4 WAYS TO BE RICHER AS A SINGAPOREAN

In this video, property agent Aaron Lin shares five practical steps he has learned to help Singaporeans save and grow their wealth. His advice focuses on personal finance management, property planning, and optimizing everyday spending.

Key strategies for financial growth:

1. Buy a house early: Aaron emphasizes the importance of entering the property market as early as possible (e.g., age 25) to allow for sufficient time to fulfill the MOP (Minimum Occupation Period) and plan for future upgrades while still being eligible for longer loan tenures (1:12 - 2:56).

2. Use cash instead of CPF for housing: He suggests paying for housing with cash where possible to avoid accrued interest on CPF funds. He explains that using cash allows your CPF Ordinary Account to continue earning interest and prevents you from having to return significant profits to your CPF account upon selling (2:57 - 4:14).

3. Reduce income tax: He recommends contributing to an SRS (Supplementary Retirement Scheme) account—up to $15,300 annually—to lower your taxable income (4:24 - 4:58).

4. Optimize investments: Instead of leaving money in low-interest bank accounts, Aaron shares that he invests his SRS funds into platforms like Endowus to achieve better long-term returns. He also advocates for transferring CPF Ordinary Account funds to the Special Account to earn a consistent 4% interest rate (5:45 - 10:23).

5. Maximize credit card rewards: He shares his personal strategy of using credit cards that accrue air miles (such as KrisFlyer or Citibank Rewards) for daily expenses, allowing him to redeem free flights, which he finds more valuable than small cash-back amounts (10:27 - 12:54).

Aaron concludes by emphasizing that these steps are personal strategies meant to help individuals stop "losing money" and instead maximize the value of their income.