Randall Tan - Seedly
Randall Tan

No pain no gain.

Randall Tan

41Upvotes

About

No pain no gain.

Credentials

Randall Tan's credentials are not filled up yet.

Randall Tan

41Upvotes
  • Answers (26)
  • Questions (0)
  • Reviews (6)

Property

Randall Tan
Randall Tan
Level 4. Prodigy
Updated 1w ago
Here are the pros and cons of using cash or CPF to pay off home Transfer part or all in OA to SA to earn a higher interests of 4-5% https://dollarsandsense.sg/pros-cons-transferring-cpf-oa-sa/ Let's do a simple calculation: Loan amount: $100,000 Loan term: 25 years Interests rate: 2.6% Monthly payment: $453.67 Total payments: $136,100.65 Total interests: $36,100.65 If you use the cash to pay and let the cpf grow at 4% by transferring from OA to SA, CPF balance: OA: $0 SA: $100,000 MA: $30,000 after 25 years OA: $90,000 SA: $266,583.63 MA: $54,500 Total interests earned: $166,583.63 BUT if you choose to use CPF to pay: Accured interests: $62,500 This is the amount you have to refund back to your own CPF if you sell your flat. (If you did not meet the FRS) I hope I did not confuse you. In short, unless you do not intend to sell your flat at all then using cpf to pay your flat will be better. Those spare cash you have can go into investments to generate higher returns. But if you are unable to generate higher than 2.6% interests, then paying off your loan ASAP will be a better option. Because in 10 years' time you will be spending a lot of money on travelling and setting up business and you do not want to have any debts.

Bank Account

Randall Tan
Randall Tan
Level 4. Prodigy
Updated 2w ago
Method 1: Seedly App - Use DBS Multiplier for Savings, wealth and expenditure. Use Seedly App to track your inflow and outflow. Method 2: POSB Savings - Allocate an amount for expenditure to this account monthly. ( No minimum spend on credit card for DBS Multiplier) Currently, I am using both methods. I track everything using the Seedly app and every month I will transfer $500 to my POSB Savings account for expenses. I am using DBS debit visa card as my main card as most of my expenses comes from contactless payment. (10% cashback https://www.dbs.com.sg/personal/promotion/beepbeepkaching) To fulfill DBS Multiplier criteria, I spend at least $1 on DBS credit card. Hope it helps!

General

Randall Tan
Randall Tan
Level 4. Prodigy
Updated on 07 Jun 2019
You can try www.udemy.com. Currently I have signed up a few courses and it is simple to follow and best of all, if you are unsure you can rewatched it. They have a lot of communication skills courses. Some of them are eligble for skillsfuture and if you can have up to 30% cashback from Shopback! Double WIN!!!

Investments

Randall Tan
Randall Tan
Level 4. Prodigy
Updated on 07 Jun 2019
'Hearsay is not a proof. Feelings are not evidence. Story are not data. A Hypothesis is not a theory' Always remember, - Time in the market and not timing the market - Past performance is not an indicator of future outcomes - Do your own due diligence Personally, I followed the 110 - Age theory. This article may help you. https://blog.seedly.sg/age-risk-profile-investment-to-hold/ Recession = Market on sales. So what do people do? “Fearful when others are greedy and greedy when others are fearful.” Warren Buffett

SeedlyTV EP03

Family

Lifestyle

Randall Tan
Randall Tan
Level 4. Prodigy
Answered on 23 Apr 2019
2 steps challenge. 1. Let a roadshow insurance agent hit on both of you and listen to his/her pitch. This way he will be more receptive towards listening to you afterwards. 2. Sit down and discuss what he thinks about the session. Tada! This will allow the both of you to start talking about finances!

CPF

Loans

HDB BTO

Randall Tan
Randall Tan
Level 4. Prodigy
Answered on 23 Apr 2019
Let me share with you what I have done. I will top up medisave account (MA) with cash for tax relief followed by RSTU up to $7k (tax relief) then transfer OA to SA. With the remaining cash in hand, I will use it for the downpayment of BTO. This way, I can fund my retirement yet at the same time enjoy tax relief and lastly, using cash to pay for the first 5% will be better than using CPF OA because I will enjoy at least 4% interests from when I transfer OA to SA.

PFF Panel 1

Property

CPF

Seedly PFF 2019

Randall Tan
Randall Tan
Level 4. Prodigy
Answered on 23 Apr 2019
Yes it belongs to us, that is why the interest goes back into our CPF account. This way, we will have enough for our retirement.

Fresh Graduates

Savings

General

Randall Tan
Randall Tan
Level 4. Prodigy
Answered on 22 Apr 2019
It is always good to save up for retirement. You are young and I am sure that you have not hit Medisave Basic Healthcare sum of $57,400. I suggest top up to the MA capped first (tax relief) and your obligation as a self employed. Followed by all 3 CPF account (Since you are freelancing, you will have tax relief even if you contribute to all 3 CPF account .) Why? Because you will then have the flexibility to either transfer OA to SA if you choose to or you can save up part of it for you future BTO downpayment. All informations can be found here. Extracted from:https://www.cpf.gov.sg/Members/Schemes/schemes/self-employed-matters/self-employed-scheme When you contribute to MediSave, you enjoy: - Use of MediSave savings for - Healthcare expenses for yourself and your family - Premium payment for MediShield Life or MediSave-approved private integrated plans - Up to 6% interest per annum on your MediSave savings. Savings in the MediSave Account earn 4% interest per annum, and the first $60,000 of your combined CPF balances earns an additional 1% interest per annum. Member aged 55 and above will also enjoy an additional 1% interest per annum on the first $30,000 of your combined CPF balance from 1 January 2016. - Tax relief of up to 37% of your annual NTI, or the CPF Annual Limit of $31,450 for 2015, or $37,740 from 2016 onwards, whichever is lower. - Hassle-free licence renewal and application

Investments

Randall Tan
Randall Tan
Level 4. Prodigy
Answered on 23 Aug 2018
You might want to take a look at IWDA from LSE. IWDA is an index fund that tracks MSCI World and it is based in London Stocks Exchange. - No tax withholding because of how the fund is reinvested into the fund. https://www.bogleheads.org/forum/viewtopic.php?t=221000 & https://www.ishares.com/lu/individual/en/products/251882/ishares-msci-world-ucits-etf-acc-fund?siteEntryPassthrough=true&locale=enLU&userType=individual

Career

General

Randall Tan
Randall Tan
Level 4. Prodigy
Answered on 19 Jul 2018
I would recommend the following: Life skill : Save your love ones! - Swimming - Life saving skills - CPR + AED http://www.lifeguard.sg/courses/lifesaving-123-award/ Social skill : Improve relationship - Communications skills https://www.udemy.com/elite-communication-skills-to-get-what-you-want-with-words/ Personal finance : Nobody Cares More About Your Money Than You Do - Investment courses https://blog.seedly.sg/singaporean-investment-courses/ Adventure : What is life without fun? - Sky-diving - suba-diving - Para-gliding - Wake-boarding - Moutain climbing Most importantly, you must enjoy it!
Load more questions
Level 4. Prodigy
41UpvotesGoal 50
9 UPVOTES TO LEVEL UP
Browse Rewards