Hk Basic Expenses

[coolgirl]

PDLM, thank you! Finally, I understood it. Because the way I saw it, we never really pay in advance. So I was wondering what everyone was complaining about

[PDLM]

What they are generally complaining about is their own inability to save ahead for the tax payments. If you arrive in about July/August then you don't get normally a tax demand for at least a year, and when you do it is for about 21 months taxes. You don't have to pay it until 18/21 months after you arrived, but many people can't cope with the financial discipline required.

[coolgirl]

Seesh, okay. Because I was told you pay the next year "in advance" when you actually don't.

I actually prefer it this way because I earn a little bit of interest

[beafan]

ok.. so now i get it
i got a PREAPPROVED tax loan from hsbc this week for like 70K @ 8.01% interest and i was freaking out cuz i'm thinking hsbc must have calculated that i need 70K for me to pay my taxes (i hvnt got my tax demand docs yet)

when the dinger comes am i going to gauge my eyes out cuz i put my 13th month bonus salary aside in savings... is that going to be enough

[freeier]

8.01% interest ? that's crazy. many of the banks are offering at much lower rates.. effective of maybe 5~6%....

[beafan]

8.01% interest ? that's crazy. many of the banks are offering at much lower rates.. effective of maybe 5~6%....

yeah i know. my friend told me i should take the loan out and put them into stocks. i told him that's crazy. maybe if it was like 5% or sth.. but even still..

[freeier]

u sure u going to make more than 5% on your stocks. no potential loss of capital ?
some people are just reckless in life. 8-P

[beafan]

are there any reading material you would recommend to learn more about investing in hk? english reading material.. and in layman's terms

[freeier]

hk ? doubt so.
read some of warren buffet's stuffs. its logical and intuitive.
frankly the whole of asia is quite a casino.