Anonymous
Will you be able to offer packages like Budget, normal, luxury and low to high risk products?
Example. A budget and low risk profile, you will advise the individual/family to buy term insurance with specific amount, hospital insurance that are not full coverage and investment that are stable low returns.
I find it hard for people to DIY for themselves and tailor made financial planning is costly. Although the packages may not be most effective, but it does provide a direction for us to follow.
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Christopher Tan
24 Jan 2019
CEO at Providend Ltd
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Hi anonymous, thank you for the question. My conviction is that financial planning need not be complicated and you can actually DIY if you:
Take time to learn how to do it
You have the time to do it
You have the interest to do it
You save money by not using an adviser. So with a limit time and space, let me provide some simple guidance:
a. Estimate your monthly income
b. Set a target saving amount per month
c. Income - savings = How much you can spend
d. Divide your spending into fixed and variable expenses
e. For your fixed expenses such as mortgage, insurance premiums etc, set it aside every month (maybe into a separate account) and Giro off from this account to pay your fixed expenses
f. For your variable expenses, pay using cash or by debit card to avoid overspending
a. Hospital Plan - such as Medishield Life or an IP
b. A low cost term plan to protect against loss of income due to death, disability or a critical illness)
c. An optional critical illness plan to pay for alternative treatment that cannot be paid via a hospital plan.
(You can visit www.moneyowl.com.sg to estimate your insurance needs and estimate the premiums)
Hope this helps.