Latest news with #financialmilestone
Independent Singapore
06-07-2025
- Business
- Independent Singapore
Man surprised by sarcastic comments about S$100k by 30 financial goal, says it can be a strong motivator
SINGAPORE: A Singaporean man has offered his thoughts on Reddit after noticing users ridicule the idea of saving $100,000 by the age of 30. In a post on r/singaporefi, he shared that he had come across a discussion about this financial milestone and was taken aback by the amount of backlash and 'sarcastic comments' it received. He then offered his perspective, saying that financial benchmarks like this could actually be useful. While acknowledging that people come from different backgrounds and that those from wealthier families naturally have a head start, he felt that setting a clear goal like this could serve as motivation for others to work towards financial stability. 'If you know that your background may be less wealthy than others, wouldn't you be motivated to work harder to catch up to the rest?' he said. 'After all, nobody wants to be below average in Singapore, so this may actually encourage people to learn proper financial planning at a younger age and then do better for themselves. Not all comparisons are bad, it's only bad if you react negatively when you realise you are behind, but not everyone is like that,' he concluded. See also 5 Fashionable Ways of Saving on Your Wardrobe Cost Wanting to hear more perspectives, he posed a simple question to the community: 'Why is having a financial benchmark to hit a bad thing?' 'You cannot force all to have the same thinking as you.' The post quickly drew a mix of responses. Several users agreed with his perspective, noting that setting financial goals is a personal decision and can be beneficial when approached with the right mindset. One Singaporean Reddit user said, 'Don't think anything is wrong… This is an individual thing. Everyone has their own benchmark. Mine is no mortgage by 40… ' 'It's just that when you share and discuss it, be prepared for feedback because everyone thinks differently and has their own opinion.' Another user echoed this sentiment, writing, 'It is good to have a goal: S$100k by 30, S$1m by 65, S$3m by 30, or whatever your goal or benchmark is, it's all good.' 'But if you take it to the public, just prepare for public comment—you cannot force all to have the same thinking as you or share the same vision.' Others, however, shared a different view. One said, 'What's the point of the benchmark for motivation? Reach it in time and pat yourself on the back? Fail to reach it in time and then kick yourself?' 'It is pointless; come up with a plan for success and keep to it. Because when you reach your first S$100k, you will just want more, so just stick to a plan.' In other news, a man shared on social media that he's 'getting sick' of his girlfriend's behaviour of cluttering their home with unnecessary items. Writing on the r/askSingapore forum on Tuesday (July 1), he explained in a now-deleted post that his girlfriend has a habit of buying things on impulse. Not expensive items, but just random things that catch her eye, even if she rarely uses them. Over time, their home has become packed with unused items filling shelves, drawers, tables, and corners, collecting dust. Read more: 'Sick of it': Man rants about his girlfriend's habit of cluttering their home with unnecessary items, seeks advice on Reddit See also Q&A Interview with Kai Yang Lee - SMU Accountancy Student Featured image by freepik (for illustration purposes only)
Telegraph
02-07-2025
- Business
- Telegraph
The best exclusive accounts if you earn £100k
Reaching a six-figure income is an impressive financial milestone, which can mean you're dragged into the dreaded 60pc tax trap. However, hitting £100,000 does come with advantages, such as qualifying for a premier bank account. These exclusive accounts offer perks such as dedicated financial support, preferential savings and mortgage rates, and a variety of insurance policies. Some have generous switching incentives, too. Here, Telegraph Money has compiled the best of these exclusive accounts, revealing what each offers high-flyers. What is a premier bank account? Premier bank accounts are pitched somewhere between everyday current accounts and private banking, according to Sarah Coles, head of personal finance at investment platform Hargreaves Lansdown. She said: 'Getting one of these accounts qualifies you for special treatment, so you may have a named person who you can talk to about your account. 'You may also get special deals, like fee-free overseas spending, and special mortgage and savings rates. There are freebies included too – from remote healthcare services to travel insurance, shopping vouchers, and airport lounge access.' Unlike packaged bank accounts that can offer similar benefits, some premier bank accounts won't charge a monthly fee. Best premier bank accounts Below is a list of some of the best premier bank accounts currently available and what they offer. You'll see that NatWest has three entries here – while they can all be opened by someone earning £100,000, they come with very different features and monthly costs. Lloyds Premier account Eligibility requirements: You must have at least £100,000 of qualifying savings or investments with Lloyds or pay in £5,000 each month. Cost: £15 monthly fee, but this is refunded when you meet the above criteria. Switching bonuses: £185 cash for customers switching from another bank to the Lloyds Premier account between July 1-28 2025. Customers can switch online or through the app, and the £185 will be paid within 10 working days of the switch completing. Key features: Bupa Family GP and Wellbeing subscription, expert financial coaching, 1pc cashback on debit card spending (up to £10 a month), preferential savings and mortgage rates, fee-free spending overseas, interest on balances up to £5,000, your choice of Lifestyle Benefit each year (such as a Disney+ subscription or cinema tickets). NatWest Premier Select Eligibility requirements: You will need to have a minimum of £100,000 sole income or £120,000 joint income paid into your NatWest account, or a minimum of £100,000 savings or investments held with NatWest, or a minimum £500,000 mortgage with NatWest. Cost: £0 monthly fee. Switching bonuses: Up to £175 cash for new customers. Get £125 if you apply online or via the app and switch using the Current Account Switch Service, plus pay in a minimum of £1,250. Get an extra £50 if you open a Digital Regular Saver account with NatWest. T&Cs apply. Features: Fee-free spending abroad, £500 interest-free overdraft, access to financial planning and advice. NatWest Premier Reward Eligibility requirements: You will need to have a minimum of £100,000 sole income or £120,000 joint income paid into your NatWest account, or a minimum of £100,000 savings or investments held with NatWest, or a minimum £500,000 mortgage with NatWest. Cost: £2 monthly fee. Switching bonuses: Up to £175 cash for new customers. Get £125 if you apply online or via the app and switch using the Current Account Switch Service, plus pay in a minimum of £1,250. Get an extra £50 if you open a Digital Regular Saver account with NatWest. T&Cs apply. Features: Access to financial planning and advice, earn £9 a month in Rewards when you set up two direct debits, and £1 in Rewards each month you log into the app, plus earn at least 1pc in Rewards at selected retail partners. Rewards can be donated to charity or redeemed as cash or e-gift codes. NatWest Premier Reward Black Eligibility requirements: You will need to have a minimum of £100,000 sole income or £120,000 joint income paid into your NatWest account, or a minimum of £100,000 savings or investments held with NatWest, or a minimum £500,000 mortgage with NatWest. You must be an existing NatWest current account customer to upgrade your account. Cost: £36 monthly fee. Switching bonuses: None. Features: Worldwide family travel insurance, airport lounge access, fee-free foreign spending, UK and Europe car breakdown cover, mobile phone insurance, home emergency cover, access to financial planning and advice, £500 interest-free overdraft, 24/7 concierge service, 25pc cashback on tickets to concerts and shows, discounts on cinema tickets, plus earn Rewards in the same way as the Premier Reward account. Barclays Premier account Eligibility requirements: You must have a current account with Barclays and pay in an annual income of at least £75,000 or have a balance of at least £100,000 in Barclays' savings and/or investments. Cost: £0 monthly fee. Switching bonuses: None. Features: Access to Premier banking support and Premier financial guides, preferential savings and mortgage options, earn up to 15pc cashback at participating retailers, free Apple TV+ and Major League Soccer Season Pass subscriptions, £500 interest-free overdraft, join Barclays Avios Rewards for £12 a month and collect Avios. HSBC Premier bank account Eligibility requirements: You must have an annual income of at least £100,000 paid into your account or have savings and investments of at least £100,000 with HSBC in the UK or already qualify for HSBC Premier in another country. Cost: £0 monthly fee. Switching bonuses: Open an account by August 12 2025, and get a £500 Selfridges gift card and VIP shopping experience. You must pay in at least £100,000 in savings or investments, or switch with the Current Account Switch Service and pay in your monthly salary and set up two direct debits. Features: Worldwide family travel insurance, access to a range of online health services including digital GP appointments, access to an HSBC Global Money account to convert, hold and send money in multiple currencies, preferential rates on products, access to financial advice, £500 interest-free overdraft. Premier bank accounts compared
