Loo Cheng Chuan - Seedly
Seedly logo
Seedly logo
 
Loo Cheng Chuan

Loo Cheng Chuan's profile is not filled up yet.

Loo Cheng Chuan

Founder at 1M65 Movement

About

Loo Cheng Chuan's profile is not filled up yet.

Credentials

Founder at 1M65 Movement

Loo Cheng Chuan

Founder at 1M65 Movement

  • Answers (106)
  • Questions (0)
  • Reviews (0)

SeedlyTV S2E08

CPF

Savings

How would you weigh the pros and cons to the idea of CPF?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Updated 4w ago
I have... that's why I am a multi-millonaire now. I have chosen not listening to the nay sayers twenty years ago. The same grumbling and rumbling twenty years ago are generally the same as today. Had I listened to them, I would have missed out on the easiest path to becoming a millionaire. It is for you to decide your future...
ūüĎć 0

SeedlyTV S2E08

CPF

Property

Savings

Savings Accounts

We need to buy a house too, and this is where our CPF savings will go. How can I get to 4M in this case?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered 4w ago
Well, it depends what kind of house do you buy.... I would suggest go for a humble BTO, enough for your needs and divert the rest of the funds to wealth building. If income is the problem, go earn more of it. Work two jobs, rent out your rooms if necessary. Save aggressively. Many have done it. I have done it. Why cant you?
ūüĎć 0

SeedlyTV S2E08

AMA 1M65

CPF

Savings

HDB BTO

Property

Home Loan

Loans

I'm in my mid-30s and getting married next year. I have 30K in my OA currently, would it be better to pay a lump sum for my HDB loan first or would you advice transferring some to SA or keep in OA?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered 4w ago
Basic needs must come first... housing down payment to me, is a priority.. After that, I would quickly race to set up my 1M65 safety net.
ūüĎć 0

SeedlyTV S2E08

CPF

Property

Loans

Home Loan

For private property there is leverage of taking a loan from the bank up to 35% loan ratio, would you agree that it is better than just the 2.5% non-leveraged?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered 4w ago
The problem of leverage is it can go both ways.... so it would magnify your gains and your losses. Many people should avoid taking such reckless risk.
ūüĎć 0

SeedlyTV S2E08

Retirement

Savings

CPF

Savings Accounts

Once you reach 65, how would you use the CPF you have accumulated?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered 4w ago
I don't think i need to teach people how to spend their money..... that is rarely the problem. The problem is always inadequacy, rarely abundance.
ūüĎć 0

SeedlyTV S2E08

CPF

Insurance

Investments

AMA 1M65

Savings

Would joining insurance be the fastest way to reach 1M? Or would joining a 9 to 5 and investing still allow me to reach the same end goal with the same time frame?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered 4w ago
Using insurance to achieve investment goals is one of the lousiest way to get financial returns. Insurance is meant for protection not investment. And when you mix both objectives together, you will get fleeced by the very expensive insurance cost. Just look at the flashy cars and luxury suits that many showy insurance agents don on... who do you think pays for that?
ūüĎć 6

SeedlyTV S2E08

CPF

Supplementary Retirement Scheme (SRS)

Investments

Online Brokerages

Would you recommend the same investment strategy for aa SRS account?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered 4w ago
SRS is totally different. The interest in the SRS account is miserable... so you have to deploy it to the right investment to yield a reasonable return.
ūüĎć 0

CPF

Home Loan

Interest Rates

Loans

SeedlyTV S2E08

Does it make sense to top up CPF OA to earn 2.5% interest and use the money to pay off housing loan?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered 4w ago
Yes I would do that. Provided you have set up your safety nets for rainy days....
ūüĎć 0

SeedlyTV S2E08

Savings

CPF

Family

Savings Accounts

My husband is the only one making CPF contributions in the family. Should I be worried that my CPF account has almost nothing?
Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered 4w ago
Please go and get a job.....
ūüĎć 0
Load more questions
Level 6. Master
624PointsGoal 750
126 POINTS TO LEVEL UP
Browse Rewards
Top Contributor
Top Contributor
NOV