Anyone losing sleep over the "new" financial crisis that seems to be impacting the stock markets in recent weeks?
I am amazed at how I hardly feel anything nowadays when it comes to stock markets going down south.
Yes, my stock portfolio gets affected but it doesn't affect my daily life as I don't check the prices of my stocks everyday.
Perhaps it is because I have been through a few up and down markets so I am a little bit less emotional now even when my portfolio does take a hit whenever bad news come along.
All About Income
In my previous posting, I talked about simplifying financial planning to just 4 variables : Income, Expenditure, Savings and Returns.
Today, I thought that I would just explore a little more on Income.
Earned Income and Passive Income
Many people are only familiar with earned income which is the salary they draw from their day jobs. Others supplement their income by holding part-time jobs (e.g. tuition). Since most people are familiar with earned income, I thought that it might be timely to highlight another source of income which is passive income.
Passive income is simply money that flows into your pocket without you having to work for it. This can be obtained through dividends, annuity payments (CPF Life), or royalties (e.g. from books you have written).
Discovering that one can rely on multiple streams of income instead of a single source of income can be a relief especially in times of job loss or change of jobs. By not relying solely on a single source of income, you sort of diversify your "risks".
Of course, conventional wisdom still holds that you can actually just rely solely on your salary if you are really good at your work and the marketplace values your work highly. This include highly paid atheletes, musicians, directors, etc.
So whether you should rely solely on a salary or on multiple streams of income is a choice you have to make based on your own personal situation.
Protecting Your Income
We all take our salary for granted at times.
It is important to realise that there are certain events in life that might render one jobless. This might include unfortunate events like death, disability, illnesses, accidents or just hospitalisation.
It is thus important to realise the need to hedge against these risk by protecting any loss of future income that might be earned by you. Today, insurance companies are willing to bear this risk for you. You can thus protect yourself and your family from any loss of income by buying insurance.
Protecting your income can also be through simple steps like going for personal upgrading and development courses to ensure that your remain employable.
RETIREMENT INCOME
Perhaps the most worrying trend is that Singaporeans do not plan actively for their retirement.
During retirement, most people will not be earning a salary as they stop working totally. Without an income, they either have to rely on their savings or passive income to support their lifestyle during their retirement years.
CPF Life is an example of relying on one's savings to ensure a stream of income is present for one during retirement. The reason why CPF Life was initiated was to ensure that Singaporeans have enough savings to last them through their retirement years.
If one relies solely on their earned income, it is necessary that they realise this fact which I have illustrated below. Take Mr ABC who plans to retire at age 60 and who has an expected life expectancy of 80 years.
Mr ABC's projected income flow:
Age: 25 - 35 Annual Salary: $50,000
Age : 35 -45 Annual Salary: $80,000
Age : 45 - 60 Annual Salary : $120,000
Age : 60 -80 Annual Salary : $0
For a good twenty years (age 60 to 80), Mr ABC will not be drawing an income. He will need to rely on his savings over the past 35 years of his working life (age 25 to 60) to support 20 years of retirment.
If he is fortunate enough to live till age 95, he will have to depend on 35 years of savings to support 35 years of retirement!
Adding up his total income over 35 years, he can expect to draw a neat sum of $3.1 million dollars over his entire working life. Without taking returns on investment and inflation into account, if Mr ABC saves only 10% of his income, it would leave him with $310,000 to spend over the "worst case" scenario of 35 years in retirement.
That works out to around $8,900 per year or $740 per month.
Can he survive on that amount?
Today, I thought that I would just explore a little more on Income.
Earned Income and Passive Income
Many people are only familiar with earned income which is the salary they draw from their day jobs. Others supplement their income by holding part-time jobs (e.g. tuition). Since most people are familiar with earned income, I thought that it might be timely to highlight another source of income which is passive income.
Passive income is simply money that flows into your pocket without you having to work for it. This can be obtained through dividends, annuity payments (CPF Life), or royalties (e.g. from books you have written).
Discovering that one can rely on multiple streams of income instead of a single source of income can be a relief especially in times of job loss or change of jobs. By not relying solely on a single source of income, you sort of diversify your "risks".
Of course, conventional wisdom still holds that you can actually just rely solely on your salary if you are really good at your work and the marketplace values your work highly. This include highly paid atheletes, musicians, directors, etc.
So whether you should rely solely on a salary or on multiple streams of income is a choice you have to make based on your own personal situation.
Protecting Your Income
We all take our salary for granted at times.
It is important to realise that there are certain events in life that might render one jobless. This might include unfortunate events like death, disability, illnesses, accidents or just hospitalisation.
It is thus important to realise the need to hedge against these risk by protecting any loss of future income that might be earned by you. Today, insurance companies are willing to bear this risk for you. You can thus protect yourself and your family from any loss of income by buying insurance.
Protecting your income can also be through simple steps like going for personal upgrading and development courses to ensure that your remain employable.
RETIREMENT INCOME
Perhaps the most worrying trend is that Singaporeans do not plan actively for their retirement.
During retirement, most people will not be earning a salary as they stop working totally. Without an income, they either have to rely on their savings or passive income to support their lifestyle during their retirement years.
CPF Life is an example of relying on one's savings to ensure a stream of income is present for one during retirement. The reason why CPF Life was initiated was to ensure that Singaporeans have enough savings to last them through their retirement years.
If one relies solely on their earned income, it is necessary that they realise this fact which I have illustrated below. Take Mr ABC who plans to retire at age 60 and who has an expected life expectancy of 80 years.
Mr ABC's projected income flow:
Age: 25 - 35 Annual Salary: $50,000
Age : 35 -45 Annual Salary: $80,000
Age : 45 - 60 Annual Salary : $120,000
Age : 60 -80 Annual Salary : $0
For a good twenty years (age 60 to 80), Mr ABC will not be drawing an income. He will need to rely on his savings over the past 35 years of his working life (age 25 to 60) to support 20 years of retirment.
If he is fortunate enough to live till age 95, he will have to depend on 35 years of savings to support 35 years of retirement!
Adding up his total income over 35 years, he can expect to draw a neat sum of $3.1 million dollars over his entire working life. Without taking returns on investment and inflation into account, if Mr ABC saves only 10% of his income, it would leave him with $310,000 to spend over the "worst case" scenario of 35 years in retirement.
That works out to around $8,900 per year or $740 per month.
Can he survive on that amount?
Financial Planning - Simplified to 4 Variables
Before I begin today's post, I would like to highlight that my first posting at CPF's IM$avvy site should be up by tonight. Do check it out over at the CPF $avvy Blog Corner under the month of May Archives. The title of that post is "Can You Trust Your Financial Planner?"
Financial planning can be too confusing at times. There are lots of terms that people throw around to make it seem complex.
I was thinking about it for sometime and decided that there are perhaps only 4 variables or factors that will ultimately determine whether one is financially secure.
The 4 Factors
1. Income
Income determines how much money flows INTO your pockets each month or every year. Income involves both active income (from one's salary) and passive income (from dividends, etc).
2. Expenditure
Expenditure is the amount one spends every month. It is the amount of money that flows out of your pockets to buy food, transportation costs, movie tickets, housing installments, etc.
3. Savings/Investments
Savings/Investments should be the difference between Income and Expenditure. Ideally, it should work out as:
SAVINGS = INCOME - EXPENDITURE
From the simple equation above, I guess you can see that the only way to increase your savings/investments is to either increase your income and/or decrease your expenditure.
Another thing to note is that saving money is actually quite meaningless unless you know what you are saving for. Are you saving for retirement or saving up for a holiday? In either case, you need to know that there will come a day when you are going to spend your savings. The timeframe is important so that you know whether you should keep your savings liquid or you can afford to keep them in not so liquid instruments. The end goal of savings should not be just for the hidden pleasure of seeing your bank account grow fat.
4. Savings/Investment returns
This last factor determines the rate of return your savings or investment is giving you. If you are getting a 0% rate of return, the amount of money you save will be the amount of money you have at the end of the day. On the other hand, if you have chosen to invest it and the investment gives you 10% returns annually, the amount of money that you have at the end of the day will be much more than the absolute amount you have actually saved.
Conclusion
In this posting, I have simplified financial planning into 4 simple variables that you need to take note off.
Determine what is your monthly income, expenditure, savings and the rate of return you are getting on your savings. To improve your financial situation, you just need to tweak any of these 4 variables.
I shall cover this in my next posting.
Financial planning can be too confusing at times. There are lots of terms that people throw around to make it seem complex.
I was thinking about it for sometime and decided that there are perhaps only 4 variables or factors that will ultimately determine whether one is financially secure.
The 4 Factors
1. Income
Income determines how much money flows INTO your pockets each month or every year. Income involves both active income (from one's salary) and passive income (from dividends, etc).
2. Expenditure
Expenditure is the amount one spends every month. It is the amount of money that flows out of your pockets to buy food, transportation costs, movie tickets, housing installments, etc.
3. Savings/Investments
Savings/Investments should be the difference between Income and Expenditure. Ideally, it should work out as:
SAVINGS = INCOME - EXPENDITURE
From the simple equation above, I guess you can see that the only way to increase your savings/investments is to either increase your income and/or decrease your expenditure.
Another thing to note is that saving money is actually quite meaningless unless you know what you are saving for. Are you saving for retirement or saving up for a holiday? In either case, you need to know that there will come a day when you are going to spend your savings. The timeframe is important so that you know whether you should keep your savings liquid or you can afford to keep them in not so liquid instruments. The end goal of savings should not be just for the hidden pleasure of seeing your bank account grow fat.
4. Savings/Investment returns
This last factor determines the rate of return your savings or investment is giving you. If you are getting a 0% rate of return, the amount of money you save will be the amount of money you have at the end of the day. On the other hand, if you have chosen to invest it and the investment gives you 10% returns annually, the amount of money that you have at the end of the day will be much more than the absolute amount you have actually saved.
Conclusion
In this posting, I have simplified financial planning into 4 simple variables that you need to take note off.
Determine what is your monthly income, expenditure, savings and the rate of return you are getting on your savings. To improve your financial situation, you just need to tweak any of these 4 variables.
I shall cover this in my next posting.
Passive Investing - Is It Really So Difficult?
I have always struggled with the thoughts of passive investing versus active management of my portfolio.
Today, I came across a quote by Oscar Wilde:
"To do nothing at all is the most difficult thing in the world, the most difficult and the most intellectual."
I am pretty sure he didn't have investing in mind when he came up with this line. Nevertheless, it does seem applicable even when it comes to the field of investing.
Forever Portfolio?
Too often, we find ourselves trying to time the market to buy at the lowest lows and selling at the highest points. We screen through the entire universe of stocks to find a few stocks that meet our criteria, only to sell them a few weeks later when their price has risen by 10 to 20%. We are left with nothing to invest in and end up lowering our criteria to buy stocks that we would not originally buy or end up just sitting on a pile of cash.
Sometimes, we get caught up with all the hysteria that seems to surround us. People are talking about how much money they made within a few trades and we start to look at our own portfolios and wonder : "Is Buffet really right?"
Passive investing (if I can so term it) is really difficult. To buy and hold for the long term without tinkering about too much can be extremely difficult especially when we are constantly bombarded by all the noise and distraction of the crowds.
Sooner or later, we start to find it impossible to resist the urge to make that phone call to the broker or to simply click the button on our online brokerage accounts that reads "Confirm order".
I know many people will not agree with passive investing. Many people out there have claimed to have the ability to time markets to perfection such that they have been able to make spectacular gains that are not possible by a buy and hold strategy. Of course, there must be some selection bias as the losers will never reveal themselves. Only the winners get boasting rights after all.
On the other hand, we should not find excuses if we are simply too lazy to monitor and tweak our portfolio such that we term it as passive investing or the Warren Buffet style. I am sure even Warren Buffet tweaks his portfolio every now and then!
Symptoms of a compulsive investor
Here are a few symptoms that shows you are toeing the line and moving towards a gambler mentality versus an investor mentality. (Deep down inside, human beings all like a little wager)
1. You scan the newspapers, online forums and chatboxes for the latest tips on which stocks to buy. You follow the opinions of experts and get in and out of the market at rapid pace.
2. You buy a stock and only start to do your research on it after you have completed the order.
3. You buy a stock and start to think whether you should contra it off within the next 3 days.
4. You buy a stock and keep checking its stock price every hour, hoping to make a quick buck.
5. You sell a stock and hope that it drops to a certain point so that you can buy it again.
6. You don't know why you bought a stock.
7. You don't know why you sold a stock.
I am sure you have all experienced the "symptoms" once in a while in your lives.
Preventing the onset of the disease
Prevention is better than cure. I would like to suggest a few methods to cure you of this ailment if you do suffer from it. Of course, I do not take responsibility if you lose any money.
1. Don't read the newspapers, forums and chatboxes for your stock purchases or sales.
2. Don't make a trade when you are angry.
3. Don't talk to others about investing.
This 3 strategies ought to keep y0u from making compulsive buys and sells. I realised that when I read less about the stock market, I tend to make fewer trades. When I am angry, I try not to make investment decisions and sometimes, the decisions I make can be rash. When I talk to others about investing, it always gets me excited and I feel like making a trade right away. All these are based on my personal experience.
I am not saying that you should not actively manage your stock portfolio. What I am against is the compulsive urge to tweak your portfolio so often that it is almost akin to gambling. But with all the media influences we get, it is very difficult to sit down and do nothing.
Doing nothing is a very difficult thing indeed.
Today, I came across a quote by Oscar Wilde:
"To do nothing at all is the most difficult thing in the world, the most difficult and the most intellectual."
I am pretty sure he didn't have investing in mind when he came up with this line. Nevertheless, it does seem applicable even when it comes to the field of investing.
Forever Portfolio?
Too often, we find ourselves trying to time the market to buy at the lowest lows and selling at the highest points. We screen through the entire universe of stocks to find a few stocks that meet our criteria, only to sell them a few weeks later when their price has risen by 10 to 20%. We are left with nothing to invest in and end up lowering our criteria to buy stocks that we would not originally buy or end up just sitting on a pile of cash.
Sometimes, we get caught up with all the hysteria that seems to surround us. People are talking about how much money they made within a few trades and we start to look at our own portfolios and wonder : "Is Buffet really right?"
Passive investing (if I can so term it) is really difficult. To buy and hold for the long term without tinkering about too much can be extremely difficult especially when we are constantly bombarded by all the noise and distraction of the crowds.
Sooner or later, we start to find it impossible to resist the urge to make that phone call to the broker or to simply click the button on our online brokerage accounts that reads "Confirm order".
I know many people will not agree with passive investing. Many people out there have claimed to have the ability to time markets to perfection such that they have been able to make spectacular gains that are not possible by a buy and hold strategy. Of course, there must be some selection bias as the losers will never reveal themselves. Only the winners get boasting rights after all.
On the other hand, we should not find excuses if we are simply too lazy to monitor and tweak our portfolio such that we term it as passive investing or the Warren Buffet style. I am sure even Warren Buffet tweaks his portfolio every now and then!
Symptoms of a compulsive investor
Here are a few symptoms that shows you are toeing the line and moving towards a gambler mentality versus an investor mentality. (Deep down inside, human beings all like a little wager)
1. You scan the newspapers, online forums and chatboxes for the latest tips on which stocks to buy. You follow the opinions of experts and get in and out of the market at rapid pace.
2. You buy a stock and only start to do your research on it after you have completed the order.
3. You buy a stock and start to think whether you should contra it off within the next 3 days.
4. You buy a stock and keep checking its stock price every hour, hoping to make a quick buck.
5. You sell a stock and hope that it drops to a certain point so that you can buy it again.
6. You don't know why you bought a stock.
7. You don't know why you sold a stock.
I am sure you have all experienced the "symptoms" once in a while in your lives.
Preventing the onset of the disease
Prevention is better than cure. I would like to suggest a few methods to cure you of this ailment if you do suffer from it. Of course, I do not take responsibility if you lose any money.
1. Don't read the newspapers, forums and chatboxes for your stock purchases or sales.
2. Don't make a trade when you are angry.
3. Don't talk to others about investing.
This 3 strategies ought to keep y0u from making compulsive buys and sells. I realised that when I read less about the stock market, I tend to make fewer trades. When I am angry, I try not to make investment decisions and sometimes, the decisions I make can be rash. When I talk to others about investing, it always gets me excited and I feel like making a trade right away. All these are based on my personal experience.
I am not saying that you should not actively manage your stock portfolio. What I am against is the compulsive urge to tweak your portfolio so often that it is almost akin to gambling. But with all the media influences we get, it is very difficult to sit down and do nothing.
Doing nothing is a very difficult thing indeed.
Review of April 2010
Dear Readers,
April 2010 has been another spectacular month for the STI. The STI trended up past 3000 but failed to close above it at the end of the month.
Most people will probably be sitting on large capital gains if they have bought their shares earlier in the year or during 2009.
For myself, I have still been focusing quite a bit on dividends. For the month of May, I should be collecting dividends from Capitaland, China Aviation Oil, Innotek and Suntec Reits.
Perhaps, investors would like to take caution for the year 2011 when exit strategies come into play.
At this Blog
I shared with all that I am going to be a guest blogger at CPF's IMSavvy. I have submitted my first post already but it has not been published. (Quality control perhaps?)
Over at this site, I talked about the Best Financial Advice I have received and asked readers to share their own experiences.
I also got a bit philosophical and talked about Whose Dream Is It? and How Many Pratas Can You Eat? If you only have time to read one more posting, read the one on the pratas. The comments from readers have been great and insightful.
For just a light hearted read, I explored the correlation between good food and having a good date.
I have been a bit lazy at this blog as I have been caught up with certain new hobbies.
A better May 2010 for all of us and happy Labour Day!
Your Sincerely,
FF
April 2010 has been another spectacular month for the STI. The STI trended up past 3000 but failed to close above it at the end of the month.
Most people will probably be sitting on large capital gains if they have bought their shares earlier in the year or during 2009.
For myself, I have still been focusing quite a bit on dividends. For the month of May, I should be collecting dividends from Capitaland, China Aviation Oil, Innotek and Suntec Reits.
Perhaps, investors would like to take caution for the year 2011 when exit strategies come into play.
At this Blog
I shared with all that I am going to be a guest blogger at CPF's IMSavvy. I have submitted my first post already but it has not been published. (Quality control perhaps?)
Over at this site, I talked about the Best Financial Advice I have received and asked readers to share their own experiences.
I also got a bit philosophical and talked about Whose Dream Is It? and How Many Pratas Can You Eat? If you only have time to read one more posting, read the one on the pratas. The comments from readers have been great and insightful.
For just a light hearted read, I explored the correlation between good food and having a good date.
I have been a bit lazy at this blog as I have been caught up with certain new hobbies.
A better May 2010 for all of us and happy Labour Day!
Your Sincerely,
FF
Remove Commissions for Financial Planners
I read with interest the news in Channel News Asia regarding Australia coming up with certain regulations to do away with the commission based model of compensation for financial planners.
This is indeed something interesting that Singapore should consider exploring.
In today's financial planning industry, Singaporeans are limited to the banks, insurance companies and independent financial advisory (IFAs) firms. While a new breed of financial planners are still emerging that charge clients based on a fee based model, the public as a whole seem unprepared to pay for financial advice.
As such, a large majority of financial planners are still paid based on commissions. They are considered financial planners but they have sales targets and objectives to meet. In fact, insurance companies recognise their "best" financial planners as those who are able to achieve the most sales for the company. Just look through those advertisements in newspapers featuring the top financial planners and you will notice that they are called : "TOP PRODUCING FINANCIAL PLANNERS" , etc.
This basically means that these are the people in the industry who managed to make the most money for the company and themselves, not for their clients!
I have nothing against financial planners being paid a commission. The issue I have is the potential conflict of interests that arises when it comes to recommendations to the clients. Because a financial planners is compensated based on commissions, his or her judgement could be skewed to favor products that pay higher commissions. Sometimes, it could even mean recommending products to clients that are unsuitable based on their risk profile. This is worrying.
Considering that most Singaporeans are not saving enough for retirement, any bad financial planning advice will only be more detrimental to their overall financial health.
Singaporeans ought to debate more openly about this issue and demand for more professional financial planners to serve its entire population. It is time that Singaporeans as a whole consider the option of moving the financial planning industry towards one which pays its financial planners based on a fee. This is similar to seeing a doctor or a lawyer. When one needs professional and independent advice, it is best that the professional you are seeking advice from does not have to struggle with conflicts of interests.
There are limits to what regulation can do. If the market is not ready for fee-based financial planners, no amount of regulation by MAS will help. Singaporeans need to ask themselves whether they are willing to pay a fee to meet up with a professional financial planner.
Let's do away with commissions for financial planners. Let's move towards a fee-based model of compensation for all financial planners. What do you think?
Cheapest Term Insurance in Singapore?
Some years back, I purchased a term insurance under the SAF Group Term Life for me and my wife. The consideration back then was affordability.
Just for information, term insurance has the following features:
1. Cheap in premiums compared to whole life policies and investment linked plans (ILPs)
2. High Coverage.
3. Pay and Throw Away. You don't get any returns from it. It is a pure protection plan.
4. Provides coverage only for a term (usually up to age 70) compared to 99 yrs for whole life and ILPs.
Aviva SAF Group Term Life
I have not really done any comparisons but I am pretty sure that this must be one of the cheapest term insurance.
For my case, I pay $51.72 per month for $100,000 coverage for death, total permanent disability, critical illness and personal accident for both me and my wife.
In addition, I just got a letter 2 days ago that says a rebate has been given. This rebate is worth around $106 and will be credited back into my bank account. This rebate is calculated annually and is based on the actual claims experience of the insurance company for the group policy.
So with the rebate factored in, the term insurance only costs me $250 per pax per year for $100,000 coverage. That is really cheap and works out to be around $20 per month for each person.
Do you know of any cheaper term insurance than the SAF Aviva Group Insurance?
===============
For those who are interested, do check out the following interesting articles
Articles on retirement, savings, financial planning and investing:
Insurance
Popular Reads
The Road to Financial Freedom:
Just for information, term insurance has the following features:
1. Cheap in premiums compared to whole life policies and investment linked plans (ILPs)
2. High Coverage.
3. Pay and Throw Away. You don't get any returns from it. It is a pure protection plan.
4. Provides coverage only for a term (usually up to age 70) compared to 99 yrs for whole life and ILPs.
Aviva SAF Group Term Life
I have not really done any comparisons but I am pretty sure that this must be one of the cheapest term insurance.
For my case, I pay $51.72 per month for $100,000 coverage for death, total permanent disability, critical illness and personal accident for both me and my wife.
In addition, I just got a letter 2 days ago that says a rebate has been given. This rebate is worth around $106 and will be credited back into my bank account. This rebate is calculated annually and is based on the actual claims experience of the insurance company for the group policy.
So with the rebate factored in, the term insurance only costs me $250 per pax per year for $100,000 coverage. That is really cheap and works out to be around $20 per month for each person.
Do you know of any cheaper term insurance than the SAF Aviva Group Insurance?
===============
For those who are interested, do check out the following interesting articles
Articles on retirement, savings, financial planning and investing:
- Lease BuyBack Scheme
- How to Retire in Singapore
- Retiring on Dividends
- Receiving Cash in Mailbox Every Month
- 2 Ideas That Will Change Your View About Investing Forever
- Are You Ready to Manage Your Cash Flow?
- Are You Ready to Take Charge of Your Healthcare Costs?
- 3 Great Ways to Spend Your Annual Bonus
- 10 Great Passive Income Sources
- Buy a 2nd Property or REITs?
- What are REITs?
- Buy Property or Invest in REITs?
- Why Invest in REITs?
- Singapore REITs - History and Regulations
- Income Investing - REITs
- REITs trading below Net Asset Value
Insurance
Popular Reads
The Road to Financial Freedom:
- #1 - The Greatest Mistake
- #2 - Protect What You Cannot Afford to Lose
- #3 - Spend Less Than You Earn
- #4 - Spend Less Or Earn More
- #5 - Buy Assets Not Liabilities
- #6 - Read and Learn More
- #7 - The Magic of Part Time
- #8 - Health Equals Wealth
- #9 - It's a Marathon, Not a Sprint
- #10 - Congrats! You have Achieved it!
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