How is life as a doctor in Singapore?

Originally Posted by Unregistered

Yup insurance cum financial advisor love to target doctors.
Call them "high net worth" clients.
But really is to massage their ego. Make them feel like very satki
Tell them things like you will be making 300k 500k need to protect
That with insurance. So buy expensive ILP stuff.
Helps that most drs are by and large ignorant of financial matters.
Kum sia.

ILP is **** . My husband buy also now stuck
I only recommend hospitalization & critical illness plans
Endowment that can pass on to kids not bad thats it
I dont buy ath else , get private hosp insurance most impt

First and foremost get yourself into a premier banking account to maximize acct balance and get the good cards & perks

Then go and invest the remaining
All doctors shld have premier banking

Originally Posted by Unregistered

ILP is **** . My husband buy also now stuck
I only recommend hospitalization & critical illness plans
Endowment that can pass on to kids not bad thats it
I dont buy ath else , get private hosp insurance most impt

I have never ever heard of anyone retire because they
Bought ILP.
Only the opposite..
But I see several MDRT financial advisors becoming rich
Cos they sell ILP.
Some even call themselves the advisor to doctors.
Guess got many many suckers who are drs.

Originally Posted by Unregistered

First and foremost get yourself into a premier banking account to maximize acct balance and get the good cards & perks

Then go and invest the remaining
All doctors shld have premier banking

This type very basic. Drs dunno?
SMA still teamed up with UOB credit cards?

Originally Posted by Unregistered

This type very basic. Drs dunno?
SMA still teamed up with UOB credit cards?

That card makes me laugh, no perks nothing .. pretty useless
Might as well get other uob cards

U will be suprised to know many drs keep money in normal savings acct with 0.05 % interest , most of us are not the most savvy in finances

Originally Posted by Unregistered

At this rate where do you see things going?

I see more Drs buying resale hdb like my younger colleagues. Resale condos may be too exp even for them.

Ocr new condos some r selling for more than S$3k psf.

Drs may be priced out of private property at this rate.Esp the younger ones.

Get Uob one card and account. High interest with salary crediting. Can get up to S$5k interest a year. Savings from S$75k to 100k get 7.8% pa interest.

My savings there only S$65k also get S$200 plus interest a mth m

.Must spend S$500 a mth though on credit card.

Since the topic is now on money management, other than property, how does one invest their money?
I mainly buy SNP 500 (DCA) as simply don't have time to learn how to trade or analyze/monitor individual companies.
Not sure if local banks like Dbs which offer good dividends is a good strategy?
Don't know but DCA into SNP (I.e passive investing) seemed to be ridiculed nowadays by many high profile investors (e.g chicken genius)

Originally Posted by Unregistered

I see more Drs buying resale hdb like my younger colleagues. Resale condos may be too exp even for them.

Ocr new condos some r selling for more than S$3k psf.

Drs may be priced out of private property at this rate.Esp the younger ones.

OCR havent 3k yet. the likely crazy price lauch is reserve residence likely abt 2.6k psf.
3k is usually CCR/D10 freehold, leedon green/pullman residences etc.
at 3k psf, to buy a 700 sqft 2 bedder is 2.1million

at TDSR of 55%, you need about 13k pay.
but must not buy car lah. if got car loan then u need about 16k.
anything more than 4mil, i dont suggest condo already, go buy ocr landed/interterrace.

but now ish property peak. anybody that enter the market now, you will suffer paper loss in next 2-3 years. need to have holding power and look at the mid term horizon 5-7 years. hence. i dont advise fellow dr to overcommit now.

rent if needed. really dangerous to enter market now if you dont have holding power.

An agent told me a D15 condo near the sea sold for 3k psf .