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Insurance

Savings

It depends on your needs and long-term goals. In most cases, I will have a couple of discussons with my clients to understand on how they view their future. From there, we will calculate on the optimal point to either acquire a higher coverage today or to get it at a later point in time. To this end, I have an excel sheet that is capable of such projections to help clients with this comprehensive planning. As a result, it is not always true that paying a cheaper premium today is the optimised option. Additionally, it will also depend on your cashflow and affordability. As a general rule, spend between 10% to 20% of your annual income on healthcare and life insurance. Here is how much coverage we should have: Basic Life Cover = 10 times your annual income Critical Illness Coverage = 5 times your annual income The above is from the affordability perspective. Next, there is a question on insurability interest. While we are healthy and strong, we don't need insurance. This is because our money is more precious than to waste it on insurance. However, the moment we have a medical condition, be it major or minor, we will want insurance by all means. This is because our money is evevn more precious and the last thing is to waste it on medical cost. This is where we have to acheive a balance and to understand the amount of risk that we are willing to undertake for the future. Personally, I am of a view to lock-in my health more than the need to lock-in the price. This is because with good health, I can earn money. The reverse is never true, and I am a result of the latter (okay I don't have tons of money as well and I can't buy any form of life insurance since young). Here is everything about me and what I do best.

Insurance

Early Critical Illness (ECI)

Critical Illness (CI)

Hi Anon, That is a very good question, actually the uniqueness about insurance is actually many companies provide very similar solutions and coverages, so it might be better to actually meet and speak to an agent so that they can understand your needs better and give you a solution that works best and make the best sense to you

Stocks Discussion

Investments

Bjorn Ng
Bjorn Ng
Level 6. Master
Answered 1d ago
Ask me 1 year ago? I would say even getting 20% on 1 year is impossible. Right now, I am so confident that it is way possible. But of course the road to this is not an easy one.. So many renowned investors only got so closed to there. But what matter is your mindset and your knowledge, knowing that it is possible. And of course, there must be certain level of risks undertaken, which you have to be aware of. Focus on great businesses, valuation, stay patient, don't be greedy, and that time will come eventually, somehow ;)

General

Investments

SG Budget Babe

Dawn Fiona
Dawn Fiona
Level 6. Master
Answered on 14 Aug 2018
I focus first on mandatory payments - for me, these were my telco bill, parents allowance, public transport, and study loan repayment. Then I calculate how much that takes up, and move on to other expenses that are necessary but where I can find ways to cut down on eg. food. Once that's left, I save everything else. I didn't implement the different money jars system until my income increased, because my first paycheck was too low to portion it out that way yet. Another alternative (if you're bent on implementing the money jars system) would be to focus on the second step and divide it into 3 equal parts, so your savings go into holiday, investments, and emergency funds. It also depends on your priorities though. If you're more towards enjoying yourself and going for a holiday over investing for your future, then you could allocate more to that. So you should first ask yourself what you want and then allocate from there :)

Insurance

Critical Illness (CI)

Early Critical Illness (ECI)

Whole Life Insurance

Term Life Insurance

Hi Anon, Yes, it is possible, however as mentioned by Zhe Liang, there might be loading, meaning you will need to pay more premiums as compared to person within the normal BMI range. In regards to WL or term, it really depends on what you are looking at as both have their pros and cons, and actually in some instances, they can actually compliment each other :) Do speak with an agent as they will be able to advise you better with solutions that can meet your needs

Citi PremierMiles Visa Card

Grab

Miles

Aik Kai
Aik Kai
Level 7. Grand Master
Answered 4w ago
Short answer, yes. Long answer, yes. You earn 1.2mpd.

General

SG Budget Babe

Dawn Fiona
Dawn Fiona
Level 6. Master
Answered on 14 Aug 2018
We don't have a fixed ratio, because our income isn't fixed due to the nature of our jobs. What we do have is a joint account + our own individual saving account. Ultimately there is no golden answer to this "ratio" and each couple will have to determine what works best for them in terms of income + how they wish to split the responsibilities.

General

Investments

SG Budget Babe

Dawn Fiona
Dawn Fiona
Level 6. Master
Answered on 14 Aug 2018
45. Family and healthcare would be my biggest obstacles - I singlehandedly support my ailing father, married an only son, and not to mention our own kids ... We have a LOT of dependents to pay for, and if their health suffers, one single massive medical bill could wipe us out easily. Moreover as they didn't plan for their retirement and do not have sufficient insurance. This keeps me awake at night.

Credit Card

Grab

MileLion

SG Budget Babe

Alfred Chan
Alfred Chan
Level 3. Wonderkid
Answered 25m ago
Many actually want to apply the card cause of the double dipping rewards. You get grab points on top of your usual CC miles/cashback.
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