Although money plays an important role in creating for ourselves the best retirement plan we can afford, a fulfilling retirement is more than just about money. Many key components have to be put together to make a happy and worthwhile retirement come true. We take a quick look at two essential qualitative factors of a great retirement plan:
Portfolio diversification is a key financial planning concept in Singapore which is pivotal in mitigating risk. Spreading out investments across more than a single investment channel nullifies the “all eggs in one basket” syndrome, which deluges avid risk-takers in debt when a market venture turns sour. Portfolios can be generally diversified via investing in different asset classes or within the same asset class by using mutual funds, bonds, real estate, insurance, precious metals and other notable assets.
Why should you learn to invest early? This is because there are several key benefits to investing early, especially when one wishes to ensure their retirement plans reach their objectives. Some of these benefits may not be observed immediately, but in the long-term, the fruits of investing early remain undeniable.
Contributed by Michelle Ee,
Wealth Management Director, Financial Alliance Pte Ltd
(The contributor can be contacted at email@example.com)
In your financial planning endeavours, you may encounter the question of whether to switch your Integrated Shield Plan (“IP”) insurer. I urge you to take a step back and consider the pros and cons before you decide to switch.
Despite the large number of financial advisers in Singapore, many are still unaware that personal financial planning goes beyond some discussions with a financial adviser and is, in fact, an essential part of leading a fulfilling life. The list below highlights different stages of a person’s life and gives you an insight on what should be noted when making financial decisions at these life stages.
It seems that an increase in employee turnover rate might be in store for corporations in Singapore. Over 50% of professionals in Singapore are confident they will be able to find a new job within 3 months, and 46% of them are planning to change jobs within the next 6 months. These statistics are a call for concern for companies in Singapore since retaining employees comes with several financial and non-financial advantages, such as:
Contributed by Raymond Wee,
Financial Advisory Director representing Financial Alliance Pte Ltd
(The contributor can be contacted at firstname.lastname@example.org)
Contrary to popular belief in Singapore, financial planning requires more than just a single meeting with your financial adviser. Planning for your finances is a complicated matter, mainly because your income, expenses, and debt changes as life progresses. As such, financial planning requires regular reviews. Here are top 5 reasons why financial advisers keep telling you you’re under-insured:
Saving money is like an adult-version of studying – you are disciplining yourself today for a better future. Yet, despite Singapore’s renowned excellence in education, planning finances nevertheless proves to be anything but easy. According to a survey done by the JobsCentral Group, 23.6% of the workers in Singapore spend most of their income on entertainment and approximately 60% save less than one-fifth of their monthly income.
The following money-saving suggestions are, therefore, tailor-made to suit individuals in Singapore.
Contrary to popular belief, writing a will is actually more than just about money and more than just an optional exercise for the well-off dads and moms. It is also about ensuring that your loved ones – be they your children, parents, siblings, or even favourite charities – are taken care of with the finances and assets you bequeath to them, that you have named executor(s) to carry out your wishes and that your funeral arrangements are as you want them.
Writing a will, therefore, is more important than one may think. Below are four issues often overlooked when writing a will in Singapore:
How much does it cost to raise a child from infancy to 21 years of age? $200,000? $360,000? $1,000,000?
It seems that every financial expert in the country has a number in their minds, as do consumers who have thought this through on their own. Whatever the number is, what’s more important is how the number is derived – which is a financial planning exercise in itself. We will leave your numbers to the fruitful financial planning sessions you will have with your Financial Consultant, so for now, we will go straight to some tips on how to spend wisely when raising your child in Singapore.