Have you ever given a thought into financial planning?
Do you know what it is?
This sharing is just my understanding on financial planning, I welcome different perspective and sharing.
So what is financial planning? I break it down into this 3 categories.
Wealth Protection
Simply said, this is the category where insurance policies come into play.
Are you prepared to face the harsh reality when one of the above mentioned scenarios occur?
Do you know what it is?
This sharing is just my understanding on financial planning, I welcome different perspective and sharing.
So what is financial planning? I break it down into this 3 categories.
Wealth Protection
Simply said, this is the category where insurance policies come into play.
Are you prepared to face the harsh reality when one of the above mentioned scenarios occur?
- An income source is lost
- Liabilities transferred to whoever living
- Change in lifestyle for the living, disabled and sick
- Additional liabilities
Getting covered in this category is to ensure:
- Livelihood of those living aren't compromise
- We are still able to live in dignity and not based on charity
- Treatment or additional financial commitment will not be a burden
Wealth Accumulation
I would also like to put this across as lifestyle protection or maintenance.
It is getting perpared to welcome each different life stage with more confidence.
As we all know that the cost of living is only getting higher, it will be unrealistic to think that our current lifestyle can be maintained, going on regular holidays or our children will be able to support us when we are old, etc.
Different life stages comes with different commitment and responsibility.
Don't you think that we should be responsible to our own life?
Life changing stages / milestones:
I would also like to put this across as lifestyle protection or maintenance.
It is getting perpared to welcome each different life stage with more confidence.
As we all know that the cost of living is only getting higher, it will be unrealistic to think that our current lifestyle can be maintained, going on regular holidays or our children will be able to support us when we are old, etc.
Different life stages comes with different commitment and responsibility.
Don't you think that we should be responsible to our own life?
Life changing stages / milestones:
- Getting married
- Getting a home
- Parenthood
- Child's care and education
- Aging parents
- Retirement
As we walked down the path arriving at each milestone, various commitments or even liabilities surfaced for us to bear.
Are you prepared to face them with confidence without heavily compromising on the life you had wished?
Wealth Distribution
Simply, it means preparing to give away
Singapore has this Intestate Succession Act.
By not taking responsibility, our government will be the one to decide on the distribution.
People often say that will writing is expensive or it's only meant for the wealthy.
But it's not true.
Simply, it means preparing to give away
- Whatever you have
- Whenever & However you like to
- Whoever you want
- in an Orderly manner
It will be YOU, making the decisiona and planning of how your loved ones benefit from your decision.
Singapore has this Intestate Succession Act.
By not taking responsibility, our government will be the one to decide on the distribution.
People often say that will writing is expensive or it's only meant for the wealthy.
But it's not true.
- A simple will can be free
- LPA is currently free, except for the doctor's fee
- Even whatever is left in your bank accounts or CPF can always be distributed to whoever you want
All it takes is your own decision to take responsibility.
Have you done so?
Financial Planning...it is simply taking back control of your life and how you would like to live it.
Be prepared, be confident, be responsible and take control.
Your life is in your hand. Only you can decide on the path it takes.
Every action we take leads to a reaction/consequence, be it positive or negative.
We choose the action with a reaction/consequence we are able to bear.
In this world where change/uncertainity is a constant, there aren't already many things we could have control over. So are you going to take back your control over what remains in our ability to control or...
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