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Josh Ng

FI/RE is a lifestyle.

Josh Ng

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FI/RE is a lifestyle.

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Josh Ng

  • Answers (21)
  • Questions (5)
  • Reviews (1)

CPF

Insurance

Savings

Investments

Josh Ng
Josh Ng
Level 5. Genius
Answered 3w ago
Depends. If your income bracket is high and 'forces' you to pay >11% of taxable income annually, I would say top up your SA (at least $7k) to save on taxes and then use the savings for investments. The other argument would be to max out your MA asap so you activate the spillover effect to SA then OA subsequently. All said, there are limits to how much you can contribute to CPF so call them to understand the caveats. For the bulk of money, I would recommend reading rich by retirement book to understand why you need to invest - and then do a 3 fund strategy (following bogle's principles). Either way you are in good stead so put the money to good use!

Investments

Endowus

DBS

Josh Ng
Josh Ng
Level 5. Genius
Answered 3w ago
If it helps, I would consider both. SRS to reduce tax, and allocate that to 90/10 stocks to bonds via Endowus. For extra dough on the side, open any brokerage (with min txn fees) and dca into iwda/eimi or vwrd.

Investments

Supplementary Retirement Scheme (SRS)

Robo-Advisors

ETF

Josh Ng
Josh Ng
Level 5. Genius
Answered on 08 Jan 2020
For what it's worth, I'll look at vusd, vwrd and eimi for the stocks component. I consider cpf as bonds since it's pretty much guaranteed (bar policy changes) and you probably have to do it now or at some point (to reduce taxes). I'm with you on SRS and from a neutral point of view, EndowUs is a great shout šŸ˜‰ Anyhow you are off to a great start ! Just remember to do DCA and portfolio reallocation in May and Nov

Endowus

Robo-Advisors

Josh Ng
Josh Ng
Level 5. Genius
Answered on 12 Nov 2019
I think for your question, it's better to have a 1:1 consultation with a financial advisor as there are caveats to your lifestyle habits, risk tolerance etc. I know this is probably not the answer you are looking for but the question in itself is too broad to give a tailored response. With regards to Endowus, I believe you need to have a base capital of $10k for you to start using the account, and that capital can be a mix of cpf, srs or cash. Their customer service is excellent (based on my experience) so you can reach out to them directly via email and I'm quite sure you will have some of the questions answered more appropriately. Good luck!

Wedding

Miles

Credit Card

MileLion

Josh Ng
Josh Ng
Level 5. Genius
Answered on 12 Nov 2019
A direct answer to your question is probably no, but as what the other folks have mentioned, best to check with the hotel coordinator. One of the ways to leverage on miles for a big ticket item like wedding banquet is to take advantage of bonus miles as per the minimum credit card spending within a fixed period of time. For eg, SCB X card was launched a couple of months back and I know of friends who had a $6k spending coming up and was able to rope in 100k worth of miles albeit paying a decent $700 annual fee. When you do the back calculation, the miles per dollar far exceed the holy grail of 4mpd. You can double that by getting (or convincing) your partner to do the same. Good luck!

Credit Card

Josh Ng
Josh Ng
Level 5. Genius
Updated on 13 Jul 2019
Should be relatively straight forward. For miles card, use DBS world women master card for 4 miles per dollar for $2k online spending capped per month. Using $0.02 cpm as yardstick, you would get 8000x$0.02 = $160. Next you can try to buy on e commerce sites (Lazada etc) that shopback has further discounts, that way you can get more cashback. Also wait for Black Friday, single days 11/11, 12/12. . Remember the truth about delayed gratification.

Retirement

Property

Josh Ng
Josh Ng
Level 5. Genius
Answered on 13 Jul 2019
What makes you happy? A convenient place to stay knowing price will go up, or a place far off (but realistically only an hour anywhere) and with $250k in the bank / cpf ? It's a case of choosing your own poison. Life is short on Earth, so while it is good to plan for financial freedom, don't forget to enjoy what's most desirable to you. I didn't use the word important because it is personal to everyone. If I were you, I would go for prime as long as your finances can afford. Time is money, and as you age older, health (energy) and time will be what you desire more of than money. Sometimes less worry is a blessing in disguise.

Savings

Investments

General

Josh Ng
Josh Ng
Level 5. Genius
Answered on 12 Jul 2019
Dividing your salary kind of question seems like an age old question. You can find standard answers for similar questions here. I think having a rough end goal in mind is important because it keeps you focused. While plans may change as you goes through different life stages, discipline and hard work are habits that stay with you, and they take time to nurture and build up. Anyway to answer your question head on, I would allocate 10% for skill learning (courses etc.), 10% for travels (to widen your perspective), 20% for cpf (compulsory), 10% on insurance (to play defense), and the remaining split between expenses and savings (and make sure you have 3-6 months of salary as emergency fund). Once done, any extra cash that you have should be allocated into different investment instruments that will give different payouts at different times (retirement, marriage, house, children etc.) Basically what I'm saying is you need to have a purpose for the money that you have set aside, and know what the objective is. Saying that you want to earn x interest is not good enough.

General

Savings

Josh Ng
Josh Ng
Level 5. Genius
Updated on 12 Jul 2019
Let's just start off by saying your market research is not going to be statistically significant given the very limited data size (and that is based off the of responses you are getting here) so I don't think it's a good gauge purely by relying on sentiments here on Seedly. I would throw that question back to you and ask yourself why do you want to know. I get it that from the psychological perspective that it is comforting to know you are saving above the mean / median / average but everyone is at a different state of life so it's hard to compare apples to oranges. If I tell you the absolute savings is 2k per month, would that make feel worst off if you are saving a measly $500? Probably. Or it could motivate to save more. End of the day what matters most is making the best use of your resources to achieve the optimal financial outcome for yourself. Ignore the noise or trying to compare with others. You can never keep up with the Joneses, and at some point it will make you feel like it's a competition when it is not.
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