4 Important Points of Financial Wisdom for Singaporeans in their 20s

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4 Important Points of Financial Wisdom for Singaporeans in their 20s


Gather around children, this may save your financial life.

When we were younger, we had the same adventurous, ‘you only live once’ YOLO spirit (we called it something different back then) and it was most expressed in how we used our money and ran our careers.

We made some really dumb choices and now that we are older and more aware of the future, we certainly regret a lot of things. We really want you guys to do better than we did so here are a few pieces of wisdom that are sure to help you along:

Live Within Your Means

When you start earning a good salary, you will have the temptation to buy all the things you have been holding out for. Do not do it! You will send yourself into massive credit card debt over things that are not at all important in the grand scheme of things. Use the cash you have and your credit card very sparingly and as a rule, establish the difference between a need and a want.

About those credit cards: try to clear those debts right now as much as you can. You do not want them compounding and becoming very stressful when you have many more responsibilities in the future.

Budgeting! Budgeting! Budgeting!

There are many budgeting strategies out there so you need to get one that works for you in order to make solid plans for the future. Then you need to stick to the budget!! You need to save, pay your bills, manage your investments and have some fun too…in that order. The discipline will definitely pay off – trust me.

Get Some Insurance

It is hard to imagine anything happening to you because you are probably at your best right now in terms of health and you do not really have any dependents. Still, listen when we tell you that you need medical insurance, life insurance and long-term disability insurance. Even if nothing happens to you, these insurance policies will form part of your financial foundation and can be used to protect your wealth and as investment opportunities.

Start Investing Now

Speaking about investing, there is no such thing as starting too early. Even if you are not making your ideal salary yet, you can make do with what you have. Starting early will ensure that you have more for retirement. You will be very comfortable and well taken care of in your old age.

 

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