In Singapore, one out of ten people is a millionaire. But how many of them actually do financial planning?
According to survey results from Today newspaper, one in three working Singaporeans have not done financial planning for their future. Many of them are still living paycheck to paycheck without any proper financial planning.
A lot of Singaporeans only think about their finance only when they need it, for example when they are going to have children, marriage or even only when they are going to retire. However till then everything is a bit too late.
Here are some reasons why financial planning is critical for your future and you should start young/early:
1) It helps you manage your income more effectively through financial planning. Helps you understand your monthly or yearly expenses and how much to save up for it.
2) Increases your cash flow by planning and controlling your expenses carefully.
3) Gives your family protection and security in terms of financially and also in terms of insurance coverage.
4) Help you understand what and which investments is suitable to help you attain your financial goals in the future, be it buying a car or owning a property. Making your money work harder for you rather than idling in the bank.
5) Proper financial planning will be beneficial in difficult times and allow you to sustain a certain standard of living in the event of any economic downturn.
6) Savings in terms of high liquidity investments that is able to allow you to use it on rainy days. Plan early and enjoy worry-free financial freedom in the future. So what are you waiting for?
Contact your financial adviser now to navigate your financial future.
Financial Alliance, an independent financial advisory firm that provides unbiased and partial advise to help our clients attain financial goals and freedom. Putting our client interest as the first priority, our advisor representatives will not be influence by other external factors which will cause us to give biased advise.
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