your savings can last you....
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Originally posted by tokyofire:dragg,
sadly, I'm not... these are what i have learn from those agents and forums. It's always good to gain all these knowledges.. BECAUSE i always got cheated by those so-called financial advisors etc..
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I agreed with icebaby.. self control is the most important thing but sometimes it's difficult..Originally posted by icebaby0:It depends. Some is considered as earning too little, some considered as non-knowing how to manage their own funds.
I have frens like urs above that earns almost $2.5k but with their lifestyle, they spend it all. Some bring home only $2k, already thinking about buying a car...where to save then?
Some have issues because a bundle of the money goes to helping their family with their household expenses.
$$ is always not enough for most of us. Alot has to do with self budgeting. -
you may be surprised that some agents (will not really call them financial advisors) may know less then you about the products that they are selling...Originally posted by tokyofire:dragg,
sadly, I'm not... these are what i have learn from those agents and forums. It's always good to gain all these knowledges.. BECAUSE i always got cheated by those so-called financial advisors etc..
esp if u read up more on these products..then u can see their stunned look... -
x2Originally posted by Peppermint:you may be surprised that some agents (will not really call them financial advisors) may know less then you about the products that they are selling...
esp if u read up more on these products..then u can see their stunned look...
some dun really noe how the thing works, they're just repeating to u sth that their i/c told them n got them to memorise
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TOUCH WOOD..Originally posted by Peppermint:yes its always not enuff...however much we plan...someone up there/down there has other plans for u
some of my friends...therefore have the mentality that you should spend and enjoy life while you can...what for save so much...when one day u could just be gone...would u then not regret that u have so much money and didnt get a chance to spend it
What if u're not gone.. u're down with kidney failure? cancer? Do u think ya parents will to let u suffer? what if it's opposite.. parents down with Critial illiness.. do u think u'll let then suffer? dont u wanna help them? but those treatment will cost u a bomb... Nothing is FOC in SG... =) -
I know a few people working as financial advisors....and they are always broke!
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i dont support buying insurance.
i have a friend who used to make $3-4k. he bought 7 policies when everything was going well.
he lost his job and thus have to surrender his policies. he lost a bundle.
the breakeven point of an insurance is at least a decade or later. people dont normally expect something bad to happen. they spend whenever they can. that is the problem. -
I always try to share my little bit of knowledge with my friends..Originally posted by shinta:x2
some dun really noe how the thing works, they're just repeating to u sth that their i/c told them n got them to memorise -
ah in sg is better to die then be sick...my mum die die dun wan me to buy insurance policy for her...esp those hospitalisation one....sigh...me in process of planning her medical expenses 10 years in advance...Originally posted by tokyofire:TOUCH WOOD..
What if u're not gone.. u're down with kidney failure? cancer? Do u think ya parents will to let u suffer? what if it's opposite.. parents down with Critial illiness.. do u think u'll let then suffer? dont u wanna help them? but those treatment will cost u a bomb... Nothing is FOC in SG... =)
nursing home is not cheap too
the illusion of wealth?
i known a few people whereby they are high in debt due to car loans and housing (condo type) loan and have young children to support, on the surface look rich...but deep inside...if either one (the couple) lose a job, they may lose everything...
thats at least 3-4k a month on these expenses... -
Insurance --> impt yet, it's where most pple's money is going to.Originally posted by dragg:i dont support buying insurance.
i have a friend who used to make $3-4k. he bought 7 policies when everything was going well.
he lost his job and thus have to surrender his policies. he lost a bundle.
the breakeven point of an insurance is at least a decade or later. people dont normally expect something bad to happen. they spend whenever they can. that is the problem.
Buy only what is necessary lah, don't buy too much.
E.g. If you are married rite, don't buy too much insurance for kids. Just buy for urself so that u are covered. i.e. if u die, the money will be for ur kids. If u buy alot of kids, only when they die...they don't get the $$, $$ goes to their kids. Understnad?
I never believe in buying too much insurance. Just alittle enough to cover the necessary lor.
If not, u have a hard time paying for it. -
I totally agree with u on that point.Originally posted by Peppermint:ah in sg is better to die then be sick...my mum die die dun wan me to buy insurance policy for her...esp those hospitalisation one....sigh...me in process of planning her medical expenses 10 years in advance...
nursing home is not cheap too
the illusion of wealth?
i known a few people whereby they are high in debt due to car loans and housing (condo type) loan and have young children to support, on the surface look rich...but deep inside...if either one (the couple) lose a job, they may lose everything...
thats at least 3-4k a month on these expenses...
No matter what, a person MUST die die try to save at least one-third of the salary every month, just in case there is a day when u really need the money.
Either that...better to buy an endownment plan (if u are the kind that cannot save) which u can "loan" money out if u need anything, if don't need, can continue saving. =) -
the restructing, outsourcing, 911, SARS, bird flu and whatnot really gave us an idea as to how fragile we singaporeans are.
a lot of 'well-to-do' people suddenly find themselves in deep financial woes. all just because we over-committed.
all the cars and properties most singaporeans have actually belongs to the bank or HDB. they are just using it 'on rental'. nothing actually belongs to us. insurance is a burden if you lose you job, in fact most things are. -
i rent an apartment at East coast (1.3K per month).
just collected a new car (1.7K per month for installment).
And my contract will end at the end of this year. so have to find another contract.
Do i live within my means? I don't go to pubs, don't smoke, don't buy branded watch, don't go shopping during weekends. -
only time will tell....Originally posted by Glen999:i rent an apartment at East coast (1.3K per month).
just collected a new car (1.7K per month for installment).
And my contract will end at the end of this year. so have to find another contract.
Do i live within my means? I don't go to pubs, don't smoke, don't buy branded watch, don't go shopping during weekends. -
it depends on how much this 3k consititues of your take home-pay...as u did not make any mention of it...Originally posted by Glen999:i rent an apartment at East coast (1.3K per month).
just collected a new car (1.7K per month for installment).
And my contract will end at the end of this year. so have to find another contract.
Do i live within my means? I don't go to pubs, don't smoke, don't buy branded watch, don't go shopping during weekends.
a general ratio is 60% expenses 40% savings/investment...
u are ending your contract end of year..any gratuity payment? based on the need of having at least 6mths of emergency fund...u need 18k in savings alone just to fund your above expenses... -
cos' they don't practise what they preach?Originally posted by av98m:I know a few people working as financial advisors....and they are always broke! 
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they simply need more experience as any sales people would say.Originally posted by shinta:x2
some dun really noe how the thing works, they're just repeating to u sth that their i/c told them n got them to memorise
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maybe *shrugs*Originally posted by YI:they simply need more experience as any sales people would say. -
true.. i had absolutely no wish to live for my insurance policies. they are supposed to complement my way of life, and not the other way round. so what kind of a percentage do you reserved for your monthly premium?Originally posted by dragg:i dont support buying insurance.
i have a friend who used to make $3-4k. he bought 7 policies when everything was going well.
he lost his job and thus have to surrender his policies. he lost a bundle.
the breakeven point of an insurance is at least a decade or later. people dont normally expect something bad to happen. they spend whenever they can. that is the problem. -
Well, only time can tell.Originally posted by Glen999:i rent an apartment at East coast (1.3K per month).
just collected a new car (1.7K per month for installment).
And my contract will end at the end of this year. so have to find another contract.
Do i live within my means? I don't go to pubs, don't smoke, don't buy branded watch, don't go shopping during weekends.
It all serious come up to abt how much u are currently earning and have set aside for emergancy when ur contract ends to the next job u find.
Best of luck though. -
I'm low maintence, so I don't worry much. You'll won't die of hunger in Singapore as long as you're willing to work. In fact, plenty of money to be earned.Originally posted by Peppermint:for how long if you lost your job today?
was chatting with a gal friend of mine..she mentioned that her bf (28 this yr) will be out of job this year due to end of contract...
apparently...her bf owes abt 3k of credit card debts and has almost close to 0 savings...part of the money is spend giving to parents (abt 400-500) and payment of insurance premiums (abt 400)...the rest about 1.5k?? no idea....most likely on entertainment...and daily expenses...
the 0 savings is frightening (to me at least) despite him getting about 2.5k (after cpf). more importantly..how is he going to finance his premiums and lifestyle while he is looking for a job?
in another topic posted previously on how much you save....majority forummers seem to have difficulty...saving up...is it because of upkeep of lifestyle? earning too little? or too much finanical committments?
will the thought of u losing your job today spur u on to save more for rainy days?
Stay away from any financial burdens, including installments and insurance and credit cards. Cos in Singapore, it is difficult to work in a stable job unless you're working for the government. So having any unnecessary financial burdens are no-no.
Saving up is the right way to go, but unfortunately nowadays there's tons if places to shop and items to buy. I also surrender to my temptations once in a while...lol...once in a month.
Hahaha...whatever it is, don't overspend and buy more things than you can afford. :-P
Out for lunch now. -
money is never enuf......
boss, are u reading this? -
i wonder if i'd get a pay increase when i get confirmed for this position.. and also cos of the increased workload
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Savings - Just sharing my fren case
My fren 35 yrs old has set aside a few type from what he told me
Retrechment saving,Family contingency incase need to hospitalise or funeral ,Future capital investment (set up own business incase retrench),Children Education.
This fren of mine is an accountant so is his wife combined they made 10 K ++ yet they live in a humble fully paid up 4 room flat and dun own a car.. esimated his saving at least 300 K ... he very careful and only allocate a small portion on share investment ...
Frankly, with this kind of wealth I will live it up and buy a nice car to drive rather than squeeze in public transport for 1.5 hour everyday .but he very scrooge ...dun even order drink when go for lunch together he will bring his own water. and he seldom dine at resturant...cos he said waste money .. his TV home appliance also 2nd hand
Guess he is the richest fren I have -
Mine shld be able to last mi comfortably for a year at least..... if i scrooge on it maybe a yr and half