1.
Grade C-
You still have a long way to go! It would take you at least 25 more years before achieving financial freedom.
You’re at the bottom 25th percentile of the Singapore population in terms ofsecuring financial independence. As compared to your peers, you have very poor money habits and is highly likely to struggle with financial security.
Here is your recommended action plan.
1. Focus on expanding the gap between your expenses and your income by:
Tracking your debts and watch them dwindle
Reducing your expenses as much as possible
Upgrading your skill set and taking on more responsibilities to boost income
Leveraging on your interests to start a side hustle
Saving ~30% of your income every month
Setting aside 3-6 months of your expenses as an emergency fund for unforeseen circumstances
2. Start investing your savings for a higher rate of return. Below are our recommendations:
Invest in a low-cost, diversified portfolio to accumulate wealth passively.
Be mindful about using insurance products such as ILPs and endowment plans. Learn more here.
- - - - - - -
If you have questions about your investment/insurance portfolio or current wealth plan, drop us a message at https://www.providend.com/service-enquiry/ or contact us at 6309 2488.We offer a complimentary, no obligation initial meeting where we will give you our honest feedback regarding our ability to help you achieve your objectives and address the financial challenges you may be experiencing.