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Kenny Ng

Buddying investor learning and sharing with the aim for an early retirement!

Kenny Ng

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Buddying investor learning and sharing with the aim for an early retirement!

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Kenny Ng

  • Answers (20)
  • Questions (1)
  • Reviews (1)

Insurance

Savings

Investments

Lifestyle

Salary

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
You can do all 3 concurrently, just factor in that insurance is bracket by age , reason being studies have shown that the younger you are, the less likely you are to suffer from health, so for insurance that are dependent on age like CI, get them first if you can afford it.
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Savings

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
6 months would be a recommendation.
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Savings

Career

Salary

SG Budget Babe

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
Depends if you got any committments (parents/house/car/child etc), if not allocate a portion for CPF RSTU SA top up, it does it bit to build you retirement fund plus tax relief for next year, do it yearly and it becomes a good rountine of retirement planning. Investing is great if you have excess, time in the market is always better than timing the market.
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CPF SA

Income Tax

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
For SA RSTU top up, 7K personal, 7K parents/grandparents so 14K annually.
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Savings

Investments

Cashback

Savings Accounts

Credit Cards

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
Try UOB One account, it requires just 3 GIRO payments and CC spend which is quite manageable. Tip: Donate to 3 charities for the 3 GIRO payment. Get cashback + do a good deed + tax relief ( 1 dollar donated = 2.5 dollars tax relief). Best deal in the market so far ;)
šŸ‘ 0

Lifestyle

Family

Retirement

SG Budget Babe

Insurance

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
Topping up their CPF SA account would be a good start, its locked in and the payout wont start till 70 unless you request it anytime past 65 years old. For insurance, cheap and good coverage dont go hand in hand, rather when you metioned good coverage, what do you define as good coverage. Take a Personal Accident plan, there are numerous PAs and priced differently, for the reason that they have different coverage of "accidents" and per accident limit. I would ask myself, do i want to get insurance for them for my peace of mind or i want an inusurance plan thats the most comprehensive. ? But if you have spare time horizon, insurers run marketing events once a few months, look out and get them then. Its more "bang for buck"
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CPF

Retirement

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
If you arent confident to get a return of 4% all year round then 01 Jan is your best bet. If you are confident that say a REIT will get 4% return the whole year, then 31 Dec as you can earn more and yet have the guaranntee of at least 4 % anytime you top up your CPF!
šŸ‘ 1

Investments

Trading

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
Trading and Investing are two different horizons methods, both do earn you decent income, but my views are how long can you be IN THE MARKET. Take one step back and its how is your risk appetite, traders have more aggressive risk appetite and have a exit position generally. For investing, it really depends, if you do your due dilligence, keep up to the company news announcements, exit and enter without emotions, personal experience is that investing gains more over the long run.
šŸ‘ 0

CPF SA

CPF

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
Given that CPF monthly contributions is capped at SGD6000, meaning 6000 will not be CPF deductible. I think even if you max out your personal contributions to 80,000 yearly for 30 years should not be an issue, as if we see 1M65 blogger case, if he doesnt face any issues, I think we are fairly safe!
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Investments

Family

SG Budget Babe

Savings

Savings Accounts

Kenny Ng
Kenny Ng
Level 4. Prodigy
Answered on 01 Jan 2020
I guess a lot of use face similar challenges for our parents, what I did was to use simple and main stream examples like CPF marketing materials that highlights the impact of inflation or explains why the BHS/FRS is always increasing and not stagnant. Given that security and capital preservation is on top for parents at their age band, try conservative instruments such as SSB, SG govt back, high liquidty (1 month to exit) and low admin cost. Once they see the value which takes time , say 6 months as SSB pays out interest twice yearly, you can slowly move on to higher risk/complicated instruments. Everyone pace is different, so just always remind this to yourself. :) Good luck
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