facebookI’m a fresh grad polytechnic student that just landed on a job recently. Not sure how I should plan my finances. I tried reading online about various kinds of insurances and investments (the risks etc) Any guides/tips that I can follow as ref? - Seedly
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Anonymous

19 Apr 2020

I’m a fresh grad polytechnic student that just landed on a job recently. Not sure how I should plan my finances. I tried reading online about various kinds of insurances and investments (the risks etc) Any guides/tips that I can follow as ref?

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    Discussion (6)

    Hariz Arthur Maloy

    Hariz Arthur Maloy

    03 May 2019

    Level 15·Independent Financial Advisor at Promiseland Independent

    Seedly has tons of articles on everything you need. So after reading up, speak to a FA and hear their thoughts.

    There are tons of 'Rules of Thumb' that you can follow such as the 50/30/20 rule for spending and savings, the amount of insurance coverage you'll require, how you should build an investment portfolio.

    I've covered these topics with my own thoughts and opinions for the last 7+ months on this platform. You can read my replies by going to my profile and seeing my questions anwered. :)

    All the best.

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      Pang Zhe Liang

      Pang Zhe Liang

      06 Dec 2019

      Level 14·Senior Financial Services Consultant at AIA Singapore Private Limited

      First priority is always healthcare. The reason is simple - medical inflation hits 10% in 2019. Accordingly, a single medical treatment could potentially wipe out all your savings. To do this, it is always valued to have your own private integrated shield plan. Here is why: https://www.blog.pzl.sg/is-integrated-shield-plan-necessary-in-singapore/

      After you have the basic foundation set up, you may consider a basic life insurance plan that covers for death, total & permanent disability, and most importantly for critical illness.

      There are many options available in the market, therefore, take your time to understand which suits your needs. Here is a general comparison between a term and whole life insurance to help you with some basic understanding: https://www.blog.pzl.sg/term-vs-whole-life-insurance-singapore

      Once you have a stable income, here is the general rule:

      10% to 20% of your annual income on healthcare insurance and life insurance

      Basic Life Cover = 10 times your annual income

      Critical Illness Coverage = 5 times your annual income

      Having mentioned that, this is a general guideline that may or may not work for you. The best way is always to have an in-depth understanding on your cashflow, current situation and future goals. It is only when we know you well enough, then it is appropriate to give you the best advice or suggestion that fits into your needs.

      On planning your finances, here is a guide to help you do some tracking: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/

      Accordingly, this is how I do my budgeting to ensure saving more money over time: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/

      Of course, speak with a professional who is capable of helping you analyse your situation and create goals for the future. This is like having a personal coach who is able to help you maximise your potential. =)

      Here is everything about me and what I do best.

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        Tan Li Xing

        Tan Li Xing

        06 Dec 2019

        Level 9·Financial Consultant at Prudential Assurance Company (Singapore)

        Hi Anon,

        Congrats on landing the job! I believe your concerns are very valid, and now you have the ...

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