He EARNS $10,900 & wants to REACH FINANCIAL GOALS EARLY BUT is in sandwich generation... What to do!

ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY!
►‌ www.theastuteparent.com/josh-tan
Today, we have young father in Singapore who is earning well and has a baby. He is working hard to save up for his parents also and asked me for financial planning tips. You'd hear a discussion on how to get to financial freedom and how to build up also for your retirement in Singapore.
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⏱Timestamps:⏱
0:00 Introduction
0:25 His finances
1:45 HDB loan
3:48 How he saved
6:00 Wife salary and family income
8:34 Insurance tips
11:00 How to invest
14:57 UOB stash account
16:51 Parenting tips
#financialfreedom #finances #insurance #retirement
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.
ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY!
►‌ www.theastuteparent.com/josh-tan

[@joshconsultancy]

ENGAGE Josh Tan on a fee for full retirement planning NOW - Hear the IMPROVEMENTS you can make IMMEDIATELY! ►‌ www.theastuteparent.com/josh-tan

[@sgfiremovement]

fully agree with you on the parenting tips, especially on the holiday tips.

[@MS-ub9hb]

Agree that many of the enrichment programs are not necessary. The best program for your kids is just spending quality time with them. Have fun and play with them. This is more holistic.

[@joshconsultancy]

Yes 👍👍

[@Mike-e1n]

Best family is to help one another to level them up and make all of us as a family to prosper together

[@joshconsultancy]

Love that!

[@jasonlim4512]

do u hav plans to do a vid comparing the diff Cpf OA solutions?

[@elinselin]

We are also of the same situation for the hdb loan, we have gotten our keys when we were just fresh grads, our idea was just to not incur any debts, we were not financial literate enough to understand what is a good debt 😅

[@joshconsultancy]

I’ve raised some suggestions here 🙂

[@lynnchua1890]

Good bro…

[@ctk8487]

Josh, thanks for sharing. Just a comment on funding kid's Uni - if he is already seriously planning for that, perhaps he should prepare for other 'more expensive' possibilities such as needing to study overseas etc, just in case unable to enter a local U on merit. That way, the plan may fund more options. But perhaps the kid is still a little young.

[@joshconsultancy]

New born 👍

[@jironghuang4895]

Over time, maybe he can consider dropping tuition side hustle? The incremental value from hustle relative to portfolio size should decrease significantly over time. Spending time with family and kid is more valuable.

[@joshconsultancy]

Fully agree

[@senthilk4338]

Enrichment (not related to study) may seem like a waste of money but it helps Children grow their interest in different areas and learn different skills vs just studying. When they are older they will have different skills to lean on and to pass their time which helps to reduce stress levels. For example playing piano vs playing computer game when getting stressed during exam period.

[@joshconsultancy]

pov noted

[@ahnana833]

I disagree a little with bringing kids less than 2 year old on holiday. The money for holiday can be saved instead for enrichment classes. The psychological effects, build leadership and confidence is not apparent immediately. Many men dont realise when your kid starts to learn how to be calm, to articulate instead of acting out feelings. Mothers will understand more. Below 2, how will they remember they've been to iceland?! 😂 Then again some might argue below2 they wont remember the enrichment classes. To each our own. Just dont be too 过分 i too dont believe in playgroups 😊 piano, or other instruments I can teach myself 😂

[@mervynkoh6153]

What is his cpf balance? I am 46, quite similar to his financial situation. While his income may continue to increase, I see mine plateauing, likely due to my age. So it would be informative to understand his retirement plans, which may leverage on the recent 4xbrs.

[@user-no7xw1ym8h]

I like watch you videos

[@joshconsultancy]

Thank you for the support

[@forwork2601]

Dude guy is already very rich

[@ekzqwizyt]

I think it’s more worthwhile to bump up his income through promotion/ job switch. Than grinding away on his side hustle.

[@YJZheng-uq1zs]

hi Josh, I have savings in UOB stash and totally agree that SSB is better with the current interest (+ 10 years guaranteed). I would like to move my savings from UOB to SSB but I foresee it will be oversubscribed this month. If so, we wont be able to earn the 3% interest from UOB. any advice on this? Thanks.

[@joshconsultancy]

Take a few months to fully park in is ok. Key is to secure long term 👌🏻

[@MrBluehorizonsugar]

OA TO SA transition is not really one way. assuming the HDB loan till 65 years old, then at age 55, all the surplus from SA after FRS can be used to repay HDB loans :-)

[@yyyypong5564]

I think what’s really interesting is how you can tell the viewer demographics from the comments. Those who think that he is showing off probably are not exposed to more lucrative sectors or large companies where tons of managers easily make those numbers. This number would likely also mean that he has worked hard to get promoted a few times so he should certainly be proud of himself. That being said, not everyone starts off in the corporate world and in a lucrative industry. Josh, would be good to have an analysis for someone who is closer to median salary or whose situation is not so comfortable.

[@joshconsultancy]

Oh I have "$10,300 Monthly Combined Income BUT CANNOT SAVE! | Why? Cut Back Monthly Expenses To Credit Card?" - kzbin.info/www/bejne/oqKclJWbgaafaq8si=zFXajhxgFQZ-0yK-

[@JamesDean6133]

Is there a formula to allocate an amount for children's tertiary education?

[@joshconsultancy]

There can never be a fixed formula that suits all 😅

[@Phonedumb]

Didn't quite get his age.. but very impressive assuming he is age about 36 or 37. My thoughts... he should enjoy more of his wealth and stop scrimping. Don't end up kicking the bucket without enjoying some of his savings when younger.

[@joshconsultancy]

Too early to enjoy wealth. Leave that to 60s. But can go enjoy abit more or stop on the side hustle easily =)

[@Jr.LH5]

Hi Josh, I have 1 qn, if my own hdb haven't reach MOP, can I sell my hdb to inherit my parents hdb property? Thank you.

[@joshconsultancy]

Hi I think cannot. Best to double confirm w hdb 🙏

[@ZhuKoLiang]

Hi @Jr.LH5, this would happen when your parents have effectively not around anymore. When your parents are no more around, u shall inherit their HDB flat. (I assume u r already eligible to inherit either by will or by intestate succession act). However u have an existing HDB. So HDB will ask u to choose either one and sell the other. If u choose to sell your other flat not yet MOPed, HDB typically waive off the MOP as this is due to unforeseen death circumstance

[@ZhuKoLiang]

To add on to be clear, if your parents haven upped lorry yet, u cannot simply request to sell your current HDB not yet MOPed just in anticipation of inheriting it

[@Longtermalwayswins]

i dont think its a good idea for singaporeans to put their money in VOO. holding US equities incur estate and dividend taxes. as he compounds he will be losing a lot on the dividend returns over time and it can destroy his gains. best to seek LSE ETFs like CSPX.

[@joshconsultancy]

Valid point

[@leejpeter3456]

Thank you for your great videos. I think our consumption and spending matter. If we live frugally, focus on savings, and reduce our desires, we can achieve financial freedom. Let me share an experience with you. Today, I went to see the latest Hollywood movie "Furiosa" at a cinema in Malaysia (price RM15/SGD4, quite expensive for a Malaysian). In the shopping mall, instead of going to Starbucks for a cup of coffee costing RM17/SGD5, I decided to go to the hypermarket section in the mall and bought a canned drink, Premium coffee, for RM1.70/SGD0.50. It is also from a well-known international brand. So, I saved a lot of money.

[@joshconsultancy]

No probs, good sharing ^ 👍

[@junjun906]

they r well off enough. to have another kid, enrich family life

[@joshconsultancy]

Yes would support that =)

[@cathhl2440]

I’ve worked with teens for more than 20 years. Better to children to have siblings. But manage the relationship well.

[@VamboraSingapore]

Josh, do you think the liquid cash holding is too high/just right for their figures

[@joshconsultancy]

Good question: I personally think there is too much cash. More should be invested

[@Mike-e1n]

Josh the cash holding is high? I am roughly holding higher than his

[@MrBluehorizonsugar]

I am quite curious whether this guy is paying fee for the analysis or just asking for some advice? I am currently working on my simplified goals for the next few years. 1 Fully paid own stay property (for starting with Near zero cash) 2 Near zero cash 2nd property 3 Cash for 2 years spending (Around 200k) 4 CPF RA to ERS at age 55 (2x600k) 5 xxx Stock portfolio to generate xxxk dividend income per year All these are very workable, however, I am still having some doubts about the priorities etc.

[@joshconsultancy]

Not advice just discussion points. I take private clients to a much deeper level, coach and execute steps

[@JamesDean6133]

Parents sell HDB and get an apartment at Millennia Village in Seremban. Very affordable and great lifestyle OP and family can vacation in Seremban regularly As for kid's education, higher education at Seremban too, cheap, cheap Its win-win-win.

[@joshconsultancy]

wow can I zoom interview them? If ok do help us link up [e-mail]

[@ZhuKoLiang]

To the guy asking the question to josh, mai haolian la…

[@joshconsultancy]

Pay is just a number. Some will have more and some will have less than us. He is earning well and side hustling. Let’s focus on learning points

[@xfall86]

Alot of humble braggers in sg sia

[@joshconsultancy]

This is what I'd like to share Asking for opinion is sometimes an important trait of successful people. They know there are other answers out there and they know there are blind spots. They know there are always things to learn if they are willing to be vulnerable. Those that BRAG often have a tone which is NOT asking to learn/be critiqued for improving their situation. I've seen many and it's easy to smell... Not him in my opinion k =)

[@cathhl2440]

@@joshconsultancyYou’re not wrong. But i think you’ll need to be more discerning in choosing cases for your YT channel. It also boils down to the type of audience you’re reacting out to, and your vision for this channel.

[@schadenfreude6274]

@@cathhl2440 yes. all these cases are too far beyond what an average singaporean can do. His channel is slowly become a how the rich can be richer channel already. Too out of touch with the common people anymore.