Tay WenHao - Seedly
Seedly logo
Seedly logo
Ā 
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.

Credentials

Tay WenHao's credentials are not filled up yet.

Tay WenHao

  • Answers (283)
  • Questions (5)
  • Reviews (11)

Fresh Graduates

Insurance

Life Insurance

Whole Life Insurance

How much coverage should I get for whole life insurance as a fresh grad?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 01 Jul 2020
Firstly, to determine your coverage, there alot of different ways. For myself, I calculate based on my liabilities which includes my debts and also my parents retirement. As my parent doesnt have much savings, they will depend on my income for retirement. If one day I am gone, I need to ensure enough money is left behind for their retirement. Assuming 2k/mth, 1 year 24k, assuming they live for another 40 years, roughly 1mil. But that said, I didnt factor in inflation etc. Next, with regards to "200k sum assured was recommended by my agent (given my budget)", if you determined you need a higher coverage, i will recommend you to go for term life first. Cheaper with higher coverage. In future when you earn more then go for whole life. For myself, my term life 750k was only $300+/yr. On top of that, I also got Aviva Mindef Personal Accident 600k at $77/yr. So if I die from accident the payout would be around 1.3mil
šŸ‘ 0

Lifestyle

Payments

Is it a "norm" for motorcyclists to stretch payment of their motorcycle for 10 years (or even more than 6 years)?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 01 Jul 2020
Nope. As a motorcyclist, I paid for my bike in full also. The longer your duration, the more interest you pay to the shop. And their interest is not cheap at all. Sometimes 5% or more.
šŸ‘ 0

Savings Accounts

Savings

Interest Rates

I would like to know which are the banks that offer the best interest rates for Joint Accounts, where 1 party is a self employed, and the other is employed. Any recommendations?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 01 Jul 2020
DBS Multiplier. Crediting salary to a Joint DBS/POSB account (no need to be the Multiplier account. Can be any DBS/POSB account) will hit the salary criteria for both person.
šŸ‘ 0

Insurance

Hospitalisation Insurance (H&S)

Critical Illness (CI)

If I already have a very good hospitalisation plan, do I still need CI cover after age 65?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 01 Jul 2020
Depends. If you have enough savings (300k or more at age 65), I would say not necessary. You can 'self-insure' yourself. The main reason for CI/ECI coverage is not so much on medical fees because it's covered by hospitalization / Integrated Shield plan. Its more to cover your loss of income when hospitalised and during treatment. At age 65, if you are retired, you dont need to worry about the loss of income and with enough savings, it should be sufficient for you to tide through.
šŸ‘ 1

DBS Multiplier Account

Savings

Savings Accounts

Insurance

Investments

I am looking to maximize the interest for my multiplier account by doing the insurance and investment category. Any suitable plans with the lowest premiums/investment?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 29 Jun 2020
Insurance - CancerCare Investment - Invest saver, Monthly ETF $100 (Go for Nikko AM STI ETF. Relatively stable, after 1 year highly likely can cash out full capital)
šŸ‘ 0

P2P Lending

Investments

COVID-19

CoAssets

SeedIn

Funding Societies

Anyone has experience with P2P default? Did P2P provide any evidence the company canā€™t repay? Or just a simple email to blame on COVID-19?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 29 Jun 2020
For myself, not yet. I hope the day wont come. I used SeedIn P2P. Had 1 loan dued in May 2020 but due to COVID, the company cashflow have issues and SeedIn asked for a 6 months extension of loan. Not much choice on my end cus if I dont agree, they dont have the money to return on my capital. Can only hope for the best in Jan 2021.
šŸ‘ 0

POSB

Debit Cards

Payments

Family

Is it an offence to allow my parent to use my debit card and change the account phone number to his/hers?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 29 Jun 2020
I believe its not. But you can give the bank a call and they willbe in the best position to answer this.
šŸ‘ 0

Investments

Fundamentals

Any advice on the CAR / CKR Assessment?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 29 Jun 2020
I cleared mine via some SGX Online course. You can look it up something along the lines of 'SGX SIP Online Education Module'.
šŸ‘ 0

Insurance

Health Insurance

Whole Life Insurance

Term Life Insurance

Financial Planners

I am 25F, currently working. I am looking into buying Life and Health insurance (probably ISP). I read through Seedly and many recommended to look for IFAs. Any IFA recommendations?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Answered on 29 Jun 2020
ISP dont really need to look for IFA. Its all on MOH website already. But if you are not good with words, can get an IFA to compare for you too. Link to MOH ISP Comparison: https://www.moh.gov.sg/cost-financing/healthcare-schemes-subsidies/medishield-life/comparison-of-integrated-shield-plans Click on the class ward and yoy can download the pdf for comparison already. Premiums cost also stated.
šŸ‘ 0

Insurance

Whole Life Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

I just started working last year, female, non-smoker, early-twenties. I currently only have health insurance. Am considering getting life + CI/ECI coverage too. Should I get whole life + CI/ECI rider?
Tay WenHao
Tay WenHao
Level 7. Grand Master
Updated on 28 Jun 2020
If you can afford, whole life + CI/ECI rider. If you get limited pay, e.g. pay for 20 years, you will enjoy whole life CI/ECI and just need to pay for 20 years. Although its quite expensive for the first 20 years of premium. If you can manage your own finances well and invest the money properly, you can consider getting term life + CI/ECI. The cost of premiums will be much lower. Use the difference in premiums to invest and earn higher returns to pay for the future premiums.
šŸ‘ 0
Load more questions
Level 7. Grand Master
1119PointsGoal 1500
381 POINTS TO LEVEL UP
Browse Rewards
Top Contributor
Top Contributor
MAY Ā· JUN