Tags: [bequeathing wealth, financial freedom in Singapore, financial freedom principles]
My weekends are nowadays tied up with helping my wife take care of my daughter who is all of 3 months old. She is a beautiful baby and I feel blessed to have her in my life. Just as I am grateful for the presence of the next generation for Panzer, I realise that I can leave her a financial legacy because all that my spouse and I have as at right now is all hers.
Other than a $19,000 outstanding car loan. I have no other debt.
No mortgage (home fully paid up).
No consumer debt.
No personal loan.
Thus, should anything happen to my spouse or my wife, even without factoring in our insurance payouts, my daughter will co-own along with the surviving spouse, 50% stake in a fully-paid up executive condominum.
How’s that for a start in life? 
Of course, my dreams and aspirations for my daughter is for her to develop into her fullest potential and chart her own destiny in this world whether within Singapore or outside into the whole wide world. Whilst she can look forward (but not rely on) to a decent inheritance, I would want her to learn the lessons about financial freedom even as her papa took 30+ years or so before he understood how it could be achieved.
Even as I have built up something to give away to my daughter when my time on this earth is up, I am appreciative for my parents whose hard work, frugality allowed me to learn the lessons condusive in development a mindset and to live a warrior, entrepreneurial businessman or tycoon, consider the type of legacy you will leave your children as you built up your own net worth.
Be well and prosper.
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4 Comments to this entry.
Hi Panzer,
Wow, great that you have paid up your house!!!!
You are definitely more than 50% on your way to Financial Freedom…..
A major worry is our healthcare system. It seems that we are pushing our way (gov.sg is trying very hard to decelerate) to become like the US system in which those with insurance get the best care and those without REALLY make do.
The diff between pte healthcare and public healthcare is starting to widen and will continue to do so. Whilst I do not deny that no poor Singaporean is denied BASIC healthcare, the perception is that the medical attention is do vastly different. (and I am not talking abt hardware or medication, but on services level, esp medical services attention).
A major illness/episode can really set the finances off whack.
Lets just make sure that we have set up the finances properly.
Dear Dsea
Thanks.. I agree that our health care system is slowly moving towards the US system of Managed Healthcare. The disparity between government and private is large. Unfortunately, the best care is found in the private sector and health insurance is ddefinitely a must in Singapore.
I am shopping around for a enhanced shield plan for my daughter and the premiums are easily $100+ a year for those with 10% co-insurance and $3,000 deductible.
The quote sounds quite reasonable.
But its not level premium, did they illustrate the increase? or u subject to their mercy? “Claims Experience” is indeed a dirty word in insurance.
Is it guranteed renewable?
Hi dsea
Thanks for the questions, unfortunately I missed them and signed up for the AIG HealthShield Gold and Pink of Health for my daughter. Try out first year see how.
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