As parents we set real life examples for our children to learn from us and hopefully they will follow the right thing from us. Does it make sense to use CPF to be a long term endowment for your kids? One participant asked 2 questions a long the lines of: could we contribute more to our CPF SA, above the minimum sum limit and take advantage of the 4% interest is it a good idea to contribute to your child’s CPF early and treat it as a savings endowment? Uncle8888 belongs to old school of thought. Give Your Child Fish Or Teach Your Child How To Fish? For his three children; when they reached Sec 1 level; he gave them weekly school pocket money allowance for them to manage their money on their own. Whatever leftover were for them to keep. There was never an incident of them asking for more weekly allowance. Each year; their allowance would be increased so that they would be managing slightly more money than the previous year as they grew older. When they reached University level; Uncle8888 opened joint bank account with them and transferred one year worth of budgeted University fund to them and let them managed their own Uni fund. But; it was not totally hand off approach as Uncle8888 still tracked their withdrawal pattern closely and would query them for any unusual sign of expenses.
I am 61 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and retired @ 60 from full-time job as employee.
Single household income since 1995 with three children. Eldest son and daughter are now working and youngest son still in his 2nd year uni in SUTD.
I have been doing long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that Panda or Koala in the investment world; but I am still surviving well in the wild.
I am now executing my Three Taps solution model to maintain sustainable retirement income for life till 2038.
Last updated: 3 Sep 2017
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