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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 (11)
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Salary

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.

SG Budget Babe

Lifestyle

Savings

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!!

SG Budget Babe

Family

Credit Card

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!!

Entrepreneurship

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 šŸ˜‚) - = 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!!

Insurance

šŸ¤£šŸ¤£šŸ¤£ It happens buddy. The fact that you even bought it means that you recognize that you feel that having an endowment plan is important. :) Why's it's making you feel jittery about it is probably either - (A) you tend to buy things on impulse - (B) Buy without knowing all the important details of the plan - (C) Didn't check other available options - (D) Realise it's overbudget - (E) Realising it doesn't fit your goals Or any other reason or combination, leading to regret of your purchase. Understand the product It's a type of standard genre of Endowment savings plan that most insurers have, if not all, which provides a 5% of sum assured cashback payout every year after the first 2 years of premium payment. - You generally have the option to accumulate or get the cashback. - Cashback option reduces the overall maturity value over time (because you're taking out cash) - The guaranteed maturity value is usually lower than total premiums paid (even if accumulated) - Final maturity value depends on the insurer's par fund returns over the years which is non-guaranteed - Surrender value is costly against premiums paid upon early termination of the plan - The death benefit is usually equal or higher than total premiums to be paid - You can add on riders to waive off premiums upon critical illnesses Do note that the above pointers are in general. You will have to look into its product features specifically. Is it a good move? Read up your policy documents, reclarify with your servicing agent the T&Cs, get a second opinion on the product in person, and then ask youself: Do these features suit your goals in life? For some, it's the perfect plan. Eg. you want to save up for the future, or you want to save while using the cashback for holidays. For others, not so. Eg. If you're looking at liquidity, then its not the right plan. If it doesn't suit you, request for a freelook cancellation if it's still within 14 days. If it does, go for it :) Hope this helps!!

Investments

Investment Linked Policies (ILP)

Insurance

Hi Anon! That's an interesting, good question - that you're looking at insurance companies for zero-insurance investment products. There are 2 types of Investment Plans by Insurers: - Coverage ILPs - Investment ILPs aka 101 What you'd want to explore are the 101's (some are 105s, ie extra 5% upon death). The Unicorns above have explained very well on why they are structured that way. I'll just add on that 101 ILPs are almost exactly the same as investments funds with an advantage of nominating your loved ones upon your demise, so it pays out faster with lesser headaches compared to other investment instruments. But they generally have a lesser range of funds compared to fund platforms such as iFast, Navigator, and POEMS. Though this doesn't mean that the ILP101 would perform any lesser. Its how it's managed that matters :)

SG Budget Babe

Cryptocurrency

Investments

I totally agree with Dawn Fiona. He has a forward thinking mindset. Dont crush his interest just because we dont understand it or think we know better. Rather, guide him. Give him a good foundation of education on personal finance and trading. Go to seminars with him. Active Income, Save, Insure, Invest. Ask him, what is his strategy. Get him to give you a proposal that makes sense including strategy, risk management, accounting, test mkt results ie practise acct. If he can handle a practise acct with realistic practise initial amount over 3 months, then let him start off with $500-1000. At the end of every month, he earns 30% comms of profits & pays any losses back to the account. I gave my dad stock tipoffs when I was 17 & got comms when he made money from those calls lol. $30-70 extra for a student is good money šŸ˜‡

Insurance

Investment Linked Policies (ILP)

There are 2 types of Investment-Linked Policies: 1) Coverage-Oriented 2) Investment-Oriented aka 101 ILPs As usual, it depends on your objective, and your preferences. Do you want coverage, or investment? 1) Coverage-Oriented Coverage ILPs are whole life with investments and a feature which allows for liquidity (ie cash surrender for withdrawal) and premium holiday for the tough times. Whether it is a WL policy, depends on the investment as the mortality and morbidity charges increase with age, so if the investment isnt doing well, the charges will overtake the investment values and poof , policy gone. I see it better to be viewed as a product for the Critical Years with flexibility than a Whole Life Cover. Or something that you can use to supplement your base/foundation life coverage. 2) Investment-Oriented ILPs (aka 101 ILP) These generally are 100% investments with a 1 to 5% additional death cover on the overall surrender value. Generally, 101 ILPs have a limited pool of in-house funds (which doesnt necessarily mean they suck. It just means you have lesser options) as compared to unit trusts. They are also still more liquid/flexible compared to endowment savings. The key feature would be nominating your beneficiary, eg family member, for faster estate distribution compared to being a frozen asset upon your demise. Hope it helps!

Investments

Hello young grasshopper. Then you'd wanna look at Active Income. Do a service for people. Wash a neighbour's car. Tutor someone's kid. Getting that extra $200 saved over the weekends in a month is faster than investing it when you're starting the adult life. Flip items on Carousell. Look at New Listings for second hand things you're familiar with and within your budget. Resell. Make sure you take a good photo. Invest when you've started working and set aside min. 3 months worth of income, ie 6-10k.

Investments

Stocks Discussion

Hey! I've been in your shoes. It depends on what type of portfolio you're thinking about. My opinion would be to read up, youtube, go for seminars for now. You wont want that savings to go to waste. Open a Practice account if you plan on trading, using a mock bank acct size of a few hundreds to replicate your actual challenge of growing your cold hard cash. At the same time, study hard for a brighter future, work if you are able to in order to increase your income and savings. Use an excel sheet or finance app to track your expenses. You need to save up more first before you head on to investments. In case you lose money or anything happens, you are comfortable and sustainable. The link below is the exact advice I feel I shouldve been given when I was your age (whichever your age may be). https://blog.seedly.sg/what-most-young-adults-do-not-get-about-investing
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