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Cherie Tan

Financial Consultant ♡ CERTIFIED Wealth & Financial Planner (AWP) (AFP), Mortgage Planner

Cherie Tan

🏅Financial Consultant at Prudential Assurance Singapore

20Upvotes

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Financial Consultant ♡ CERTIFIED Wealth & Financial Planner (AWP) (AFP), Mortgage Planner

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Cherie Tan

🏅Financial Consultant at Prudential Assurance Singapore

20Upvotes
  • Answers (15)
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Career

"Should I stay in this job or move on?" 1. Good boss, good company? This is your ideal situation. If you're here, why are you considering to leave? 2. Bad Boss, Bad Company: Move on as soon as you can, as amicably as you are able to. It will always be best to have another job lined up before you leave. 3. Good Boss, Bad Company: You can learn a lot from you boss despite the bleak future of your company. Focus on building your network and strong, perservering work relationships with colleagues and leverage on it to find a more fulfilling job before quitting. 4. Bad boss, Good Company: You still do have room to grow. Similarly, here, build your skills and focus on becoming a more desirable, employable employee, while you make new connections and expand your network with finding a new job in mind. Feel free to meet up with me to discuss further :) Contact me here: https://cherietan.typeform.com/to/wdlOfu

Savings

Career

Family

Bank Account

Investments

- What are your reasons for taking this masters degree? - Is this necessary to climb the current career ladder / switch? - If for a career switch, have you verified with different companies that they will require a masters for the particular job or field which you are interested in? It is difficult for any one of us to tell you exactly if you would be better off taking this masters or not. Without knowing your current financial situation and your mother's current financia situation and your real reasons for taking this masters degree, any advice given here will be highly inaccurate and/or inappropriate. Please consider a qualified financial adviser and career coach for your question. I will be able to point you in the right direction. Feel free to contact me via https://cherietan.typeform.com/to/wdlOfu

Investment Courses

For a course outcome that focuses on covering basic investment terminology, concepts and fundamentals, enough to equip a layman with financial knowledge to "not be conned" by any insurance reps, I would probably something between $400-$1200, no more than that. I will be holding some small group discussions on investments 101. You should consider attending if you're between the ages of 20's-30's as the target audience for the content targets the millennial crowd. Please drop me your contact information here if you're interested: https://cherietan.typeform.com/to/wdlOfu

Insurance

Hi, I understand your concerns. It's great that you're stepping up and preparing yourself with financial knowledge to plan well for your future. However, the cheapest does not always reflect adequate coverage. It's common for people to want to pay the least for insurance coverages. For a young adult, your concerns would be: - Health - Planning for upcoming short term goals - Working out a strategy for long term goals With regards to your health, you should actively seek insurance to cover your -- Hospitalization and Surgery (H&S) via a Integrated Shield Plan (ISP) -- Personal Accident -- Critical Illness The main goal is to protect your ability to earn income. With regards to short term goals, you should actively seek to grow your professional development, skillsets and explore ways to increase your income by choosing the right career or negotiating for a higher salary. Short term goals are goals that you will generally aim to reach within the next 5-10 years. Housing, wedding, birth of a child, these are considered short term goals if you're in your early twenties. With regards to long term goals, such as buying a second property, children's education and retirement, having clarity on your long term goals will help develop a long-term strategy that works for you. Feel free to contact me to learn more: https://cherietan.typeform.com/to/wdlOfu

Career

Hi there! I've been in your shoes once, when I was freelancing in software design. I started out registering as a sole proprietor, and went on to registering my business as a PTE LTD after my business raked up enough profits. The key difference to note between a Sole Prop and PTE LTD is this: PTE LTD: The company directors and shareholders of a PTE LTD are not liable for the debts incurred by the company. However, the liability of the company towards its creditors is unlimited. PTE LTD's also include stringent compliance and high incorporation and administration costs. Sole Prop: Not a corporate entity. The owner(you) is responsible for all its debts and liabilities. It cannot own the properties in its name. With a sole prop, it is easier for freelancers to conduct their businesses and incur less administrative costs. However, do note that in the event of expanding your business, you might find difficulties such as difficulties in raising capital due to the structure of your business as a sole proprietorship. Converting a sole prop to PTE LTD is possible, so you need not worry too much there when your business is booming and you feel a need to convert to PTE LTD. Do note that there are differences in the costs for setting up companies versus a sole proprietorship. If you would like more information, feel free to contact me: https://cherietan.typeform.com/to/wdlOfu

Insurance

Thanks for asking! As a Prudential representative, I'm happy to walk you through the plans we have at Prudential in detail. The common cons associated with any endowment or savings plans would be the long time horizon and commitment period. Most clients I work with have the initial worry of wanting to "draw out their savings" at an emergency. However, my practice focuses on a growth mindset rather than a narrow mindset. On top of educating my clients on why a long term savings plan will seriously benefit their silver years of life, I also aim to work closely with my clients to instill both confidence and capabilities to grow their income and professional selves. The pros associated with the plan Cherie wrote here would be: - Guaranteed returns that grows in the long term - Additional (non-guaranteed) bonuses, on top of guaranteed returns A long term savings plan would help supplement your retirement income, on top of what you might receive from the CPF board and other products you might have purchased. If you're interested in knowing more, feel free to contact me! Cherie Tan ♡ Go Beyond Financial Planning: Empower Yourself & Enrich Your Life: Contact me now: https://cherietan.typeform.com/to/wdlOfu ♡ 🛎 Associate Wealth & Financial Planner (AWP, AFP) 🛎 Singapore Accredited Mortgage Planner (SAMP) Representing Prudential Assurance Company Singapore (Pte) Ltd Reg. No. 199002477Z

Term Life Insurance

AMA Christopher Tan

Insurance

I wouldn't say they are of a higher priority as opposed to general CI, which would be the protection product I would recommend before a female-specific CI. However, there are perks to having a female-specific CI plan: - Full medical checkups - Additional support and post-surgery benefits to help ease your recovery process and confidence due to the highly unwelcome experience What is your current CI coverage? If you'd like to explore CI options and female-specific CI products, feel free to let me know! :) Cherie Tan ♡ Go Beyond Financial Planning: Empower Yourself & Enrich Your Life: Contact me now: https://cherietan.typeform.com/to/wdlOfu ♡ 🛎 Associate Wealth & Financial Planner (AWP, AFP) 🛎 Singapore Accredited Mortgage Planner (SAMP) Representing Prudential Assurance Company Singapore (Pte) Ltd Reg. No. 199002477Z

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Savings

I believe the perfect time to start planning and saving together is when you decide you are both comfortable enough to have the conversation of saving for common goals . When you are comfortable enough to discuss these topics, it means you both share a vision of sharing the next phases of your lives together. Hence I believe once you have gotten to this point, you should both consider saving together. For a lot of couples I've helped, this conversation sometimes happened at the start of their relationship and for some, never (at least, not until I've spoken to them about it as some may not even be aware about working towards common financial goals). When you and your partner are both comfortable talking about: a) Shared finances and sharing finances b) Working together on a strategy towards common financial goals Then you should seek out a financial planner who is able to handle this conversation together with your partner and yourself, and together, work on a strategy and actionable to-do's. I can help you here :) Please contact me via https://cherietan.typeform.com/to/wdlOfuhttps://cherietan.typeform.com/to/wdlOfu

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Family

Lifestyle

Hi there! It's perfectly common when partners share that they feel pressured whenever the other partner talks about finances. I found that empathizing with your partner is the first step to helping him open up about finances. He could be feeling intimidated, or inferior, compared to you, either because you're earning more or simply because you look like you're being the responsible one that he may not feel adequate yet to step into. You could start with empathizing with him, sharing with him how you first begun, your initial worries about finances and savings. Perhaps you too, felt inadequate, unprepared, or doubtful at some point. By relating yourself and putting yourself in his shoes, it tells him that you care very much about him. Bridge the conversation into talking about the bigger, common goals you dream of working towards together with him. By taking the initiative and talking about common goals and dreams, it helps your partner feel more comfortable and at ease as well, especially if he does intend to spend the next phase of his life with you. Sometimes, having a third person in this conversation can help. A good financial planner is also highly experienced in handling such conversations, to help both parties feel at ease while steering the conversation into fruitful outcomes for you and your partner. Please feel free to contact me via https://cherietan.typeform.com/to/wdlOfu or at LinkedIn at www.linkedin.com/in/cherietanjy!

Investments

Cherie Tan
Cherie Tan
Level 4. Prodigy
Answered on 21 May 2019
Hello! :) You’ve got some great advice here. Let’s take a few steps back before diving in. Ask yourself the following questions: 1. What investments and savings, assets and liabilities do you currently own or have? 2. What are your upcoming short term financial goals (marriage, kids?) 3. What are your long term financial goals? Only when you’re fairly clear with what you want to achieve in the next five years to a decade can you make better decisions with the $50,000 you’ve just inherited. As others have suggested, assuming you own nothing else but $50,000SGD, keep at least 6 months of your personal expenses. Perhaps you already have 6 months of emergency funds in your bank, and if so, you can choose to allocate the money from this $50k into other instruments that will grow your cash. If you’re still fairly young: Do you have outstanding education loans to repay? You may want to pay them down to avoid incurring the interest (which can add up really quickly without you realizing!) With regards to wealth growing instruments: Consider a mix of low risk (30%) and high risk (70%) investments. A typical low risk investment would include the STI ETF and NIKKO AM ETF. Higher risk investments and products are plentiful. Do keep in mind to research such investment products before making a hasty decision. Purchasing equity stocks and shares would be fantastic too if you are young, since you have a much longer time horizon to grow your money. If you’re looking to settle down: Save a fair bit of it for your wedding and upcoming expenses, such as your home downpayment. Be sure to have discussed the budget appropriate for the wedding and the home. Assuming you already have your 6 months of emergency funds + some wiggle room, leave the rest into higher risk investments to yield a higher return. You could consider REITS/Property Trusts/Stapled Securities. Again, ensure you have done your homework and research before giving these companies your money. If you’re approaching retirement: Keep a fair bit more into your emergency funds. As we age, we tend to incur higher medical bills. Leave the rest into income-generating assets such as bonds. Do note to also ensure that you’re properly insured and protected from uncertainties such as sudden (and large) medical expenses (you, your children/elderly parents, etc) which you may need to cover. Understanding your background and current situation will help me advise you better. Feel free to reach out to me via LinkedIn.
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