Hi I need some advices...

[TheITGuy]

May I know where can I start to invest and how to invest properly? I tried to invest on and off on my own (stocks, forex) for the past years but all ended up losing. Lost about 10k in forex last year and gave up. . The thing is I don't have much savings and it's always at 4-digits range as I'm quite heavy on commitments. I realise that if I don't do anything about it, future may not look good for me. Thank you guys in advance.

 

[wutawa]

If u not good in stock picking, u can consider index etf. I am looking into S27 or cspx. My investment objective is to earn less than lose more.

(not vested)

 

[cassowary18]

Step 1: build up emergency savings (at least 6 months expenses)
Step 2: get sufficient insurance coverage for your needs
Step 3: invest in a well-diversified portfolio. You can read Rich by Retirement written by Joshua Giersch (Shiny Things on HWZ) for suggestions

 

[gold_eagle36]

Need to plan out the fundamentals first.
If it's 4 digit range, are you able to survive if let say there's an emergency or touch wood lost of job.

Best to start with building up an emergency fund (3-12 mths or expenses) U can do this using roboadvisors and saving monthly till you hit the amount.

I am assuming you want to invest for retirement. If that is the case, you need to review your savings rate. Any savings rate below 30% would take too long to retire and you would be better off cutting expenses or trying to increase income (without changing lifestyle).
Google networthify

 

[gonewiththesmart]

Re post 1.
Top up medi save n OA within your means n cash flow requirements.
Where can u get save return of 2.5 to 4 percent nowadays?

U can check those taking CPF to invest.
Government published data regularly.. I didn't think too much can win CPF intetest.

 

[BBCWatcher]

Step 1: build up emergency savings (at least 6 months expenses)
Step 2: get sufficient insurance coverage for your needs
Step 3: invest in a well-diversified portfolio. You can read Rich by Retirement written by Joshua Giersch (Shiny Things on HWZ) for suggestions

You've got Steps 1 and 2 reversed. Buying genuine insurance necessities is Step 1. Having $602 more (or whatever) in emergency reserve savings just won't help if you become disabled tomorrow and cannot work for the rest of your life. (Disability Income Insurance addresses that particular problem.)

And there are really Steps 2A and 2B, in order:

2A: Pay off high cost debt, assuming you're not going to default on it (voluntarily or involuntarily). (If default is inevitable, do it as soon as possible.) Credit card debt and personal loans are examples of high cost debt. A 1.5% mortgage or 2.6% HDB concession loan is NOT high cost debt.

2B: Accumulate emergency reserve savings.

 

[cassowary18]

You've got Steps 1 and 2 reversed. Buying genuine insurance necessities is Step 1. Having $602 more (or whatever) in emergency reserve savings just won't help if you become disabled tomorrow and cannot work for the rest of your life. (Disability Income Insurance addresses that particular problem.)

And there are really Steps 2A and 2B, in order:

2A: Pay off high cost debt, assuming you're not going to default on it (voluntarily or involuntarily). (If default is inevitable, do it as soon as possible.) Credit card debt and personal loans are examples of high cost debt. A 1.5% mortgage or 2.6% HDB concession loan is NOT high cost debt.

2B: Accumulate emergency reserve savings.

Touché. Yup, you're right.

 

[GreenTeaa]

You've got Steps 1 and 2 reversed. Buying genuine insurance necessities is Step 1. Having $602 more (or whatever) in emergency reserve savings just won't help if you become disabled tomorrow and cannot work for the rest of your life. (Disability Income Insurance addresses that particular problem.)

And there are really Steps 2A and 2B, in order:

2A: Pay off high cost debt, assuming you're not going to default on it (voluntarily or involuntarily). (If default is inevitable, do it as soon as possible.) Credit card debt and personal loans are examples of high cost debt. A 1.5% mortgage or 2.6% HDB concession loan is NOT high cost debt.

2B: Accumulate emergency reserve savings.

should TS also consider health insurance assuming he has none? ISP and CI also impt. Saw my relative kenna cancer the medical bill really horrendous

 

[reddevil0728]

should TS also consider health insurance assuming he has none? ISP and CI also impt. Saw my relative kenna cancer the medical bill really horrendous

TS will minimally have MSL unless not Singaporean?

 

[BBCWatcher]

should TS also consider health insurance assuming he has none? ISP and CI also impt. Saw my relative kenna cancer the medical bill really horrendous

"CI" is not what I would consider an insurance necessity. DII (Disability Income Insurance) commonly is, and term life insurance for those with at least one dependent.

TS will minimally have MSL unless not Singaporean?

If a Singaporean citizen or Permanent Resident, yes, MediShield Life would be in place. In my view an "as charged" public hospital B1 ward Integrated Shield plan could be fairly described as an insurance necessity. I currently like Aviva's MyShield Plan 3 in that market segment, although for citizens Great Eastern's Supreme Health B Plus is pretty good, too.

None of the carriers offer such a plan to foreigners, but they can get a public hospital A ward plan. Prudential will sell their PRUShield Plus plan to foreigners, and there might be one or two others available in that segment.

 

[reddevil0728]

"CI" is not what I would consider an insurance necessity. DII (Disability Income Insurance) commonly is, and term life insurance for those with at least one dependent.


If a Singaporean citizen or Permanent Resident, yes, MediShield Life would be in place. In my view an "as charged" public hospital B1 ward Integrated Shield plan could be fairly described as an insurance necessity. I currently like Aviva's MyShield Plan 3 in that market segment, although for citizens Great Eastern's Supreme Health B Plus is pretty good, too.

None of the carriers offer such a plan to foreigners, but they can get a public hospital A ward plan. Prudential will sell their PRUShield Plus plan to foreigners, and there might be one or two others available in that segment.

but DII really depends on what type of job you have right?

If you are a surgeon, and u lost the use of 1 hand, then yes DII will work.

but if say you are a salesperson, losing 1 hand you still can work. will DII be paying?

 

[fr33d0m]

but DII really depends on what type of job you have right?

If you are a surgeon, and u lost the use of 1 hand, then yes DII will work.

but if say you are a salesperson, losing 1 hand you still can work. will DII be paying?

Can still work, why claim insurance?

Insurance is to insure the risk you can’t take. Not every damn risk....

 

[reddevil0728]

Can still work, why claim insurance?

Insurance is to insure the risk you can’t take. Not every damn risk....

Whether you want to claim or not is besides the point.

The point is can you claim in the scenario I have given?

 

[fr33d0m]

Whether you want to claim or not is besides the point.

The point is can you claim in the scenario I have given?

Yes if your new income is lower than the threshold you are insured.

And, rarely insurer insures profession. So if a surgeon loses one hand, he/she can take another profession and gain income. He/she is unlikely to claim full benefit.

 

[BBCWatcher]

Nobody is guaranteeing employment to age 65 in your preferred profession at your desired income level. However, three insurance carriers in Singapore are offering policies that'll protect against the permanent or long-term involuntary loss of income due to disability. That's important!

If you don't think DII is important, OK, answer this question, please: what's your realistic plan to cope with a permanent, 100% loss of income if you were to become disabled tomorrow?

 

[dork32]

Re post 1.
Top up medi save n OA within your means n cash flow requirements.
Where can u get save return of 2.5 to 4 percent nowadays?

U can check those taking CPF to invest.
Government published data regularly.. I didn't think too much can win CPF intetest.

got any a few thousand $, still want to top up cpf?