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Poon Cheng Song

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Poon Cheng Song

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PFF Panel 2

Seedly PFF 2019

Poon Cheng Song
Poon Cheng Song
Level 3. Wonderkid
Answered on 02 Mar 2019
This is a tough question. There are just too many information gaps to correctly identify what didnt went well for you. For savings to happen, u either earn more than u spend (increase ur income) or spend less (reduce ur expenses) than you earn. Sit down and list down ur monthly expenses and identify recurring top 20% of ur expenses that you can reduce or do without. If u are serious about getting started, u need to have a budget and stick to ur budget. Ill leave the hows to improving ur income to others to answer.

PFF Panel 2

Savings

Seedly PFF 2019

Poon Cheng Song
Poon Cheng Song
Level 3. Wonderkid
Answered on 02 Mar 2019
Depends on the cost of ur edu loan. If u are simply putting cash in instruments that generate less interest than ur loan, then it makes sense to pay down ur loan. Short of asking help from ur parents. That being said, it is good to hv at least 3-6mths of ur expenses in bank for emergencies first.

PFF Panel 4

PFF Panel 1

Savings

Seedly PFF 2019

Poon Cheng Song
Poon Cheng Song
Level 3. Wonderkid
Answered on 02 Mar 2019
I will recommend that instead of looking at accumulating an X amt of savings, you should aim to achieve an X amt of passive income. Before u decide to migrate, stay a couple of months if u can and live life like the locals (the lifestyle that u wanna live) to understand the amt of cashflow u need on a monthly basis. Do include medical needs, taxes as well.

PFF Panel 1

Insurance

Seedly PFF 2019

Poon Cheng Song
Poon Cheng Song
Level 3. Wonderkid
Answered on 02 Mar 2019
I believe u got ur answer. Let me touch on the strategy buy term and invest. Many people know this theory but few actually executed it well. Buy term is really very easy - just Buy. But few managed to invest well. Some bought term but never really invest or invest badly since most of the time, investing is not really their core competencies. So if u wanna adopt term and invest. Ask urself these questions. Do u hv the discipline to invest consistently? Can you invest well? Better than the professionals? Do you have the investment acument, emotional stability to stay invested throughout ur life, especially in a crisis? Do ur math and get to know ur habits.

PFF Panel 1

Seedly PFF 2019

CPF

CPF SA

Poon Cheng Song
Poon Cheng Song
Level 3. Wonderkid
Answered on 02 Mar 2019
You can use your CPF OA for property/mortgage payment. The transfer is irreversible. You need to be mindful if you would still want to keep funds in OA for your property purchase or existing mortgage payments.
Level 3. Wonderkid
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