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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 (14)
  • Questions (1)
  • Reviews (2)

Savings

Personal Finance 101

Savings Accounts

How many bank accounts do you own? And for what purposes?
Lynn Kiyomi
Lynn Kiyomi
Level 4. Prodigy
Answered on 25 Feb 2020
RM, how many accounts would depend on your objectives and budgeting. E.g. What are 7 and 9 allocated for? Also, you can eliminate the overlaps, e.g. put 2 into 6. For me, I have 8 bank accounts currently. I don't remember all the names. What I have: 1&2. POSB accounts - the normal savings one, and another one. - I use one for personal necessary monthly expenses and another for my fun / leisure / wants spending. 3. CIMB Starsaver i-savings (this is an Islamic savings account 0.8%/pa if there is a credit to your account every month. There is also the non-shariah-compliant version). - for long-term savings and investment opportunities. 4. UOB savings account (I don't remember if there is any minimum balance or fee incurred if not, however if you are able to have the minimum in it, then no concern) - for emergency buffer. 5. UOB Current account (there is annual fee charged. Most of the time I manage to get it waived) - I use this for the "free" cheques and setting aside of tithes (as and when income is received). 6. OCBC (there is an account that pays 0.4%/pa and you just have to transfer a small amount there every month. Don't have the name now.) - for allocation to training / education / personal development opportunities. 7. CIMB joint savings account - for bigger ticket household needs and saving to spend, household emergency buffer (e.g. renovation, furniture, kids' expenses when they arrive, pregnancy and delivery, Chinese New Year angbaos). 8. Standard Chartered salary account - for salary crediting. I don't like those accounts that offer higher interest but you need to fulfil a number of things like salary credit + spending a certain amount on credit card + paying how many bills with it + buying financial products, etc. Too much fuss.) Using different bank accounts for budgeting purposes makes sense to me. The only issue is remembering the different logins and passwords, if you don't access certain accounts often. For credit cards however, I think it is better to limit spending to 2-3 credit cards. For easier tracking and administration, as well as acumulation of cashback / miles / points.
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Lifestyle

Career

FIRE Movement

How do you know what to do if you FIRE?
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.
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Miles

Cashback

SG Budget Babe

MileLion

Credit Cards

Should I get a Miles or Cashback card? What are some factors I should be considering?
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.
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MileLion

Credit Cards

Do you ask to waive annual fees for cards before or after you are charged for it?
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.
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MileLion

Travel Insurance

Travel

Which is your go to travel insurance?
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
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SG Budget Babe

Property

Savings

Retirement

How many assets do most people have at age 50?
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?
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SG Budget Babe

Investments

Stocks Discussion

How does one start investing?
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.
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SG Budget Babe

Career

Fresh Graduates

How much of your salary should you save as a fresh grad?
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.
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SG Budget Babe

Insurance

Critical Illness 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.
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SG Budget Babe

Investments

Spare cash for investment?
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.
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Level 4. Prodigy
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