Wealthdojo Annual Report 2021

Wealthdojo Annual Report 2021

To our partners, clients and readers:

Wealthdojo passed many milestones in 2020. Some of which personal, some of which professional and some of which are hearing stories of how Wealthdojo has impacted your lives.

Wealthdojo was created to serve you as an knowledge base, an inspiration and also a place to make informed actions for your financial journey. I have thought deep and at length of how to impact the personal finance scene in Singapore before creating “The Daily Learning” from Telegram.

But this is still Day #1 for personal finance in Singapore. I aspire to be the thought leader of personal finance in Singapore and partner you through your financial journey.

It is all about the long term:

I think that people underestimate – until they get older – they underestimate just how important habits are, and how difficult they are to change when you are forty-five or fifty, and how important it is to form the right ones when you are young.

Quote from Warren Buffett.

I believe that habits are the building blocks for success. My own personal finance started when I first controlled the desire to buy a playstation 3, the ongoing urge to drink bubble tea and temptation to mindlessly watch youtube during my free time. I don’t not have a playstation 3. I confess I do drink bubble tea (maybe twice a year). I make extra effort to ingest as much financial information during my free time (though I spend a lot of time reading manga).

I believe that heading in the right direction in a simple, sensible and consistent pace is more important than optimizing and being extreme. Those rarely work in the long run.

In Wealthdojo, I aim to make it AS SIMPLE AND AS TIME EFFICIENT AS POSSIBLE for you to work on your financial journey.

Working on your financial journey is not a “one-time off” like a house renovation. It is a like a grass patch that requires you to work on it constantly to create a beautiful garden full of flowers. It is my aim to help you create the bed of roses. Here, we start with habits.

By many measures, we came a long way:

Here are some key metrics (unaudited) that I take pride in my journey in 2020.

  • Protected the wealth of 37 families through their insurance program
  • > $100,000 paid out in claims through their insurance program
  • 31 new families embarked on investment or insurance program
  • 82 articles written (2020 till 21Jun21)
  • Read 6 new books (I believe there was more)
  • 6 Online Webinars
  • Awarded Top 75 Singapore Investment Blog
  • Featured on Singapore’s Finest
  • Awarded MDRT (Top 5% Financial Consultants World Wide)
  • Top Article: 5 things you need to know about SRS when you are 40 and older
  • 100th article milestone

Goals of 2021:

I believe Wealthdojo (and myself) are still at the early stages of learning how to create more value to our partners, clients and readers. I want to thank the many of you who have given invaluable feedback on how to make it better and it will be done.

To improve the quality and value to you, these will be a few projects, goals and certifications I will be embarking this year.

  • The Institute of Banking & Finance: IBF (Advance) Level 2
  • The Institute of Banking & Finance: IBF (Qualified)
  • 10 new books (Only books worth reading will be introduced)
  • Inspire 50 new families to work on their financial journey
  • 12 High Quality articles (one longer article a month)
  • 3 High Quality Webinars
  • Continue being MDRT in 2021

One Final Story:

In 2019, I met Joyce (the name has been changed). She was not working at that moment of time. She has been feeling lost in her financial journey and also in life. At that time, she was spending more than she earns, accumulating credit card debts and also relatively close to retirement age. The financial scene is a very noisy scene. She always felt handling money was very complicated and she was too busy to handle them.

When she first read articles, it felt like an epiphany came upon her. She contacted me and the rest was history. In a simple, sensible and consistent manner, we worked on her financial portfolio from scratch (she started with $20,000 in her bank not including credit card debts). I’m glad to say that she is currently credit card debt-free, have a solid insurance portfolio and also managing a 6 digit investment portfolio.

She wants to impact the younger generation of her mistakes that she made over the years. She now spends her free time impacting youth in church. We still remain close in contact till today.

Joyce is an example that is not too late to start. I look forward to impact the lives of more “joyces”.

 

2020 was indeed an incredible year. I’m extremely grateful to my partner, clients and readers for your business and trust. I look forward to writing this annual report in 2022.

Wealthdojo Annual Report 2021
Wealthdojo Annual Report 2021*Photos Taken Pre-COVID19

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

Participating Funds Singapore Moving Forward

Participating Funds Singapore Moving Forward

Insurance companies will be showing lowered illustrated rates after 1st July 2021. Although there is no real impact because the rates are illustrated after all, you might be wondering why is this happening? I think the most important question that you have will be this.

“Will this affect my returns in the years to come?”

Participating Funds Insurance Singapore 2020
Participating Funds Insurance Singapore 2020. Source: Business Times.

 

What is a Participating Fund?

To understand your returns better, you first need to understand what is a participating fund. You can take a look at LIA: Guide to Participating Fund. I will be summarizing some of the points in the guide.

Participating policies (such as endowment, life, retirement) are life insurance policies which provide both guaranteed and non-guaranteed benefits. The aim of a participating policy is to provide stable medium to long-term returns through the combination of guaranteed benefits and non-guaranteed bonuses. Participating funds can invest in a range of assets, including equities, in search of potentially higher returns.

This means that the participating fund need not be conservative. Equity positions in the 5 companies (as shown above) is around 30% of the entire fund. However, we need to note that insurer need to provide a guaranteed benefits.

 

The Search For Guaranteed Benefits

To back the guaranteed returns of participating policies, insurers typically invest around 70% with bonds (Side note: investing in bonds does not mean that having guaranteed returns). In the persistent low interest environment (plus the RBC2), it becomes an problem for insurers. I believe (this is my guess) that insurance companies might offer newer plans with lower guaranteed benefits in future.

Participating Funds Singapore Moving Forward
Participating Funds Singapore Moving Forward

 

Will It Affect My Overall Returns

That being said, I believe the overall returns for participating funds will improve. This is because insurers has already shown trends to shift more of the assets into equity (read my last article on the data).

However, this would mean that we need to be understand returns on a participating policy may also be volatile in future.

 

Final Thoughts

I do not think that having a lower guaranteed benefit is necessarily bad. This is because when the participating policy has a lower guaranteed benefit, it means it only needs a lower proportion of assets goes into bonds. This will free up some capital to invest in other assets such as equity. This investment mix might provide greater potential/returns for long term investment.

As mentioned above, we need to be understand returns on a participating policy may also be volatile in future. You should be instead focus on your financial needs and whether these plans (participating or not) can serve you in your financial planning.

 

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

Technical Mambo Jambo: RBC2

This section is only for those that are interested in the technical stuff.

Insurer are required to adopt RBC2 from March 2020. Monetary Authority of Singapore (MAS) expects the guaranteed cash flows from assets invested by the Par Fund to match the guaranteed insurance liabilities, i.e. the guaranteed benefits of the par policies. Insurers are required to hold higher capital requirements if that is not the case.

As we are in a persistent low interest environment, it would mean that the insurer have to hold even more bond positions to match the guaranteed benefits. Thus, reducing their ability to invest in the equity market. Thus, potentially reducing overall returns.

As a result, we might see new participating policies with lower guaranteed benefits. As explained above, it may be a good thing and a blessing in disguise.

Here is a 1 hour video to explain the mambo jumbo.

3 pieces of money advice no one ever wants to hear

I’m a financial planner and these are 3 pieces of money advice no one ever wants to hear

I remember my mom telling me to eat more vegetables when I was younger. At that time, I absolutely hated broccoli and only ate it because I can only play with my playstation after that. Years later, I can only assume eating broccoli was a great decision because I don’t really fall sick as often as my peers. I did not appreciate my mom’s nagging advice (I mean who did at that time) until years later.

Turns out that nagging found its’ way into adulthood. As a financial planner, I’m constantly giving money advice that no one wants to hear. But those who listened and applied the concepts tend to have better cashflow, protection and investment portfolio.

You might not like it, but it is for your own good.

3 pieces of money advice no one ever wants to hear
3 pieces of money advice no one ever wants to hear

 

#1: You Got To Save To Have Money To Invest

“I want to invest but investing more than $100/month is too much because…”

To set the context, these are people with good monthly income of around $3000 to $6000. I find it scary to have so many conversations with people who have issues setting aside money every single month BUT wants to invest. It is like wanting to bake a chocolate cake with no chocolate. Often, not having a Level #2: Abundant Surplus Creator set up is one of the main cause of failure.

Saving more than you need will buy you opportunity and freedom in the future. The usual guideline is to set aside at least 25% of your take home salary. This 25% will buy you opportunity and also freedom that you desire.

 

#2: Have A Backup Plan

“You will fail in life 33% of the time. Do you have a backup plan?”

Cancer hits 1 out of 3 people in Singapore. Each and every of us have a 33% chance of our income source robbed away when we are unable to work when we are ill. If you are lucky and detected it early, the effects may be temporary. However, if it is a major critical illness, the effects will be longer term in nature.

With COVID-19 still looming over our heads, I think it is clear that the next war we will be fighting is a Health War. No one likes to imagine the worst cause situation but if something really happens, you will be glad that you have a backup plan Level 4: Aegis Of War aka insurance especially medical and critical illness coverage.

Other forms of backup includes having adequate emergency funds.

 

#3: Don’t Time The Market. Invest For The Long Term

“I want to wait until the market crash (like in March 2020) and invest.”

You will be waiting for a long time. Before March 2020, it was Sept 2008. Before Sept 2008, it was April 2000. From 2000 to 2021, S&P500 is up roughly 189% with a CAGR of around 6%. It is certainly very easy to look back in 2008 or 2020 to say that it is the best time to invest BECAUSE it has already happened.

It is virtually impossible to predict the market. Investing may be all sunshine in 2020. However, it is not as fun and sexy as you think it is. The recent pull back has shattered some confidence in the market and you might be wondering what to do next.

Build a strategic investment plan and stick to it. We want to invest in companies that is of value and growing and hold it until it rewards us. You can take a look at some of the largest companies now that is rewarding investors. Companies such as Apple and Facebook are rewarding investors with price appreciation and also dividends over the last 10 years whether it is market crash or not.

 

Final Thoughts By Wealthdojo

Eat your veggies. Trust me, it is good for you.

 

Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.  

Feel Free To Reach Out To Share Your Thoughts.

Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me

The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.

5 Things You Need To Know About Your CPF

5 Things You Need To Know About Your CPF

Central Provident Fund (CPF) is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing needs in Singapore. It started in 1 July 1955 and just like our Integrated Shield Plans, there have been many changes over the years.

Like with most changes, some will appreciate it, others will not appreciate it as the “rules changed”.

Love it. Hate it. It is an asset class that we will have with us for the rest of our lives.

5 Things You Need To Know About Your CPF
5 Things You Need To Know About Your CPF

To help you understand CPF, the opportunities and optimization better, I have put together a free webinar to share my knowledge on it. Limited seats only. Join us with the link here.

 

Fun Fact #1: You cannot use your CPF to pay for your house in the past

Before 1968, CPF cannot be used to pay for a house. In 1968, the government finally allowed the use of CPF for the downpayment and to service the monthly mortgage loan instalment. Fast forward to 2021, majority of the people around me are using their CPF to pay for their downpayment and their monthly mortgage loan servicing.

This liberation allowed Singapore to have one of the highest house ownership levels in the world. However, as more money is used for housing, the original intend of CPF to help us retire may have taken a back seat. There is also the cause of concern for accrued interest.

Most of you might be servicing your mortgage with your CPF and worry that you do not have enough money in your CPF for retirement. For that purpose, I use a CPF Projection Calculator for my clients. This allow me to accurately measure the amount my clients will have in their CPF at age of 55. So far, they have found this insightful.

5 Things You Need To Know About Your CPF Retirement Age 55
5 Things You Need To Know About Your CPF Retirement Age 55

 

Fun Fact #2: Special Account (SA) was started in 1977

To help you with retirement, the special account was created in 1977. Tons of literature has been written on the special account. Among my favorites are the following. If done correctly, the following opportunities will help you in your retirement.

  1. Transferring Ordinary Account (OA) monies to Special Account (SA) to have a higher interest (up to 5%)
  2. Retirement Sum Top Up Scheme (RSTU): Top up up to $7000 into your CPF for tax deductible benefits.
  3. CPFIA: Using CPF-SA to invest (with limitations)

However, it is worth noting that the higher interest that the SA earns is not guaranteed. The floor rate of 4% has been extended by the government until 31 December 2021. The SA and Medisave (MA) rates are reviewed quarterly. The 1M65 movement takes the assumption of these rates being at 4%.

5 Things You Need To Know About Your CPF Floor Rate
5 Things You Need To Know About Your CPF Floor Rate

 

Fun Fact #3: Medisave was started in 1984

Medical inflation isn’t new. Medisave was created to help you to pay for our healthcare cost. It is not hard to understand that one of the The Hidden Cost Of Retirement is Healthcare. With healthcare cost escalating at more than 10% per year, tons of measures have been implemented to help you pay for our healthcare cost.

Among which, you can use your medisave to pay for (part of) our integrated shield plans. There are some outpatient treatments that can be paid using medisave. You also have to set aside a Basic Healthcare Sum (BHS) in your CPF. The BHS is adjust annually to keep up with inflation. This is one initiative to help with medical cost.

BHS 2021
BHS 2021

With the new co-payment medical plans now, you will have to plan for your retirement a little differently.

 

Fun Fact #4: Minimum Sum Scheme Was The First Version of CPF-Life

CPF is still about retirement. Before CPF-Life, there was the minimum sum scheme (MSS). However, as your life expectancy increase, you run a risk of outliving your MSS. Hence, the retirement scheme was updated/upgraded to become the CPF-Life. The retirement account (RA) is created at age 55. Your OA and SA monies will be transferred into the RA during then.

CPF Life Full Retirement Sum 2020
CPF Life Full Retirement Sum 2020

Assuming that you have $181,000 (FRS) in your Retirement Account (RA), you will get between $1390 to $1490 per month for the rest of your life starting from age 65. This will form part of your retirement cashflow. There are 9 options for you to choose from at age 55.

 

Fun Fact #5: There is a maximum amount of money you can put into CPF a year

You can’t just simply top up everything into your CPF. There is a maximum of $37,740 of mandatory and voluntary contributions that a person (employee or self-employed person) can make in a calendar year is subject to the CPF Annual Limit.

 

Final Thoughts By Wealthdojo

I personally like the CPF scheme because it really helps a lot of people including myself plan for our retirement seriously. I contribute to my SA every single year so that I can make use of the tax incentive and also hit my FRS in the years to come. Having enough in my medisave gives me the confidence to pay my integrated shield plans yearly and usually the interest on my medisave pays for my shield plan.

To each his own. Love it. Hate it. It is an asset class that we will have with us for the rest of our lives.

If you would like to benefit from CPF more, I have put together a free webinar to share my knowledge on it. Limited seats only. Join us with the link here.

 

Join my Telegram Channel for a tip a day! In Wealthdojo, we dedicate a small amount of time daily for learning new things. Continuous learning is one of the greatest secrets of success.

For those of you who want to turbocharge your journey, contact me at chengkokoh@gmail.com. I would like to hear from you what your experiences are currently and from there, we develop a plan specially catered just for your journey.

We wish you all the best! Stay Safe and Take Care!

Chengkok, Sensei of Wealthdojo.

The hidden cost of retirement

The Hidden Cost Of Retirement: Healthcare

Many of us look forward to retirement. It is the time when we can finally enjoy our lives and the fruits of our labor. We envision that we can use the hard-earned money that we have save and invest in our wealth management journey to spend on the finer things in life.

The hidden cost of retirement
The hidden cost of retirement: I wonder why are retirement photos all at the beach.

However, as we grow older, there is this cost that keeps creeping up. If uncareful, may derail our retirement.

(This is a joint-post together with Life Finance. Do check them out. I think the quality of their article are great. They are certainly one of the better writers out there and I’m happy that there is someone like them writing on these important topics)

 

Healthcare costs in retirement

Healthcare costs will form a significant part of retirement spending. In Life Finance previous article, he documented that healthcare costs will shoot up from a bit less than 7% of household spending for a typical household before retirement to more than 12% after retirement. This is on top of health insurance spending. This 12% of overall spending is made up of the deductibles, co-payments and other outpatient expenses tat actually comes out of the retirees’ pockets (or Medisave account).

The hidden cost of retirement healthcare cost
The hidden cost of retirement healthcare cost

The higher percentage does not mean that a retired household spends less on everything else. In fact, once household size and inflation are accounted for, retired households actually spend the same amount after retirement as they do before. Hence planning for higher healthcare costs is crucial as part of retirement planning.

 

Why does healthcare costs go up in retirement?

It is no secret that while inflation has moderated for most goods and services in the past few years with slowing economic growth, healthcare inflation has continued unabated. But the rate at it is going up is not well known. Let’s look at some data.

From the data.gov website, we can see that healthcare inflation has outpaced general inflation, in the last few years.

The hidden cost of retirement healthcare inflation
The hidden cost of retirement healthcare: Inflation

But this chart gives a relatively benign view of healthcare cost inflation, showing that it is still manageable. This is however, not true at the patient level, especially for retirees. As life expectancy increases, Singaporeans are also seeing an increase in the number of years spent in ill health to more than 10 years out of a lifespan of 84 years. This means that the corresponding bills for healthcare will increase, as hospital stays becomes longer, and procedures become more complex.

To get a better sense of the increase in healthcare costs at the patient level, we can look at the Ministry of Health’s Fee Benchmarks Committee Report from 2018. While Class A public hospital bills grew by 4.9% per year between 2007 and 2017, private hospital bills grew by 9% a year in that same period!

The hidden cost of retirement healthcare bills
The hidden cost of retirement healthcare bills

Beyond that, healthcare costs have kept increasing. Mercer in 2019 indicated that in 2018, Singapore healthcare cost inflation was 10% and the same is projected for 2019 and 2020

In addition to hospital bills and healthcare costs going up, retirees are faced with the fact that the frequency of their hospital stays will also increase. The likelihood of hospitalization in any year will go up from between 20% – 27% for retirees in their late 60’s and early 70’s, to a staggering 70% – 80% when they reach their mid 80’s, or a three-fold increase at a minimum.

The hidden cost of retirement healthcare hospitalisation episodes
The hidden cost of retirement healthcare hospitalisation episodes

A three-fold increase over 20 years corresponds to a growth rate of hospitalization of 7% per year.

Hence, to get the true rate of healthcare cost increase in the retirement years, we need to consider both:
a) The higher frequency of hospitalization and healthcare needs
b) The growing rate of healthcare inflation

Putting both these figures together:

• Retiree patients in Class A wards in public hospitals will be faced with a 12% increase in healthcare costs per year (4.9% and 7%)
• Retiree patients using Private hospitals will be faced with a 18% rise in healthcare costs on a year-on-year basis

While it is true that with healthcare insurance, such as Medishield Life or an Integrated Shield plan, much of these rising costs can be transferred to the insurer, the retiree patient is still faced with the prospect of rising co-payments and other out of pocket costs. Furthermore, rising healthcare costs will ultimately be reflected in higher insurance premiums as well, which is what we discuss next.

 

Rising healthcare insurance premiums

As healthcare cost increase as explained above, premiums from medical insurance will go up due to the risk pooling nature of insurance policies. From 2015 to 2020, Singapore’s medical insurance premium began its steep incline. The Ministry of Health has stepped in on many initiatives such as co-payment, the use of preferred doctors and also pre-authorisation to help cope the medical inflation rates in Singapore.

The Medishield Life Committee gave their recommendation in 2014 with the proposal of the upgrade from Medishield to Medishield Life. In a nutshell, it means that the scope of coverage will increase and at the same time, the premiums will increase. There were a series of government subsidies over the last 5 years to help Singaporeans cope with the rising cost of medical insurance.

As the Integrated Shield (IP) plan is made up of Medishield (Now Life) and Additional Insurance Coverage from Insurance company, this directly increase the overall premiums that consumers have to pay.

The hidden cost of retirement healthcare medishield life
The hidden cost of retirement healthcare Medishield life

To the same time, insurance companies were making underwriting loses as net claims faced by the insurers outpaced premiums earned, particularly for plans covering private hospitals. Net claims are made up of the absolute cost of healthcare and the frequency of healthcare. The absolute cost of healthcare has gone up over the years as written above. At the same time, with medical advancement, it is more common for people now to seek medical treatment as compared to the past. These has made premiums unsustainable in the long run.

Between the years 2016 and 2019, the premiums of riders and the private insurance component of IP increase on average of 24% and 10% respectively each year. These trends are largely reflective of increases in private hospital insurance claims.

The raise in questionable claims also push up the claims experience of the insurance companies. (Quoted from source almost fully to retain the meaning of the article)

In one example, A 37-year-old woman stayed seven days in hospital for abdominal hernia repair. Of the $46,000 bill, the surgeon’s share was $31,900, or five times the norm. It transpired that while in hospital, she also had her breast augmented, and a tummy tuck with the fat transferred to her buttocks, but since these are not covered by insurance, none of this was stated in the bill.

A second example is for a woman was warded for 42 days for cervical sprain and strain (or pain in the neck) but received treatment only on seven days. She was given physiotherapy and painkillers for the other 35 days, something that could have been done as outpatient treatment. The bill was $84,000.

The combination of Medishield Life premiums increase, healthcare cost inflation, frequency of healthcare and the raise of questionable claims made the previous premiums charged unsustainable. This led to an inevitable increase in medical insurance inflation and also tightening of the claim procedures in the last 5 years.

 

Cost of Hidden Cost of Retirement

Medical insurance is one cost that people don’t usually take into account during retirement. We generally assume we will be well (why will we not) and plan for our living expenses with occasional holiday or two. However, we have to bring this to you to share with you the cost of medical insurance at your age of retirement.

The hidden cost of retirement healthcare great eastern shield
The hidden cost of retirement healthcare great eastern shield
The hidden cost of retirement healthcare great eastern totalcare
The hidden cost of retirement healthcare great eastern totalcare

Taking Great Eastern medical policy as an example (Disclaimer: We are not advocating any insurance policies from any company. We are using Great Eastern as an example for premium calculation. In my experience, the premiums for the other companies should be around the same).

At age of 65, we will need to annual cash premium of $2,226 ($967+$1259) for a private hospital coverage (with 5% co-payment). This comes out to be around $185/month.

In 5 years time, at the age of 70, we will need to pay an annual cash premium of $3,234 ($1695+$1539) which comes out to be around $269/month.

If this don’t scare you, at age of 75, we will need to pay an annual cash premium of $4,685 ($2650+$2035) which comes out to be around $390/month.

In Singapore, our life expantacy is around 85, I cannot imagine how one can afford those premiums when that time happens. All this is assuming that there is no future medical inflation which does not inflate the current premiums now.

PS: If you thinking that you can self-insure and not have any insurance, I hope that I have to burst your bubble.

 

Final Thoughts

The hard truth is that healthcare cost is going to continue to increase due to the factors explained above. The first thing I get my client to plan for is their paycheck. Remember that during retirement, there is a paycheck and a playcheck. The paycheck consist of items such as healthcare cost, phone bills, utilities, basic food and beverages and so on. Usually, we allocate money from “safer” asset class  to take care of those cost because it will have to be paid at whichever market conditions.

The playcheck is the one we are more familiar with. It consist of items such as exotic holidays, a roadtrip, etc.

Whichever the paycheck or playcheck, it is part of our retirement journey.

Thank you Life Finance for your contributions. If you like this article, do comment before and leave a message for me or Life Finance.

 

No one will care about your money as much as you do.

In Wealth Management, it is important to Pay yourself first. Beware of scams. Before you invest in any company or popular investment opportunity, be sure to do your own due diligence. If you wish to learn more about investment, I hope to nurture genuine relationships with all of my readers.

Check out my most popular blog post in 2020 so far: 5 mistakes people make using their CPF.

Please feel free to contact me on my Instagram (@chengkokoh) or Facebook Page or my Telegram Channel! Or subscribe to our newsletter now!