Thanh Dat - Seedly
Thanh Dat

Savings for retirement

Thanh Dat

5Upvotes

About

Savings for retirement

Credentials

Thanh Dat's credentials are not filled up yet.

Thanh Dat

5Upvotes
  • Answers (8)
  • Questions (0)
  • Reviews (0)

Lifestyle

Savings

Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 06 May 2019
Hi members, For myself since 2012 I put aside $100 every month..after one year I increased the amount to $200. Is automatically deducted from my paycheck..to date. So before I get to spend it. The amount was already deducted. It accumulated $11650. This is a No touch zone savings. On top of this No touch zone savings.. I'm still savings. You are still young at 24yo. You can do it. If you can follow this..time will help you see your amounts growing as you age. Your paycheck play a part but no Matter how big or small you earn..if you don't focus..you will be unable to do it. 'The poor will spend and save what is left, the rich will save and invest and spend what is left'.

Investments

Savings

Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 06 Apr 2019
Hi members, At your age to have this amounts of moneys in hand is so good. Having scholarship to support your uni is wonderful. Is your scholarship able to support you for your basic need, foods, transportation. Since you plan not to collect monthly allowance from your parent. A $10k in uob savings fetch you only $0.38 a month. Is good for you to think about investing your money's. Maybe you can consider Stashaway as you can set the risk level. Deposit a smaller amounts first to monitor. Trade will be weekdays but they will place the trade according to your risk settings and amounts of funds. Same time if you really need the money for emergency. You can withdraw it.(I'm also in Stashaway investment) But if you target stocks, better be careful, are you a value investor who will hold long term if you buy STI. If you plan to buy stocks be ready to have the concept of lossing before winning. Is all investment. Do it small, don't be greedy. After all you are still young. Gain experience do part time like tuition, invest bit by bit. Of course every brokerage will love you when you buy big.

Investments

Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 05 Apr 2019
Hi members, If you are taking personal bank loan. Be sure that your payroll is able to service your monthly loan. (If the bank is using your credit card to give you the loan, better be extra careful to make sure you can make your payments every month) As we put aside if you can earn that guarantee 10%. For me myself..I take loan that's around 5% interest charges for a $3000 loan. But with fix deposit at the rate of 7.5% p.a. I can make up for interest charges. Same time I know I can service my loan every month. I be doing this for the past 2 years. Same time I'm doing it on compounding interest for long term. This is personal for me. Every members have their own way. But do consider do you have other payments to make in mind or planning that may affect you. (I still had a free cash flow that's earning me a yearly dividends of 3%).

Stocks

Investments

Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 26 Mar 2019
Hi members, If the stock market crashes, we will never know when will it be the lower points before we buy. What happens when the moments we brought it..it continues to drop. That's the worst case scenario. Last week I brought 1000 koufu shares at 0.735. At this current time koufu was sitting at 0.775. It will be kind of scary if it turn out to be the other way. This coming May koufu is paying a dividend of 0.012.

Expenses Tracking

Family

General

Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 25 Mar 2019
Hi members, As a married couples, as a husband and wife, communication is important. For my family is this way how we managed our family. I earn more than my wife. I'm the planner. I have a boy and gal. I copy from Members Eugene Tan Jia Rong template for easy viewing as point form. 1) Kid education - I'm my son (5yo) trustee of the kid CDA, I will handles all my son education payments including CDA top-ups while my wife did it for my gal (16yo) Vietnamese secondary 3. I also handles all my family medical insurance. For my gal education later part we plan to use CPF to fund for her study depand on situation in another 2 years time. 2) Utilities, conservancy & broadband - Me 3) Passing weekly school allowance - Wife, but I may help at time. 4) Groceries - me if we go together, I look after my son milk supply. :). If she go solo with my son n gal. She paid. 5) Dining & entertainment - Me. Sometimes she would said treat me. ;) 6) Saving raining day: Me 7) Investment: Me, just last week spend $1000 on buying gold bracelet and pendants for my wife. (Before when we are in hard time, we will pawn the gold for cash for temporary support). Time are good now. Increase gold asset for my wife. 8) Fixed deposit: Me (Coming June)

Lifestyle

Investments

Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 23 Mar 2019
Hi members, I agree with Junus Eu and Benny Tan. You need the money's for exchange program. Investments is only when you have additional spare cash in hand. Kudos to you.. savings to a amount of $10,000. Sad to say many adults don't even have this kind of savings. The more you earn the more you spend as all the expenses from housings..car..kids expenses all come in. Savings a monthly $714 is not a easy task. Follow Junus Eu advice definitely is a good way.

Fixed Deposits

Singapore Saving Bonds (SSB)

Investments

Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 19 Mar 2019
Hi members, i recently went to OCBC to opened up my son kid savings account :) of $530+. I saw this cardboard on the counter showing fresh fund minimum $20,000 for 1.75% p.a. The saying...Sad to say (The rich get richer. The poor will get poorest). unless you are really struggling to save bit by bit for years for this minimum funds. How many of us will be able to save this amount of moneys and how long will it take. It took me from 2012 to last year 2018 save up to $11,000 (7 years) with $200 set aside every month with beginning 1st year $100 monthly. Last month i saw Maybank offer a little better with $20,000 for 2.05%. With smaller fund I feel SSB is still better than parking your extra funds in your original savings account. For me personally I'm placing any as my wife is from Vietnam. I be flying there to place a fix deposit for 7.8% p.a. if not given a options SSB is still better than bank offer.

Credit Card

Thanh Dat
Thanh Dat
Level 3. Wonderkid
Answered on 19 Sep 2018
3k debts in credit cards, every month you will need to pay off your credit monthly financial charge. If you are spending more then you pay your bills..once your debt go up to $5k. You can be paying under $200 alone just on financial charge. NOW go take up a personal bank loan. Clear up your credit card bill. You can use your credit card to take up the personal loan. But be sure you cut down on using your credit card. And your personal loan you how long you want to repayments to the bank. 2 years..3 years EVERY MONTH. if you are paying the financial charge..why not take up personal loan to clear all. So it will become manageable for you. But if you keep up to use your credit card. Good luck to you
Level 3. Wonderkid
5UpvotesGoal 20
15 UPVOTES TO LEVEL UP
Browse Rewards