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Singlife Account

Hi, say if I have opened a SingLife account with the minimum amount of $500, and say weeks later I would like to deposit in extra money, is there a minimum amount that I need to adhere to, or does any amount work?
Hello, any amount works and the interest is credited daily, so any extra money deposited in later will also receive interest for the rest of the one calender month. Only the initial min. deposit has to be $500. You can join using my referral link for free $10! https://app.singlife.com/iowm3HnzE8
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Savings Accounts

Retirement

Savings

Lifestyle

Family

I've been working full time for about 3 years, part time since my poly and uni days, started to do FD and built up my savings quite significantly by being frugal. Now my family member has some debt and needs money. Any advice?
Hi there, Firstly, congratulations on saving for yourself. You are not wrong to feel that way, why should you lend out your money, since you worked so hard for it. If it were anyone else, you would not have given a 2nd thought about it. I think it is a direct family member, its good to sit him down with the relevant parties to get an action plan on how to repay his/her debt. There is no point lending out your money if you know its going to make the person worse off. Try not to put too much weight onto it, unless it is a matter that affects you directly.
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Savings

Investments

SeedlyTV S1E01

I am currently 20, in my first year or university with about 5k in savings, and currently not engaging in any part-time work. Any advice on how to grow my savings ?
Start side hustles buddy. There's a ton of stuff people are willing to pay for. Either for expertise or convenience. Find out the things you can do that you're either good at, or something someone else doesn't want to do, but you'll do for a quick buck.
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Education

Career

Fresh Graduates

Lifestyle

Should I get a degree? Current NSF with about 30k savings having a dilemma on whether to get a degree or work after ORD. Any advice?
j
j, Accountancy at SMU
Level 4. Prodigy
Answered 41m ago
Hello, might want to ask yourself these 2 questions. 1. Which degree are you looking to get? Will other alternative professional qualifications suffice in an employer's pov? Some industry might have a stronger preference for qualifications (PMETs) but at the same time, there are certain professional qualifications (e.g. Google Data Analytics or AWS cloud practioners, ACCA for accountants, and the list goes on) that companies are looking out for, especially in specialised tracks. 2. What are other opportunity costs/ benefits with enrolling in university One trade off with getting a degree is perhaps the time spent studying on theory could be used otherwise to gain practical experiences or climbing up the corporate ladder for those structured jobs Also, another important consideration, might be the value of the potential networks you meet during your degree studies. Often, there may be seniors, mentors and even career offices at university that will help guide you to finding a more aligned job next time (and perhaps with a higher pay) If you are financially ok, (perhaps without having to make ends meet/ under any constraints), maybe an investment in urself for a higher pay check moving on for ur next 30-40 years of employment would be worth ... but always get in touch with those in your industry to better appreciate the pay progression better!
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Investments

Retirement

Fresh Graduates

Endowment Policies

Hello, may I ask whether plans like PruWealth, Readybuilder, Ntuc Gro Gen saver are good for a risk adverse financial portfolio?
Hey there! The key thing with saving plans are that you want your capital to be guaranteed. However, there are saving plans that actually do not guarantee your capital fully. So do look through the Benefits Illustration table, see if the guaranteed portion fully matches with the premiums you pay. If a saving plan can't even guarantee your principal capital, ditch it. Some endowment plans actually offer you some guaranteed interest alongside your principal eg. AIA Smart Wealth Builder so thats something you'll want to look at too. Also, which saving plan will depend on your objectives and time horizon. Are you looking to meet a long term need? Do you want to appoint your child to take over this plan in the future so that your plan can keep rolling? These are key things you'll need to answer before opting which one to choose. Do make sure you are comfortable with the time horizon as well and it meets your particular objective because some plans do have quite a long lock in period in which you are unable to withdraw your money partially without incurring a penalty. Financial planning is an integral part of life. You can reach me here to find out more.
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Investments

CPF

Unit Trust

Retirement

Would you use your CPF OA to invest in Unit Trust? Any views on this ?
NW
Nicholas Wong
Level 3. Wonderkid
Answered 2d ago
Personally I would not put a single cent of my CPF money into investments as it is hard to find a 100 % safe investment that returns you a guarentee 2.5%,4% and 6%. Do not forget that the whole purpose of the CPF is for your future retirement money so you might want to keep it safe and risk free. If you are thinking of investing a portion of your retirement money into any form of investment, you might want to consider opening a SRS account with any of the 3 main banks in Singapore (DBS, UOB, OCBC) put money in them and use the money there to buy into Unit Trusts instead. By doing this, not only do you invest for your retirement, you also keep your CPF protected and you can reduce the amount of income tax you pay since money that is contributed to a SRS account, like the cpf contributions, are not taxable.
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Investments

Cryptocurrency

Wondering where can I find a reliable place to buy and trade Crypto?
If you are relatively new to Crypto, I would say you can look into Crypto.com You can buy, sell, earn and track your Crypto from their app and also spend Crypto with their Visa Card and get cashback in the form of Crypto. Use my referral link https://platinum.crypto.com/r/56jx6bz5dk to sign up for Crypto.com and we both get $50 USD :)
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Investments

Retirement

Lifestyle

Everyone seems obsessed with making money and becoming rich these days, how do you stop yourself from getting sucked into the materialism of it all?
Some people want to earn more because they plan to donate their wealth away. Whether it's under a fund with Community Foundation of Singapore, or with various charities, you're leaving a legacy behind. Community Foundation of Singapore: https://www.cf.org.sg/ If one has $200,000 lying around, he/she can have a fund under your or loved one's name. They will distribute the fund accordingly to your wishes now while alive, or via your will upon death. In this way, you stay grounded and accummulating wealth will be more meaningful in your life. Because these money will go to help others. Here are two inspiring stories of people who gave so much in whatever capacity they're in. A janitor secretly amassed an US$8 million fortune and left most of it to his library and hospital https://www.cnbc.com/2016/08/29/janitor-secretly-amassed-an-8-million-fortune.html Taiwan's philanthropic vegetable vendor donates a total of NT$16 million to rural health care https://www.taiwannews.com.tw/en/news/3549723 "Happiness is the new rich. Inner peace is the new success. Health is the new wealth. Kindness is the new cool." -Syed Balkhi, Pakistani American entrepreneur
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Retirement

Career

Lifestyle

Family

Any job recommendations for elderly who doesnt know english, or have any form of educational qualification?
Brandon Lim
Brandon Lim
Level 5. Genius
Answered 2h ago
Maybe you can consider being a cleaner?
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