SoCash is an app that you can download. After that, you withdraw money at minimarts and other similar shops instead of ATM machines. This post displays my referral code: https://diaperfinancingfund.blogspot.com/2021/05/side-hustle-parenting-all-hail-socash.html
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0 8RE: Teaching our children the value of money..?
I think it depends on the personality of your child. If s/he is a natural saver, then well and fine. But if s/he is the kind who likes to spend everything, perhaps framing savings in terms of "future spending plans" will help her control her urge to spend.
0 2RE: How much is sufficient for retirement?
According to this study (https://www.fullertonfund.com/documents/insights/Rethinking_Retirement.pdf), Singaporeans target $1.4 million for their retirement on average.
But honestly, $1.4 million is too overwhelming for me to deal with right now, so I'm aiming for 10 times my annual income for my retirement nest egg as of now. It's apparently a good rule of thumb to follow: https://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire
0 4RE: Planning to retire early
I think start with how much you need in your retirement funds first. there are some rules of thumb for your reference:
- save at least ten times your last-drawn annual salary by the time you reach 67
- expect to spend about 2/3 of your last-drawn monthly salary during retirement
- spend an average of $2450 per month (according to Department of Statistics, 2014)
check out the CPF Life calculator and Retirement calculator on the CPF Board website.
I elaborated my thoughts on retirement planning in Singapore here: https://diaperfinancingfund.blogspot.com/2021/06/money-work-retirement-planning-in.html
0 4RE: which robo-investor is the best?
I think you should analyse your needs and preferences and risk appetite first so that you can find the robo-investor that is the best fit for your unique criteria.
for me, i chose the Syfe REIT+ portfolio because $50 was all I could afford to put aside for investment at that time. so I did.
0 4RE: Any tips & tricks to get start on wealth accumulation ?
Pay yourself first. Automate your transactions so that the moment your salary hits your account, part of it will be pivoted towards your savings and/or investing funds.
the rule of thumb is to save at least 15-20% of our salary.
0 5RE: Pay for my child's uni education or let them pay for themselves?
I relate so much to your dilemma. That's why I'm not topping up my child's CPF account with my money; instead, i will persuade him to deposit his angbao money into CPF when he is of preschool age, haha.
for me, personally, saving up for his college fund brings peace of mind, even if I can't save so much for my retirement as a result. I feel that if he's struggling to pay his college fees and will be saddled with debts in the future, his stress will spill over to my life indirectly. so why not pay his college fees if I can save up to do so?
so i pump in some money into his CDA account regularly.
however, i want to stop giving him an allowance after he enrols into NS. force him to save up for his pocket money during university, haha
0 3RE: What is the best way to invest with my kid money ?
I actually don't want to top up my child's CPF account with my money. I want him to take ownership of his CPF. When he gets old enough, I will persuade him to park his angbao money there, though. Haha.
Personally, I aim to save at least $5k in my child's CDA account. I feel that that's the cornerstone of his savings (at least for now).