Author: fundMyLife

3 Kinds Of People Who Should Use Credit Cards (And 2 That Shouldn't)

Posted on September 3rd 2018 Tags: credit card fundMyLife opinion Credit cards can seem like a godsend. One swipe for your purchases, and you won’t have to worry about paying it until the end of the month. Being a credit card user, it allows you to delay your payments made usually up to 52 days of the interest-free period. Having a credit card also significantly reduces the amount of cash you carry in your wallet. While it is definitely useful, all it takes is a mistake in handling your purchases before it becomes ab-useful. Hurhurhur, get it? Not everyone...

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Understanding The Features Of The Home Protection Scheme

Posted on August 29th 2018 Tags: fundMyLife Mortgage Underwritten by the CPF board, the Home Protection Scheme is a mortgage reducing insurance. While it sounds like a scheme that protects the home, e.g., in case of fire, it is actually a scheme for homeowners. It protects the members and their dependents from being unable to pay the HDB mortgage, when unforeseen circumstances happen, e.g., death, total disability, etc. How does the Home Protection Scheme work? It insures the parties who are paying for the mortgage, proportionate to the couples’ contributions. For example, John and Jane pay $1,000 per month...

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4 Things To Consider During Your Financial Review With Your Adviser

Posted on August 27th 2018 Tags: Advice financial adviser Financial Planning fundMyLife To ensure that you’re in the pink of health, you pay a visit to the doctor for a body checkup. The doctor makes a few notes, asks a few questions, and makes recommendations based on his/her observation. Analogously, a financial health checkup involves going to your financial adviser for a financial review. Financial reviews often get a bad rep for being an opportunity for financial advisers to sell more products. How would you know if you’re in the pink of financial health if you don’t do a...

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5 Expensive Mistakes People Make When Choosing A Financial Adviser

Posted on August 22nd 2018 Tags: Advice financial adviser fundMyLife George is a kind man, who had many friends over the course of his life. Sometimes, they reappear suddenly to reconnect. And also enlighten him on the importance of financial planning. George, being the kind man that he is, supported them by purchasing products from these people, even though he didn’t need them. Over time, he realized he bought too many policies because each time he had a hard time saying no. Worse still, most of them eventually left the industry but he maintained his policies as he had spent...

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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?

Posted on August 13th 2018 Tags: Advice Debt fundMyLife 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...

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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

Posted on August 6th 2018 Tags: Advice fundMyLife 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...

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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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