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Vinc Tay

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Vinc Tay

Ex-fc at Prudential Assurance Company

8Upvotes

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Credentials

Ex-fc at Prudential Assurance Company

Vinc Tay

Ex-fc at Prudential Assurance Company

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

Insurance

Vinc Tay
Vinc Tay
Level 3. Wonderkid
Answered on 11 May 2019
Yes. https://www.straitstimes.com/singapore/teen-who-died-in-clementi-crash-was-an-only-child-said-to-be-very-close-to-her-parents

Investments

Singapore Saving Bonds (SSB)

Vinc Tay
Vinc Tay, Ex-fc at Prudential Assurance Company
Level 3. Wonderkid
Updated on 08 May 2019
Note: Each early withdrawal on SSB has no penalty but subject of $2 admin charge. So perhaps an alternative for some of the money could be fixed deposits at banks, about 1.6% for a year, slightly lower interest but better liquidity if you wish to move often. Anyway. Also good to keep several pockets of lump sums for topup to your portfolio when market conditions are favourable – so a mix of disciplined DCA & strategic lump sums.

Endowment Policies

Investments

Savings

Vinc Tay
Vinc Tay, Ex-fc at Prudential Assurance Company
Level 3. Wonderkid
Updated on 02 May 2019
I’d assume that you’re on PruFlexiCash (PFC), and the policy term is for at least 15-25 years. Taking note that such plans let you ”take out early” if need be or continue accumulate till maturity. Note: I have a 70/month PruFlexiCash and was ex-Pru FC. Say you are 22 now. Depending on the term, you get full sum of money back about age 37-47. $200 a month, that’s about 30% of a man’s pay. If you get a part time job after NS (waiting for Uni etc / easily $1k monthly) then you won’t have to dig into your savings to pay monthly premiums. PFC is a good instrument to make sure you save money for future, “in case you forget to”. But of course try to make sure you have at least $10k liquid cash in your bank account as emergency funds. Alternatives: Singapore Savings Bond (guaranteed interest about 1.9-2.5% p.a., can take out any time without penalty) – this one I put few k to sit for 10 years Feel free to clarify if any doubts. Good luck!

Credit Card

Savings

Bank Account

Fresh Graduates

Vinc Tay
Vinc Tay
Level 3. Wonderkid
Answered on 01 May 2019
If you’re not yet earning a salary, pretty much none of the multiplier accounts would be useful to you. Nevertheless, the rule of thumb is that it usually depends on your salary amount, your monthly expenditure via debit card / credit card, and GIRO payment for bills.

Insurance

Vinc Tay
Vinc Tay
Level 3. Wonderkid
Updated on 01 May 2019
You can get AIA PA, then drop your Pru PA. (Or hold both if you like lol.) Remember to have the new one in-effect before you cancel the other one, so you do not go without coverage. Personal Accident policies do not require underwriting, hence you can buy like you are subscribing to Spotify. While reimbursements you will have to choose either to claim, the sum assured actually adds up in event of death etc.
Level 3. Wonderkid
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