Moneyguru

25/11/2018

Good advise from MAS for home buyers. 👍
Always do proper financial analysis n budgeting before committing.

The Monetary Authority of Singapore (MAS) has urged prospective property buyers to exercise caution when considering taking up loans to fund purchases amid rising interest rates and upcoming supply.. Read more at straitstimes.com.

24/11/2018

"The study found that millennials in Singapore are super savers as it turns out that 55 per cent of those surveyed were already saving up for the future. On average, they started doing so at the age of 27."

However, most are saving up to splurge on their first home and getting their first car rather than for retirement but yet wants to have more retirement money and work less than previous generations.

While this is not impossible, have you thought about the cost of retirement to maintain the living standard you want and how you can achieve it?

Comment below to share what you have planned:)
Start early-Retire Early!

One in two millennials have started saving for the future, ahead of any other generation. But what they're planning to spend on might raise some eyebrows.

19/11/2018

Financial Education is indeed very very IMPORTANT!
1. Learn to budget
2. Review your expenses
3. Plan out your future goals
4. Manage personal spending habits

And most importantly learn to make your money work harder for you💲💲💲

SINGAPORE: All polytechnic and Institute of Technical Education (ITE) students starting school will have to take a financial education course from ...

01/11/2018

"While young adults do save for the future, many splurge their savings on short-term goals, a survey shows."
"Though retirement seems far off to a millenials, small well-informed decisions made today can make a significant, positive difference down the line"
1. Start early
2. Cultivate proper money management habits
3. Set financial goals
4. Set aside emergency funds
5. Avoid bad debts
6. Think health insurance
7. Consider compounding
8. Invest
9. Plan multiple income flows

Out of the 9, how many have you done?🤔

17/10/2018

"More hikes likely despite some premiums having more than doubled over 5 years" Many in their retirement get hit the hardest as the premiums continue to increase.
Have you plan for the escalating medical costs in your retirement years?

02/10/2018

DO YOU KNOW? that buying and selling off your property is not only about finding a ready buyer and how much you can sell the property for? It is more than that and you need to know your numbers 🙂

1. Minimum occupation period for HDB is 5 years

2. Your profit is not Selling price - Buying price ❌

- Refunding the money you "borrowed" from CPF

For instance, if you are using your cpf to pay for the downpayment and monthly installment, you will NEED to refund the principal amount you took from your OA PLUS ACCRUED INTEREST you would have earned had you kept the money in your CPF.

- Loan Balance
You will also need to pay off the LOAN BALANCE you are left with at the point of sale.

* "If you are selling a private property, you will have to consider the seller's stamp duty, which will be 12%, 8% and 4% of the property value for homes sold within first, second and third year of purchase "

What is left with after paying off the loan balance, refunding back what you took from CPF and seller's stamp duty is your Net profit!

So now you know. Are you really profiting from the sale of your property? Know your numbers before selling in the future 🤔😁

PM me if you want to know if you are really profiting from a sale/ how much you need to sell your property at to B/E👍

SPOILER: you don’t get to keep the full amount from your sale

27/09/2018

Can you really just depend on your CPF for retirement? Most if not all of us are using our CPF-OA to pay for our house monthly installment with a loan tenure of 30 years. When we finally clear our biggest debt, most will be in our 60s, about to retire. But, what is left in our retirement account is just mere thousands of dollars. 😯
Government statistics show that Singaporeans are great at savings but we are not making these savings work hard for us which will have a significant impact on our ability to retire comfortably.
"The key to financial success is to start early, save systematically and make these savings generate returns over time. As technology changes the financial services industry, there are no more excuses for keeping cash in low - interest current or deposit accounts. Those who are serious about managing their money should look at options available to them and put it in place a simple standing instruction that invest a fixed sum of money each month into a diversified investment portfolio."
Have you started looking at options to put your money💲 to work? Comment below to share with us what you have done😄

24/09/2018

This indeed is a good news. 😀To keep $20k in your ordinary account to earn 3.5% and at the same time leave some for buffer, e.g. retrenchment and there is no monthly cpf contribution. The buffer in your CPF-OA would be able to help pay the installment rather than having to fork out cash👍 I would leave $20K aside. How about you?🤔

Flat buyers can enjoy more flexibility in making their loan decisions and accumulate "some buffer" to prepare for unforeseen circumstances, ...

22/09/2018

Being parents, many are selfless, prioritizing their children’s future over their retirement and end up having to downgrade their lifestyle during retirement. Although more than 80% of the parents had started savings or planning for retirement, only 6% were confident in maintaining their current lifestyle when they retire.
Mr Chew: “We have no doubt that by investing in children, parents are fostering a better future for them. However, parents also must recognize that securing their own financial future is as significant in empowering their children to be future-ready.”
Parents, you might want to start thinking… 🤔

Only one in every five youth in Singapore believes their parents have enough personal savings to finance their retirement, according to a Nielsen research commissioned by NTUC Income.. Read more at straitstimes.com.