Henry Hoe Yong Zhi - Seedly
Henry Hoe Yong Zhi

Is an e-commerce marketer, coach and owner of multiple 6-7 figures businesses. His passions are email, content marketing and SEO.

Henry Hoe Yong Zhi

Co-founder at Cantley Lifecare Pte Ltd

18Upvotes

About

Is an e-commerce marketer, coach and owner of multiple 6-7 figures businesses. His passions are email, content marketing and SEO.

Credentials

Co-founder at Cantley Lifecare Pte Ltd

Henry Hoe Yong Zhi

Co-founder at Cantley Lifecare Pte Ltd

18Upvotes
  • Answers (15)
  • Questions (0)
  • Reviews (0)

Investments

Savings

Retirement

Henry Hoe Yong Zhi
Henry Hoe Yong Zhi

()

Level 3. Wonderkid
Updated on 07 Jun 2019
I'm not sure of your education level. To you right now $1,000 seems like it's the acceptable amount that you can achieve in your savings goal. But if you are like many singaporeans who have a degree, most of them if not spenders could easily save more than $1,000 a month. In fact many Singaporeans can achieve a networth of $1,000,000 in their lifetime, so it's not a big feat actually, especially when we have one of the highest concentration of millionaires in the world in our country. Why would you want to have 1mil when you're 60 when it is possible for you to achieve that when you're 40 or 45 and enjoy more of the rest of your life while you still have energy to do so? My tip is to aim bigger. Even if you fall short of your goal, it's still something you're happy with.

Loans

Most foreigners will require you to pledge assets, most likely cash to the bank before you can take any forms of loan.

Investments

Savings

Insurance

Endowment Policies

I recommend not buying endowment plan and opt for fixed deposits with a bank instead. Fixed deposits hold your money for 6 months to 3 years. Once the period of fixed deposit is over, you can deposit the rest in again to roll over the interest year after year and when added up, the returns is almost similar to an endowment insurance. You also have much shorter locked in period. Let's say you deposit your money for 12 months, and touch wood something unfortunate happens and you require that money, you only need to borrow for a short period of time, which you can do so with credit card balance transfers and cashlines(which have low interest rates) and then repay all of them once your fixed deposits are returned to you. You also have the choice of forfeiting the fixed deposit for no interest. Endowment plan on the other end usually lock you in for 10 years and only give you a fixed returns, which if calculated to annual interest rate, is only slightly higher than fixed deposits. There is no liquidity in endowment plans at all, which means if you cancel the plan midway should you require the money, you will forfeit a sum of the premiums as penalty. The benefit of endowment plan however, is that it has the insurance element to it that covers death, terminal illness and permanent disability. You can treat endowment plans as a term insurance with a forced savings element.

Loans

You can get a loan, but it is not favourable to you as you are a foreigner, and have no assets to tie you down to your loan should you not repay it. You will most likely need to pledge a sum of money to the bank as fixed deposit before the bank will offer you any sort of loan.

Property

Nope. You cannot purchase an EC if you are currently holding onto a HDB. You will need to sell your current HDB within 6 months of buying an EC. EC works just like HDB but is actually a condominium which converts into a "private property" after 10 years, just that it is usually 99 years and not freehold. After 5 years from TOP you can sell it to Singapore citizens or PRs, and after 10 years you can sell it to the open market (foreigners or businesses).

Savings

Firstly calculate the different in monthly fees you'll be paying with a contracted plan vs a non contracted plan (no phone), and the contract is usually 2 years. Let's say the difference is $30, multiply that by 24, that will bring it to $720 of actually "paying" for the phone of your choice. If the phone cost $1000, you save $280 by actually getting the contracted plan. However, if the telco only gives you a phone which you can purchase for $600, then it obviously isn't worth it to get the contracted plan. The other benefit of getting the contracted plan is also that you kind of split the cost of the phone over 24 months which gives you better cashflow instead of paying the lump sum upfront.

Lifestyle

Shopping

Henry Hoe Yong Zhi
Henry Hoe Yong Zhi

()

Level 3. Wonderkid
Answered on 05 Jun 2019
Yes. In fact we do more than a million dollars in revenue annually on Qoo10. Firstly, DON'T order products in to sell yet. This is because Qoo10 seller account gives you very good insights on what customers are searching for on Qoo10. You want to go and sign up a seller account first by going to their website, scroll down to the bottom on the desktop version and you should see a link that says sell on Qoo10. Follow the instructions there to sign up. You will need to buy SGD$100 worth of Q-cash(don't worry you will have use for it later) to have a seller account. Forget about the Q-store because it takes up $50 of the Q-cash and honestly doesn't help you to get more sales on Qoo10 at all. Secondly, once the account is setup, go to Promotions Keyword Plus and type in the product ideas you have and look at the results. If there is a lot of searches, this product has demand. Now go into qoo10 consumer site, and search for the product as well, look at the number of competitors with 300 or more reviews. If there is more than 7 competitors selling that product with that many reviews I would skip and find another product idea to research on. Keep doing this until you find something worthwhile before you start selling. Lastly, once you find you product ideas, go ahead and order the inventory and start selling. Bid the top spot on your product keyword in keyword plus, and that should help your kick start your ecommerce career. For more tips you should join my Facebook group https://www.facebook.com/groups/158010781507949/

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Loans

Savings

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Henry Hoe Yong Zhi
Henry Hoe Yong Zhi, Co-founder at Cantley Lifecare Pte Ltd

()

Level 3. Wonderkid
Answered on 19 Mar 2019
Always remember that debt is not always bad. If you're taking debt to piss it off on parties and luxury, that is bad debt but if you are holding on to debt and using it to make more money, that is called leveraging. Study loans are one of those loans that has very low interest rates. Lowest probably being property loans. Every other loans you are going to take later in your life has higher interest rates. Personal loan is about 6% annually and renovation loan about 4-5%. So if you are leverage such cheap loans, why would you want to pay it off fast? What you want to consider is when you say wealth accumulation, how much are you making? If your ROI is much higher than 3% annually or $540 per year then of course you should not pay off that loan in advance.

Savings

CPF

Investments

Henry Hoe Yong Zhi
Henry Hoe Yong Zhi, Co-founder at Cantley Lifecare Pte Ltd

()

Level 3. Wonderkid
Answered on 19 Mar 2019
I made my money through businesses, and I would recommend you to do that. I highly recommend you not to voluntarily contribute to CPF as that money can never be liquid again until you are at least 55 (if government plans do not change). You have 34 years of your life where those liquid cash can come in very handy. Opportunities will come along in this 34 years and if your money has already been locked up in CPF, you can no longer take up the opportunity. For example, a property being sold below market value that you chance upon, or a car offered to you at a very low price which you can flip it very easily later.

Loans

Savings

Property

Henry Hoe Yong Zhi
Henry Hoe Yong Zhi, Co-founder at Cantley Lifecare Pte Ltd

()

Level 3. Wonderkid
Answered on 19 Mar 2019
It depends on your financial goals. As long as you reduce the amount of CPF you use to finance your HDB, the less accrued interest you will need to repay CPF when you sell off your BTO later. Having 6 months of emergency funds is a good indicator but you may also want to consider how much cash you require to fund your current lifestyle.
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Level 3. Wonderkid
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