About this episode
Millennials and Gen Z put Financial Independence as the TOP factor for a better life!However, Gen X and Baby Boomers prioritize good health instead! Why?Today we'd cover 8 things to accomplish for financial freedom and #FIRE0:00 IntroductionWhat you need to accomplish to get to FIRE1:40 Good healthType 2 diabetes will at least cost $200/m in medical extra costPrivate Medical insurance PMI now have 5% co-payment and if you have medical bills, you will have increased cost.3:36 Sustainable insurance costWhen will insurance premiums tail off.Understanding the premium savings you can get by choosing different medical insurance ✅ ENGAGE Josh Tan to build your insurance portfolioEmail to ► josh.tan@promiseland.com.sg6:25 Upgrading long term care Careshield life is now compulsory for anyone age30 and above.Upgrading coverage is voluntary and most plans premium are by entry age to planCareshield life premium increases every year and deducts from medisaveUsing medisave and it's 4% interest to sustain plan premiums✅ ENGAGE Josh Tan if you'd like advice on an upgradeEmail to ► josh.tan@promiseland.com.sg09:07 Be able to fully pay off mortgageClearing liabilities are important before you get to financial independence.Be prudent in your mortgage liability10:28 Money set aside for your dependentsChildren and parents require you to help them with their bills.I've chosen to set aside money in CDA account which will convert to PSEA and CPF eventually if there are surpluses.Also set aside $50,000 for each child for tertiary education cost11:41 Passive incomeHave enough in CPF FRS at least. FRS 2022 is $192k and aim to have that in your CPFSABuy annuity plans to provide you stable long term cashflowBuild a dividend portfolio14:37 Other income streams. More discussions here► NEW LIVE Q&A "The Josh Tan Show": https://www.youtube.com/c/THEJOSHTANSHOWBy Spotify - https://open.spotify.com/show/7Hdw7jmi6vLvTt7IQP9Bn3- $40k Income, Single And Aiming For Retirement At Age50 With $1M - $100k Combined Income But $17,000 Spent Here...#financialindependence #fire #financialfreedomWe do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus. *******About Josh Tan:Josh holds a degree in Accounting from NTU. In 2
