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Ultimate Hacks: Adulting

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Ultimate Hacks: Adulting

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Hi anon, First thing would be to beef up your savings a little. Although you will only start graduate and start work in 3 years, it would be prudent to have a small emergency fund of at least 6 months expenses. Also, ensure you have at least a hospitalization policy in place, in the event of any unforeseen health issues. You may consider critical illness coverage after you start work unless you wish to get one now due to lower premiums at your age. If you have a medium to high-risk profile, then I would recommend that you can consider going 60%-75% into equities, equity funds, or ETFs, depending on the sector and risks that you prefer. This assumes that you do not have any defined timeframe with which that you need the money. The remaining allocation can be placed in fixed income or kept as a warchest for further opportunities. Property as an investment can be done as well, but capital outlay will be bigger and I do not think $50000 is quite enough to split between all the asset classes I have mentioned. However, with due consideration to the big picture, also remember to balance your risk, as well as how you will continue to add on to your investments in time to come. Some question which I will pose to you to think about include: - What do I want my money to do for me? - What is the level of risk that I will want at different stages of my life? - Will the asset class I choose give me the return I want, and with what risk? It will be advisable for you to understand all the options on the table before selecting the one(s) that you are comfortable with. If you have more specific questions, you can reply to this post and I'll weigh in with my own thoughts.

Travel

Miles

Ultimate Hacks: Adulting

MileLion

KrisFlyer

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 02 Oct 2019
Hey! I just spoke with Aaron the MileLion on this topic as well. Simply put, here's what he explained to me. The TLDR answer is YES you can cancel your current flight: - However, there will be a USD50 charge on this - So essentially you would have to make a calculation to determine if this is MORE or LESS than the 30% you would save on the miles For example, if you were to go to BALI and it would cost you 7500 miles, the USD50 may not be that worth it to fork out. Important things to note is to make sure that there are empty seats on the flight for the spontaneous escape one Hope this answer helps you! :)

Ultimate Hacks: Adulting

HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Updated on 07 Jun 2019
You have an a/c degree, still can work for commercial line. Just don't go for big 4. I'm sure you know that big 4 is training ground but very brutal graveyard working hours. After that good exposure @ big 4, most will go to commercial line and be A/C Asst, Accountant, Finance manager and some day even CFO. I really admire your dreams and I'm sure many guys would love to have you as their wife with 2 kids and a happy family :) You'll be a very happy family! :) However, in a high cost of living place like SG, we're forced to face with reality of the high cost of living and manage it somehow. These days ,even admin job is quite demanding. The company i work with also don't let receptionist cum admin go home in time, everyday have to work at least 1 hour OT or so. Thus even a simple Admin title may not entitle to simple work life. It's only those company with the right work life balance and pro family culture will allow people to go home sharp in time. Government ministry staff also more or less gets to go home in time. My thought is that, Maybe you could, finish Uni in 2 years time, find an A/C Assist job in government ministry, or when you see the job advertisement, check out their company in Linkedin and also glassdoor to see the staff review. Check if ex staff said if is a work life balance and friendly place, no OT etc. By all means these could be your kinds of company that has pro family and work life balance system , rather than some company claims to have flexi work timing but just choose your fix time to come earlier and go home earlier and come later and go home later, those were not true work life balance or flexi work timing. Suggestion path could be: In goverment sector or Company with true work life balance / pro family scheme Pathway: Uni graduate A/C Assist or Audit - Accountant / Sr. Auditor In both, like my ex classmate who chose to be auditor, their life is simpler and less OT, with adequate income too :) Do find out more from your lecturer or faculty side on the possible career pathway, and the assistant of job placement, industry training , intership as much and as early as possible so that you can make early plans for it! Check out this guide by Seedly for the local uni, field of focus and staring salary to have an idea: https://blog.seedly.sg/graduate-starting-salary-nus-ntu-smu-sutd-sit/ After married and with 2 kids, as you will need $, so unless your husband make a lot of $, it is not advisable to just find admin job and remain 2k+ salary (remember even Admin job these days were very demanding and heavy load!). Neither be a stay home mum a good options too earlier. Once you meet your sweet hubby and get married, settle down, if husband income is able to pay for all the fees requires to raise the 2 kids (I'm not saying go for expensive lifestyle or full of tuition, but some tuition is necesssary due to our demanding educational system), then you can consider be a full time stay home mum so the family can depends on one income only. However, do consider of the risk of one single income as these days there's no job security, thus you guys will need to save a lot of emergency funds and plan for backup in case of husbang job losses if it happens. Finally, I wanted to say. It's a good dreams and I love your plan. WIth a little bit of planning and risk management, you can still achieve your dreams above, coupled with much safer plans for longer terms. After all , a stable family also requires stable income and $ sometimes put on heavy strain on relationship. Don't let $ be the factors that affect your marriage and relationship, manage it well , plan and manage it earlier, dreams will still comes true! :) Have a great life ! :)

Ultimate Hacks: Adulting

General

Savings

Gabriel Lee
Gabriel Lee
Level 8. Wizard
Updated on 07 Jun 2019
Since you're going to NS soon, I believe that you're a student and thus, have little to no monthly income. As such, there isn't a point in opening a DBS Multiplier account since you will not fulfill the criteria to earn the additional interests. I'm currently serving National Service as well so here's my suggestion and what I did: 1) Close your POSBkids account and open a CIMB Fastsaver account I entered NS in May this year and recently, I closed my POSBkids account and transferred all of my money inside that account into my newly opened CIMB Fastsaver which gives me a much higher interest rate of 1% as compared to 0.05%. This might seem like a small difference but a little goes a long way! E.g. I have $45k in my POSBkids account. So the interest that I would earn in a year is only $22.50. But if I were to put it in CIMB Fastsaver, I would be able to earn $450 of interest in a year. That's a difference of $427.50 which I feel is quite a huge difference especially in the long run. Note: Keep the balance in CIMB Fastsaver below $50k since it's only SDIC insured up to $50k should anything happen to the bank. Alongside with this, I also opened a Fixed Deposit account last week and put in a significant amount inside it to earn 1.84% interest for locking it in for 12 months as I do not foresee that I'll need this sum of money anytime soon. 2) Open a POSB Save As You Serve (SAYE) account When you enlist into NS, open a POSB SAYE account online and deposit some of your monthly salary into that account as it gives you additional 2% interest after you ORD. This is assuming that you do not make any withdrawals during the 2 years. If you do, you'll forfeit the additiona 2% interest that you could've earned. This makes you save up for your future funds or education. You can then use your remaining salary to go out and enjoy with your friends/family. I'm currently contributing $400 per month into my POSB SAYE account. 3) Do not close your POSB eMySavings Take it as your expenses account where you use it for paying for your transport, meals with friends etc. If you need additional funds, you can easily transfer it from your CIMB Fastsaver account to your POSB account instantly via FAST and it's free of charge. But stay disciplied and save up whenever possible since you do not draw much during NS. I'm using DBS eRemix Savings Plus for my expenses account since I can easily withdraw cash and pay with VISA or NETS. I also keep the amount in this account low since it only earns 0.05% interest. 4) Investments You can easily invest in the STI ETF (Nikko AM) by setting up a Regular Savings Plan with POSB. All you need is just $100 a month to begin investing. Alternatively, you can choose to invest in US ETFs through robo-advisors such as Stashaway or Smartly. I'm currently contributing $100 per monthly into Stashaway as I want to diversify my investments out of the Singapore market and due to better historic performance. With that said, historical performance isn't a measure/indiciation of future performance. Alternatively, if you have a higher risk appetite, you can consider venturing into P2P lending and stocks. I'm planning to try P2P lending soon as it offers attractive returns (with higher risks of course). I have a friend in NS who invests in US stocks and made quite a profit as well but of course, you can easily lose money as well. Please only invest with money that you can afford to lose. In my case, I'm currently using DBS Remix eSavings Plus (Expenses), POSB SAYE ($400 monthly) and CIMB FastSaver (Emergency/Life savings). All the best in your saving/investment/NS journey!

Savings

Ultimate Hacks: Adulting

General

Gabriel Lee
Gabriel Lee
Level 8. Wizard
Answered on 06 Oct 2018
Hi, you can consider either Zero1's 1GB to Unlimited plan at $9.90 per month or Circles.Life's $0 Flexi plan at $0 per month. For Zero1's 1GB to Unlimited plan, they offer 200 mins of talktime at $9.90 per month https://zero1.sg/plans For Circles.Life's $0 Flexi plan, they offer only 30 mins of talktime but you can add 200 mins of talktime for just $10. It's a free plan with no hidden costs, assuming that you do not purchase any add-ons. https://pages.circles.life/flexiplan/ For me, I would recommend Circles.Life since it has a mobile application where you can track your parents usage, bills etc. I feel that the customer support is better as compared to Zero1's too, based on reviews from fellow consumers.

Career

Ultimate Hacks: Adulting

Investments

Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 8. Wizard
Answered on 01 Oct 2018
Sorry to hear about your condition. Perhaps you can look into creating a portfolio of REIT and strong blue chip stocks with decent yield to help cover some of your medical costs. Talk about investments aside, you seem to be a person of faith. Miracles still happen, and can happen for you. And I've seen them happen. Pray for healing. Get others to pray with you and for you. Look within yourself and try to find anything that may hinder prayer and get rid of it. Believe that you will get well. I know of at least 2 places that conduct healing services. Let me know if you need to be connected on this. God bless.

Insurance

Fresh Graduates

Ultimate Hacks: Adulting

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 7. Grand Master
Answered on 24 Sep 2018
My hack is simple: when purchasing insurance, ask for specifics. General advice will not do it for you. Not all CI policies are the same. Not all whole life policies are the same. Etc, etc. If someone recommends you something, ask many questions. Ask rudely, ask boldly, but ask. A lot of people here have said not to mix your investments and insurance together, but it's incredibly subjective. The same people have talked about the benefits of private annuities, where insurance is very much in the mix (payouts increase signficantly upon claim). Different mixes have different outcomes. Manipulating a Net Sum at Risk ILP can result in costs that are lower than Vanilla Unit Trusts. You can also do away with AUM fees. You can have your investment paid for you the entire length of a waiver. Different people want different things, and not everyone wants the time consuming burden of learning another language in the form of investment literacy. So when you do devote your precious, quantitatively valuable time to a financial advisor to address your insurance need, ask away and get it before its too late.

Bank Account

Ultimate Hacks: Adulting

Investments

Gabriel Lee
Gabriel Lee
Level 8. Wizard
Updated on 07 Jun 2019
- Open a POSB Save As You Serve (SAYE) account When you enlist into NS, open a POSB SAYE account online and deposit some of your monthly salary into that account as it gives you additional 2% interest after you ORD. This is assuming that you do not make any withdrawals during the 2 years. If you do, you'll forfeit the additiona 2% interest that you could've earned. This makes you save up for your future funds or education. You can then use your remaining salary to go out and enjoy with your friends/family. I'm currently contributing $400 per month into my POSB SAYE account. Alternatively, you can open a CIMB FastSaver account to earn 1% interest with no obligations and you're able to withdraw anytime as well. - Investments You can easily invest in the STI ETF (Nikko AM) by setting up a Regular Savings Plan with POSB. All you need is just $100 a month to begin investing. Alternatively, you can choose to invest in US ETFs through robo-advisors such as Stashaway or Smartly. I'm currently contributing $100 per monthly into Stashaway as I want to diversify my investments out of the Singapore market and due to better historic performance. With that said, historical performance isn't a measure/indiciation of future performance. Alternatively, if you have a higher risk appetite, you can consider venturing into P2P lending and stocks. I'm planning to try P2P lending soon as it offers attractive returns (with higher risks of course). I have a friend in NS who invests in US stocks and made quite a profit as well but of course, you can easily lose money as well. Please only invest with money that you can afford to lose.

Fresh Graduates

Ultimate Hacks: Adulting

Investments

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 7. Grand Master
Answered on 25 Sep 2018
Honestly, you'd want to invest it in instruments that will help you 1) attain specific goals and 2) breed discipline ( illiquid, regular savings plan type). For someone who doesn't have a high amount of liabilities to pay off, you can devote as much of your salary to investing after covering your essentials (insurance, emergency fund) and you'd ideally invest in riskier, higher yielding funds while you're still young, before transitioning into more stable fixed income as you get older. I'd love to help you with that, if you'd like, as my specialty is in investments. In the previous year, I yielded over 32% overall on equities net of fees. You can always reach me here: https://www.facebook.com/luke.ho.54

Fresh Graduates

Ultimate Hacks: Adulting

Career

Soft and Hard skills are equally important. Soft skills like communications, problem solving, leadership. Hard skills like the skills in your job and knowing how to use microsoft office.
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