Charmaine Ng - Seedly
 
Charmaine Ng

Ex-lover of Starbucks & cafes; having an affair still with BBT though...(soon-to-be-ex).

Charmaine Ng

The Value Maximizer at @ Every Ma La Xiang Guo Stall

About

Ex-lover of Starbucks & cafes; having an affair still with BBT though...(soon-to-be-ex).

Credentials

The Value Maximizer at @ Every Ma La Xiang Guo Stall

Charmaine Ng

The Value Maximizer at @ Every Ma La Xiang Guo Stall

  • Answers (112)
  • Questions (5)
  • Reviews (11)

Family

Insurance

Hi.. sorry to hear that but have you tried asking him why he's paying so much for his insurance? I am thinking he may have gotten it through friends who are in the industry (and often with an agenda to hit sales) plus he may have some misguided concepts on "protecting his future." I cannot comment on his decision to contribute $$ to his mom and honestly, if he could cut back on his excessive insurance spending it could go into your future saving funds (or his own). Financial incompatibilities is definitely a big red flag; because no one can solely survive on love and passion alone. You need bread and butter; even at a bare minimum. That said, I think the most important thing is to keep an open mind and try to understand from his point of view why he did that and try to guide him to the right direction and get him to cut down on unnecessary coverages so he can reinvest the money elsewhere. Hope this helps!

Lifestyle

Career

I don't think work life balance is overrated. It's our culture that is undermining the needs of a work-life balance. I'm using needs vs other terms because I think for some of us; the pole has tilted in such a way that if you don't brake and get off the pedal you won't even realize it's unhealthy. I've had friends who worked everyday; not because they enjoy it but because they had to. They drag themselves to work everyday and lament about corporate life.. the proceed to work 8-8pm; essentially a 12hr shift with no OT.. in hopes to complete the assignment to no avail. Sometimes, they burn their weekends for work too. Is that healthy? The article mentioned rhythm of the company. Yes, I agree with that. Ideally one do not sacrifice the business for breaks but what if the business is perpetually growing and there's simply no breaks? Continuously subjecting your employees to no breaks in a stressful environment = burnout. What would you expect from a productivity point of view? For myself, as an employee I try not to take breaks when it's the peak period but if I could manage my work life to be in sync with my personal with sufficient rest in between it's the best. And by that it simply means I come to work the intended hours; do my best and finish the assignment. Sure, sometimes you'd have to work harder to chiong the datelines but not ALL the time. Every job has a downtime. A time when the system is down, when the pace slows a little for you to pick up where you left off. If today you find that you can't breathe at your job, ask yourself this. Is it your workload, is it your way of working or is it simply your leader at work.. who keeps on piling up unnecessary work to "keep you busy"? For me, if it's something that can be resolved by changing the way of working or talking it out (re-allocation of workload) then it's fine. If not, the work life balance simply cannot be corrected and it's time to move out.

Loans

Licensed money lender in my opinion is just loanshark with a better name. Usually for foreigners you can still take out a loan/credit card; just that they would have higher income requirements for you. I do not think a guarantor is necessary; but please provide the necessary documentations.

Loans

Family

General

This sounds very dodgy. First off did he tell you what is the bond about? Did he show you the documentations? It sounds like he wanted to "get your help" one way or another and I'd recommend you to tell him that you're not comfortable or not in the financial position in anyway to help. If his love for you is real and mature; he'd understand it. If not, it's not worth betting your future for it. (To have $16k bond means the liability is either that amount or higher).. and interests accumulates fast (if applicable). Do not loan him the money under any circumstances. If it is for a legit reason he shouldn't have any issues getting loans for studies whatsoever; unless he's already having a bad credit.

Investments

Loans

Savings

I would use the money to pay down the loan. If it doesn’t fully pay down the loan - you’re still paying interests.. best to eradicate the need to pay interest in the first place.

Loans

Hi! If you are considering Citibank's DCP (debt consolidation plan) right now; I assumed that you already have debts of >12 months salary? I wouldn't recommend you to go for DCP first; for few reasons. 1. DCP works by consolidating all your existing bank debts into DCP (Citibank pays it off for you and now you owe them only). The interest rate is about 10%/annum, vs 24-30% credit card interests rate. This is not attractive; because if you go for CCS DMP (debt management plan), you could get single digits interest rates. The % rate now may not seems immediately applicable to you, but interest rates compile quickly. For DMP, if your plan is approved it'd mean that CCS has ran through with you your income vs expenditures; given you the necessary advices and negotiated with the banks for you to make payments comfortably. 2. The plan does not eradicate roots of the problem. In the first place what are the causes of your debts? Lifestyle choices or circumstantial? Enrolling yourself into DCP helps short term but does not help you to understand what went wrong and while DCP gives you a month of credits to use "for emergency uses"; honestly you're just going to rack up debts again if you don't know what went wrong and how you can make wiser decisions. 3. My personal experience with Citibank is just bad. I had a study loan long time ago and even though it was paid; I received letter of non-payment and it's difficult to get hold of their loan officers to make things right. This gives me impression that they are great when signing up; and MIA when you need them most. Nono. Lastly, I suggest you sign up for a infotalk at CCS if not already. The talk helps you to understand the differences of DMP, DCP and few other alternatives which you may explore. Also, you only furbished more details if you think you need CCS help after the talk. They will run through the process with you as well. https://www.ccs.org.sg/e-submission/index.php/member/site/info_register I came upon a write-up on the process which I think is useful for people new to CCS DMP. https://unhypemydebts.wordpress.com/2015/07/14/steps-taken-towards-dmp-debt-management-program/ All the best!

Loans

Hey there sorry but please stop your friend to apply for his self voluntary bankruptcy proceeding. If a creditor applied for his bankruptcy, they can recover the application deposit of $1850. I have no idea where the remaining $2k plus goes to;did your friend let you know? https://www.mlaw.gov.sg/content/io/en/bankruptcy-and-debt-repayment-scheme/information-for-bankrupts1.html

Lifestyle

Seedly

Unfortunately I don't think they can at this moment! Another thing is Youtrip does have some issues reflecting the actual transactions made on their app even; so I'm not so sure about the accuracy of these data when ported over to seedly app even if the seedly team manage to make it happen.

Lifestyle

Career

To have enough for everything; if I do not want to had enough of everything I loathe. Still WIP though! !
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Credit Card

No. Also please evaluate how deep in debt you are right now. If you are having credits and unable to pay off; stop looking for ways to pay it off first. Start looking at ways to cut your spendings first. Suggestion: - If you're 1-3months of your salary in debt right now; immediate cut out unnecessary everyday luxuries + review monthly expenses (telcos etc.) to pay off the debt now. Don't bother looking at taking out loan for lower % interests; because they would have a one-time processing fee which would equate to your interest rates anyway (or a little more.. which the costs is insignificant considering you might snowball your debts anyway.) - If you're 4-6 months of your salary in debt right now; do the above; switch to a loan ONLY after evaluation. By evaluation I don't mean speaking to bankers who benefits from your business. I mean comparing different loans and speaking to bankers only to understand the product; not sign-on immediately. Ask Seedly community if you must; but by this time you should also be looking at discussion with family members to see if they could help out & 2nd income source to speed up your repayment. - If you're 7months of your salary and in debt. Contact CCS and register for an infotalk. You urgently need it and do not think about getting another loan to pay the first one. You will never cover the hole without getting proper knowledge of where you went wrong. Also in the talk you will hear more about the different types of options for you. All the best!
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