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Sharon

Sharon

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Sharon

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Retirement

Investments

FIRE Movement

Sharon
Sharon
Level 5. Genius
Answered 2d ago
I wish I had done this earlier, so I'm sharing this with you now: You might want to get this Net Worth tracking excel sheet by Kyith from the Investment Moats. https://investmentmoats.com/wealth-building-2/dont-track-your-expenses-or-budget-first-plot-your-net-worth-instead/ If your net worth (including investments) is increasing month after month, it's satisfying to know that you're in the right direction. If it is the opposite (i.e. decreasing), it will push you to think where you have gone off the mark. Tracking expenses will also allow you to see how much are the essentials (needs) and non-essentials (wants) that you are spending each month. It is important to know, so that you can plan how much you may require for retirement. I use this from Gracia. She lives in Europe so it's in EUR but there's no issue in adapting it for SG use. You can update your expenses on-the-go easily, since the file is in the cloud. https://medium.com/google-sheets-geeks/how-to-easily-track-your-expenses-with-google-sheets-90cc5da114ce Hope this helps!
šŸ‘ 2

Personal Finance 101

Savings

Investments

CPF

Property

Savings Accounts

Credit Cards

Sharon
Sharon
Level 5. Genius
Answered 2d ago
May I also add that ensuring your topline salary increases is important as well. For most of us, salary is our main source of income. Increasing salary means the amount of capital you can save will also increase. (It also depends on how a person is also spending. If one spends 100% or more of whatever he/she earns -think Mike Tyson-, then no matter how much salary, there'll still be nothing left at the end of day) And how to increase salary? We have to be constantly upgrading our skills and be mindful of the value that we can offer to employers. Our government really thinks for us until swee swee, so that's where SkillsFuture and their subsidy for firms to send their employees for training come in. For Insurance part, you might want to look at insuring for Critical Illness. Although Life Insurance may cover that portion, it sometimes maybe insufficient if get too little, and too expensive to get more just to ensure sufficient coverage. Usually, the illness doesn't always kill the patient. What is left behind after leaving the hospital are non-hospital bills e.g. follow-ups, medication, alternative treatments e.g. TCM, domestic helper hire etc. (especially in stroke or diabetes situation) So the CI payout will cover for this. Currently, there are CI that insure for early stages of cancer or those that pays out multiple times. Usually once a patient get cancer once and recover, it's quite hard to get insurance again to protect against cancer for the second time because there is a possibility of relapse. And it is this risk that the insurers don't like to take on. Hence, if you're healthy now, you may want to look into multi-pay CI plans. Of course, after covering all bases, I'd say the most ultimate, super, duper important thing is to keep yourself healthy. When you have health, you can have everything. If there's no health, whatever money earned is channeled into getting it back. Hope this insight helps to faciliate in your decision-making going forward! All the best and stay healthy!
šŸ‘ 0

COVID-19

Career

Economics

Sharon
Sharon
Level 5. Genius
Answered 4d ago
If you are in the Creative/Cultural industry, you may want to check out this Facebook group: SG Covid-19 Creative/Cultural Professionals & Freelancers Support Group, where freelancers can post tips and job listings and provide other types of support. It has more than 4,000 members. There's also a website called Ilostmygig.sg, where it provides access to resources, news and job postings. Hope this helps!
šŸ‘ 2

Stocks Discussion

Investments

DBS

Sharon
Sharon
Level 5. Genius
Answered 4d ago
FYI, the banks are on a buying spree of their shares and they are doing it on dollar cost averaging - buy more, when price is low; buy less when price is high. Maybe this is a cue you could follow.
šŸ‘ 0

Family

Debt

Savings

SG Budget Babe

Sharon
Sharon
Level 5. Genius
Answered 5d ago
You might want to reach out to Family Service Centre in your area to see how they can help or see if you're able to leverage on their network to another organisation that could help. CDC has a tie-up with Maybank on a financial literacy workshop to teach about financial knowledge and money management skills. It's offered to low-income families referred by Family Service Centre and 4 other partners. https://www.cdc.org.sg/centralsingapore/contentdetails/cashup-family-savers I'd think means testing is required. You may want to consider to see the Family Service Centre can offer any insights.
šŸ‘ 1

Lifestyle

Travel

MileLion

Sharon
Sharon
Level 5. Genius
Answered 5d ago
I have not travelled extensively for 4 years now (for work few and between, but leisure no), ever since I started my night classes. Initially, I will feel like I'm missing out and get a bit of cold turkey for 1-2 years. Because I travel 1-2 times a year for leisure and a few times a year for my work previously. Among all, I like Alaska, Greece, Israel, Italy, Japan, and S.Korea the best. I think it's not so much about the places, but it's more about the people I was with. Those are the best memories made with my family, friends and church choir. In my ex-workplace, if we hit our target, our company will arrange trip overseas to reward us. I've been to London, Paris and China on those years I've been with them, but I don't enjoy them as much as I would if I were to go with my family, friends and church choir. If 4x per year is to travel with company, I think even 1x per year is a lot.
šŸ‘ 1

COVID-19

Wedding

Sharon
Sharon
Level 5. Genius
Answered 5d ago
If for me, I will still go - wear a mask, don't hug/handshake anyone, don't touch my face and also to hand wash frequently. However, if I decide not to go, I will PayLah / PayNow them the wedding gift since I agreed to turn up previously but now I can't. Although it is of no fault of mine due to the Covid-19 situation, as a friend a little help will allow them to defray some costs for the seat reserved for me, when it's so last minute - they're unable to cancel empty tables with the hotel.
šŸ‘ 0

AMEX Platinum Reserve Credit Card

Credit Cards

Sharon
Sharon
Level 5. Genius
Answered 5d ago
I think the waiver is on a case-by-case basis. It probably depends how much you're spending with them. So far for AMEX True Cashback Card, they gave me a waiver when I call to request during CNY and they said it's an early 'ang bao' for me (I'm like 'Huh?!') Anyway, I already don't have this card, since I wasn't using it as much as my other cards. You give them a call and see what's the outcome :)
šŸ‘ 1

Lifestyle

Family

Savings

Personal Finance 101

SG Budget Babe

Sharon
Sharon
Level 5. Genius
Answered 2w ago
Just thinking aloud if this is an insecurity issue due to the huge disparity in income levels. Or maybe due to his upbringing, he feels it's only right for a man to take up the bill. Good to have a heart-to-heart talk and find out the underlying (real) reason.
šŸ‘ 0

Investments

Retirement

Sharon
Sharon
Level 5. Genius
Answered 2w ago
1) I wish I start learning more about investing! 2) ...so that I know what I'm buying into and accumulate more. 3) Stop going on expensive holidays when I get my bonus. šŸ˜† 4) Network with more people in finance and investing.
šŸ‘ 3
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