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Evelyn

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Evelyn

12Upvotes
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CPF

Money FM 89.3 Show

Savings

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Evelyn

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Level 3. Wonderkid
Answered 1w ago
At the very least, transfer OA to SA till it reaches 40k! 25 years down the road, you’ll get more than 100k for that 40k! That itself is a big plus plus plus point!

Miles

Credit Card

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Evelyn

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Level 3. Wonderkid
Answered 2w ago
Sometimes it’s also because SQ doesn’t operate a certain route so code sharing allows SQ to market those routes. When you’re redeeming miles, do take note if you have no choice but have to take a certain airline (due to SQ not flying there) or just availability issues. If your miles are not all in SQ yet, I would suggest you look at the different redemption rates of the airlines you’re interested in and the availability of the award tickets. Then transfer your miles to the ideal airlines. SQ award tickets can be quite hard to be redeemed.

Investments

Savings

ETF

STI ETF

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Evelyn

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Level 3. Wonderkid
Answered 2w ago
Diversify? NIKKO AM STI ETF’s exposure is Singapore. I would think it would be a good idea if you can set aside another sum to do StashAway since it has exposure to the US and Europe markets. Or money is an issue, maybe you can halve or set aside from the money you’re investing in STI ETF to go into StashAway? Maybe 50%? Or even 80% if you are able to take more risks.

Savings

Bank Account

Retirement

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Evelyn

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Level 3. Wonderkid
Updated 2w ago
Few questions 1) Is he still getting a salary? And how much? 2) does he use credit cards? And how much? 3) does/can he invest? 4) is he paying any bills (min 3) or through giro? Any of these questions above have a yes, you can look into... - SCB Bonusaver - DBS Multiplier - OCBC 360 Account - UOB One Account All these have calculators on the websites for you to calculate. If not, or you’re looking at purely saving, you can look into CIMB Fastsaver. If I’m not wrong, Maybank has something too. Or, if the money can be locked away? If yes, can look into CIMB Fixed deposit too! 1.7% for 3 months not bad I thought!

Savings

Salary

Lifestyle

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Evelyn

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Level 3. Wonderkid
Answered 2w ago
Let’s work out the sums here: Salary ~2600 2600 - 700 (parents) - 650 (insurance) - 850 (expenses) - 500 (SIA) = - 100 How are you gonna save if you have -100 after investing in SIA? Are you banking on hopes that your STI ETF (3k) and SIA investments ($500 x 12 months x 5 years) to turn into 100k in 5 years? 33k into 100k? I don’t think so either and that is taking into consideration both are making profits in 3 folds. Or are you taking CPF into account as part of 100k? 2600 being your salary, I’m assuming that 20% has gone into CPF and 17% from your employer, that would be around 1.2k. 72k for CPF in 5 years and 30k from your SIA and 3k from STI ETF, yes, it’s possible to hit 100k. Once again, that’s assuming that your investments remains or goes above your principal amounts. Hope that helps.

Insurance

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Evelyn

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Level 3. Wonderkid
Answered 2w ago
Kudos for making the effort and initiative of considering buying insurance at 20! I bought my first one around 21 and it wasn’t a good buy (it’s an ILP unfortunately) but on the other hand, it’s good because it is the only one without loading or exclusions because later I have some health issues. I think 10% is okay if you have worked out the sums where you have comfortable amounts for your own eating, transport, emergency funds savings (6 months at least), parents allowance if you need to give, or any study loans. I think that’s what I had to pay at the age of 21. Make verrrrrry sure you’ve some cash with you just in case of any emergency happens, because the last thing you wanna do is to cancel the policies due to inability to pay! It’s the worst, I can tell you! At the same time, I also would like to advise you to reconsider what you would like to buy. I would agree that hospitalisation plan is good to have! As for accident and life insurance, I’m not too sure, in fact, I have just cancelled my accident plan (because I don’t think it’s necessary). Life insurance would be good if you have dependents if I’m not wrong, so you might wanna consider term insurance because it’s less of premiums which is less taxing on your income? ECI, CI and TPD are lump-sum payouts and may or may not happen (to fit into the requirements for a payout), so you might want to also consider DII (disability income insurance) which is less popular in Singapore (note that it’s not because it’s lousy, but not so profitable for the agents who are selling - according to a Friend who is an agent). Hope that helps!

Credit Card

OCBC

Citibank

Shopping

Lifestyle

Miles

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Evelyn

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Level 3. Wonderkid
Updated 2w ago
Out of curiosity... are you in time to get a credit card for spending next weekend even? Anyway, I personally use Citibank PM card, for these following reasons - more airlines partner (like Cathay and Qatar). You must consider if you can even find the ideal award flights in SQ and also the points needed. For example, Qatar requires more miles than Cathay for the flights/routes I’ve redeemed so far! - 2x priority pass lounges per year! OCBC N90 doesn’t offer that but I believe you can pay a discounted rate for it - and if you ever decide on using Citibank PM, I will recommend you to pay the annual fees to get the 10k miles! It’s definitely worth it!

Savings

Bank Account

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Evelyn

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Level 3. Wonderkid
Updated 2w ago
Definition of “better” is subjective. More interest gained? The criteria for getting higher interest being lax or easy to achieve based on your financial status? Debit cards being used for shopping, promotion or whatsoever? Lower min amount? Is the 35k fixed or going to increase? Are you gonna do any kinda investments, insurance, salary crediting? All these matters. If you’re talking about interest, You can be a little more diligent by going to DBS multiplier, OCBC 360, UOB One websites and punch the numbers into the calculators and you’ll know which is/are good for you. CIMB doesn’t have much of a requirement, is also quite easy to understand and you can just use any compound interest calculator online to find out the interests you’ll get too.

Whole Life Insurance

Term Life Insurance

Investments

Savings

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Evelyn

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Level 3. Wonderkid
Updated 2w ago
I’m in the same situation as you... just that mine is an ILP instead of a life insurance. Few things to consider, - did your health condition change since you bought them? For my case, my ILP is the only one with no loading or exclusions which makes me hesitate about changing to a term plan. It’s still good to have a plan that protects you till 60-65? So a term plan is cheaper and good? - as for saving plans, I’m also looking at the losses I’m going to deal with if I were to cancel them and do my own investments. Work out the sums, like are you able to get back the losses or even profit more in a longer run if you do your own investments? Maybe it’s good to talk to your financial Consultants or agents again about it? That’s what I’m gonna do soon.

Dividends

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Evelyn

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Level 3. Wonderkid
Answered 3w ago
I’m doing a mix of ETFs, both local and global... these are those more common ones you can look into, Global ETFs, like IWDA, EIMi, VWRD Local STI ETFs, like G3B and ES3 Local Bonds, like MBH and A35 You can use... POSB InvestSaver and OCBC BCIP for the local ones. As for the global ones, you can use SCB and IB.
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