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Yixiong Chang

I am not an insurance agent. I empower one with appropriate financial knowledge to make sound financial decisions for themselves

Yixiong Chang

83Upvotes

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I am not an insurance agent. I empower one with appropriate financial knowledge to make sound financial decisions for themselves

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Yixiong Chang

83Upvotes
  • Answers (223)
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Ohm Energy

iSwitch

Geneco

Keppel Electric

SeedlyTV EP08

Money FM 89.3 Show

Yixiong Chang
Yixiong Chang
Level 5. Genius
Updated on 06 Aug 2019
Imagine they are our different telco. M1, Starhub, Singtel etc. Or our Banks (DBS, UOB, OCBC, Standchart etc) offering mortgage loan. There are offering the same thing, but just different pricing terms. In short, the plans can be summarised into 2 main type. One is fixed price (imagine fixed interest rate loan), and another is variable (imagine floating rate interest based on sibor). The variable will be usually a discount( x %) off the regulated tarrif (sibor) rate that the rest of singaporeans are paying now. For actual plan comparision, see the official site. https://compare.openelectricitymarket.sg/#/home

SeedlyTV EP06

CPF

Yixiong Chang
Yixiong Chang
Level 5. Genius
Answered on 22 Jun 2019
Getting 4% riskfree interest rate is way above market rate. Which is indirectly subsidised by taxpayers. Such restriction is there to limit the rich that can fully take advantage of this.

SeedlyTV EP06

CPF

Investments

Yixiong Chang
Yixiong Chang
Level 5. Genius
Updated on 14 Jun 2019
Depends how technical u want the answer to be. =D In short, CPF monies are 'invested' by the CPF Board (CPFB) by 'buying' Special Singapore Government Securities that are issued and guaranteed by the Singapore Government. Thus the 4% is guanranteed by the full faith of Singapore government. Which in turn effectively by the tax moneies of the nation. =D So indirectly, tax payers subsidise the high interest rates cPF members get.

SeedlyTV EP06

Investments

CPF

Yixiong Chang
Yixiong Chang
Level 5. Genius
Answered on 13 Jun 2019
If u are refering to the SSGS that CPFB 'buys'. No you can't buy them, no one else can buy them. It is 'special' for that reason. =D CPF monies are invested by the CPF Board (CPFB) in Special Singapore Government Securities (SSGS7) that are issued and guaranteed by the Singapore Government. By law, the monies collected with SGS or SSGS cannot be used in government spendings. The proceeds from SSGS are invested by the Government via MAS and GIC.

SeedlyTV EP06

CPF

Supplementary Retirement Scheme (SRS)

Yixiong Chang
Yixiong Chang
Level 5. Genius
Answered on 13 Jun 2019
Are u refering to the retirement topping up scheme (top up special account)? The $14k is the max relief for that scheme, $7k for topping up your own special account, and $7k for topping up your parents, spouse etc account (T&C applies). SRS is a different scheme with its own limit. SRS tax relief is $15,300 for singapore residents.

SeedlyTV EP06

CPF

Yixiong Chang
Yixiong Chang
Level 5. Genius
Answered on 07 Jun 2019
Unfortunately, no, there isn't. Any laws can be changed with a simple majority of elected MP. Even the constitution can be changed with a supermajority vote. There are only certain areas with a 'backup' plan. That is using Singapore's past reserves and appointment of key civil service appointment holders. This power lies in our elected President. But this is only possible for a term, and hopefully the next term a 'proper' governemnt will be voted in place. The elected presidency is actually mooted by our late Lee Kuan Yew. Quoting Mr Lee said in an interview (regarding if a 'rogue government' was voted in) " if you change all the permanent secretaries, military chiefs, commissioner of police, heads of statutory boards, then you’ll ruin the system. For five years, the President can prevent that. And our past reserves cannot be raided. "

SeedlyTV EP06

CPF

Yixiong Chang
Yixiong Chang
Level 5. Genius
Updated on 07 Jun 2019
The primary purpose of the money (CPF) is for a basic level of retirement fund. Money taken out means it is not earning interest, and thus its real value will not be maintain in the future when it is paidout (in CPF Life). If someone had sold off his property (for a profit) after decades of using CPF monies to pay for it, And only returns the principle, and somehow mismanages his money and spent most of it away (before he even reaches retirement). His retirement CPF money is now of significant lower real value to depend on in future. 2.5% accrued interest over decades can be very significant, and that is the purpose to protect (at the very basic level) your retirement funds. Think of that same example, but he had to return principle plus accrued interest, and he will have less available cash on hand to spend. The CPF money is protected will continue to earn guaranteed interest. Albeit, we still can use the OA again to purchase another property. Bear in mind, if your property sold is not enough to return the full amount (principle + accrued interest), you will not need to pay any additional cash. It is a basic policy to safeguard your basic retirement funds. Not everyone will be able to manage their money well. Paying the mortgage interest is a separate issue as you are borrowing money you do not have. You could also choose to borrow from bank at a potential lower rate.

Lifestyle

Yixiong Chang
Yixiong Chang
Level 5. Genius
Updated on 07 Jun 2019
I wouldnt say if it is right or wrong. Trump is just acting in the interest (from his point of view), whether USA will ultimately benefit(net benefit) is another story. It will be more of a matter will it be effective at all. China had long ban the use of Google (youtube, gmail, googlemaps etc), facebook, whatsapp, netflix and many other websites and services in their country. So China is right to block foreign businesses to protect their own industries? Among many issues, it is no secret China businesses had stolen/copied technologies/IP from western business, and China is doing little about them. In part maybe of course it is beneficial to China itself in the 'technology transfer'. etc etc We all just happen to be caught up in collateral damage.

Investments

Retirement

CPF

Yixiong Chang
Yixiong Chang
Level 5. Genius
Updated on 07 Jun 2019
No. The amount used for investment is still counted as part of the limit.

Insurance

Yixiong Chang
Yixiong Chang
Level 5. Genius
Updated on 07 Jun 2019
Just get hospitalisation insurance (integrated shield plan). You can use your medisave to pay part of it. Upgrade to the tier that u can best afford.
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