Wealth Management

Investment planning – Living Fully

Are you spender of a saver?

If you’re a spender, you’re probably unhappy with the amount that you have in your bank right now.

To improve your cash reserves, adopting the following steps may prove useful:-

1. table your expenditures and identify areas where expenses can be reduced

2. Cultivate the habit of saving by first setting aside monies that you intend to save, and manage your lifestyle with the remainder monies

3. place the monies into fixed deposits so as to reduce the ease at which you can withdraw it

4. Limit and track your expenses. Avoid making purchases though installment schemes especially if interest is charged and if you do not have the ready cash to pay for it in full. Pay your credit card bills in full.

5. If you have chalked up debt though your spending sprees, cut up your credit cards, avoid additional debt, enter into scheme of arrangement with your creditors and abide by the repayment schedule.

If you are a saver by nature, then good for you because you probably have healthy reserves in your bank right now.

However, if you are holding on to too much cash in the bank, there’s an opportunity cost of foregoing a better yield that you could have obtained as a result of deploying it into a financial plan. Would it make sense if you toiled hard at work while your cash is just sitting idle? Don’t be a slave to money but get your money to work at least as hard as you are!

Essentially, we need to strike a balance between enjoying life today and saving up for tomorrow. Events that may require long term savings are :-

1. planning for further studies
2. planning for marriage
3. starting a family
4. purchasing or upgrading your home/car, home renovations
5. securing child education funds
6. securing funds for a comfortable retirement

So you’ve got some spare cash, where can it be best deployed?

Here are some commonly used tools :-

  1. Endowment savings plan
  2. Unit Trusts
  3. Stocks

Alternative investments :-
5. Land investments
6. Hedge funds

Do speak with your financial adviser to help you evaluate the various choices and it’s suitability in addressing your accumulation goals.


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