We’ve all heard the conventional wisdom, “If you fail to plan, you are planning to fail”. In finance, your effort in planning will outweigh the problems that arise when failing to plan. Let’s take a look at 5 things you can do (even right now!) for a “greener” future. Source: Tenor 1) Invest Invest now because compound interest is the financial snowball that will make your life easier in the future. It is the interest on a deposit calculated based on both the initial principal and the accumulated interest from previous periods. Relatively safe and trusted investments include
Source: memes.com There is no shortage of advice on how to manage your finances. From online articles, newspapers and magazines, to radio and television programmes, social media, podcasts and videos, there are tons of resources available that provide guidance on financial management, along with new digital tools that can help. Even your family, friends and relatives are all eager to dispense their wisdom on this topic. But while the tips and ideas are all useful, ultimately there are three we consider the golden rules of good financial management - the core basics which everyone
Being financially fit and being wealthy are what many people aspire to achieve. But how are they different, and which one should you prioritise? Here’s a quick summary: Being financially fit is crucial for a well-balanced, stress-free life. A key pillar of financial fitness, as highlighted in the infographic above, is having financial protection. An emergency fund certainly helps but that isn’t always enough. To really secure your finances, an insurance policy is essential. This important tool provides a safety net to help you cope financially and emotionally when
Source: MOST EXPENSIVEST When you retire, you are free to spend your days the way you want to. It’s no wonder why everyone looks forward to this time of freedom. But while commonly seen as a life of leisure, retirement these days doesn’t always mean “not working”. In fact, retirees are increasingly looking to boost their cash flow and stretch their retirement savings by earning some extra income. Even if they don’t necessarily need the money, these retirees find that working instead of sitting around helps them stay active and mentally alert. If you are retiring soon
Your financial health refers to the state of your finances - it’s an overall look at how well-prepared you are for unexpected financial emergencies. Like your physical health, your financial health is essential for a happy and successful life. And just like how you shouldn’t ignore symptoms of a potential illness, you shouldn’t ignore symptoms of poor financial health. These are 4 of the most common red flags to look out for: Source: Ahseeit You have little or no savings for emergencies One of the fundamentals of good financial health is having an emergency fund.