Let’s Talk About Your Money Mindset – It Matters More Than You Think!
Let’s Talk About Your Money Mindset – It Matters More Than You Think!
On 7 February 2024, Business Times published a news article titled “Singapore’s median household income up 2.8% In real terms in 2023”. This is good news for Singapore residents! An inflation-adjusted rise in median income of 2.8% is a very healthy indicator for Singapore’s economy. The news article reported that Singapore’s median monthly household income has increased from $10,099 to $10,869, which is a positive sign. However, it is
When we talk about private annuities, it is more often than not that Singapore’s national pension scheme, the CPF Lifelong Income For the Elderly (a.k.a CPF LIFE), will be part of the conversation. CPF LIFE is a national longevity insurance annuity scheme that provides Singaporeans and Singapore Permanent Residents with monthly payouts for as long as they live. It is an integral part of our retirement planning. It aims
Singapore’s Budget 2024 speech by DPM Lawrence Wong on 16 February revealed significant CPF changes, in particular the closure of CPF Special Account (SA) after age 55, starting from 2025 onwards. This announcement sent ‘shock waves’ to many people, especially CPF members who will be turning 55 next year. Starting in 2025: The CPF SA will be closed for individuals aged 55 and above. Any remaining funds will be
I had the privilege to be interviewed again for Her World, this time in the December 2023 issue. The title of the article is “Trusting AI With Your Money”. I was asked to share whether I agree or disagree, and what alternative (better) or additional advice I might recommend as a financial expert. The editorial team had prepared this question based on their recent Her World “What Women Want”
https://youtu.be/H3yGP7OMnk0 It’s once again “SRS (rush) season”. The last day to contribute to the Supplementary Retirement Scheme is 31st December 2023. The Supplementary Retirement Scheme (SRS) complements the Central Provident Fund (CPF) system by allowing account holders to reduce their current income tax. Unlike CPF, SRS is a voluntary scheme. You have full control of the amount you contribute, subject to a cap. Singaporeans and Singapore PRs are eligible
For the Her World August issue this year, I had the privilege to contribute to a story titled “Are You Ready To Leave The Family Nest?”. The article also highlights some of the findings from Her World’s Women and Money Report 2023. I’m sharing with you my answers to the concerns that the article aims to address. Here goes: HW question 1: A growing number of Singaporean women are
What is an executor and what does it mean to be an executor of a will? It is an honour to be chosen as an executor of someone’s will. It is also a ‘heavy duty’ role that requires patience and diligence in carrying out the responsibilities. Anyone can be appointed as an executor, as long as he or she is above 21 years old, not a bankrupt and is
I have been asked this question quite a lot in the past 6 months. Hence, I thought it would be good to explain the differences in an article. A quick Google search came up with the following definitions of Unit Trust, Mutual Fund and ETF. According to Wikipedia:“A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors’ money into a
One key take away from the current inflation environment is that low inflation is by no means guaranteed. Inflation will never go away. But what you and I can do to preserve our buying power is to ensure our money grows beyond the inflation rate. Growing money against inflation requires strategies that suit your financial goals, risk profile and time horizon. Here are several ways to achieve this goal:
Unit trusts, also known as mutual funds, are a popular investment option for investors in Singapore due to several benefits they offer. Some of the key benefits of unit trusts for investors in Singapore include: Diversification: Unit trusts allow investors to diversify their investments across a wide range of assets, such as stocks, bonds, and other securities. This diversification helps to spread the investment risk, as it reduces the
What is investor risk profiling? It is the process of figuring out what is the tolerance or appetite for risk that an investor has, in a reliable & quantifiable manner, so that important financial portfolio decisions can be made based on it. Simply put, it is a measure of the degree of loss an investor is willing to endure within his or her portfolio. Market swings, economic or political
Most investors face a dilemma in correct decision-making: when to buy, when to sell, what to buy, what to sell, how much to buy or sell, and at what price! What if I told you that there is a way by which you could take profits when markets are high, and invest when prices are low – automatically? Luckily, there are ways that can help you WIN as a
Let us take a look at an example. Mr. Andrew Tan is age 35. He is married to his homemaker wife, Susie, and they have two young sons who are 3 and 6 years old. He takes up a term life insurance policy worth $1 million, covering him for Death and Total & Permanent Disability (TPD) till his age of 80. His wife is the beneficiary. This policy costs
Matrimonial assets come into the spotlight, especially, when a divorce is on the table. In Singapore, marriages and divorces are governed by the Women’s Charter. Within the Charter, it contains the definition of matrimonial assets (source: Attorney-General’s Chambers Singapore). What are matrimonial assets? Under the Women’s Charter, matrimonial assets include: Assets acquired by one or both parties during the marriage Assets used by one or both parties or their
The Importance of Estate Planning: 5 Consequences You Cannot Ignore by Karen Tang CFP The Importance of Estate Planning: 5 Consequences You Cannot Ignore Estate planning may sound like a big, complicated word. But in reality, planning your asset distribution need not be a daunting task. When you work with an experienced financial advisor and estate planner, you can be assured that all your priorities and key concerns will
This headline in The Straits Times caught my eyes back in April this year. Ms. Koh is a bile duct cancer patient. She is insured under a Great Eastern Integrated Shield (IP) plan that covers private hospital care and a rider that pays a portion of the bill. Even though the cost of treatment would cost more than double that of chemotherapy, both her doctor and herself assumed that