Jonathan Chua

Advancements towards an automated digital economy have brought about innovation and entrepreneurship. This has led more people to start their own lines of business, remodel existing family-run businesses, or become part of the gig economy – in other words, self-employment is at an all-time high. According to the 2020 Edition of the Comprehensive Labour Force Survey1, Singapore’s self-employed population has risen to 14.7% as of June 2020. Of this, 74% are in the prime of their lives in the 40-60 years demographic, 25% are above 60, and 9% below 30. For this workforce, ensuring financial robustness is paramount, especially because of the unpredictability associated with their income inflow. From content creators and influencers, to business owners, while being self-employed can be highly rewarding, it comes with unique financial risks. Some of the biggest drawbacks faced by the self-employed as compared to those in the mainstream workforce, are the lack of predictable paycheques, CPF co

One SGA App SG Alliance is pleased to introduce One SGA App, a new by invitation only membership platform, offering fantastic medical, financial services and Wellness benefits for you, your family and friends. Sign up here: https://jointo.access-my.app//home?tenantCode=SGA&referralCode=A002683 Please do not worry. This is not an online Scam. Download the authentic app & sign up using your email & password. No other personal details, bank account & credit cards are required. For further information, please feel free to give me a call at SG Alliance. Thank you. Assure Your Loved Ones with a Well-made Insurance Nomination Assure your Love Ones with a well-made insurance nomination We buy insurance for the peace of mind that our lives will not be financially upended by any unforeseeable event. Insurance further assures us that our dependants are well looked after, should anything disrupt our ability to continue providing for them financially. A part of everybody’s financial

Like the rest of the world, Singapore’s economy has faced significant negative impact, due to the COVID-19 pandemic. Employers were, and continue to be, left with little choice in respect of cost cutting. Unfortunately, these costs include staffing and recruitment, which means that over and above health, well-being, and safety concerns, Singaporeans are also anxious about being retrenched. Facts speak louder than words; in 2020 alone, Singapore recorded one of the highest retrenchment periods our country has faced in the last decade, with approximately 26.1 thousand workers being let go1. The declining job market has led to Singaporeans feeling not as optimistic about finding new jobs. Some of their biggest worries2 include unemployment rates, difficulties in job searches, and losing their jobs. The possibility of being retrenched haunts many across the island nation, not just from an emotional or psychological standpoint, but also a financial one. Most people are stressed about the fi

The average cost of a house on the market in Singapore is roughly SGD2 million1. If you get a government subsidised (HDB) flat, you are looking at an average of a little over SGD530,0002. Either way, it is a costly endeavour, especially if you are still establishing your career and planning to raise a family at the same time. Typically, people aim to become financially responsible by their 40s. This includes ‘living within their means’, in other words, budgeting for expenses and financial outflow in accordance to one’s income, while accounting for the ownership of assets, such as a home. As life evolves, so do one’s financial priorities. With time, expenses tend to increase, and one needs to begin budgeting for a family, retirement, exigencies, health, and a host of other needs. How then is it possible to allocate funds towards a huge financial commitment such as home ownership, while earmarking for monthly expenditures on a fixed or variable income? In spite of the Singapore governmen

Everyone suffers from some form of cognitive bias — a kind of shortcut thinking. Some studies suggest that a person can be subject to over 1751 cognitive biases in their day-to-day decision-making. When it comes to financial planning and investments, cognitive biases can result in some costly blind spots or avoidable losses. To check if you are guilty of autopiloting your thinking, start by asking yourself how you go about making important decisions. Do you: Do your own research? Make a pros and cons list? Consult a friend, or an expert? Our brain tends to have certain cognitive biases, or ‘flaws in our reasoning’, which influence our judgment in terms of the information we focus on, how we remember decisions made in the past, or even the sources we rely upon for our research. A cognitive bias often leads to people deriving conclusions inaccurately, generally due to the misinterpretation of information. How do these findings affect the average person planning financial or investment go

“The best time to start planning and taking action for your retirement was 20 years ago. The next best time is now.” – Kenny Tey When we are young and busy with life, growing old isn’t something we make time to think about. In fact, if you ask Singaporeans about their future financial plans, 1 in 3 are concerned about not having saved enough to enjoy a comfortable retirement, and as high as 45% haven’t even begun to create a retirement fund1. Retirement preparedness has become a growing concern among Singaporeans. Ideally, a good retirement plan involves earning and saving today, to live a comfortable tomorrow. If preparing for your golden years is on your mind, here are 8 top mistakes to avoid in your retirement planning: Lack of a Financial Plan Starting To Save Too Late Counting too much on CPF No Plan for Emergencies Not Factoring Inflation Investing based on Hearsay Limiting Financial Planning to Retirement Burdened by Debt source

COVID-19 has impacted each one of us in different ways with the social distancing orders, safe management measures, and a changed pace of life. On the upside, the pandemic has led us to rethink our priorities and expectations, especially in the financial sense. Some important questions have begun bubbling to the surface: Are my loved ones protected? What if something were to happen to me tomorrow? Should I have a plan in place for the future? Estate planning is one area that has received a lot of attention, specifically because of the uncertainty associated with the COVID-19 crisis, which has turned many lives upside down. Now, more than ever, it’s the best time to prepare for the unexpected, and what better way than to create an estate plan which is regularly reviewed to ensure it aligns with your goals: What is Estate Planning? In my opinion, as much as no person is comfortable thinking about death, it’s important to plan your financial future in a way that helps keep your loved ones

Many of us may wonder if there is a need to review our coverage every now and then Every individual goes through various stages in their lives – be it purchasing a home, getting married, or having a baby. As circumstances evolve, one’s need for protection changes, and it thus becomes more important to review one’s existing insurance coverage. To put it simply, adequate insurance coverage helps you protect your nearest and dearest. In case something happens to you, your insurance payout will render some financial support when you are financially weak or unable to provide for them. Most of the time, we actually do understand that we need to be covered. However, what is pulling us back from meeting our shortfall is the complexity of products in the market. The 2 most common types of coverage for life insurance are term and whole life plans. Those who are interested in having an investment aspect can look into investment-linked plans. source

Money can be a tricky and sensitive topic, especially when you’re discussing it with your life partner. In fact, the lack of communication about money matters is among the top reasons marriages fail, and in Singapore, financial issues1 and disagreements are among the common reasons for divorces. Many couples may not be comfortable dealing with marital finances, but irrespective of whether your relationship has already weathered many seasons, or is about to embark on a new journey, it is important to sit down and have a talk about financial matters with your partner. Talking about finances is an important starting point for couples in planning a future together – this includes not just understanding individual financial goals, outstanding debts, insurance requirements, and investment appetites, but also, habits and anxieties. Being financially compatible helps bring about more stability and less conflict, giving couples a clearer picture of key life decisions such as those concerning as

A group of representatives representing  SG Alliance Pte Ltd ‘iGniters’ are team players who are always progressing and upskilling to empower clients with the latest knowledge, tools and resources in financial planning. This team is galvanised and grounded in the perspective that becoming successful at anything worth striving for is simply about never giving up. While the team values the prize of materialistic wealth, it strives for the greater goal of inner wealth, in each consultant’s own life journey and also for their clients. Over and above the right financial tools and knowledge, each team member is constantly advancing in the finer aspects of character development and personal growth built on the group’s core values of integrity, commitment and resilience. source

Children are the pride and joy of their parents and can bring an unsurmountable amount of happiness into your life. However, raising a child can be a costly endeavour. Between the day-to-day expenses, school fees, after-school activities and ever-escalating tertiary education costs, the financial aspect of child-rearing can be a source of stress for many parents. The good news is that there are ways to minimise this stress. Planning ahead will help you enjoy the moments in the present with less concern about the cost of the future: Before all else, allow your children to develop good financial habits Savings account Investments Child investment plans and insurance policies Last but certainly not least, time is your friend source

Young people today have very different values from the generations before them, especially with respect to their life’s purpose, goals, and considerations before taking up a job. On top of earning money from their career, young professionals are also excited about chasing their passions, doing what they love and making an impact on the world. More and more millennials value personal freedom over a regular salary, and are eager to test many waters before locking themselves in on a single source of income. Similar to the generations before us, our children’s view and relationship with money is different from ours. As parents, we have to keep an open mind. After all, what our children value today is what they learned from looking at our habits and life choices. Like us, they keep the values they like and find better ones to match their paths. However, no matter how things change, many fundamentals about money and life remain the same. And communication is key. Here are some topics I feel