Family

Can i have your age? Because hdb terms and conditions sometimes falls in the age category for foreigner. Example is non citizens spouse scheme, couples with a ltvp and local spouse can purchase in non mature estates but only if they are 35 years old

Hey, thanks for this fun question haha The model answer is I would spend my bonus income on generating more income, which is increasing my monthly investment contributions and portfolio, so that I can generate even more returns The personal answer is I would indulge it on good food. Going to all the expensive restaurants that I've always wanted to dine with my family and friends. I am a total foodie! Upvote or reply if anyone else agrees :)

The question that you need to ask yourself is, why did you sign the bond for your current work in the first place? My guess is that previously when you graduated from (poly?), you decided to start work first while pursuing your part time psych (degree?). However, I'm puzzled that you have 2 years bond left. Which means you signed something like a 4-5 year bond from the start? Did you signed it because of some attractive bonus to fund your part time psych? If the main reason for you bond was for finance, then it doesnt make sense for you to break the bond and pay the penalty. If so, in the first place you could have just borrowed money from your parents for further education. Also the most important consideration now is the COVID Pandemic. Everyone is getting pay cut / retrenchment. You are lucky to have a bond to 'secure your job'. Think about it, would your parents have enough spare cash to pay for your bonds? What if your parents lose their job at the end of the year. Will you guys have sufficient savings to tide thru? Lastly, my opinion is to continue for the next 2 years and finish off your bonds. Meanwhile, start saving more of your income so that you can purse your studies afterwards. Also, if you decided to pursue full time studies, apply for bank loans. Keep your savings for your daily expenses.

Hi anon, There are many FAs/IFAs who do not charge for consultation. You can speak to them, there is no obligation of any sort. Work with someone whose advice makes sense to you, and you trust, and can openly share financial information with him/her, as we base our advice on what information we receive. Even a simple chat may help you gain clarity on what you can do for the moment to improve your situation, such as cashflow management, budgeting, and maybe even tips to maximize your current situation. I would say that in general you should minimize expenses to the best that you can at the moment. Track and examine all outflows and determine which are essential needs and which are wants. During this difficult period, you would want to conserve your emergency funds first. Admittedly landing a job during this period may not be easy, but there are many resources and aid provided by the government. Take a look at this website: https://www.supportgowhere.gov.sg/ Do all you can to land a job first, even a contract one will provide much needed cash flow and stem the outflow from your emergency funds. While searching for a job, you can concurrently do a review of your policies with an advisor to tidy up your portfolio with respect to which policies are still relevant for your situation. Once your situation improves, you may look at beefing up your coverage since you are the sole breadwinner. A lot will fall on your shoulders in this period, but this is the time when you must stand strong. I wish you all the best.

Hi anon, An earning power of $140K/yr is quite decent at your age, and you have low expenses too. If 70% of your income is from primary school, that's $98K/yr. Let's round this up to $100K/yr. I'm going to make a reasonable guess that you probably have a ratio of 2:1 or even 3:1 for primary and secondary school students, since primary school tuition rates are lower in general. Although I do not know how many are upper or lower primary students, we must also face the fact that to continue an influx of referred students, you will need to maintain your reputation by seeing through the current primary school students till their parents decide that they don't need tuition any more. Thus I would suggest that you stick with the current batch of primary school students first. They will eventually move on to secondary school and your income will go up. In the mean time, reduce your acceptance of new primary school students gradually so that in 4-6 years, your ratio of primary to secondary school students is more like 1:2 or 1:3. With respect to your cash flow, you are in a good position. Ensure that you invest your spare cash flow in income producing assets (that's a seperate topic entirely which I won't go into). Preferrably have a good mix of both guaranteed and non-guaranteed asset classes so that you may have some form of income in good times and bad times (such as now). As you build these income streams, you will also reduce the number of students you need to maintain your current income level. Hiring your spouse can be a good idea also, since your income accounts for 75% of your combined household income, if your spouse leaves her job, your combined household income will not take too large of a hit. Ensure that your cash savings are decent first, as your spouse will be taking low or no income for a while while he/she picks up the skills needed to help you market your business and scale it in time to come. In time to come, with a shrinking population in Singapore, expect that you will have lesser students in 20-30 years time and thus revenue may hit a ceiling and start to dip. By then, you should have sufficient passive income such that you won't have to worry about this too much.

By official means, no. However, if you go 1 big round, maybe. Check this out for yourself. Amex True Cashback 1.5% > Top up grabpay wallet Apply for Grabpay Mastercard (GPMC) Use GPMC > Topup NETS Flashpay Card @ GTM Use NETS Flashpay to pay via AXS machine

Top up his Child Development Account, for if I top up $3k, I get dollar-for-dollar matching contribution (another $3k) from the government

My parents are not that young anymore and I do not want them to take or feel that they are at risk when it comes to investment. After much consideration, I decided not to convince them to invest their money, but rather, I will invest more of my money to support them somehow. I am their retirement plan.

I was previously using Starhub Sim only plan for quite awhile before switching. For the Starhub 1 Yr Sim only plan (contacted), anyone has any thought on it, tried it? Experience? Worth it? Does it allow the Hub club member discount? - Sim Only Plan is 'nett' price. No additional discounts for Hub club etc. It also doesnt count as a mobile line. - In terms of usage and connectivity, no difference since its all the same telco. However, the main difference is on the handset discount. For 2 years mobile contracts, you can get a phone at discounted price compared to Sim Only plans without phone. This is really subjective to individual preference but recently I've calculated that it is 'cheaper' to get a 2 years mobile contract. Here's the reason if you are interested. - Assuming Sim Only Plan $25 (30GB, 1000min) - The current 2 years plan $55 (15GB, 100min) - $55 - 30% disc = $38.5 - Difference between the 2 plans = $13.5 - For 2 years duration, total difference = $324 - For handsets, Apple iPhone 11 128GB @ $408 Apple iPhone 11 128GB RRP $1219 - 'Market value'of iPhone 11 128GB ~ $1000 ^ If you were to sell the phone on carousell - Doing some mathematics calculations: $1000 (profit) - $408 (cost of phone) - $324 (the 2 years contract difference) = nett profit of $268. - The downside is that your current plan has lesser data conpared to sim only. If you dont need the extra data then not worth changing.

Firstly, apply for all the given grants. It will help you to tide thru basic needs (3 meals a day). Secondly, take a look into yesterday's fortitude budget. They are creating more jobs opening. Although the job may not be 'suitable' for you in the long run, my advise is to take them up first to tide through this period. Trade your time for money first since you are the sole breadwinner. Maybe after 1 year after the economy stabilized, then go and find jobs that are suitable for you.