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Gideon Ng

I'm striving to make personal finance accessible for everyone via my blog, you can check it out at fipharmacistsg.com

Gideon Ng

Blogger at FI Pharmacist

About

I'm striving to make personal finance accessible for everyone via my blog, you can check it out at fipharmacistsg.com

Credentials

Blogger at FI Pharmacist

Gideon Ng

Blogger at FI Pharmacist

  • Answers (34)
  • Questions (0)
  • Reviews (0)

Robo-Advisors

Syfe

StashAway

Investments

How does Syfe and Stashaway or the other robo-advisors invest the money we put into them? Also, is there a need to DCA (or put monthly instead of a lumpsum) when there is no share price?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 2d ago
Hi Anon, It all depends on when you transfer the money to them. Syfe and StashAway does not have a fixed date where they'll buy the shares for you, rather it depends on the date that you transfer the money to them. Within 1-2 working days, your funds will be invested and reflected on the platform. With regards to share price, what Syfe and StashAway does is they invest in a basket of ETFs based on your risk profile. So if you'd want to track the share prices, you'll have to see what ETFs that the robo invests in for you and track each ETF individually. On the question of DCA vs lumpsum, it really depends on the risk you can stomach. Usually, lump sum will perform better compared to DCA, but the volatility is higher. Let's say if you put in $1000 today, and the market crashes tomorrow and you lose 20% of your total amount. Would you be tempted to initiate the sell order? If yes, then DCA is a better strategy for you. By investing $100 each month instead of $1000 upfront, the volatility is lower and the price will average out. If no, then you can go ahead with lump sum! You are able to control your emotions and know that the markets will always go up in the end, so lump sum will be a better choice.
šŸ‘ 1

Education

Career

What job or learning courses can I do for/within two weeks? Or should I just take a break?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 2d ago
Hi Anon, I think it depends on your learning style. Are you one that will try to finish through everything asap, or do you prefer doing short sessions each week? Also, it depends on what you would like to achieve from the course. Would you want to get a cert, or do you just want to build up your knowledge? There are courses that require you to pay to be able to get a cert. You can choose some online courses on edX or Coursera that you'd like to do, and most of them are self-paced. edX courses are all free, but you'll need to pay to get the cert. Coursera does offer some courses with a free cert, and there are courses that you can take without getting a cert. There are also others that you can only preview the course materials for 7 days, before you'll need to pay to continue having access to the materials. If you're just looking to gain new knowledge, YouTube has many courses as well!
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CPF

Savings

SeedlyTV S2E08

Loo said that when you're young, there's no need to show off. Do you agree? And if you have a kid, will you choose to use a $1 diaper or a zero cost napkin to wrap around your kid?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 2d ago
Totally agree! I don't think there is anything much you can achieve by showing off, and you'll have to sustain this lavish lifestyle to maintain your 'status'. If you are taking loans to show off by buying the most expensive cars and houses, eventually this lifestyle will be unsustainable for you and the debt will be crippling. I think there are pros and cons to both the diaper and the napkin. Ultimately, it depends on the practicality of using either one, and which one you're more comfortable with. The diaper may be more convenient in the end. There are things that we should be saving on, but we shouldn't try to save on everything just for the sake of saving!
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StashAway

Robo-Advisors

Hi, has stashaway simple account registered any weekly/ monthly losses so far? Am thinking of using this account for my cash exceeding $70k ( limit for OCBC 360 for extra interest)?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 3d ago
Hi Anon, as of now, StashAway Simple has not registered any losses so far and has continued to provide the 1.9% p.a. interest. Regarding the change in the projected interest rate, this was their answer on their website: "Yes, depending on economic conditions, your StashAway Simpleā„¢ā€™s projected rate may change, as its underlying funds are affected by Singaporeā€™s economic health and trajectory . Though, when applicable, our system will re-optimise your Simple portfolio to maintain the highest possible projected rate within a given economic environment. We will always notify you in the case of a change in the projected rate . The risk level to which your money is exposed will never change within StashAway Simple." Since you have a substantial amount of excess cash, do you already have the SingLife account? It gives you 2.5% p.a. for your first $10k, highly recommended for you to put $10k in there first, and the remainder can be placed in StashAway Simple.
šŸ‘ 0

Investments

Regular Shares Savings Plans (RSS/RSP)

Online Brokerages

Can I profit off capital appreciation if I choose to invest in a Regular Savings Plan?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 3d ago
Hi Anon, Yes it is possible to profit off capital appreciation in a RSP. You are able to request a sell order at anytime. However, there may be a lag time between you requesting the order and the bank actually executing the order. Take for example, the OCBC BCIP plan. The terms and conditions states that "If a Customerā€™s Sale Instruction is received by OCBC Bank on or prior to the Cut-off Time , the Sale Instruction will be effected on the following Business Day (the ā€œSale Dateā€). If the Sale Instruction is received by OCBC Bank after the Cut-off Time , the Sale Date shall be two Business Days after the Sale Instruction is received by OCBC Bank ." So I wouldn't recommend trying to request a sell order if the price rises in the short term. Also, you would have to consider the transaction fee that you incur when you request for the sell order, which will eat into your returns. If you are investing in a RSP, I would recommend you to hold it for the long term as the price will go up eventually. Only when you require the money (such as retirement ) then you can sell the stock and realise the capital gains.
šŸ‘ 0

Investments

Robo-Advisors

Regular Shares Savings Plans (RSS/RSP)

ETF

Undergraduate

I'm still an undergrad with about 1.5-2 years left before graduating. I would really like to start investing and don't know where to start. I currently have around 1-2k for investment. Any advice?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Updated 5d ago
Hi Anon, Regarding DCA or lump sum, you should ask yourself if you're able to stomach the volatility of lump sum investing. As you put in a huge sum at this moment, the stock market might crash the very next day, and your portfolio will drop significantly. Would you be able to stomach this huge loss? The thing about markets is that they will always go up, so if you leave your lump sum in the market for the long term, you would be able to see returns maybe in a few years time. However, if you can't stomach the short term volatility and are tempted to sell the moment your portfolio loses money, I highly recommend doing DCA instead. Regarding robo vs RSS, it also depends on the amount that you want to put in each month. If it is a small amount each month like $100, robos may be more cost effective as they do not charge any transaction fees and instead charge an annual management fee based on your assets under management. If you are willing to invest around $250 a month, the FSMOne RSP may be more cost effective. This is because the transaction fee is the same regardless of the amount that you're putting in, so putting in a larger sum reduces the weightage of the transaction fee. Another thing to consider is that robos usually buy into a basket of ETFs, while you will only be buying one ETF using a RSS. Robos also have some bond component in their portfolios based on the amount of risk you're willing to take. When using robos, you can't choose which ETFs to pick as well. I was really lost when I started investing initially, and robos were a good starting place for me as they helped me to understand how ETFs work. If you are looking to learn about investing, I'd recommend you to start with robos with just a small sum first, and once you're more confident, you can start picking your own ETFs.
šŸ‘ 1

Insurance

Personal Accident Insurance

I am 32 now and am a white collar worker. I have been holding on to a GE's AccidentalCare Plus II policy for 3 years. Is it still worthwhile holding to this policy?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 5d ago
Hi Anon, I feel that a personal accident policy is something that is good to have, but not a must . Personal accident insurance usually covers all of your outpatient expenses , such as if you go to a GP when you experience a fall, or you go to A&E but are not admitted into the hospital. For these kind of expenses, though they may be slightly expensive, they are not going to take a significant chunk out of your savings. Since you mentioned that you are not in a high risk job, personal accident is something that may not be a priority to have. Also, your workplace may have some personal accident benefits, so I'd advise you to check what kinds of policies your company provides for you!
šŸ‘ 1

Savings Accounts

Singlife Account

Savings

Now that jumpstart interest have been reduced to 1%, should i move my savings to Singlife instead?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 5d ago
Hi Anon, I believe that some money should still be kept in JumpStart. JumpStart does have certain benefits, such as FAST transfer and their debit card that has a 1% cashback on any MasterCard transaction. It really depends on how much savings that you have. If you have < $10k, I would suggest splitting 50-50 into JumpStart and SingLife. If you have $10k, then you can consider placing $10k into SingLife and leave the remainder in JumpStart. SingLife does have FAST transfer, however it takes a while (less than an hour) for the money to reach your other bank accounts. So this lag time may be a bit of a disadvantage, especially if you need the money immediately. With interest rates on savings accounts having decreased across the board, many new products have emerged that offer better interest rates compared to banks. If you'd like to find out more about these alternatives, you can check out my blog post.
šŸ‘ 0

Insurance

Savings

Savings Accounts

Singlife Account

How likely is Singlife able to maintain the 2.5% in the near future?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 5d ago
Hi, I think it is quite hard to say given that SingLife did not really specify what are they doing with our funds. Usually, these companies will use the funds that we deposit with them to invest in different investment vehicles so that they can continue to give us the prevailing interest rate. So I think it really depends on how their investments perform to determine if they are able to maintain the 2.5%.
šŸ‘ 0

Savings

Savings Accounts

Is the singapura finance vivid prepaid card good? How do we withdraw the money from the savings account? Is it worth to apply?
Gideon Ng
Gideon Ng, Blogger at FI Pharmacist
Level 5. Genius
Answered 5d ago
Hi Michelle, I recently wrote a blog post on alternatives to JumpStart that you can consider, with Singapura Vivid being one of them. I'm personally not a user of the Vivid account, but one of my readers commented that "Vivid account doesnā€™t offer FAST transfers out. You are given a prepaid debit card and with the app, you can load the card with money and spend it. There is ATM function for the debit card BUT the fees donā€™t make any sense so I never used the ATM card function." Personally, with all these restrictions just to get an extra 0.05% interest, I would think that it is not worth all the hassle and would still be sticking to JumpStart.
šŸ‘ 0
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