🟩🟩 Do you want to learn how to be a millionaire with CPF? In this video, I will show you two strategies that can help you achieve financial freedom and retire comfortably with your CPF savings. CPF stands for Central Provident Fund, and it’s a mandatory social security savings scheme funded by contributions from employers and employees. The CPF is a key pillar of Singapore’s social security system, and serves to meet our retirement, housing and healthcare needs.

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0:00 - Introduction to The Investing Iguana
0:15 - Today's Topic: Becoming a Millionaire with CPF
0:38 - Introduction to CPF and Financial Freedom
1:05 - Overview of CPF and its Components
2:20 - Interest Rates in Different CPF Accounts
3:00 - Strategies to Become a Millionaire with CPF
3:15 - Conservative Strategy with CPF
4:45 - Illustration of the Conservative Strategy
6:15 - Introduction to the Aggressive Strategy
7:00 - Illustration of the Aggressive Strategy
8:45 - Comparison of Conservative and Aggressive Strategies
9:00 - Additional Tips for Using CPF to Reach Financial Goals
9:45 - Conclusion and Encouragement for Smart and Green Investing

Points covered in this video:

🟩 There are four main accounts in your CPF: the Ordinary Account (OA), the Special Account (SA), the Medisave Account (MA) and the Retirement Account (RA). Each account has a different purpose and interest rate. The OA is mainly for housing, education and investment purposes. The SA is for retirement savings and investment in retirement-related products. The MA is for hospitalisation expenses and approved medical insurance. The RA is created when you turn 55 using savings from your OA and SA, and it provides you with monthly payouts when you reach your payout eligibility age.

🟩 The interest rates for the OA, SA, MA and RA are currently 2.5%, 4%, 4% and 4% respectively. However, there is an extra 1% interest paid on the first $60,000 of your combined CPF balances, with up to $20,000 from your OA. This means that you can earn up to 3.5% on your OA and up to 5% on your SA, MA and RA.

🟩 The two strategies that I will share with you are the conservative strategy and the aggressive strategy. The conservative strategy is to simply let your CPF grow by itself without touching it or using it for anything else. The aggressive strategy is to use your CPF to leverage on other assets that can potentially give you higher returns than the CPF interest rates.

🟩 I will explain how each strategy works, what are the pros and cons of each one, and how much money you can expect to have in your CPF accounts by the time you retire. I will also give you some tips on how to make the most of your CPF and achieve your financial goals. If you want to learn more about how to be a millionaire with CPF, watch this video until the end. And don’t forget to subscribe to my channel, The Investing Iguana, where I help you grow your money like a boss. Thanks for watching!

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🟥 Remember, always conduct your own research and consult a financial advisor before making any investment decisions. Happy investing, and see you in the next episode!

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