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Savings

1.5 mio is a rather large sum of money so I suggest you take some time to think carefully about how to deploy it. Firstly, let's look at your liability. How much are you paying in terms of the mortgage monthly? 1 mio invested wisely would provide you easily $40k/annum @ 4% which might be more than enough to take care of your loan, and perhaps even your basic expenses, with another $500K left over to have as a rainy day fund/warchest. If you are paying lesser than 4% interest on your loan (which you should be) then it probably makes more sense for you to invest your money conservatively and use the returns to settle the loan, rather than paying down the whole loan. As for what asset classes to invest in, you would want to consider your risk appetite, combined with your preference of asset classes to determine how to deploy your money. Each asset class has a risk/reward associated with it and you should sit down with an advisor to understand all options available before committing to anything. Ideally, a good way to deploy the funds would be a mixture of income-producing bonds, equities, UTs, etc, which can comfortably yield 4% without too high a volatility. The allocation of each asset class will be a matter of personal preference and risk appetite. If you would like to find out in detail about the options available to you, you can contact me at [email protected] and I will see how I can assist.

Credit Card

Savings

Lifestyle

Shopping

Bank Account

You can go for a credit card that uses FIXED DEPOSIT as security instead of your income. This is for those whose income is less than $30,000 (I think MAS set $30,000 as minimum requirement for credit card). A fixed deposit Credit Card allows you to start credit card scoring, so it builds your record which can be useful for your future loans. also, my friend has poor record due to business loan but he wanted to start somewhere to build back a proper CC record. (he's a millionaire, so a very weird combination) he did get an OCBC card with only $2000 credit limit. He spend and pay back monthly. (and if you are keen, yes his CBS record is going up slowly from FF to D) I am guessing UOB and DBS would also offer low credit limit credit card if you ask.

Savings

Credit Card

Jennifer Franslay
Jennifer Franslay

()

Level 3. Wonderkid
Updated 4h ago
This one might be a little unethical, but Netflix in Turkey is way cheaper so I use a VPN and sign up for Netflix from Turkey :p Paying about S$7.40/mth for the standard plan (Singapore is $13.98/mth I believe)

Savings

CPF

You will need to declare your side income to IRAS when filing your income tax. If your company you are working for your day job files for you, you will need to log in to IRAS portal to update with the side income amount. Very likely you will be asked to contribute to your medisave CPF account after you receive your notice. Hope this helps.

Parenting

Savings

I'll save 5% of my income for their future education needs. I'll have a portion of variable return and guaranteed return. It's important to also make sure parents are sufficiently insured, kids also should consider getting some early Critical illness cover. Abuse all Govt initiatives like the CDA as well.

Lifestyle

Savings

Aik Kai
Aik Kai
Top Contributor

Top Contributor (Aug)

Level 5. Genius
Updated 5d ago
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

Investments

Retirement

They're very different plans. Pruwealth is a Whole Life Endowment plan while AIA Wealth Pro Advantage is a Wealth ILP. Pruwealth gives you bonuses from the participating plan invested by the insurer while that AIA plan gives you the returns of the funds you choose to invest the money in. I suggest doing more research or talking to an advisor first to understand the products a little better.

Investments

Career

Family

Savings

Hi. FA meaning Financial Adviser? If that is what you mean I would say not true. A good FA has the financial knowledge (not only finance PRODUCT knowledge) to help any individual. For lower-income, knowing they need protection, the FA should also come in to advise on what is the best approach to get them covered within their budget.

Stocks Discussion

Investments

Bank Account

Retirement

Savings

Hello there! Perhaps I could share more about Syfe's investment methodology to help you make a better choice. Our key strength lies in our proprietary Automated Risk-managed Investments (ARI) methodology. ARI combines two of the world’s leading investment approaches and is built by a team of academics, technologists and former bankers. ARI creates your portfolio by allocating assets which have shown the best return for your risk profile. But more importantly, it continually monitors your portfolio. During periods where higher market volatility has been forecasted, ARI will adjust your portfolio allocation and reduce your exposure to higher-risk asset classes. This ensures your portfolio risk stays aligned to your desired risk level. During periods of market calm, ARI will adjust your portfolio allocation to include higher-risk assets so your overall portfolio risk is kept in line with your desired risk exposure but you get to capture the market upside as well. The result is that ARI helps you achieve benchmark-beating returns by maintaining your desired risk level, no matter what market conditions may be. Another point to highlight would be our simple, all-inclusive fee of 0.65% per annum. We have no minimum investment amount and you always have the freedom to withdraw anytime at no extra charge.

Investments

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Loans

Lifestyle

Jacqueline Yan
Jacqueline Yan

()

Level 4. Prodigy
Updated 6h ago
I think this highly depends on your current income and how much of it you're allocating to your savings. There's going to be quite a bit of planning to do. Are you paying for your school fees on your own? Do you need to save as you go? How much more can you allocate to savings for your future BTO? Assuming that you'll be paying for your wedding with your savings, that brings you down to 5k (probably a bit more since you still have a few more months to save)? Even if you successfully BTO next year, you'll still have to wait at least 3 years before you collect the keys and make any big payment. Don't forget renovation costs. Your HDB loan will only be lower if you're still studying full-time (likely working part-time?) at the point of assessment. That might just play well for you since you're likely to get more from the EHG with a lower household income. Your timeline actually ain't that bad, you just gotta prioritize and ask yourself if you'll benefit from getting a degree. I finally decided to get a degree after working for 5 years and unfortunately, I have to save up for it as I go. It's also eating into the amount that I'm saving for my BTO, though I haven't had any luck with getting a ballot. Even though it limits what I can do right now, I know it's an investment that'll be worth it. Oh yea, it definitely also depends on which field you're interested in!
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