Uncle8888 said Thank You! You have done well for your financial planning. 1. You have cut losses on your ILP and avoid this time bomb. 2. For many years, you have resisted your wife for upgrading to bigger and spacious 5-room HDB or Executive. Now, you have plenty of cash in CPF OA earning the best interest rate in Singapore @ 2.5% CAGR.
3. You have two low cost group insurance coverages.
4. You have three endowment policies for your three children to fund their university education. The last endowment policy will mature before the age of 60 as the escalation cost of premiums from the age of 60 is significant! This was the best advice coming from my life insurance agent. It is good that you got yourself educated earlier in your life that once you are retired you are not an valuable asset that will need protection by life insurance. You just need comprehensive medical insurances and self-insured funding to get through the rest of your life.
5. You have awaken not too late at early 40s and seriously started to plan and taken short-term trading and long-term investing investing as the road to reach financial independence by 55; but you have missed the target by 1.5 years. It is better late than never. LOL!
6. Against the common wisdom of housing loan as good debt, you thought that it was better to fully paid up your HDB housing loan as early as possible. Consequently, being debt-free, you were in better position to support your wife's idea of becoming full time housewife to look after her three kids. Wife happy. Man peace. LOL!
Last updated : 14 Sep 2020
I am 64 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and finally retired @ 60 from full-time job as employee on 1 Oct 2016.
Single household income since 1995 with three children.
Currently, two sons and one daughter are working.
I have been doing 21 years of long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that so-called Panda or Koala in the investment world.
I am currently executing my Three Taps solution model to maintain sustainable retirement income for life till 2041 @ 85 yrs old.
Disclaimer: Stock trading involves significant risks. Create Wealth trader is not a licensed Investment Adviser and will not be responsible for any losses which you incurred. You are advised to always do your own homework before making any trading decision.