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Kenneth Chan

Kenneth Chan

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Kenneth Chan

  • Answers (37)
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Family

Savings

Loans

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered 4w ago
Buy them Dave Ramsey's Total Money Makeover.

Miles

Credit Card

Travel

MileLion

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered on 12 Nov 2019
Also to note that although your miles do not expire, many airline programs devalue their miles over time. So if you are "playing" the miles game you should not concern so much about miles expiry but how to extract the most amount of miles over the shortest period of time possible for redemption. This may include signing up multiple cards and cancelling them once the "bonus" is used up. Too much hassle for me, but good luck if you wanna track to "hack miles"!

Debt

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered on 12 Nov 2019
If you are neck deep in debt, a debt consolidation can help but it's really a change in behaviour that will get you out of the debt mess. Consider reading Dave Ramsey's Total Money Makeover, can borrow it for free at NLB.

Lifestyle

Credit Card

Shopping

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered on 07 Oct 2019
I would if there isn't a queue, otherwise you will just hold up the line even more. šŸ˜’

Property

Investments

Lifestyle

Loans

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered on 26 Sep 2019
If you have the following in place, 1. 3-6 months emergency fund 2. Fully funded retirement 3. Fully funded kids education ...then yes, throw everything into the house. Also, if this is a windfall, IMHO, you should clear the stuff above mentioned (including the house) before you "invest" the remainder.

Lifestyle

Savings

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered on 18 Sep 2019
Don't believe the start-ups hype.

Property

Family

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered on 18 Sep 2019
The general rule of the thumb (according to Dave Ramsey) is: 1. Not more than 15 years of loan. 2. Not more than 25% of your income to pay the mortgage loan. Assuming a $525k loan with 2% interest, your monthly repayment of about $2k is about 27% of your combined income of $7.3k, so you should be fine. Just note the $175k downpayment and you will be fine.

Fresh Graduates

DBS Altitude Visa Signature Card

DBS Multiplier

Credit Card

Kenneth Chan
Kenneth Chan
Level 5. Genius
Updated on 07 Aug 2019
1. No, credit cards (or some debit card for that matter) generally requires a few days to post the transaction and the amount do not get deducted from your account immediately. It is prudent to track your expenses with an app (e.g. seedly) to make sure you do not get carried away with spending. 2. Most credit card have an option to GIRO your bill automatically. Ensure that you have sufficent funds to avoid late payment fee or the insane interest rates they will charge you in an event of a failed deduction. It is good practice to inspect your bill to ensure there are no fraudent transactions as well. 3. DBS altitude card has plenty of terms and conditions that exclude the earning of miles so if you are intending to "game the system" to earn miles, please read the terms and conditions carefully first. 4. If the automatic payment is not available from DBS, you can generally request from the service company for a credit card payment form to complete and mail back to them. (e.g. M1)

Cryptocurrency

Investments

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered on 06 Aug 2019
I will consider it more of a gamble than an investment because there are no fundamentals that are supporting the "prices" of these "products". Blockchain is a noble idea but without proper adoption and support of cryptocurrency by sufficicently large organisations and governments, it all remains a pipe dream.

Investments

REITs

SeedlyTV EP05

Kenneth Chan
Kenneth Chan
Level 5. Genius
Answered on 06 Aug 2019
IMHO you should NEVER ask if you should put $X amount into Y. Financial Advisors' biases or other personal agendas will most likely bite you where you least expect it. Perhaps you should instead arm yourself with risks and downsides of the investment you are looking to do (in this case REITs) and make a judgement if you are willing to accept these risks continue with your investment. 1. You may have to top up your holdings (when the management decides to purchase new proerty/estate to add to their portfolio) or risk dilution. 2. REITs prices do not generally "grow". 3. REITs generally faces risk asscociated with the property market "boom and bust" too. Good luck!
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