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Lynn Kiyomi

#LoveInAction - I encourage you to live a full, healthy, fun and meaningful life! Finance + relationships + purpose + time.

Lynn Kiyomi

Senior Consultant plus Islamic Wealth at Financial Alliance (largest IFA in Sg)

About

#LoveInAction - I encourage you to live a full, healthy, fun and meaningful life! Finance + relationships + purpose + time.

Credentials

Senior Consultant plus Islamic Wealth at Financial Alliance (largest IFA in Sg)

Lynn Kiyomi

Senior Consultant plus Islamic Wealth at Financial Alliance (largest IFA in Sg)

  • Answers (13)
  • Questions (1)
  • Reviews (3)

Lifestyle

Career

FIRE Movement

Financial Independence is great! Instead of RE (retiring early) as a final point though, you could consider WO (work optional).⁣ ⁣ So perhaps at that point when you can afford to take a break, you can take some time to consider what kind of work you find meaningful and that you may want to engage in. Otherwise just take some time for a break to re-envision and plan your non-working year.⁣ ⁣ Between now and then, think about the things you would like to do when you have more time on your hands. Some of these may require more funds, so do factor this in too.⁣ ⁣ You mentioned being able to FIRE on very minimal expenses. If you are comfortable with this standard of lifestyle, that is fine. There are many free or low cost activities around. It is also possible to give back to society and bless others through your time and effort, instead of money. Having more funds will offer you more flexibility though.⁣ ⁣ For me, there are a number of things that I could foresee myself doing if I am not working:⁣ >> catching up on leisure and self-improvement reading.⁣ >> retaking up dance and acting classes.⁣ >> spending more time on my YouTube channel content.⁣ >> getting more involved in health initiatives.⁣ >> travelling and exploration of other countries with love ones.

Miles

Cashback

SG Budget Babe

Credit Card

MileLion

Cashback is more practical, especially for those cards (e.g. Standard Chartered Unlimited Cashback card) that have no minimum spending. You can clock up cashback without having to keep tabs on having to spend a certain minimum amount to qualify. After all, at this stage it is more important to focus on saving.

MileLion

Credit Card

Request for the waiver of annual fees after they have been charged. Just in case they are not willing to waive fees and you rather let go of the card, remember to use up all your benefits first. Sometimes making at least one transaction on the card in the previous year will also help in your waiver request, compared to not having used the card at all.

MileLion

Travel Insurance

Travel

The best insurance plans are those that meet your need, fit your budget and that pay out claims efficiently. ⁣ ⁣ Also, be aware that should you need special cover for adventurous sports and preexisting conditions, then you need to look out for these terms in the travel insurance plan that you are considering.⁣ ⁣ For me I buy an annual travel insurance plan that allows unlimited trips in a year. I usually check which insurers have a discount and promotion going on as well.⁣ ⁣ Offhand from what I can recall, I've had good experience with the following:⁣ 1. Allied World⁣ 2. Sompo ⁣ 3. Liberty (the co-branded plan with my company)⁣ 4. AXA⁣ 5. Tokio Marine

SG Budget Babe

Property

Savings

Retirement

Without looking at statistics, this is a difficult question to answer.⁣ ⁣ I'm not sure about your reason for asking this.⁣ ⁣ Everyone has different circumstances and opportunities. So I think it is best not to compare with others, but to compare with yourself. ⁣ ⁣ E.g. of questions I would ask myself:⁣ Have I made the most of the resources I was given? How much of my goals have I reached? What else should I do?⁣ What helped me get here, and what could I improve on?

SG Budget Babe

Investments

Stocks Discussion

What is your objective in investing? This may help you narrow down to where to start, and what to learn first.⁣ ⁣ Then there is the choice of whether to do it yourself or to get the assistance of a finance professional. ⁣ ⁣ For me, I dipped my feet into investing ~17 years ago via my then financial consultant and into unit trusts. My funds made a paper profit of 200-300% then, but I didn't know what to do with them until they made a paper loss of 40-60% in 2009. This is all part of the learning journey.⁣ ⁣ I later joined financial advisory myself in mid 2009. Some time later I took over my own funds allocation, and saw them back to break even before I realised the slight gains.

SG Budget Babe

Career

Fresh Graduates

Hi Cally, I would encourage you to save as much as you can, as the necessary expenses usually just get higher later.⁣ ⁣ However, after working hard for your money, you would also want to reward and spend on yourself a little. So I recommend having a budgeting framework to allow for both spending and saving. One of the most important things to learn is also to track your expenses and be aware of your cashflow. This is the time to start good money habits.⁣ ⁣ Guideline on how much to set aside into different accounts:⁣ >> 30% Living Expenses (the percentage could be higher or lower depending on your actual salary amount, however for most people $700 is more than enough to cover daily food, transport, mobile, home internet)⁣ >> 5-10% Play money (this is where your treats, holidays come from)⁣ >> 10-15% Insurance⁣ >> 10-15% Giving (e.g parents, celebrations)⁣ >> 10% Savings for big ticket items (e.g. wedding, house, renovations, further studies)⁣ >> 10% Retirement Planning⁣ >> 10% Education / Opportunity Fund⁣ ⁣ The above can be tweaked according to your circumstances and income. It is best to immediately transfer your money into these different accounts the moment your salary comes in, in order to stay on track.

SG Budget Babe

Insurance

Hi Tay, there are many critical illness plans available, and each insurer tries to outdo the other in marketing their plan in an attractive way. I can understand how this can be confusing and even overwhelming for the consumer.⁣ ⁣ For me, I think it is best to cut through all the noise and marketing speak by firstly understanding what you yourself need / want, and can afford to purchase. Then work backwards to see which plan is most suitable.⁣ ⁣ Once a person is struck with critical illness, he / she cannot buy any more insurance. So I prefer to implement as soon as possible, 10 years worth of what my client would need for living expenses and to cope with the illness. E.g. the critical illness cover needed could be 10yrs × $40,000 = $400,000. Of this $400,000, I would allocate part of the cover to come from an early critical illness plan.⁣ ⁣ Why 10 years? The first 5 years worth is for the first instance where the person has to rest, seek treatment, recover from the critical illness. The other 5 years worth is if it happens again.⁣ ⁣ The important part about insurance, is not just about getting adequate covers. Often people overlook management of the claimed amount, to ensure that it is used for the intended purpose and that it stretches as planned. So in the event you ever have to make a big insurance claim and receive a lump sum payout, this is the other time to engage your trusted financial consultant to check back on what you had planned together and to work out the management of your claimed monies.

SG Budget Babe

Investments

Hi Tay, firstly congratulations on your coming first child! ⁣ ⁣ Regarding where to invest your spare cash of $40K, it depends on the following:⁣ 1. Your time horizon - how long can you invest this money for?⁣ 2. What is your objective for this money?⁣ 3. How is the rest of your financial portfolio like? E.g. with a baby on the way, have you already made plans for adequate insurance covers for the both of you as well as baby? Where else have you already invested (apart from SSB)?⁣ ⁣ The above 3 questions are important, and it is best to approach it in the above manner. ⁣ ⁣ However, for a generalised answer and assuming: ⁣ >> you have a time horizon of 4-5 years, ⁣ >> that you will be comfortable with returns of 2.5-6% /yr (depends on the portfolio you choose), ⁣ >> and that you will not have a lot of time on your hands to monitor investments (especially with baby coming), ⁣ I will recommend a Managed investment Account. A Managed Account is a type of fee-based investment management product where the investment manager will invest on your behalf. A Managed Account could invest in a portfolio of different asset classes or it could be a range of stocks within a particular asset class. Previously Managed Accounts were more for the high net worth. Now it is also available to retail clients.

Savings

DBS Multiplier

SG Budget Babe

Hi, in financial planning, our money can be divided into different roles (and therefore accounts) to achieve different purposes and goals:⁣ ⁣ E.g. keeping 3-6 months of your income as contingency buffer in savings accounts and easily liquidable short term bond funds, having a baseline of wealth protection insurance policies to secure your current and future income, putting aside perhaps 10% of your salary towards retirement planning every month (the earlier you start, the less you need to put in and the easier you accumulate), and so on.⁣ ⁣ So the more effective and systematic way would be first to identify what your goals and needs are at this stage of your life and position your money accordingly. You may even find that there could be an allocation for investing that is within your comfort level. My point is not to dismiss any viable financial vehicle too quickly. It is also more systematic and clearer to tag different pockets of your money to different goals and timelines, rather than a general "grow my savings". That way you will have a more appropriate financial strategy and a better idea of your financial portfolio.
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