allocated to equity to balance out the risk-reward. The stability of his human capital mitigates the volatility of the stock market, while he retains the opportunity to grow his assets more quickly in the market.
As Hypothetical Investor A ages and financial capital becomes larger in relation to human capital, financial capital could be allocated toward lower risk fixed income and away from equity, as the focus now is to protect his financial capital. 

Let’s move on to Hypothetical Investor B, who is also young, but has uncertain future income (a sales job in the oil and gas sector?). Also, the income is highly correlated with the state of the economy (or the stock market) making for risky, equity-like human capital. Financial capital is minimal. In this case, human capital should be treated as... that’s right, equity! And financial capital should be allocated to fixed income investments. The worst scenario I can think of is Hypothetical Investor B, with a sales job in the oil and gas sector, being vested in Keppel Corp or SembMar stock as well. 

Anyway, as Hypothetical Investor B ages and financial capital becomes relatively larger, financial capital could first shift to equity as the portion of equity-like human capital declines over time and later start to shift back to fixed income. 

The last Hypothetical Investor C, is one with significant financial capital and human capital. His human capital is less risky than stocks, thus he can allocate financial capital to more risky equity investments. Then as he ages, he will need to reduce the equity in the financial capital to reduce the risk of his total wealth.

Which Investor’s profile do you think matches yours? This is something for me to think about too...

Wait. I’m forgetting something. What if I pass away prematurely? (Touch wood!) Omg, no more human capital, and financial capital is not enough to support my family for the rest of their lives! 

This is where insurance comes in. 

This post is getting too long, so stay tuned for my next, where I will be sharing more on my own asset allocation! Will also touch on why I chose term insurance. 

Cheers,
Yolohuat


Disclaimer: I don’t sell insurance :)

Saturday 22 October 2016

GoHuat explains.. “How did I build up my spare cash?”


In my first post, I explained about my foremost investment guiding principle - ONLY INVEST WITH MY SPARE CASH. The 2nd question will be - “How did I build up my Spare Cash”. In this post, I shall share more about how this can be achieved.
Making Financial Decisions with my Spouse
As my readers might have known from my profile, I am happily married, so a lot of family decisions are made after discussing with my wife. These routine discussions enabled both of us the chance to present and explain our viewpoints openly on our near-term financial situation and long-terms goals. We also identified common directions and goals to work towards to enable us to retire early. For us, a conversation on finance matters is a key building block for our marriage. I am grateful that she has been ever supportive, always willing to listen and share her perspectives. She is also my greatest pillar of support whenever I want to explore new areas to work on. So readers out there, we urge you to engage your spouse actively for all your investment matters too!
In general, we believe in saving and investing well when younger; so that we can reach our investment goal faster. This might sound contradictory but we also see the importance of spending on travelling and socialising to uncover and expand our perspectives of foreign countries and cultures. Thus, it is necessary for us to plan and maintain a suitable balance between saving for our goal and spending in self-development.
Strategies to build up spare cash


We set out 3 strategies to build up our spare cash: (1) Planning for current & future needs, (2) Increasing cash inflow, (3) Reducing cash outflow. The moves sound rather straight-forward so the actual challenge lies in the process of implementing them.
Planning for current & future needs
Planning is very important to us. It provides us with a clear direction to achieve our investment goals and allow flexibility to adjust our investment actions in line with the changing situation. Besides that, planning enables us to forsee key upcoming expenses so that we can prepare sufficient cash for them. One of our near-term expense is the HDB flat which should be ready by next year. In preparation for the renovation and household purchases, we have worked out a plan and budget to set aside sufficient cash before receiving our house keys.
Increasing cash inflow
Will you complain if you have more money inside your bank? Definitely not us! Our ways of gaining “extra” money are as follow:
(a) Choosing suitable savings accounts...
A savings account is the most basic investment building block for everyone. Hence choosing the right accounts will ensure that your incoming money has a “headstart” in getting itself invested. Similar to my co-writer EzHuat, I leverage on OCBC 360 to “passively” earn its interest rates. You can read about it from EzHuat’s post here.
(b) Enhancing our Pay-check!
My main source of income comes from my monthly pay-check. To get more money out of my pay check, I needed to have higher bonus and salary increments! I aim to achieve a relatively good performance each year so that I can have better bonus and improve my promotion opportunities. Enhancing my pay-check is however a double-edge sword. This is because the dreaded income tax rises in accordance with the salary increments. For my age group, this remains one of the most common and crucial source.
(c) Investing in Stocks
Our investments in Singapore stocks have achieved a return of 2.5 to 5% every year, across the past 6 year period. My calculations are based on my initial buying price and the amount of returns that enters my bank each year. Hence, the bulk of the cash inflow comes from stock dividends and from buying/selling shares during opportune times. I paid my fair share of "school fees" during my first 4 years due to poor investment choices; and was glad that over the last 2 years, my investment portfolio has improved on its rate of return. At this point, I am still actively shaping our investment portfolio by leveraging on the market conditions to build up a stronger base. I will share more about my investment experiences in future blog posts.
Reducing cash outflow
(a) Reducing cash outflow = saving even more!
My wife and I saved around 55-65% of our total annual income. We adopt a prudent mindset so that we can reduce our cash outflow in order to save EVEN MORE. Our concept is simple. If we are able to curb our urge to spend unnecessary, for example $1,000 on non-essential wants, we will be able to save $1,040. The logic is that we can use this extra $1,000 to buy stocks that yield 4% in dividends. So instead of losing the $1,000, we have $1,040 in our bank!
(b) Minimising Income Tax by preparing for your retirement
Income tax is a silent killer of our pockets. After happily receiving our salaries and bonuses, the most tense moment is to open up the income tax statement letter. This is the reason why we needed to find ways to minimise our income tax payment. One way is for us to top up our CPF Special Account (SA) with $7,000 cash each year. We see 2 main benefits to doing so. (1) Each top up increases our retirement fund by $280 due to the 4% interest rate for CPF SA; and (2) reduce our income tax payment by at least $380. So instead of paying income tax $380, we are gaining at least $660 each year. As our salary rises, we expect to gain more from the top up, especially when our salary crosses into the higher income tax % tier. The downside is that our cash will be locked in CPF until the withdrawal age which is currently 55 years old. And only then can we start to take out a portion of the cash from CPF.
(c) Maximising gain through multiple deal combinations
When making online purchases, we enhanced our rebates or discounts by combining multiple deals in a single purchase. One example is to go through referral websites to book my hotels from hotel providers; and using specific credit card to pay for the hotel bookings.
For my hotel bookings, I normally go through the following steps to minimise spending and/or maximise benefits from the purchase:
  • Using Shopback to select the hotel providers which offers the best hotel rates and cash back rebates. For example, the current promotion enables us to gain 6% cash back from Shopback for every successful Expedia booking/purchase.
  • Leveraging on credit card promotions to gain more value from hotel bookings. For example, the current promotion for Citi Premiermiles Visa card enables one to earn 6 Citi Miles per S$1 spent on Expedia.com; while for UOB One Card, they offer up to 50% savings on hotel bookings with Expedia + additional 10% off.

I hope that my sharing has provided some new tips and insights to what you can do to build up your spare cash. For a start, you might want to look into your own financial situation to determine whether my 3 strategies are applicable to you. Everyone has different needs, priorities and lifestyle so it is essential to tailor one that best suit you.


Together, let us all Go & Huat ah!
GoHuat


Wednesday 19 October 2016

What’s Next after Saving?

It is widely known that banks in Singapore give very meagre interest rates for fixed deposit and savings accounts. Especially for fixed deposit accounts, most of them require a minimum placement with considerable tenures ranging from 12 months to 36 months or more. That means that if you ever withdraw any amount before the maturity period in the event of emergency, you will lose the privilege to accrue the bonus interest. 

Instead of dumping my spare cash in fixed deposits (I used to put my money in POSB savings account), there are many other better savings accounts available in the market to help increase your savings.

In my second post, I will share what I’ve done to accrue more interest without being tied down by the fixed deposit tenures. 

 Pardon if my post might be a bit outdated since many financial bloggers would have already shared about the various savings accounts. For the benefit of my readers who are not aware of OCBC 360 account, this post is for you J

I applied for the OCBC 360 account to take advantage of the higher interest rates. If you’re keen to find out more, do check out this website: https://www.ocbc.com/personal-banking/accounts/360-account.html.


OVERVIEW OF OCBC 360 ACCOUNT
When I signed up in May 2014, the package was more attractive as I managed to accrue at least 3.05% interest per year. It lasted for about a year before it was revamped. My hunch is probably due to the overwhelming popularity so there wasn’t much impetus for them to offer such good benefits. Nonetheless, the make-over still rank them as one of the best in the market presently with a couple of enhanced features.












Based on the table above, I stand to gain 1.2% as along as my employer diligently credits the monthly salary into the account. With a base interest of 0.05% per year on my entire account balance, I would have pocketed at least 1.25%. This interest rate already triumphs many other fixed deposits.

It was easy for me to fulfil the second criteria to pay any 3 bills with the account. That’s another 0.5%. Together with the first criteria, I have earned at least 1.75% interest per year.

The credit card which I signed up was OCBC Frank Card together with the opening of OCBC 360. Most of the time, I managed to clock just above $500.

As I am already sufficiently insured, I did not purchase any OCBC financial products.

The last criterion is based on any incremental account balances from the previous month’s balance. Since I am gainfully employed, I’d received monthly salary which progressively increases my account balance. In addition, this bonus interest will be paid on incremental account balance of up to S$1,000,000!

With the first three and last criteria met, I would have reaped more than 2.25% interest per year effectively!

You can use the interest calculator available on the website to calculate the potential interest you can get. If you have a balance of $60,000 for a period of 12 months (less the purchase of financial products), you can potentially earn an indicative amount of $1,375.56 for a year! This is as good as investing in the stock market so long as you satisfy the criterions adequately.




And if you purchase any eligible OCBC financial product, you can earn an indicative amount of $1,986.96 a year!



If you are building up/already have up to $60,000, you can consider applying for OCBC 360. It surely beats any fixed deposits out in the market!

UPSIDE
  1. As cashflow is important to me, I like the fact that I can move my money as and when I want without fretting that I might lose out on the bonus interest of a fixed deposit as long as I don’t withdraw a huge sum.
  2. Good for those earning more than $2,000 per month and need to pay off at least 3 bills. I presume most of the working adults can easily satisfy these two.
  3. The Frank credit card served me well as they offer an attractive rebate of up to 6% for online purchases. This largely benefitted me for my travel expenses, movie tickets, and occasional purchases via online platforms such as Groupon. If you are keen to find out more about Frank credit card, you may visit the website at http://www.frankbyocbc.com/products/cards/credit-card/ (do take note of the fine prints!)
  4. My account balance grows faster based on an effective interest rate of 2.25%.
  5. I can withdraw money freely without worrying that I might lose out on the bonus interest, albeit I will accrue lesser interest if the account balance is lower at the end of the month.
  6. The interest is paid on a monthly basis. Better than the typical quarterly or half-yearly dividends you receive in stock market!


DOWNSIDE
  1. The bonus interest is only valid for the first $60,000 of the account balance.
  2. I need to spend at least $500 monthly to be eligible for the 0.5% bonus interest. There are instances where I did not meet this criterion simply because it is not practical to spend money intentionally just to accrue the 0.5% interest. On the months which I do less of the transactions, I just earn less bonus interest. 


To me, it is pretty clear that the upside outweighs the downside. Due to the popularity of OCBC 360, I reckon it caught the attention of other banks that subsequently rolled out relatively similar products such as the following:


If you’re a disciplined saver and your stash of cash is still roosting in a fixed deposit nest hoping it can lay more ‘golden eggs’, think again. 

It’s time for you to take advantage by leveraging on any of the above savings accounts.

With all being said, it is pertinent that you always do your own due diligence to assess your own financial needs. Once you make the first move, you will surely be rewarded at the end of the day! Feel free to share if you have other recommendations.

As always, it can be easy to huat!

Good luck! :D

Cheers,

EzHuat

 [UPDATE: Please refer to blog post http://triplehuat.blogspot.sg/2017/03/will-you-continue-to-be-loyal-to.html for revision to OCBC 360 Account w.e.f. 1 April 2017]

Saturday 15 October 2016

YoloHuat's Journey with Money

I learnt the importance of money through the hard way, having grown up without much. Money isn't everything but money gives you choices and freedom. I truly understood, after earning my own keep, that money does buy happiness because once you have money, you don't worry about money anymore. 

Money can also buy you opportunities to make fond memories with your loved ones - a great example is travelling overseas to discover new places, food, and culture. Last year, I spent over a week in Croatia with my husband, and earlier this year, I chased Northern Lights in secluded areas of Sweden with my best friend (because they said 2016 is the last year when you can catch Northern Lights easily). I’m already dreaming about where my wanderlust will take me to next year. :)

Of course, the first thing I actually did back then when I had some extra money in my pocket was to pay off my student debt, which was accruing interest at a hefty rate of 4.75% - hey I think of myself as a triple-A credit (PLUS my latest credit report also says so)! :p I would rather pay myself than pay the bank. So I spent my first year out of college paying off the loan as quickly as I could. Only when I cleared about 90% of the outstanding balance did I start thinking about investing, because even if I lost money in the market it would not affect my ability to repay the rest of the loan, nor will it affect my daily life. (Please do read GoHuat’s post on how important spare cash is.) 

So how did I start investing? Very simple. From the very start, I knew I did not want to worry about money. I did not want to get myself lost in the rat race for a good 40 years of my life, because you only live once. Somehow I stumbled into a job in the financial sector, and from there I started picking up some knowledge about investing and using money to grow money. The rest was history. My first stock buys in late 2013 were Nikko AM STI ETF and SGREIT. I remember thinking to myself then that I want to 'own properties along the Orchard Road stretch because Orchard Road will always be around', so I went and bought OUEHT as well. Hahaha. These days, my investment strategy is a little more refined (as I would like to convince myself). I primarily invest for income, although I do take a punt sometimes when I think there's some opportunity. The punting has not been always successful, but let’s leave this for another time. ;) 

Back to talking about money per se, I can’t emphasise enough how important money management is. You could very well be earning six figures but have less than a grand in your savings account. I use an app to record my expenses and stay on track on my budget, and I find that not indulging in food or transport, my biggest daily needs, help a lot in saving money. So, like my friends here, I did not change my basic lifestyle. In fact, I like taking public transport because it lets me daydream, read, email, whatsapp, and Facebook when I’m on the go. I do complain about the crowd and the MRT breakdowns, but really, do I want to ride a car in comfort when I am young and healthy in my 20s, 30s, or even 40s, but find myself having no choice but to ride the bus and MRT when I am old and fragile in my 60s and 70s? The mid to late 20s is definitely the best time in your life to be saving as much as you can. I know that this stage of one’s life is also when you are tempted by materialism. Believe me, I’ve been through that as well. But I’m thankful that I realised early that it is a vicious cycle - the satisfaction is only fleeting and you end up wanting more and more.


I adopted the moniker YoloHuat - why? Because I strongly believe that because you only live once, you gotta live on your terms and never be a slave to money or work or material goods. 

This is my definition of yolo, thanks for reading and feel free to share your thoughts and experiences. Huat ah!

Cheers,
YoloHuat

Tuesday 4 October 2016

How EzHuat got started...

Singapore so expensive! Living cost so high! My salary so low! I need a car! I want the latest iPhone 7! I want to travel! Money no enough!!! Ahhhh~







Feeling squeezed? This is the new normal.

 Very often, we hear these common grouses in our daily lives. Based on the latest report by the Economist Intelligence Unit (EIU), Singapore is indeed one of the most expensive cities to live in[1]. Clearly, this report is so conspicuous that it resonates highly amongst the majority sandwiched class of Singaporeans. Many find themselves caught in the seemingly endless rat race in pursuit of higher quality of living while some laggards struggle to keep up with the fast pace amidst the growing economy. Likewise, the onslaught of these led us to blur the line between needs and wants. With rising cost and inflation, it is no surprise that Singaporeans are one of the most overworked, clocking more than 2,370 hours per year[2]!


 After a balance check, you start to panic and worry. It is always easy to say - you must save, you must invest, you must this, you must that! This is what you've probably heard umpteen times and all of the sudden everyone seems to be your ‘financial consultant’. But in reality, how many people actually practice what they preach, including those 'financial consultant' themselves? The fact of the matter is that not many people can instill that level of discipline simply because we live in a consumerism and materialism society.  











Why am I Writing a Blog?
Basically, my purpose of writing this blog is to share and chronicle my financial journey – same for GoHuat and YoloHuat. In addition, we want to give our readers three perspectives in a blog. We would love to hear from you too! In my first blog post, I will share how I started to embark on the path to financial prosperity. My goal is to attain early retirement before 50 or earlier. With proper and structured planning, I believe it is within anyone's reach. Instead of working hard for money, why not let money work hard for me? Sounds cool?

Essentially, it is easy to huat if you commit yourself and just do it! :)

My Investing Journey
Okay let’s just started. My investing journey began in 2013. My very good friend, GoHuat was the one who piqued my interest in investments (go read GoHuat's post!). Once you put your mind and soul to plant the first seed, the rest is history!

 
At the initial phase, I knew nuts about investments. All I knew was to save because I wasn’t born with a silver spoon and was brought up in a frugal lifestyle. My father is the sole breadwinner and my mother, a housewife. My parents taught me the value of saving for rainy days as they had went through tough times in the early days. Their perseverance and hard work made me what I am today. Innately, I grew up with those values and saving became the cornerstone of my early financial journey. I studied hard and graduated from NUS. Eventually, I started my career in the public sector.

Ever since I started to earn my own keep, it dawned upon me that saving and putting your money in the bank is going to take a very long time to achieve my financial goals. Simply because bank offers very meagre interest rates. I needed something else to grow my money better and faster.

 As I have zero finance background, I attended various investment related courses and platforms such as SGX seminars, SIAS investment week, read The Straits Times Invest and numerous financial blogs to gain a better understanding and get acquainted with financial terms. As a result, the stock market came to my attention. It is one of the means to generate additional income. It took me more than 10 months of ‘homework’ before I bought my first two blue-chip counters in late 2013 – SingTel and Keppel Corp. Gradually, I developed and fine-tuned my own financial system and risk appetite. 

What’s My Personal Financial System?
In fact, there isn’t much change to my lifestyle. I still lived the same for the past 20 odd years. I saved and spent money wisely. Similar to GoHuat, I am contented with hawker fare and love home-cooked meals. I take the public transport even though I can afford to buy a car now. Occasionally, I indulged in cafĂ©/restaurant with my foodie girlfriend and in social gatherings.

 In spite of my thriftiness, I have a very lovely and supportive girlfriend who understands me well because she knows that I am building a solid foundation for our future. She too, is simple and prudent. Indeed, I am fortunate to have met this wonderful lady because she frowns when it comes to shopping! (A boon to guys eh! hahaha :P). Besides, my girlfriend always jokes that she will find me when it comes to value-for-money lobangs! 

 The key is: You must discern between needs and wants. It is a crucial balancing act.

 

In order to have better sight of my cashflow, I tracked my expenses and income consistently for more than three years. Every quarter, I would reconcile the records and work out my personal financial report. This allows me to have a better overview of my expenses and income for the year. It has benefitted me a lot. I used the data to assess how I can trim my expenses so that I have more savings to plough into investments and explore new areas to increase my income.

At my peak, I managed to save 80% of my overall income minus all expenses for the entire year without comprising my lifestyle. What! 80%? Are you sure?! Yup, that’s the merit of tracking your balance sheet because it gives you greater control. The 80% savings was then compartmentalised into stocks, emergency fund and my investing coffer. The reason why I only have these categories is because I am still young and able to take on more risks to seize any golden opportunities. That being said, youth is the one of the most valuable assets in investing. So my advice to my young readers is: Save reasonably hard while you are young! 

It is easy to say this but not easy to do it because we are constantly thinking of enjoying life first while we are young and working in a stressful environment i.e. the YOLO mentality. To be honest, it is hard to resist temptation when airlines are dangling cheap airfare promotions especially when I love to travel! 

Additionally, I ensure that I ‘pay’ myself first whenever I receive my monthly salary and clear all my bills on time so that I am debt-free. Once you’ve instill this habit, you’ll be surprised at the results. The reason is simple; doing this will give you more leverage to tap on more opportunities to grow more money. Period.

Most importantly, you must have the discipline and you reap what you sow.














What’s Next after Saving?
It is an open secret that Singapore banks give very low interest rates. Ideally, it is not advisable to park my cash there. To grow my money, I had to leverage on the power of compounding effect to build a sizeable chunk of income for investing.


In my next blog post, I will be sharing “What’s next after saving?”

I hope you enjoy my maiden post and stay tuned for more tips and strategies to size up your finance war chest! 

Please don’t hesitate to leave your comments and share your experiences. We get better and stronger by learning from one another!

Together, it can be easy to huat!

Cheers,
EzHuat


[1] TODAYonline, 10 March 2016: Singapore ranked world’s most expensive city for 3rd year running; http://www.todayonline.com/singapore/singapore-worlds-most-expensive-city-third-year-row-says-eiu-report
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