Author: fundMyLife

What Is A Retirement Plan (And What Can Derail Them)?

Posted on August 20th 2018 Tags: Advice fundMyLife Retirement Retirement – you hear it often and everywhere. In short, retirement is a period in your life where you stop working and withdraw from the workforce. In Singapore, that minimum retirement age is 62. You also want to maintain the same standards of living as you did while you’re working. To achieve this, you’d have to save up a sum of money during your working years, following a thing called a retirement plan. According to a survey conducted by NTUC Income, slightly over half of young adults aged between 25-35...

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Renting As A Singaporean, Yay Or Nay?

Posted on August 15th 2018 Tags: fundMyLife opinion Property It is common than not for a Singaporean to stay with the family until very late into his life. This is a sharp contrast to Americans who leave the nest as soon as they turn 18. Of course, it makes economical sense to stay at home. Furthermore, home ownership is available when an individual, 1) applies for a BTO flat with his/her spouse, or 2) is over 35 years old and purchases a flat from a resale market. Option 1 requires a partner, whereas Option 2 requires significant resources – something...

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Is Being In Debt Always A Bad Thing?

Debt is an amount of money borrowed by one party from another party. While it sounds neutral at first glance, the concept of debt suffers from popular culture painting it in a bad light. When the word debt comes to mind, images of loan sharks pouring red paint all over your door appear. Of course, being in debt can be a terrifying thing. However, is it always bad? It’s possible to live a life free of debt, but that puts you at a disadvantage. In this article, fundMyLife tells the difference between good and bad debt, and how being in...

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5 Ways To Recover Financially After A Divorce

Posted on August 8th 2018 Tags: Advice Financial Planning fundMyLife Relationship We previously wrote about what you need to do when you get married. However, life does not always go your way and you might find yourself needing to divorce. Divorce is an emotionally and mentally draining process that involves many parties. More importantly, what happens after is a big financial change in your life. In this article, fundMyLife shares tips on how you recover financially after a divorce. #1 Step up If you were the one handling the household expenditure and finances, you should have less trouble managing your...

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Have Financial Disputes With Your Adviser? Here Are 5 Ways You Can Settle Them

  You might have been sold something wrongly by an adviser. It sounded right at first and the numbers were alluring. To your horror, you discovered it too late. By then, the 14-day free look period is over. You can’t cancel your plan anymore. You don’t want to/can’t meet the adviser again, and just want to get your policy problems settled. Where do you go to?  Fortunately, there are several places where you can look for resolution of your financial disputes. In this article, fundMyLife shows you the places you can go to if you have financial disputes. #1 Financial...

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Want To Pick The Right Financial Adviser? Ask These 5 Questions (And A Bonus Tip)!

Want To Pick The Right Financial Adviser? Ask These 5 Questions (And A Bonus Tip)! Posted on August 1st 2018 Tags: Advice financial adviser fundMyLife If you had to pick someone to handle your finances, how would you assess whoever who comes your way? It’s tough, isn’t it? After all, you’d have to be sure this person is both competent and is in this for the long haul together with you. In this article, fundMyLife shares several questions that you can ask a potential adviser, to pick the right financial adviser. While it may not be 100% fool-proof, these...

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Advisers' Take: Biggest Misconceptions About Financial Advisers?

Financial advisers have an important job to do – plan your finances, provide advice on insurance and investments, etc. The best ones will be your lifelong friends as you move through different stages in your life. However, the bad ones are the ones that leave the strongest impressions on consumers – news, viral social media posts, angry word-of-mouth, etc. In fact, members of the public may have different ideas about who and what financial advisers are. In this article,  fundMyLife asks three of its financial advisers – Kennard Lee from AIA, Winifred Tan from Great Eastern, and Ryan Teo from...

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Looking For Insurance For Pre-existing Conditions? Here Are 4 Options You Can Consider.

Looking For Insurance For Pre-existing Conditions? Here Are 4 Options You Can Consider. It sucks to have what insurers call pre-existing conditions. These conditions are defined generally any injuries or illnesses that affect you before you start your insurance policy. It can range from something you were born with such as asthma, or something that develops later in your like, such as diabetes.  At best, you have to pay extra premiums to account for the additional risk borne by the insurance company. At worst, the company denies you access to insurance. It’s not the end of the world if...

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A Really Simple Guide On Investment Products To New Investors

[9 min read] Written by Sherwin Chan, edited by Jackie Tan Hello readers of fundMyLife articles! If you have read my two previous articles, which are here and here, you probably figured that I am relatively new to investing that has just a couple of years of experience. Truthfully, when I first said to myself that I needed to start investing, I had a lot of inertia in the early stages because I didn’t know where to look for information or even what type of information I should be researching. And that’s why I am writing this article for...

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The Best Insurance Policies At Your New Life Stages

Life is a long journey. Typically, advancing into new life stages can be scary since each new life stage comes with its own special challenges and intricacies. Which you may or not be prepared for. However, fear not. In this article, fundMyLife explores the insurance policies you need to get as you enter different new life stages. Typically, an individual in Singapore first goes through student life, followed by working adult life as unmarried, followed by marriage and family, and finally retirement. Do bear in mind that this guide accounts for more common life stages. #1 Student As a...

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The Essential CPF Guide For Young Adults

Written by Letitia Jinghui Lean, edited by Jackie Tan If you’re like me, a soon-to-be graduate about to enter the workforce, it’s probably high time you started getting acquainted with CPF. You know, “that compulsory government scheme that siphons off part of your allowance each month”. It’s gotten a bad rep for locking away the average Singaporean’s money till age 55, but there is another side to this complicated savings scheme, and we’re here to break it down for you. For the average millennial seeking financial independence and security, here’s your blueprint to understanding the intimidating CPF system to...

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Getting Married? Find A Good Financial Adviser!

Getting married? Congratulations! There’s definitely a lot of moving parts involved. You’re probably surrounded by well-meaning friends and relatives who are giving you tips for the big day and beyond. Let’s talk about one piece of advice that’s not given as often as it should be when people are getting married: the importance of finding a good personal financial adviser. A lot of people neglect the importance of budgeting when it comes to marriages, leading to massive debts down the road. In this article, fundMyLife shares the reasons why you need a good financial adviser when you are getting...

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fML Case Study: Shield Plan Riders At Old Age – Yay Or Nay?

While we’re a question-and-answer platform that connects questions to the right advisers, once in a while the fundMyLife team receives questions directly. We get them via email, our contact page, or even Facebook itself. One day, fundMyLife had the opportunity to correspond with Karen*, who dropped one of the team members a message about personal finance. Here’s a little bit about her – she is 50 years old, currently unemployed, and has three children who are still in school. They are aged between 17-21. She presented a total of four different questions for us, which we thought were worth...

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I Already Know Which Insurance Policy I Want. Is There A Difference Who I Buy It From?

I Already Know Which Insurance Policy I Want. Is There A Difference Who I Buy It From? You’ve definitely done your homework on which insurance policy to buy. You’ve read through every article in finance media sites like DollarsAndSense, scoured through every HardwareZone forum post, and tried all the financial calculators out there. Now that you’re equipped with all the knowledge you need to make a decision, it’s time to buy the policy you want. Wait a minute, who to buy insurance from? Fortunately for you, there are plenty of places you can purchase your policy. You can get your...

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4 Questions to Ask Yourself Before Purchasing A Direct Purchase Insurance (DPI)

Written by Chew Jing Xuan Direct Purchase Insurance (DPI) refers to whole or term life insurance products with total and permanent disability (TPD) and optional critical illness (CI) rider that can be directly purchased from life insurers. We have addressed the pros and cons of DPI as well as where to get them so if you are interested in purchasing a DPI, here are some questions to ask yourself whether getting a DPI is suitable for you. #1 Are you savvy enough to make an informed choice? It may seem like an attractive idea to get much cheaper premiums...

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