Josh Ng - Seedly
Josh Ng

FI/RE is a lifestyle.

Josh Ng

27Upvotes

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FI/RE is a lifestyle.

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Josh Ng

27Upvotes
  • Answers (15)
  • Questions (5)
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Lifestyle

Josh Ng
Josh Ng
Level 4. Prodigy
Answered 1w ago
Let's just say it's a good to have, but not an absolute must. But if you have ambition to have your own car next time (which you never know), it's better to do it and get it over and done with. As a bachelor you might not see a need for a car since Grab and public transport is so convenient but with a family, your priorities might change to accommodate babies and your senior folks. Personally I find it harder to find time to pick up driving as you get older (due to work commitments etc.) so I would lean on the side of doing it early. $1k in the grand scheme of things is not a lot, but it does buy you a lot of convenience (less hassle) next time if you find yourself in a situation with a need to drive (road-trips among all other things).

Savings

Investments

Josh Ng
Josh Ng
Level 4. Prodigy
Updated 2w ago
I think it is important to start with the end goal in mind and ask why you need to invest, more so than what to invest. They are two different questions. If your goal is to beat the dismal interest from banks, then savings bonds, endowment with any insurer or fixed deposit will allow you to do that. If your goal is to beat inflation, then you might want to consider putting into ETF pegged to SGX or US exchanges (NASDAQ etc) because historical trends have shown positive interest over the course of 5, 10, 20 years. If your goal is to grow that amount into retirement, you need to start working backwards to see how much is required when you turn 45/55/65 and what is the required compounded interest rate required to grow that $50k. My other advice is rather than going all in with $50k, break it down and do monthly investment so you average out the cost of the investment vehicle you decide to go with, and even out the risk even if market falls tomorrow, next year, or the year after. Good luck!

Insurance

Term Life Insurance

Josh Ng
Josh Ng
Level 4. Prodigy
Answered 2w ago
I think your question might be best suited if you manage to secure an appointment with an insurance agent (someone preferably within your circle of friends) or worst case, raise a request with the main insurers in the market - Great Eastern, Prudential, Aviva etc. Also good to have at least 2 opinions from different insurers so you form your own pov. Good luck!

Investments

Savings

Insurance

REITs

Bonds

Josh Ng
Josh Ng
Level 4. Prodigy
Answered 2w ago
Are you only looking at those three instruments that you mentioned ? I'm afraid it's too generic an ask which doesn't indicate your preference for profit or risk tolerance. $10k is not going to turn the world upside down, but for what it's worth, compound interest can still do wonders. Gauging by the audience demographics here, you are probably still young in the 25-35 age bracket? If risk is not a concern, I would put that amount in an index fund pegged against either SGX or S&P. Also consider what this amount will do in the grand scheme of things with your other money allocation.

Career

General

Josh Ng
Josh Ng
Level 4. Prodigy
Answered 2w ago
Similar to a trader who is looking to buy low and sell high in the stock market, it is difficult to time the market to know when recession will come. There are quite a few people I know in my peer set who is predicting one, but that doesn't make either one of us expert because it hasn't happen and we can only speculate with the information on hand. Anyway I didn't want to digress. My point is whether it is recession or not, whether you should study or work depends on your current lifestyle and if you have the means to support yourself if you stop working today. If that is not a concern, then studying becomes an option but not necessarily an essential. I don't know your industry to advise further but if studying beats practice, and gives you an edge over your peer set in applying for specific roles, then there is no reason why you wouldn't go for it (recession or not is not really a consideration here because the focus should be to improve your skill sets). Instead of it being a choice of either or, I would continue to work, and do some courses /or studying on the side if that is an option (ceteris paribus where you have the headspace to do both) Good luck!

CPF

Josh Ng
Josh Ng
Level 4. Prodigy
Answered 2w ago
You can't do that for OA specifically. Probably a follow up question is why do you want to do so? To secure the interest at 2.5% or 3.5% (if you have less than 20k), and use it for home purchase? If you intend to use it for retirement, then I would suggest doing a cash top up to SA instead. That way, you can maximize interest at 4% or 5% (up to $60k depending how much you have in OA). That way you get tax rebate as well which is great to have (because why not?). Only downside is that amount gets locked till you are 55/65 depending if you have hit basic retirement sum. Anyway my point is the reason for you putting money in OA will provide direction and further recommendation on what you should do with the $300.

Savings

Bank Account

HDB BTO

Wedding

Josh Ng
Josh Ng
Level 4. Prodigy
Answered 2w ago
I think a good way to anchor this question on is to keep a checklist of items you need to get for key milestones (BTO, wedding, honeymoon etc.) An example for wedding would be what you need on the actual day (venue, decorator, wedding bands, flowers etc.) From there, you can see if there is a better deal from getting packages vs. single engagement from boutique firms. I think what most married couples will tell you is to have a rough plan and tentative budget, and work within it. The truth is you can do a lot with planning and executing so it is important to discuss what is essential for the both of you (which cannot be compromised) and what are nice to have (but can be given up due to budget constraints) such as having a music band at your wedding, installing zip trek for your balcony etc. Good luck!

Lifestyle

General

Josh Ng
Josh Ng
Level 4. Prodigy
Updated 2w ago
For what it's worth, it's not just the wealthy who has the network of connections. Rich or not, anyone can build a right profile of themselves professionally and build a network based on merit. I don't think people necessarily think of connections as a means to get something directly, rather it is a case when you need some help or inspiration then you decide within your circle of peers or friends whom you can reach out for the 'best' advice). That said, I would say common use of connections would be understanding a particular industry that you are less accustomed to, making in roads to a new job and getting some tips to succeed, and knowing acquaintances (usually friends of friends).

Investments

Savings

Seedly

Josh Ng
Josh Ng
Level 4. Prodigy
Updated 2w ago
I don't think there is such capabilities as yet using Seedly. I use Yahoo finance to keep daily checks and then do a manual edit in Seedly later if that helps

Insurance

Josh Ng
Josh Ng
Level 4. Prodigy
Answered 3w ago
Honestly your question is quite broad so it's hard to nail a specific answer as each insurance type /or instrument is designed for different personal needs. For fixed term, you pay a small premium (till you reach an old age) that gives you high leverage in the case you suffer something unfortunate. It's all sunk cost if you live on perfectly till age 65 I believe. For whole life, you pay a decent premium but only for a fixed period of time (usually 20 years) but you get to surrender your policy and get back the money + interest depending how long you intend to keep the policy for post maturity. So for people who are better off, they may consider using whole insurance as a catch all, using it as both an endowment plan but also one to provide death, total disability and critical illness coverage. Regardless what you choose, starting early is the best advice anyone can give to you because insurance act as your shield of defence as you build up tools (income, investment among others) to build wealth. My other advice would be to add early stage critical illness, accident and hospitalization riders to cover all basis. If you want to take one step beyond, you can consider income protection but that will be based on additional premium to pay and that is all sunk cost (similar as term plan).
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