I HAVE $71,500 MEDISAVE (BUT WHY?) 😱

For context, I’m a Singaporean male in my early 30s.

When I first entered the workforce in my mid-20s, I had no understanding of basic personal finance, effective budgeting, or even how to tell the difference between assets and liabilities.

At that time, I was focused on splurging on branded goods that, ironically, ended up gathering dust in my wardrobe.

A painful breakup with my then-partner was the wake-up call I needed, pushing me to make significant lifestyle changes.

I sold off most of my branded goods and embraced a minimalist wardrobe. Fortunately, my hobbies and interests are simple and low-cost, which made the transition easier.

I started channeling the majority of my monthly income into savings and investments, with the ultimate goal of achieving financial independence and retiring early.

One of the smartest places I’ve found to ‘park’ my money is in my Medisave account.

Not only does it qualify me for tax relief, but Medisave also offers attractive interest rates and helps cover premiums for essential healthcare insurance like MediShield Life and CareShield Life.

What’s more, the power of compounding allowed me to reach the Basic Healthcare Sum (BHS) earlier than expected.

With my Medisave and CPF in good shape, I’m now focused on diversifying my other assets – which I’ll be sharing in future posts.

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