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CK

  • Answers (11)
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Miles

Cashback

SG Budget Babe

MileLion

Credit Cards

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CK
Level 4. Prodigy
Answered on 02 Dec 2019
I personally feel cashback is more realistic for now and miles would be more useful if you have big ticket purchases such as renovation, furniture etc. in the future. For cashback, look for cards with little to no minimum spending required. For miles, I signed up for the Amex krisflyer card because of the sign on bonus points but I didn't spend enough in the three months following activation of the card to make full use of the promotion. The moneysmart website provides good comparisons of the credit cards which was where I did my research. Hope that helps! :)
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Lifestyle

Career

FIRE Movement

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CK
Level 4. Prodigy
Answered on 28 Nov 2019
Congratulations on being able to achieve FIRE soon! This is a real issue and I've read that some financial bloggers feel lost after achieving FIRE but I can't find the article that really stuck with me right now. Basically, the article's message is that FIRE is only the beginning and after achieving FIRE, the blogger found that there was a bigger mountain to surmount. I am no where close to FIRE but personally I plan to bring financial literacy to the schools and also help the public learn about proper segregation of trash and bring awareness on the problem of over fishing. On finding purpose, you may find the first few minutes of this podcast helpful: https://affordanything.com/227-ask-paula-how-can-i-get-the-most-from-my-mini-retirement/ Cheers and all the best to you!
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Insurance

Investment Linked Policies (ILP)

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CK
Level 4. Prodigy
Answered on 28 Nov 2019
Pros : Accordingly to an insurance agent I know who purchased the same policy for herself, the premium is fixed throughout your life. Cons : Very expensive for the amount of insurance coverage you get because of the high costs charged to invest on your behalf, and over time these costs add up and will deplete your investements significantly. If you are willing to spend the time to properly learn about investing which is a life skill, you will do so much better by investing on your own and use insurance purely for protection purposes. Hope that helps!
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SG Budget Babe

Family

Retirement

C
CK
Level 4. Prodigy
Answered on 28 Nov 2019
If you are at least 21 years of age, you can do up a simple Will so that the probate process will be more straightforward for your family members, and more so if you do not want the distribution of your assets to be based on the default under the law. Found an article explaining the rules of distribution for those without a Will here: https://www.rockwills.com.sg/guide-to-intestate-succession-act/
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Savings

Lifestyle

Savings Accounts

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CK
Level 4. Prodigy
Answered on 28 Nov 2019
Hello! It's good that you want to save money but if your monthly allowance is insufficient, perhaps you can give tuition or take on part-time jobs such as waitressing which was what I did when I was schooling and the restaurant I worked at provided staff meals! You can also attend Seedly or Syfe free events which provide buffets and pizzas XD
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Savings

CPF

C
CK
Level 4. Prodigy
Answered on 28 Nov 2019
Pros: Makes you very disciplined with your finances and you will have a peace of mind when you invest subsequently because of the knowledge that compound interest will allow you to have enough for your retirement even if your investments do not produce good results. Cons: The main con is that there is no liquidity and you must be like Mr Loo who is willing to save aggressively and not believe in the Singapore property dream. However, Mr Loo does make a good point that property prices are pegged to Singapore's growth and it's not guaranteed that you would be able to make a handsome profit should you sell the property a few years down the road. You also need to know how to properly plan and manage your finances so that you will have enough for your house / wedding / renovation / child(ren) etc. since your money is locked up in SA. If you are a savvy investor, 4% might not be that attractive and there remains the possibility that the government will change its policies. I think if you are a savvy investor, you can build up your investment portfolio first and then consider using CPF SA as the last line of defence. I'll also share my favourite financial blogger's take on the 1M65 approach here: https://treeofprosperity.blogspot.com/2018/11/a-gentle-critique-of-loo-cheng-chuans.html Hope the above helps!
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General

Lifestyle

C
CK
Level 4. Prodigy
Answered on 28 Nov 2019
Congratulations on amassing significant cash savings! I underwent a very stressful period in my life recently but I also became interested in investing, and I am determined to be financially independent and provide a well-funded retirement for my mom and myself. I think having a purpose really helps me to look forward to each new day and tracking and seeing the progress which I have made really makes me happy. I recently read this book called So Good That They Can't Ignore You by Cal Newport (available on the NLB app) and it makes an argument against finding your passion and to instead focus on what you're doing and you might eventually find someting that you are interested in which will bring you joy. I highly recommend giving the book a read. All the best and I hope you find something that you are willing to give your undivided attention to and are so consumed with that it brings you joy!
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Lifestyle

Shopping

C
CK
Level 4. Prodigy
Answered on 28 Nov 2019
I recently read Your Money or Your Life and the book suggets calculating your real hourly rate and once you know it, you'll be able to figure out how many hours of your life you're using in exchange of the AirPods pro. That might help you decide if you really need a new pair of AirPods pro. Just food for thought. Hope that helps!
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Investments

Stocks Discussion

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CK
Level 4. Prodigy
Answered on 28 Nov 2019
Your comment suggests that you are prepared to invest any excess which you have but I think you need to consider your short term and long term goals, and you and your family's financial situation. For e.g. if you wish to buy a house or hold a wedding in 3 to 5 years time, are you going to pull out from your investments to fund the downpayment even though the market is down at the time or are you going to set aside a portion of your salary each month for your house / wedding? You will also need to know what is your risk appetite and decide how much would go towards riskier investments, how much towards safer investments such as index funds / Singapore Savings Bonds and how much towards your short term goals. Hope that helps!
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Investments

Insurance

C
CK
Level 4. Prodigy
Updated on 28 Nov 2019
Definitely protect yourself first and once you have that safety net, you can then look into investing. Get a hospitalisation plan, and if you have dependents (parents, spouse or children who will be affected should something happen to you) look into a term plan with critical illness coverage so it will not affect you and your family's financial position significantly should anything untoward happen to you. Find an insurance agent who is trustworthy and will calculate the right amount of coverage you need (not what you can afford) without overstretching yourself. You should spend no more than 10% of your salary on insurance each month. Finally, if you are going to learn about investments on your own, don't mix insurance with investments as investment linked policies have a lot of hidden charges. All the best!
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Level 4. Prodigy
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