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Christopher How
Christopher How

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Level 4. Prodigy
Updated on 07 Jun 2019
Can I just say that very few people (if any) in this community have experience handling this large sum of money. You're really better off speaking to wealth managers (not insurance agents, I'm talking about the real deal here). They are the ones who can give you proper advice and they will do regular portfolio reviews with you. If you are working with a wealth manager for the first time, don't hand over all your money to him/her. Let him/her manage $200,000-$500,000 and see how they work. Are they capable of doing a good job? If yes, you can choose to double down on this wealth manager. Otherwise, you can always switch to find another one.

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You can go for a credit card that uses FIXED DEPOSIT as security instead of your income. This is for those whose income is less than $30,000 (I think MAS set $30,000 as minimum requirement for credit card). A fixed deposit Credit Card allows you to start credit card scoring, so it builds your record which can be useful for your future loans. also, my friend has poor record due to business loan but he wanted to start somewhere to build back a proper CC record. (he's a millionaire, so a very weird combination) he did get an OCBC card with only $2000 credit limit. He spend and pay back monthly. (and if you are keen, yes his CBS record is going up slowly from FF to D) I am guessing UOB and DBS would also offer low credit limit credit card if you ask.

Stocks Discussion

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Hello there! Perhaps I could share more about Syfe's investment methodology to help you make a better choice. Our key strength lies in our proprietary Automated Risk-managed Investments (ARI) methodology. ARI combines two of the world’s leading investment approaches and is built by a team of academics, technologists and former bankers. ARI creates your portfolio by allocating assets which have shown the best return for your risk profile. But more importantly, it continually monitors your portfolio. During periods where higher market volatility has been forecasted, ARI will adjust your portfolio allocation and reduce your exposure to higher-risk asset classes. This ensures your portfolio risk stays aligned to your desired risk level. During periods of market calm, ARI will adjust your portfolio allocation to include higher-risk assets so your overall portfolio risk is kept in line with your desired risk exposure but you get to capture the market upside as well. The result is that ARI helps you achieve benchmark-beating returns by maintaining your desired risk level, no matter what market conditions may be. Another point to highlight would be our simple, all-inclusive fee of 0.65% per annum. We have no minimum investment amount and you always have the freedom to withdraw anytime at no extra charge.

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Hi Jue Yi, I can imagine how stressful things probably are for you right now. And I'm sorry this has taken a toll on your health as well. One thing I could consider would be to study part-time instead of full time. You'll have the option to still work in the day and go to classes at night from 7-10pm. On top of this, you can maybe do some freelance work in music or even photography (don't mean to pry but I saw your photos on your blog and they're great). I'm not sure how much you can push yourself without hurting yourself but finding these small ways to make an extra income on the weekend by taking on ad hoc projects as they come by can really add up. In terms of finding how to afford school, you can try for a scholarship, of course, even multiple partial scholarships could give some money to help school be a little more affordable, and of course, you can try and get an Education Loan. I got mine from RHB when I did my part-time University while in NS. You have the option to just pay interest while you're still studying and then start paying down the loan when you find a better job. And one last thing, a degree also doesn't guarantee that you'll get a better or higher-paying job. Diploma students with experience can still fetch decent salaries. There could be other options instead of just taking on contract admin roles. Maybe speak to recruiters or go for a job fair and see what's available. All the best. :)

AMA First Investment

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Kenneth Lou
Kenneth Lou, Co-founder at Seedly

()

Level 8. Wizard
Updated 1d ago
There are some neo-banks coming soon, eg Instarem and Revolut which will allow you to open up a virtual digital multi currency account. You can actually read the reviews of Revolut here: https://seedly.sg/reviews/multi-currency/revolut They are in beta phase now! you can comment below if you want to get in the waitlist, will be able to send you an invite if you are a level 4 contributor here in Seedly! :)

Bank Account

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Teo Liang Wei
Teo Liang Wei

()

Level 2. Rookie
Answered 2d ago
Depending on your objective and your age. If you are young with an ok risk appetite without any liquidity concern I would recommend taking up the STI index. If you foresee yourself needing the fund within the next 2-3 years horizon, then SSBs might be a good option.

Credit Card

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These are the usual banks with the best lowest promo rate for fund transfers of SIX months 1) Maybank 2) Standard Chartered bank 3) Citibank 4) Bank of China PS: good debts are debts that can be used to earn returns :)

CPF

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Bank Account

No matter what you do, CPF is here to stay. What you are facing will be (1) Political Risk of Change to CPF rules vs (2) Having enough money Being a Self-employed means your Voluntary Contributions can enjoy tax savings. I would start doing when I hit the 11.5% tax bracket to lower it to the 7% tax bracket. It is wise to do it if you feel your investment cannot hit 5% (since first $60,000 in SA and MA earns 5% interest), and you wish to have some funds to buy housing, (while also wants some accrued interest so that you can contribute later to OA for 55 years SA Shielding). I would treat SA as a bond portfolio that can mature in 55 years if you contribute enough to hit Full Retirement Sum (FRS). Do remember to report your income from P2P lending as they are taxable income.

Stocks Discussion

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Gold is just a shiny piece of rock. It's valuable because people believe it is valuable. Same for currency. It's valuable because everyone thinks it's valuable. (for that matter- bitcoin, crypto, stocks, etc etc) Reminds me of a quote from Game of Thrones:- “power lies where we think it lies.” “In a room sit three great men, a king, a priest, and a rich man with his gold. Between them stands a sellsword, a little man of common birth and no great mind. Each of the great ones bids him slay the other two. ‘Do it,’ says the king, ‘for I am your lawful ruler.’ ‘Do it,’ says the priest, ‘for I command you in the names of the gods.’ ‘Do it,’ says the rich man, ‘and all this gold shall be yours.’ So tell me – who lives and who dies?” Varys then poses the true riddle, and one of the main themes of the series: If power lies with the men who carry swords, why do we pretend that kings hold the power? Power, he argues, is ephemeral, a shadow – “power lies where we think it lies.”

Savings

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Aug)

Level 8. Wizard
Updated 6d ago
I would have previously recommended Citi Maxigain, but it seems that the minimum required amount has been bumped up. For a no-frills savings account, CIMB Savings!
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