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Josh Tan Jian Liang

I want to impact our society even more and inspire anyone including you to “take charge of your financial future”

Josh Tan Jian Liang

Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd

17Upvotes

About

I want to impact our society even more and inspire anyone including you to “take charge of your financial future”

Credentials

Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd

Josh Tan Jian Liang

Co-founder https://theastuteparent.com at Promiseland Independent Pte Ltd

17Upvotes
  • Answers (37)
  • Questions (0)
  • Reviews (0)

Insurance

General

Hi Anonymous, There are different degrees of sleep apnea severity with some requiring CPAP devices. The score on your sleep test is crucial to the insurer. I don't know your condition yet but I've a similar case to share. Doctors did not say the sleep apnea was life threatening and surgery was recommended but not crucial. However, the insurer viewed otherwise and there was a 150% loading on the application. After careful considerations on costs, we did not proceed further on the application. To get further advice on your application, perhaps do a preliminary underwriting (which is a simple non-binding enquiry with insurer) with your sleep test score. If the feedback is good then we do an application. I've more insurance articles and can be reached here at https://www.facebook.com/TheAstuteParent/ . Alternatively consult any independent financial planner to consider applications with multiple insurers as loading on your policy can defer from insurer to insurer. Good luck.

General

AMA SG Budget Babe

The most common financial freedom goal is $1m. I guess most will reach there from the ages 40-55. ! But your question is the intention behind saving up. Financial independence is a concept where you don't need to work to support your lifestyle . That's a great reason to save up. With low job security these days, financial independence means less stress on paying off your bills. Maybe that's freedom and flexibility to live and work on your own terms. I can also share from previous polls, some want financial freedom to pursue artistic hobbies. Kind of like ending "required" work to make ends meet. More tips on financial freedom and FatFIRE (which is comfortable financial independence retire early) in this post click more to continue...
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CPF

Investments

Hi Anonymous, take a look at this. It shows that in 2015, 58% of members lost money with their CPF. BUT it also shows that in 2016, 78% of members made more than 2.5% ! What does this mean to you? 1) Investment has risk. You could lose. If you hate it, then stay safe with your CPF. 2) Investments need time to perform. One year you lose the next few you win. On a diversified approach, this is just to describe the journey. If you're now clear about whether it suits you and want to start, look to invest only the amounts above $20,000 for your CPFOA. I've a further article on a diversified tool to start your CPF investment journey https://www.theastuteparent.com/2018/07/why-first-state-bridge-is-a-good-fund-to-start-investing-your-cpf/

Savings

Elastiq plan is quite an interesting new offering to the market. I'm a user of it currently. You can use it more as a flexible savings wallet. Withdrawing and more importantly adding in does not have charges once you fulfill the minimums. At current moment, the 2.02% is slightly higher than current 3y SSB average rates. An extra idea is the additional referral bonus you can get Check my post here for more info, hope it helps https://www.theastuteparent.com/2019/01/elastiq-by-etiqa/

AMA Christopher Tan

If you feel your company's insurance is comprehensive, you could consider enhancing your medical coverage with Raffles shield. Look for the point on "high deductible option" mentioned in the post. It is designed to have the least overlap with your corporate health coverage and gives you the safety of having coverage when you leave your company someday. https://www.theastuteparent.com/2018/07/raffles-shield-plan-an-analysis-you-should-see/

Insurance

AIA Hospital Income

Healthcare

Health Insurance

Hi there, Max Essential A Saver did not change to Vital Health Rider. It's more of a new offer that is compliant with MOH guidelines as what Hariz has mentioned. If you are owning the Max Essential A Saver you can keep it. If you are owning the Max Essential A you can downgrade to either the Essential A Saver or Vital Health A. For age30-40, price gap between Essential A saver and Vital Health is about $50/y only. The essential A Saver rider covers 100% for you and has a possible daily hospital cash if you downgrade. I'd attach my analysis here if you want to know more. Also, contact a qualified adviser to understand further, good luck. https://www.theastuteparent.com/2018/12/aia-healthshield/ !
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Insurance

Hi there, I've 3 key points to suggest to you on the best PA plan Firstly, some plans have unfriendly policy definitions For example, 1) How is the "accident" defined. 2) How soon must you file for claims from the date you have incurred the injury. 3) How much you must information (like doctors statement, original bills) you must provide before claims is assessed. Secondly, some personal accident plans have sub-limit cap when it comes to an individual claim. I've learnt this the hard way. There was a claim for a particular MRI scan for a private client and the bill was a thousand dollars plus. When we filed for claim, we only received $750 because of the sub-limit cap for outpatient treatment even though yearly limits were $4,000. It was in fine print. Thirdly, most personal accident plans do not cover for HFMD. It is common these days to get HFMD. Even for adults. I've a suggestion here for you https://www.theastuteparent.com/2018/03/sompo-pa-star-personal-accident-insurance-for-family/ Premiums are $295.48/y for the middle plan if your occupation is deskbound. !
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Savings

Credit Card

Property

Insurance

Family

Investments

Hi Anonymous, I follow Dave Ramsey abit and I find most of his suggestions too conservative. If it's "no debt first then saving", most would not be able to buy a house in Singapore. I don't know about you yet but at least I couldn't. If you look at baby step 1 and baby step 3 of your post on Dave Ramsey, he has it as emergency savings. He even has multiple videos of it and preaches it as a necessary cost (like an insurance). I would rather recommend focusing on having an opportunity fund if you want to grow wealth and build passive income. For anyone with savings difficulties then creating forced savings is more effective then attempting to built emergency savings. If you are keen to find out more, I've a full explaination on the steps, watch EMERGENCY FUND IS UNNECESSARY (Create passive income with this focus instead!) !

Savings

Investments

Retirement

Hi there, Q) How should i start saving/ investing. How should my portfolio look like. how to go about building it I'd start by dissecting this with a few questions for you: A) If you haven't invested yet what has been stopping you? B) If you've invested before, how has the experience been and what do you want to avoid? C) What do you heard before that is ideal? This requires a discussion for investment planning. Q) Buy another property There's absd for residential, that's a hurdle to consider hard. Even if you own current place on a singular name and can buy in your spouse's name, is it better to pay down your $1.1m loan first? If you want to find out more on dividend income vs property rental income, I've this video for you more on the 4 insider tips.... ! Q) How to split between cash bond and equities I suggest following this guideline for how much equities you should own. 1) Little or No investment experience: 10x your monthly income. 2) Have some investment experience: 30x your monthly income. If you want to find out why as well as how much cash to hold, I've this post for you more on "what is your right investment level"...
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Bonds

Singapore Saving Bonds (SSB)

Investments

Hi Linda, I've this simple formula on the SSB which is a WAG formula. W - withdrawal: No lock in period A - anyone : Anyone with the right accounts can buy G - guaranteed: Principal and interest guaranteed. ! If you understand it, you'd realise SSB is a unique solution for savings and getting interest without risk. My full video on it is here. The T2023-S$ 5-year Temasek Bond and Astrea IV bond are closer comparison to the SSB. All other retail bonds listed on the market (like the SIA retail bond) may carry a better yield but are not principal guaranteed by the government.
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