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Endowment Policies

Insurance

Savings

Endownment plan?
! Hi Anon, this may answer your qn. I actually like NTUC's one slightly better due to fastest break even period and plan till age 120 (useful when appointint a secondary life assured).
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AMA The Woke Salaryman

Retirement

Savings

Any single premium retirement annuities with good guarantee returns?
! Hi Anon, here's a quick snapshot comparison for single premium lifetime annuities that I carry. I personally prefer Taiping's policy due to highest potential payout and good surrender value growth as well.

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Singlife Account

Singtel Dash EasyEarn

Elastiq

Savings

Investments

Lifestyle

Regarding products similar to Singlife?
Kenny Pang
Kenny Pang
Level 4. Prodigy
Answered 6h ago
Those 3 are the key ones. There's other cash management products you can consider. Seedly has a post on this - check it out here - https://blog.seedly.sg/cash-management-accounts-singapore

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Critical Illness (CI)

Early Critical Illness (ECI)

Insurance

Savings

Critical illness coverage?
Hi Anon, I'd consider a little bit of both. Assume you're making 50k/yr. The recommended amount of cover would be $250k (5 X Annual Income). I would probably do a $200k ($100k X 2) Limited Pay WL + $50k Standalone ECI/Multi Claim Term plan. This way you get strong lifetime cover plus possible multiple payouts should you be unfortunate to have multiple claims. My choices for the top WL policies are Aviva, China Taiping, and Manulife and for Standalone ECI/Multi Claim policies would also be Aviva, Manulife, and possibly Singlife.

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Savings

Investments

ETF

I have 12 months' worth of salary in savings. Now, should I invest everything after expenses or continue saving a portion of my monthly salary and invest the remaining amount?
Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Answered 12h ago
With a savings account it can be difficult to beat the inflation rate. surely you should first read a lot on investing, which then really is a good option when you can 'park' your funds untouched in a brokerage account for at least 15-20 years. This, because stock market investing was possibly the best performing asset allocation over these long time intervals historically. here is a beautiful primer for novices: https://sias.org.sg/wp-content/uploads/pdf/SIAS3DimensionGuideBookToInvesting.pdf and here I have written up, what not to do with your money: https://seedly.sg/questions/what-is-your-general-investing-philosophy-strategy If you really want to invest into stocks, possibly the lowest risk and best diversification mode is via an MSCI World ETF or MSCI ACWI ETF have mentioned advantageous example ETFs in the link. GOOD LUCK with investing, and always be careful with recommendations your bank or insurance advisors give you, conflicts of interest are inherent in finance industry.

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Lifestyle

Rent

Property

Savings

Rent vs Commute? Should I rent a more expensive room near my workplace or rent a cheaper room far from my workplace?
Kenny Pang
Kenny Pang
Level 4. Prodigy
Answered 13h ago
The latter for me. Singapore is tiny. As long as my commute doesn't exceed an hour, I can live with it. Money saved can be used for investments :)

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Wedding

Resale HDB

CPF

Savings

Do you start talking to your gf/bf about finance before or after getting proposed to?
Daniel Kok
Daniel Kok
Level 5. Genius
Answered 12h ago
I was together with my current wife for 5 years before proposing so we had long enough time to discuss. good thing is we were very much aligned in life's direction and spending habit's so there wasn't anything much to worry before. An advice would be to discuss and plan your finances before taking the relationship to the next level :)

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Savings

Is there any minimum amount for emergency savings? If you don't mind sharing, what is the range for your emergency savings.?
Hi anon, At a minimum I would say that you would want to build up to at least 6 months of expenses if you are just starting your career, but have more if you can. Frankly the answer varies from person to person, but some of the factors that affect how much one should hold, include things such as: - Your current age. If you lose your job in your 20s, you can reasonably expect to find another job, although how long that will take is another matter. For someone in their 50s, they may have to enter involuntary forced retirement for good and thus it would be prudent for them to hold more emergency funds to tide them over the period before their retirement income portfolio starts to pay them. I suggest at least 12 months of expenses in your 20s, increasing by 6 months every 10 years or so as you approach retirement. - Your lifestyle. Some people have been very used to a cup of starbucks a day and will find it hard to cope without it. Others may just drink it once a week or lesser, and are totally fine with cutting it out of their lives if push comes to shove. Thus do look at core expenses, which is the expenses that will be there no matter what, such as bills, and basic food. Not every meal needs to be in a food court. Hawker food is still affordable and delicious. Segregate your expenses into the real expenses and the wants. You'll know what you really need to spend in a month should things turn bad. - Your employment. As a self employed, I personal keep more in my reserves, as operating on a 6 or even 12 months expense reserve is too little for my liking. Even if you are regularly employed, ask yourself: How long would you need to find a new job, and how would you cope if you reach 5 months of joblessness and your emergency fund is down to a month? You would probably feel even more stressed, which might negatively impact your performance at a crucial interview. I'd rather not go down that route. - Your non-cash obligations. These might become cash obligations, e.g: If your CPF OA doesn't have sufficient funds as a buffer when paying a mortgage, it will run dry rapidly should you experience unemployment and you will have an additional cash expense which you can't escape from. Your expenses will go up in this case. - Inflation. If you have put aside enough for 12 months of expenses some time ago (based on past year's expenses), you might want to review again. Inflation creeps into the picture easily and over time, what was once enough for 12 months may only be enough for 11 or even 10, even if you didn't change your spending habits. I personally continue to add on to my emegency fund every month, but only with something like $100-$200/mth just to hedge inflation. Review again every few years to ensure the amount stays meaningful and relevant to your situation. There are probably some other minor factors as well, but all these added together should give you an idea of how much to have in your emergency funds. In the end, it's all about having enough such that you feel safe in riding out any loss of income from your day job, while you build up your other income streams to eventually be free. I personally have 18 months of emergency funds kept fairly liquid, but I am looking at increasing the absolute amount when my house is here since I intend to pay for the mortgage in cash.

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Savings

Family

Lifestyle

How to remotely open a join account in Singapore?
You can just apply for the joint account online through your ibanking portal! They would mail you the card in a few working days, very fast and simple :)

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Cryptocurrency

Personal Finance 101

Savings

P2P Lending

Economics

DeFi: Is Decentralised Finance The Future?
We are shifting from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized tech.
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated 1d ago
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