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Hello all. I just entered the workforce half a year ago at the age of 25 and am looking for some advice to better manage my finance.

1. gross salary 4k, net salary is 3.1k.
2. no outstanding loan or debt to clear (no car, tuition fees settled)
3. total expenditure is around 1.1k
4. savings of 50k
5. no financial plans currently although i have been approached and approached a few planners/agents.

honestly speaking, i'm still a bit lost currently and only started tracking my finances recently. any advice for a newbie like me? thanks and appreciate any thoughts.

Originally Posted by Unregistered

Hello all. I just entered the workforce half a year ago at the age of 25 and am looking for some advice to better manage my finance.

1. gross salary 4k, net salary is 3.1k.
2. no outstanding loan or debt to clear (no car, tuition fees settled)
3. total expenditure is around 1.1k
4. savings of 50k
5. no financial plans currently although i have been approached and approached a few planners/agents.

honestly speaking, i'm still a bit lost currently and only started tracking my finances recently. any advice for a newbie like me? thanks and appreciate any thoughts.

This will be an unconventional advice but only because it does not profit the one giving the advice.....

Advice:
Get married asap.
Have children 1 or 2 asap.

Why? Because contrary to popular (and profitable to the person giving advice) advice, when you will finally be financially independent or when you can retire is actually very much determined by your children's age.
Of course, lots of people say, aiyah, I don't want kids leh.... BUT how many of you are certain enough about it to do a tubal ligation or vasectomy??? The fact is that many young couples say not to kids but change their minds in their early to mid 30s.. Then by the time the child comes out, they are 35 or older and that effectively nails them to their careers till 55yo......

The other way is of course don't get married lah...

You should save and invest as much as possible.

In order to save a lot, you should not buy a car and don't spend your hard earned money partying. Always pay your bills in full. Find a wife who is not demanding and who doesn't splurge on expensive things. Avoid dating women carrying branded bags and wearing expensive clothes. Surely, they are spendthrift.

To save more, buy food from hawker centres, drink coffee from the office coffee machine and avoid unhealthy food.

Originally Posted by Unregistered

Hello all. I just entered the workforce half a year ago at the age of 25 and am looking for some advice to better manage my finance.

1. gross salary 4k, net salary is 3.1k.
2. no outstanding loan or debt to clear (no car, tuition fees settled)
3. total expenditure is around 1.1k
4. savings of 50k
5. no financial plans currently although i have been approached and approached a few planners/agents.

honestly speaking, i'm still a bit lost currently and only started tracking my finances recently. any advice for a newbie like me? thanks and appreciate any thoughts.

Latest news said that median income of workers has gone up to about $4k pm. So for a working couple, it means $8k pm or $96k pa. If they buy a $100k new car, they will pay only $10k pa to own the car or just 10% of their household income. This is affordable and that is why COE prices will be going up higher and higher. Rush to buy your new car now as demand for new cars will go up with higher household income. Don't wait.

Originally Posted by Unregistered

Latest news said that median income of workers has gone up to about $4k pm. So for a working couple, it means $8k pm or $96k pa. If they buy a $100k new car, they will pay only $10k pa to own the car or just 10% of their household income. This is affordable and that is why COE prices will be going up higher and higher. Rush to buy your new car now as demand for new cars will go up with higher household income. Don't wait.

and your source is from?

Originally Posted by Unregistered

Latest news said that median income of workers has gone up to about $4k pm. So for a working couple, it means $8k pm or $96k pa. If they buy a $100k new car, they will pay only $10k pa to own the car or just 10% of their household income. This is affordable and that is why COE prices will be going up higher and higher. Rush to buy your new car now as demand for new cars will go up with higher household income. Don't wait.

You are right. I read in CNA that real income has gone up! With the high demand, don't be surprised if COE goes towards $100k. Don't listen to the person who said COE will go down to $30k.

Originally Posted by Unregistered

You are right. I read in CNA that real income has gone up! With the high demand, don't be surprised if COE goes towards $100k. Don't listen to the person who said COE will go down to $30k.

The government has mitigated the COE high premium by not clawing back the excess quota for now. If they had claw back and keep some for future years, the COE premium today will spike back to $100k. The replacement and new demand is very strong compared to 10 years ago. That's the magic of furious immigration.

I can't imagine what the COE level will be when it comes to Y2019 whereby the next drought will appear. HUAT AH!!

Originally Posted by Unregistered

The government has mitigated the COE high premium by not clawing back the excess quota for now. If they had claw back and keep some for future years, the COE premium today will spike back to $100k. The replacement and new demand is very strong compared to 10 years ago. That's the magic of furious immigration.

I can't imagine what the COE level will be when it comes to Y2019 whereby the next drought will appear. HUAT AH!!

By 2019, I think COE prices will reach $150k at least. So, it is best to change to a new car now even if your car is not yet 10 years old. Those cars registered in 2009 should be sold now since COE in 2009 was very, very low and now these car still have good value. So, with demand coming from owners of cars which are 10 year old cars and younger as well as from new buyers wanting to avoid the expected spike in 2018-2020 due to the expected drought, demand for new cars will rise now. Those who bought their new cars recently are smart. Huat Ah!

Originally Posted by Unregistered

By 2019, I think COE prices will reach $150k at least. So, it is best to change to a new car now even if your car is not yet 10 years old. Those cars registered in 2009 should be sold now since COE in 2009 was very, very low and now these car still have good value. So, with demand coming from owners of cars which are 10 year old cars and younger as well as from new buyers wanting to avoid the expected spike in 2018-2020 due to the expected drought, demand for new cars will rise now. Those who bought their new cars recently are smart. Huat Ah!

Don't talk about 2009 cars.... Even many of my colleagues who bought at very high COE during 2012 and 2013 are already replacing their rides, as it is coming to 3 year old, which is the time whereby people change when warranty period is over. Moreover they will get a brand new ride with lower installment (due to $30k COE savings)

The low COE quota during 2012 and 2013 will be depleted further and we will see a sky rocket high COE in 2022 and 2023 time. Better change now to a reliable ride if possible. Get a reliable Japanese car. For those who want luxury. Get a Lexus. It can last very long.

Originally Posted by Unregistered

Hello all. I just entered the workforce half a year ago at the age of 25 and am looking for some advice to better manage my finance.

1. gross salary 4k, net salary is 3.1k.
2. no outstanding loan or debt to clear (no car, tuition fees settled)
3. total expenditure is around 1.1k
4. savings of 50k
5. no financial plans currently although i have been approached and approached a few planners/agents.

honestly speaking, i'm still a bit lost currently and only started tracking my finances recently. any advice for a newbie like me? thanks and appreciate any thoughts.

Hi, if I can start all over again at your age, I will first buy hospital insurance that covers the most comprehensive plan including co-insurance. Then I will buy high-quantum Critical Illness as young people like you should pass the required medical smoothly.

3.1k per month is not a lot, so I will work very work at the company and shine there, hopefully there will be promotions and higher bonus coming your way. I will also try to stick to the same company instead of job hop. Job hop is very bad for resume.

I will get married at 27-28, and have 3-5 kids early. Then you will have energy to play with them and see them grow up.

Take care of your parents, for their time with us is not infinite.

These are the same advices that I will give my children. God bless!