Advice needed

[deepblueli]

IMHO, there's some very serious stereotyping -> Whole life = Mixing Protection with Investment.

If the intention of buying a whole life policy is for investment, that's obviously not right. The primary purpose of insurance should be for financial protection in certain designated events. Hence for people who are buying whole life insurance, the intention should be to have a protection for life.

And this bring me to the second point. Different people have different perspective on insurable interest. Some wants to be insured for every possible thing and some don't even view an IP shield plan as necessary. By simply saying once a person has retired, one should already have invested and earn that pot of Gold, have no more dependants etc is also simplistic. If things are so simple such that everyone can follow this blueprint and emerge successful, there will not be any poor people in SG.

So in summary, primary purpose of insurance should be for financial protection in times of need. One must take responsibility to understand how much, how long and for what events. There is no one size fits all but generally the undisputed consensus is H&S is a must and a finite term plan covering death/tpd is essential. Anything else will depend on individual's circumstances and pocket.

Yes, and hope that you don't need to do any claim at all while alive!

 

[satayxp]

insurance is ultimately an expense
never forget that ~

 

[windcors]

Am a Fresh grad, started working last year.

Currently looking for places to invest some of my savings. any suggestions?

**sorry for the vague question** but i really have no idea what to do now so that i can be financially stable when am older.

I was exactly looking at this as well. I came across this article from a free app that I use. Could be of some help to you...

tldr: Repay all loans if you have any and get covered with basic insurance before you start investing

 

[akwl88]

I was exactly looking at this as well. I came across this article from a free app that I use. Could be of some help to you...

tldr: Repay all loans if you have any and get covered with basic insurance before you start investing

Yup good article

Very straight on point

 

[scheng1]

Dear TS, have you heard of Mr Money Mustache? Time to google and read his blog. He retired with his wife at the age of 30.
Locally, check out http://singaporeanstocksinvestor.blogspot.sg/ and http://treeofprosperity.blogspot.sg/
Both guys retired in their 40s. One is single, and one is married.
I think you can look forward to early retirement if you follow the examples.

 

[windcors]

Yup good article

Very straight on point

Yup agreed. Usually their articles are straight on point and easy to understand. Not really into the very technical analysis which is good for me.

 

[w1rbelw1nd]

I suggest TS to go to diyinsurance.com.sg and go through their advice, YouTube videos, to understand the various policies and our personal requirements at various stages of life.

I find it quite amusing that commission based agent never question themselves on why fee-based agents give different advice from them. Does it not occur to these commission agents that they were led in the wrong direction by their companies?

I suggest TS to look at risks, insurance coverage as OBJECTIVELY as possible, with the same mindset that a business owner procures property insurance, 3rd party liability insurance, industrial all risk insurance etc. If you EVER think of buying more coverage to "sleep better at night", kindly acknowledge your irrationality in your decision making and not contaminate others with it. TYIA.

 

[HectorTan87]

Am a Fresh grad, started working last year.

Currently looking for places to invest some of my savings. any suggestions?

**sorry for the vague question** but i really have no idea what to do now so that i can be financially stable when am older.

I suggest it's better to save more money 1st & go on occasional holidays when you feel you need a break... as you said investments are risky & is a thing you shldn't be looking at when you have just graduated. It's better to be cash rich then it is to be tied down by some investment plans or policies.As they say, Cash is king so i would advice you to be as liquid as you can be, only start investing when you are mid point of your life i.e in your thirties when you have the necessities in life already.
If you really want to invest, i suggest investing yourself in self-upgrading courses or certification will be the way to go.

 

[w1rbelw1nd]

Can you kindly read out loud what you have written, and try to make sense of it? I don't understand what you mean at all frankly. I am particularly confused by your last sentence(wtf has poor people got to do with insurance choices in your discussion points?)

And this bring me to the second point. Different people have different perspective on insurable interest. Some wants to be insured for every possible thing and some don't even view an IP shield plan as necessary. By simply saying once a person has retired, one should already have invested and earn that pot of Gold, have no more dependants etc is also simplistic. If things are so simple such that everyone can follow this blueprint and emerge successful, there will not be any poor people in SG.

 

[soneat]

Can you kindly read out loud what you have written, and try to make sense of it? I don't understand what you mean at all frankly. I am particularly confused by your last sentence(wtf has poor people got to do with insurance choices in your discussion points?)

Well, since you already have certain mindset, you can stick to what you are comfortable with. No issues at all. Just ignore what I have wrote and you can assume the writer is a moron. Thanks.

Just want to mention one last time that there's diversity and while BTITR is theoretically very sound, it may not work well on everyone.

 

[akwl88]

Well, since you already have certain mindset, you can stick to what you are comfortable with. No issues at all. Just ignore what I have wrote and you can assume the writer is a moron. Thanks.

Just want to mention one last time that there's diversity and while BTITR is theoretically very sound, it may not work well on everyone.

Last i heard, nobody huat from insurance investments except the insurers and agents.

 

[soneat]

Last i heard, nobody huat from insurance investments except the insurers and agents.

Yes of course. Insurance's primary purpose is protection not for investment.
Insurance should not and cannot be the primary investment vehicle.

 

[Parka]

Am a Fresh grad, started working last year.

Currently looking for places to invest some of my savings. any suggestions?

**sorry for the vague question** but i really have no idea what to do now so that i can be financially stable when am older.

This is the advice I would give myself 10 years ago as a fresh graduate.

Find ways to start an online business if possible. It doesn't even have to be a real business, like a registered company, as long as you can make money online can already.

There are many ways to make money online. Go read the articles at https://problogger.com/blog/

While it's cool to earn money through investment or let your money do your work, it's a very long term process.

 

[lightsky]

Am a Fresh grad, started working last year.

Currently looking for places to invest some of my savings. any suggestions?

**sorry for the vague question** but i really have no idea what to do now so that i can be financially stable when am older.

Even think of a part-time job that really give you financial freedom when you are old?

People who are doing it few years ago, really success...

 

[kevinkoh1992]

Fresh grad here too,

1. Get your desired as-charged H&S insurance.
2. Disability Income Insurance.
3. Aviva GTL if you have dependents (parents need income from you to support themselves/ wife)
4. Emergency fund: 1 month Exp -> 1 month salary -> 3 month salary (save slowly)
5. Pay off your debts (asap)
6. Invest excess in STI/Bond mix

 

[apatheticme]

Unsolicited Content (Commercial solicitation / Ads / Referrals / Spam)

If your CPF accounts are empty, technically you can do RSTU and VC-MA, get tax relief + 5%.