[GIVEAWAY] Name three of the 5 pillars of the money framework and explain how it applies to you now during COVID-19? - Seedly
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SeedlyTV S2E01

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Kathlyn Laiu

Asked on 08 Apr 2020

[GIVEAWAY] Name three of the 5 pillars of the money framework and explain how it applies to you now during COVID-19?

Giveaway Question for SeedlyTV S2E01!!

Stand a chance to win a set of donuts for 2! Each set will come with 4 donuts, 2 brownies and 2 cups of coffee (each set worth $30).

Giveaway ends on Friday 9 April 2020 1200hrs.

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Elizabeth Lee
Level 2. Rookie
Answered on 08 Apr 2020
  1. Savings

  2. Insurance

  3. Investment

In this time of economic instability, SAVINGS is very applicable to me as it is very important to be more thrifty. Currently, my part time job is on hold and having no source of extra income has taught me to cut down on unncessary expenses and only to spend on daily necessities. I've been using the seedly finance tracker to help me monitor my progress

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Jia Min
Jia Min
Level 5. Genius
Answered on 08 Apr 2020

Income - Maintaining employment and taking courses online to upskill.

Savings - Dilligently paying myself first once my salary is in. Building up emergency fund and leaving it in a high interest savings account.

Spending - With the circuit breaker in place, I can't shop at most retail stores but that doesn't mean I will shop more online for non-essential items. Also, consistently keeping track of my expenses using the Seedly app has helped me identify my spending habits which is really useful. ​​​

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I'll name these 3 pillars, with a little elaboration:

Income

Being self employed, this does fluctuate greatly from month to month. But over the years that I have been working in this role, there's been a point where my income doesn't really fall below a certain number. I suspect this number will continue to be tested (downwards, sadly), but I have an emergency fund that will last 2 years if I go lean, and a warchest over and above that. This level of savings was in part due to me graduating during 2008/2009 GFC and witnessing the level of financial pain inflicted on many of my peers who struggled to find jobs in order to earn money to put food on the table. I am not going to allow myself to be put in such a situation. I continue to work with clients on their finances, although the shift towards tele-meetings, etc will be jarring at first, but will ultimately allow me to continue to make a living.

Insurance

This is the safety net that you never want to touch. It is the only thing that will put money in your pocket when all else is lost, e.g. to a critical illness. I have seen an increase in the number of people who are coming to me to revisit their hospitalization and critical illness coverage at the moment, I guess it is just fear that propels us forward to take action. Colleague of mine did 5 shield plans in a single day for a family that didn't believe in insurance until this whole COVID situation. But in reality, insurance should really be a topic that is approached for what it is: risk management of catastrophic financial disasters. This doesn't need any particular time or place to trigger people to have a meaningful talk about it.

Investment

Well, as an IFA managing portfolios for clients, there will understandbly be concerns from some of them, especially if they are experiencing a market drop of this magnitude for the first time. I continue to invest myself though, having bought a couple of stocks since Jan, and continued my DCA into my funds. The markets always recover. Have faith (if they don't, we will have a far bigger problem on our hands)

Wishing everyone good health and do stay safe during this circuit breaker period!​​​

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Mikkel Lee
Mikkel Lee
Level 3. Wonderkid
Answered on 08 Apr 2020
  1. Spending

I am going to monitor my montly spending using the Seedly expense tracker! I am unemployed and with little to no income, monitoring my spendings will be good for me to ensure that I do not spend recklessly.

  1. Investing

I will build up my portfolio and optimise my current investments for better returns. Since I have little to no income during this period, I will not be panic selling my current investments.

  1. Savings

I will review my overall net worth and plan out my debt repayment schedule and refiannce my loans to boost my emergency rainy day funds during this period.

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Income - Stay employed. Move to digital consultations and service existing clients and write more content!

Spending - Cut down cut down cut down. Very important to reduce uneccessary spending, look at ongoing subscriptions, and a good time to eat cheaper food as well.

Insurance - While this isn't an issue for myself currently, helping clients defer their premiums from 6-8 different insurers for those who are affected and manage their cashflow during this period is very important. Gotta make sure you stay insured and not lapse on your policies!

Thank you Seedly!

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Dyon Yip
Dyon Yip
Level 3. Wonderkid
Answered on 08 Apr 2020

Income - Staying employed as usual, think of creative ways to engage your customers/doing businesses online. Make use of the digital realm and technologies available to create resources on your current job.

Spending - Cut down on unnecessary spendings, especially on bubble teas, starbucks/coffee bean. Make your own dalgona coffee/teh pings/kopi pings at home. Put your cooking skills to the test by cooking at home. Bring your own containers to dabao food, so you can save that takeaway container cost.

Insurance - Make sure you stay insured and not lapse on your policies. You are protecting 99% possible risk with that 1% outlay. It is worth it. If needed, do seek your insurer on the deferment of premium payment/instalment process to ease current cashflow situations.

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Income: Keep current job as employee or self-employed and not solely depend on it as income source. Have as many additional income sources as possible to diversify risk of income loss, such as but not limited to:

  • Ad-hoc delivery agent such as Pickupp and Lalamove (flexible hours).

  • Software tester (flexible hours).

  • FX trading (30 min a day with proper risk management and strategies).

  • Dividends from equities (passive).

Insurance: Ensure sufficient protection coverage for self and beneficiaries. Maintain good communications with licensed financial adviors to keep own protection coverage in check. Pay premiums on time to keep insurance policies in-force and not allowing them to lapse.

Investing: Invest for the long-term, be it for own retirement or part of legacy planning. For my investment accounts with AutoWealth and Endowus, continue to add funds monthly to take advantage of dollar-cost-averaging to buy more units when the ETF/unit-trust price is low.

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Erika Aldisa
Erika Aldisa
Level 2. Rookie
Answered on 08 Apr 2020

Three of the pillars that applies to me as a uni student are income, expenses and savings as I haven't really felt the need for insurance (altho I have medishield) and investments (hoping to start soon!). During covid-19, my income remains stable since I get monthly allowance but I'm hoping my internship stint won't be cancelled as it can add to my income. For expenses, I have been trying to cut down consciously and unconsciously because I go out less now so naturally I spend less but I also want to cut down because I have been donating money to initiatives to help those affected by covid-19 and thus it will be better if I can cut down more since I am not going out anymore. Lastly, for savings, I always try to save at least 10% of my allowance every month but usually I would use up the entire allowance since it fits my expenses just nice. Hoping to increase my savings ratio when I go for intern and in the upcoming years as I would like to take up additional part time or side jobs to support my expenses.

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Sj Oh
Level 6. Master
Answered on 08 Apr 2020

1) Savings

For emergency funds to be 6-12 months especially during this uncertain period...

2) Investment

Dollar cost averaging, and slowly accumulate more units with lower cost now.

Stick to the plan, don’t be worry about losses.

3) Insurance

Continue to have health and life insurance; making sure you leave Budget for this portion as ‘last line of defence “

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Income - Main source of cash inflow to finance all the other pillars. Stay employed to ensure stability of the money framework

Savings - Build up rainy day funds to prepare for emergency situations like retrenchment or illness

Spending - Review and reduce expenses to ensure sufficient cash flow to fund other pillars such at savings and insurance

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Hui Liang Yong
Level 2. Rookie
Answered on 08 Apr 2020
  1. Income - stay employed and continue to channel 30% of monthly income into emergency fund.

  2. Spending - cut back spending, live within your means. Good time to review monthly spending with circuit breaker in force and question if certain spending are really required

  3. Insurance - continue on insurance plans (life and health). Don't stop payment for insurance plans in times like this as they can be life saver when accidents do happen

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Azel
Azel
Level 2. Rookie
Answered on 08 Apr 2020

Income - For income I think making sure that I stay employed in these uncertain times would be the ideal though not the best, the best would be to get a raise however that is unlikely though I will still strive for it.

Savings - For savings, considering I have a rainy day fund of about 6 months already, contributing more to it whilst I'm still drawing income from my day job to a 12 month emergency fund will be something for me to start on.

Investments - My favourite pillar and the one that I believe I should continue dollar cost averaging in despite market conditions and once my 12 month emergency fund is completed, I can invest more aggressively with ease of mind knowing I'm catching more of the lows yet not risking my livelihood.

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Income - staying employed and using the time to upgrade my skills

spending - spend lesser on shopping and cooking at home more often

savings - by having that emergency fund of 6-12 months in both cimb fast saver and dbs multiplier accounts

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Joanne Lim
Joanne Lim
Level 2. Rookie
Answered on 08 Apr 2020

Income: try and keep the income steady in as it is a main source of finance to me.

spending: spending is reduced currently as mainly because of staying home. spending is more prudent as money is channeled to essentials and daily essentials.

savings: to maintain the monthly savings or may augment slightly to brave myself through the storms that are coming or already here.

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Kathlyn Laiu
Kathlyn Laiu, Community Associate at Seedly
Level 6. Master
Answered on 23 Apr 2020

Hey everyone!

Here is an update on the giveaway for S2E01:

Congratulations to Jia Min, Mikkel and Dyon for winning S2E01's giveaway! I hope the sweet treats from Haritts Donuts will be an energy booster to help get you through this circuit breaker period.

To everyone else, thank you for participating! Do keep a lookout for our weekly SeedlyTV episodes as we will have more giveaways to come!!

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Mohamed Shameer
Mohamed Shameer
Level 3. Wonderkid
Answered on 22 Apr 2020

Dreams,goals, learnings, plans and action

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Kathlyn Laiu
Kathlyn Laiu

23 Apr 2020

Hi! Please answer yesterday's episode giveaway question at https://seedly.sg/questions/giveaway-what-are-the-five-pillars-of-success-and-how-will-you-apply-them-in-your-own-career to participate in S2E03's giveaway thank you!
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jensen
jensen
Level 3. Wonderkid
Answered on 09 Apr 2020

Income - stayin employed

Savings - continue to build up emergency funds

Spending - spend less on eating out..

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Kang Hai Wee Daniel
Kang Hai Wee Daniel
Level 3. Wonderkid
Answered on 08 Apr 2020

Income, savings, spending, insurance, investing

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ML
May L
Level 4. Prodigy
Updated on 08 Apr 2020

1) Income - I am a final year student so I have to find a full time job!

2) Insurance- Good time for me to start reviewing on what plans to buy to prepare for this pandemic and future uncertainties!?

3) Investment - Since Kenneth mentioned that the economy will grow again I should not panic sell and continue on with the DCA!

Thank you for the informative session Seedly!​​​

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Ninja
Level 7. Grand Master
Answered on 08 Apr 2020

Income - never been a worry on my list as I believe that as humans, we can always achieved any monetary benefits with time traded. It’s how we can choose to be more efficient in trading time.

Savings - Been quite prudent and have a huge investment warchest as well as emergency savings. So technically could be flexible in withdrawing for certain opportunities to exploit during this economy.

Insurance - Basically this has been carefully planned many years back so I’m carefully reviewing it and very optimistic of it’s protection.

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