How To Get To Financial Independence By Age45? 8 Things To Accomplish For Financial Freedom And FIRE

Millennials and Gen Z put Financial Independence as the TOP factor for a better life!
However, Gen X and Baby Boomers prioritize good health instead! Why?
Today we'd cover 8 things to accomplish for financial freedom and #FIRE
0:00 Introduction
What you need to accomplish to get to FIRE
1:40 Good health
Type 2 diabetes will at least cost $200/m in medical extra cost
Private Medical insurance PMI now have 5% co-payment and if you have medical bills, you will have increased cost.
3:36 Sustainable insurance cost
When will insurance premiums tail off.
Understanding the premium savings you can get by choosing different medical insurance
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6:25 Upgrading long term care
Careshield life is now compulsory for anyone age30 and above.
Upgrading coverage is voluntary and most plans premium are by entry age to plan
Careshield life premium increases every year and deducts from medisave
Using medisave and it's 4% interest to sustain plan premiums
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09:07 Be able to fully pay off mortgage
Clearing liabilities are important before you get to financial independence.
Be prudent in your mortgage liability
10:28 Money set aside for your dependents
Children and parents require you to help them with their bills.
I've chosen to set aside money in CDA account which will convert to PSEA and CPF eventually if there are surpluses.
Also set aside $50,000 for each child for tertiary education cost
11:41 Passive income
Have enough in CPF FRS at least. FRS 2022 is $192k and aim to have that in your CPFSA
Buy annuity plans to provide you stable long term cashflow
Build a dividend portfolio
14:37 Other income streams. More discussions here
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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.
Learn more on financial planning and insurance concepts, visit
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[@nick.from.singapore]

Good video as usual Josh. On your very last point of other income streams, can you make a video sometime in future on ‘side hustle options’ in Singapore context? Will be an interesting topic to watch.

[@joshconsultancy]

Sure! You've any experiences to share on what you've tried before, succeeded or fail... do share. Also check this discussion out, Story Of Side Hustle Became A Nightmare, Why? | Question On Career - 27yo Single, What To Do? kzbin.info/www/bejne/nXLLlGloiLKWiLs

[@TheHumbleChartist]

Interesting one :) Thanks

[@joshconsultancy]

Thanks again TA =)

[@28empire10]

Cool!

[@hafizazman3682]

I am in my late 20s and I guess its not too late to plant the seeds for a better future :)

[@thomasheng6372]

Just be as gainfully employed for as long as you can and make your safety net (CPF, 401k, pensions pot) then emergency funds and invest the rest...

[@fasianow5367]

Appreciate if you can give leads to Vietnam cybersecurity listed companies.

[@Wira8]

Can also do video on careshield /elder shield and whether we should upgrade the plan?

[@joshconsultancy]

Hi Kevin yes I would recommend so. Its quite simply more premium for more coverage. And if applied correctly can be within medisave limits fully

[@jasonlim4512]

if cpf life payout rise with FRS, is it safe to assume there will be enough to pay for the highest shield plan? assuming premiums also adjust for inflation.

[@joshconsultancy]

if you want inflation adjusted may need to explore ESCALATING PLAN. Shield plan premiums have jumped by >100% over the last few years, abit hard to extrapolate until it stabilises

[@ahheng806]

Is the Semb marine merge unfair for Semb marine share holders?

[@willsontoh7105]

Recent Astrea 7 introduce bonds is it as safe as MAS i.e T-Bill or SGS Bonds?

[@joshconsultancy]

What I can share is its a relatively low risk option. Previous astrea bond prices have fallen in price recently as interest rates climb

[@DarrenNgFinance]

Hi Josh, these are extremely great insights. I’m a financial planner myself and I found these useful advice to share to my clients. I feel most people focus too much on passive Cashflows and neglect their health in the process which is so sad if u think about it.

[@joshconsultancy]

Hi Darren, great to cya around. We both have an important role to uplift the standards and image of our profession. Cya around =)

[@louth1770]

At this moment, preserve cash, if everyone is doing same things, then something's not right. This is apt, wisdom is basic foundation of right living and retirement.

[@joshconsultancy]

Need to balance with underinvestment for readers who are too conservative but ya I agree some cash moving forward will be useful for opportunities

[@louth1770]

@@joshconsultancy Paul Krugman NYT on follies of investing in cryptocurrencies (also on 22-May ST) should b wise and apt to educate ordinary folks not to b ensnared by noises, and invest w astute n wise knowledge instead. Book on "Manias,, Panics & Crashes " published by Wiley investment classic books is as apt as current. Modern 21st Century tulip-mania. Sigh.

[@ahheng806]

Top 20 Semb marine share holder Phillip Loh said the merger will be unfair to share holders of Semb marine ?

[@joshconsultancy]

In my opinion he made valid points

[@kennethchia7290]

Hi Josh! Can you share more on how to generate side incomes? Not everyone got the talent to do content creation.. haha.

[@joshconsultancy]

Haha I gotta know what your talent is first =P. What have you tried before btw? Also check this discussion out, Story Of Side Hustle Became A Nightmare, Why? | Question On Career - 27yo Single, What To Do? kzbin.info/www/bejne/nXLLlGloiLKWiLs

[@kennethchia7290]

@@joshconsultancy Ah. Will check out the video! Tried a little on KZbin content creation… find that I didn’t have the flair for it.. did some photography assignments but the commitment is pretty long hours considering photo editing as well. Most choices are still hourly-effort based like tuition, grab, etc. Just wondering if what other creative options are out there? Or can we try selling something online? But many online products are having little margins already..

[@angml1122]

Hopefully can talk about the Astrea 7 Bonds in next video. Good to subscribe?

[@joshconsultancy]

What I can share is its a relatively low risk option. Previous astrea bond prices have fallen in price recently as interest rates climb

[@angml1122]

@@joshconsultancy Thank you for your valuable response.

[@jalanjalan7099]

Should aim for Enhanced Retirement Sum. ;)

[@joshconsultancy]

AGREE!

[@tanthuantong]

谢谢你兄弟 👍🇸🇬(⊙o⊙)

[@lumvincent7431]

Alamak, boss . Next dec, i can withdraw excess cpf $ after set aside FRS. Too late ,lor

[@joshconsultancy]

Set more for ERS especially if you've still active income!

[@cathhl2440]

Don’t take out and earn more interest lah! Ask Josh out to lim kopi and see what else can be done.

[@sharonlim84]

Would like to find out more about the leveraged annuity plans (Mentioned under Passive income) - are these premium financing - for high net worth? Who is suitable for such plans? Minimum investment outlay required? How does insurance companies earn $$ from these - given banks are earning interests from the bank loans...

[@joshconsultancy]

Hi Sharon, leveraged annuity can be a solution and I've pieced in for some clients for their retirement. But there are things to look out for also. Ive a full tutorial on it already. Leveraged Annuity Plans 🤔 How it Works And What Are The RISK To Watch Out For! kzbin.info/www/bejne/ioC9oqSogr2KeaM