As a taxpayer to be on an income tax radar is the last thing that I expect in my life :). It is not the case that I am not paying my taxes honestly or has something to hide. To be fair and logical as a taxpayer, even though my slate is clean still, it is practically impossible for a taxpayer to explain each and every financial detail/transaction. To err is human and sometimes it is unintentional. Before I proceed, let me clarify that all the details shared in this post are based on my personal understanding of the subject. It is my own interpretation that may or may not be right. Therefore, I ... Read More
How Many Savings Account Do I Need?
How Many Savings Account you should Hold is classic Personal Finance dilemma. It can be loosely correlated to Prisoner's dilemma between your mind and heart. There is no right or wrong answer to this question. In my opinion, i consider Savings Account as most important enabler to financial planning. It tells how good you are in financial planning. In my financial journey so far, i have observed 3 set of individuals. First set is those who have only 1 Savings Account. The rational is that they are not good in managing multiple Savings Account and end up paying penalty for non-maintenance of AQB ... Read More