Randy Chai - Seedly
 
Randy Chai

An Entrepreneur, Performance Marketing and Technology Enthusiast. Banking & Finance Graduate and Business Management Diploma holder.

Randy Chai

45Upvotes

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An Entrepreneur, Performance Marketing and Technology Enthusiast. Banking & Finance Graduate and Business Management Diploma holder.

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Randy Chai

45Upvotes
  • Answers (15)
  • Questions (0)
  • Reviews (3)

Entrepreneurship

Randy Chai
Randy Chai
Level 4. Prodigy
Answered 3w ago
Traditionally speaking, an online marketplace is one of the least capital intensive models, but it also means that it has one of the lowest barriers of entry. To figure out how much money you need to start an online marketplace, you first need to identify and understand very well the problems that you’re trying to solve/solutions you’re providing for the market. From there you’ll be able to define your go-to-market strategy by gauging how strong your true value proposition is. With regards to your go-to-market strategy, are you planning for a “growth at cost” strategy? This means acquiring suppliers (merchants) at a lost making rate and/or acquiring demand (customers) at CAC > LTV value to obtain market share in a short period of time. Which means that you're gonna need a whole lot more money to survive the bloodshed. (E.g. all the companies you’ve listed above, none of them are in the green, they’re still burning millions of cash year on year) Or do you plan to focus and invest your capital in building an amazing product (aka the marketplace platform) while using technology and suppliers offerings as your main product differentiators? With that newly created/built true value propositions, you can then scale and acquire more suppliers (merchants). More often than not, having the best product (your marketplace platform) and suppliers (merchants) offerings increases the chances of you winning over the market share while maintaining positive unit economics. Quoting Mark Zuckerberg’s advice to the founders of Airbnb when the then $90+ mil funded Wimdu (a rocket internet company), who dominated the market share in Europe came knocking asking for an acquisition, “Don’t buy. Whoever has the best product will win.” Airbnb is now a multi-million profitable company. Wimdu ceased operations in 2018. As in today’s context, the $50k which you've probably spend years saving can be expended by a well-funded company in a matter of minutes. Hope this helps!

Entrepreneurship

Investments

Property

Randy Chai
Randy Chai
Level 4. Prodigy
Updated 4w ago
I wouldn’t encourage any entrepreneur to start a business taking a loan. Quoting Mark Cuban’s famous line, “Only morons start a business on a loan”. Try not to get discouraged by the initial or perceived capital outlay of your business/project. Institutional lenders are providing you with quotations based on historical data and thus, the possible high perceived cost of starting your business/project. (Oftentimes they're quoting you the capital outlay required to build that product X amount of years ago. Which might not be relevant today due to technology advancement and most importantly, innovation) The best entrepreneurs are able able to innovate and find ways to fight through and solve whatever problems they have in front of them. Never forget how AirBnB started, their minimal viable product was literally an air-mattress in their living room, charging users $20 per night. Boot-strapped for 2 years before they finally raised their seed round of funding. Look at what they’ve achieved since then. Hope this helps!

Entrepreneurship

Randy Chai
Randy Chai
Level 4. Prodigy
Answered 4w ago
There are steps/checkpoints to be ticked off before one can confidently determine if any business is good or bad. Very often you’ll be able to qualify your business ideas through these pointers: 1) Product market fit? - Does the product solve an existing or potential problem in the market that you're launching in? Is the market willing to adopt your product? 2) Addressable market size? - Is there a large enough demand that would use your product now and in the future? Will there be a large enough demand that’s willing to pay for your product? 3) Strong unit of economics? - Are you able to make money, or show signs/possibilities of making money as the business scales? More often than not, you would be able to collect enough data points simply by taking your minimum viable product straight to the market. There’s no clearer truth than what the market tells you. From there, you would either find yourself being able to secure an early-stage investment and carry your business to the next phase of testing or make the hard decision to kill your business idea. Hope this helps!

Credit Card

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 10 Sep 2019
Hi there, Unfortunately, you will not be able to convert Citi Miles to Citi ThankYou points. However, you are able to transfer ThankYou points to your frequent flyer program at no additional charge (1 Citi ThankYou Point = 1 KrisFlyer Mile). ! Citi Miles are earned through usage of your PremierMiles credit cards (either with Citi's PremierMiles Visa or American Express® Card) while Citi ThankYou Points are earned through usage of your Rewards credit cards (either with Citi Rewards Card or with the Prestige Card). Source: Citibank's credit card page It's good to note that for every S$1 spent locally will earn you 3.35 ThankYou Points (which is equivelent to 1.3 Citi Miles). Which means that If you're on the Citi Prestige Card, 30, 000 ThankYou Points will cost you roughtly S$ 8955 while 30, 000 Miles will cost you roughly S$ 23, 076. Also, do note that CitiMiles earned through your Citi Cards are not considered as true air miles. They are like reward points which you can convert to KrisFlyers mile with a 1:1 conversation rate. If you're interested to learn more about this topic, do check out this article, "How to redeem Citi ThankYou Points for KrisFlyer Miles" written by Get.com here. Alternatively, you can read more Q&As on this topic within the community or simply by searching for these keywords, "KrisFlyer Miles" or "PremierMiles" on Seedly. Could you also share with me why you're looking to convert your Citi Miles to ThankYou Points? I hope this will help!
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Lifestyle

GOMO

Mobile Plans

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 29 Jul 2019
Not for me, but I'm on Singtel's Combo 3 plan, thinking of switching to a sim-only data plan in August. Btw, do check out all providers' reviews here: https://seedly.sg/reviews/telco-mobile-plans

Savings

General

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 26 Jul 2019
Hi there! When it comes to, "How much should I have saved by the age 30", I'll like to think of it this way - What would I possibly need to spend or rely on when I hit the age of 30? ! And that for an average Singaporean could be dependent on 3 requirements: 1. Be able to have 6 months worth of emergency funds 2. Be able to afford downpayment for a BTO (25% of the property price, 5% must be in cash) 3. Fulfilling our partner's dream of getting married before 30 Here are the breakdown and assumptions. 1) Be able to have 6 months worth of emergency funds Say you're making an average salary of a Singaporean between the age of 25 to 30 and that's S$4K (inclusive of employer CPF contributions). Which means that you will need S$24K in savings to overcome any short term adversity in your life. Breaking that down into 60 months (12 months 5 years) you will find that you need to save at least S$400 per month to check this requirement. 2) Be able to afford downpayment for a BTO (25% of the property price, 5% must be in cash) Say you're merely looking at a 3-room BTO with the assumption that the property will cost S$200K. Also, you will like to pay all 25% in cash and not touch the savings in our CPF. Which means that you will need to folk out S$50K cash in downpayment (Well, you might be able to share this load with your partner, case by case basis). Breaking that down into 60 months, (12 months 5 years) you will find that you need to save at least S$833 per month to check this requirement. 3) Fulfilling our partner's dream of getting married before/on 30 Well, I won't go into detail on why the average cost of weddings in Singapore is S$27K You can read about it here https://blog.seedly.sg/cost-of-wedding/ ! Once again, Breaking that down into 60 months (12 months 5 years), you will find that you need to save at least S$450 per month to check this requirement. This is an important requirement that you would want to check especially if you are with a "marry-or-flight" partner. In summary, if you're just like me, then these are the 3 things that will bother you when you're on your way to 30. Which means to check all three requirements, you'll need to save at least S$101K (S$1,683 per month) to achieve this goal. I say it's insane but achievable. Alternatively, just pick the requirements that are most important to you and work towards your goals. 1) 6 Months Worth Of Emergency Funds Total Savings Target: S$24K Monthly Savings required for the next 5 years: S$400 2) Downpayment For A BTO Total Savings Target: S$50K Monthly Savings required for the next 5 years: S$833 3) Getting Married Before/On 30 Total Savings Target: S$27K Monthly Savings required for the next 5 years: S$450 I hope this helps!
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Bank Account

Investments

Savings

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 20 Jul 2019
Hi Alcander! Taking the assumption that you're a student and thus, would not be able to qualify for Salary Crediting, Credit Card Spend, Home/Car Loans and/or Investments. Here are the top 3 Saving Accounts you can go for with the highest interest rates. P.S. Calculated/Researched based on this formula (Base Interest + Bill/Giro Payment + Other Bonuses) ! 1) Maybank's Save Up Programme Base interest rate: 0.3125% - one Maybank product or service, Giro Payment Bonus (of at least $300): 0.3% Total attainable interest: 0.6125% ! Source: Maybank 2) Bank of China's SmartSaver Base interest rate: 0.25% - Payment Bonus (3 bill payments of at least S$30 each): 0.35% Total attainable interest: 0.6% Source: Bank of China 3) CIMB FastSaver Account - Base interest (First $50, 000): 1% Base interest (Next $25, 000): 1.5% Base interest (Above $75, 000): 0.60% ! Source: CIMB Based on our assumptions and interest rate formula, CIMB's FastSaver Account will provide you with the highest interest rate at 1% which will be ideal for you at this juncture. However, don't just hear this from me, do check out what our community have to say by reading their reviews: https://seedly.sg/reviews/savings-accounts Also, for a more detailed breakdown for all available savings accounts, do check out our Best Savings Account Cheat Sheet here: https://blog.seedly.sg/best-savings-accounts-singapore/ Last but not least, do note that you can use Seedly's Savings Account Calculator to find out which service provider is best for you: https://seedly.sg/tools/savings-account-calculator ! I hope this will help!
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Electricity Market

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 12 Jul 2019
Hi there! The benefit of a fixed price plan is that you get to lock in a predetermined price for the entire length of your contract. Which means that you get to know for sure the amount you're paying for per kWh of electricity. For discount off regulated tariff plans, your prices may fluctuate every quarter when the EMA updates their prices. The % discount off the regulated tariff is set and fixed by the electricity retailers. ! You can also consider non-standard price plans where the rates are lower during off-peak hours (11pm to 7am) and higher during on-peak hours (7am to 11pm). I've left a more detailed explanation of each plan type below from one of my previous answered questions. Meanwhile, do note that you can now use Seedly's comparison tool to filter and sort which plan/plan type would be most feasible for you. ! I hope this would help! Important fact and assumption to note: Fact: Regulated tariff in Q3 2019 = 0.2592/kWh Assumption: Average monthly consumption of 500 kWh 1) Fixed Price Plans (Standard Plans) This is the most straight forward plan type. As the name suggested, you pay a constant rate (e.g. $18.00/kWh) for electricity throughout your contract duration. However, the rate may be higher or lower than the regulated tariff during the contract duration as the regulated tariff is reviewed every quarter. This plan will be suitable for you if you prefer prize certainty or if you speculate that the kWh price is at an all-time low. Top 3 cheapest Fixed Price Plans in the market: a) iSwitch's "Chope" the Rate Plan (12-month contract) - Fixed-rate of 17.67c/kWh - Monthly electricity bill payable $88.35 b) Geneco's Give Us A Try Plan (6-month contract) - Fixed-rate of 17.68c/kWh - Monthly electricity bill payable $88.40 c) Union Power's Fixed Saver Plans (12 or 24 months contract) - Fixed-rate of 17.70c/kWh - Monthly electricity bill payable $88.50 2) Discount Off Regulated Tariff Plans (Standard Plans) Short-form DORT, you get to enjoy a fixed discount off the prevailing regulated tariff (e.g. 20% - determined by the retailer) throughout your contract duration. This plan is suitable for users who do not mind their electricity rate changing every quarter. Do note that the regulated tariff is reviewed by SP Group on a quarterly basis (approved by the EMA). Top 3 cheapest DORT plans in the market a) Ohm Energy's Discount Plan (6 or 12 months contract) - 25% off the regulated tariff - Monthly electricity bill payable $97.20 b) Diamond Electric's Saver Plans (12 months contract) - 25% off the regulated tariff - Monthly electricity bill $97.20 c) Sunseap's Sunseap-One Plan (6 months contract) - 23% off the regulated tariff - Monthly electricity bill $99.80 3) Non-standard Price Plans This plan would be the best for night owls, users who consume more/or the majority of their electricity during off-peak hours between 11pm to 7am as compared to on-peak hours between 7am to 11pm.
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Electricity Market

General

Family

SeedlyTV EP08

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 04 Jul 2019
Hi there! Before thinking if you should switch to an electricity provider, it is good to know what are the different type of plans available in the market. Do note that the comparison made below is solely based on plan prices, filtered from OEM's price comparison tool. However, you probably should not make your decision solely based on plan prices. Do check out all electricity retailers' reviews here on Seedly. ! Important fact and assumption to note: Fact: Regulated tariff in Q3 2019 = 0.2592/kWh Assumption: Average monthly consumption of 500 kWh 1) Fixed Price Plans (Standard Plans) This is the most straight forward plan type. As the name suggested, you pay a constant rate (e.g. $18.00/kWh) for electricity throughout your contract duration. However, the rate may be higher or lower than the regulated tariff during the contract duration as the regulated tariff is reviewed every quarter. This plan will be suitable for you if you prefer prize certainty or if you speculate that the kWh price is at an all-time low. Using the comparison tool from the open electricity market and filtering down by price you will find the top 3 lowest price plan from Geneco "Give us a try" plan, iSwitch 'Chope' the Rate Exclusive plan and Union Power's Fixed Saver plan. Top 3 cheapest Fixed Price Plans in the market 1a) Geneco "Give us a try" Plan (6 months contract) - 17.68/kWh (Fact sheet updated 30th June 2019) - 6 months trial plan at $88.40 but there's a catch. - You will only get to enjoy this price for the first 6 months and it's only applicable for the first 2000 customers. 1b) iSwitch's "Chope" the Rate Exclusive (12 months contract) - 17.69/kWh (Fact sheet updated 28th May 2019) - 12 months plan at $88.45 monthly 1c) Union Power Fixed Saver (24 months contract) - 17.70/kWh (Fact sheet updated 3rd May 2019) - 24 months plan at $88.50 monthly 2) Discount Off Regulated Tariff Plans (Standard Plans) Short form DORT, you get to enjoy a fixed discount off the prevailing regulated tariff (e.g. 20%) throughout your contract duration. This plan is suitable for users who do not mind their electricity rate changing every quarter. Do note that the regulated tariff is reviewed by SP Group on a quarterly basis (approved by the EMA). Top 3 cheapest DORT plans in the market 2a) Diamond Electric's Sure Save Plus Rebate Plan (12 months contract) - 25.00% off the regulated tariff (Fact sheet updated 1st July 2019) - 12 months plan at $97.20 monthly 2b) Ohm's Discount Plan (6, 12 months contract) - 25% off the regulated tariff (Fact sheet updated 28th June 2019) - 12 months plan at $97.20 monthly 2c) Sunseap's SUNSEAP-ONE plan (6, 12, 24 months contract) - 23.00% off the regulated tariff (Fact sheet updated 26th June 2019) - 6, 12, 24 months at $99.79 monthly

SeedlyTV EP07

General

Randy Chai
Randy Chai
Level 4. Prodigy
Answered on 27 Jun 2019
Sure it would be! You can always return to this page to watch or rewatch the entire episode: https://seedly.sg/questions/topic/seedlytv-ep07
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