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Mic Mc

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Mic Mc

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Mic Mc

  • Answers (10)
  • Questions (1)
  • Reviews (1)

Savings

What's the best way to invest a recent inheritance of 1.5 mil from the sale of my parents' condo?
Mic Mc
Mic Mc
Level 3. Wonderkid
Answered on 24 Sep 2019
My advise: 1. Pay back your CPF OA amounts used for property purchase. You can't go wrong with this step. Putting back your OA is being responsible for your future self. It also grows at a risk-free interest rate. It also parks money where suddenly close friends and relatives cannot touch. 2. Then look at your debts. If you have no instrument that can outdo the bank loan interest, then clear the pty loans first, car loans, study loans... 3. Then invest.
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CPF

CPF SA

Why not put 1 million into CPF SA to earn 4% safely?
Mic Mc
Mic Mc
Level 3. Wonderkid
Updated on 02 Jul 2019
Correct me if I am wrong. SA you can only top up to $200K? No?
šŸ‘ 0

Property

Loans

Should I use Cash of CPF fund for my housing loan partial prepayment?
Mic Mc
Mic Mc
Level 3. Wonderkid
Updated on 07 Jun 2019
Cash. but actually, use the cash to pay back your CPF amount used. paying cash to the bank loan doesn't put you at a better position than paying back your own CPF.
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Loans

CPF

Property

Which is a better option? Topping up CPF account for Tax rebate, or partial refund to CPF the amount used for housing loan?
Mic Mc
Mic Mc
Level 3. Wonderkid
Updated on 07 Jun 2019
Yes, you can put cash back into CPF and specifically to return (in full or in part) the amount used for property. This is also my recommendation to you because: -every dollar you take out of CPF misses out on the 2.5% risk free interest that "government" gives your CPF. -every dollar you take out of CPF later comes back to bite you as "accrued interest". In street talk, you will lugi at 2.5% a year. - put the above 2 points together, it's 5%pa improvement for every dollar you do so. - compound it actually. Putting back your CPF used for property should be done as soon as you comfortably can because it's a solution that keeps giving back to you. Putting cash to SA is the next better solution because it's a 4%pa improvement for every dollar, and a one time tax reduction.
šŸ‘ 0

Investments

Do you think investing in SSB or temasek bond will be a better bet?
Mic Mc
Mic Mc
Level 3. Wonderkid
Answered on 04 Jun 2019
There's no straight answer for this. but here's are some things to consider: - on the books, Gov backed is always safer than a Company backed bond. but returns will be less. - Company backed with good rating doesn't mean wont default. just Google Hyflux. - let's not forget government backed but risk free 4% SA-CPF. The trade off is cannot withdraw. I may not be you, but I share my mode of operation. I will max out my SA 7k contribution before I consider the SSB bonds. Then TB.
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Investments

Property

Anyone here come across the recent industrial property investor, a girl 29 age own 34 property with high rental yield? anyone attended their course and really making profit here?
Mic Mc
Mic Mc
Level 3. Wonderkid
Answered on 04 Mar 2019
Their course introductory talk is usually free. but I'm thinking they are going along the line of shared ownership, or foreign property ownership. buy a few REITS. you'll overtake her 34 property in no time ;)
šŸ‘ 0

Credit Cards

What is the best credit card to pay for labour hospital bills?
Mic Mc
Mic Mc
Level 3. Wonderkid
Answered on 04 Mar 2019
Actually, you probably can split bill and max benefit from 3 to 4 cards. paying all into 1 card may max the benefit and dilute your actual returns
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Savings

Investments

Retirement

Insurance

Should I terminate a insurance plan that i initially though would be part of my retirement fund?
Mic Mc
Mic Mc
Level 3. Wonderkid
Answered on 04 Mar 2019
No. generally. too much of the premium would already be sunk. you would only be taking back less that a fraction of what you paid up. so might as well enjoy what protection your past self has purchased.
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Credit Cards

what is the best and safe way to meet the credit card minimum spend ? ?
Mic Mc
Mic Mc
Level 3. Wonderkid
Answered on 16 Jan 2019
Always look at things that are monthly recurring. Here are some suggestions: -monthly insurance premium. (MC can pair w AXS on phone to pay) -SP bill -telco bill -APP wallets
šŸ‘ 0
Level 3. Wonderkid
38PointsGoal 40
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