10th
July
2008
1) It is never too late.
It is never too late for you to learn how to make smarter moves with your money. There are no stupid questions, only stupid decisions.
2) Acknowledge that your retirement is a reality.
Your retirement will be a reality, even if it may be 30 or 40 years away. It will cost you more money than you could possibly imagine. You wouldn’t want to wait & see if you can play catch-up.
3) “Someday” will be “No day”.
Don’t procrastinate. Do something now. It is entirely up to you to take care of yourself. Commit to saving & investing a small portion of each pay cheque for your retirement before you can spend it. Read the rest of this entry »
posted in My 2 cents' worth |
10th
July
2008
When a person obtains a life insurance policy & names his/her spouse as a beneficiary under the policy, by virtue of Section 73 of the Conveyancing Law & Property Act (CLPA), a statutory trust is created in favor of the named spouse.
When such a trust is created, it CANNOT be revoked or extinguished, EVEN IF you make a will. Therefore, writing a will to change the beneficiary would be ineffective.
What are you to do then if you are going through a divorce?
Read the rest of this entry »
posted in Wills & Estate Planning |
10th
July
2008
Just as you would visit a doctor for your medical check-up, when was the last time you had a financial check-up?
1. I have a Will to distribute my assets to my loved ones according to my wishes. 
2. I have life insurance coverage of at least 10 times my annual income.
3. If I were to lose my job now, I have enough savings to provide for at least 6 months of my monthly expenses.
Read the rest of this entry »
posted in Financial Health Check |
10th
July
2008
Rate from 1-5 with 1 as “Not True” & 5 as “True”.
1. Making money is easy for me.
2. Good people make money easily.
3. Bad people make money easily.
4. I reward myself for hardwork by buying something expensive.
5. Everytime I get depressed, I go shopping & buy something expensive.
6. I should live in the most expensive house I can afford.
7. My house should serve my needs & be an investment.
8. I use my credit card freely.
9. I use my credit card only when absolutely necessary.
10. I save at least 20% of my income.
11. I can rely on my CPF for my retirement.
12. I am actively planning my finances for retirement.
Results:
Doing Well : 48-60
Coping : 36-47
Struggling : 24-35
Poverty : <23
posted in Financial Health Check |
