As a self-employed, would it be better to contribute to CPF or a CPF-like instrument with more liquidity, such as a separate savings account?

If your income is not fixed, you may want to have a separate savings account to have liquidity and future expansion. Preferably separating business and personal accounts, that’s what I do for myself.

Assuming you have the above, and also already paying for mortgage comfortably in cash. My thought process, can consider contributing slightly more to medisave above the mandatory amount to hit BHS faster, and let it overflow to SA. And invest your other cash surplus in cash investments.

Hi Chuan Leong, as a self employed individual myself, I would rather invest directly as long as I can take risk on my money.

If I'd like to recreate my own CPF, I'd do so using private instruments because then I have control over my money and the rules can't change.

Especially if you're young and CPF withdrawal age is 30 to 40 years away, I'd make sure I have full control.