Decoupling for passive income advice

[mummy1234]

My neighbors are helping us to buy milk at JB almost every week. Helped us to save a lot of milk powder.

I am paying > 30k per year on insurance premium yearly. V siong, but this has helped to build an accumulated cash value of 160k to-date. This can be 1 of my very last-option of emergency funds.

On top of this, I am topping up parent CPF MSS 7k and my SRS.

Just based on mental sum, I am spending
> 50k on these 3 components.

You must be a high earner too then. I only spend S$500plus a month on insurance premiums excluding MediShield and DPS.

I Guess you can consider most of your S$50k expenditure as investments though.

 

[SBC]

Yap, treating these liabilities as forced saving to prepare for better years in the tail end of life.

As I aged, stock profile is having more blue chips & reits rather than penny stocks in my younger days.

 

[orange_sky]

Not really positive cash flow as HDB is small sized while private is much bigger. Need a big space for my huge family. Has a few kids.

Still paying high cost for their milk powder & enrichment class. Another killer is the premium payment for kids insurance.

Really not easy in Singapore.

Try to reduce the insurance. I bought life for my first but didn't for the rest. Found to be redundant. Just buy H&S

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[SBC]

My higher premium policies are all limited payment, range from 5 to 15 years. By end of next year, my total yearly insurance commitment will reduce by 10k.

May start a DIY saving plan for my younger kids without any WL when there is a dip on STI. Plan to do it via STI ETF.

 

[Nofear40]

Not really...workplace nearby and can always take cab...prob can save S$1500 a month by doing that which can help my hubby pay his share of the mortgage.

What about your plan to relocate to JB?

 

[mummy1234]

What about your plan to relocate to JB?

That depends on how fast the RTS can be ready as hubby still wants kids schooled in Sg. Will see how, still planning...

 

[orange_sky]

I think you should sell your jb house and buy a house in Australia and move there.

Shouldn't have a problem finding a job there.

Thank me later

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[Earnasyougrow]

Wow, I used to buy JB milk powder and do not have enrichment or insurance other than basic MediShield and 2 endowments for my kids.

Hi Mummy,

As a doctor,do u feel we should get integrated health plan? Any reason why u did not get one instead and just rely on basic medishield? I am asking as I am wondering if I should get Ntuc B1 incomeshield for my mom and bro.

 

[OngHuatHuat]

Most people relocate to jb Coz they can afford to work from home. This is applicable to my neighbors in HH, quite a few already moved in, majority Singaporeans, some Malaysian Chinese and one PRC but holding Singapore PR.

HH has become United Nations.

 

[mummy1234]

Hi Mummy,

As a doctor,do u feel we should get integrated health plan? Any reason why u did not get one instead and just rely on basic medishield? I am asking as I am wondering if I should get Ntuc B1 incomeshield for my mom and bro.

I think it is good to get it if you can afford it as you can then choose your desired specialist to treat you. I have some medical issues and prob will not qualify now.

 

[OngHuatHuat]

I think it is good to get it if you can afford it as you can then choose your desired specialist to treat you. I have some medical issues and prob will not qualify now.

I think medishield life still qualify you even if you have pre existing conditions.

 

[henrylbh]

I think medishield life still qualify you even if you have pre existing conditions.

Medishield Life is mandatory.

 

[SBC]

MediShield Life can be exempted if you had a annuity plan eg other private retirement plan.

 

[orange_sky]

MediShield Life can be exempted if you had a annuity plan eg other private retirement plan.

Can't find anything better than medishield life

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[SBC]

There was. Removed from market now.

 

[orange_sky]

Are you sure?

Yes. But I haven't heard anyone mentioning anything better

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[01asdf]

Yes. But I haven't heard anyone mentioning anything better

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I'm pretty sure you have mixed up medishield life with CPF life. Medishield life is compulsory even if you no longer reside in Singapore as long as you don't give up your citizenship, regardless of whether you have other coverage from your employer or other national insurance schemes.

CPF life is the one that can be replaced by an annuity equivalent.

 

[orange_sky]

I'm pretty sure you have mixed up medishield life with CPF life. Medishield life is compulsory even if you no longer reside in Singapore as long as you don't give up your citizenship.

CPF life is the one that can be replaced by an annuity equivalent.

Sorry. You are right

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