Terence Tan - Financial Services Consultant At Manulife Financial Advisors - Seedly
 
Terence Tan - Financial Services Consultant At Manulife Financial Advisors

I enjoy helping others and I believe in “Your Friend, Your Advisor”. Friendship over business

Terence Tan - Financial Services Consultant At Manulife Financial Advisors

Financial Services Consultant at Manulife Financial Advisors

About

I enjoy helping others and I believe in “Your Friend, Your Advisor”. Friendship over business

Credentials

Financial Services Consultant at Manulife Financial Advisors

Terence Tan - Financial Services Consultant At Manulife Financial Advisors

Financial Services Consultant at Manulife Financial Advisors

  • Answers (21)
  • Questions (0)
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Insurance

Critical Illness (CI)

Personal Accident (PA)

Hospitalisation Insurance (H&S)

Hi Anon I would say there’s not much of an issue. However, I believe the reason why your are asking, is in the event that this company goes bankrupt. If that is so, an insurance company going bankrupt is approximately the same as a bank going bankrupt. Insurance companies will take your pool of money, according to your age n risk category n type of plan, and they will invest the money. There is also a group of people called reinsurers. Insurers will reinsure themself to reinsurers, so as to mitigate their risks. However I personally feel that you should trust your financial advisor, find one that you are comfortable with. He/she will be able to advise you better on the specific products, according to your needs

Shopping

Lifestyle

Hi Anon I constantly have this issue as well. But I usually consider the following - how close am I with the parents - budget - any items the parents would require for the child Bought a toy car, clothes, gift hamper & tonics etc, a meal set, some educational toys These are for different child. Main thing is “will this help the parents in the child’s growth?” Hope this help. Cheers!

Investments

Stocks Discussion

REITs

Savings

Hi Anon Glad to hear that you are already beginning/ have thoughts about investing! As I am unclear of the amount that you have, I would say set aside 6 months of your expenses as emergency funds. Once this is done, place it in a high interest savings account such as Standard Charted Jumpstart account. Then invest the rest. There are many options and ways to invest. One would be in REITs or ETFs, these are some of the ways that allows you to have a diversified investment. Another way would be to use AI investors such as smartly or stashaway. You can also consider financial instruments, that allows you to have a disciplined savings. Speak to your financial advisor and I’m sure he/she will be able to assist. Cheers!

Investments

Savings

Bank Account

Robo-Advisors

StashAway

Unit Trust

Hi Anon Glad to hear that you have accounted for emergency funds! That’s a mistake that many don’t do. If you have prior investing experience, you can continue diversifying into different blue chips. But proper research and analysis are required. If you would like a more stable approach that is already diversified, you can look at Index or ETFs, or funds. You can invest them yourself using accounts like navigator or iFast, or you can use financial instruments that can assist you with that. How I personally will divide the 10k I will set aside $4800 Into the financial instrument for the first year, then the remaining money put it into a fixed deposit or put them into a high interest savings account like Standard Charted Jumpstart. Then when the 2nd year comes, the FD would have matured. Put the money for the 2nd year into the instrument. Then continue for approx 10 years. Speak to a financial advisor that you trust and I’m sure he/she would be able to assist you further Hope this helps. Let me know if you need any clarifications. Cheers!

Property

Rent

Salary

Savings

Hi Anon I have faced a similar situation myself last year. For certain unforeseen circumstances, I had to move out. I had gotten a studio apartment with an income of 2k+ and trust me it’s difficult 60% of my income goes to rental & household expenses, leaving me with only 40% to spend, without eating into my savings. I have about 1k left and have to scrimp and save so that I can afford other things: -Daily meals $400 -phone bills $60 -insurance $240 -misc $200 -savings As much as it seems cool and nice to have a personal private home of your own, that you can invite anyone and do anything, financial circumstances don’t allow for it yet. My advise would be to save 10-20% of your Income, then budget out the rent, balance use it for your expenses etc. if you feel that there is not enough money for you to spend, do a cash flow accounting. Then u can clearly see if you have sufficient. Income - savings - fixed expenses - misc expense. See if it’s positive or negative. Then adjust accordingly. Trust me, your income will increase soon, so for now, get a cheaper rental place that is convenient for u, then save up as much as possible. Speak to your financial advisor about investing, growing your money so that you can afford a better place in a couple of years. On top of that, look for additional part-time jobs or start a small online business to supplement this income. That way, you can achieve other financial goals. Hope this helps out, cheers!

Money FM 89.3 Show

Investments

Hi Anon For me personally, and the advice I tell clients before you start investment to make sure to have at least 6 months of expenses in your bank account. Otherwise, work towards saving this first Next would be to ask yourself, why are you investing. Do you want to use it in the next few years for a car? House downpayment? Or just to invest for the future, retirement etc With that set, you then determine your risk profile. Do you want to beat inflation? Can you stomach when the market is down? Do you want to do the investment yourself? Do the stocks analysis etc yourself? Do you have sufficient time n commitment to diligently do your homework? Monthly investment or a 1-time lump sum investment? The charges you will incur if you trade/ invest per annum Types of stocks/ bonds/ FD/ funds that you are comfortable with The country/ region or industry of the stocks/ funds These are some of the questions I assist my clients with. And to know how much is ideal, I advise clients 20% of their annual income Hope this helps! Cheers!

Multi Currency Cards

YouTrip

Hi Anon YouTrip actually supports 150+ currencies. Those not stated, they will automatically convert for you. So you don’t have to worry, just use as you wish https://support.you.co/hc/en-us/articles/360000605034-How-many-currencies-are-supported-on-YouTrip- Hope this helps. Cheers!

Multi Currency Cards

YouTrip

Hi Anon I believe this might be the small fees that YouTrip earn, and it depends on the current market price as well. Hope this helps! Cheers

Savings

Lifestyle

Goods & Services Tax (GST)

Hi Anon I feel that’s a great idea. Take part of the money to go for a short trip and enjoy yourself Another thing you could do is take $50 and put it in a Smartly robo-investor account. That way you can earn a little more interest. Then place the $150 in a StandChart Jumpstart account that gives 2% PA To boost it, can try saving additional 15-20% of all your income. This way you can build a savings habit too! Hope this helps!

Investments

FIRE Movement

Dividends

Hi Anon If you are a savvy investor, you can invest in ETF, REITS or certain stocks of your choice with the proper research and analysis done. Otherwise, you can speak to your financial services consultant about assisting you in placing the money using investment tools such as iFast or investment products, that invests in funds. These funds are managed by a professional fund manager, so you don’t have to worry about what stocks to buy etc. Hope this helps! Let me know if you need further information, I will be happy to assist
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