Jonathan Chua

“Good insurance plans mirror your personal growth while better plans anticipate your trajectory.” If you were born around the years from 1977 to 1995, you are a millennial. You have a good grasp of the importance of insurance as part of sound financial health. According to a 2019 survey on Millennial attitudes towards Insurance1, 7 in 10 millennials believe in buying insurance. More than half are aware of different insurance products while a good 44% consider themselves knowledgeable on insurance products. Savvy as you are, young working millennials in Singapore are also showing signs of biting off more than they can chew when it comes to taking on financing and personal loans for commitments such as weddings, buying a car or home. In fact, 20-somethings are among the biggest delinquents in personal debt repayment in our country. Quoting a recent Straits Times2 article, “an average personal loan and overdraft balances for borrowers from 21 to 29 years old shot up to $49,689 in the firs...

The best time to start is now (if you haven’t already done so) Many experts advise us to start retirement planning as early as possible to enjoy the longest possible runway and the advantages of compounding interest. While that is good advice, it doesn’t have to trigger the panic button even if you have not done so and find yourself middle-aged or beyond. Based on my experience helping clients achieve their retirement dreams in my two-decade long career, I know it’s never too late to start because there is always room to plan ahead for tomorrow. By starting later, you need to climb a steeper slope to reach your goal. However, late starters may be in a stronger financial position, such as having accumulated a bigger savings account that can accelerate their returns. Some may have finished paying off their home or other major loans, leaving them debt-free. In my previous article on retirement planning, I touched upon the 3 progressive phases of retirement, namely Active, Relax and Steady...

“Protect the goose that lays the golden egg.” Insure or invest? Young adults making this decision are already on the right track of planning for their long-term financial wellbeing. I remember vividly when I got my first job; money was tight. On hindsight, I wish I had someone advising me what I am sharing with you now. Prioritise securing the right type and level of insurance coverage. Make sure you secure your vault first before you continue to save and grow your wealth. Most of us earn a living by going to work. When an unforeseen mishap or critical illness prevents us from working, our earning capacity will be affected or completely stopped. Getting the right insurance safeguards our current wealth, standard of living and potential earnings. Unless you have an emergency fund to dip into, insurance minimises financial havoc. If you’re the lucky few with enough investments to fall back on, you may still suffer severe losses when forced to liquidate your assets in a hurry. You might a...

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...