SW

Ex-EEE with a Minor in Business

Shaun Wq Lim

21Upvotes

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Ex-EEE with a Minor in Business

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Shaun Wq Lim

21Upvotes
  • Answers (38)
  • Questions (0)
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Investments

SW
Shaun Wq Lim,
Level 4. Prodigy
Answered 1d ago
If you are in poly, I believe you have time on your side i.e. you are young. Time is the most important resource that you can have. Since you are asking about investing, I am assuming that you also are aware of the importance of savings and protection. Do a 360 review if you have not thought about them. This reply will focus on the investing portion and taking a very long term view. Invest as much as you can, as early as you can. Then let time do its magic. Compound interest works on the same principle. You can choose to go with a low cost monthly investment plan into ETFs or robo-advisers with a portion of your planned investment amount. The other portion can go to SSBs. Learn along the way but get started first.

Insurance

Health Insurance

SW
Shaun Wq Lim,
Level 4. Prodigy
Updated 2d ago
I believe you will need to get insurance in Singapore. Other than travel insurance, insurance policies should only be in force in the country of purchase. If you are savvy in insurance, you can check out the various comparison websites online for term life insurance. Otherwise, do talk to a financial consultant. For medical insurance, you should check what sort of coverage your company group insurance provides first. Then maybe look at additional coverage if you like to.

Robo-Advisors

SW
Shaun Wq Lim,
Level 4. Prodigy
Answered 6d ago
Looks new and leveraging unit trusts instead of ETFs to generate returns. Management fees look reasonable for the normal portfolio. Got to look deeper into the underlying unit trusts and costs.

Savings

Investments

SW
Shaun Wq Lim,
Level 4. Prodigy
Answered 6d ago
Put it in a high interest savings account.

Investments

Savings

Lifestyle

SW
Shaun Wq Lim,
Level 4. Prodigy
Answered 6d ago
The car’s COE expired this month. Decided not to get another car and go with public transport. Should be able to save the operating costs. Packing meals for lunch and saving the difference. Weight loss is a bonus. Health should get better. Sleeping enough for rest and general well being means cutting down on social activities. (Might be signs of getting older too ;P) Indirectly helping with making better financial decisions.

SeedlyTV EP06

CPF

SW
Shaun Wq Lim,
Level 4. Prodigy
Answered 2w ago
There are another two ways to getting additional tax relief while saving for retirement. You could do voluntary contributions to your Medisave account subject to the Basic Healthcare sum and CPF Annual Limit. One advantage is when you hit the BHS, the usual MA contribution will go to your SA instead. Helps to accelerate your SA retirement savings. You could also contribute to your Supplementary Retirement Scheme account. Tax relief amount is the actual amount contributed to SRS.

Lifestyle

Savings

Bank Account

Education

SW
Shaun Wq Lim,
Level 4. Prodigy
Updated 3w ago
1. If you are motivated and can work around your job schedules, see if meal prepping helps to reduce your food expenses in school. For me, I will pack lunch to work most weeks. Lunch is steamed vegetables usually. My lunch budget for the week is about $10-15 for the vegetables. The other costs are time to prepare and steam the vegetables every morning and electricity for the steamer. That said, this method doesn’t work if you blow the budget on your dinners or other expenses. 2. Use cash for all your expenses. Have a fixed amount of cash as in your wallet per week, as your spending budget. If it’s gone, it’s gone. Go hungry or walk home as required. 3. Designate one “no spend on entertainment” day per week. Find free activities to do or stay at home to read. 4. Open a separate savings account that is not readily accessible. No ATM card or online only account like CIMB FastSaver etc. 5. Save and consolidate your savings every quarter to buy Singapore Savings Bonds. Out of sight, out of mind.

Lifestyle

General

SW
Shaun Wq Lim,
Level 4. Prodigy
Updated 3w ago
To my 22yo self: 1. Be happy and do your best 2. Everything will be work out, stop overthinking 3. Save more 4. Invest more

Savings

Investments

SW
Shaun Wq Lim,
Level 4. Prodigy
Updated 3w ago
As your timeframe is 2-3 years, it is pretty short for an ETF investment to play out. However it really depends on the amount you already have saved. If you have saved enough to have your emergency fund and also enough for your marriage/BTO, then you might want to invest the amount. It appears that you might not have saved enough, so you are looking to grow your money. If you putting it in an ETF, there is a risk that the return might not be more than the principal amount that you put in. So my advice would be to save as much as you can now for the next 2-3 years in a high interest rate savings account and look for opportunities to improve your earning power/income. Having more cash on hand means that you will save on your interest costs if you need loans to cover your marriage/BTO costs. Have a discussion with your S.O. for his/her thoughts and view. If you and S.O. are confident that your combined savings will be sufficient to cover the estimated costs, then allocate a portion to investments. 50/30/20 rule for a start.

Savings

Bank Account

SW
Shaun Wq Lim,
Level 4. Prodigy
Updated 3w ago
I am assuming that you are asking because you like simplicity. One simple option could CIMB’s FastSaver account. Min. $1,000 for 1% up to max. $50,000. Another simple option is CIMB’s StarSaver account. Min. $1,000 for 0.8% with no cap, I believe. Consider also Singapore Savings Bonds. If you don’t need the money on tap, as redemption of SSBs is credited back to your bank account the following month. Min $500 for variable % up to total $200,000. $2 transaction fee applies. If you have a large sum, Citibank’s MaxiGain is another option. Min. $70,000 for up to 2.2%(depending on the SIBOR rate) on up to max. $150,000. Have not included others such as Standard Chartered Bank’s eSaver account or UOB Stash account, as they have tiered interest rates for balances. Which I find not simple 🤓. They do mention the effective interest rate(EIR) in their small print though. Do check them out if you are interested or already have a banking relationship and want to keep it within the same bank.
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