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Your Personal Finance 101 Handbook: COVID-19 Edition! LIVE on Wednesday, 8 April 2020, 8pm

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SeedlyTV S2E01

I just resigned my full-time job to go study User Experience in GA--this was before COVID. Did i just make the wrong move?
Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 6. Master
Answered 2w ago
Hi there, I literally just finished a usability testing via Zoom with SG Research Network ( https://www.facebook.com/SGResearchNetwork ). It holds such testing gigs pretty regularly. I think User Experience is still a booming trend, regardless of the pandemic as business competition gets more heated up and enterprises recognize the need to design products that are tailored to their consumers' needs Times are tough, but I'm sure you will find your way. Here's a video to psych you up: https://generalassemb.ly/blog/what-makes-for-great-product-design/?utmmedium=email&utmsource=cwe-followup&utmcampaign=cwe-followup-design-what-makes-great-product-design-video&utmcontent=marketing
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Lifestyle

COVID-19

Savings

Investments

SeedlyTV S2E01

Should I buy a laptop or use the money to invest instead?
This is a personal decision friend. We can talk about delayed gratification and not spending unnecessarily, but at the end of the day it's up to you. However I will add one thing. As much as you can, try to save some money now. We might be heading into a long recession and income may not come too easily. So hold off the purchase just for the mean time and re look into it a few months from now.
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Lifestyle

Savings Accounts

COVID-19

SeedlyTV S2E01

How do we update our details to the government for the Solidarity Budget for those 21 and above?
E
Ezat
Level 2. Rookie
Answered on 04 May 2020
Hi, i dun have any bank actn yet. So how? Do assist. Thnks
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COVID-19

Economics

Career

Entrepreneurship

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Do you think the Government will give a fourth round of COVID-19 Budget support measures when the need arises?
Angeline Teo
Angeline Teo, Calculator at The Internet
Level 6. Master
Answered on 01 May 2020
I am hoping by July 2020, economy is back up, and there would be no more need for support measures. support measures means we need help. Ideally, we hope that we don't need help.
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Lifestyle

SeedlyTV S2E01

COVID-19

What do you think of a universal basic income scheme in Singapore? Do you think that's feasible here?
Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 9. God of Wisdom
Answered on 20 Apr 2020
I think it is extremely feasible but would be politically unwelcome. Look at what the government is handling relief out Self-Employed $1000 per mth Unemployed: $800 per month. The government is sending a clear and loud signal to the people, we will help you MORE if you make an effort to work. A universal basic income is against what they are advocating for. I will vote for a universal basic income though, even if i have to pay more income taxes.
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SeedlyTV S2E01

Giveaways

[GIVEAWAY] Name three of the 5 pillars of the money framework and explain how it applies to you now during COVID-19?
EL
Elizabeth Lee
Level 2. Rookie
Answered on 08 Apr 2020
1. Savings 2. Insurance 3. Investment In this time of economic instability, SAVINGS is very applicable to me as it is very important to be more thrifty. Currently, my part time job is on hold and having no source of extra income has taught me to cut down on unncessary expenses and only to spend on daily necessities. I've been using the seedly finance tracker to help me monitor my progress
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SeedlyTV S2E01

Investments

COVID-19

As an expat, are there any small investments I can make in Singapore that will allow me to grow my wealth (even a little bit) in the coming months?
Colin Lim
Colin Lim, Financial Services Consultant at Colin Lim
Level 7. Grand Master
Answered on 17 Apr 2020
Hope all is well for u.. Do you have an event that require you to liquidate your investment? If no, you can continue to invest. If yes, den i suggest you to keep the funds in the bank. Right now i recommending stashaway as this is a simple way of investment.. Passive investment. It primarily focus on ETFs. Hope this help for you.
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Investments

COVID-19

Stocks Discussion

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How long do bear markets usually last? Will this bear market caused by Covid-19 be far more severe and longer than previous bear markets that we've seen?
Sudhan
Sudhan
Level 6. Master
Answered on 20 Apr 2020
Hi anon, according to this site, of the past 12 bear markets, on average, the downturns lasted about 14.5 months. As fast as it fell, the stock market has since recovered. We are technically already out of a bear market for the S&P 500 index and for the Straits Times Index, we are almost out of it. We might back into a bear market given the unprecedented conditions we are in right now. But we never know; the market's current rally may be sustained. Due to that, in my opinion, it's better to pace our investments by dollar-cost averaging and not invest our money all at one-go.
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CPF

Family

SG Budget Babe

SeedlyTV S2E01

My mum is 70 y/o this year and still working. At her age, is it still advisable to do TOP-up to her cpf account? Separately, what can I do TOP up to her Medisave account?
I think this is a fairly complex manner but let's make it step by step. (1) How much does your mum need per month? (2) How much would cpf payout to cover that? (3) How much more do you need to give out? After that, determine how much can be given in cash and how much can be used to top up her account.
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COVID-19

Inflation

Economics

SeedlyTV S2E01

How will inflation rates be affected by covid-19?
Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 9. God of Wisdom
Answered on 20 Apr 2020
Covid19 is causing Central banks all over the way to do even more quantitive easing, which means buying back bonds and releasing more money into the system. More money means higher inflation... your money is getting less and less value. unfortunately, inflation is a lot more desired than deflation, so yeah at least its inflation. I will still prefer to keep cash at this time though, for opportunities. (which is partially why central banks wants inflation, they don't want public to hoard their cash)
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