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Ashri Mustaffa

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Ashri Mustaffa

Financial Consultant at Prudential

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Financial Consultant at Prudential

Ashri Mustaffa

Financial Consultant at Prudential

  • Answers (17)
  • Questions (0)
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Insurance

Financial Planners

Why are some Financial Advisors unable to represent an insurance company and sell another company’s products, even if it's better?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Answered on 08 Mar 2020
Well, it depends on a few factors: 1) The Company's Sales Distribution Channel strategy. Some companies prefer to have an exclusive branding. It keeps things simple and efficient for the company and its agents. Other companies prefer an expanded distribution channel / network. Company DC Strategy via Universities example : National University of Singapore doesn't have offshore programmes. University of London and RMIT are outstanding institutions as well, but has offshore programmes in Singapore. Retail Strategy: Yes, Mercedes has a distribution network, you can go to the distributors to compare Merc, BMW, Audi, etc but you can also go to the Mercedes HQ as well. But you don't expect to go to Mercedes HQ and find the guy sell you a BMW right? 2) Agents Working Style, Customer Purchase preference & Brand Loyalty Some people prefer selling or buying 1 brand, Others prefer selling or buying multiple brands. That's just human nature. I'm sure we all know someone who are hardcore brand loyalists. They will only buy Red Wings boots, Rolex watches, support Manchester United/Liverpool/Arsenal only, buy only Tiger beer etc. 3) As per any representative of any company, financial consultant or otherwise, our job is to represent the company we are working for, be it a tied agency, or an independant agency. At the end of the day, our job is to provide you sound advice, and provide a solution based on what we can offer. Even amongst agents, we have different philosophies toward financial planning. It's up to you to decide which product, financial strategy and consultant suits your way of living the good life :)
👍 0

Allianz Travel

Travel Insurance

Insurance

Travel

MileLion

FWD Travel Insurance

Is it more affordable to buy the Annual Travel insurance policy or Single travel policy if I travel multiple times a year?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Answered on 07 Feb 2020
Generally, annual cover is better for multiple trips. Sometimes, we may go JB with friends and forget to buy travel insurance also. Additionally, single trips usually doesnt cover preexisting conditions, so if you treat travel insurance like a normal life/medical plan, better. ie pay for travel insurance through your whole life. There was a big scare last year where a citizen's medical repatriation flight for major stroke overseas was delayed because the air ambulance service wanted to check if the guy had preexisting conditions before flying, but it was the weekends, and medical records offices were closed, so they were delayed a few days. Though lately I saw some amendments to some repatriation clauses to include preexisting, better be safe than sorry.
👍 0

Savings

Besides emergency fund, how much "spare cash" should I hold?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Answered on 08 Jan 2020
Great, simple question :) Since you've already prepared an Emergency Fund, how much 'spare cash' depends on you. As mentioned earlier, an additional 2-3 months of salary, while taking into account factors such as lifestyle & commitments are great rules of thumb as guidance. For some, they'd wanna create a liquid cash budget for house renovation or car / house purchase downpayment, while others, in case they want to go for a 3-6months travelling holiday, without touching their endowments and emergency funds. Others just want to see $250,000 or more cash in their bank accounts. If you prefer to grow your spare cash, then it all depends on your preference, ie either a savings account with higher interest, unit trust, ETFs etc. At the end of the day, the question still boils down to how amazing do you want your financial castle to look like? :)
👍 0

Investments

What is the riskiest derivative?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Answered on 18 Dec 2019
Agreed with Kelly and Gabriel on Binary Options and that they're often Shady with their Win/Lose concept. It's no different from choosing red or black on roulette. Sidenote, I'd like to add on that the riskiest thing to do is not having a risk/reward, take profit/stoploss or hedging strategy, particularly for a high stakes intraday trading on a margin account.
👍 0

Savings

SG Budget Babe

Can I save 100k by 30 with my current situation?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Answered on 17 Dec 2019
I'm not gonna go into the maths of it as it's already explained by the others here. My boss would only say 1 thing whenever we talk about money: "Work harder lah!" with huge smile. There is alot of truth to it. 2 ways to make money. People at work, Money at work. Do both. Do more. Get promoted or a raise. Get extra income through small business, teaching, freelancing. Cut expenses. (Also, give to your parents and donate to the needy, it's a big blessing) My bestfriends and I have a saying, translated to English,"Willing or Not Willing. That's all".
👍 0

Salary

Career

Just started a new job this year, but I've been falling sick way more than usual. Would it be wise to look for another job? Any tips?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Answered on 13 Dec 2019
Hey Anon! Wow, from 0 to 8 MCs is quite bad for a healthy, food conscious, regularly exercising person. The unofficial hours of downtime, recovery, feeling sick is quite a horrendous experience. When it comes to air ventilation, well, you can't do anything much. Temperature-wise, buy fan, buy sweater respectively. Also, as highlighted by PZL, getting an air purifier may help. With everyone falling sick and catching viruses, then it's something that needs your office's entire engagement. You may be leading a healthy lifestyle, but your colleagues may not. You'd have to take a more active approach. Get everyone to drink more water; 100plus / aquarius etc if feverish. Buy Vitamin C tablets to share. Or vit c soluble tablets and water lol. Get some facial masks and place them in the office common area and if you're sick, wear them. Just offer your colleagues if they're sick. You'd need to psycho your HR department to follow your steps too :) It's gonna be tough if your colleagues are stubborn, but if they're nice and proactive, these things may help. Last resort: Ask the boss to change office. Or you gotta consider changing jobs.
👍 0

SG Budget Babe

Lifestyle

Savings

Do we keep 6 months of emergency funds based on income or expensed?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Answered on 09 Dec 2019
Hi Jiajing!! Definitely, 6 months of emergency funds based on expenses would be the immediate priority. Adding an additional buffer would be better. You may gauge this by total 6 months income, 12 months expense, 12 months income, or lump sum additional buffer of eg. $5,000 - $10,000. Meaning that should anything happen, this buffer allows your 6 months emergency fund expenses to remain untouched. Hope this helps!!
👍 3

SG Budget Babe

Family

Credit Cards

At what age should I consider getting my son his own credit card/ a supplementary card?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Answered on 02 Dec 2019
Hey Anon! While a supplementary card does have it's advantages, such as for emergency situations, points collection, cashback and merchant outlet discounts, it does have it's disadvantages. First and foremost, I believe most supplementary cards, if not all, require the supplementary card holder to be at least 18 years old. So do check on the age requirements first. Secondly, as also mentioned by Eveline, you need to prevent the situation where your child develops the "free money" mentality. It's not going to be an overnight habit change, despite their current, good money habits. I know as I've got a supp card as well, and in my Uni years, got myself a couple of $500-limit student credit cards as well. Took some time to fall into the rabbithole, and took longer to get out. I feel that it would be better for you to open an additional bank account solely for any monthly allowance contingencies, eg 2-6 months worth. You may also add another account for major emergencies should anything happen. As long as you set clear rules on when he is allowed to withdraw the allowances, I believe it should be fine. Should he make a withdrawal that you feel is unjustifiable, he needs to pay it back. If he can maintain those rules for the next two years till he turns 18, then you could consider getting him a supp card if you feel that he has the self-discilpine to do so. Then it'll feel like an upgrade for him :) Hope this helps!!
👍 1

Entrepreneurship

How much does it cost to set up a small tuition centre?
Ashri Mustaffa
Ashri Mustaffa, Financial Consultant at Prudential
Level 4. Prodigy
Updated on 01 Dec 2019
Hi Cassandra!! That's a great question!! I'll add in my two-cents :) Not in the tuition industry, but been involved in several startups. The costs depends on these factors: (A) First 2-3 years: - Annual Revenue - Less Startup Costs - Less Annual Expenses - (Plus Blood, Sweat, Anxiety, Frustration, Tears 😂) - = Profit/Loss (Assuming no Franchise Fees, costs are based mainly on my experience, some are rough estimates^) Startup Costs - ACRA & Secretarial Registration ($1600) - 2+1 Rental Deposit, ($3k 3= $9000) - Insurance ($1500^) - Renovation ($6,000^) - Furniture, Stationeries ($3000^) - Initial Advertising ($1000^) - Website ($150-3000) Ongoing Costs / Annual Expenses - Rental ($3000 12=$36,000) - Utilities ($400 12=$4,800^) - Your Allowance to Survive ($2000 12=$24,000) - Salary for Staff/Tutors - On-going Marketing ($300 12=$3,600) - Misc Expenses eg Stationery, Paper ($400 12=$4,800^) Things to consider: - Do you already have enough existing clientele to start? - Do you have good track record of proven results, testimonials? - Do you have a content system that you can explain to onboard new clients easily? - How are you providing value to your clientele that gets them to move away from their current tutors? By value, price, accessibility? - Are you willing to shift mindset to an entrepreneur, salesperson, marketer, operations, accountant and have the grit to endure and push on for the days you have no customer? It's sad to see a startup fail. But it happens 8 out of 10 times. The costs can be high - tangible, and intangible. And it can be heartbreaking to shut it down, frustrating to pay back loans if any and painful to disappoint the people and investors who support you. That's the costs that I know of :) Hope it helps and all the best!!
👍 2
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