Self Employed Tutor: How I Manage My Finances

When you are working for no one but yourself, it can be a rather "frightening and hairy" affair to contemplate and plan for the future, money-wise that is. A tutor who goes by the online moniker rejoin offers his take on this subject matter:

"The following post express my views (and my views only). It's not meant to advise or counsel people.

I'm a self-employed tutor in my early 30s. I have to be extra careful with my finances since I do not get employer contribution to my CPF, or the benefits of a secured job (i.e. like school teachers or some permanent employee).

The following is how I handle my finances, in decreasing order of priority.

1. Health insurance/Hospitalization plans.

- I look through all the 5 major insurance companies and buy a private medical insurance (plan A). All plan A schemes are comparable to one another. I chose Great Eastern Life. I also purchased a full-rider.

2. Life insurance.

- This is for the benefit of my loved ones, should I pass away (young). When I'm old, this is for the benefit of my family and children. My total coverage is more than 300k (which is not a lot by today's standards).

3. Critical illness/Term insurance.

- I bought a CI plan, for some medium term coverage. /font>

4. Contribution to CPF

- I contribute to my OA, SA and Medisave account on a monthly basis.

5. Retirement planning.

- I have plans with various insurance companies for retirement plans.

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New Member
Hello there. Thanks for sharing the tips, hunter-killer. Very reasonable! I used to work as a self-employed tutor when I was in college. Luckily I’m currently working at, where they solve all the financial issues themselves. So, I have more time to focus on the patients, my goals, and my family. It’s said that success is where your focus is. I totally agree with this statement. Anyway, thanks again for your tips. Keep it going. Waiting for your reply. Best wishes, hunter-killer.
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