What are the biggest lessons you have learned in the insurance industry?

The following is my answer to a Quora question: “What are the biggest lessons you have learned in the insurance industry?” I have learned, over the years, that it is not just about the policies you buy, but how you structure them. I have learned that the wealthy and the masses buy the same policies,Continue reading “What are the biggest lessons you have learned in the insurance industry?”

Understanding Term life insurance

When buying personal life insurance, you’d be introduced to Term life insurance, Whole life insurance, Endowment/savings plans, as well as Investment-linked policies. Each product type has its purpose, advantages and disadvantages. So what is Term life insurance? Term insurance is life insurance that provides insurance coverage only for a fixed period of time. An exampleContinue reading “Understanding Term life insurance”

Building an Emergency Fund

Why do you need an Emergency Fund? An emergency fund is a sum of money set aside for accidents, sudden injury, or an unexpected loss of income. It’s essentially what you keep aside “for a rainy day”. Unpredictable events can be life-altering as well as expensive, resulting in financial emergencies. An emergency fund gives youContinue reading “Building an Emergency Fund”

Saving $100k by 30 years old?

Perhaps you’ve read Saving $100K by 30 Years Old… Is It Even Possible? A lengthy read but worthy to know that it’s possible. But here are my thoughts: In all honesty, one would probably save like this when he plans to get married. Bootstrap to save 50% of take-home income. And most of that savingsContinue reading “Saving $100k by 30 years old?”

What is the best long term advice for newly-wed couple?

The following is my answer to a Quora question: “What is the best long term financial advice for a newly-wed couple?” A lot of marriages flounder because of fights about money. Therefore, have a financial plan, make budgets and keep to them. Put money aside in a separate account for investment, and wealth creation. ThatContinue reading “What is the best long term advice for newly-wed couple?”

How do people shop for life insurance?

The following is my answer to a Quora question: “How do people shop for life insurance?” Depending on where you are, there should be web sites that allow you to compare between different policies of similar type and coverage. For policy portfolio, you need to shop around for a good financial services consultant, instead ofContinue reading “How do people shop for life insurance?”

What are the top 3 life insurance policies you can recommend?

The following is my answer to a Quora question: “What are the top three life insurance policies you can recommend?” I am speaking strictly from a Singapore perspective, although I believe the general principle may be applied elsewhere. There are three types of insurance plans that form the foundation of our liability mitigation. Firstly, itContinue reading “What are the top 3 life insurance policies you can recommend?”

4 Lessons on Personal Finance from Covid-19

Perhaps you’ve read 4 Key Lessons That COVID-19 Has Taught Me About Personal Finance. They are: Always set aside Emergency savings. Diversify income streams and skill sets. Get suitable and sufficient insurance coverage. Prepare your Will and complete your Nominations. Here I’ll share additional comments and thoughts on the 4 lessons. 1. Always set asideContinue reading “4 Lessons on Personal Finance from Covid-19”

There’s nothing wrong to take a loan.. but..

Did the title catch your attention? I know it did when I first saw it appear on my Facebook newsfeed. I hope you didn’t miss out the end part “first, ask yourself these 5 questions”. What are they? Can you afford a repayment? Will a loan help you reach an essential goal? When will yourContinue reading “There’s nothing wrong to take a loan.. but..”

Who invented investing?

The following is my answer to a Quora question: “Who invented investing?” When the first hominid set aside some food for the next day instead of eating everything in that one meal, so that it could be traded for favours in scarcity, that was investing. Investing is putting aside assets for later use, or greaterContinue reading “Who invented investing?”

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