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Andrew Fong

Associate Partner at St. James's Place Wealth Management

Andrew Fong

Associate Partner at St. James's Place Wealth Management

10Upvotes

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Associate Partner at St. James's Place Wealth Management

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Associate Partner at St. James's Place Wealth Management

Andrew Fong

Associate Partner at St. James's Place Wealth Management

10Upvotes
  • Answers (22)
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General

Savings

My recommendation is 3-6 months of expenses (as you have stated). For medical expenses, an as-charged private medishield plan should be able to cover those. It will not cover medical expenses such as TCM, alternative treatments though. If you take up a Personal Accident plan, then you should be covered for most situations that incurr medical costs.

Investments

Savings

Retirement

If you save $1,000 a month for 30 years, you will be able to achieve that target sum of $1,000,000 but only if you place the money in a financial instrument that will give you returns of approxiamately 6% per annum. Key point: you will have to invest the $1,000 a month as the bank interest alone (based on current rates) will not be enough.

Bank Account

Investments

Property

Follow the 50-30-20 rule. 50% for expenses, 30% for housing, 20% as savings. As you're living abroad & probably having to pay rent, I would consider your rent under the 50% expenses portion.

Investments

Insurance

3 stages of Financial Planning: 1) Manage your cash flow & establish an emergency fund 2) Protect yourself against financial risk (Insurance) 3) Invest a portion of your monthly surplus It has to be in this order. It doesn't make sense otherwise. Regarding the policies that your parents may have taken up for you. Check on what these are. In my opinion, if these policies are endowments they do not count as protection against financial risks as they are designed as saving tools.

General

Investments

Certain questions like your risk appetite, investment/savings goals, affordabilty need to be answered first before a recommendation on where you should allocating your money to can be made. This is just a surface level answer, a more detailed discussion is needed before making a recommendation.

Savings

Bank Account

Off-hand I would say that SDIC has not had to pay out since it's inception as I do not know of any incidences where banks/insurers have failed to payout to their clients in Singapore due to default. With effect from 1 April 2019, the limit has increased to $75,000 https://www.moneysense.gov.sg/articles/2018/10/understanding-deposit-insurance

Savings

Bank Account

Depends on what you mean by "best". 1) If you're looking at interest rates, consider the higher interest savings accounts offered by many of the banks. You will get higher interest rates just by getting your salary credited to that account. 2) If you're looking at the ease of transferring money abroad with better exchange rates, the multiple currency accounts (such as the one by DBS) would be suitable.

Investments

Savings

Bank Account

1) Get your salary credited to one of the many higher interest savings accounts available. 2) Consider placing some of your emergency savings into the Singapore Savings Bond 3) If you are planning to return to your home country/to another country at some stage (& that is a higher tax jurisdication than Singapore), look at what tax advantage options are available which you could benefit from by being offshore. 4) Start saving for your retirement as most companies in Singapore do not have a pension plan for their expat employees, so the onus is on you to do that.

Fundamentals

Investments

1) Trying to time the market is next to impossible 2) Set aside emotions/sentimental feelings 3) Remind youself about what the objective of the investment is

Fresh Graduates

Savings

Investments

I would not recommend topping up your SA as you may need the cash in the near future. I would recommend using that spare cash for savings/investments instead in an instrument that has the allows for growth (to get returns higher than inflation) & liquidity should you need to use the money.
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