How much u guys save?????
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not one of u mentioned paying back study loans.
all of u study for free or wat?
no need pay back bank loans or parent's cpf?
i not yet grad alredi got headache, owe father's cpf 24k by time i finish...
sian... -
your friend's 5 fig sum is $10 000 or $99 999? big diff leh..Originally posted by monkeybusiness:my savings quite little...
my fren same age as me, bank acc inside got 5 fig sum...
me only pathetic few k....
how to earn? anyone got tips?
how to earn? try moonlighting?
if the problem is that you use your savings for unnecessary expenses, why dont you open another account for savings only(cannot take out and spend). every month automatically transfer your savings to the account once you get your pay. the rest of the money goes to your daily expenses, bills, parents etc. whatever you have left at the end of the month, you can use it to pamper yourself, or better still transfer it to the savings account. -
i have to...gg to pay up the remaining sum when i receive my bonus.Originally posted by binkaboink:not one of u mentioned paying back study loans.
all of u study for free or wat?
no need pay back bank loans or parent's cpf?
i not yet grad alredi got headache, owe father's cpf 24k by time i finish...
sian...
this year end virtually no bonus liao.
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my pay is only 350..i m an nsfOriginally posted by huiz:your friend's 5 fig sum is $10 000 or $99 999? big diff leh..
how to earn? try moonlighting?
if the problem is that you use your savings for unnecessary expenses, why dont you open another account for savings only(cannot take out and spend). every month automatically transfer your savings to the account once you get your pay. the rest of the money goes to your daily expenses, bills, parents etc. whatever you have left at the end of the month, you can use it to pamper yourself, or better still transfer it to the savings account.
very pathetic.. -
very hard to save...Originally posted by monkeybusiness:my pay is only 350..i m an nsf
very pathetic.. -
haizz...so sad...Originally posted by huiz:very hard to save... -
age: 22
allowance: $1000
savings: $500
insurance: $200
petrol: $100
meals: $200 -
gross pay 3100
take home 2600
parents 450
bills 200
spending 600
insurance saving 400
and save the remaining in bank -
CI = $200000. Only upon death will i get the another $100000. Am currently discussing with my Advisor to increase this coverage as i just recently got a new job that pay much better than my previous one.Originally posted by tokyofire:Dear Ceciltan,
How much is your Critical illness coverage?
$300,000 for death/TPD??
I'm surprised that you are paying so much for little coverage.
Do you know that ILP will have high insurance premium when u get older?
May I know what is ELA? Is it IdealLiving 21? What's non-ELA?
Yes i am aware when i get older i paying higher premium that why my plan is to let go of the ILP when i am 50.
ELA is enhance living assurance 21 meaning i only need to pay the premium for 21 years. Non ELA mean i will be paying for this premium till the day i die. -
it ur stupidityOriginally posted by alexkusu:Its my curse, my fate, my destiny -
nsf allowance 649.20
most months:
transport 40
food/food supplements 100 (vitamins, joint support supplement etc. nsf eat at camp and at home so can save $$)
misc 50 at most( movies, cds or maybe one good piece of clothes i like)
easily save 400+.......goes a long way in planning for my university days and ord holiday =p -
Hmm......
I need some financial help......
Age : 24
Income
========================
CPF................. + 875.00 (employee+employer)
Nett Pay........ + 2119.00 (after deduct CPF)
Expenses
========================
Mom.................. - 1000.00
( 200 for her 800 repay for my tuition fee loan)
Insurance
.......Pioneer.......... - 17.50
.......Living............ -149.50
...... Foundation...... -27.70
Internet ............. - 55.00
gonna bloody terminate once this Sh!Tel contract end. paying $55 for 512kbps. damn carrot head
Hp/Resdential Line.......... - 50.00
Electricity/Water............ - 150.00
Transport........................ -150.00
Food.............................. -300.30
Miscellaneous................. -200.00
========================
Summary
Income: +2119
Expenses: -2100
-----------------------
Balance: +19
-----------------------
thats so crapz.... -
Hi,
Occupation: Banker
Age : 25
Gross Basic : 2.5k
Take Home : 1.9K
Give Parents: $500
1x Whole Life Plan= $180/mth giving $240,000 coverage in case of Death,
Critical Illness and Disability
1x Savings Plan = $150/ mth giving $20,000 coverage but will accumulate wealth for me for 25 years. Cashing out when i am 50 years old.
Invest in alternative products as well as Unit Trust and such
Expenditure=$500
Savings= $300
Misc= $200
The idea is to let our cash earn more for us instead of us working solely for $. There is a limit to how much each individual of us can earn a month if we are drawing a salary from a job (which most of us are). Therefore, it make sense for us to protect ourselves as the single unit of production of income against death, or worse disability through insurance. Savings account interest rate is pathetic now at the rate of 0.25% P.A in my bank and thus we be losing out to inflation every year if we do not at least invest to beat inflation rate which stands around 2%-2.5% a year. Therefore, I feel that we should invest wisely and take calculated risk to enhance our wealth. As a rule of thumb, younger people should consider taking more risk than older people as time is on their side and they probably have less committment weighing on them. There are a lot of ways to do this but the worse thing is to sit around and let ourselves be consumed by rising taxes, GST and such without doing anything at all.
Do talk to your advisers or bankers. They will be able to help you plan your needs carefully. Many people have little money for retirement because they did not plan well enough when they were young and at the peak of their earning power. -
everytime i save, in the end i will gamble finish, might as well dun save
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What is tied-agents?Originally posted by tokyofire:Dear no more,
May I know which company Whole Life are you holding?
Do you know endowment plan consist of Guaranteed & Non-Guaranteed potion. One should always focus on the Guaranteed part.
I would never suggest talking to tied-agents or bankers.
Does agents from insurance companies considered tied-agents?
What is negative about talking to these agents and bankers? -
3.2 K
3.2 k = Savings. -
Vices:
Smoking:
Cost Per Pack : $11.00
Average No. of Packs a Day : 1.5
Average No. of Packs a Month : 45
Average No. of Packs a Year : 547.5
Total Cost Per Year : $6022.50 + Health Problems
Drinking:
Cost Per Can of Beer : $3.89
Average No. of Cans a Day : 0.6
Average No. of Cans a Month : 18
Average No. of Cans a Year : 219
Total Cost Per Year : $851.91 + Health Problems
Gambling:
Minimum bet (most popular form of gambling:soccer) : $5
Average Bets Per Day : 0.7143
Average Bets Per Month : 21.43
Average Bets Per Year : 260.72
Total Costs Per Year :$1303.60
Grand Total (per year) :$8178.01 + Health Problems (increased medical expenses)
Ask yourself, is it worth it? -
Hi Tokyofire,Originally posted by tokyofire:Dear no more,
May I know which company Whole Life are you holding?
Do you know endowment plan consist of Guaranteed & Non-Guaranteed potion. One should always focus on the Guaranteed part.
I would never suggest talking to tied-agents or bankers.
i am holding manulife whole life policy. The $240,000 coverage is guaranteed. I did not include the non-guaranteed part. I am supurised that you actually mentioned that you would not talk to "tied" agent or bankers. That would effectively mean everyone in the financial industry. While it is definitely true that there are some unethical agents or even bankers in the market, many in fact give true and sincere advice. This will go a long way in helping individual in their personal financal planning. I myself am a "tied" banker as defined by you. However, i pride myself for giving only needs-based
analysis and advice to individual customer that comes into my bank. I do promote struture deposit as well as mentioned above but all these products do actually help to enhance risk-adverse people's wealth. Maybe you had some bad experience with such "tied"agents but it is not fair to brand us all the same. This is my personal opinion. -
i studying financial planning now.
and from what i studied, it is a bad idea to take up whole life policy. get a term policy will be better.
also dont go for saving or endownment plans. they are crap. with the same amount of $ take go invest in other types can earn more returns. i now starting to learn abt investing in stocks. anyone can tell me the different types of investments ma? i have limited knowledge but am willing to share with others so that we can learn.
btw dont include your housing loan within your insurance coverage. just split up the fund needed into 2, 1 for housing, the other for livelihood. for housing take up MRTI, while the livelihood, take up term policy. and perhaps H&S and critical illness. yup yup. thats all i have learnt so far. -
My saving is around 3k only..Originally posted by thelesis:Wah, you all so young and yet can earn so much... what you guys working as?
My age: 24
Take home is $1280 (gross salary is $1600)
My expense
Parent - $300
My joint account with my girlfriend - $300
HP & internet - $120
transport - $120
Saving plan - $70
Personal expense - $200 -
i seriously think that everyone should get a private shield plan from any of the 5 insurers. That would cover most of the hospitalisation bills... in the unfortunate event that one is down with illness and need to stay in hospital for a long period.Originally posted by spycampers:for illness
with medi- save account. plus a pru cash..
should be enough le..
in event of death..
the pru -cash..
insurance is for parents or sponse.
which in this case...
this money is for them to support the next few years..
it more than enough le... -
for ILP.. u can reduce the sum assured to a minimum of $6000 which means more money will go towards buying units. For a guy 30 years old, smoker, the mortality charge is coming to 40 bucks a month for a coverage of $100000. U can get a term plan, which provide huge coverage with low premiums. Downside is there will be no returns from this policy.Originally posted by ceciltan:CI = $200000. Only upon death will i get the another $100000. Am currently discussing with my Advisor to increase this coverage as i just recently got a new job that pay much better than my previous one.
Yes i am aware when i get older i paying higher premium that why my plan is to let go of the ILP when i am 50.
ELA is enhance living assurance 21 meaning i only need to pay the premium for 21 years. Non ELA mean i will be paying for this premium till the day i die. -
Not sure from which insurer did ceciltan purchase his ILP from, but im sure not all ILP works in a way that for the first few years, only a portion of the premiums go towards the investment and by the 10th year onwards, they give an extra percentage of 5% or 8%. Some of the ILP, 100% of the premiums will go into investments from year 1.Originally posted by tokyofire:Is your AXA Inspire Flexi 1 or 2??
How much is your AXA Flexi coverage?
Has your ILP managed to hit 9% return till this day?
Do you know that only 30% of premium are Invested in Year 1, 50% in Year 2 and 3.
Why are you holding 2 whole life policies? Your ELA 21 would be able to cover your protection until you deceased.
As for life polices, no harm getting more if you well afford it. It is in way a long term saving too. Most whole life polices, the break even year is around 20th. If you keep a policy longer, the more cash value it will accumlate.If you keep a whole life policy for 30 years and by that time u are ard 60 of age, you can surrender the policy and take the cash. -
Originally posted by tokyofire:Dear no more,
May I know which company Whole Life are you holding?
Do you know endowment plan consist of Guaranteed & Non-Guaranteed potion. One should always focus on the Guaranteed part.
I would never suggest talking to tied-agents or bankers.
Talking about Guaranteed & Non-Guaranteed potion, all insurers have to forcast the Non-Guaranteed potion based on past performance. Past records have show that the actual Non-Guaranteed potion payout is close to to the forcasted figures.Originally posted by tokyofire:Tied-agents represent only their company eg. AIA, GE, Prudential.
Bank financial consultants or relationship managers represent their banks.
structure deposit are their favourite.
For investment, their sale charges are 5% as compare to an Independent Financial Advisory Firm, the sale charges can be much lower.
I still dun understand why u would suggest not talking to tied-agents or bankers? so its better talking to a independant advisers or co-brokers?
I think that all plans are ard the same....
It really depends on the person u meet....U can talk to an independent advise who can sell polices from a few insurer, can u guarantee that he/she wont sell u something that u wont need?
End of the day, its the person u meet and the services u can get..... -
yes.. a term plan would provide high coverage with low premium.. but there are no returns unlike a life or endowment..Originally posted by bladez87:i studying financial planning now.
and from what i studied, it is a bad idea to take up whole life policy. get a term policy will be better.
also dont go for saving or endownment plans. they are crap. with the same amount of $ take go invest in other types can earn more returns. i now starting to learn abt investing in stocks. anyone can tell me the different types of investments ma? i have limited knowledge but am willing to share with others so that we can learn.
btw dont include your housing loan within your insurance coverage. just split up the fund needed into 2, 1 for housing, the other for livelihood. for housing take up MRTI, while the livelihood, take up term policy. and perhaps H&S and critical illness. yup yup. thats all i have learnt so far.
again..... yes.. the amount of $ take go invest in other types can earn more returns.. but the thing with investments is that, the returns are never guaranteed.
I still belive in the sequence of protection, savings and lastly investments.
jux my 2 cents....