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ONLINE SHOPPING: Personal Financial Advice for Shopaholics

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‘Oniomania’, the uncontrollable urge to buy things, has become somewhat of an ‘acceptable addiction’ these days. With more people confined to closed quarters and working from home due to pandemic movement restrictions, online shopping has become a convenient way to access necessities, grab great bargains, and even quell boredom. According to BestInSingapore1 , online shopping websites like Shopee, Lazada and Qoo10 have gained huge momentum, in the wake of the COVID-19 pandemic. Analytics reveal that some of the largest purchases were made by Singaporeans falling under the demographic of 25-34 years old, with an average S$440 being spent per shopper on e-commerce platforms. According to Credit Counselling Singapore, more than 10,000 people have fallen prey to financial troubles arising from overspending. A recent Straits Times report3 reveal that personal debt for young people in Singapore has soared during the pandemic; the average personal loans and overdraft balances for under 30 ros
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The Grand Crypto Party – You’re Invited, But Should You Go?

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They say, put your money where your mouth is, and some people these days are having mouthfuls of cryptocurrency for breakfast, lunch, and dinner. Why the rising appetite for crypto? Let me first explain about this new investment conundrum that has gone from two-bit curiosity to virtually impossible to ignore. What is cryptocurrency? Simply put, it is virtual money, the currency that operates on the decentralised blockchain platform. Its value is not determined in traditional ways such as by government control or by the price of a commodity like gold. Instead, the value of cryptocurrency is determined by open transactions in the digital sphere amongst the cryptocurrency community. It cannot be counterfeited or double-spent, and since it is not issued by any central bank, it is free of governmental interference. However, that very feature robs crypto of any sovereign guarantee, making it a high-risk asset. Trading and exchange-rate volatility compound this risk. On the positives, crypto’
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Planning for a Baby? Here is how much you roughly need

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When our firstborn son was just shy of two years old, he was struck with a high fever in the middle of the night. Even as inexperienced young parents, my wife and I knew he needed immediate medical care. As we scrambled to prepare to bring him to A&E, I remember my wife asking me which hospital we should take our son to. She was mindful of the high cost of hospitalisation. As it turned out, he had to be warded for two days and the medical bill came up to a whopping S$5,000! Thankfully, everything was covered by the insurance company as we had bought hospitalisation insurance for the whole family. It certainly was one worry less for this pair of jittery young parents at the time. Financial planning for parenthood isn’t just about budgeting for the big and obvious things like pregnancy cost, medical care, education and enrichment classes. It is also about being ready for the little things that crop up along the way. It’s about being financially resilient as a family unit. There are o
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Marrying Later: Say “I Do” with Financial Resilience

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Love and Money are two of the most sought-after life goals, yet money troubles are consistently the root of relationship stress and breakdown. On the other hand, research2 also supports that married couples build more monetary wealth over their lifetime than those who are single. When two people decide to spend their lives together, it is important to get to know each other’s vision not just as life partners but also as a financial team. Regardless of the age you plan to marry, discussing your financial goals as a couple is a critical part of the conversation on your shared life goals. The discussion is even more crucial when you marry beyond your mid-30s, when you are effectively half way to your retirement age. If you have a financial consultant, get them into the picture about your couple goals. In the meantime, here are my thoughts on the top three things to do ahead of the most important day of your life: Show All Your Cards Plan As A Team Get The Edge As You Age source
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Humans vs Robo-Advisors: Why Humans still have the edge

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The dawn of the robo-advisor began as recently as in the early 2000s1 in the form of automated portfolio allocation software. The first robo-advisor began working, taking real investments, in 2010 in the United States. So in all, robo-advisory is still in its infancy, mostly developed by startups leveraging emerging technologies or forward-looking financial institutions looking to remain relevant to their customers in an increasingly competitive, automation-frenzied world. In Singapore today, robo-advisory has a small and steady following with the presence of around a dozen brands offering the service. Not surprisingly, the market is predominantly younger, with investors who tend to be more experimental and looking for an affordable and easier way to grow their savings rather than just putting it in the bank. Robo-advisory also came at a time when bespoke portfolio management was a service reserved for the rich. However, this is no longer the case today. Professional financial advisory
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