Got Money, Got Honey! is personal finance blog written by a non-professional who shares his point of view as a retail investor. His blog is an open diary of his honest opinions about anything that has to do with personal finance.
Just excreting my thoughts out here on my blog, don't mind my mess. People say I don't blog enough, so here you go.
I have bank accounts with the following banks:
DBS OCBC UOB SCB CIMB Citi
I have decided that I am going to cut away everything to just 2, maybe 3 banks. Still thinking, but haven't decided yet.
Probably will keep OCBC since the 360 Account is _okay_ and the 365 card is also decent. I spend most of my money on food, so that 6% cashback is a decent reward.
DBS is actually the account I *USE* the most, because of the easy FX transfers. Basically, 0.7% FX spread for same-day transfers. If anyone has a better lobang for sending and receiving FX, I would love to hear it. DBS also has the best ATM network, hard to beat that.
And in that sense, I really give almost zero or no shits anymore about maximising or optimising my credit card spending rebates / cashbacks or my bank deposits interest rates *gasp* . It's jumping through hoops for tiny scraps, when I have access to much higher returns. Of course, no risk, no rewards. Don't blindly follow the stupid things I do. I am GMGH after all, and you're just a normie.
I will also be simplifying my credit card situation. Planning to cull everything down to just 3/4 cards:
1. DBS Passion Card / Mastercard Debit card / ATM card / EZ-Link 2. OCBC 365 Visa Credit Card 3. Monaco Crypto Visa Card 4. TenX Crypto Visa Card
I must admit that I was too quick to judge Monaco back in the day. I now have a nice flashy METAL Monaco card in my wallet, and I've used it to convert crypto to SGD to spend just like a debit card, and I've even withdrawn cold hard SGD cash from the ATM. It's quite nice.
The crypto cards are nice because they basically allow me to CASH OUT my crypto to the tune of ~$2000 SGD a month ATM cash withdrawals + whatever I spend on the card themselves. Basically, it's a very easy, fast and flexible off-ramp out of crypto.
This allows me to keep the vast majority of my networth and wealth off the grid and in the cryptosphere, and lets me have full financial control over how much money I want to re-inject back into the traditional banking system to meet my expenses.
Anyway as such, I plan to cancel all my other credit / debit cards and keep my card situation very plain and simple.
In terms of insurance, that part of my life has been dead simple since May 2017. All I do is just to check and confirm that my premiums are paid and my policies are still in force, every now and then. I never ever think about insurance.
In terms of retirement planning, well let's just say that even after crypto's deadly bear market, my profit from crypto is in the healthy 6 figure sum.
As crypto continues to mature, there will be plenty of opportunities for me to squat on income producing assets, or even just highly appreciating assets and realize massive capital gains later.
I know it sounds retarded to even talk about, but the "income" I am getting from crypto on a monthly basis is ridiculously high. I expect the yields to continue to compress massively as "finance bros", perhaps like yourself, realize how disgusting the yields are in crypto and come to farm them. Why risk trying to get 8% with stocks and assume downside risks, when you can eat 8% weekly interests with only blackswan risks? I know I wouldn't. And I walk the talk.
I am ideally targetting a comfortable low 4 figure WEEKLY income by end of 2021. Again, I know, it sounds absolutely retarded even just saying it. But oh well, let's see how it turns out.
I actually tweet a public crypto address that showcases part of my weekly passive income claims. It was ~$500 last week. And mind you, it is PART of what I do.
Anyway just do your own research and buy your own things after your own due diligence, and I will do my own things.
So, wow, lots of ramblings.
Action points: - Close bank accounts - Cancel credit cards - Simplify and consolidate finances
I'm already farming 14% APR on a USD stablecoin, but the process is far too complicated for you normies to understand, so I will NOT be talking about it since it's more likely that you blow up your capital from screwing up on-chain transactions than to eat 14% APR and live happily every after.
As always, crypto is super dangerous af, so you should only buy in when BTC is at $100,000 and your government says its okay and not a ponzi anymore, and DBS has a unit trust that you can buy in to get exposure, sold to you by a cute XMM, LOL.
As of now, I am 99.99% certain that DGD will fail to achieve anything.
It is extremely likely that in the foreseeable future, they will either:
1) pivot to do something else with all the DAO funds 2) re-distribute back all the DAO funds
While some people are extremely doubtful that they will ever distribute the funds back to DGD holders, I had a recent epiphany.
Why not just pretend that the DAO funds will likely never ever be returned, while fundamentally destroying the project at the same time?
This will cause price to tank (yes, even more, lol) and the cartel can just place low-ball bids and absorb the rest of the supply.
Once they have taken over plenty of extremely cheap "shares" relative to NAV (now they are under 50% of NAV, I can imagine them buying out the entire exchange supply at 10-25% of NAV), they will then have a "governance" vote and approve the closure of the DAO and the disbursements of the ETH to token holders.
This way, things are done "cleanly", since people willingly sold their tokens on the market.
Perhaps me writing out this playbook will actually prevent the cartel from engaging in this strategy. But you know what? With literally millions of dollars worth of ETH locked up in the DAO, greed will drive them to do this strategy. It just makes sense.
Let's see how if the screwed up and evil scheming mind of GMGH actually turns out to be the exact playbook that happens.
By the way, BTC is over $10,000 USD and ETH is over $300. That is all. Have a nice day.
Q1. Should I buy Libra? A1: I do not give financial advice. My private buy/sell signal group is open for 1 BTC / month, no refunds. email for details. kek. (This is an IQ test by the way. If you send me BTC, I'm keeping it, for real)
Q2: Does this mean Bitcoin is dead? A2: No.
Q3: Does this mean Ethereum is dead? A3: No.
Q4: Does this mean (insert other crypto coin) is dead? A4: Very likely.
Q5: Is Libra a threat to fiat currencies? (SGD, USD, EUR, etc) A5: Extremely high threat.
Q6: Will Libra be banned? Q6: In some countries, it probably will be.
Q6a: Will BTC/ETH be banned? Q6a: You can ban it, but you cannot enforce such a ban on BTC and ETH.
Q7: Can Libra censor transactions? Q7. Yes.
Q7a: Can BTC/ETH censor transactions? Q7a. No.
Q8: What are your thoughts on Zuckerbucks? A8: All you sheep are gonna get woke real fast about government fiat currencies, and that is going to be a EXTREMELY positive for neutral, decentralized, open, un-censorable cryptocurrencies like BTC and ETH. You don't know it yet, but you WILL be buying crypto once you become educated.
I welcome all new crypto converts to living the enlightened life.
When the financial section in newspapers and websites, and other bloggers start talking about FaceBucks and eventually move on to talk about cryptocurrency, remember who was the one that was always around.
With Binance SG finally live to purchase BTC, ETH and BNB with SGD, I thought that it's a good time for me to make a small portfolio to show you "normies" that this is all you need to capture most of the value in the crypto space.
I'll be doing a DCA with a 40 / 40 / 20 split into the above coins through Binance SG.
So yeah, I'll come back and talk about this from time to time.
Few things to note: - need an Xfers account - fee is 0.8% - min purchase is $20
That means, with a 40/40/20 split you can theoretically do $100 a month since you can meet the minimum requirement of $20 per trade for the BNB trade.
If you're aggressive of course you can scale up the amount more, or do the DCA more frequently. (I am NOT asking you to do any of that, nor copy me).
Only problem about this portfolio of mine is that I already used my account to buy BTC to test out the platform earlier this month, and I'm already up +40% on that purchase lol. I'll probably just adjust away that purchase when I reflect things. Oh well, more work for me, sian.
Also, if you are keen to finally be able to easily buy crypto without the hassle of remitting USD to an overseas exchange, then Binance SG is a pretty good choice.
What is an Inverted Yield Curve? "Historically, inversions of the yield curve have preceded many of the U.S. recessions. Due to this historical correlation, the yield curve is often seen as an accurate forecast of the turning points of the business cycle."
When you lend money to the government for 30 years, you get back negative returns.
Just let that sink into your brain for a bit. But don't mind me, I'm just a cuckoo crypto person.