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Eric Chia

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Eric Chia

Senior Financial Consultant at Prudential

45Upvotes

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Credentials

Senior Financial Consultant at Prudential

Eric Chia

Senior Financial Consultant at Prudential

45Upvotes
  • Answers (85)
  • Questions (1)
  • Reviews (2)

Insurance

Personal Accident (PA)

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Updated on 26 Jul 2019
Most accident plans in the market are guaranteed issuance, I.e. you can buy with disabilities. However, there's no insurance payout on your existing disabilities and disabilities due to pre-existing medical conditions. What this means is claims can be made from personal accident plan if the disability happens due to an accident that occurs after the plan is purchased.

Insurance

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Answered on 26 Jul 2019
Just like to ask prior to buying from your friend, have you known or been in contact with other friends or agents? There are good ones out there you just need to find someone you can trust to seek advice. Do you surrender the savings plan? It depends. Be educated on the pros and cons before making the decision!

CPF

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Answered on 18 Jul 2019
She may already have met the minimum $60k requirement. You may like to check if any money was withdrawn at 55yo to pay for cpf life premiums. By right half of the retirement sum should have been used by cpf at 55yo. Otherwise, yes you can consider topping up cpf for your mom, you may also like to check the details on IRAS website there should be tax relief for doing so (if I remember right).

Lifestyle

Education

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Answered on 18 Jul 2019
Hi there, since you don't really need the money, you're doing it for passion, have you considered doing freelance digital marketing? Pros: no need to constraint yourself to fixed working hours no office politics skips interview processes and adjustment to work place culture you set your own deadlines you decide how much you're worth and how much you want to charge Cons: need to find your own customers need to have customer service mentality need to have discipline in managing own time to work no staff benefits, no fixed salary, no bonuses

Investments

Stocks

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Answered on 17 Jul 2019
As far as I know, yes, you'll have to perform a trade to use the dividends on getting more shares. So the dividends may be better off putting in another company shares which the price is discounted, or you can accumulate dividends and put back into the same company share when the price is lower.

Savings

Family

Lifestyle

Retirement

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Answered on 17 Jul 2019
Hello, are you healthy at 55? If you are, 1) please check that you have medical insurance 2) calculate how much you need for retirement (based on the lifestyle you want) 3) calculate how much you're getting from your current assets and cpf 4) take the difference between 2) and 3) to identify the shortfall/ surplus If there's no shortfall, congrats! If there is then you can either adjust your expectations for retirement or to decide on doing some investments or earn some side income. If you're not healthy, you can skip step 1 above. If you like an example for me to illustrate what I've shared, please let me know in the comments! :)

Investments

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Answered on 17 Jul 2019
Hi there, if starting university affects your passive income, it matters. That being said, what you're currently doing is ok. However, if starting university does not affect your passive income, then you have a lot of thinking and planning to do. You have $300 in ETF and investing in this and robo advisors are kind of like the same category (in my honest opinion). The balance of money should be diversified with the following considerations: 1) risk appetite: lower risk stuff from bank deposits (1%p.a. onwards) and insurance savings (3%p.a. to 4%p.a.) to higher risk stuff from shares (which gives passive income in the form of dividends) to speculative trading (sky's the limit but you need time and skill) 2) time horizon: how many years are you able to lock up your money when they are left in investments? I hope you do know that investing in ETFs will need about 5 years to see significant returns. Bank deposits and savings have short time horizon (a few months or almost instant liquidity), shares and etc have mid term horizon (people may hold positions for weeks to months, up to a year in trading, or for longer periods if they're keeping it for passive returns). Insurance savings have longest time horizon, 10 years onwards. 3) what are your goals - you don't only have one goal so you should split the pot strategically to reach your goals. Some goals need more time and are more important and will need something more stable. Other goals may have shorter deadlines but you can be more aggressive 4) is there a way to increase your side income? If you took little effort to get $1k monthly, is it scalable? If it's scalable why not use your side income to generate more side income? Lastly, as for the $15k savings, I'd suggest leaving it alone for emergency use. If you already have emergency fund set aside, perhaps putting the money into any one or more of the above mentioned instruments can be done.

Investments

Savings

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Answered on 17 Jul 2019
Note: Since this is a conditional question, I'll answer it conditional manner I consider myself a highest risk profile person, and savvy in investments but the only savings I have is this $30k in my bank account and extra $1k that I'll set aside every month from now on until I retire. I spend $2k every month, single but attached, planning to get married next year and my wife to be and myself love children. We're planning to have 3. Because I have short term goals coming up (getting married and planning to have children), the $30k I'll leave it in my UOB One Account. Also I spend $500 monthly on credit cards, so UOB One is a perfect fit, no need to stretch my spending to earn the interest. $30k isn't enough to get married and have kids, so the balance $1k I have every month I'll put half of it back into my UOB One account. Because I already have my insurance in place, I do not need to worry about losing this money in the event I get into an accident or fall sick seriously. Being high risk doesn't mean you should take unnecessary risks. Since I'm of the highest risk profile, savvy in investments and enjoy trading, the balance of money I'll split 80% into FOREX and 20% into a decent insurance savings plan. This is because I still want to outsource the risk of investing and have some guarantees on my wealth building plans. Being high risk doesn't mean you have to be foolish. Gains that I take from FOREX will be channelled into long term value investing in shares on an annual basis. This is to lock up my profits from FOREX and generate some side income as I leave money in shares to work for me. Being high risk now doesn't mean you'll stay so forever. We'll all grow old and want to have guarantees on our wealth the older we become.

Career

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Updated on 16 Jul 2019
Just wondering are you more interested in applied science or future proofing your career? There's difference between the 2 when you make your decision. If you were to further your studies, would you prefer to do it full time or part time? Some of my friends do part time with consideration that they want the income as they study. Others felt that they want to switch industry and have stopped work altogether to engage in their studies. But the reason for further studies isn't exactly future proofing, but rather for the love of their work and/or to get better paying jobs. Future proofing your career isn't only about furthering your studies. Having an additional paper qualification doesn't mean that you'll be any less vulnerable to retrenchment. Because retrenchment doesn't select people, it selects industries. To future proof your career, you need to have 2 rights and a must: 1) right mindset to adjust and adapt to salary vs work expectations in down times 2) right attitude towards work, performing your best and always learning new things (not referring to further studies here) 3) must have confidence in yourself that you are relevant in the workforce. Employers look at your confidence to do work when they hire you, not your school results or past work experience. Do not be afraid or discouraged when the door closes. In order to future proof your career, you must enjoy your work. I hope this advice inspires you and gives you some direction!

Savings

Investments

Stocks Discussion

Family

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential

()

Level 4. Prodigy
Updated on 14 Jul 2019
Roboadvisors have lower costs, but returns wise can't say which one is better. Stashaway puts money in US market, so you'll be exposed to exchange rate risks. STI ETF is locally and more comfortable if you want an investment in tune with your living environment. Although for children's education I won't risk my money in investments where the capital isn't guaranteed - just my 3 cents' worth of thoughts.
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