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Axel Chong

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Axel Chong

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Axel Chong

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AMA 1M65

Savings

Is saving 30% of my income too much?
Axel Chong
Axel Chong
Level 3. Wonderkid
Updated on 07 Jun 2019
It does not matter how much your peers saved. There is no such thing as too much savings so long u live your life well, & enjoy it. Ultimately, your life start starts now & not 40 years down the road (touch wood, who knows whether we will even get there...??) Saved up within your means, & that the rationale of adopting a % of income earned instead of using quantum amount. However, mere savings & not growing it decently through proper investment (within your risk appetite) is an issue. That perhaps, might result in ‘too much savings’, since even the most attractive savings instruments out there such as DBS multiplier is also consider ‘low’ when compared against inflation.
👍 0

General

Loans

Family

Should I forgo investing completely and dedicate to clearing my mum's debt?
Axel Chong
Axel Chong
Level 3. Wonderkid
Answered on 30 Oct 2018
My bro got into deep financial debts from gambling more than 10 years ago. Accumulated more than $100k +... that period also happens to be the 2008 financial crisis... my decision taken then, which I will never regret, is that I sold/liquidated my investments at huge losses in order to help him clear the debts... I was less than 30yo then... I restarted all over again after this crisis... my point is, i was still young then (i’m still only 40 now!) life is never plain sailing, this are obstacles that is bound to happen throughout our lifetime... we are family for a reason... money can always be made & earn again... we are still young... for the sake of our own investment gain/wealth, & leave our family “to die“, can we leave happily ever after still???
👍 0

Policies

CPF

Savings

Is it enough to survive with a salary of $2K before CPF deduction, take home is about $1.5K, if it’s enough, please share more on tips of surviving and saving?
Axel Chong
Axel Chong
Level 3. Wonderkid
Answered on 23 Oct 2018
You mentioned “survive” & so to your question, it is a definite yes. Whether single or married with a child or 2, it is technically still possible. Personally, I will never want to start a family (at least not in Singapore).
👍 1
Level 3. Wonderkid
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