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Tan Siak Lim

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Tan Siak Lim

CFP. Director, Financial Advisory Group at Financial Alliance

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Credentials

CFP. Director, Financial Advisory Group at Financial Alliance

Tan Siak Lim

CFP. Director, Financial Advisory Group at Financial Alliance

  • Answers (30)
  • Questions (0)
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Lifestyle

Career

FIRE Movement

Tan Siak Lim
Tan Siak Lim
Level 4. Prodigy
Answered on 03 Dec 2019
The idea of retiring early is just silly, yet so many people got so fancinated by it. All the hobbies, travel, read books can happen concurrently while working. It's crazy to do that full time. Besides, work gives a person a sense of purpose, achievement and contribution to humanity and society. Most successful people we know works into the 80s and beyond. The real problem is not that you need FIRE, but rather you need work that is meaningful, challenging and rewarding, then you don't want to FIRE.

Insurance

General

Assuming all the necessary documents are submitted, it will usually take only 2-3 weeks. If you don't hear anything by now, you can ask your agent. If you agent is not helpful, call the insurance company hotline.

Investments

I will not use robo advisers as I don't believe it paying them a fee. I can invest ETF directly and save on fees. I can also decide to invest on whichever ETF I like.

Investments

Robo-Advisors

StashAway

I'm worried for you, after reading your question. Rebalancing will not prevent any one from losing money in a market downturn. Every long term investor is losing money now, including Warren whom many people consider as god of investing. The only people making money now are probably those very good traders. Hey, but please don't simply switching to trading after reading this! You are likely to lose even more money trading.

Career

Tan Siak Lim
Tan Siak Lim
Level 4. Prodigy
Answered on 12 Dec 2018
Before the industrial age, there were few big companies and most people are self employed, be it farmer, doctor, fisher man, black smith, merchant etc etc. There were no bad bosses, no corporate politics, no back stabbing, no 9-5 .... People work hard to provide a service / product that other people need, and make a living. It was a better world. There are still many people being self employed today, hawker, doctor, insurance agent, taxi driver, accountant etc etc, there is no stable income, which is fine. Why do so many people cling on to this fake "stable income" when the world is inherently unstable?

Lifestyle

Career

To catch, do what he did. But why is there a need to catch up? There are many many people doing better than you, way ahead of you, younger than you, that you will never be able to catch up no matter how hard you try. At the same time, there are many many dying to be in your position. Just focus on being the best you can be, and have your own goals and work toward it.

Investments

Tan Siak Lim
Tan Siak Lim
Level 4. Prodigy
Answered on 30 Nov 2018
I highly recommend Wien's REITs to Riches course to investors who like investing in REITs for dividends. Wien will show you that REITs is more than just in investing for dividends, and the traditional selection criteria using low P/B and high yield may actually get you into trouble! Wien is extremely passionate about sharing his knowledge and encouraged all participates to interact with him via whatsapp with his personal number, where I got the most value! His course is concise and everything is presented clearly and without the fluff that is typical with other investment courses, playing stupid games that waste time.

Fresh Graduates

Insurance

$200/month is a reasonable budget for a person of your age. However, your GE FA agent only sells GE products. There are many other insurers that you should compare before you commit to lock up this large sum of money ($200 12 20=$48,000). Look for an Independent adviser and he/she will help you make the comparison. If you don't know where to find, go to the largest IFA in Singapore, Financial Alliance. www.fa.com.sg

Travel Insurance

Insurance

Actually some travel insurance in Singapore cover foreigners who are residing in Singapore. You must have a FIN number, can't be a tourist in Singapore. I see that you are residents here, so no problem. If you still need help, you can email me at [email protected]

AMA SG Young Investment

Family

Savings

Investments

General

For me, that would be SINGAPORE!! While most people will likely mention other countries like Thailand or Malaysia, the fact is that most Singaporean do retire in Singapore, by choice. I believe this is because we have all gotten to the way things work in this country, safety, and relatively low cost of living! Yes, if you are ok with hawker food, public transport and public housing, Singapore is inexpensive compared to most other countries. We are voted by EIU to be the most expensive city in the world, based on a lifestyle that no local lives. Even in country like China their basic meal can be RMB 20, for a person earning average income of RMB 4000/month, our basic meal can be as low as SGD 3, for an average guy earning SGD 4000/month. We should not complain.
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Level 4. Prodigy
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