July 26th, 2010 by Ryan Koh
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According to The Sunday Times, dated July 18 2010, about 70% of Singapore private property owners do not buy mortgage insurance! Let me share with you why mortgage insurance is important if you own a private property.
In the event of death
To many Singaporeans, their property is easily their family biggest expense item. This is especially true now when $1 million is considered cheap for a condominium. However many houses are heavily leveraged, which means they are on a $800k mortgage loan after a 20% down payment. The surviving spouse got shoulder the entire loan repayment in the event of death of partner. [More...]
July 23rd, 2010 by Ryan Koh
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At the age of 31, many of my friends are entering parenthood. And that includes me! I’ve been meeting up with my friends discussing what kind of financial planning they should do for their baby. From my point of view, insurance planning for babies should be done in the following priority:
- Hospitalization insurance
- Whole life insurance
- Education insurance
Hospitalization insurance
This is the low cost yet the most important insurance you should get for your baby. Last year, I did a near $12,000 hospitalization claim for a baby. [More...]
July 19th, 2010 by Ryan Koh
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Back from my Barcelona incentive trip and decided to do some packing at home. Came across a file where I kept all my income slips for the past few years and make a pleasant discovery.
I first joined the business in late 2003 while I was in NUS year 3. Only 5 months plus to work in 2003 and my income was not that fantastic, I think I made slightly less than $10,000 that year. That was my first annual pay check.
[More...]
July 19th, 2010 by Ryan Koh
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Deductible and Co-insurance are terms normally found in hospitalization insurance programs. These are important concepts to understand in order to prevent misunderstandings during claims.
Deductible
If you look at your insurance quotation, you are likely to realise that there are different deductible amount for different hospital wards. For example, Ward A will generally attract a $3,000 deductible.
It means you have to bear the cost of the first $3,000. A lower ward will usually attract a lower deductible.
Co-insurance [More...]
July 19th, 2010 by Ryan Koh
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While I was doing financial planning for my clients, a lot of them mentioned that they want to achieve financial freedom early and retire young. I guess that is one of the common goals for working adults in Singaporean yea?
Is it really possible? Let’s analyse.
The best way to look into this is to analyse your cash flow. How much you earn and how much you spend. Let’s say you make $3,000 per month. What are your possible commitments?
Family Contribution [More...]
June 10th, 2010 by Ryan Koh
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Recently one of my clients and also a personal friend called me up and wanted to meet to talk about her existing policies. Her intention was actually to reduce her premium to the minimum.
I met her subsequently over tea to talk about the matter. “Ryan, I feel very broke!” she exclaimed this statement at least 3 to 4 times during our conversation. Before providing her any advice, I took out a cash flow analysis sheet and fill it out for her. [More...]
May 12th, 2010 by Ryan Koh
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Well done Alex! You have once again proved yourself as an outstanding Senior Financial Consultant.
See you at the TOP!
May 12th, 2010 by Ryan Koh
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I am extremely happy and proud to have received a letter from Prudential today complimenting one of my Financial Consultant’s, Pak Yan Zhen, outstanding performance in April 2010.
Especially the last sentence, “Don’t be afraid to be amazing. You are!” is truly inspiring.
I believe my entire team can be truly AMAZING and as a team we will display Outstanding performance in 2010.
I look forward to receive more letters of this nature.
Good work Pak!
May 5th, 2010 by Ryan Koh
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Just confirmed my travel dates for Barcelona incentive trip! Will be travelling from the 6th – 11th July. After that, I will be extending my stay to London!
My London stay will be from 11th till 15th. Barcelona is fully planned by company and I do not have to worry about the itinerary. As for London, have not done any planning yet.
Anyone been to London and can recommend me places to go?
Will come back with photos to share with you guys!
May 1st, 2010 by Ryan Koh
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As announced by our Prime Minister Lee Hsien Loong at the May Day Rally, employee CPF contribution will be increased by 1% from the current 14.5% to 15.5%.
This increment will be done in 2 phases:
- On 1st September 2010, the first 0.5% increment will be paid into employee’s MediSave.
- The remaining 0.5% will be paid into Special Account 1st March 2011.
Looking at the increment and the increase in threshold for CPF-IS Special Account from $30,000 to $40,000 from 1st July 2010, it is not difficult to see that our government’s focus on long term retirement issues for our ageing population. [More...]
