The other day I met a helpful officer at the ASNB office in my hometown. He briefed me on the elements of financial planning which are investment, tax planning, insurance, retirement planning, estate planning and cash flow. Wished I had more time to listen to him. Anyway thank you so much Mr W for your time.
Over and above, I find that most people do not do this planning as they happily earn their money and spend it quite haphazardly. The reality of life comes to them as a shock when they are about to retire or are faced with grave life events such as accidents or sickness.
Most people depend on their savings, which when placed in a bank, would not have worked well for them financially. Just how much can you save with , say, a monthly income of 3000 at the current 3% P.A interest? That is why we need to delve into other financial products to make our money grow and help us in our hour of need. Needless to say, financial planning is meaningless without money in hand.
Financial products such as unit trusts, mutual funds, stocks, REITs, money market and bonds are there for us to select according to our risk profile. Indeed, wealth creation and financial planning should be in every able person's vocabulary and..... always aim to retire in style.
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