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Clarence Chua

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

Clarence Chua

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Financial Planning Specialist at Prudential Assurance Singapore

374Upvotes

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

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Financial Planning Specialist at Prudential Assurance Singapore

Clarence Chua

Top Contributor

Financial Planning Specialist at Prudential Assurance Singapore

374Upvotes
  • Answers (143)
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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

Insurance

Savings

Currently at 22. You should have a Health (integrated shield plan) and Accident Plan. You can get a integrated shield plan (ISP) with the rider so that in the event of Hospitalisation, you will be well covered. You can choose from private hospital option or Government restructured hospital. Get an accident plan to cover accidents too. For life and CI, they are mainly to cover the loss of income unlike the ISP plans which is to cover your hospital bills. You can consider getting the loss of income once you have started work and have some goes into savings. If you prefer to get your insurances set up earlier, no wrong in that too.

Fixed Deposits

Bank Account

CIMB

DBS Multiplier

Savings

Most fixed deposit is longer than 6 months as far as I know. It may be best to put them into a high yield savings account such as your multiplier account. You can put them in CIMB too, the returns in absolute dollars will be marginal since its 6 months only.

Credit Card

YouTrip

Most top ups into such cards will not count towards your rewards. Similar to topping up of ez-link. You can always clarify with the bank staffs too. 😊
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