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Is having a child an expense or investment?

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Parenting

Lifestyle

Should people have more kids than they can afford to? I understand that some people do not have the concept of family planning, but for those who do... Is it right...? Is there a right or wrong?
Hello, if you are saying like because they want someone to look after them in their old age. I am sure that would mean the parents should also take good care of them when they are still young. Therefore, if they were to have more kids because of this reason, they probably have the ability to raise them up at least decently. Then if it is just because they want kids and maybe they want kids because they like kids. If they like kids, they would not want them to suffer, I would think it is innate in human to look after their own blood. In my opinion, they are not considered selfish unless you are saying they cannot even afford to pay proper meals for them then it is back to the question of if the parents treat them like "junk" after they grow older then how will the kids treat their parents when they are old?

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Family

Parenting

Lifestyle

How much money should a couple have before starting a family? Our combined monthly income is $6k (before CPF cries) as of now, so we are quite worried about our future finances. Any advice?
Here's my harsh approach. If you're single and can't afford to save 60% of your income, you can't afford to get married. If you're married and can't afford to save 40% of your income, you can't afford children. If you're married with kids and can't afford to save 20% of your income, you can't afford to retire. So if you can comfortably save 40% of your income now, kids can be an option. If it's a stretch, work on increasing income first before deciding on taking on another mouth to feed. All the best and good luck. :)

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Lifestyle

HDB BTO

Savings

Parenting

I'm a 25 F, married to a 27 M PR. We have not applied for BTO due to insufficient savings. How do I save money on childbirth and save up for BTO at the same time?
Hey there! Do get a liquid savings account eg. Singlife etc to get a bit of interest while you're saving. You might have to sit down with your partner to jot down the incurrable expenses and see how much you have to save then. All the best! Financial planning is an integral part of life. You can reach me here to find out more.

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Savings Accounts

Parenting

Savings

Planning to set up a savings account for my child but not sure which is the best. Would like to ask the community what are some of the most popular choices I can consider and what are their rates?
Tan Wei Ming
Tan Wei Ming, Writer at Frugal Youth Invests
Level 7. Grand Master
Answered on 20 Jul 2020
You can sign up for Child Development Account. Just check UOB CDA account is offering 2% p.a. interest.

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Insurance

Parenting

Life Insurance

Would you say an infant needs life insurance? why?
HI Malvin, I would say that it is more of what type of insurance an infant needs. In my view, in order of importance: - Hospitalization: This is a must. Hospital bills are quite high in Singapore for an admission. - Accident plan: HFMD and such can be cheaply covered by an accident plan. - Critical Illness: For insurability, this can be gotten if there is budget. I have seen children who were diagnosed with a CI when young. They generally won't be able to get any more coverage after that. The payout helps with the costs involved with the treatment as not everything is covered by hospitalization plans. And with the age of an infant, the premiums are really very low, and only payable for 10/15 years. - Death/TPD: Nope. There are no dependents. So, depending on the budget, the first three can be considered.

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Parenting

Home Loan

Family

Loans

Payments

Credit Cards

Debit Cards

My parents are retiring and I want to help pay off the remainder of their HDB mortgage. What is the best way to do that?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 29 May 2020
By official means, no. However, if you go 1 big round, maybe. Check this out for yourself. Amex True Cashback 1.5% > Top up grabpay wallet Apply for Grabpay Mastercard (GPMC) Use GPMC > Topup NETS Flashpay Card @ GTM Use NETS Flashpay to pay via AXS machine

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Personal Finance 101

Parenting

Investments

Savings Accounts

Savings

Robo-Advisors

Family

Hello parents! Out of curiosity, what would you do with your kid's (few months old) money, such as money from their baby showers and angbaos?
Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 6. Master
Answered on 29 May 2020
Top up his Child Development Account, for if I top up $3k, I get dollar-for-dollar matching contribution (another $3k) from the government

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Parenting

Savings

Hello, any financial tips for parents of a young child (3yo) and another one on the way this year end? What would be your prorities, and how much do you set aside for your child's future? ?
Penny Chong
Penny Chong
Level 5. Genius
Answered on 11 May 2020
This is my personal strategy that I learned from a mentor: I would recommend investing 50% in a market portfolio like S&P500 ETF as it historically yields 10% return and has a general upward trend. Another 50% can be other individual stocks that you like and see a potential of 10% return. Diversification is always important. There is no reward for bearing unnecessary risks.

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MileLion

SG Budget Babe

Family

Parenting

Miles

Credit Cards

Credit card miles for Pregnancy costs?
BY
Brian Y
Level 4. Prodigy
Answered on 29 Mar 2020
Hospital bills are generally excluded from spending - except for AMEX KF cards IIRC. However for now I still use Grabpay Mastercard (topped up using DBS Altitude) for any hospital bills, despite its more mediorcre earn rate now...something is better than nothing I guess? Hope it helps

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Investments

Family

Parenting

SG Budget Babe

We're 48 with no kids until now - we're adopting late sister's two-year-old. Never invested before because of personal reasons. Any advice on how we could invest now?
Before your start investing, it will always be helpful to go back to the basics - understand your cashflow. Here is some basic information: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, ensure that you are properly insured especially in terms of healthcare insurance. While we chase after our financial goals, do not forget the engine of this race - which is you! Thereupon, ensure that you are adequately covered in case of any health changes. Everyone wants to be healthy, but life is unpredictable. Thereafter, keep what you need in the bank, which is usually about 3 to 6 months your monthly expenses (as explained in the link above on understanding your cash flow). For the money that you can 'afford to lose', this money can be invested. This is simply because investment returns are non-guaranteed. Now, it depends on your investment objective and how long you intend to stay invested. For instance, one of the objective could be for the kid's education. As a result, you may wish to consider an endowment policy or to invest through an insurance company. This is because in the event that either or both of you passed on, what will happen to your invested money? Through an insurance company, it helps to protect the welfare of the child in a simplified manner. Of course, if you choose to do DIY investing, ensure that you set up a Trust and/or draft up a Will. Here is some information on the latter: https://www.blog.pzl.sg/what-is-a-will-singapore/ For both of you, the goal may be to create a stable stream of passive income for retirement in 10 years' time. To do this, we will split your money into various instruments, e.g. bonds, annuity, ETFs, blue chips, as well as unit trust. All things considered, the objective may be to build a well-diversified financial portfolio that covers all the financial gaps as well as the money that you all need for the rest of your life. One example could be to build a step-up annuity - where the guaranteed payout increases over time. Not only does this hedge against inflation, it also helps to cover fixed expenses over time. In another portfolio, it could be to adopt the concept of dollar cost averaging and invest in certain ETFs or unit trust. All in all, all these help you to build a well-diversified portfolio on an aggregate level for various purposes. Feel free to drop me a coffee invite if you need more details or for a comprehensive financial portfolio planning: https://www.work.pzl.sg/#coffee Here is everything about me and what I do best.

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