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Personal Finance 101 (LLI)

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Personal Finance 101 (LLI)

Eugene
Eugene

()

Level 1. Freshie
Answered 3w ago
Of course! Given the lower premium when we buy at a younger age as compared to the chance of claiming. I'd say early CI is definitely a must buy. If you are looking at a plain vanilla early CI plan, you can consider getting Singlife. Here, you can find transparent pricing for early ci premium

Savings

Finance Savvy

Personal Finance 101 (LLI)

Education

Tan Wei Ming
Tan Wei Ming

()

Level 5. Genius
Answered on 02 Jun 2019
Always save before you spend. This will somehow limit the amount you can spend. As for financial advices, I think you can start your research on Singapore Savings Bond, dollar cost averaging on ETFs.

Personal Finance 101 (LLI)

Tee-Ming Chew
Tee-Ming Chew, Co-founder at Seedly

()

Level 6. Master
Updated on 10 Apr 2019
Hey SJ, we currently do not support offline mode but it is something we are hoping to implement in future! Hope that answers your question! Feel free to reach out to us at [email protected]!

Personal Finance 101 (LLI)

General

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Aug)

Level 8. Wizard
Answered on 12 Mar 2019
I started saving prior to University as I needed to pay for my university studies and refused to take on any debt. Thus, saving money as early as possible is something that I am a strong advocate of, and also passionate about. I always reference Burton Malkiel, the author of A Random Walk Down Wall Street. He describes the power of compound interest here: William, starts saving $4,000 a year when he is 20 and stops after 20 years, after having saved $80,000. His brother, James, starts saving $4,000 at 40, and does so for 25 years, for a total of $100,000 saved. They each earn 6% on their savings. At age 65, William will have $850,136 in his account, while James will have only $219,242. Despite having saved less, William's nest egg will be almost four times greater because of compounding. TL;DR: Start Early.

Personal Finance 101 (LLI)

Savings

Insurance

Investments

Rach Tay
Rach Tay

()

Level 3. Wonderkid
Updated on 07 Jun 2019
Friendly & pretty emcee, spontaneous and generous speakers, and a community of helpful and enthusiatic people learning about finance. I like that it was free of charge to public as an introductory thing. Launch more sessions for different topics, different age groups and more on CPF as well, hope To attend more! thanks seedly peeps :)

Personal Finance 101 (LLI)

Yong Kah Hwee
Yong Kah Hwee
Top Contributor

Top Contributor (Feb)

Level 6. Master
Answered on 28 Feb 2019
Dca will not work if you are doing it on a company that has weak fundamentals.

Personal Finance 101 (LLI)

You Liang
You Liang

()

Level 1. Freshie
Answered on 24 Jan 2019
Hi, I am Mr Llama! I came across this while surfing the net. Unit Trusts can be purchased through brokers - POEMs / DollarDex by Aviva / FundSuperMart. You can purchase through local banks - OCBC / DBS / UOB / HSBC too. Banks generally charge a Sales charge upon purchase. Brokers dont charge any Sales charge, but may charge a platform fee. https://llamafinance.blogspot.com/2019/01/how-to-purchase-unit-trust-dollardex.html Hope this helps :)

Savings

Insurance

Investments

Personal Finance 101 (LLI)

Angeline Teo
Angeline Teo

()

Level 2. Rookie
Answered on 14 Jan 2019
I took my first steps in managing my personal finance perhaps a little late I felt. It was only after I graduated I started to get serious about managing my finances. I started with recording my monthly expenses, going through my current insurance plans, talking to insurance agents and getting another bank account besides POSB to help improve my savings. There are times managing it alone can get quite tough, especially when I don't have a lot of friends to talk to about managing finances. Fortunately a year ago, my cousin introduced me to Seedly, and now I am starting to write and read more about personal finance here! :)

Personal Finance 101 (LLI)

Kenneth Lou
Kenneth Lou, Co-founder at Seedly

()

Level 8. Wizard
Answered on 06 Dec 2018
Interesting that you are planning to do that, in fact you can read this article I wrote about. The pros and cons are highlighted below. Essentially this act of topping up the SA account is about your retirement funds compounding at a faster rate of 4%+ risk-free rate. By doing this action: - It locks up your money with the CPF Special Account till age 55 - You are unable to use this money for property, education or CPF approved investments - You cannot reverse this action and take out the funds If you plan to withdraw it in the next 10 years, maybe a SSB at around 2.4% would work better? no fees to withdraw also. https://blog.seedly.sg/should-you-transfer-cpf-oa-to-sa/

Personal Finance 101 (LLI)

Savings

Bank Account

Investments

Lok Yang Teng
Lok Yang Teng
Top Contributor

Top Contributor (Jan)

Level 6. Master
Answered on 27 Dec 2018
Starting pay for uni grad is about 3.4k, roughly 6 month's equivalent for emergency funds would be 21k (can be lesser if you have a bond/secured a job for x number of years). The approx. 20k can be put in high interest savings account (CIMB) or savings+current account (OCBC 360, DBS Multiplier). Now you're left with about 10k. You can allocate (100 - age formula) 75% in equities, with the remaining 25% in bonds. For stocks, you can choose to go with either ETFs, roboadvisors or buy the stocks individually. The former two are less time consuming and much more friendlier choice for first-time investors. However, do note that market sentiment has been weakening so returns will be rather limited with whatever options you go with. As for bonds, you can go for Singapore Savings Bond (SSB) though I feel it's oversubscribed. You can take your time to explore different various options available. A reminder not to lump investments and insurance together.
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