Xeo lye - Seedly
 
Xeo lye

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Xeo lye

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Xeo lye

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General

Xeo lye
Xeo lye
Level 2. Rookie
Answered on 04 Jun 2018
1) Set aside 2 bank account. 1 for savings and investing and the other one is for spending. 2) Set up an automatic giro to the spending account, say $100 a month. This is for your daily expenses including food, transport, parent allowance etc. All your credit cards payment should come from this account. 3) Any big budget expenses like Vacation, getting a new laptop can come from the unspent credits in your spending account. Dip into the saving/investment account only at last resort. 4) Any automatic investment schemes such as insurance and shares,unit trust investments should come from your investment account

Insurance

Xeo lye
Xeo lye
Level 2. Rookie
Answered on 04 Jun 2018
I will suggest getting insurance plans in this order 1) Shield Plan 2) Income Disability Plan 3) Critical illness plan (Term or Limited Whole Life) Optional: Personal Accident plans if you lead an active lifestyle Death insurance is not as important now as your priority is to protect your income against illness, unless you are already looking towards setting up a family and may incur liabilities or planning to have children. Invest the rest of your money in a ETF or lost cost unit trust until you gain enough knowledge and experience to dabble into stocks and shares.
Level 2. Rookie
8PointsGoal 10
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