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Hi anon, I salute your mom for the sacrifices she made, that is sheer tenacity there to do what she did. You and your siblings must be very proud of her. To start off, if your mom is healthy, then try to upgrade her hospitalization plan to at least an A ward (I am not quite sure what you mean by 'basic', although if it at least 'A' ward it will be ok). Ensure that she has a rider to cover deductible and co-insurance. Top up her medisave account so that she has monies for medical related emergencies. Ensure that she has Eldershield and enhance it to protect against severe disability in old age. Contribute to her special account to help her at least reach BRS first so that she can have a guaranteed stream of life long income in her old age. If funds are available to push her CPF to FRS, that is even better. These are the very basics of what needs to be done. Your younger siblings are still studying, and in theory they are still dependents of you and your mom, so you definitely want to ensure that you have your own coverage sorted out so that mom doesn't have to worry, and if possible, a small term plan for your mom can be considered, provided premiums are reasonable (CI plans will be very expensive for her age). Given the slew of expenses when one starts work, your budget probably allows for what I mentioned above. Lastly, please plan to spend more time with her in her old age when she eventually stops driving. I'm getting teary eyed writing this but we usually only really appreciate what we have when it's no longer available.

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Hi anon, I would not recommend investment linked insurance. Keep investments and insurance seperate. If you are worried about losing money, and don't wish to monitor your investments then it is better to keep your monies in guaranteed products such as annuities, endowments, etc. You will know for sure how much to expect in future, as opposed to variable investments like stocks and UTs, etc.

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Lifestyle

Hi anon, Agree with Kelly, I used to go jogging at night, found it very relaxing as there are no crowds and very little traffic, and it's far more cooling. It's a free form of exercise, and part of the stress relief comes from burning off energy and the release of endorphins.

Savings

CPF

Y
Yrjm
Level 3. Wonderkid
Answered 2d ago
Pros: It's similar to forced savings, so you won't be tempted to use it, you can't even if you would like to. And this will allow for compounding effect to be in full force. Cons: Not liquid. Will have to use cash for housing loan or kids' education loan, which may not be plausible for household with single working parent

Lifestyle

Savings

Aik Kai
Aik Kai
Level 6. Master
Updated on 14 Sep 2019
I would tell my 21-year-old self to stop delaying and went ahead to read about investment stuff and put money in. I delayed for a few years even though I am interested in personal finance and investments since my teenage years. That time, I guess I was too cautious and coward. So I would tell my 21-year-old self to stop delaying, be brave and take that first step early.

Savings

StashAway

Kenneth Quek
Kenneth Quek
Level 3. Wonderkid
Answered 1d ago
I think the thing to note is that, as much as Stashaway may like you to believe, this should not be compared against a high interest savings account. The saving account is capital guaranteed, Stashaway Simple is not. For the low risk of your capital eroding, you get the possibility of a slightly higher rate of return. If you're okay with that for your emergency funds, then sure, why not. Otherwise, do look around at other capital guaranteed options.

Savings

Lifestyle

Hi Anon I feel that’s a great idea. Take part of the money to go for a short trip and enjoy yourself Another thing you could do is take $50 and put it in a Smartly robo-investor account. That way you can earn a little more interest. Then place the $150 in a StandChart Jumpstart account that gives 2% PA To boost it, can try saving additional 15-20% of all your income. This way you can build a savings habit too! Hope this helps!

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Loans

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Paridhi Jhunjhunwala
Paridhi Jhunjhunwala, Associate at Kristal.AI
Level 6. Master
Answered 3d ago
Hi! You are basically delaying the repayment of the loan to make investments with $500. If you can earn a higher return that the cost of borrowing, you will benefit from delaying the repayment of the debt. However, this option bears a high risk as the return on investments may not be adequate and you may up with a loss. So in case you are sure that your investments can earn a good return, you can continue, else you might want to rethink. I work at Kristal.AI, and it's my passion to evaluate various upcoming investment opportunities. Hope you find this helpful!

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Depends on your area of concern. If you are referring to investment, I have compiled a list of financial crisis and reasons not to invest since early 90s. But year after year, the market outperforms the critics. Therefore, it has no impact on my investment, unless I am a speculator and not an investor. If you are referring to career, unemployment is everywhere. Likewise for recruitment. The only way to stay in a job is to stay relevant. So long as I have skills, knowledge, and experience, I won't be jobless. In summary, regardless of market movement, life goes on. Just do proper planning for myself and stay focus on my long-term goals. At the sae time, remind myself not to be distracted by short-term obstacles.
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