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Mark Chan

I am a digital native working with the big red telco in Singapore - further honing my chosen craft of digital advertising.

Mark Chan

Business Manager at Amobee

About

I am a digital native working with the big red telco in Singapore - further honing my chosen craft of digital advertising.

Credentials

Business Manager at Amobee

Mark Chan

Business Manager at Amobee

  • Answers (14)
  • Questions (0)
  • Reviews (0)

Savings

Bank Account

Lifestyle

Mark Chan
Mark Chan, Business Manager at Amobee
Level 4. Prodigy
Updated 2w ago
Having little money is definitely a source of stress for many, so don't worry! You are not alone. While you work hard in increasing the health of your cash flow (be it in optimising your expenses, increasing your salary or generally managing your money better), it is important for you to first take stock of what truly makes you happy and which activities provide you with meaningful purpose. There are a whole hosts of free activities out there that can help fulfill that, it just depends on your interest and passion. Money, after all, is a man-made concept. We are not born to chase after money. You can read books like Strengths Finder from our National Library (hey, borrowing books are free too!) to help you identify your purpose. Some other free activities you can engage in: 1. Volunteering 2. Watching videos / Listening to Music (e.g. YouTube) on WiFi 3. Chatting with friends and playing board games (repeated playing of the games is free) The digital world is one that's filled with possibilities for people to take advantage of (at a low cost of free). Go have some free fun!

Property

CPF

Loans

HDB BTO

Mark Chan
Mark Chan, Business Manager at Amobee
Level 4. Prodigy
Answered 2w ago
Congratulations! It's no mean feat for you to gather such a huge trove of resources. Between the options you have listed, this is what I would do if I were you. 1. Can someone advise me if we should pay my up all using CPF, then the rest Cash to fully pay the house. A housing loan is known to be good debt. If you have financed it via a HDB housing loan through CPF, the interest levied would be 2.6% p.a. Assuming you are a young couple, there are a number of instruments out there that you can deploy your cash into in order to get returns superior to this interest rate charged to you. One such method would be to DCA into a market index (e.g. STI or S&P500) over a long period of time (e.g. 25 years) which should yield 6% p.a. on average. Hence, I would not pay off my house in full and do something like this instead. This is especially so as I do not have an ambition to own a second property, and so would not need to apply for another housing loan (to which having an existing housing loan would be a problem) 2. Or Empty my my cpf amount to investment and then take home loan from HDB and pay using CPF monthly? There are many parts to this question. In general, I would not advise using your CPF funds to invest. There are many reasons for this, but one is that it is hard to guarantee performance better than the prevailing OA and SA rate. This is one article which you may take reference from. You will notice that CPF members are better off leaving the funds in their existing accounts (or better yet, moving it to SA for the 4%p.a. return). It really depends on your investment objective, time frame, and goal :)

Lifestyle

Mark Chan
Mark Chan
Level 4. Prodigy
Answered 2w ago
Crypto. I burnt a fair share of my annual bonuses in something that I did not fully understand. Lesson learnt. As Warren Buffett once said, "Never invest in a business you cannot understand." It was an expensive lesson tho.

Investments

Insurance

Savings

Mark Chan
Mark Chan
Level 4. Prodigy
Answered 2w ago
It all depends on your investment objective, timeframe and goal. I will generally avoid any savings plan / endowment plans as they usually come attached with high fees. You need to keep a close watch on costs because that portion is guaranteed, while your projected returns are never guaranteed. In the current market, I will also avoid fixed deposits because I would like to deploy my capital sometime soon (awaiting for a market downturn) and fixed deposits levy an early redemption fee. Having said that, here are a number of short-term instruments you can consider which at least match, or beat the current fixed deposit rates :) 1. Hurdle Savings Account There are many articles written about these; but since we are on Seedly, I will recommend reading this: https://blog.seedly.sg/best-savings-accounts-singapore/. Bonus: There is even a savings account calculator which you may use. 2. Non-Hurdle Savings Account There are a number of non-hurdle, yet decently yielding savings account out there. The first one I'd definitely recommend is the SCB Jumpstart account. It pays 2% p.a. interest for balances up to $20k. One condition is that you have to be between 18 - 26 years old. https://www.sc.com/sg/save/savings-accounts/jumpstart/ Alternatively, the CIMB FastSaver is another attractive savings account that you may want to explore (1% p.a. for first $50k of deposit) https://www.cimbbank.com.sg/en/personal/products/accounts/savings-accounts/cimb-fastsaver-account.html 3. Singapore Savings Bond If all else fails, the Singapore Savings Bond is always there for you. Latest issuance yields 1.71% p.a. if held over ten years. One good thing about SSB is that there is no early-redemption penalty unlike Fixed Deposits. https://www.mas.gov.sg/bonds-and-bills/Singapore-Savings-Bonds 4. Money Market Funds If you have spare funds above all of these, you may also want to explore Money Market Funds. Fundsupermart has a relatively low-cost offering for this: https://secure.fundsupermart.com/fsm/funds/factsheet/370209/

Savings

CPF

Mark Chan
Mark Chan
Level 4. Prodigy
Answered 2w ago
1. Conviction To successfully achieve this, you need to aggressively top up your CPF-SA as early as possible. Given that this is a unidirectional transfer, not many will be able to achieve the level of conviction required for such a move. 2. Low availability of Funds As you are just starting out in your career (with student loans to pay, and upcoming family commitments), cashflow and finances are likely to be tight. It may be difficult to part with the money with these conflicting objectives 3. Other financial instruments that may give a better yield than 4% p.a. Theoretically, there are a number of instruments that provide a better yield as compared to CPF-SA. For example, if you employ a DCA strategy in a home market index over a long period of time (i.e. 25 years), you could theoretically get returns up to 6% p.a. However, past performance is no guarantee of future results, so do your own due diligence ;)

Stocks Discussion

Investments

Mark Chan
Mark Chan
Level 4. Prodigy
Answered 2w ago
Time in the market is better than timing the market . :)

CPF

Loans

Investments

HDB BTO

Resale HDB

Mark Chan
Mark Chan
Level 4. Prodigy
Answered 2w ago
In general, a housing loan is considered as good debt. You may consider leaving the HDB loan untouched (provided you have means of paying it off in the near future i.e. job stability, certainty of cash flow, etc. and investing in vehicles that can yield better returns. One such vehicle would be the CPF SA that yields 4% p.a.; not to mention the tax relief (if you are a working adult) that you can enjoy (up to $7,000 a year). However, an advantage of paying off your housing loan early is that you may be able to take up another housing loan for another property purchase. It really depends on your investment objective, time frame, and goal :)

PFF Panel 4

Property

Seedly PFF 2019

Mark Chan
Mark Chan
Level 4. Prodigy
Answered 2w ago
In general, a housing loan is considered as good debt. You may consider leaving the HDB loan untouched (provided you have means of paying it off in the near future i.e. job stability, certainty of cash flow, etc. and investing in vehicles that can yield better returns. One such vehicle would be the CPF SA that yields 4% p.a.; not to mention the tax relief (if you are a working adult) that you can enjoy (up to $7,000 a year). However, an advantage of paying off your housing loan early is that you may be able to take up another housing loan for another property purchase. It really depends on your investment objective, time frame, and goal :)

Bank Account

Standard Chartered

Mark Chan
Mark Chan
Level 4. Prodigy
Answered 2w ago
Just to confirm, you do meet the eligibilty requirements as listed on the site? https://www.sc.com/sg/save/savings-accounts/jumpstart/ i.e. To apply for a JumpStart account - You need to be between 18 and 26 years old

Savings

Bank Account

Mark Chan
Mark Chan
Level 4. Prodigy
Answered 2w ago
Agreed with Kenneth. There are a number of non-hurdle, yet decently yielding savings account out there. The first one I'd definitely recommend is the SCB Jumpstart account. It pays 2% p.a. interest for balances up to $20k. One condition is that you have to be between 18 - 26 years old. https://www.sc.com/sg/save/savings-accounts/jumpstart/ Alternatively, the CIMB FastSaver is another attractive savings account that you may want to explore (1% p.a. for first $50k of deposit) https://www.cimbbank.com.sg/en/personal/products/accounts/savings-accounts/cimb-fastsaver-account.html If all else fails, the Singapore Savings Bond is always there for you. Latest issuance yields 1.71% p.a. if held over ten years. One good thing about SSB is that there is no early-redemption penalty unlike Fixed Deposits. https://www.mas.gov.sg/bonds-and-bills/Singapore-Savings-Bonds If you have spare funds above all of these, you may also want to explore Money Market Funds. Fundsupermart has a relatively low-cost offering for this: https://secure.fundsupermart.com/fsm/funds/factsheet/370209/
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