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Understanding and Overcoming OCD: Symptoms, Treatments, and Financing Options

Dealing with Obsessive-Compulsive Disorder (OCD) can be a challenging journey, but understanding the symptoms, available treatments, and financing options can help individuals and their families navigate this condition more effectively. 

OCD is a mental health disorder characterized by persistent, intrusive thoughts (obsessions) and repetitive behaviors or mental acts (compulsions) that individuals perform to alleviate distress or prevent feared outcomes. 

In this guide, we’ll explore the symptoms of OCD, the treatments available in Singapore, and financing options to make OCD management more accessible. Whether you or a loved one is affected by OCD, gaining knowledge about this condition and the resources available can be a crucial first step toward seeking effective treatment and support.

Understanding OCD: The Basics

OCD is a common mental health problem in Singapore, yet it may be very confusing to those who are inexperienced with it. OCD is fundamentally characterized by recurrent, unwanted thoughts and compulsive repetition of behaviors or routines. Understanding the illness requires an understanding of these specific symptoms.

While we often wonder what causes OCD, the first step to a successful recovery is being able to identify its symptoms. Individuals might experience this disorder in a variety of ways, and we’ll examine some of the most common ones in the sections that follow.

Contamination OCD

Contamination OCD, also known as Contamination Obsessive-Compulsive Disorder, is a specific subtype of Obsessive-Compulsive Disorder (OCD). Individuals with this type of OCD experience obsessions and compulsions primarily related to a fear of contamination. These fears typically revolve around the belief that they or their immediate environment are contaminated with germs, dirt, or harmful substances.

Checking OCD

Checking OCD, also known as Checking Obsessive-Compulsive Disorder, is a specific subtype of Obsessive-Compulsive Disorder (OCD). People with this form of OCD experience obsessions and compulsions centered around the fear that something terrible will happen if they don’t repeatedly check things, such as doors, appliances, locks, or switches. They often feel compelled to perform these checking rituals to reduce anxiety or prevent perceived harm.

Symmetry OCD

Symmetry OCD, also known as Symmetry Obsessive-Compulsive Disorder, is a specific subtype of Obsessive-Compulsive Disorder (OCD).

Symmetry OCD stands out significantly among the wide variety of OCD subtypes. This type of OCD is characterized by an intense need for accuracy and by an individual’s need for harmony and perfection in their environment. It involves more than just item alignment; there is an innate desire for everything to feel “just right.”

Living with OCD: Daily Challenges and Coping Strategies

Individuals with Symmetry OCD experience obsessions and compulsions related to the need for perfect order, balance, or symmetry in their surroundings and behaviors. This type of OCD is characterized by a preoccupation with achieving or maintaining exact symmetry and can significantly disrupt a person’s daily life.

Living with Obsessive-Compulsive Disorder (OCD) is a daily battle against the mind’s relentless obsessions and the compulsions that follow. For those affected by this mental health condition, every day is a test of patience, resilience, and courage. 

Morning Rituals: The Battle Begins

The day starts with the first wave of intrusive thoughts. For someone with OCD, it might be the fear of germs lurking in the bathroom. The process of getting ready becomes a meticulous routine of scrubbing, disinfecting, and checking multiple times. What might take minutes for others can stretch into hours, leading to lateness, frustration, and heightened anxiety.

Navigating Public Spaces: The Fear of Contamination

Leaving the safety of home presents a new set of challenges. The outside world is perceived as a minefield of potential contaminants. Touching doorknobs, handrails, or even shaking hands becomes a source of anxiety. Individuals with OCD contamination might carry sanitizers, wipes, and gloves everywhere, often avoiding public spaces altogether.

The Struggle at Work or School

OCD can significantly impact one’s professional and educational life. Tasks that involve precision and order can become overwhelming. For example, someone with symmetry OCD might obsessively arrange desk items symmetrically, leading to reduced productivity. Meetings and presentations are often sabotaged by the constant need for reassurance and checking.

The Emotional Rollercoaster

Living with OCD means enduring a constant emotional rollercoaster. Anxiety, guilt, and shame are common companions. The frustration of not being able to control irrational thoughts and compulsions can lead to depression. Relationships, both personal and professional, can suffer due to misunderstandings and the excessive time and energy devoted to OCD-related behaviors.

Seeking Assistance

Understanding the underlying causes of OCD and judging its severity require knowledge beyond just recognizing the symptoms. In Singapore, a thorough assessment by a qualified mental health professional is required for the process of accurately identifying OCD.

This evaluation looks deeper to find underlying reasons in addition to the obvious symptoms. While it may be tempting to self-diagnose based on easily accessible online material, it’s imperative to get professional advice.

A proper diagnosis guarantees that one obtains the best care that is catered to their specific needs and provides a clearer roadmap to treating the disease.

Treatments for OCD

Understanding all of the available comprehensive treatment options is crucial when dealing with OCD symptoms, especially in Singapore. Here are the two major treatments tailored to meet individual needs:

1. Cognitive-Behavioral Therapy (CBT):

Exposure and Response Prevention (ERP) is a specific type of CBT that’s considered the first-line treatment for OCD. It involves gradual exposure to obsessions without engaging in compulsions.

This tried-and-effective method delves deeply into the intricate connection between thoughts, feelings, and actions. People are better able to break the unending and repetitive cycles of obsessions and compulsions, opening the door for healthier coping mechanisms, by comprehending and challenging these patterns.

2. Medication:

IMedication, especially for those with severe or persistent symptoms, can be a significant part of the treatment of OCD in addition to therapeutic interventions. These medications, which doctors prescribe after thorough evaluations, control brain chemistry to provide relief from the symptoms, which are frequently incapacitating.

Medication offers a comprehensive and effective approach to managing and lessening the effects of OCD when combined with therapy. In some cases, medication, typically Selective Serotonin Reuptake Inhibitors (SSRIs), may be prescribed to help manage the symptoms of OCD.

Financial Considerations: Managing OCD Treatment Costs

In Singapore, treating OCD symptoms involves more than just recognizing the clinical symptoms; it also involves comprehending the economics of the treatment. The costs of participating in therapy, getting necessary medications, and obtaining supportive services can be high. Fortunately, there are a number of financing options that are tailored to reducing this financial burden, ensuring that the OCD treatment process is uninterrupted and productive.

Programs for Financial Assistance

There are other options available for those in need of additional support, including reasonably priced counseling services, free helplines, and online counseling platforms. For those who struggle to understand what triggers OCD and how it affects daily life, organizations like Silver Ribbon and the Singapore Association for Mental Health (SAMH) offer free counseling as a supportive bridge.

Insurance Protection

The overall strategy to manage the costs related to OCD still heavily relies on insurance. For instance, OCD is covered by Income’s Star Secure Pro and AIA’s Beyond Critical Illness Care.  With the addition of its Early Life Accelerator rider, Income’s Star Secure Pro highlights the importance of financial coverage for mental health conditions like OCD in addition to providing protection against death, total and permanent disability, and terminal illness.  On the other hand, AIA’s Beyond Critical Illness Care was the first ever critical illness plan launched for mental illnesses, including OCD.

Conclusion

In conclusion, although the road to comprehending and managing OCD may be difficult, financial considerations don’t have to be. The path to wellness becomes more lucid and attainable with the proper plan in place, which includes financial aid and insurance coverage.

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Financial Planning For Children With Special Needs

Our children are our greatest love as parents, and we only want the best for them. Although having a child with special needs may not be what you had anticipated, parenting your child will be an even greater experience. 

Raising a child with special needs is a journey filled with unique challenges, joys, and responsibilities.We are all aware of how expensive and rising living expenses are in Singapore. Thus, it is crucial for parents to begin planning for their children as soon as possible.

Planning for your child’s education and ensuring that they can care for themselves while you are not around are equally vital as financial planning.

Here is a quick primer for parents outlining some of the most significant issues you should be aware of. 

Strategies for Setting Goals and Planning for the Future

Beginning to prepare for raising a kid with special needs can be difficult for new parents, especially if you still need to provide for your child financially after you pass away.

You will typically need at least $14,000 per year, before subsidies, to raise a child with special needs. This implies that before a child turns 18, they will have spent a total of about $210,000. And your expenditure increases significantly if you factor in the price of treatment sessions, enrichment classes, childcare, etc. This is why it’s critical to understand the types of government aid and subsidies that are available to you.

Understanding your own financial condition and your objectives is crucial before you begin preparing. Is it your intention to provide for your child’s needs financially for the rest of their life? When they get older, would your child be able to support themselves partially through employment? Do they need someone to look after them once you pass away?

While planning for the future of a child with special needs can be challenging, it is a powerful demonstration of love and commitment. With a well-structured plan, a strong support system, and unwavering dedication, parents can ensure that their child’s journey is filled with opportunities and a fulfilling life.

Government subsidies and support programs for individuals with special needs in Singapore are essential resources that can significantly alleviate the financial burden on families. These programs are designed to address the diverse needs of individuals with special needs across different age groups. Let’s explore some of the key programs and support available for various age groups:

For Children: Child Development Account (CDA)

Every Singaporean child qualifies for a Child Development Account (CDA), which is a special savings account. The government matches every dollar saved into the CDA dollar-for-dollar, effectively doubling the savings. Additionally, each CDA receives an initial deposit of $3,000 from the government.

The CDA can be used to cover various expenses, including:

Special Education Schools:The funds can be utilized to pay for special education schools that cater to children with diverse learning needs.

Early Intervention Programs: Early intervention programs are crucial for children with special needs. The CDA can help cover the costs of these programs, which aim to support the child’s developmental and educational needs from a young age.

To apply for the CDA and learn more about eligibility and benefits, you can visit the official website: [https://www.babybonus.msf.gov.sg](https://www.babybonus.msf.gov.sg).

For Working Mothers and Single Fathers: Subsidies

Working mothers and single fathers can access various subsidies to reduce their financial expenditure while raising a child with special needs. These subsidies can include:

Subsidies for Therapy and Services: These subsidies help cover the cost of essential therapies and services, such as speech therapy, occupational therapy, and physiotherapy.

1. Subsidies for Assistive Devices: Financial assistance is available for assistive devices like wheelchairs, hearing aids, and communication devices.

2. Financial Aid Programs: Families may qualify for financial aid programs that provide additional financial support based on their income and specific needs.

3. Employment Assistance: Some programs offer employment assistance and job placement services to parents of special needs children, helping them balance work and caregiving responsibilities.

It’s essential for families to stay informed about the eligibility criteria and application procedures for these subsidies. Government agencies, such as the Ministry of Social and Family Development (MSF) in Singapore, typically oversee these programs and provide detailed information.

By leveraging these subsidies and support programs, families can better manage the financial challenges associated with caring for children with special needs, ultimately ensuring access to essential services, education, and resources for their well-being.

Starting the financial planning process for raising a child with special needs can seem overwhelming, but breaking it down into manageable steps can help you navigate the journey effectively. Here’s where to begin:

Consult Medical Professionals:

Begin by consulting with your doctor or healthcare professionals to understand your child’s condition and potential needs. Gather information on what to expect in terms of medical care, therapies, and interventions.

Create a Financial Planning Checklist:

Develop a checklist that outlines expected expenses from birth until your child’s targeted independence. This should include both regular healthcare costs and specific expenses related to your child’s special needs.

Anticipate Pregnancy and Birth Costs:

Factor in pregnancy and birth-related costs, such as prenatal check-ups, scans, delivery costs (natural birth or Caesarean), and the expenses associated with your hospital stay. Understanding these initial costs is crucial for your budget.

Identify Specific Special Needs Expenses:

Detail the potential expenses related to your child’s special needs, such as therapy sessions, medical equipment, assistive devices, and any specialized treatments or interventions. Consider the level of hands-on care they might require.

Ongoing expenses

Ongoing expenses when raising a child with special needs can vary significantly based on their specific requirements and the choices you make regarding care and education. It’s important to anticipate and plan for these ongoing expenses as your child grows and develops. Here are some key factors to consider:

Therapy and Treatment Costs:

Depending on your child’s needs, you may incur expenses related to therapies such as physical therapy, occupational therapy, speech therapy, and behavioral therapy. The frequency and duration of these therapies will influence the costs.

Medication and Medical Supplies:

If your child requires medication or specialized medical supplies, budget for these ongoing expenses. These costs can vary based on the type and dosage of medication.

Assistive Technology:

Assistive technology, including communication devices, mobility aids, and sensory tools, may be necessary for your child. These devices can be a significant investment but are essential for their development and well-being.

Travel Expenses:

Travel costs can increase due to commuting to and from therapy sessions, medical appointments, or activities. These expenses should be included in your budget.

Healthcare:

Review your health insurance policy to understand the extent of coverage for your child’s medical needs. Public and private healthcare options can have different costs, so consider your choice carefully.

Educational Costs:

Depending on your child’s age, you may have various educational options to consider. For children under the age of 7, programs like the Early Intervention Program for Infants & Children (EIPIC) and the Development Support Program may be beneficial. These programs can cost between $5 to $430 per month, depending on factors such as your child’s needs, the center you choose, and government subsidies.

Private vs. Public Services:

Consider whether you prefer public or private services for your child’s needs. Public services may be more cost-effective, but private services can offer more specialized care and attention.

Future Goals

For most parents, a common aspiration for their child is to attain independence—both in terms of financial self-sufficiency and emotional well-being—during adulthood.

As an end goal, it’s essential to work toward securing some type of employment for your child. This can contribute significantly to an individual’s overall sense of well-being and confidence by fostering a sense of fulfillment and ownership.

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The Crucial Role of Risk Understanding in Investment Strategy

The process of investing may be thrilling, a path to financial independence, and a way to build wealth. But before you embark on any journey, it’s important to familiarize yourself with the risks first. Risk is a fundamental idea that every investor needs to understand.

What does risk mean in terms of investments?

Risk is a key notion that denotes the possibility that your investments won’t produce the anticipated returns or possibly lose the initial amount spent. In other terms, it stands for the uncertainty relating to possible investment results.

Understanding the various forms of risk involved and how they could affect your investment strategy is essential before you begin investing in Singapore.

Risk categories in the investment world

When you begin investing, there are many risks that you might experience. To effectively manage these risks, one must first have a thorough understanding of them.

1. Market risk

Market risk, to begin with, is the vulnerability of your investments to the myriad unforeseen events that have the potential to destabilize the financial markets. 

Consider interest rate fluctuations, which are a significant component of market risk. The economy as a whole can be affected when central banks change interest rates. It alters the cost of borrowing money, affecting consumer spending and corporate investment. These changes may have an effect on the general market climate and the value of your investments.

Another significant component of market risk is equity risk. It has to do with how the state of the market as a whole affects share prices. Therefore, even if the business you invested in is doing well, a downturn in the market could still have a negative impact on the stock price. Therefore, even if your investments are sound, market risk might still affect your portfolio.

2. Credit risk

You lend money to the issuer—a business or the government—when you buy a bond. The issuer agrees to repay the principal and interest payments in accordance with the terms of this loan when the bond matures. However, you could suffer credit risk, which could cause a partial or whole loss of your investment if the issuer runs into financial difficulties and defaults on the bond.

The degree of credit risk can be affected by a number of variables, such as the issuer’s financial health, the state of the economy generally, and the specific terms of the loan contract. 

In contrast to a struggling business in a risky sector, a firm with a proven track record of profitability and solid management would probably pose a reduced credit risk. A bond with a short maturity period may also have lower credit risk than a bond with a long maturity period because the issuer just needs to maintain its ability to repay over a shorter time frame.

Noting that the quoted interest rate often reflects the credit risk is also important. Since the issuer must provide a greater return to investors in order to convince them to assume the risk of financing to them, higher interest rates frequently indicate more credit risk.

3. Liquidity risk

Liquidity risk develops when you can’t quickly sell an investment without suffering a large loss in value. These issues frequently arise when the market has insufficient liquidity. As a result, you might be forced to sell your securities for considerably less than their market worth, which would result in an unwanted loss. 

Some investments are more difficult to immediately liquidate by their very nature. For instance, it might be challenging to quickly convert assets like real estate or private equity investments into cash without suffering significant value losses. Investors typically expect better returns on these illiquid assets since they are aware of this. 

A portfolio that includes both liquid and illiquid assets may be helpful if you ever need to quickly liquidate some investments.

4. Inflation risk

Inflation risk, sometimes referred to as purchasing power risk, is the possibility that an investment’s cash flow would decrease in value over time owing to inflation. As a result of inflation, a given amount of money over time has a declining purchasing power in terms of goods and services.

If you have cash assets or investments with fixed interest rates, such as bonds, this is especially important to know. When inflation is running at 3% but you invest in a bond with a set annual yield of 2%, for example, your money’s buying power is actually losing value over time.

This means that investors should take into account investments that offer inflation protection, especially those who are investing for long-term goals like retirement. These could consist of specific kinds of equities, property, or inflation-protected instruments, which have the potential to generate returns that surpass inflation.

 

Nevertheless, the risks associated with these kinds of investments are also distinct, including market risk and liquidity risk. As a result, it’s critical to strike a balance between the requirement for inflation protection and your individual risk appetite and investing objectives.

Remember that no investment is entirely risk-free, and different investments come with different risk profiles. It’s essential to balance risk and return in a way that aligns with your unique financial situation and goals. If you’re uncertain about how to proceed, it’s a good idea to consult with a financial advisor who can help you navigate the complexities of investing and manage risk effectively.

Ready to get started?

Speak with a Financial Advisor today to get a financial health check and advice on how to better manage your finances.

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Just Gotten To Work? Learn Ways You Can Grow Your Salary

If you’re anticipating your first paycheck and the possibilities it will open up for you, we have this advice: go forth and multiply. Learn ways to grow your salary!

Here are six recommendations to get you started increasing your salary if you don’t know where to begin.

#1: Know where your money is going when you're an adult

Everyone hates becoming an adult, yet it is a necessary aspect of development.  Are you concerned that you are not maximizing your pay? Start by saving before you spend it. As soon as your paycheck is sent into your bank account, try to set aside at least 10% of it.

Regardless of how little your spending are, you should still create budgets and keep track of them. One suggestion is to make a bigger monthly budget than you did when you were in school. That’s because your expenses when you’re “adulting” are probably going to be more than when you were a student, such as a new phone plan, extra transportation costs (due to overtime and cab fees), lunch and dinner out with your new coworkers, and even renting your own house.

#2: Upgrade your savings account

You’re bound to transact or even invest more if you go farther into the “adulting” realm; you probably won’t have a choice.

But when it comes to the interest rates you can earn, you might have a choice. For instance, the interest on the account you had as a child is probably very little.

Growing your salary through a high-interest bank account in Singapore is a good financial strategy. Singapore is known for its stable and well-regulated banking sector, making it a safe place to park your savings and earn interest. 

Here are some steps to consider:

Research Banks: Start by researching the various banks in Singapore that offer high-interest savings accounts. Look for banks that consistently offer competitive interest rates and have a strong reputation for customer service.

Compare Interest Rates: Compare the interest rates offered by different banks. Keep in mind that interest rates can fluctuate, so it’s essential to choose a bank that consistently offers competitive rates. Consider both regular savings accounts and fixed deposit accounts, as fixed deposits typically offer higher interest rates.

Minimum Balance Requirements: Some high-interest savings accounts may require you to maintain a minimum balance to earn the advertised interest rate. Ensure that you can comfortably meet these requirements without affecting your day-to-day finances.

Remember that while a high-interest savings account is a secure way to grow your savings, the returns may not be as high as riskier investments. It’s essential to strike a balance between safety and growth based on your financial goals and risk tolerance. Consulting with a financial advisor in Singapore can also provide personalized guidance on optimizing your salary growth and investments.

#4: Maintain your security

You’ve probably heard that starting an insurance coverage at any time is a good idea. That appears to be accurate.

Even though you may still be in your 20s, now is the ideal moment to select between life and term insurance. That’s because when you’re younger and healthier, your premiums are lower. If you choose an endowment policy, you will benefit from compound interest and move closer to your aspirations of getting married and buying a home.

#5 Invest in Stocks and Investments

Consider investing your savings in stocks, bonds, or other investment vehicles. Over time, well-managed investments can provide passive income and capital appreciation, contributing to your overall wealth.

Investing in stocks and other investment vehicles is a viable way to grow your wealth over time.

Here are some common types of investments to consider in Singapore:

Stocks: Investing in individual stocks or exchange-traded funds (ETFs) allows you to buy shares of publicly traded companies on the Singapore Exchange (SGX). Stocks can offer capital appreciation and potential dividends. Conduct thorough research before selecting specific stocks.

Bonds: Bonds are debt securities issued by governments or corporations. Singapore Savings Bonds (SSBs), government bonds, and corporate bonds are available options. Bonds provide regular interest payments and are generally considered lower risk than stocks.

Real Estate: Singapore has a vibrant real estate market. You can invest in physical properties such as residential or commercial real estate. Alternatively, consider Real Estate Investment Trusts (REITs), which provide exposure to real estate without direct property ownership.

Mutual Funds and Unit Trusts: These investment funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other assets. They are managed by professional fund managers and offer diversification.

Exchange-Traded Funds (ETFs): ETFs are investment funds that trade on stock exchanges and aim to track the performance of an index, commodity, or basket of assets. They provide diversification and are typically more liquid than mutual funds.

Government Investment Bonds: The Singapore government occasionally issues retail bonds to fund infrastructure projects. These bonds may offer attractive interest rates and can be purchased by individual investors.

Checkout our recent post on 4 affordable investments you can start with.

Ready to get started?

Speak with a Financial Advisor today to get a financial health check and advice on how to better manage your finances.