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Yl Chua

Learning every day Parent of young preschoolers

Yl Chua

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Learning every day Parent of young preschoolers

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Yl Chua

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COVID-19

Property

Payments

Rebates

How do I get my landlord to give me a rebate for my rent? Is this a compulsory action he has to take due to the resilience budget?
Yl Chua
Yl Chua
Level 5. Genius
Answered on 31 Mar 2020
Are you a commercial or residential tenant? Either way, there is no compulsory action on landlord part to give rebates as far as I understand the current situation. Commercial landlords are highly encouraged to pass down the savings to tenants? The ethical and understanding ones would have done it already. Residential landlords don't have any rebates to pass on, I think. They don't get one to begin with? Not sure what "problem you need to solve". Is the problem of you unable to keep up with the rent? Can try talking to the landlord for rent deferment, whether in partial or full, or allow a lower rental until the situation turns better. Alternatively, find another place with lower rent to move to... If the problem is of trying to get a piece of the "rebate" that is given to commercial landlords, unfortunately, I believe they have no legal obligation to do so..only way is to politely ask for it directly through the landlord.
👍 1

COVID-19

Personal Finance 101

Help! With the new Reslience budget, what can I apply for?
Yl Chua
Yl Chua
Level 5. Genius
Updated on 31 Mar 2020
If there are constraints which leads to one being unable to move to a cheaper housing option, appeal to the government for the financial assistance on case by case basis. Defer income tax payments (this is probably one that you can apply for through the resilience budget) and all possible payments (mortgage loan on the property you are not staying in.. if there is one) you can defer. All the "able to work" folks will need to pick up the slack and do whatever available jobs there are out there.. the government jobs - service ambassadors (can just walk to nearest cc and enquire), hospital temporary staff, customer service jobs etc at ICA checkpoints, deliveries, petrol station attendants, security jobs etc. Talk to the landlord. If can do full deferment, good. If not, partial rent payment with promise to repay in full the owed rent once the situation gets better... After all, if landlord loses the tenant now, he may not have other tenants - borders are locked down. We are all in this together. We don't understand your full situation - whether you have a need to stay where you are because of proximity to children's school, upcoming primary 1 registration, multiple properties or it's really the most affordable deal (becos you snagged a good rent) or just lifestyle choice... But one can't have his cake and eat it too. Be mentally prepared to lose things (monetary losses) while being grateful that loved ones are still around you. 留得青山在,哪怕没柴烧。as long as one is alive, you can rebuild what you have lost... Next paragraph is for the general public.. The resilience budget will help most Singaporean to get through the crisis. The resilience budget is not meant for people who still hold unrealistic expectations that they will be able to get a PMET job quickly and decides to bum off the couch watching Netflix, play games, and not get any, and I mean any part time, full time job out there that brings in ANY income, and then expect government to continue funding their day to day lives. The longer one waits, the jobs will all go to those who are more resilient and adaptable - because they snatched up the jobs first. Just look at all those people elsewhere in the world, where affected poor people lose their jobs due to lock downs, and have to travel 700km by foot (together with their kids) to get back to their hometown because they can no longer afford to stay in the city and hunger will be their main worry. Then think about yourself, and the situation you are in... We can get through this. There are always options. Sometimes, one just have to invoke the undesired, unpopular options. Including asking relatives and friends for temporary help etc.
👍 0

Property

Investments

HDB BTO

Resale HDB

Family

Have Singaporeans ever asked the PAP/HDB on why Singles are excluded from BTO flats in mature estates? Policies have to change to allow singles to be included in BTO flats in mature estates, if not how can we consider ourselves an inclusive society?
Yl Chua
Yl Chua
Level 5. Genius
Updated on 12 Jan 2020
Sigh.. mature estates high demand, low supply. Mature estates has a lot of what families and elderly need. All the resources, schools, pre schools, medical... Transport... National pro-family policy is towards marriage and children. Thus, it encourages married families to move into mature estates.. to be close to their parents as they need the "village support" to help raise a kid. Plus.. pri sch proximity. They didn't stop singles from forming a family nucleus with parents to buy a flat in mature estates. If singles need to travel to mature estates to take care of elderly.. it's radically easier for them to do so than for families with young children to transport them to their parents. Have you wondered how difficult it is to travel with children, especially preschoolers? They can't take grab due to seat belt restrictions (especially if more than one kid as grab family only has seat for 1kid). Travelling with young kids and their barang in public transport.. a lot of things.. really. And to have to hold them and prevent them from dashing anywhere.. And lots of other frustrations if journey is long. Even private car... The parents are not spared from screaming children who refused to be strapped in for the journey. Singles are economic contributors (but for one generation only and it ends there). Families with young children and married couples have potential to contribute for generations economically and defensively. So does govt need to try to make sure citizens have incentive to marry and have children? And no.. this govt policy doesn't cause singles to want to "migrate overseas with no intention to return". At least not to singles with an inch or ounce of gratefulness to their own parents and family who are still here, to the country which has provided a safe haven and highly subsidized quality education in their growing up years, giving these singles access to high paying jobs overseas. They may move overseas for opportunities and greener pastures but remain grateful to their motherland. At the end of the day.. after govt resigned to their fate that they have no way to get these singles to get married after 35.. they can still get their BTO.. can't they? And govt is literally building up all these non mature estates .. and people are reporting good profits. This is a non biased post. But it will seem unfair no matter what.. to singles. Please view this with an open mind. If you are the government.. and you open a can of worms.. what will happen? And when the demand for bigger flats or bto in mature estates rise sky high.. what happens to the families trying to get their village support? Where do they go?
👍 0

Investments

HDB BTO

Property

What is the government's rationale for not allowing 35 yr old singles to BTO for flats larger than 2-flexi?
Yl Chua
Yl Chua
Level 5. Genius
Updated on 12 Jan 2020
HDB / Govt has always said that HDB flats are for own stay. It is not a means for people to profit from (though citizens think otherwise). It is therefore extremely reasonable to say that bigger HDB flats has to be allocated and prioritised to families who need the rooms and space. Why would singles need so many rooms for own stay?? It is not "excluding" singles. In fact, singles ought to go check out how many are renting from hdb - whole family squeezing into a one room rental while waiting to get their bigger flats. Life is not about you alone, singles. If you have money, and money is not a problem, there are resale flats and private housing. Please, there are many more families out there who need the space, the rooms.. for own stay.. instead of pandering to your "investment and rental". Last but not least, and this is just pure economics - government HAS to encourage marriage and giving birth to children. There is little to no incentive for people to get married and have children if they can get away with singlehood. Honestly.. most females prefer not to bring up another man child (pampered to bits by their parents and who doesn't know how to grow up into their new responsibilities)... Plus all things being equal.. a family of four looking for a single HDB flat contributes more to the economy (think about how much they spend on raising the children) and taxes more than a single person contributing to the economy and in taxes. How do we make sure it's fair to them? Singles bring no continued succession, tax paying citizens to sustain a country's future (brutally honest. And am sorry for saying that). People complain about immigrants yet there is no citizens giving birth.. then how? National policies are at stake here too. After 35 - see how that kinda coincide with near end of biological age for women.. not sure if that's truly the case.. but ok.. govt resigned to fate maybe.. that these folks are not getting married. Fine. Get a flat. Just another POV. Guesswork.
👍 0

Whole Life Insurance

Insurance

An agent recommended me Whole Life insurance multiplier with a premium term of 20 years. Can I treat this as a way to save my monthly income for the surrender value at the end of the policy's life?
Yl Chua
Yl Chua
Level 5. Genius
Answered on 11 Jan 2020
Not an agent. But here is the thing. One doesn't really know where life takes you - unless you take charge and makes sure life is walked the way you want it to. Contrary to some recommendations, you may want to continue on your path. I will give you a take on this. WL is expensive in general. However, it is cheap when taken up young due to the long time horizon. It is useful especially if you have family and children later on, and also as an inheritance gift to them or to your nieces/nephews/charity (if willed or nominated to them).. However, one doesn't know at this age if he or she may get married or have children at all. Balance it. Just get sufficient WL (lock in price) that you think even if end up not having a family.. the surrender value is something useful for emergency/retirement and coffin money. You can then top up with term life (adjusted when lemons rain on you) and do other investments.
👍 0

Insurance

Family

SG Budget Babe

Most basic insurance to get? Trying to trim down to the basic?
Yl Chua
Yl Chua
Level 5. Genius
Answered on 11 Jan 2020
Not an insurance agent. But here is what I feel a person with your profile should be getting. 1) Hospitalization plan - this one most basic for sure 2) Term life (TPD/CI) - the payout should sustain you and your dependent should anything happen to you, and amt can be reduced after dependent passed away 3) PA plan - cause it's cheap and offers high payout if involved in accident - plan it tgt with the term life? If can't afford term life even.. then at least get this one. But this doesn't offer CI coverage. Since asking for most basic.. wouldn't recommend WL.. specifically if you are of a certain age.. then it will be very expensive and will not be worth it. Have term life cover for the economic years. Depending on your life philosophy.. you may take death as it comes.. so instead of WL, learn to invest the money and plan for retirement so that should you get a CI or something after retirement, there is money to sustain your life - with medical expenses generally covered by hospitalization plan (so don't scrap this one) and you have no further dependants. Not sure if you have housing mortgage but ensure you have it covered in your insurance planning / HPS. Make sure CPF nomination and LPA is done as well. If you have trusted siblings, relatives, cousins and friends.. let them Know how to help with insurance claims and with your elderly dependant should the unfortunate happen. Last but not least.. if you intend to stay single... Pls plan for own retirement (CPF/ investment/annuity) and mortality if haven't.
👍 0

Property

Budget Direct Travel

Career

General

Investments

Savings Accounts

What happens to our investments, SGX, CPF, insurance, banks, etc in wartime?
Yl Chua
Yl Chua
Level 5. Genius
Updated on 07 Jun 2019
War in backyard? Depends on whether the banks, sgx, data centers, factories, offices etc survive the bombing. If they do, there is a rare chance you may see your investments again. Though of course, likelihood is that the "local companies" do not survive well - imagine half or more of the employees dead or the factories bombed. I think it's better to count one's blessings that he is still alive (or sometimes better dead). At that point, it's likely everyone starts anew... and is more concerned about basic survival and maybe bartering for limited resources. Just look at the other wars for inspiration? Safe place to park is where there is no war. E.g. other countries. Or if you are talking about gold or silver.. find a good place to bury it and make sure it's not stolen by thieves. It will come in handy if you survive. If am not wrong, your insurance is excluded from payouts in time of war. But you may still be covered when war ends, if the insurance companies are based overseas and survive? Or come back after the country restructures? Then again, it's either they honour it (based on what's in their system) or you can find your policy documents... Maybe. Just maybe. I don't know.
👍 0

General

Insurance

Would you recommend a 20 y/o to get term or life insurance?
Yl Chua
Yl Chua
Level 5. Genius
Updated on 07 Jun 2019
Luckily.. there are flex options these days. You can consider looking for a simple basic sum assured whole life policy with accelerating feature for early CI / CI / TPD etc with limited pay option. And some policies come with milestone enhancement options (i.e. when you get married/have child etc) that you can consider upgrading the policy if you hit them. The main reason for that is to enrol early to lock in the premium (premiums increase with entry age) and to make sure you have coverage before pre existing illnesses kick in. I take the sum assured as funeral expense so basic sum assured need not be too big but make sure accelerator multiplier is good. The accelerating feature will kick in during your economic years.. so they are like term enhancement. You need to shop around for this and compare though. Term usually does not cover after a certain age (those that do will be very expensive close to old age) but it also depends on your "life /death philosophy" and investment or retirement plans. If you have saved or made plans outside of insurance to cover these during your economic years.. then you should be fine. That said, if you don't hold a regular job, do assess if whole life policies are feasible as they tend to be more expensive. Else, primarily, make sure your hospitalization and personal accident policies are first purchased. You can keep topping up with term insurance when your liabilities or dependent needs increase etc. Multi pay vs single pay CI...if you have a strong family history of CI or lead a super unhealthy lifestyle, by all means go for multi pay CI. Else, this multipay CI option is quite expensive for a 20yo I feel. Get some quotes and compare so you know how much outlay you are looking at. Once you get a regular job, it may be better to explore the disability income insurance that many overlook. This one can provide you with income till you "retire"... And its relatively affordable. Not an agent, all these are just personal opinions for your consideration
👍 2

General

Your 95 year old grandmother needs $15 million for heart surgery, and you have $16 million in your account, which took you 11 years to save up. Will you pay for her surgery?
Yl Chua
Yl Chua
Level 5. Genius
Updated on 07 Jun 2019
This hypothetical question tends to lead ppl to see if they would part with the money in face of filial piety / money sacrifice.. but in reality, the key word I see here is a 95yo. They could make the decision more difficult with a 65yo parent... To be honest, I would ask the grandma (or any aged parent past retirement), do you want to undergo treatment first? This is a question very few children will ask their parents and instead... Decide treatment for them (even if they don't want a surgery!!!). One has to note: 1) Life is a cycle. We all part some day. To some, life still has a lot of meaning or unfilled desires - this may ultimately lead to greater will to survive a crisis or operation. To others, they may be very happy with their life so far, have no regrets, ready to leave, and actually they may just want to go without treatment in case of sudden death or quality of life deterioration after a surgery due to age and risks etc. Instead opt for great palliative care and have good remaining memories with loved ones (spend on creating good memories). 2) For a 95yo, in today's medical environment, the survival is probably pretty close to zero. One is just spending big money to send the person to die on the operating table, opened up... So, considering the above points and number of other dependants under your charge... Decide better...
👍 1

Savings

If your take home pay is $1.5k, is it ideal to save 60% of your take home pay?
Yl Chua
Yl Chua
Level 5. Genius
Updated on 19 Feb 2019
60% is of course very good if you can do it. Most of the time, people give some amt to parents, deduct basic expenses, insurance etc and are left with 10% to 40% to save. Depending on your goals.. whether saving is for investment, to purchase a house or wedding... You can probably dissect the savings into a few baskets. Below is just a personal opinion.. If you are a savvy investor with sufficient appetite for risk, go ahead and put them into equities etc. Otherwise, I would suggest apportioning part of it back into CPF OA via voluntary contribution (for building up of housing fund) / medisave (to pay for hospitalization insurance premium and for medical expenses). This is probably the best if you aren't investment savvy and would like a risk free way to save up for goals. Part of it into SSB every month or alternate months (once you hit the minimum requirement) as the "emergency funds". Whatever remaining goes into bank account (the interest is still below inflation.. meaning, your money's purchasing power generally becomes "smaller" every year.. so don't count on it for savings...) for immediate needs or own investment say every quarterly.
👍 1
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Level 5. Genius
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