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SeedlyTV S1E01

Beginner's Guide to Personal finance. LIVE on Wednesday 27th March 8-9pm!

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Credit Cards

SeedlyTV S1E01

How to know if paying tax using credit card through CardUp like service is worth it?
I am a new user of Cardup. Below is my review. Review: Have been contemplating whether to embark on such a platform as I didnt feel secured. However, as more and more banks has stopped issuing points/ rebates for payment to insurance company, I decided to revisit Cardup. After reading up, I am encouraged by lots of reviews that it is indeed quite legit. So my plan is to spread my insurance payments into the different months and try to hit $2000 spending per month (a mixture of cardup for insurance and tax, and retail/ online spendings). I will charge all these to UOB One Card and get $300 cash rebate quarterly. In this way, I will be getting a rebate of 5% - Cardup fee of 2.6% = savings of 2.4%. This is quite decent. Note that for income tax, you can only make a lump-sum payment and monthly instalments is not allowed. By doing so, I do not need to crack my brains on how to spend $500 for my OneAccount to get the bonus interest too, as Cardup is considered an eligible spending. I can then channel my spendings to another credit card for other rebates. By using Cardup, if I spend $2000 consistently for 12 months (which can be quite achievable if you are paying insurance premiums for your family members), you will be getting quite a substantial amount of rebates! Moreover, sometimes, Cardup will have promotional rates, for instance, currently, for rent, there are charging 1.9% fee instead of 2.6% (valid till end Jun 2020) and 2.25% fee on other payments instead of 2.6% (valid till end Jun 2020). This is indeed quite worth it! Use my Cardup promo code PEIFANGC906 to get $20 off your 1st payment if you are keen to explore!
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Savings

Investments

SeedlyTV S1E01

I am currently 20, in my first year or university with about 5k in savings, and currently not engaging in any part-time work. Any advice on how to grow my savings ?
Hello! I think the first step would be to set up high-yield bank accounts. You could take a look at the few listed below: -RHB (1.05%pa) -Standchart Jumpstart (1%pa, if you are 26 years old and below) -Singlife (2.5%pa. do note that this is actually an insurance savings plan) After doing so, you should track your monthly expenses to ensure you do not spend more than you have allocated for and follow it as best as you can and to always save a portion of whatever allowance/income you have!
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Bear market

Investments

SeedlyTV S1E01

What are some indicators that a bear market is over?
Lee John

Lee John

Level 8. Wizard

Answered on 10 Aug 2020

Improving GDP, higher employment rate, increasing PMI, etc.
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Insurance

SeedlyTV S1E01

I just started working 3 months ago. I’m concerned about my insurance. How do I know what insurance is enough for me so that an insurance agent won’t sell me too much?
Your insurance needs change over time. Based on your profile, we can provide an instant overview of your coverage gaps and possible steps to fill the gaps. Do check out our Life Stage function where you can get personalised analysis of any potential insurance protection gap in just 2 mins. You can use this as a point of comparison when chatting with your FA. If you have any other questions, feel free to reach out to us at our Seedly Forum.
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Investments

Savings

SeedlyTV S1E01

National Service (NS)

I just got out of NS, waiting to enter UNI. I really want to get started in investing but I’m afraid I will not have enough money to spend in UNI. What should I do?
Tay WenHao

Tay WenHao

Level 7. Grand Master

Answered on 23 May 2020

Hi, if you are thinking about this right now, it means you are not ready to invest. 1. You did not set aside enough funds for your daily usage and emergency fund. (Thus you are afraid of having not enough money in future) 2. Which also means you have limited capital. I've always shared the following example with my friends that are rushing into investing because of FOMO. - If you only have $10,000 now, investing it and getting a return of 5% p.a. is just $500 a year. Which is around $40 a month. - If you were to save the money in SBC Jumpstart (since you are below age 26), you will get 2% p.a. which is $200 a year and around $16 a month. - The difference between both of them is only $24 a month and the amount of risk is vastly different. The 1st option may end up losing more money (risks of investing) however 2nd option is risk free. Is $16 worth the risk? I would suggest you to look for alternative sources (side hussle) for more income and build up your savings and capital for investments in future. All the best!
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SeedlyTV S1E01

What happened to the donut giveaway?
Hi! We have selected the winners for the donut giveaway and I have announced it on the S2E01 Giveaway question! There will be more giveaways coming so do look out for them (-:
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Savings

Credit Cards

SeedlyTV S1E01

Practically as a first jobber, how do you set aside money into which accounts so that you can make the most of the interest of banks?
Junus Eu

Junus Eu

Level 9. God of Wisdom

Answered on 18 May 2019

I currently have my Citi Maxigain savings account topped up to 100k (because beyond 150k, you don't avail the step-up interest of 2%). Currently that gives me the best interest rates with no hassle of minimum spending etc. For the rest, I use Standard Chartered Bonus Savers account (but am not liking the minimum card spend etc BUT this gives you the bonus with salary creditting), and the rest I have in CIMB for all the rest of it.
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Insurance

SeedlyTV S1E01

I currently have no insurance policies yet but I'm ready to buy my Personal Accident and Hospitalisation plans. Would it be worth going with AIA to get on AIA Vitality?
AIA plans are not the cheapest plans in the market. However, I do feel that AIA Vitality is the dealbreaker for me. For $8/month, I can earn up to $10 vouchers ($5 + $5) on Grab, Cold Storage or Starbucks. Effectively, that is $32 ($40-$8) earned just by keeping fit. Do check with your trusted financial advisor if signing up for AIA Vitality has premium discounts for your PA or hospitalisation plans. Look through the benefit table if the plans covers your needs as well. Hope this helps!
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Securities

Investments

Stocks Discussion

SeedlyTV S1E01

What is the minimum amount of money that you will need to buy your very first stock in the stock market?
Billy Ko

Billy Ko

Level 7. Grand Master

Updated on 07 Jun 2019

Thanks for the question, there are in fact many who have the same query as you. It really depends on the stock that you intend to buy. Talking about blue chips-wise, after the reduction in minimum purchase size of 1000 shares to 100 shares in 2015, it has significantly reduced the starting capital required. Just head on to SGX.com, whatever prices you see at the Last Done column, multiply it by 100 and that is the minimum amount you're required to foot. However, do take note of the commissions per transaction which can be found here as done up by Seedly https://blog.seedly.sg/the-ultimate-cheatsheet-cheapest-stock-brokerage-in-singapore/ In a nutshell, if you utilise the CDP account a.k.a. Cash Account in brokerage firms, it costs minimum $25 or 0.28% (whichever is higher) per transaction excl. SGX fees. So all in all, if you were to buy and sell a stock, it'd cost a total of $60. Now, if we look at DBS which is trading at $25.29 (as of time of writing), if one were to purchase the minimum amount, which is 100 shares, it'd be $25.29 x 100 = $2529. After addition of the commissions, in order to breakeven, you're required to sell DBS at $2589. Therefore, the share price has to rise approximately 3% before you can bag a profit.
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Investments

SeedlyTV S1E01

Which type on investment strategy, passive or active carry higher risk?
I feel that the nomenclature used here (passive vs active) are overused and misused. The real question and decision you are trying to make is: (A) Buy ETFs (B) Rely on other humans to manage your money (mutual funds, investment linked policies, REITS etc) (C) Do-it-yourself Option A gives you “market” returns, which average around 7-10% annually. Option B requires some amount of thought and selection. Most funds do not outperform the market. Most financial advisors’ incentives are not completely aligned with yours. Option C is what i encourage most people to do (eventually). Sure it takes time and tons of self-education. Maybe you can’t do it in your first ten years of your working life (you don’t have much capital anyway). Take 10 years to learn. I always feel that Personal Finance comprise two different components. The Finance part is easy, with plenty of literature on the topic. The Personal part, because it’s personal, is very difficult, and the option you choose, ultimately depends on your lifestyle, lifestyle needs, preferences etc. If you have a long term goal (e.g. retire at age 65 with $5M in the bank), but you don’t think you will ever earn more than 100k a year, then Option C is likely the only way you can achieve your goal. Better start cracking. If you have a long term goal (e.g. retire at age 65 with $5M in the bank), but you are on track to earn 500k a year, then Option A is easiest. (Actually, any option will probably get you there, if you are not buying ferraris on a regular basis).
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