Can you afford to Procrastinate?

Have you wondered why

1. our govt came up with CPF, dependant protection, home protection schemes & CPF Life?

2. newborns are automatically covered upon birth under Medishield?

3. Medishield Life will be made compulsory?

4. Eldershield is an opt-out rather than an opt-in plan?

5. motor insurance is a pre-requisite to car ownership?

6. maid insurance is a pre-requisite to hiring a maid?

7. home insurance is a pre-requisite to taking up a bank loan?

The above measures are meant to provide basic protection and accumulation of wealth for retirement so why must our govt step in to legislate these requirements? Won’t we be able to do these ourselves?

Sadly for the majority, if left to our own devices, will either not know what’s required to be done OR be in denial and refuse to do it OR understand that it has to be done but procrastinate on it.

I mean, who likes to put money into insurance or think about unfortunate events that can potentially befall on themselves and their family? or lock up significant amounts of money to save up for retirement when this money can bring immediate satisfaction and enjoyment now by buying the material things we so desire?

Well, that’s why our govt has to play the role to set the minimum basic requirements…but if you allow the govt to be your financial planner, then I’m afraid what you’ll end up with will be very basic benefits. Our Govt now has plans to raise the employment age and introduced reverse mortgages for asset rich, cash tight citizens….would you like to sign up for that?


Our Financial Attitude

By conventional wisdom, here’s most people’s financial equation

Income – Expenses (Living + House + car) = Savings, of which a small portion can be deployed for financial planning

For the financially successful, their financial equation may be

Income – amt set aside for financial planning = Expenses (Living + House + car)

The difference between both equations is in how much financial planning is prioritized (valued) over current lifestyle choices.

Which financial equation would you like to employ in your life?


Undeniably, our attitude towards financial planning is the single most facilitator or obstacle in achieving our financial goals.

Let’s examine further

At your workplace, would you prefer to work with an employer who looks after your welfare by providing you adequate employee benefits and a pension plan for your retirement? I’m sure you would.

In a similar fashion as the head of the household, how should you be taking care of your dependent’s (spouse and children) financial needs and aspirations so that they too feel loved and cared by you?

Again at the workplace, are you rewarded for anticipating problems and designing preemptive solutions to address them, meeting KPIs and deadlines on your projects? I’m sure you are.

In a similar fashion as the head of the household, there could be a lack of accountability or financial reward to carry out your responsibilities. Hence, do you chose to procrastinate or deny the need to plan financially or should you take proactive steps to secure the financial plans to address your family’s protection, child education and retirement needs? If you don’t take the lead, who will?

Why not employ the same work attitude that has made you successful in your career, into your family’s financial plan as well? Then you’ll be truly successful – holistically.


Cost of Procrastination

A. On insurance protection

Would you prefer to pay pennies now, or dollars later?

B. On Wealth accumulation (Child education & retirement)


The above is neither a religion that you have to believe in nor science fiction but rather realities that we face in life. The sooner we step up to the plate, the better it will be for you and your loved ones.

Hope the above was useful. To get in touch, just send me an email on the right and we’ll get in touch soon.

Till then…
Live life to the Fullest, without Regrets!