TJJ Learning Journal | Dividend Investing for FIRE

 This article was written with reference to DBS Media Briefing Transcript and Analyst Call Transcript for FY2025, which can be found at https://www.dbs.com/investors/financials/quarterly-financials During the DBS Full Year 2025 earnings call, CEO Tan Su Shan described the year using two specific words: A "Perfect Storm." She is entirely correct about the macro environment that our Singapore banks had to operate in. Benchmark interest rates (SORA and HIBOR) crashed by almost 2 percentage points. The Singapore Dollar remained brutally strong, hurting the translation of foreign earnings. Finally, the new 15% global minimum tax kicked in, slapping the bank with an additional SGD 400 million in tax expenses. DBS headline net profit fell 3% to SGD 11 billion. But if  you look at the actual operating engine, pre-tax profit rose to a record high of $13.1 billion . Total income grew 3% to a record $22.9 billion .  Deep Deep Deposits When interest rates drop, the textbook resp...

Writing this with reference to the Earnings Call Transcript posted here: https://finance.yahoo.com/quote/UOVEY/earnings/UOVEY-H2-2025-earnings_call-415512.html UOB just released its Full Year 2025 results, reporting a net profit of SGD 4.7 billion . Operating profit saw a slight 4% dip to SGD 7.7 billion . Here is my breakdown of the latest earnings call, and why UOB remains a core position in my portfolio Falling Rates But Rising Fee Income The market priced in severe NIM compression this year, but UOB's margins have proven stickier than anticipated. While full-year NIM settled at 1.89% , the downward trajectory has slowed. In fact, Q4 NIM ticked up to 1.84% (from 1.82% in Q3) , and management noted that as of end-January 2026, the exit NIM remains stable at 1.82% . This resilience is a direct result of active funding cost management . UOB successfully drove double-digit CASA (Current Account Savings Account) growth in its wholesale banking division . This influx of cheap deposit...

 I believe that there is a common mistake when people are making their retirement plans and chasing Financial Independence. They try to find the "one perfect asset" that will fund their entire life. They want the CPF to do everything, or they want some investment products to do everything, or rental properties to do everything etc. As an investor, I don't believe in relying on a single pillar. If that pillar cracks, the entire roof comes crashing down.  I view my passive income and simple retirement plan like a Kueh Lapis. It needs to be built in distinct layers. Each layer has a different texture, a different risk profile, and serves a completely different mechanical purpose. If you are just relying on one source of passive income, you are missing the structural integrity that comes from a fully stacked income plan. Here is the blueprint for the 4-layer architecture I am building toward. Layer 1: CPF LIFE Risk: Very Low. Liquidity: Zero (until 65). The Purpose: This i...