Welcoem to posts!!
in the future - u will be able to do some more stuff here,,,!! like pat catgirl- i mean um yeah... for now u can only see others's posts :c
Today you'd here from someone who shared his story to me recently. π€«
He has investments in stocks and cash
And is likely financially free. π₯
He used to own a condo but has sold it off.
Find out what he thinks about investing, property opportunities in Singapore and being frugal. π
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Weβve done too many talk about retirement with BIG NUMBERS...
"$1m not enough" ... "at least $5m"... some say... ππ₯
Watch ππ»βΊβ https://youtu.be/8bBaN_MMsIU?si=-TIow...
Today I've some clips that will help bring us to the heartlands to hear a very different...
A refreshingly simple perspective. ππ»
First lady interviewed. Looks in her 50s. Says "Around $100k in bank account"
Second guy interviewed. Looks in his 60s. Says "Need around $100k" (also)
Third lady in 60s? Says because "I can get back my salary every month from CPF", I can retire...
Feels like the interviewees indicate $1,000/m or $1,500/m to be enough. True?
Really depends... π₯
With $1,000/m ... that's $30/day.
Not too much for travelling in retirement.
No budgets for a bit more luxury in food choice and medical care
BUT BUT BUT while that is true, their message drive home the idea that
IF
expectations are low, SATISFACTION is easier. RETIREMENT is easier.
It's all an expectation game and happiness may not cost a lot
Some ignorance can be a blessing... π€
If you are younger than our kind interviewees and are in more of privilege position to plan,
My links here π βΊβ www.theastuteparent.com/josh-tan
Engage Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make now
Watch ππ»βΊβ https://youtu.be/8bBaN_MMsIU?si=-TIow...
How Much Is Needed For Retirement? You Won't BELIEVE Their Numbers! | Retirement Planning Singapore
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Have you thought about your retirement as we are approaching the end of 2024?
Retirement often feels like a distant dream for many. π₯
Recent Singlfeβs second financial index findings show that
- 44% of people believe financial freedom is impossible
- while 56% see it as achievable.
This begs the question: Why do some people struggle to retire, while others plan and succeed?
Some of the Key Barriers to Retirement in the findings: β
Insufficient Income β 55% of respondents cited this as their main challenge.
But is it truly about earning more?
Some people saved less despite earning more than the others who focused on smarter spending and saving despite earning less.
Unexpected Expenses β Medical emergencies, rising costs, and unforeseen life events derail even the best plans.
Debt Burdens β In Singapore, huge mortgages and car loans can make it harder to set aside savings for the future.
These challenges are real, but theyβre not insurmountable. (Smash the LIKE if you agree ππ»)
They highlight the importance of structured planning.
Thatβs where the 5 Levels of Financial Freedom come in.
My 5 Levels of Financial Freedom
π1. Fixing the Basics β Eliminate debt, cover essential needs, and establish stability.
Goal: No outstanding obligations and enough resources to meet basic demands.
π2. Emergency Ready β Build a safety net to manage unexpected life changes.
Goal: Save at least one yearβs worth of expenses to feel secure even without a job.
π3. I Should Have Enough β Accumulate assets that cover 10 years of living expenses.
Goal: ~$300,000β$500,000 in savings or investments, allowing for
semi-retirement or part-time work.
π4. I Definitely Have Enough β Create passive income streams that meet or exceed current expenses.
Goal: A portfolio worth $500,000β$2M generating consistent returns.
π5. Beyond Enough β Achieve surplus passive income to provide for yourself and your next generation.
Goal: Build generational wealth and leave a legacy.
Financial freedom isnβt just about earning moreβitβs about spending wisely, saving intentionally, and planning purposefully.
Whether you're at Level 1 or striving for Level 5,
the journey begins with understanding your current financial habits and making incremental changes.
I hope more of the 46% of people will believe that financial freedom is achievable. π₯
What challenges do you face when planning for retirement?
Which level are you aiming to reach? ππ»
Do share your views and thoughts on this! Watch - https://youtu.be/ahIzJRyhGNY?si=3AoGi...
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I FOUND A GREAT DEAL TO SHARE WITH YOU
LINK - joshtan.link/ergo
Ive gotten in a special promo code with them that has $20 off (PROMO CODE : JOSHTAN)
in addition to the $200 off for Black Friday π
Currently in my office setup, I'm using the Ergotune Vesby chair.
So if you've been looking for a good ergonomic chair, you have to check this deal out! OFFER ENDS 27NOV2024 π₯
LINK - joshtan.link/ergo
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Why do SAVINGS LEVELS FOR SINGAPOREANS look so different?
in this video, you'd hear what are common traits and situations to be successful in building up wealth.
Hopefully these tips help you plan for your retirement in Singapore.
Get better ideas on building up your first $1m here
π Specially written by JOSH TAN! - HOW TO $1m (Newest Edition) π
βΊβ payhip.com/b/q5Bln
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WHERE TO PARK YOUR MONEYS FOR 2025?? π
Join here βΆ joshtan.link/eventbrite
Coming up in 2 weeks time on 3Nov24 Sunday,
if you want to invest better, if you want to prepare for retirement better,
come to the Josh Tan Meet π
First 25tickets early bird tickets with 10% off have been sold.
Calling for 15more seats, Get your tickets today while they last ππ»
βΆ joshtan.link/eventbrite
What you'd get in this event π₯
- Latest REIT and SG dividend stocks insights
- Tips on where to invest if FED cuts rates
- 1-1 on any investments and finance questions
- Great food
- Great entertainment in live interviews
And you'd be getting free chapters from my eBOOK "28Days to Financial Freedom"
Calling for 15more seats, Get your tickets today while they last ππ»
βΆ joshtan.link/eventbrite
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You're going to hear 5 mistakes about property that you must not make.
These include understanding accrued interest, negative sale, freehold property and much more.π
Smash the LIKE and subscribe! π
0:00 First mistake
1:45 Second mistake
3:19 Third mistake
6:23 Fourth mistake
10:54 Fifth mistake
#property #propertyagent #sgproperty
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$1m coverage that my friend asked me to take???
I just finished recording a podcast and had an interesting question from one of the filming crew members that I couldn't wait to share with you all.
Question: "Hey Josh, my insurance friend is recommending me to buy a new insurance policy to increase my overall coverage to $1 million. What are your thoughts?"
My Response: I asked him, "Have you recently bought a new house or had kids?" His answer was no, he hasnβt bought a property and he's still single. This question really brings up an important point. If you're looking for new insurance coverage, there must be a specific goal, right?
Watch "Responding to YOUR BURNING QUESTIONS ON MONEY AND PERSONAL FINANCE in Singapore!"
> https://youtu.be/BkUtRxvBZSo?si=zzwS_...
Why $1 million? Is it to cover a new liability?
If youβve bought a home with a mortgage, yes you should cover for it.
To this point, the usual mistake I see is to cover for too long and too big an amount. Do not buy a term coverage to age 99 for it. If your mortgage is to age 65, you can cover till age 65 to match it. You can even cover till age 60 only. If your term duration is shorter, you pay less in premium. Conceptually, the remaining mortgage isnβt too big at the tail end of the mortgage..
Why $1 million? Is it to cover a new kid onboard?
Congrats if this applies to you!
With a new dependent, your long term income for the next 20 years is vital. Hence, a term plan to increase death coverage for the next 20 years may make sense. And as a tip, do also reconsider increasing your critical illness coverage which can be done with a rider to the plan.
Every case is unique but the reason to buy coverage must be clear.
I have received a lot of questions in my comments section and I will address several common questions we receive about insurance and financial planning. I will break up my postings on linkedin into several parts so that you can get a better understanding of the questions and my thoughts. At the end of it all, I want to help you to be more savvy in terms of your financial decisions.
If you found these insights helpful, please like and share this post! And if you have more questions, drop them in the comments below. Stay tuned for more financial tips and advice!
If you need help to restructure your insurance portfolio or plan suitably ahead:
βΊβ t.me/ifasg OR email to Josh.tan@promiseland.com.sg
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Meet the man behind The Gym Pod! π
I've known Damian for a long time. When he was in his first ecomm startup, I got his help too for website.
Fast foward today, I'm a small little advisor and youtuber π...
but this guy.. he is a serial entrepreneurπ₯
He Made Enough Money To Retire At Age31 BUT Didn't.
The Gym Pod was created after he exited from his ecomm business
If you want to listen in to our discussion, I've a previous episode RIGHT HERE!
| The Gym Pod Boss Tells His Unique Story | ...
> https://youtu.be/8sX07-JMGnM?si=G2lGO...
"Success is best when shared with friends who support
and celebrate your achievements" β
BTW have you tried GYMPOD? What are you waiting.... =P
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Should You Upgrade Your HDB or Invest in Condos? Let's Dive In!
I recently came across an article discussing a coupleβs dilemma: βWe make $11,000 per month and own a newly MOP Clementi HDB. Should we upgrade to a bigger condo or buy two for investment?β
Watch "They Make $11,000/m, Should They Upgrade To A Condo OR Buy 2 Properties?"
> https://youtu.be/3NuCouF3K8Y?si=YIJLo...
Some background to the story, the couple resides in Clementi, with their 4-room flat reaching MOP last year. They have a combined income of $16,030 (husband: $11,580; wife: $4,450) and are in their early 40s, planning to have kids soon. They are considering selling their HDB and either upgrading to a larger condo or buying two condos (one for living, one for investment). Their current location in Clementi is fantastic with great schools and amenities nearby and the 4 room flat estimated to be 1 million in value now.
I did an income and savings analysis and worked backwards based on the 16k combined income and $4k monthly mortgage payment. Assuming they saved $400k and cash proceeds from HDB of $377k after returning to CPF outstanding amount. The max housing budget max should be $1.59m.
I have strongly advocated for the 5/25/5 rule especially above the age of 40.
- 50% of downpayment capital on hand
- 25% of monthly income use for mortgage
- 5 times of annual income
It is more stringent and prudent as we reach an age where there is a higher risk of layoff, income will peak at 40s and health might deteriorate.
As the couple is planning a family, the life situation changes. We've seen private clients who moved to a sole breadwinner situation with a new kid onboard. Expenses start to rise and savings rates drop. High mortgage costs create additional stress and retirement is compromised.
Selling HDB to buy 2 condos will result in bigger loan size and could put the family budget at risk. There can be periods when there are no tenants and there could be too much risk to interest rate volatility which can increase mortgage. Investing in a larger property may seem appealing, but financial prudence is essential. Itβs crucial to balance the dream of a bigger home with financial stability and long-term security.
Home and property choice impacts your financial and retirement plans significantly. Iβve worked with private clients on planning home upgrades because I can provide a unique view on what is prudent. Iβve also worked with private clients on their retirement ladders with investment properties in the picture. Learn more about my work with private clients: www.theastuteparent.com/josh-tan/
hashtag#PropertyInvestment hashtag#FinancialPlanning hashtag#SingaporeRealEstate hashtag#FamilyFirst hashtag#SmartInvesting hashtag#HomeUpgrade hashtag#ClementiHDB
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Josh Tan speaks on the latest money, business and financial topics.
You'd also see interesting reactions and guest interviews right here on this channel. Stay tuned!
If you'd like to engage JOSH TAN for a speaking event or customise a finance talk, email to joshtantap@gmail.com
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This is not a recommendation to buy or sell any securities mentioned. The information contained are ideas from Josh Tan or TheAstuteParent and strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material.
This advertisement has not been reviewed by the Monetary Authority of Singapore.