On lying flat and 内卷

There is always much to learn from SM Lee's talks. 

Here is a recent one he gave at NUS. 

While he addressed the usual questions of geopolitics and how the world stage has changed with Trump's tariffs, there was a question that stuck with me.

The question is about lying flat or tangping. 

The question came from a Chinese student at 1:00:30 mark:

"Senior Minister Lee, you've mentioned that today's youth have better conditions and should not 'lie flat' (tangping). However, in the past, life was harder, but opportunities were more abundant and competition was less intense. Now, with many industries well-established and a highly educated population, it feels like there are fewer opportunities and much stronger competition. Do you agree that today's young people face these challenges, and what can we do to address them?" 

SM Lee's reply at 1:03:15 mark:

On Competition and Opportunity

"Is life harder now than before? I think the competition is more visible. In China, they have a term for this: neijuan (内卷), meaning 'excessive intensive competition.' This is reflected in the '996' work culture and the constant demand for availability. Despite this fierce competition, opportunities are still abundant. It's a misconception that there are no new ideas to exploit. The emergence of AI is a recent example of a completely new field that has become incredibly exciting in just a few years. While you must be prepared to work hard, the opportunities are there.

Generational Differences

Comparing your generation to your parents', the level of prosperity and living conditions was much lower for them. Fewer people had the opportunity to attend university. Today, you are able to do things they couldn't have even imagined, like taking a gap year or flying off for a long weekend to Phuket or Bali. These are options your parents simply didn't have. Work-life balance is important, but with all these advantages, you should not simply relax and prosper. You have a duty to build, create, and make a difference with the opportunities you've been given."

He ended with:

Please do something. You can do it.

Call to Action

As we navigate the competitive landscape of today's world, it is essential to remember that we have the power to create change and impact. By seizing the opportunities presented to us, we can not only further our own success but also contribute to the greater good. Take action, be proactive, and make the most of the opportunities that come your way. Remember, you have the ability to make a difference – so go out there and do it!

By embracing competition and recognizing the abundance of opportunities available, we can navigate the modern landscape with confidence and purpose. Let's build a successful career, make a difference in the world, and create a future filled with endless possibilities.

Dividends for Aug 2025 - Towards 5k a month

Here are my dividends for Aug 2025:

                                    

So I collected $6,220.92 in dividends for this month. 

 
In case you are wondering, some stocks are repeated because I have 2 brokerage accounts.

Here are my monthly dividends over the last 6 years (you can see this month is my largest dividend harvest ever in a single month):

                                 

Here are the dividends I collected every year until the current day:

Already surpassed the yearly dividends from 2 years ago.

Here is the progress of my average monthly dividends over the years:

                         

The value for 2025 is just based on 8 data points though, and it may decline as we get more data points.

I plan to first receive $2500 (achieved), then finally $5000 in dividends every month on average.

Additionally, I share the interest I received from the various banks for the deposits this month:

                                        

Also, in this month, I made $84.00 from my side hustle - GrabFood delivery. 

All in, I made $7,030.10 this month from dividends, interest, and food delivery.

Onwards!   

 

Finally found an OPTIMAL way to move money from US to SG

I have a significant amount of money tied up in my Citibank USA account. 

I have always wanted to regularly transfer money back into my SGP accounts to do DCA, but it took me quite some time to find the optimal method.

Below, I describe the money transfer patterns I found and the pros and cons of each, and the last one is the one I find most optimal by far. 

At the beginning, I transferred the cash into Singapore using a traditional method:

Pros of the above method:

• No fees incurred when transferring from Citibank USA to Citibank SGP

Cons of the above method:

• USD is converted to SGD in Citibank, subject to the bank's exchange rates, which is not ideal
• SGD is further converted back to USD, again subjected to IBKR's exchange rates - better than bank, but still not ideal.

The thinking is that: wouldn't it be nice if I could get USD into my IBKR USD account directly, without having to incur the exchange rate fees? 

Enter Wise.

Pros of the above method:

• No exchange rate fees incurred, since all in USD throughout

Cons of the above method:

• Incur Citibank fee (25 USD) and Wise fee (6.11 USD + 1.13 USD)

However, since the fees are fixed, there exists an amount at which the above method is superior to the Traditional Transfer Method. 

Based on my calculations, as long as I transfer >16,000 USD, then even though I incur the Citibank and Wise fees listed above, it still makes sense because the Wise exchange rates (USD to SGD) are better than Citibank's. 

This brings about another issue: since I am doing DCA, there is a large amount of USD in my IBKR account that just sits there and does nothing.

Enter Chocolate Finance.

Instead of letting the USD sit in IBKR without earning any interest, I can move it first into Chocolate Finance USD account. Chocolate Finance USD account offers interest rates as such:

• 4.3% p.a. on first US$20k
• 4% p.a. on next US$30k
• Above US$50k target 4% (not guaranteed)

Then, when I finally need the USD to invest, I can move it into IBKR USD account anytime.

The only issue is that I have to incur Wise fees of 10.38 USD for transferring an amount of 7,500 USD from Wise into DBS MyAccount.

How long do I have to hold this amount in Chocolate Finance to make back this 10.38 USD? According to ChatGPT, it is only 12 days!

Sounds like a good deal to me. 

What do you think? Do you have a better method?

Wrapping up my 27th month of Financial Independence [FI]

I just finished my 27th month of FI (Financial Independence) in Aug 2025.

Below is what I ate and did for fun, and a record of my expenses.

Eating

Simple but nice.

                                            

Tiong Bahru bakery. TBH I feel it is way overpriced.

Try something new.

Coffee is too strong. Can't sleep at night.

Usual home-cooked avocado wrap meal.

Fun

This month brought my kids to rock climbing at T3, followed by a McDonald's tea break, where they had loads of fun.

Had a free pocket of time and did a nice walk here.

Expenses (Discretionary only)

Not sure how it happened, but the eating budget exploded this month. Other than that, the rest of the budgets are OK.

 

Eating Out Target: $650

Eating Out Actual: $861.60

Household Target: $600

Household Actual: $225.47

Travel Target: $100

Travel Actual: $4

Entertainment Target: $50

Entertainment Actual: $80

Personal Target: $250

Personal Actual: $176.60 (made a donation to Gaza relief)

Onwards to the next month of FI! 

  

  

STI entered Stratosphere

STI has been on a good run lately.

In fact, it has already broken through 4,236 as mentioned in my previous post.

https://financeopti.blogspot.com/2025/07/sky-is-limit-for-sti.html 

It has also reached an all-time high of 4,301 on September 2, 2025.

It has retraced a little bit from this ATH, but it is only a matter of time before it will rise above 4,300 again.

I guess the major economic headwind coming into view is Trump's tariffs. Here are the next critical dates:

• Trump extended the “tariff truce” with China until November 10, 2025, preventing a planned hike (which would have raised US tariffs on Chinese goods from 30% to as high as 145%) and keeping most tariffs capped at 30%

• A US federal appeals court recently ruled that many of Trump’s global tariffs were illegal, but allowed them to remain until October 14, 2025, pending a Supreme Court appeal; the administration is threatening to “unwind” trade deals if the court blocks its tariffs.

• The elimination of “de minimis” exemptions means nearly all imports, including low-value packages, are now subject to tariffs, causing supply chain disruption and raising prices for US consumers.

CDC Walking Trails Giving FREE Money

 If you love free money like me, you should check out the CDC walking trails (link at the end of the post).

Simply sign up using your phone + Singpass.

Choose a trail and start exploring:

Select one of the 5 trails. For us, we chose the south-east trail, and here is what it looks like below. It is simply a breezy walk along East Coast Park:

Checkpoint 1 was interesting for me and my kid. I never knew there existed a fort at Katong Park! To get here, simply take the TEL line and alight at Katong Park station:

The second checkpoint should be familiar to those with kids. Indeed, my kid was the first to recognize this easy landmark. We had to answer a question about the number of slides here, but it was easy, and the checkpoint cleared!

Checkpoint 3 was an easy landmark for me, having passed by this numerous times. We had to count the number of steps to the top, but it was easy just counting from below. Had an interesting conversation with my kid on what a beacon is and whether this is a lighthouse.

Checkpoint 4 was a harder one, as there were so many breakwaters in the area. Somehow, we got it correct.

Checkpoint 5 was easy; the Siglap Canal Lookout Deck is a familiar landmark. But the added question was not, as we had to answer which estates the Siglap Canal passes through. Somehow, we got it correct on the first try. 

At the end of the trail, you will get $5, plus if you do the bonus quest of finding the ollies along the way, you get another $5, so $10 in total. 

Overall, it was a fun way to spend time with family, get some exercise in, explore a part of Singapore, and earn some kopi money along the way. So it is killing 4 birds in 1 stone, wow 🤩!

Some tips:

• East Coast Park has plenty of vending machines along the way, so it is easy to get drinks
• If you get tired walking, you may want to rent a bike (HelloRide, AnyWheel, etc.)
• Ensure your phone is charged, because you will need GPS and it will consume quite some battery
• Remember to bring enough water, wear a hat, and sunblock

Here's the link: https://www.crowdtask.gov.sg/quest/walking-trails-cdc

Wrapping up my 26th month of Financial Independence [FI]

I just finished my 26th month of FI (Financial Independence) in July 2025.

Below is what I ate and did for fun, and a record of my expenses.

Eating

Classic but nice.

Assam fish is hard to find nowadays.

Zi Char yummy tofu.

Zi Char long beans.

Zi Char lotus root.

Zi Char crispy chicken.

Zi Char prawn rolls.

Mini-cakes.

My usual home-cooked avocado meal.

Fun

Went to watch NDP rehearsal fireworks! Boy, was it crowded! Seems many have a similar idea.

Expenses (Discretionary only)

All within budget this month. CDC vouchers helped. 

 

Eating Out Target: $650

Eating Out Actual: $629.05

Household Target: $600

Household Actual: $259.58

Travel Target: $100

Travel Actual: $76.70

Entertainment Target: $50

Entertainment Actual: $35

Personal Target: $250

Personal Actual: $220.20

Onwards to the next month of FI! 

  

 

Portfolio returns for Aug 2025

I felt it would be good to track the returns regularly since they fluctuate frequently depending on the stock market.

Here are the movements for this month. There is an upward tick across most of my portfolios. 

                             

For the Robo-Advisors, also an upward trend across all my portfolios. It's interesting how correlated/aligned the Stashaway General Investing and Endowus General Wealth Acc funds are. 

                                            

Additionally, I think it will be interesting to see the breakdown of my portfolios in percentages (below). 

                                  

Market trends from the last 30 days:

• The S&P 500 rallied strongly, gaining around 8% since June, surpassing early April lows—and marking nearly 30% up from those levels
  
  
• Investor optimism grew about possible interest rate cuts in September, helping lift stocks early in the month
  
  
• For Singapore, the trade tariffs are fixed at 10% and seem non-negotiable (for now)
  
  
• The US-China trade truce has been extended for another 90 days

• As of the last 2 days, there has been a meeting between Trump and Putin in Alaska, where they sketched the first skeleton of a path towards ending the Russia-Ukraine war. Hopefully, peace will prevail soon
  
  
• The war in Gaza is still ongoing, with much famine and suffering

Onwards to a better future for everyone! 

Learning to Code changed my Life (and Finances)

When I was growing up, coding wasn’t something kids were commonly exposed to. Unlike many young people today who learn to code in school or through YouTube tutorials, my first encounter with programming was during university, in my electrical engineering course.

To my surprise, it quickly became one of the most fascinating subjects I had ever taken. There was something magical about writing lines of code and seeing them come to life—doing exactly what I envisioned. For the first time, I felt like I had unlocked a new kind of power: the power to build, automate, and create from scratch.

But it wasn’t just fun. Learning to code turned out to be one of the most financially rewarding skills I’ve ever picked up.

---

Coding as a Doorway to Opportunity

With coding under my belt, I found myself stepping into fields I never imagined—data science, automation, and eventually, artificial intelligence and machine learning. These aren’t just trendy buzzwords. They represent industries filled with opportunities, high demand, and, yes, excellent pay.

And the best part? You don’t need to be a genius or get straight A’s to get started. Coding, like financial freedom, is a journey. What matters most is your willingness to start and keep going.

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Logical Thinking = Better Decisions

Even if you don’t end up working in tech, learning to code teaches you how to think in a structured, logical, and problem-solving way. This kind of mindset is incredibly valuable—not just in software development, but in managing money, running a business, or making career decisions.

Coding teaches you how to break down complex problems, find patterns, and test solutions. These are exactly the same skills you need to budget effectively, invest wisely, and build wealth over time.

---

A Path Toward Financial Freedom

I started this blog to help others achieve financial freedom, and I firmly believe that learning to code can be part of that path.

• Want to freelance or start a side hustle? Coding can help.

• Want to automate boring tasks and save time? Coding can help.

• Want to increase your earning potential and explore remote work? Coding can help.

---

It All Starts with Coding

So here’s my advice: If you’re young, start learning to code today. If you’re not so young, start anyway. You don’t need to become the next Mark Zuckerberg—you just need to open the door and walk through it.

Because when you gain the ability to build something from scratch, solve problems creatively, and understand how the digital world works, you’ve already taken a major step toward financial freedom.

And for me? It all started with coding.

On the meaning of retirement and finding joy in work

I saw 2 pieces of news that provided pretty good life advice recently. 

https://www.channelnewsasia.com/today/up-close/sg60-retired-engineer-entrepreneur-outdoors-5279566

The article above talks about this engineer who worked punishing hours and left his semiconductor job at the age of 54.

Then, he launched his home-based food business, and another one organising outdoor adventure programs for schools and companies.

It sounds like he is busier than ever. Is he considered 'retired' then?

According to him, he is considered 'retired':

"I decided I wanted to do something else. The concept of retirement is that you get to do something that you like … you don't totally retire (from employment) but you get to do what you like, so it doesn't feel like a job," he said.

This is an interesting thought. If that is the case, I believe many who enjoy their job can be considered 'retired' as well. Some folks come to mind, such as Warren Buffett. As he said, he has probably never worked a day in his life, he has been retired since his 20s lol.

From Warren Buffett:

“if you love what you do, you never work a day in your life”

The second is DPM Gan Kim Yong's dialogue at the SG60 IPS-SBF conference: 

A question was posed to DPM Gan that went like this:

You have a very demanding job. On social media, we see two variations of your post. One is where you are flying somewhere for work. Another is where you are meeting your residents at MPS. How do you think this is sustainable? And what does it take to attract talents to do this very demanding job you are doing right now?

His answer:

I think the key really is that you must enjoy what you're doing.

When I visit countries, I enjoy meeting people and getting to understand their thinking. I always find it fascinating to discover that their ways of thinking can be very different from our own. When you meet Americans, for example, you begin to understand their psyche, their approach, and why they do certain things. When you understand their reasons—the rationale behind their actions—you compare it with your own perspective, and you realize the differences. Sometimes, these differences are very enlightening. They help you better understand how to deal with them and how to cooperate with them.

It’s not just Americans; every country is different. So when I visit countries, beyond going to expos and visiting our pavilion, I find meeting people and discovering their perspectives to be very exciting.

In Punggol, for instance, there’s a different approach. When I spend time there, I always treat it as spending time with my friends. In the evenings, I’m sure you also go out with your friends—have dinner, engage in activities, and do things you enjoy. Similarly, whenever I go down to visit my residents in Punggol, I treat it as visiting my friends, having dinner with them, and doing house visits as though I were visiting a friend’s home.

In that way, you get to know your friends better. You enjoy doing it and look forward to it. You don’t feel tired, because just like going out with friends at night, it energizes you. If you take that approach, you’ll find it more sustainable—not in the carbon emissions sense, but sustainable in terms of your interest and engagement.

If you look at it as just a job, you’ll get tired and burn out quickly. When we do these things, we need to approach them with genuine interest. You must really like doing them. That way, when you wake up in the morning, you’re excited: “Oh, I’m going to do this and that today.” But if you wake up thinking, “Oh no, I have to do this and that today,” it becomes very hard to even get out of bed.

So I encourage all of us to take a positive approach to whatever we do, so that we enjoy it and can sustain it in the long term.

In other words, try to find joy in what you do—don’t just treat it as a job. Inherently, this also means you need to find work that aligns with your personality. If meeting people drains you, it’s best to choose a role that minimizes such interactions. On the other hand, if engaging with others energizes you, look for opportunities that involve collaboration, relationship-building, and community engagement. The better the fit between your personality and your work, the more naturally you’ll sustain enthusiasm and avoid burnout.

I find what DPM Gan said above quite surprising, actually. How can the MPS session possibly be similar to meeting friends?? Those people come with their problems, you have to listen to their problems and think of solutions. If you can't solve their problems, they won't be happy. There is definitely stress involved. I don't think meeting friends involves such a situation. I think ordinary people will be burnt out after just one session. 

Blessed are those who are able to find the job they like, for their work will become a source of joy, not just a means of survival.

Dividends for Jul 2025 - Towards 5k a month

Here are my dividends for Jul 2025:

                                    

So I collected $4,472.56 in dividends for this month. 

 
In case you are wondering, some stocks are repeated because I have 2 brokerage accounts.

Here are my monthly dividends over the last 6 years:

                                 

Here are the dividends I collected every year until the current day:

Already surpassed the yearly dividends from 3 years ago.

Here is the progress of my average monthly dividends over the years:

                         

The value for 2025 is just based on 7 data points though, and it may decline as we get more data points.

I plan to first receive $2500 (achieved), then finally $5000 in dividends every month on average.

Additionally, I share the interest I received from the various banks for the deposits in this month:

                                        

Also, in this month I made $18.70 from my side hustle - Grabfood delivery. 

All in, I made $5,182.43 this month from dividends, interest, food delivery.

Onwards!   

         

Unboxing Chocolate Finance 1 yr old birthday gift

I have been a customer of Chocolate Finance for some time now.

Recently, it was their 1-year-old birthday, and they sent me a gift.

It came with a nice card:

Free Tiong Bahru Bakery atas coffee from Chocolate Finance:

Thank you, Chocolate Finance! 

Tiong Bahru Bakery is a luxury food for me; I bought their croissants once for my kids, and that was it. Now I can get a chance to try their coffee 😀!

My money in Chocolate Finance:

If you need a referral link for Chocolate Finance, feel free to use the one below, and you will get free $10 if you sign up and add money to your account:
https://share.chocolate.app/nxW9/nmo6sfup

Below is the unboxing video: