*Official* MasterLeong Thread

[spiritGate]

I think China land quite good to buy now I think. Can build as residential area then rent out to ppl

Not rich lah, once buy a hole then no more cash already.

 

[MasterLeong]

Not rich lah, once buy a hole then no more cash already.

u not saving money to get married with your gf meh?

 

[MasterLeong]

for me. its always 12 x mthly REAL expenses. and just stash it aside. very safe calculation.

me too

my monthly expenses 1k

so I keep 10k as EF, pure liquid cash in savings account... die die my savings account will not let it go below that amount

 

[Maeda_Toshiie]

One should not mix warchest with emergency funds (EF). EF is primarily used to provide short term quick solution of the sudden problems/ issues arised during your life. The moment you think of Warchest is equivalent to EF, then very likely you're going kill your own finance.

So one should not underestimate the strength of EF. It may look alot of $$ to save, but when facing sudden issue, it is very handy for you.

That's just my opinion.

Edit:
My Emergency Funds (EF) is typical up to 4x my salary which should last me 7 mths of unemployment, due to substantial savings on groceries and daily expenses (I can cook, so that's close to 75% savings). But like I always say, please do your own risk assessment.

My 2cents:

Your emergency fund, like your insurance coverage, is highly dependent on your liabilities and dependents. I do not think that the fund should be measured by salary, but by liabilities and risks associated with the person's job and "hireability" in the job market. There is no one-size-fits-all rule-of-thumb.

A single person with no long or short term loans (eg. tertiary student or young working adult staying with parents) can just put aside a relatively small amount of cash for emergencies. People with housing loans and schooling children will require a substantially larger sum.

 

[DamienK]

how much do you guys normally keep aside for warchest?

 

[MasterLeong]

no fixed or hard rules for emergency fund, just see what kinda safety net u wanna put


general rule of thumb is 6-12 months of expenses into pure liquid cash

 

[mcsane]

Waaa 7500 on expenses. Good leh, means both you and your Wife are earning very well.

Hope I can reach your level soon (for income)

maybe we earn 7600 combined only? or worst still 7000?

i tink nth to envy ba. this is afterall the internet.

but what i can share is, enjoy the journey with ur spouse through thick and thin. instead of lamenting how expensive SG is and stuff, we should channel our energy to motivate our partner to save/invest well for F.freedom.

Its difficult for young couples these days, their wedding debts + reno debts set them back significantly alrdy. so, less ego less showoff, lesser debts. My wedding and reno was really simple. 0 debt.

 

[spiritGate]

Can put EF in ssb or not? Can withdraw anytime and also the withdraw waiting period is ard few days? So should be alright right? Because at the same time while during the positive time, can collect interest hahaha

 

[MasterLeong]

how much do you guys normally keep aside for warchest?

at current levels of STI 2950

around 5-10% warchest

balance all already into stocks for dividends



time in market beats timing the market

 

[Sinkie]

u not saving money to get married with your gf meh?

Actually all the saving are ready, and at the moment now is trying to generate more saving from this saving

Have to restart everything again after married + buy the hole liaooo..

With money is easy to make more money, but when u have to start from scratch is really very hard

 

[mcsane]

7.5k a month... the heavy weight of having kids


may I ask whats your occupation and monthly salary like?

self employed. ranges 100 to 150k P.A for the past 3 years.

 

[MasterLeong]

Can put EF in ssb or not? Can withdraw anytime and also the withdraw waiting period is ard few days? So should be alright right? Because at the same time while during the positive time, can collect interest hahaha

SSB more for putting warchest... if u in trouble at start of month, next wait next month then can take out.. not suitable for emergency fund


best place to park emergency fund is savings account and fixed deposit...

if you kanna fired/sacked today, tmr can go draw out 1 month expenses to tank first

 

[Maeda_Toshiie]

Back in 2006 when I was a technician @ only 1.6k salary. Some local grads from NUS also applying for the same position requesting 2.4-2.5k as starting pay.

Then by 2011-2012, NUS grad applying technician getting roughly 2k starting pay, but requesting roughly 3-3.5k.

Now I feel the changes is pretty significant but not sky-rocketed.

In 2006, the engineering fresh grad pay was ~2.5k for the position of engineer. For those doing shift work in semicon, it can hit 3k.

 

[spiritGate]

Yea gonna to have my wedding soon. But lucky able to pay for all the expenses without debt, since we go for simple wedding as well.

Yea my Wife and I aiming for financial freedom and enough funds for our future kids to finish their education without worries.

Next year got tons of things to plan hahaha

maybe we earn 7600 combined only? or worst still 7000?

i tink nth to envy ba. this is afterall the internet.

but what i can share is, enjoy the journey with ur spouse through thick and thin. instead of lamenting how expensive SG is and stuff, we should channel our energy to motivate our partner to save/invest well for F.freedom.

Its difficult for young couples these days, their wedding debts + reno debts set them back significantly alrdy. so, less ego less showoff, lesser debts. My wedding and reno was really simple. 0 debt.

 

[MasterLeong]

Actually all the saving are ready, and at the moment now is trying to generate more saving from this saving

Have to restart everything again after married + buy the hole liaooo..

With money is easy to make more money, but when u have to start from scratch is really very hard

yup money grows more money


so now your money is park in which areas to generate more money?

 

[MasterLeong]

Yea gonna to have my wedding soon. But lucky able to pay for all the expenses without debt, since we go for simple wedding as well.

Yea my Wife and I aiming for financial freedom and enough funds for our future kids to finish their education without worries.

Next year got tons of things to plan hahaha

didi so young getting married liao

gong xi gong xi

 

[spiritGate]

Ohhh I see. I thought ssb is can withdraw anytime like today request to withdraw then few days later can get the money back Liao hahahaha. I must read more on the withdrawal portion

SSB more for putting warchest... if u in trouble at start of month, next wait next month then can take out.. not suitable for emergency fund


best place to park emergency fund is savings account and fixed deposit...

if you kanna fired/sacked today, tmr can go draw out 1 month expenses to tank first

 

[MasterLeong]

STI today down 0.5%

guess may not see 3000 till 2017 gg max

 

[MasterLeong]

Ohhh I see. I thought ssb is can withdraw anytime like today request to withdraw then few days later can get the money back Liao hahahaha. I must read more on the withdrawal portion

ssb is once a month, a fixed date get the cash

 

[akwl88]

Yea gonna to have my wedding soon. But lucky able to pay for all the expenses without debt, since we go for simple wedding as well.

Yea my Wife and I aiming for financial freedom and enough funds for our future kids to finish their education without worries.

Next year got tons of things to plan hahaha

bro, can share how simple your wedding is?

like smaller no of guests?

no banquet at atas hotels?