What are your 2020 New Year Resolutions for your personal finance and investing matters? - Seedly
 

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Asked by Shengshi Chiam, CFA

Asked on 24 Dec 2019

What are your 2020 New Year Resolutions for your personal finance and investing matters?

For me I have 3 main goals for 2020:

  1. To carry on investing consistently for CPF/SRS/Cash

  2. To get my parents a good miles card so that they can finally tryout business class

  3. Properly do up my will and CPF nomination, give my passwords to my sister so that if anything happens to me, there will be less stress on my family.

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Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Answered on 24 Dec 2019

This is a great question :) I posted this one last year as well.

Really hope to hear many other perspectives also.

My Personal Financial Resolutions for 2020:

  • Increase Investment portfolio value to more than $50k (or more hopefully) by end of year

  • Deriving a total dividend yield of around 6 to 7% p.a distributed in quarters

  • Optimise my REIT portfolio to model the index better so it's more diversified

  • Continually contribute my RSP between $500 to $1000 every month

  • Ensure our Joint Account with my other half continues to grow well to hit our renovation and wedding fund (and put at a better Yield location rather than the 1% to 2 % p.a now)

  • Buy 2 x Growth stock (handpicked) during the market crash (when it happens) This one seems to be taking some time, we're all waiting patiently on the side, capital ready to deploy

  • Donate some % of my income to charity I believe in (right now it's the Brain Tumour Society Singapore and Hospice Care Association Singapore)

Other company resolutions:

  • Grow the Seedly community to be the biggest and most relevant in Singapore centered on the mission to make smarter decisions!

  • Grow our Seedly team and hope everyone feels that they are growing as the company grows! (now we are at around 15 pax)

  • 2020 will be a super big year for us as we start to capture value which we have created over the past 3 years (for key categories in personal finance in Singapore)

  • Together with our awesome team, run Singapore's largest personal finance festival in March next year! It's gonna be YUGGGEEEEEE.

Other personal resolutions:

  • Lose 9kg by wedding date (in Aug 2020) lol. this is taking some time also...

  • Going for my first business class flight with my new wife (after collecting over 300k miles together during my wedding period)

  • Oh yes, and documenting this journey as well on Seedly

I will be documenting my investment journey here on my Seedly profile, so do join me here: https://seedly.sg/profile/kenneth-lou

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Takingstock @
Takingstock @

30 Dec 2019

Got some tips for losing weight Kenneth... Budget the calories (just be mindful), deliberate switching to more natural protein sources (i notice this works because protein makes you fuller for a longer time, and you end up eating less junk, I go with hard boil eggs or milk with less or no sugar). If possible, try to cut breakfast to make it a brunch to bring out benefits of intermittent fasting. Breakfast is overrated until we overeat for it.
Kenneth Lou
Kenneth Lou

04 Jan 2020

Haha thanks Takingstock!! I did try intermittent fasting but it didnt quite work out for around 1 month... maybe will try again sometime soon! :)

Good question,

I recall answering something similar recently, so I'll recap the main points.

Here's mine:

  • Continue to invest, RSP for my UTs and stocks when a good price presents itself. I have a watchlist and a warchest waiting.

  • Continue the work I do for my clients in helping them manage their financial portfolio, both on insurance and investments

  • optimize my credit card portfolio (4 mpd), the wife has just tasted business class for the first time 3 days ago and I'm sure she will want more...better start to earn miles more efficiently

  • Continue to maintain my budgeting framework, although once I find a house, I will have to cut back a little on ny investment allocation

  • Continue to share my opinions on Seedly, so that people and question posters may benefit, thanks to Kenneth and the team who have build this community. And also pick up new opinions from the rest here, there are too many to name, but it's always enlightening and good to read about other viewpoints.

Off the top of my head, these are probably the top few. Typing on a phone is hard work 😅

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Keith Tan
Keith Tan

27 Dec 2019

How do you decide which UTs and stocks to invest in, and how much to allocate for each?
Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Answered on 25 Dec 2019

For mine it is:

  1. Continue investing 40% of my monthly salary

  2. Increase my dividend yields

  3. To enjoy life abit more. I have been way too stingy with my money 😅

  4. Review my current insurance coverage

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Takingstock @
Takingstock @

29 Dec 2019

Woo, I also have a similar saving rate... Very interested to know about the 3rd goal as I find myself struggling similarly. Please share your tips!!!
Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

It is very high indeed! I think I was doing 50% in the past but now I am trying to lower it.

I strive to create better and higher quality on my blog and Facebook Page on financial planning and estate planning in Singapore.

Additionally, i am continously optimising my wealth accumulation needs through comprehesnive financial planning for the future. Accordingly, I will take the opportunity to review the merticulous planning that I have crafted out previously and ensure that all gaps and needs are accounted for.

This process is particularly necessary as I intend to change my car in view of my upcoming house in 2 years' time.

Here is everything about me and what I do best.

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Kenneth Lou
Kenneth Lou

24 Dec 2019

Why do you plan to change your car! I'm curious... and how does it change your financial plans? :)
Pang Zhe Liang
Pang Zhe Liang

24 Dec 2019

Short answer: I had enough fun with it. 😄 Long answer: My current car expires in mid 2022 and my (unexpected) house is expected to be delivered by Q1 2022. As a result of the latter, I need immediate liquidity of $150k cash. By changing car (again), I can potentially more than double my rate of savings alongside with other intangible costs, e.g. maintenance and depreciation. Furthermore, this allows me to focus on what is necessary (family) while maintaining sufficient liquidity to make senseless decisions again (if boredom arise after the house is settled). 😬
KO
Ken Ong
Level 2. Rookie
Answered on 29 Dec 2019

These are my 2020 finance goals!

  1. To start learning about investing and perhaps start to invest.

  2. Review my spending habits, partically on Food.

  3. Save at least minimum 40 - 50% of my monthly salary.

  4. Top up my SA.

  5. Reading up on Insurance and get the essential one first.

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Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

Hi Ken, I hope that for goal number 1, Seedly and Endowus can be there with you on the journey!
Ken Ong

30 Dec 2019

Thank you @Shengshi Chiam 😁
Kuncoro Wicaksono
Kuncoro Wicaksono
Level 3. Wonderkid
Answered on 29 Dec 2019
  1. Continue investing my monthly salary

  2. Continue budgeting and tracking my expense.

  3. Having a part-time business

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Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

I wish I have time to consider a side hustle, go get it man!
AT
Aaron Tan
Level 4. Prodigy
Answered on 28 Dec 2019

Making better decisions in my spendings and spend more time planning my expenses, lack in planning usually ends up in additional costs.

Set up a rebate/cashback system for most of my expenses.

Plan a portfolio that i can build on for years to come.

Resort my insurance needs and get/replace the necessary ones.

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Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

I can totally get the rebate/cashback system. I flew business class 5 times this year burning the miles that I have accumulated over the past 2-3 years. It was a really awesome experience. Do learn from the Milelion community for it, I have benefited a lot from their generous sharing.
  1. Start investing

  2. Control my spending for food (spending wayyyyyyy too much on food)

  3. Continue to learn about personal finance and investing

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Kenneth Lou
Kenneth Lou

26 Dec 2019

Woohoo @nicholes! hope NS is treating you well haha
Takingstock @
Takingstock @
Level 6. Master
Updated on 26 Dec 2019

1) Achieve FRS in SA by Dec 31 2020

2) continue dividend farming to generate passive income

3) Continuing fight to recover my Srs (from early mistakes in 17/18) and put it back into black

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Tee-Ming Chew
Tee-Ming Chew, Co-founder at Seedly
Level 6. Master
Answered on 26 Dec 2019

Great question and it triggered me to put in more thoughts for 2020!

Here are my immediate 2020 Financial Goals:

  • Continue to contribute to my RSP monthly

  • Double/triple the investment amount into my current stocks portfolio (currently its a small size)

  • Explore more alternative investment (e.g P2P) as part of my investment strategy

  • Optimise my credit card spending strategy (as 2020 will be a financial spend heavy year for me and my SO)

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K
Kaykay
Level 4. Prodigy
Answered on 26 Dec 2019
  1. Review my personal cash flow

  2. Review my insurance coverage and options

  3. Start an RSP and/or ETF

have been wanting to do these for months, but hopefully can finally check them off in 2020!

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Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

Sounds like a good plan kaykay, there are lots of RSP out there, if you are investing through ETFs do make sure you are choosing low cost, diversified offerings!
Kaykay

31 Dec 2019

Thank You!
Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 5. Genius
Answered on 25 Dec 2019

Thanks for asking!

3 main goals:

1) Set up routine to regularly top-up baby's CDA account as well as joint account with wife

2) Regularly maintain a FB Page and see whether that can turn into a viable side hustle in future. If it doesn't take off, then I see it as a way of documenting & sharing my passion about Japan

3) START Investing! I only have fixed deposits and SSBs. High time to spice it up, lol

Let me check this post one year from now to see if I succeed. Heh.

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Kenneth Lou
Kenneth Lou

26 Dec 2019

Hope you grow your CDA well! :)
Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

We need more entrepreneurial people like you in Singapore. Go get it! Anyway as you probably realise SSBs rates nowadays are pretty bad. So if I were you I would invest the fixed deposits first. SSBs are best used as a vehicle for emergency funds than to be lumped under an investment portfolio.
Choon Yuan Chan
Choon Yuan Chan
Top Contributor

Top Contributor (Jan)

Level 9. God of Wisdom
Answered on 24 Dec 2019

My new year resolution is to accumulate enough wealth by saving and investing such that it grows by about 20% more than what I have now. Keeping that magical number a secret

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Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

As long as the goal is measurable and specific for your own purposes, thats all that counts in my opinion
Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 8. Wizard
Answered on 24 Dec 2019

Happy new year 2020 to all seedly friends and readers!

My new year resolution is

  1. to be cashflow positive again! (sorry, this sounds weird but this is because I started 2 very capital intensive business in 2019 that made my income negative)

  2. to start investing again! (again, stopped in 2019 due to reasons)

  3. to start buying and holding stocks for my 2 kids!

  4. Start exercising daily (seriously - health is damn important)

  5. Start trading options again! (used to be making a good sum, but stopped again due to business reasons)

  6. Start a new business this year (seriously business has the best ROI compared to investment)

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Cedric Jamie Soh
Cedric Jamie Soh

27 Dec 2019

Thank You for your kind words! Nothing compared to what Seedly.sg is now! :D
Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

I will be happy to have a father like you haha
Huang Yixuan
Huang Yixuan, Product Designer at Seedly
Level 6. Master
Answered on 02 Jan 2020

Open a CDP account LOL

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Chee Seng Marcus Chew
Chee Seng Marcus Chew
Level 4. Prodigy
Answered on 29 Dec 2019

2020

Financial Resolutions:

  • Upside my Investment portfolio value to 300k

  • Properly document dividend yields

  • Balancing my Growth & REITs portfolio

  • Give Robo (Endowus) a try

  • Tracking a few Growth stocks amidst a recession (when it eventually happens)

Own resolutions:

  • Partake in less stressful events

  • Be more generous to oneself and others

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Shengshi Chiam, CFA
Shengshi Chiam, CFA

31 Dec 2019

Thank Marcus, we definitely want to live up to the expectations of our customers.
Chee Seng Marcus Chew
Chee Seng Marcus Chew

02 Jan 2020

I totally agree
Leonard Tan
Leonard Tan
Level 2. Rookie
Answered on 29 Dec 2019

My financial goals for 2020:

  1. Save 50% of my monthly salary

  2. Review all my spending and cut out unnecessary ones and terminate unnecessary subscription.

  3. Top up my CPF.

  4. Achieve my first $10,000 by 31 Dec 2020. It will be better if I have slightly more. 😄

  5. Continue to read up and ask people about investing. I will only start investing when I have enough cash flow.

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Shengshi Chiam, CFA
Shengshi Chiam, CFA

30 Dec 2019

Those are awesome goals, I am sure it will pay off in the future. Hope Endowus insights and our free events can help you in the point 5! https://endowus.com/insights/
Ck Chai
Ck Chai
Level 6. Master
Answered on 02 Jan 2020
  1. Seek advise from the experts around on how to plan and manage personal finance better

  2. Cutting unnecessary expenses and insurance.

  3. Cancel off credit cards that hardly use

  4. To expand on REIT portfolio for diversification

  5. To start RSP investment

  6. Review current service providers of services used and look for cheaper & better alternatives.

  7. Aim to save min 30% of my salary, with current household expense getting higher as both parents retired

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