hunter-killer
Member
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.
More at https://www.domainofexperts.com/2014/12/self-employed-tutor-how-i-manage-my.html
"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.
More at https://www.domainofexperts.com/2014/12/self-employed-tutor-how-i-manage-my.html