Png Cheng Xi Damien - Seedly
Png Cheng Xi Damien

Png Cheng Xi Damien

BSc Finance at SUSS

35Upvotes

About

Credentials

BSc Finance at SUSS

Png Cheng Xi Damien

BSc Finance at SUSS

35Upvotes
  • Answers (73)
  • Questions (0)
  • Reviews (5)

PFF Panel 3

PFF Panel 2

Robo-Advisors

Investments

Seedly PFF 2019

Png Cheng Xi Damien
Png Cheng Xi Damien, BSc Finance at SUSS
Level 4. Prodigy
Answered 2w ago
Which level of education are you refering to? For university, you'll have around 18 years to accumulate. While many of those here are against this, I think that an endowment plan would actually suit you. Those longer than 15 years usually gives yield of around 3% p.a. compounded. Everything else has to depend on your risk appetite as those are investments.

Lifestyle

Png Cheng Xi Damien
Png Cheng Xi Damien, BSc Finance at SUSS
Level 4. Prodigy
Answered 2w ago
$1,500 for a 3-minute performance. Most of the activities which command a high $/time requires extensive prep work and effort beforehand. Or luck if you go for $1 quickpick toto.

Credit Card

General

Png Cheng Xi Damien
Png Cheng Xi Damien,
Level 4. Prodigy
Answered 2w ago
I think you just need 3 - one for cash back, one for miles, one for everything else that doesn't fall into the above two. Or maybe 1 more for large ticket purchases. You can actually request for the banks to change your billing cycle. Mine are from 1st to 5th of the month, which means that my due dates are from 24th to 29th of each month. I will schedule my payments on 22nd of the month (takes 2 days for AXS or interbank transfer).

Loans

Png Cheng Xi Damien
Png Cheng Xi Damien, BSc Finance at SUSS
Level 4. Prodigy
Updated 3w ago
How much difference is it away from 12x of your salary? Unpopular opinion: If it's not too near away, take up a little more to reach the 12x so you quality for DCP (which is usually at 6-8% p.a. with 1-2% processing fee - much better than any other loan out there). An easier to stomach option would be trying to get a balance transfer to reduce the highest interest loans first. You then give yourself some breathing time to work things out. If you have a private property, you can reverse mortgage it to get cash (secured loan) and pay off these high interest debts. Current interest rate on secured loan should not be higher than 2.3%. If you live in a large HDB (4/5 room), it may be worthwhile to downsize to a less-prime location to unlock cash. Of course, please do your calculations right. You don't want do all that to only have your money lock up in CPF. By calculations, if you maxed out your credit cards and loans, it should reasonably be around 12x since credit card limits are usually 4x monthly income (per bank). Or if your gross income is actually pretty high, speak to a bank about restructuring your loans. They will usually allow you to do that (approx 10% p.a. with 3% processing fee). From there, you can slowly pay off in bulk when you have more cash. Sources to get more cash: Drive Grab during your free time (~$15/hr). If you focus only on peak timing, you can make around $30/hr. Do part-time jobs such as events ($10-15/hr). Deliver Grabfood - lower entry criteria. You can even do it on foot/bicycle - approx $8/hr.

Loans

Property

Png Cheng Xi Damien
Png Cheng Xi Damien, BSc Finance at SUSS
Level 4. Prodigy
Updated 3w ago
Mostly floating rates plus a sizeable spread. Definitely most expensive than local properties. Usually you can also choose to have your loan denominated in ppty ccy or sgd.

Investments

SeedlyTV EP01

Png Cheng Xi Damien
Png Cheng Xi Damien,
Level 4. Prodigy
Updated 3w ago
A total beginner should start by learning how to read annual reports and accounts, and take not of off-balance sheet financing for a debt-heavy company. Next, learn about external and internal factors affecting a company's performance. If you only want to look at macro, go for etfs. They are efficient, but less effective in generating returns. If you have the time to analyse both, pick your stocks and watch them grow.

Savings

Investments

Insurance

General

Png Cheng Xi Damien
Png Cheng Xi Damien, BSc Finance at SUSS
Level 4. Prodigy
Updated 3w ago
Lee hsein loong to talk about govt policies...

Property

Png Cheng Xi Damien
Png Cheng Xi Damien, BSc Finance at SUSS
Level 4. Prodigy
Updated 3w ago
Apart from the proximity grant, how impt is it to live near either parents? I think your own comfort is the most impt. Choose a location you like and find a good price for it.

Salary

HDB BTO

Policies

CPF

Property

Png Cheng Xi Damien
Png Cheng Xi Damien, BSc Finance at SUSS
Level 4. Prodigy
Updated 3w ago
For now, Cpf is the best choice. 2.6% fixed is good, and any interest paid actually goes back to your OA when you sell your house. Technically you don't even lose anything. If you have cash, you can choose to do cash top up to your cpf to finance your mortgage. Gives you tax exemptions too.

Investment Linked Policies (ILP)

Endowment Policies

Comparison

Investments

Insurance

Png Cheng Xi Damien
Png Cheng Xi Damien, BSc Finance at SUSS
Level 4. Prodigy
Updated 3w ago
My advice is simple. Go confront the bank who sold you the product claiming 4.75%. If you were misled into thinking that the returns are 4.75%, you can also raise a case with MAS and FIDREC. You don't need to pay anything for this. The banks will have to pay instead. They will deliberate the case and determine if there's any breach. If there's a breach, the company is required to either cancel the plan and return you the money, or accord you the claimed returns. Even if it doesn't work out in your favour, the bank has at least lost some money from the hearing. Give them more work to do, keep them on your toes, and learn from this scam.
Load more questions
Level 4. Prodigy
35UpvotesGoal 50
15 UPVOTES TO LEVEL UP
Browse Rewards