Daniel Lee - Seedly
 
Daniel Lee

As an Independent Retirement Planner, I will tailor a strategy and guide you on what you should and should not consider.

Daniel Lee

Independent Retirement Planner at Promiseland Independent Pte Ltd

About

As an Independent Retirement Planner, I will tailor a strategy and guide you on what you should and should not consider.

Credentials

Independent Retirement Planner at Promiseland Independent Pte Ltd

Daniel Lee

Independent Retirement Planner at Promiseland Independent Pte Ltd

  • Answers (18)
  • Questions (1)
  • Reviews (0)

Investments

Savings

Lifestyle

Hold it right there. I think it will be best for you to quantify your short-term plans first - marriage, HDB downpayment and renovation cost - and see if you actually have the cashflow to invest for the mid-long term horizon. The reason why people fail to make money off the market is not because they don't know what to invest but that they fail to plan and strategize accordingly to their short term cashflow needs. As a result, they end up having to "force sell" their investment just to get the cash needed for their marriage and renovation. This ends up disrupting the entire investment strategy and you are at the mercy of market sentiment when you are forced to sell. So go and figure out how much you will need for your property and marriage, when you need it, and how to finance for it (usually I ask my clients to finance it via pure cash savings in SSB or mutliplier accoutns). Invest only if you have a good 8 years + investment period, your short term needs are provided for by your CASH savings and most importantly if you have an investment strategy in mind that will provide you with the returns you need.

General

Investing without reading these books lel - The intelligent Investor - Benjamin Graham - Security analysis - Benjamin Graham - Common sense on mutual funds - John C Bogle Literally, all of my investing mistakes can be avoided if I had read these book before investing.

Savings

Lifestyle

General

Daniel Lee
Daniel Lee
Level 4. Prodigy
Updated on 24 Jun 2019
Apart from what they have shared, I think it may be worth looking at your insurance portfolio and compare it with the similar products available in the market The reason is because, many of times we feel that we should cut down on our day-to-day expense but in reality we forgot that there may be cost saving opportunities in the bigger ticket items such as insurances. Do check out your insurnace portfolio, especially when we're still young, the mistakes are easily reversible as compared to 10-20 years down the road. In terms of investing, I do not recommend that you immediately pour your savings into investment without first understanding: 1. what is your purpose of investing in the markets? 2. what strategy would be suitable to achieve the returns needed to fulfill your purpose in (1) It will be good if you can speak to an investment specialist, or if you wish to D.I.Y. here are some books i would recommend you to read: 1) The intelligent investor - Benjamin Graham 2) Security Analysis - Benjamin Graham 3) common sense on mutual funds - John C bogle. An an independent retirement planner, I have seen countless cases where people invest blindly only to literally be met with tramendous losses at the end of the day due to poor strategy and lack of proper management. Looking at their journey, i rather you save your money in the bank or spend your money on something that you would enjoy as opposed to investing blindly in hopes to grow your money. I wish you all the best on your journey and should you need any help or book recommendations you can hit me up here

Savings

Credit Card

Bank Account

Hi if you are looking at investing on your own, you can check out some of my articles here regarding. 1) Diversification Explained & how you can do 2) Understanding the different Asset classes 3) Asset allocation: lessons from the past 4)Portfolio strategies in a volatile and uncertain environment I would also recommend the following books. PLEASE PLEASE PLEASE finish these book before you even start to invest as they will help you prevent mistakes that could cost you thousands of dollars. (it certainly cost me that much while learning). - The intelligent Investor - Benjamin Graham - Security analysis - Benjamin Graham - Common sense on mutual funds - John C Bogle I wish you all the best.

Retirement

Savings

CPF

Supplementary Retirement Scheme (SRS)

Income Tax

It depends. No one can provide you with a clear answer without knowing what you want to use your SRS for. But if I was in your shoe, I wouldn't do it. The tax savings does not justify the inflexibilty caused by contributing to your SRS. Also, how much do you need to contribute to your SRS to lower your income bracket? If the amount is only a few thousand dollars, it is slightly meaningless as once again you are limiting yourself to a few investment strategies which are usually lump-sum based.

Lifestyle

General

In my opinion, a university is a good platform to expose yourself to things that you didn't know previously. But it really isn't the best place to learn certain things such as marketing or entrepreneurship. A lot of concepts such as copywriting and sales are often not taught to students (or at the very least not to my awareness) and for topics like marketing, alot of the concepts are slowly being outdated. You will be better off trying to pick up the skills necessary by reading books and self-learning. The only problem is that you don't know what you don't know so unless you are already out there doing it and facing a problem, you will never know what you will need to provide you with the solution.

Insurance

Daniel Lee
Daniel Lee
Level 4. Prodigy
Updated on 07 Jun 2019
I dont really quite understand your question. But if i may contribute, the point of buying insurance is to ensure that if something happens, you will be able to claim. Hence, when examining the fine prints of an insurance, it is essential for you to filter products based on their definition when it comes to certain claim conditions. In terms of cost, the concept of buy-term invest the rest might not be economically justifiable as one will have to do a proper analysis in the total cash outlay from a life-insurance vs a term insurance. Hence, it will depend on your financial condition, your budget, and your own experience in managing your own investment portfolio. ! Here's an example of a comparison that I do for my clients. Hopefully, from this you will be able to understand that the concept of buy-term-invest-the-rest might not be a best solution depending on your individual situation. If i may do abit of self promotion, should you need any help in learning about the framework needed to compare products on your own or if you need any help in managing your finances, you can learn more about it on my website: https://www.sgifa.net/
Answer image preview

Investments

Daniel Lee
Daniel Lee
Level 4. Prodigy
Updated on 07 Jun 2019
Promiseland is an IFA firm and as such, they do not carry any products of their own. Instead, they are a distributor for more than over 40+ financial institutions ranging from insurance companies, banks and investment firms. While the company is around for quite some time, IMO the company itself is really just like other IFA firms which behaves like the middle man for the IFA representatives that's rendering the financial advice to consumers. At the end of the day, given that IFA firms have the same level of access to the financial markets, it is the quality of planning and advice that the individual advisor renders that matters and less so about the company and products. Within the company itself, you will find people with different expertise, some choosing to specialize in insurance only while others choosing to focus on investments. Very rarely you will find individuals who are willing to spent the time and effort to do full planning which is similar to the level of advice and service that the high net worth enjoys in the private banking sector. Bottomline: rather than focusing on the product, you should find out more about the advisor's philiosphy and rationale for recommending the retirement planning product and how does it value add to your friend's retirement plan. Why prioritize product A over product B? Why are you looking at this category of products (annuity) rather than constructing an investment portfolio (dividend strategy) to provide for his retirement needs? These are some of the more important question that i would suggest you find out! disclaimer: I'm a representative of promiseland independent. So if there's anything you would like to clarify about the company you can just ask me directly.

Bank Account

Daniel Lee
Daniel Lee
Level 4. Prodigy
Updated on 07 Jun 2019
I second the opinion provided by Gabriel Tham. SSB is a good SAVINGS instrument for the following reasons. 1) it provides the interest rate of a 10 year bond 2) behaves like a saving accounts (withdrawal without penalty) 3) $2 transaction cost allows for re-investment especially in an rising interest rate environment. This elimates any interest rate risk that you might encounter in the future. (for every $1,000 invested, it only takes a 0.4% increment in market interest rate to justify switching your old SSB with the newly issued SSB). While i may not understand your goal of savings, here is my 2 cents based on your what you want. Savings at the end of the day only provides for a low level of return that at best helps consumers match up with inflation rate. Just like a farmer who would rather sell a chicken that doesn't lay eggs than to keep it, there is no incentive for consumers to hold on to cash that does not provide for positive inflation adjusted returns. Most importantly, what are you looking to save for? Depending on your answer, just saving instruments alone might not be sufficient. You may want to look into it before fully committing to your current financial plan. Cheers :)

Investments

Loans

SeedlyTV EP01

Daniel Lee
Daniel Lee
Level 4. Prodigy
Answered on 15 Apr 2019
Short answer. It depends, you have to look at it at a broader perspective and decide if either option is aligned to your short term goals, or else you will find yourself in a shity situation where you need money and have to pull out your investments to finance a short-term goal that could be catered for with proper planning.
Load more questions
Level 4. Prodigy
91PointsGoal 125
34 POINTS TO LEVEL UP
Browse Rewards