Now, have you guys plan your finances properly? I am sure many of you have read the report about Singaporeans in a recent survey. They are most unhappy with their own personal savings. Which means they never plan properly.
The biggest problem that they found out is that most people do not develop a budget. They just take their salary and spend first. If there is any money left, then they will save it. But obviously this is the wrong way, because people as human being always have the propensity to spend a bit more. More, more and more. Therefore they have a problem to save.
Other problems are that they do not have insurance (thus when they fall ill, the bills can wipeout their savings at one go), they do no invest in other instruments (they only put money in savings account), and they under estimate how much they need to save (they forgot that inflation will push prices of goods to go up).
Please read this website for the full information.
http://entertainment.xin.msn.com/en/radio/938live/calocalnews.aspx?cp-documentid=5476277
In any long term plan, insurance is a must. I believe this with my heart and soul. This is the only instrument where you can leverage your money. To spend a little bit on paying the premium, but in return you get a big coverage. Which you may really need it in times of unfortunate/unexpected event.
This is another article where you can learn more about planning your financial future.
Cheers! Have a great day.
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