3 Signs YOU Are Above Average Financially... (Real Financial Truths In Singapore)

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These are 3 signs that suggest that you or anyone here in Singapore are above average financially.
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0:00 Introduction
0:33 Sign number 1
4:03 Sign number 2
5:04 Moomoo SG offer
6:21 Sign number 3
9:00 Tip if you are in 30s
#financialfreedom #financialindependence #financialtips #moomoo
*T&Cs apply. Investments involve risk. All views expressed in the video are the independent opinions of Josh Tan. Neither Moomoo Singapore or its affiliates shall be liable for the content of the information provided. This advertisement has not been reviewed by the Monetary Authority of Singapore.
We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are 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. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus.
It is not an endorsement of the product unless explicitly stated and we will not be liable for any losses. The content in this video and any promotions mentioned is accurate as of the posting date.
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About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
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[@joshconsultancy]

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[@Mr-WealthCare]

I hit all 3 already, I am working on ERS for my wife. When done, this will mean a combined retirement income of nearly 5000 per month. This is the best retirements plan every Singaporean should aim for.🥰

[@joshconsultancy]

Congrats! Be grateful and help others too =)

[@holypunk12]

When I hit FRS itself CPF stopped further accepting voluntary contributions ! 🤔

[@zudgezury9330]

Pension is better at $15k USD monthly until survivor dies - welcome to California

[@gabrielng05]

Sign 1 I stayed in full paid 5-room HDB contented, Sign 2 fulfilled, Sign 3- fulfilled ERS

[@henrylau116]

1. Checked. 2. Never invest on shares, but got passive income - checked. 3. Should have enough for ERS, but not aiming for it. I see FRS is sufficient. - checked......Life still goes on....

[@joshconsultancy]

Yes life goes on. Let’s help those who are at the start of the journey 👌🏻

[@yongxiongdai4733]

Number of CPF members by regrossed balance Regrossed balance includes amounts withdrawn under investment, education, private properties, non-residential properties and public housing schemes as at end of period

[@johnchua74]

Thanks for the insights. Somehow I felt you are speaking quite fast in this video. I have to rewind a few times to catch your points. Other than that, good points to think about.

[@joshconsultancy]

Noted and thank you for being around John 👍🙂

[@jalanjalan7099]

, you can adjust speed playback in KZbin video 😊

[@yaukiankeong5696]

Hi Josh , Thanks for your sharing! Could you kindly share how to park money not invested in moomoo platform into money market funds ? Thank you Yau

[@joshconsultancy]

Hi Yau, Ive this previous sharing that I did. Some private clients have also allocated into this BEST Place To Park Your Cash In 2023? | 4%+ NO LOCK IN | Low Risk Money Market Fund kzbin.info/www/bejne/eqLTZnaLqrZ4r6M Hope it helps

[@dt546]

Thanks for the video and pointers. Always enjoy your channel. Not sure if I will be there. Or maybe target will shift again due to high inflation. Am 46 yrs old. 1) Have fully paid HDB. But my parents indicated that I will inherit 1/3 of their HDB and 1/3 of their condo (have 2 other siblings). 2) Monthly dividend: $3000+ (trying to go for $4k next). 3) CPF - I am assuming the total of the 3 accounts (OA, MA, SA: Close to $440k).

[@joshconsultancy]

Numbers above suggest You’re looking good 👍

[@thegreenbaby9365]

Good and short (maybe coz speaking real fast 😅). Always enjoy this kind of rational videos, helping pp to make sense

[@joshconsultancy]

Noted. Ant thank you =)

[@byebyefiat]

@7:29 regrossed balance of cpf members DO include amounts withdrawn from OA for their property purchases, though you said otherwise.

[@joshconsultancy]

Oh ya I spoke does not.

[@yamcandy3392]

This is a thoughtful and interesting topic! The content is fun too thanks!

[@joshconsultancy]

Thanks. Smash the SUBs and cya around more!

[@jalanjalan7099]

Hi Josh, I have reached FRS but not ERS. Can I continue to top up to reach ERS?

[@thegreenbaby9365]

Think CPF wouldn’t allow top-up once FRS is reached. Though certainly can continue to work and keep increasing balance ☺️

[@joshconsultancy]

Sorry are you above age55? if yes Can top up actually to RA. Top up via OA or cash. If below 55 cannot top up to SA. Only through employment or interest k

[@pebblebrooks118]

Hi Josh, for age 55yo and below, you can transfer CPF OA funds to SA account as long as it has not reached the FRS. After 55yo, you can only transfer OA to RA account.

[@npwnpw8957]

Met #2 and #3. Buy why #1? Don't intend to buy private property leh! HDB counted? 😢

[@joshconsultancy]

Im just inference since 23% stay in private, owning a private fully paid definitely is a sign above average financially. Does not mean HDB fully paid isn't. Having a fully paid house in today's interest is a strong blessing

[@desmondlim7702]

Hi, always enjoyed your sharing, & a ardent follower. I am currently at 55 years old; and unemployed. I have met the FRS and still have excess of more than $250,000 in SA. I am wondering if I should use $100,000 in the SA to top up to ERS or just leave it in SA to earn the 4% interest. As it is still 10 years before I reach 65 years old, having the funds in SA means I can draw in case of emergency from now till 65 years old. Like to hear your thoughts.

[@joshconsultancy]

Hi! $250k in SA is a nice amount, guess you did shielding previously. 👍 Personally I think little value to move SA to RA since 4% either way. SA in ur situation is still liquid. Hope it answers 🙂

[@desmondlim7702]

Thanks, it helps.

[@yongxiongdai4733]

Wrong. Regrossed cpf includes the payment to mortgage. This is stated by cpf.

[@joshconsultancy]

Yup includes amount used

[@qiuhao4212]

How can one's SRS reach 1m ? There is a annual limit is $15k. So 20 years its 300k without interest /investment return.

[@joshconsultancy]

Get returns on it. And compound it. it can be way longer than 20y. Im already about 15y in at age40 Hope it clarifies k Here's Why I'd Get To $1m In SRS - kzbin.info/www/bejne/f3_RhoWreNCHfqssi=mpMPHfjz9sBpHexI

[@kaliyaperumaldeepan85]

Haiz hopeful property doesn’t cool down. Left 1 year mop hahah

[@lynngor8]

Mortgage rate is around 3.5% now. I just refinance 2 months ago

[@joshconsultancy]

Thats fixed rate. Floating w SORA is about 4.6% now

[@DonYang73]

4.6% , shiok ! For the banks 😂

[@CSB-pu9mc]

@@DonYang73 Yeap, those who overstretch is due to slave for the bank. Good luck! ha

[@64ytb]

Do you teach forex trading?

[@joshconsultancy]

No. Might be an impersonator account becareful. Avoid forex trading.

[@64ytb]

@@joshconsultancy I am learning from Trading geek, Brad. He doesn’t seem like a scam. He has many youtube videos here.

[@kevinho4504]

I guess from your video , I am above average financially . 😂❤

[@joshconsultancy]

Great 👍 Be thankful and help others next k!

[@hearttoheartstories4410]

Still working on all 3. 😅

[@joshconsultancy]

Woke alr, you’ll be fine 👍

[@CSB-pu9mc]

Jia you

[@DonYang73]

Many singaporeans plough everything into a property only to slog and carry the burden over 30 yrs before they get forced to sell it for retirement liquidity….😂😂

[@joshconsultancy]

hey be nice... we're here to advice and discuss constructively

[@DonYang73]

Being Real is being Kind. Learn lessons from others mistakes instead of your own

[@byebyefiat]

i know some who are exactly like that… their life their choice

[@jamesl2590]

Aiya..The high property prices + mortgage is a mean of trapping most Singaporeans at work and prevent early retirement. Else our aging workforce gg if everyone like youtubers keep daydreaming about early retirement. Also, the mortgage acts like CPF, confining your moneys within Singapore (via banks). If not, inflation in other local goods & services goes out of hand when Singaporeans spend that excess monies. Also, don't forget we like to travel, spend or invest overseas. Imagine what would happen to SGD if not for the high property prices and long-term mortgages. It may be hard on individuals, especially for the middle to lower income Singaporeans, but it is in the overall interest of Singapore. I am quite sure the govt is satisfied with Singaporeans' craze over property.

[@DonYang73]

@@jamesl2590correct.

[@NinJa-qr1sp]

Singaporeans' pte property craze is actually hurting those who are just looking for a roof. The policy loop hole of allowing people to hold on to their HDB flats either to stay in while renting out pte property or staying in pte property and renting out their HDB has been a key driver for excessive property speculation. This puts undue pressure on people who are just looking for a home to pay the price of the property investors. Govt should close this loophole even if it means causing HDB flat prices to drop. Separate the greed from property speculators from the people looking for a roof.

[@joshconsultancy]

Ive seen similar thoughts. Focus on finding your own assets. Its not a loophole when theres nothing to exploit. Get over it. ABSD measure is now in place for that reason

[@byebyefiat]

lol skill issue

[@SivalinPuthery]

Let the hdb prices drop? Yeah sure, that happened from 2013-2018 and what happened then? Became a political issue. And just to add, I bought a couple of old freehold properties in Bukit Timah back then at a steal. Not going to sell them as they are for me and my kids to stay in. If I sell, going to have to end up buying properties at higher prices and smaller space, and restarting my house loans. Sometimes I wonder why Warren Buffett preaches about buying assets cheap and yet hardly anyone in singapore listening to this caveat

[@CSB-pu9mc]

Some called it greed, others called aspiration to early retirement. To each it's own.

[@jamesl2590]

Aiya..The high property prices + mortgage is a mean of trapping most Singaporeans at work and prevent early retirement. Else our aging workforce gg if everyone like youtubers keep daydreaming about early retirement. Also, the mortgage acts like CPF, confining your moneys within Singapore (via banks). If not, inflation in other local goods & services goes out of hand when Singaporeans spend that excess monies. Also, don't forget we like to travel, spend or invest overseas. Imagine what would happen to SGD if not for the high property prices and long-term mortgages. It may be hard on individuals, especially for the middle to lower income Singaporeans, but it is in the overall interest of Singapore. Pray for better luck to be born in a rich family in your next life la, if you are looking for an easy route through life.

[@pacman1971]

1mil in SRS?? Not a good idea, you definitely will incur income tax when you withdraw your cash at retirement.

[@Godai_Chen]

Yes also need to withdraw all after 10yrs from retirement age 63 which will incur tax too

[@joshconsultancy]

I’m well verse in it. Check the tutorial on it, I’ve covered why

[@gabriellim2293]

But you already saved on the taxes in the near term. And you only need to pay taxes on 50% of the withdrawal. Which by then would be just a couple hundred or couple thousand at max

[@jalanjalan7099]

So best is have 400k in SRS? Assuming never work, no income, so 40K annually over 10 years won’t incur any tax? Am i right?

[@gabriellim2293]

@@jalanjalan7099 well ideally yes but you wouldn't want your SRS money to just be sitting there getting bank interest of 0.01% so investing it is definitely the right choice. Moreover, this is with the assumption that our income tax brackets doesn't change.

[@yeowteikjin1785]

I have recently been investing in dividend rich stocks via moo moo and tiger trade (found out that moo moo is better). Do you need huge funds to achieve SGD 1000 per month of dividends? Want to know more about that. Thanks

[@joshconsultancy]

Yes you do need. Watch this below k I think my dividends are now past $20,000! Sharing how you can also do consistent dividend investing kzbin.info/www/bejne/f5-1iICDgcmdjbMsi=GHHHH2ZPHlHRhq07

[@weiyongl]

hitting the big 40 soon. and i work 70 hr weeks. and stay in a 2bedroom with no space for kids. haha.

[@joshconsultancy]

what job are you in curious?>

[@weiyongl]

@@joshconsultancy cant say bro. my role is quite public. safe to say i work in aircon room and is a professional. i clock about 55-75 hr weeks. dual income. married. no kids. but trying to have. cant bto cause cause bust income ceiling. but not enuff for a decent size private. 1000 sq ft home these days about 2 mil u know. welcome to sg. a good fren of mind in engineering also pulls in 14hr. 6 days a week. think many pple in sg are over worked if u ask around.

[@DonYang73]

You working too much, dude.

[@thegreenbaby9365]

Perhaps can consider resale HDB instead of pte, for those who can’t do BTO?

[@corrbaingiovanni2533]

​@@weiyonglWhat about EC or Maisonette HDB. Condo today are ridiculously tiny

[@thsiah]

Thought I am doing ok till I watched this video.. 😅

[@joshconsultancy]

Eh... no no. There are many ways to get rich and stay rich. First few lines. These are 3 signs. Does not mean if dont have is not above average financially or will not eventually get there k

[@rolandchia3805]

Hit #1 & #2, missed #3.😂

[@joshconsultancy]

Above average le la 👍

[@linuxnewbie74]

You are not alone, i am in same boat as you, waiting to hit above ERS in few yrs time.