Clarence Chua - Seedly
 
Clarence Chua

Financial Planning Specialist in creating an effective and strong portfolio for families and individuals with the 6 major asset classes.

Clarence Chua

Financial Planning Specialist at Prudential Assurance Singapore

About

Financial Planning Specialist in creating an effective and strong portfolio for families and individuals with the 6 major asset classes.

Credentials

Financial Planning Specialist at Prudential Assurance Singapore

Clarence Chua

Financial Planning Specialist at Prudential Assurance Singapore

  • Answers (146)
  • Questions (0)
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Insurance

Whole Life Insurance

Term Life Insurance

Critical Illness (CI)

Hey anon, It’s great you got your insurances early. But it’s not about the number of plans. Do make sure to review with a trusted professional on your coverage amount. I once met a client in her 40s with more than 10 protection plans and it was very saddening to find out that 10 plans add up don’t even give her 1 million in coverage and barely covered her 170k for critical illness. Various insurers have multi claims plan. Multi claims plans are not necessarily a good fit for everyone, it depends on your needs and future plans. Hence I don’t think it’s right of me to recommend any plans without knowing you. So make sure you do go through with your advisor on the plans and how it addresses your needs and how it will continue to fit into your long term plans. For me, when it comes to planning with my clients, I always share with them my own unique concept known as IEP and we strategize their insurance, savings, and investment towards it. So they know why they chose this plan and how to utilize them effectively

Stocks Discussion

Investments

Insurance

Hey anon, As Elijah has mentioned, 4% is very reasonably achievable. There are various financial instruments that will give you a 4% return. The risk level is determined differently by every individual, so make sure you understand the risk involved and if you are willing to proceed. You will also need to consider if you want to personally manage your investments, work with an advisor or a robo-advisor If you are investing towards your retirement, CPF SA is a very good instrument with a 4-5% return. When managing investments it is always best to look at your investments as a whole portfolio before zooming in. For example, your portfolio can have investments in different asset classes and averages out to give you 4%. It is always wise to diversify your asset too after all Here’s a simple guide of how positive returns may look like for an asset Equities - 5 to 12% Bonds - 2 to 3% High Yield Bonds - 5 to 6% Properties - 2 to 4% Commodities - 2 to 3% Time deposits - 1 to 2% Cash - 0.1% You can consider your overall investment profile and invest accordingly. Always seek professional advice if unsure.

Insurance

Whole Life Insurance

Term Life Insurance

Kelly is right. You will need insurable interest between the policy owner and life assured. Though if your sibling will be both the owner and life assured and you are simply paying for him/her. Insurable interest is not required. You can also do assignments if you wish to change the policy owner in the future.

TPG Mobile

General

I think it will be best to check with the provider. Might be a technical or network issue? Who knows.

General

Lifestyle

Savings

Depends on how you look at it. Financially wise, its almost never worth it to own a car, since its an depreciating asset. But if a car brings value to your work, relationships, etc Then I think its worth it to have one if you are financially able to afford it. To a taxi driver, his/her car is an income generating asset. And depending on your profession, a car might help you to be more efficient. A parent with a car might find it valuable as they fetch their child to and fro school; giving them time to communicate and learn more about what their child is going through (having a good relationship with your loved ones will always be priceless). So it really depends on why you want the car and what impact will it bring along.

Investments

STI ETF

ETF

There is never a perfect time to invest. The best time is now. No one will know exactly when the market will go down. So the best is to stay invested and stick to your investment strategy and rebalance your portfolio accordingly. You may also want to keep a “war chest” to put in more monies when you think the opportunity has arrive. Also good to seek professional advice when you are unsure too

Investments

Savings

Firstly get your insurances settled first. Wealth protection should always be the first step of building a good portfolio. Too many people are overly eager to grow their wealth, only to lose it to death and illnesses when they strike. A really basic and simple guideline to how you can manage your money for investment is. Keep your expenses to below 50%. Then set aside 20% for savings, you may put them into different instruments. Set aside another 10-20% for investments. Set aside 5% to get books for self improvement. (This should be a guideline to keep yourself in check if you are over-committing or if you can commit more) Also remember to start building your emergency fund. (6 months of income) When investing start off with something you are familiar and have more knowledge on. If you are new in every area, seek professional advice and read up. Have some guide on the returns you are looking to get and the risk level you are willing to take. This will help shape your portfolio. For example positive returns may be in the range of: Equities - 7 to 12% Bonds - 2 to 3% High Yield bonds - 5 to 6% Property - 2 to 4 % Commodities - 2 to 3% Time deposits - 1 to 2% Cash: 0.1% With higher returns also often comes with higher risk. And of course returns can be negative too. So consider your investment outcome and it will help you shape your portfolio.

Insurance

Retirement

CPF

SeedlyTV EP06

Beside ILPS, right now, mainly you can get integrated shield plan and increase your elder/care shield benefits via CPF accounts. Moat companies will have such products. Only a few companies do not offer the care/elder shield benefits options

Insurance

Hospitalisation Insurance (H&S)

Work with someone who you feel comfortable with and someone you can trust. Meet up with with those you might be thinking to work with and see how they work. Afterwards then decide who you want to work with. Your friends may recommend you more plans because they care and after doing a through review, they know its within your financial means hence the recommendation. In our line, we are exposed to what a sudden unforeseen event can do to a person life. You will be able to tell who is trying to sell for the sake of sales and who isn’t. Every recommendations should come with a good reason base on your situation. Get the advisor to explain his recommendations. Don’t reject for the sake of rejecting. My friends chose to work with me because after we met, they know they can trust me. And of course because they are comfortable with me. So same thing, choose the advisor you can trust.

Credit Card

UOB

On direct grab transactions, I believe it does. However for miles card, top-ups normally do not get rewarded. E.g topping up of cash card, ez-link card etc
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