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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

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

  • Answers (46)
  • Questions (5)
  • Reviews (11)

CPF

Retirement

Tay WenHao
Tay WenHao
Level 6. Master
Answered on 10 Dec 2019
I feel that it depends a lot on your personality, the stage of life you are at, your liabilities and also the opportunity costs. If you have spare cash lying around or in the bank with 0.05% of NO USE (excluding emergency funds) then yes. Topup SA with CASH. Or If you have already gotten your HDB and wont be using your OA for anything else like education etc, then yes. Topup SA with OA (You can still keep 20,000 in OA just incase you need it for your child education or upgrade housing. Cus first 20k for OA got bonus 1%. That being said, you still can transfer everything to SA and get extra 1% on 60,000 in SA)

Savings

Bank Account

Citi MaxiGain

DBS Multiplier

UOB One

Tay WenHao
Tay WenHao
Level 6. Master
Answered on 17 Nov 2019
Note: I've maxed put SCB Jumpstart 20k 2% P.A I have CIMB 1-1.5% but I'm trying to hit 2% interest. Any other alternative or suggestions you guys have? And also I understand that FAST transfer limit 75k per day. Wondering if its possible to withdraw full balance at bank counter and close the account on the spot?

Miles

MileLion

Tay WenHao
Tay WenHao
Level 6. Master
Answered on 17 Nov 2019
Hi just wondering why are you looking at miles as a student? Do you spend a lot or travel a lot? My personal story/encounter is that I started off with a cashback card because I feel that the returns are much more tangible and its 'immediate'. It's also easier to sign up for a cashback card as a student. You can take a look at Maybank eVibes card with offers 1% cashback on all spend. (Doesnt sound like alot but its a good start without much of a requirement) Just my 2 cents opinions, do share with me your views as well maybe I missed out something on the miles game.

CPF

Tay WenHao
Tay WenHao
Level 6. Master
Updated on 06 Jul 2019
Hi as far as I know, its not possible to just top up OA. When you make voluntary contributions to CPF using CASH you can only choose either to contribute to ALL 3 accounts OR MA OR SA ONLY. Link below lets you calculate the ratio if you choose to top up all 3 accounts. Including OA https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/ContributionAllocation/ContributionAllocationCalculatorResult

Career

General

Tay WenHao
Tay WenHao
Level 6. Master
Answered on 06 Jul 2019
A few points to consider before making your decision. I suppose you are a diploma grad going for university Will you be taking full time or part time university? Will going for further education affect your income and your financial stability? Are you taking a loan for your studies? You mentioned that you have been working over 2 years. And the salary doesnt really pay well until you reach a 'senior' position. Does that senior position requires a higher level of education? Assuming if you dont go for further education and recession really hits, how will it affect your current lifestyle? Are you still be able to live a comfortable lifestyle with your current salary?

Investments

Savings

Tay WenHao
Tay WenHao
Level 6. Master
Answered on 06 Jul 2019
Hey, first of all, congrats on your upcoming ORD! Hahas I still have 1 more year to go. Before I start answering the question, I think its important for you to state whats your next milestone after ORD. Further studies in university? Start working to gain experience? Or any other plans you have in mind. Also, will you be using this $12k anytime soon? E.g if you are going to university, will you be using this $12k for school fees/living expenses or will you be taking a education loan? It's important to know how long you will be putting this money aside for before we can recommend the best for you. Assuming you wont be using this $12k any time soon, I would first suggest you to put aside maybe $5000 in a high interest rate bank/SSB for emergency funds. Then for the remaining $7k you can invest in REITS, blue chip stocks or even further top up your StashAway. Like you have mentioned, it's good to diversify your portfolio. So I would say maybe $3000 in REITS (2 - 3 counter), then another $3000 in blue chip stocks (2 - 3 counter) and the last $1000 to topup your stashaway to $2000. I personally feel that REITS and blue chip stocks should be quite stable and low risks. Just make sure you do your own due diligence and invest in a strong and stable company. Note: For this coming month SSB is dropping to about 1.68% which is quite low as compared to other high interest bank accounts (DBS Multiplier, UOB One Account, OCBC 365). But it also depends if you can hit the requirements to get the higher interest so just do your research and see which one gives you more interest. It's important to keep the emergency funds incase anything happens and you really need the money.

Investments

Tay WenHao
Tay WenHao
Level 6. Master
Updated on 22 Jun 2019
Hi how long have you been investing? Because the average for the past 6 months isnt as high as it is now. So if you actually go to the DBS website and view your ETF, you should see an 'Unrealised profit' which means that you are actually making money. As for the amount per month, i would say maybe around $200 to $300? I know it seems like very little and insignificant but it's a monthly basis so the amount would add up after a long time. It doesn't make sense for you to do $1000 per month unless you are earning more than $4000 because its not sustainable. Investing shouldnt take up too much of your monthly salary. You should continue saving and keep spare cash incase for a rainy day. (You dont want the situation whereby the market is bad and you need money thus selling your etfs at a loss) Lastly to end off, NEVER SELL YOUR ETF/STOCKS if it's a loss. Just hold it and wait for it to recover. If you do your DCA diligently (monthly) you should make a profit even when the market is bad (because you will average down your cost and have a comeback when it rises)

Investments

Tay WenHao
Tay WenHao
Level 6. Master
Answered on 22 Jun 2019
Hey as what Hariz said, dont rush into the market. Take your time to save up and read more to understand the market. You can consider POSB INVEST SAVER Programme and start with $100/month on NIKKO AM STI ETF. Do your own research and find out more.

Stocks Discussion

Investments

Savings

Tay WenHao
Tay WenHao
Level 6. Master
Answered on 22 Jun 2019
Hi I feel that it depends on your goals/objectives for investing. If its for your next big purchase/milestone such as buying a new house or a car, then I would say aim for a 5 to 10% profit after DCA. From the POSB website under investments tab you can see the averaged cost for all your ETFs. However if its for a longer term goal such as retirement, you can consider to keep it longer because the ETFs usually pays out dividends which is like the 'interest' and its definitely higher than your bank interests. Thus no point selling and keep the cash in your banks that earns less unless you have a better opportunity cost.

Investments

Tay WenHao
Tay WenHao
Level 6. Master
Answered on 22 Jun 2019
Hi, perhaps just call the Vickers Hotline during working hours and mention that you would like to sell off the stocks then they will temporary increase the limit
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Level 6. Master
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