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The RETIREMENT thread

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Say this person will continue to have this annual income for the next 15 years assuming the income also grow with inflation etc. Questions are (1) how should be spend his extra $300,000? (2) should he buy a house/flat?

If he does not want his standard of living to plunge when he retires, he should start cutting back on his expenditure immediately so he can accelerate his wealth accumulation.

$300.000 x 15 years = $4.5 million which at 4% return will yield only $180,000 per year in today's money.

He'll therefore have to go from a $300,000 per year lifestyle to one where he only has half as much to spend.

What he does with his current $300,000 per year of savings all depends upon his current appetite for risk. Property in the right locations is always a sound investment.
 

atakak

Alfrescian
Loyal
If he does not want his standard of living to plunge when he retires, he should start cutting back on his expenditure immediately so he can accelerate his wealth accumulation.

$300.000 x 15 years = $4.5 million which at 4% return will yield only $180,000 per year in today's money.

He'll therefore have to go from a $300,000 per year lifestyle to one where he only has half as much to spend.

What he does with his current $300,000 per year of savings all depends upon his current appetite for risk. Property in the right locations is always a sound investment.

Thank you for your advise which I found very helpful and an eye opener as I did not see your reply coming this way. I guess another way is for this person to work even harder so that by the time in 15 years he would have accumulated some $8mil earning him some interests but at the same time could also draw down from this amount.
 

OverTheCounter

Alfrescian (InfP)
Generous Asset
What is the best way to build a source of passive income?

A source of income where I don't have to put in effort managing it day to day. I can go off on a long holiday and come back and it will still be generating free cash flow.

Am not looking for quick and easy solutions or silly scams like mlm.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
What is the best way to build a source of passive income?

A source of income where I don't have to put in effort managing it day to day. I can go off on a long holiday and come back and it will still be generating free cash flow.

Am not looking for quick and easy solutions or silly scams like mlm.

Rental income or income from a subscription based service which does not require you to run day to day operations. A good example is an Alarm Monitoring service. Customers pay a dollar a day for their alarms to be monitored but unless the alarms are actually triggered, there is nothing to do. The software does the work for you.

An the most obvious of all is internet based subscription services. You don't even need to generate content nowadays. All you need to do is be an affiliate and provide traffic to the relevant sites and you take a cut of all sign ups. eg http://support.chaturbate.com/customer/portal/articles/403663-affiliate-program
 

OverTheCounter

Alfrescian (InfP)
Generous Asset
Thanks Sam for the suggestion.

Affiliate advertising seems like just link sharing to me.
Don't really see how that can become a sustaining revenue source.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Thanks Sam for the suggestion.

Affiliate advertising seems like just link sharing to me.
Don't really see how that can become a sustaining revenue source.

It can because there are always a percentage who keep their subscriptions going so you get a cut every month.

In the period 2000 till about 2004 I was supplementing my direct income with about $500 to $800 monthly from affiliate links. It was free money because there were no overheads for me whatsoever. I did not have to keep those sites up and running and I did not have to constantly add content.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
printLogo.png

Your money: Learn to be savvy about finances

By Tamsyn Parker
5:00 AM Monday Oct 13, 2014

SCCZEN_121014GTYMONEY_220x147.jpg


If you are a risk-taking entrepreneur, Liz Koh suggests putting some money away so you are not risking everything. Photo / Getty Images


If you listen to common beliefs, women are the big spenders and men are the earners who come home to find their wife has racked up a load of shoes and handbags on the credit card.

I don't know anyone who is like that and money coach Liz Koh says it can be quite the opposite.

"Men can go a bit berserk with spending," Koh says.

"There are men who feel like they can just go out and spend money without consulting their partner or sticking to a budget. It's not just a woman thing."

But Koh, who runs financial advice firm Moneymax in Wellington, admits there is a lot of evidence linking psychological issues and spending habits.

Self esteem and depression can lead to shop-a-holic syndrome. It's in those extreme cases where women seem to be dominantly affected.
But for the average person there's fitting into a money type.

Just like individual personalities a person's money personality is likely to fall into a spectrum.


Wealth and risk


If you combine these together you get infinite possibilities." By being either low or high in these areas a person can fit into four different categories. But Koh says most people are a blend.

"What people need to remember is that there is no right or wrong way to think about money - just different ways. That can be hard to understand if you are in a relationship and have very different ideas about money."

She says what people need to understand is the consequences of their money personality.

That could mean if you are a thrill-seeker who spends all their money today you will end up in poverty in retirement.

But if you are on the frugal side you might never fully enjoy your money and die before you spend it.

If you are all about being an achiever you might have a lot of stress living pay day to pay day as you try to keep up the appearance of being wealthier than what you are.

Entrepreneurs may create a lot of wealth but may also lose it all at once, putting huge stress on partners and families.

"The important thing is to understand what drives you and whether your relationship with money makes you happy."


Changing your personality

It is possible to change your money personality.

There is often a trigger point for those who decide make a change - like getting to your 50s and realising retirement is not that far away, she says.
Or wanting to achieve a specific goal like saving for a house. Or maybe money is causing relationship problems.

Where money decisions are not good is where they are not consciously made, she says.

"Just doing things impulsively or by default and not thinking about the consequences. Not planning ahead."

Retirement Commissioner Diane Maxwell is urging women to be better at planning for their longer-term financial security but Koh says in her experience females are actually much more concerned about planning ahead. "They are often the ones that take the initiative and talk about the future." Men appear more likely to be risk-takers and have a "she'll be right" attitude.


So how do you figure out what sort of money personality you have?


Koh says a simple questionnaire can be the starting point.

There is one on the sorted website or her own Moneymaxcoach website.
It's then a matter of working out how to counter your personality should you wish to.

For instance, if you are a risk-taking entrepreneur, Koh suggests putting some money away so you are not risking everything.
If you are a status-symbol achiever it might pay to think about whether it is worth going through all the stress to have the illusion of a wealthy lifestyle.

If you are a hoarder maybe it's time you worked out how much money you need to feel secure and then loosen the purse strings to spend some of the excess.

Getting help to make the changes can be useful. Just like someone with psychological issues would see a counsellor, if you have money issues you may need to see a money coach, Koh says.

What are the money personalities?

Thrill seeker: Spend all their money and could end up with nothing in retirement.

Hoarder: Might never fully enjoy their money and die before spending it.

Achiever: Can have a lot of stress trying to keep up the appearance of being wealthier than they are.

Entrepreneur: Can create a lot of wealth but can also lose it all at once.

Why are there different types?

Two key factors affect how you see money -- your desire to create wealth and willingness to take risks.

Can people change?

It is possible to change your money personality but you have to want to. A trigger point can lead people to make a change, such as reaching 50 and realising retirement is not far away.

By Tamsyn Parker
- NZ Herald

Copyright ©2014, APN New Zealand Limited

 

OverTheCounter

Alfrescian (InfP)
Generous Asset
In the period 2000 till about 2004 I was supplementing my direct income with about $500 to $800 monthly from affiliate links. It was free money because there were no overheads for me whatsoever. I did not have to keep those sites up and running and I did not have to constantly add content.


As far I know, affiliate links work only when you already have a web portal that attracts high volume of traffic. Example would be this site done by you: http://asiangirlsnextdoor.com/
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
As far I know, affiliate links work only when you already have a web portal that attracts high volume of traffic. Example would be this site done by you: http://asiangirlsnextdoor.com/

You have to work on building up the traffic just like you have to put effort into any other venture.

I spent 12 hours a day on line in the beginning spreading the word and thousands of dollars in advertising fees.

Nothing comes easily but determination works wonders.

It's actually a lot easier to advertise on the net nowadays because everything is well structured and ads can be targeted to a particular audience.

In the Web 1.0 days, it was hit and miss.
 

OverTheCounter

Alfrescian (InfP)
Generous Asset
You have to work on building up the traffic just like you have to put effort into any other venture.

I spent 12 hours a day on line in the beginning spreading the word and thousands of dollars in advertising fees.

Nothing comes easily but determination works wonders.

It's actually a lot easier to advertise on the net nowadays because everything is well structured and ads can be targeted to a particular audience.

In the Web 1.0 days, it was hit and miss.


This sounds like the kind of thing I like to do. I could work on such a project in my free time using my blogging skills that i have already honed.

I'll sign up!
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
<section class="content-part first-publish-info-container" style="margin: 0px 16.484375px 0px 201.140625px; padding: 0px; border: 0px; font-family: Times; font-size: medium; font-stretch: inherit; line-height: 16px; vertical-align: baseline; display: inline; float: left; width: 890.34375px; position: relative; color: rgb(102, 102, 102); background-color: rgb(242, 242, 242);"><section class="text" style="margin: 0px -15.890625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline-block; width: 922.140625px; position: relative;"><section class="introduction" style="margin: 0px 16.453125px 30px; padding: 0px; border: 0px; font-family: Merriweather-Bold, Georgia, serif; font-size: 19px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: 22px; vertical-align: baseline; display: inline; float: left; width: 612.5625px; color: rgb(115, 99, 87);">The majority of people in many countries are gloomy about their financial prospects in retirement, believing they will have to substantially cut back on living standards.</section></section></section><section class="content-part" style="margin: 0px 16.484375px 0px 201.140625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 890.34375px; position: relative;"><section data-collapsed="false" class="text" style="margin: 0px -15.890625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline-block; width: 922.140625px; position: relative;"><section class="author" style="margin: 0px 30px 0px 0px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; float: left; width: 138px;">
THE AUTHOR
Renate Finke
Senior Researcher
</section>Set against a financial landscape where many have lost substantial retirement savings and where traditional employee plans can no longer be relied on, people also admit to a lack of confidence in the adequacy of state pension systems. Residents of France, Turkey and Japan prove to be the most worried about preparing for and living in retirement. The insights are based on a recent survey across seven nations.
Conducted by Allianz in cooperation with the market research firm TNS, Security – Trust – Solidarity: Perception of retirement: a cross-country comparison investigated retirement preparations. Four countries (Germany, France, Italy, and the United Kingdom) from ‘old’ Europe along with Japan, the ‘oldest’ country in the world, were contrasted with two ‘young’ countries: Turkey and Malaysia.
The survey also offers intergeneration insights. People in prime working years (aged 30 to 45) and those either close to or in retirement (60 to 75) were asked about their respective futures, expectations regarding retirement and preparation steps. Contrasting the opinions, the survey revealed that regional and cultural differences have a higher impact on attitudes than intergenerational aspects within a country.


<aside class="right-sidebar" style="margin: 0px 16.453125px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 243.703125px;"></aside></section></section><section class="content-part" style="margin: 0px 16.484375px 0px 201.140625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 890.34375px; position: relative;"><section data-collapsed="false" class="text" style="margin: 0px -15.890625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline-block; width: 922.140625px; position: relative;">START EARLY

With trust in the financial sector hitting record low levels in 2009 and stagnating since, according to the Edelman Trust Barometer, and young people facing particularly low financial literacy rates, national education systems seem the natural fit. Including finance in school curricula, as countries such as Australia and the UK already do, is crucial to reaching the young. Research suggests that teaching financial skills in schools may also be an effective way to eliminate differences in financial knowledge caused by varying family backgrounds.
In countries like the US, where higher education comes at a significant cost, young people need to be able to make career and education choices with an understanding of their financial ramifications. Tuition fees in the country rose by more than 8% in the academic year 2011-2012, and by over 4% in 2012-2013. While the price hike may have come to an end in 2013-2014, it sparked a national debate about the cost of education.
Lusardi supports the OECD’s policy recommendation to start financial education early and would like to see it expanded. “We have to start in schools,” she told PROJECT M, “but we also have to promote financial education by employers or in public places of learning, such as libraries, to reach middle-aged and older populations.”
Schools, regulators, unions, governments and the finance industry all have a role in educating consumers financially, says Richard Fiesta, executive director of the Alliance for Retired Americans. “But it is crucial that materials are easily understandable and unbiased towards a given investment product or institution.”
MetallRente, a German pension scheme jointly run by employer and employee representatives from the metal industry, promotes financial advice and a public debate about retirement planning, particularly occupational pensions, while not directly engaging in financial education. “We aim to create awareness, thus prompting particularly younger workers to actively plan for their old- age income,” says managing director Heribert Karch.








<aside class="right-sidebar" style="margin: 0px 16.453125px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 243.703125px;"></aside></section></section><section class="content-part" style="margin: 0px 16.484375px 0px 201.140625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 890.34375px; position: relative;"><section data-collapsed="false" class="media-content image" style="margin: 0px -15.890625px 70px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline-block; width: 922.140625px;">
S54.jpg

<aside class="right-sidebar" style="margin: 0px 16.453125px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 243.703125px;">



</aside></section></section><section class="content-part" style="margin: 0px 16.484375px 0px 201.140625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 890.34375px; position: relative;"><section data-collapsed="false" class="text" style="margin: 0px -15.890625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline-block; width: 922.140625px; position: relative;">FILLING THE GAP

The findings underscore the need for individuals to begin preparing financially for retirement as early as possible, especially as they will be increasingly responsible for ensuring their own retirement funding. The survey found people were keenly aware of the necessity to start early with private savings and this awareness was even higher among the young than among the old.
This is understandable, as the wave of pension reforms that took place over the last two decades will affect the young more directly, whereas the elderly may not have yet adapted to the changes. In fact, the young in most countries surveyed know they need to start saving early.
In Malaysia, where the pension system is based on a funded arrangement, 74% of young respondents recognized the necessity to save early. The majority in Japan (61%), Turkey (58%) and Germany (53%) agree with the statement “I should start saving early,” whereas only 37% of the young in France and 30% of Italians think it necessary to start saving early.











<aside class="right-sidebar" style="margin: 0px 16.453125px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 243.703125px;"></aside></section></section><section class="content-part" style="margin: 0px 16.484375px 0px 201.140625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline; float: left; width: 890.34375px; position: relative;"><section data-collapsed="false" class="text" style="margin: 0px -15.890625px; padding: 0px; border: 0px; font-family: inherit; font-size: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; vertical-align: baseline; display: inline-block; width: 922.140625px; position: relative;">A CONTINUING CHALLENGE


The great majority of Germans (79%), Malaysians (77%), Turks (76%) and Britons (68%) consider a starting age before or around 30 as a good one. Yet, while awareness of the pension challenge is high, follow-through is often missing. This could be due to a lack of knowledge concerning financial products and categories for retirement provision as only a third of young people felt familiar with product offers. In contrast, young people in France, Italy and Japan are not sure about the right starting age. Roughly a third in France, 40% in Italy and 47% in Japan believe it should be around or before age 30.
Another third of respondents in these countries see the appropriate starting age as 40 or later. Similar results were revealed amongst the young when they were asked if one should save a certain amount on a regular basis. Due to the funded pension system in Malaysia, 60% of the young think they should save 10% of their monthly income or more.
In the other countries where social security provides at least a minimum provision, the amount of people who think they should save such an amount is far smaller. Views are split between 5% and 10% savings rates. But it should be noted that 20 to 30% of young Europeans and Japanese have no idea about how much money they should save at all. The results indicate that a larger group of Italians, French and Japanese seem unaware of their future retirement income realities.
Planning and preparing for retirement is becoming ever more complex. In all countries, people admit it is important to cover financial needs in retirement through a portfolio of different assets: payments from the state, occupational pension schemes, private pension schemes and general private savings, as well as additional employment income.
Yet, despite clearly being aware of the changing pension landscape and what they should do, people still need financial planning guidance. It is a challenge for governments and the financial industry to provide such information and guidance to them, particularly as the survey reveals most people are reluctant to actively seek professional advice.










</section></section>
 

OverTheCounter

Alfrescian (InfP)
Generous Asset
(a) Set a savings goal every month and make sure you attain it.

(b) Make your savings grow by judicious investment in stocks, bonds, and property.

(c) Aim to increase your income every year.

(d) Get out of unsecured debt as quickly as possible
 

OverTheCounter

Alfrescian (InfP)
Generous Asset
(a) I set aside some money into short duration bonds every month

(b) When the stock market corrects, I liquidate and use that money to purchase stocks

(c) After a lengthy bull run, I take some profits off the table and put back into bonds

(d) i aim to buy a couple of sexy stocks every year. On my target are facebook, apple, google, etc.

(e) I buy $1000 worth of books every year to enrich myself

(f) My aim is create enough passive income to cover daily living expenses.
 

konkek

New Member
Greetings all. Have been a lurker but this thread seems pretty sensible and wanted to solicit different opinions.

Have a chance to sell my business for about 7 bucks. It's pretty low maintenance and gives an annual return of about 300gees after tax.

2 x 1 million mortgages represents my only debt.

Middle aged. no kids. Live in sg but find myself yearning for a new environment more often lately.

Now feeling a little fatigued and am thinking of selling, cashing in (partially), ungearing and find somewhere to slow down and take it easy. A partial sale will result in no managerial responsibility which is both good and bad. Still get a return but no control.

What would you guys do?
 

hangxanh

New Member
Why take a study loan when u can take the loan from your parents?? Why pay the bank interest?? If I am a kid going into uni, I would think that!!
Anyway my point is that Retirement got to factor in parents care (in most our cases, our parents live looong into our retirement years) and kids till they start work.
Now lets then recalculate our retirement requirements!!
 

johnny333

Alfrescian (Inf)
Asset
https://sg.finance.yahoo.com/news/singapore-retirees-share-3-biggest-160000907.html

Singapore Retirees Share Their 3 Biggest Retirement Regrets

Most Singaporeans wearily envision their lives as a never ending period of working, working, working from the cradle to the grave. Yippee. But people often lose sight of the fact that there are actually people in our midst who have retired and lived to tell the tale.

However, not all the retirees in Singapore are living off generous nest eggs and spending their days having high tea or playing mahjong with fellow retirees. In fact, quite the opposite.

We quizzed some retirees on their biggest retirement regrets in hopes that we might learn from them when reaching for that seemingly unattainable goal of retirement before death in Singapore.

1. Not saving and investing in their twenties


Amongst retirees not just in Singapore but all over the world, there seems to be a general consensus that their twenties offered the greatest chances to save and invest, and many regret not having realised it until it was too late.

Most people overlook the fact that saving $10,000 in your twenties goes a much longer way than saving $10,000 twenty or thirty years later. Because of the power of compounding interest, the longer your keep money invested, the more you’ll get out of it.

In addition, when you grow up, life has a habit of catching up with you. While in your twenties your most pressing financial obligations might be “entertainment”, things change if/when you start a family, purchase property or start to get health problems. Saving money gets a lot harder.

Mr Yeo, 62, who has been retired for almost 5 years and partially financed his retirement by selling his landed property and moving his family into a 4 room HDB flat, recalls his twenties, which were spent at actual discos (not clubs, discos!), consulting fortune tellers and playing mahjong.

2. Making lousy investments

Back in the day, obtaining finance-related information was a lot harder. Without the Internet, people relied on books, newspapers and word of mouth. And of the three, word of mouth has proven to be one of the most dangerous places to get your investment information.

Dr Tan, 65, started dabbling in the stock market in his 30s, and lost a significant amount of money because he didn’t fully understand how to choose and handle stocks. These days, he still invests in stocks but takes a risk-averse approach, holding blue chip stocks long-term.

Mrs Loh, a 60-year-old semi-retired accountant, used her son’s education fund to experiment with stock investing and ended up losing it all. “I came clean and told my son that I had lost all his education money. Fortunately, my husband and I were able to make it up in other areas like real estate.”

While lots of older Singaporeans cite the stock market as one of the key culprits of big losses, some retirees I know have sunk their savings in even more bizarre “investment schemes”, like buying a plot of land in the middle of the Indonesian jungle or contributing to dodgy religious organisations (true stories).

3. Spending too much on the kids


Many parents these days swear by the credo of sparing no expense when it comes to their kids. That’s why you see kids going to preschools that charge more than local universities do.

But surprise, surprise—many old folks cite spending too much on their kids as one of their more stinging regrets.

Mdm Ang, who is in her sixties and has two daughters and a son aged 32, 29 and 26 respectively, is often heard complaining about her children and wishes she hadn’t “spent so much on their university education”.

“I didn’t want them to have to take loans to pay for their education, so my husband and I paid for them out of our own pockets. Now they are working, but they waste so much money. My younger daughter pays $150 every month for a gym even though I always tell her the one near my place only costs a few dollars. They have taken everything for granted. I should have used the money for my own retirement. My children don’t even appreciate the sacrifices we made for them,” she laments.

This is a sentiment Mrs Tan, 60, shares. She and her husband went a little overboard and spent a lot of money on their daughter, now 23, when she was a child, sending her to all types of classes, from ballet to abacus to piano. Today, the family doesn’t even have a piano anymore, and their daughter’s ballet training is a distant memory.

“She was my first daughter, and at the time I just wanted the best for her. We used to spend almost $1,000 every month on various types of lessons for her,” says Mrs Tan. “But on hindsight there was no need to have spent so much. We might have gotten a bit carried away. If we had invested the money instead, we would be able to give her more financial support today.”


Note: If you read the comments of people who read the article, the biggest regret is that they supported the PAP government
 

OverTheCounter

Alfrescian (InfP)
Generous Asset
On the topic of insurance

Do you:

Buy only term policies
Buy a mixture of term and whole life
Buy only whole life
Or don't bother to insure at all

What do you take into account when buying insurance:

Cost effectiveness
Stringentness of criteria (many policies have fine print saying you can claim for critical illness or accident under very specific circumstances; the terms and conditions can vary greatly from company to company)
Physical attractiveness of your adviser
Any other factors
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
On the topic of insurance

Do you:

Buy only term policies
Buy a mixture of term and whole life
Buy only whole life
Or don't bother to insure at all

What do you take into account when buying insurance:

Cost effectiveness
Stringentness of criteria (many policies have fine print saying you can claim for critical illness or accident under very specific circumstances; the terms and conditions can vary greatly from company to company)
Physical attractiveness of your adviser
Any other factors

All you need is term insurance and medical insurance for critical illnesses.

When you have reached financial independence, you don't need life insurance anymore. All you need is medical insurance.

If you have a net worth that runs into the millions, you don't need any form of insurance.
 
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