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Kenneth Quek

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Kenneth Quek

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Kenneth Quek

  • Answers (38)
  • Questions (2)
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CPF

CPF SA

Kenneth Quek
Kenneth Quek
Level 5. Genius
Answered 5d ago
You already have a 20k investment portfolio. Are you confident of getting 4% pa? If you are, why would you want to top-up your CPF? If you're confident in your discipline and investing, CPF should not be necessary. If you're not, CPF is a very safe way to get to a safe retirement income in the future. The only reason (I can think of) to top-up early, is if you want a huge SA in the future. Since you can only top-up to FRS and let it grow from interest and salary contributions from then onward, then it makes sense to try to hit SA ASAP, so that more of the interest and contributions will go beyond FRS.

Insurance

Kenneth Quek
Kenneth Quek
Level 5. Genius
Answered 6d ago
Your hospitalisation plan is arguably your number 1 most important plan. Even for things like Critical Illness, most of your medical expenses ought to be covered by your hospital plan. Then, what do you need critical illness insurance for? Well, perhaps for loss of income if you are unable to work while being treated? But then again, there is Disability Income Insurance that could help to cover that. It covers beyond the definition of Critical Illness and potentially until you are 65. (Do your own due diligence.) Honestly, to my thinking, I can't think of a good reason for CI insurance after I realised that treatment bills will be paid for by H&S and loss of income will be helped by DII. Perhaps a smaller coverage for CI to top-up what DII cannot cover, but otherwise, I don't see the need for high CI coverage. And just to put it out there. You don't need life insurance unless you have dependants. In which case, ask your employer if they have group insurance you can tap on.

MoneyOwl

Investments

CPF

Kenneth Quek
Kenneth Quek
Level 5. Genius
Updated 6d ago
Endowus only provides DFA and PIMCO for cash and SRS. For CPFIS, they offer other products, not DFA. This is probably a regulatory issue, so until they clear DFA with CPF, I think it is unlikely that MoneyOwl would be able to offer DFA for CPFIS as well. As for withholding tax, I recall that both have worked with DFA to structure the funds to be Ireland domiciled, so withholding tax should not be an issue.

Insurance

Whole Life Insurance

Term Life Insurance

Critical Illness (CI)

Kenneth Quek
Kenneth Quek
Level 5. Genius
Updated 6d ago
Have you served NS? If yes, pls look at the MINDEF & MHA Group Insurance and get it while you are eligible. If not, look for other group insurance plans. If you are working with the government, you probably are eligible for POGIS. If not, check with your employer. Edit: For CI, it is worth asking why you would like to buy CI. If it is for treatment, that should mostly be covered by your H&S plan? If it is for income replacement, you may wish to consider a Disability Income Insurance Plan which is more wide-ranging. Insurance is one area that many of us are not very familiar with, and we end up spending lots of money just on the authority of 'friends' or strangers on the internet. It is worthwhile, while you are young, to try to get as good an understanding as you can, so that you do not spend unnecessary dollars on something you may not need. Insurance should not be a lottery ticket to wealth.

Investments

Stocks Discussion

Kenneth Quek
Kenneth Quek
Level 5. Genius
Answered on 18 Dec 2019
Google passive index investing. Google Bogleheads. Basically, if you think diversification is the way to go and you think you can't time the market, the bogleheads will probably fit right up your alley. Essentially, they're all about finding a well diversified ETF that captures the whole world's stock market, buying that, and ignoring everything else. I won't ask you to just follow blindly what they advocate, but have a read for yourself and see if you buy into their theory.

SG Budget Babe

Supplementary Retirement Scheme (SRS)

Investments

Kenneth Quek
Kenneth Quek
Level 5. Genius
Answered on 17 Dec 2019
This question should be addressed viz-a-viz the whole of your investment portfolio, and not just SRS alone. Someone new to investing would invest their SRS differently from someone who has a full portfolio in equities and is now looking into bonds, for example.

Parenting

Lifestyle

Investments

SG Budget Babe

Kenneth Quek
Kenneth Quek
Level 5. Genius
Answered on 17 Dec 2019
I was recently thinking about this. To clarify, I agree with others who mentioned that the purpose of the investment is important. For me, one big part of the purpose was to use it to educate my children in the future about investing. To that end, I actually explored different types of investing so that I could use these real examples to have a conversation with them about investing in the future. So I looked at Robos, as well as passive ETF index investing. I didn't go into stock picking as I felt that would be more advanced. Just kept to the simplest methods of investing so that I could introduce those to them as well.

CPF

Savings

Retirement

CPF SA

Kenneth Quek
Kenneth Quek
Level 5. Genius
Answered on 17 Dec 2019
Nope. You can top up your parent's RA or your spouse's or sibling's SA (certain conditions) for tax relief. Or contribute to SRS.

CPF

HDB BTO

Loans

Kenneth Quek
Kenneth Quek
Level 5. Genius
Answered on 17 Dec 2019
If you have the money, from a numbers standpoint, this is a no-brainer. HDB loan is 2.6% CPF Top up (SA or MA) is 4% Clearly your money will work harder with CPF. No question. The only question is whether you are emotionally okay with being in debt, or you just like to pay off your debt earlier.

SG Budget Babe

HDB BTO

Loans

Kenneth Quek
Kenneth Quek
Level 5. Genius
Answered on 16 Dec 2019
Alot depends on not only your finances, but also your attitude towards a loan. For eg. If you are sure you can pay it off earlier, then get a low fixed rate below HDB rate. If it does rise, you can pay it off earlier and save. If you're sure you will need the full 20-30yrs, HDB provides a level of certainty that banks will never be able to provide. In addition, if you take a bank loan, you may be constantly worried that the rates will change and wonder what you will do then, and whether you need to save up more just in case. If you take a HDB loan, you are more certain and can make your money work more efficiently for you. Eg. Putting some into investments that you might not have put in if you had a bank loan hanging over you.
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