Difficulty in Deciding

[doodbug]

Hi!

I would advise against such plans because these plans require a long payment commitment and if you stop halfway for whatever reason, you don’t really get back your principle contributions. I prefer to have the flexibiliy to save and set aside as and when my family circumstances allow me to. The Government too, has stepped in alot to provide well for low income Singaporeans who are pursuing tertiary education. The financial aid provisions have improved a lot over the years.

[Zeal mummy]

mindscape\" post_id=\"2019649\" time=\"1617773647\" user_id=\"162686:

Hi Co-Parents. I'm a new parent and I would like to gather information about educational plans.

A friend of mine offered me an educational plan payable for 20 years. Payment can be done monthly, quarterly or annually. I am currently working and can only save a little from my salary. I'm interested to avail the plan in order for me to secure the future of my child. However, my job is not yet stable and I may encounter difficulty paying it continuously. I'm having a hard time deciding on this...

Because, “job is not yet stable and I may encounter difficulty paying it continuously.”

So, do not buy.

[bluegal6]

Hi, I bought a similar plan for my children. Pay 10 years but only get the lump sum after 20 years. We choose monthly payment. Frankly speaking I already lost track on how much I’ll be able to get back for their education, but to get back that amount of money, I guess for girls at 20 yo, they should be already at local or oversea uni so I feel the lump sum for their education might come a bit too late.

Our monthly commitment for the family with the insurance company is about $2.4k per month, there is always never enough planning, life insurance, education endowment and now the last policy we bought 6 years ago was retirement plan. The money were locked, no flexibility. Lazy way of saving if we’re not good at investment.
Age catching up, we can’t keep on buying such long term plan. So now I buy shares and gold, more flexibility. Buy accumulate and don’t sell if you don’t really need the money.

[mindscape]

Thank you for sharing your thoughts. It would be nice to consider stocks investments or crypto. Just need to have deeper knowledge on those. Do you mind recommending books that I can read about investments or whose YT channels to follow?

[Zeal mummy]

It’s is not easy to have deep knowledge of these investment tools, it’s like an additional full time job.


Perhaps you can stick to having a trusted broker/brokerage, start with small amounts, learn from your broker. When you have more money, properties is another investment tool.

[mindscape]

Do you guys think I need to see a counselor help me decide my priorities? My family is a bit pressuring on this and I am getting stressed out and frustrated. Also, to give me a clearer picture of the career and family growth path I will take? Does anyone of you have a good experience working with a counselor?

[Vashli]

i Hello there,


Talking to a counselor is a good way to relieve your stress, anxiety, and frustration. It will help you decipher and weigh your priorities.

I had my experience talking and having sessions with a counselor when I had panic attacks years ago. It was tough during the first year and there are a lot of adjustments. But years following that were good. I made to overcome and here I am kicking life to the fullest. So yeah, you should consider that.