Jim Ng - Seedly
Jim Ng

Digital Marketing Specialist at https://swiftturnmarketing.com

Jim Ng

Software Engineering at Singapore Institute Of Technology

84Upvotes

About

Digital Marketing Specialist at https://swiftturnmarketing.com

Credentials

Software Engineering at Singapore Institute Of Technology

Jim Ng

Software Engineering at Singapore Institute Of Technology

84Upvotes
  • Answers (50)
  • Questions (4)
  • Reviews (0)

Investments

Blue Chips

Stocks

Jim Ng
Jim Ng
Level 5. Genius
Updated on 07 Jun 2019
Hi, if I were you, I'll stay away from the endowment plan. This is why: 1. The returns from the endowment plans isn't amazing, and it locks your funds up for such a long period of time. 2. It conforms you to continue paying during the premium term, even if you are out of a job or you have an emergency that requires you to immediately cash out all of your money. 3. The endowment plan likely has an allocation of 70% fixed income instruments and 30% equity. Heck, why not skip through the agent's commissions that goes through the manager, the director and the group ditector, the company management fee, etc etc, and do it yourself? In conclusion, you should go ahead and invest yourself in blue chips you are comfortable with. I'd suggest if you know what you want to buy, just go direct and invest through any of the brokers like DBS Vickers and UOB Kay Hian etc. All the best to you for your investment journey. Cheers.

Lifestyle

! 1. Married my girlfriend of 5 years, moving in together yay!!! 2. Wrote 8 personal finance articles to educate Singaporeans on managing personal finances. 3. Was Seedly Top Contributor (Nov) for giving answers on Seedly platform. 4. Started my own digital marketing agency, Swift Turn Marketing 5. All while being a 23 years old Full-Time student at Singapore Institute of Technology
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Career

Savings

Investments

Credit Card

Lifestyle

Financial/Personal Resolutions for 2019: 1. Invest in Blue Chip Stocks by monitoring market movement. Not sure if the next economic crisis is coming. Given that 1997 Asian Financial Crisis and 2008 Great Recession were roughly 10 years apart, I wonder if it's coming soon! Need to research more on this. 2. Make $100,000 for the year 2019 through acquiring more clients in my Digital Marketing Agency 3. Provide more free financial advice on Seedly platform whenever I have the time. 4. Work out at the gym and get that sick body to impress the wife. Teehee. Cheers. Enjoy your Christmas and Happy New Year

Personal Finance 101 (LLI)

Jim Ng
Jim Ng
Level 5. Genius
Updated on 07 Jun 2019
It is better than surrending the plan directly to the insurance company you bought the policy from. 1. You enjoy a better surrender value than the insurance company. 2. If you purchased insurance policies from a friend, your agent friend that you may have bought the policy from won't be angry at you for surrendering your plan as the plan continues to be funded, not affecting his commisions. 3. You receive cash/cheque up front from the company you surrender from. It's fast, quick and convenient. Cheers.

Resale HDB

Jim Ng
Jim Ng
Level 5. Genius
Updated on 07 Jun 2019
Hi, I just bought my HDB flat last month with my spouse and I managed to keep the first $20k (combined total) in both of our accounts. 1. Did you take a HDB loan or a bank loan? This mechanism is only applicable for HDB loans. 2. Also, does your HDB loan cover fully the purchase price of your flat, along with all the other stamp duty and legal fees? 3. Did you notify the HDB officer in writing during the signing of documents?

General

Jim Ng
Jim Ng
Level 5. Genius
Updated on 07 Jun 2019
Hi, I am 23 as well, only equipped with a diploma too. I am so sorry to hear that you have a critical illness at this age, it is really unfortunate. Is there any way you can seek help from Ministry of Social And Family Development and apply under the Urgent Financial Assistance scheme? Read more here: https://www.msf.gov.sg/Comcare/Pages/Urgent-Financial-Assistance.aspx Also, are you truly interested in studying a specific course for your university studies? What did you study in your polytechnic? What is the current pay if you were to apply for a job now with your diploma? Feel free to private message me on Facebook for free financial advice: https://www.facebook.com/jimngweida Disciaimer: I have nothing to sell you, I just genuinely want to help.

AMA 1M65

Jim Ng
Jim Ng
Level 5. Genius
Updated on 07 Jun 2019
Hi. How far are you away from your Basic Healthcare Sum (BHS) ? Also, are you currently still working? If you have not achieved your BHS, you can consider topping up to ensure that you hit the BHS. Once you've attained the BHS, CPF will prevent you from topping up anymore monies to your MediSave account. The only way you can further leverage on the CPF investment journey is through your employer contributions or your own Mandatory Contributions (MC) if you are self employed. So.. do calculate how far away are you from your BHS, before making a wise decision whether or not to top up to your MA. All the best to you in your CPF journey :)

Investments

Savings

Jim Ng
Jim Ng
Level 5. Genius
Updated on 07 Jun 2019
Take the FRS out of the equation first, because regardless, you're still obligated to pay off the HDB loan. Then consider this: Although SA offers 4% interest rate as compared to the 2.6% interest accruing on your loan of OA may make it sound like a good choice to transfer OA to SA, it's not entirely true. Note that your 2.6% interest accruing on your outstanding loan of 170k would mean that it's a loan interest of $4420 annually. Even if you were to transfer all of your OA (70K) to SA, it will only give you an additional $2800 of interest annually. So ask yourself this, is $4420 of interest accruing on your loan annually more than $2800 of interest that you earn annually? Note that the OA to SA transfer is irreversible. You may end up having to fork out some cash to service your mortgage. Do you want to remain cash-rich or cash-poor? Still need a full understanding of your financial situation before giving a recommendation...

Whole Life Insurance

Insurance

Jim Ng
Jim Ng
Level 5. Genius
Updated on 07 Jun 2019
In order to answer this question... need to find out more information from you. Who are your dependents? Or do you not have any dependents? Is your spouse working? Or not working? How many children do you have, how many of them rely on your income? With all this amount of life insurance coverage, is there a chance you are overinsured? Do you have an existing medical condition? If you were to cancel any of these policies, are you still able to buy anymore policies in the future? You need to ask yourself all these questions first in order to determine how to strategise yourself to ensure you are not overinsured.

AMA 1M65

Family

Savings

Jim Ng
Jim Ng
Level 5. Genius
Updated on 07 Jun 2019
Pros: 1. Have more interaction amongst family members, happier home. 2. Potentially have more children to take care of you when you're old. Double edged sword though. They could turn out to be unfilial. Who knows? 3. Less lonely at home, can talk to your children. Cons: 1. Costlier, higher maintenance of monthly household expenses. 2. May need to worry about each child's development, need some micro management to ensure each child is doing well. 3. Lack of living space when every child grows up. They lack privacy and their own personal space when they grow up. For example, if you have 3 boys and 2 girls, you can't possibly place the boy and the girl in the same room when they grow up. 4. Less time for your spouse, as most of your time is being spent on your children. In conclusion, it's all about time management and self-management to ensure a happy family. Cheers.
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