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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

287Upvotes

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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

287Upvotes
  • Answers (124)
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REITs

Investments

If you are looking at reits, I will highly recommend that you read the book building wealth through reits. Reits are great to have in one’s portfolio in my opinion. If you are not contributing to your OA and SA, You may want to consider contributing it. The returns are very decent and you don’t have to worry about management; just got to be aware to the changes in regulations regarding it. Also consider your desired returns, etc. This will help you to create your portfolio and investment strategy. Right now looking at your portfolio allocation, bonds are taking a huge part of your portfolio, if that Is your desired portfolio stick with that, if not you may want to look at it and rebalance accordingly

Investments

Savings

Retirement

Hi Liam, Everyone investment strategy will be different as each individual is unique and have different expectations for their investments. To help you better, consider some of this simple questions What is your desired level of returns from your investments? And the level of risk you are willing to take? Are you doing a lump sum or spreading your investments out? Is there a specific event you are investing for? And will you be actively managing your investments? Depending on your answers, you will split them between the various asset class to create your investment portfolio. You can also look at high yield savings account from the banks. For example, I use UOB ONE account and I am actually getting around 3 plus percent on my savings; such returns are similar to bonds returns If you only have 25k currently, you may want to look at them and allocate some towards such high yield savings account.

Insurance

CPF

Yes, you can claim it with other life Insurance. I will definitely not opt out if I do not have adequate personal life insurance coverage. So if you don’t have enough, keep it. You can use a general guide to measure your coverage adequacy as what Hariz has shared base on income or expenses. Alternatively you can, “X amount of coverage” multiply by 6% = Current annual income. X will be the amount you need then. As for me, I chose to keep it even though I have adequate coverage and since I am below 34, I am only paying 36 dollars a year for 46,000 coverage. The absolute interests I am losing compared to the benefits I am getting are minute.

Investments

Insurance

You should always get your insurance set up first. Because of the unknown that can happen. A simple way to set up your priorities for finance in order is a CSI concept. (Coverage, Savings, investment.) Let’s say something happens in one year time, 1k into insurance can give you 500k. Even if you were to put 10k into investment, you will need 500x or 5000% in return to get the 500k. Set up a firm foundation then build your tower. 👍🏻

Miles

UOB

UOB PRVI Card

UOB Preferred Platinum Visa Card

It will be best for you to clarify this with UOB, I believe. Personally I am not a miles card person, so I wouldn’t know.

Endowment Policies

Insurance

You mentioned the policy was bought when she was young. So it probably has been in force for some time. Just some really simple considerations will be how many more years it has to go until maturity? Is 5k a year a concern now? Supposedly you surrender now, how much can you get? Compared it to the money you have put in. As much as possible, if 5k is not a concern, you should keep the plan to maturity. Most endowment give decent returns similar to SSB.

Salary

Lifestyle

General

It differs from person to person. But you will definitely need to have a certain level of income to be happy. But it might not be at UHNW level. You definitely need money to have a better quality of life but what comes with the money might also affect it. Jack Ma said in an interview once about the amount of stress he has because of his networth and would’t mind earning less for less stress while there are others that are happy with more stress and more money. You can check out an article here http://amp.timeinc.net/time/money/5157625/ideal-income-study

Salary

Career

Always negotiate your salary with annual pay. When they rejected your 3.8k, did they counter offer you? If they did work from there too. The Industry, the company and the position you are applying for matters too. MNCs are normally able to offer more too, you want to apply for them if you want

Insurance

First off, kudos to you for kick-starting your insurance portfolio at such a young age. That’s very mature and wise. As per what Hariz has mentioned. Insurance companies product are all very similar. There is little point on comparing products. Look for an agent that will give value to you. Choose the agent that you work best with. Don’t choose the products. Products are similar, the agent is the one that matter. You can look at the company strength if you are concerned about the stability of the company.
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APR · MAY · JUN