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Tay WenHao

Currently an NSF looking to generate passive income via investments. Previously worked part-time throughout my polytechnic and earned a significant amount of savings. After reading through various blogs and forums, I realised the importance of investing to counter inflation and to generate higher returns than bank interests.

Tay WenHao

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About

Currently an NSF looking to generate passive income via investments. Previously worked part-time throughout my polytechnic and earned a significant amount of savings. After reading through various blogs and forums, I realised the importance of investing to counter inflation and to generate higher returns than bank interests.

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Tay WenHao

Top Contributor
  • Answers (191)
  • Questions (5)
  • Reviews (11)

Insurance

Personal Accident Insurance

I'm quite prone to injuries during exercise and wanted to get a personal accident insurance to cover physio costs. How does the claim process work? Do I need to prove the accident?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 19h ago
Usually personal accident claims (small injuries) only cover the medical part in the form of reimbursement. No additional cash will be paid to you. Which means that the possibility of 'fraud' for accidents is low since it doesnt benefit you. (Getting yourself injured to make a claim on the medical fees only doesnt make sense) As for larger accident that causes permanent damage to your limbs, usually there will be police reports and witnesses to support your claim.
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Investments

Savings

Insurance

CPF

Whole Life Insurance

CPF SA

When you want to calculate your net worth, should you include cash value in your whole life insurance policies and monies in your CPF accounts (all accounts OA, SA, MA)?
Tay WenHao
Tay WenHao
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Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
I actually feel that it depends on which life stages you are at right now. Though many of the comments here would include CPF and whole life insurances to their net worth, I beg to differ. For myself, I am only 22 this year. It would take me at least another 33 years to 'touch' my CPF. Although yes, I can use it earlier to buy housing etc. But still, if I were to sell the house, I need to 'return' the money. I would be more interested to calculate the growth in my savings, investments, etc. Which would help me in my finacial planning better. However, if you are calculating your net worth to plan for retirement, yes. Since you can withdraw your CPF from 55 onwards / 65 onwards for monthly payout, you can include that in your calculations to see how much you need to save now to prepare for retirement.
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Forex (FX)

The Systematic Trader

COVID-19

Investments

Trading

Online Brokerages

Is anyone a pro-forex trader? Is being a forex trader easier to make money than investing Itself?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
Im not into forex but I have friends that do. My only advise is to avoid at all cost if your aim is to 'get rich' with forex. Its more likely that you will get yourself burned if you are too 'ambitious'. Its no different from gambling in that sense. Firstly, you may have seen many 'case studies' of successful traders that earn alot from trading forex. However, I also see a lot people winning 1 million TOTO weekly as well (before COVID, now circuit breaker no TOTO). What I am trying to imply here is that, most people only share successful stories. No one (or perhaps very little) will tell you that he went bankrupt with from forex. However, if you are not one of those that have the 'get rich' mentality and have studied the forex market well, its possible to put a part of your money into forex. As the saying goes, higher risk higher returns. As long as you dont dump all your funds into forex, you should be safe. Spilt your money into different categories, emergency funds, bonds, stocks and finally forex. TLDR, Back to your question: Simple answer is Yes. Forex trader 'earns' faster than stocks due to its volatility. But theres always 2 sides of the coin. It also lose money faster than stock market. And if you used leverages, you will not only lose your capital but get into debts.
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DBS

Investments

COVID-19

Stocks Discussion

Online Brokerages

What is your opinion on DBS shares? Go or no go?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
For traders / short term investors, its hard to speculate. No comments. For long term investors, 10 years holding power, definetly worth a go. Go with a monthly DCA if you are unsure if the price is worth it for now due to uncertainty. If it rises, at least you have already entered at a cheaper price. If it drops, at least you still have capital to average down your cost per unit. DBS is considered one of the largest bank in Singapore with the incorporation with POSB. In fact, almost every singaporean have a DBS/POSB account. Older generations have it for years with a passbook and is reluctant to change. I shared with my parents on Singlife 2.5% p.a. which is 50 times higher interest than their 0.05% p.a. ancient passbooks. However, they are doubtful (even though backed by SDIC) and not used to the change. For working adults, at least 1/3 (?) of them uses DBS Multiplier for high interest savings account. (I used 1/3 cus theres OCBC and UOB as well, however, some people may be 2 HISA) As for teenagers, most of them have POSBkids account since young. Although yes, many of them will change it to HISA after they start earning their first salary. The important factor to 'profit' from DBS is to hold. DBS is considered a blue chip investment that pays out regular dividends. Its good to use DBS to build up part of your passive income. If you are aiming for capital gains and value investing, maybe SMEs are better as its potential are unrealised yet. (Though the risks will be higher too)
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Savings Accounts

Savings

DBS Multiplier Account

OCBC 360 Account

UOB One Account

COVID-19

Interest Rates

With all the latest revisions to the savings accounts interest rates in June 2020, which will you choose - DBS Multiplier vs UOB ONE vs OCBC 360?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
As HC mentioned, for now theres singlife @ 2.5% p.a. for first 10k. Next, if you are below age 26, can get SCB Jumpstart for 2% p.a. for first 20k. The good thing about these 2 accounts is theres no requirements to meet. And you will get interest monthly with no lock in. For High Interest Savings Accounts, I'm using DBS Multiplier. Theres this 'hack' to unlock about 2 - 2.2% p.a. for first 50k / first 100k. - Salary ($2000) - Credits Card ($500) - Investment (Monthly DCA in STI ETF using Invest Saver, $100) - If you have more than 50k, can add insurance category. Cancercare is the cheapest eligible add on. Roughly $10-$20/mth depending on age. - Total eligible transaction: $2600+ (2%-2.2%) However, I feel that these interest rates may decreases over the next year if the economy is bad. The bank would have difficulty sustaining the high interest if the loans take up rate is low. Thus be prepared to move your money around to get higher interest.
šŸ‘ 1

Credit Cards

Citi Rewards Credit Card

MileLion

Miles

For the recent Citibank Reward Visa card promotion where every dollar spent will earn us 8 miles, does it apply to shopee top up?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
I dont have CRV but based on my other cards, yes. As banks used MCC to determine the rewards and cashback eligibility, it should be the same for most unless specifically excluded by bank. However, an easy way to test out is to make a small amount topup. After you checked and make sure got points then you do lump sum. Also, everytime before lump sum you should check again. Banks can change the terms accordingly. May work this month but not next month.
šŸ‘ 0

Education

Lifestyle

Undergraduate

To the undergraduates, what were some lessons you learnt? Before starting university, what are there things you wished you had done/prepared in advance for?
Tay WenHao
Tay WenHao
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Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
I haven been to uni yet but I'm preparing for it. Maybe you can use for reference and share your ideas too. Personally, I hate debts. It's been well known in Singapore that many of our graduates came out to the society with huge university debt. With the huge amount of debt, a graduate student will be spending the next few years working to pay off his debt and have minimal savings. Thus the first thing is to prepare for the fees. School fees, hostel fees, etc. It will be great if your parents are able to afford and pay for all your fees. 1 less thing off your mind. But unfortunately, I'm not as fortunate. The easiest way for me to get the fees out of the picture will be Scholarships / Bursaries or even Bonds with companies. Thus I actively look for opportunities for the above options. Next, will be on your university lifestyle. - Hostel? - CCAs? - Side hustle for additional income? - Internships during sem breaks? Lastly, I think managing your expenses and savings during university will determine your 'starting point' after university. If you spend extravagantly, on like entertainment and stuffs (which is normal with peer pressure), you will end up with 0 savings. However, if you can learn to resist peer pressure, it help you cultivate the habit of saving, etc. Of course, I'm not saying to avoid all of them, but to manage them carefully and perhaps set a monthly budget for entertainment.
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Retirement

CPF

FIRE Movement

Resale HDB

Savings

Investments

Stocks Discussion

Online Brokerages

If I retire with about 500k in cash n stocks, and have met the FRS, would it be a good idea to sell my 30yr 4 room hdb and downgrade to a senior 2room flexi, or should I pledge my hdb for BRS?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
If you have 500k excluding CPF, you are good to stay at your current flat without downsizing. However, if you want to get more cash and dont mind a moving to a smaller flat, its definitely a wise choice. Keep your RA at FRS. Dont go for BRS. It will affect your monthly income stream afterwards. For your 500k, I hope its in stable blue chip stocks that give stable dividends. At 4% p.a. you will get a passive income of 20k a year which is around $1600. Together will your FRS payout and the excess money from downsizing, it should get you comfortable at 6k/mth.
šŸ‘ 0

Savings

COVID-19

Savings Accounts

After the COVID situation, should we relook at our emergency funds to see if 6 months of funds are really enough? Or should we extend our emergency funds to say, one year?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
6 months will be sufficient. Look at the amount of govt support. So far, covid only start to hit us financially in Mar, if you use your emergency funds wisely, you can last till Oct. With govt grants and support, at least till Dec. By then it should have been better.
šŸ‘ 1

FIRE Movement

Savings

Investments

Lifestyle

What has been the number 1 challenge in your personal finance journey?
Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 1d ago
Controlling your expenses. Its easy to say that you dont need something and shouldn't buy it as it waste money. But the temptations is hard to overcome. E.g. a car.
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