PFF Panel 1 - Seedly

PFF Panel 1

Panel is moderated by Cherie Tan from Seedly

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Welcome to Seedly’s inaugural Personal Finance Festival 2019!

In the first panel, we are going to discuss the various ways to make smarter personal finance decisions. Listen to panel speakers, Christopher Tan and Loo Cheng Chuan as they share some valuable insights with you!

  • Christopher Tan (Executive Director of MoneyOwl)
  • Loo Cheng Chuan (1M65)

Panel is moderated by Cherie Tan from Seedly.

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PFF Panel 1

Lifestyle

Seedly PFF 2019

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Jun)

Level 8. Wizard
Answered on 16 Apr 2019
First and foremost, it's best if you both understand each other's approaches and philosophy to finance. It's one thing to take care of your own finances, and another to take care of joint expenses (and this includes extended family say in-laws etc). For example, I have seen disagreements where recently married couples cannot agree on how much they should give their respective parents etc. Budget Really examine what the expenses are to live together. Utilities, food, transport etc. Clearly, it will be even more with children. Understand how much it will be, so as to minimize surprises in the future. Both parents might even have different perspectives on what is deemed 'essential' for a child. One parent might think that chinese tuition classes at $200 a month is absolutely critical, whereas the other might not. More income Look at side jobs, and take on projects that leverage your own skillsets. P.S. I would probably not spend so much on a wedding, but that's my personal take.

PFF Panel 1

Insurance

Seedly PFF 2019

Why not do a cost benefit analysis to cancelling and putting into another investment instrument to make a better decision? What's it the yearly yield? How much did it deviate from the benefit illustration? Have you requested for a new BI? Most life plans yield sweet spot is around 70 years old to 80 years old, and the incentive to hold onto the plan is less attractive. But still, DYODD. Or hire my services.

PFF Panel 1

Insurance

Seedly PFF 2019

Dawn Fiona
Dawn Fiona
Level 5. Genius
Answered on 03 Mar 2019
The premiums for term insurance increase with age, so your total premiums paid if you have term insurance for your entire life may be higher in total vs. the total sum paid for whole life / limited-pay whole life plans. So it depends on what you want to cover. Cos not everyone buys term insurance for their entire life - when you're 60+, your parents are likely to no longer be around and your children are already grown up and earning income, so you don't have to support them anymore. Thus many people who buy term would consider to reduce their life insurance coverage at this stage onwards. Buying term during the stages of your life where you have the highest financial risks and dependents to support = the cheaper option vs. whole life. Even better if you can invest the difference.

PFF Panel 1

Insurance

Seedly PFF 2019

Allan Lee
Allan Lee
Level 2. Rookie
Answered on 09 Apr 2019
An advice to you here is to check how much premium have been paid, what is the current value of the policy and what are the cost of insurance for all the plans (This can be costly when the age of the life assured is higher than 50.)

PFF Panel 1

Insurance

Seedly PFF 2019

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 6. Master
Answered on 09 Apr 2019
Early Critical Illneess Insurance is the future. It's not going to get any cheaper. Every day you wait it becomes more expensive. Nobody is saying you MUST take the plunge, but you can consult a professional to see how it might complement your curent portfolio. For some people, it just won't. The budget won't fit. So that's all fine and dandy as well, but you never know until you try. https://www.moneymaverickofficial.com/posts/early-critical-illness-failure-of-ci-insurance If you'd like to have a conversation about it, I'm contactable via my Facebook. https://www.facebook.com/luke.ho.54

PFF Panel 1

Insurance

Seedly PFF 2019

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 6. Master
Answered on 09 Apr 2019
Early Critical Illneess Insurance is the future. It's not going to get any cheaper. Every day you wait it becomes more expensive. Nobody is saying you MUST take the plunge, but you can consult a professional to see how it might complement your curent portfolio. For some people, it just won't. The budget won't fit. So that's all fine and dandy as well, but you never know until you try. https://www.moneymaverickofficial.com/posts/early-critical-illness-failure-of-ci-insurance If you'd like to have a conversation about it, I'm contactable via my Facebook. https://www.facebook.com/luke.ho.54

PFF Panel 1

CPF

Seedly PFF 2019

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 6. Master
Answered on 09 Apr 2019
Uh. Nothing. You can invest them in very limited funds, but that's it. Your special account is not for paying for stuff. Its for your retirement.

Insurance

PFF Panel 1

Seedly PFF 2019

I shall list out the factors for you to consider over here. 1) Is there a need for this insurance? 2) If you replace the policy, could you get the same coverage 3) Would you be in a better position (in terms finance) if you surrender compared to the amount already paid? 4) Are you able to service it? 5) If there is no need, could you see it as an additional annuity that will serve you after 65? 6) Are there any exclusions, which may affect you getting a other policy? Surrendering a policy is no small matter. You really need to see why or why not you should continue with the policy.

Insurance

PFF Panel 1

Seedly PFF 2019

Any coverage you have paid should have served you a reason. However, if you really genuinely require to surrender the policy, you may wish to approach me so I can help you to get the best value out of the policy.
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