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Filial son working towards financial security (Part 2).

Monday, January 25, 2016

Our conversation continues:

Hi AK,

Firstly would like to say Happy New Year. Even thought its already mid of Jan. i writing this to you to update and share with you. I have transfer
my prudshield to NTUC enhance income shield advantage with assist rider. Then i have signed iterm for $200k term and $100k living rider(for CI) for 35years.


The Premium is $66.60/mth and till i reach 62 years old. Which is long enough. i know i may choose too little but its afforable and i feel much for comfortable in the long run. I also signed enhance income shield with basic assist rider for
both my dad and mum. So in any case, if my parents are warded, $30,000 bill just require to pay 10 percent which can be use by medisave
as well. i think its okay. i am paying giro and using my medisave to pay for both my parents. There is 25 percent premium subsides by gov. So its still within my afforable range.

At least if i get hospitalise, myself is full covered. But if my parents are warded, i use need to deduct 10 percent from my medisave. i know you
did advise me but i thinks and plan well before i done all these. if i earn more money, i will volunteer top up 7k to my MA in the future to deduct my income tax.

Secondly, i tried to share with alot of my frens all from different age, most of them earn alot but still think that OA is impt than SA because need to buy house. And they urge me to stop what im doing because they say i may face problem if im
buying house. But i know what im doing and i have still transfer full from my OA to SA for the next 3 to 5 years. i attached the interest i earn from OA and SA.

i only transfer all my OA to SA in Dec 2015. And i dont even have a gf now, so i just focus on funding SA first, so it will roll more interest through the years till my retire age.

Third, i also stop spending unnecessary money. i always think about what is the need and wants. And do i spend more money to buy smth just because of convenient. Just like what you shared. buying a can drinks in outside cost 1.50 where you go NTUC its only cost 70 cents. Start saving money and doing my best to focus on my studies and work.

Currently plan to save up $20k then go for 9 to 12 month FD. Meanwhile wait till i read enough before i start any investment such as S-reits etc.



you can use my screenshot and share on your blog. im okay with it.

sorry AK. i signed $200k term and $150k living rider(for CI) for 35years. The Premium is $75/mth and till i reach 62 years old. just to provide you in case people wish to find out

Lastly, thank you for the effort of keep posting and giving guidance. I still keep reading and following your blog and FB. All the best AK in your investment.


Warmest Regards
S






My reply:

Thank you so much for taking the time and effort to share with me your progress. I am very happy for you. I am sure you feel a deep sense of satisfaction and also a higher level of security now. Good job!






From S:

Yes AK, I'm feeling so much ease now. Hope you can continue to spread more knowledge to us. But I must admit it's hard to convince others about investment or transferring of oa to sa. But it's okay. As long as we know what we are doing and believe in managing ourself and the interest will prove through the years.

Related posts:
1. Filial son working towards financial security in 2016.
2. Beyond needs and wants is the price of convenience.
3. Do you know if your parents have H&S coverage?
4. A lot of money in my CPF SA...
5. AK is showing off his CPF OA and MA.

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