![]() But don’t make the big boo-boo of making risky decisions before ensuring you’ve got enough savings to fall back on. We stan someone who’s brave enough to take charge of their destiny and be their own boss. It’s not uncommon for most people to consider a mid-career switch or start a business of their own these days. Having nowhere to run on a rainy day Photography: Josh Appel via Unsplash Work & Money We did the math: How to save $100k by 30 3. You may want to speak to your financial planner to discuss your retirement plan and look into some safe investments to help you beat inflation. ![]() That’s why we recommend starting to save right now if you want to have a relaxing retirement. At the age of 60, you may have additional healthcare costs and expenses to upkeep. Especially when you’re only starting to grapple with things like getting your first HDB flat or buying your first car.īut, it’s important to remember that costs won’t just include your daily living expenses and rent. It can be tough to fathom why this is a financial blind spot you’ve gotta plan for. But that feels so far away when you’re only in your early twenties. The current retirement age in Singapore is 62 or 63. Tiring of the retirement chat Photography: Sven Mieke via Unsplash This can help you cover costs, plus give you peace of mind that your family will have some money to tide them through if anything happens to you. That’s why, aside from managing money well, you’ve gotta make sure all your must-have insurance policies are in place. Did you know that cancer and heart disease are the top causes of death among Singaporean adults between the ages of 15 to 59? Even if death isn’t on the cards, it can cost you anywhere from a few hundred to a thousand per night to be hospitalised. ![]() We’re all vulnerable – whether we’re at the tender age of 25 or on the cusp of 70.Ī bad accident can affect your ability to work, and hospital bills can pile up when you’re struck with a critical illness. But the truth is, life is unpredictable and can be cut short anytime. In childhood, we’re fed pretty wholesome tales about how we all live to a hundred. When life is a series of unfortunate events Photography: Jonnica Hill via Unsplash Financial blind spots to know when managing money 1. Whether you’ve just gotten your first paycheck, or are well on your way to saving your first $100k by the time you’re 30, this is what you should be looking out for. These life events can sabotage your money-saving efforts – leaving you with little or no change to spare. We know the struggles, and we’re here to help you succeed by pointing out common financial blind spots you might miss when managing money. Not only do you have to put food on the table, but you also have to save for a home, a car, and potentially a wedding and children as well. It isn’t easy to be a working adult in the 21st century. Here's what you need to be aware of when managing money. Photography: Karolina Grabowska via Pexels Some life events can cost you more than you planned for.
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