A Mission, A Purpose, A Journey…

Let’s face it, not all of us are going to get married & start a family. An increasing number of younger Singaporeans are deciding early in life to remain single as part of an “alternative lifestyle choice”.

Some of us simply choose not to, others never meet the right mate. Whatever the reason, singles are a demographic group that can only grow in significance. But singles still need to make financial plans for their future, even if somewhat differently.

The question, then, is: What is special, if anything, about drawing up financial plan for lifelong singles?

Read the rest of this entry »

Don’t delay finding out how much you will need for retirement

Retirement planning is absolutely essential if you want to achieve the lifestyle you want in your golden years. It involves determining how much you need in order to retire comfortably, identifying the best ways to accumulate savings as well as making decisions about how you live your life today.

To ensure that you save sufficiently, it is important that you start planning early for it. This allows a longer period for accumulation & hence, more time to save, as well as invest.

Many Singaporeans are still uncertain as to how to go about achieving their retirement objectives. As a result, they are usually financially ill-prepared after they leave the workforce.

Read the rest of this entry »

Scholarships are certainly a preferred alternative for funding your children’s university education. But what if your child is not scholarship material or dislikes the prospect of being bonded to the same job or firm for four to eight years?

You can fund your child’s university education without burning a hole in your pocket if you start early & regularly set aside a reasonable sum. Depending on your risk appetite & investment view, you can build a university fund through insurance savings plans, unit trusts or a combination of both.

Read the rest of this entry »

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 »

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 »