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Planning a strategy to get out of debt

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Debt

Loans

Usually the debt consolidation scheme are for very serious cases of debts. But you can give it a try at the various banks and see if the interest rates are lower.

Investments

Loans

Patricia Long
Patricia Long
Level 4. Prodigy
Updated 2w ago
First, understand that with investing there are risks. It may be possible that at the end of 3 years you may have losses (who knows what the economy will be?). If you can stomach that, then look out for opportunities. Second, what is your risk level? Low risk - 1-2% per annum via savings accounts (e.g. CIMB, OCBC+), fixed deposits and Singapore Savings Bond. (This ain't rly investing, but max your money.) Mid risk - Robo-advisors, blue chips, regular savings plan, retail bonds Higher risk - Choosing your own stocks, P2P lending I do agree with your stance, but do remember to pay back the loan immediately upon graduation. They have this weird fixed window for you to pay back (i.e. you can't pay back earlier) and past a certain date (idk like 2 weeks after grad?) the interest will kick in. All the best!

Family

Savings

Loans

Junus Eu
Junus Eu
Level 8. Wizard
Answered 4w ago
Quick question - how did they amass this debt? Was it to pay for household expenses and to bring up their children? Re: the refusal to downgrade to HDB because of a face issue - when push comes to shove, would your parents still insist on downgrading to a HDB? Maybe it would help to mention that in the grand scheme of things, the family's harmony and emotional wellbeings are much more important than 'face'. If moving to a HDB would result in a significant amount of savings, I personally would strongly pursue that route.

Career

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Lifestyle

Loans

Bank Account

Retirement

You definitely need to be able to gather a pool of interested stall tenants before even considering this business. If you were to purchase an entire existing coffeeshop if may cost you around $5000 psf and up. Leasing it would probably cost you about $30psf per month; a small coffeeshop probably around $75,000 - $120,000 each month. Refurbishing/Creating a new layout for a bare unit would also incur huge costs. Profits would probably be about 10-20% of subletting rental revenue? Largely depending on how you run your business. Coffeeshops like kopitiam/food republic i’m sure charge tenants a percentage of their gross turn over(GTO) as well as charges for the cleaners/utilities/branding? However you do undertake huge risk as well as difficulty in managing the coffeeshop, providing and ensuring quality, consistency, diversity of stalls So it is a highly competitive and capital intensive business to be in. When successful however, very lucrative. https://www.straitstimes.com/singapore/bukit-batok-coffee-shop-sold-for-31m https://www.google.com.sg/amp/www.asiaone.com/business/hougang-coffee-shop-sold-record-238m%3famp

Credit Card

Loans

Property

Having some credit activity with a good score would definetely help with getting a higher loan quantum but banks seldom vary the interest rate base on a better credit score. You can start building up your credit score with a credit card by always repaying your credit card bills on time and avoid applying for too many credit cards as their might view you as being credit hungry. NEVER ever overspend beyond your means / default on your credit card bills. Credit cards when used with prudence can be a very useful tool; You earn points / cashback from your spending too. https://www.singsaver.com.sg/blog/5-ways-to-get-the-highest-credit-score-in-singapore https://www.posb.com.sg/personal/articles/my-goals/home-assets/how-to-improve-your-credit-score https://www.creditbureau.com.sg/credit-score.html

Investments

Education

Savings

Fresh Graduates

Loans

There are opportunities in the market at all times. So I will not try to predict the market. For your student loans, 16k is not a huge sum. Being a recent graduate you should be in your early or mid 20s, I suppose? You can consider the amount of loan you want to pay back monthly and still ensuring you have a healthy cashflow. Assuming you have an income of 3k. After CPF it will be 2.4k and say if you wish to have a surplus of 400 a month, you can work backwards to decide the amount you are gng to pay. And then look at how long it will take to clear. If you are good with it, work from there. If not, adjust accordingly. For me, I work on timeline, for example, say I want to clear my loan in 3 years, I just work on the amount I need to pay per month or year to clear it in 3 years. And from there adjust my expenses accordingly around the loan, having some for insurance, savings, investments and daily living.

Funding Societies

Investments

Loans

Promotional Codes

P2P Lending

Yingying Li
Yingying Li
Level 2. Rookie
Updated on 07 Jun 2019
Hey there! This is Yingying from Funding Societies. Unfortunately we have regulatory constraints to openly share referral codes :( Do still sign up with Funding Societies though! We have promotions which are exclusive to our investors on a regular basis.

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P2P Lending

Loans

Investments

Weina (Kaeley) Tong
Weina (Kaeley) Tong, Community Manager at Funding Societies
Level 3. Wonderkid
Updated on 18 Jul 2019
Hi Gabriel, pleased to meet you - your responses & questions have been great learning for me personally! Kaeley here, I'm the Community Manager from Funding Societies! 👋 Have you reached out to the said platform on the slow updates yet? I'd like to share with you a related opinion piece, contributed by one of our investors on our blog - link here! He delved into detail on why a loan default may not result in a 100% wipeout of one's principal. Would love to hear your thoughts on this! Separately, you may also interact with him here on the topic, alongside other FS investors. Do let me know if it helps! :)

Loans

Investments

Eric Chia
Eric Chia, Senior Financial Consultant at Prudential
Level 4. Prodigy
Answered on 21 Jun 2019
I feel that the decision made has to depend on your risk appetite. Your debt will incur an interest, say for example 2.6%p.a. in the case of HDB loan. If you're confident enough to generate more than 2.6%p.a. return on investment with your lump sum, then you shouldn't use it to pay off the loan, but instead invest that lump sum to generate more returns. Conversely, if you're risk adverse and would have kept the money in the bank, you should repay the loan. There's no need to do this 100%, you can split the lump sum partially to repay loan or invest depending on your confidence level. Also some loans charge fees if you repay early. Do take this into account!
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