Our experts show you how simple it is to manage and insist that it’s never too late to build your wealth - whether you are in your 20s, 30s or even in your 40s
It might not be possible to duplicate the massive successes that legendary investment guru Warren buffet has achieved. However, the 85-year-old ceo of Berkshire Hathaway has once remarked, “there is nothing wrong with a ‘know nothing’ investor who realises it. the problem is when you are a ‘know nothing’ investor but you think you know something.”
We ask three financial experts to dish out practical tips on staying financially sound – beginning in your 20s, building in your 30s, and chilling in your 40s!
20s your Medishield life
Starting work? Upgrade your MediShield Life hospitalisation plan to a private medical integrated shield plan.
Build your emergency fund. Set aside three to six months of your living expenses in your savings account for emergency use.
Purchase critical illness insurance. You get to enjoy cheaper premiums when you start your insurance plans at a younger age.
Be diligent and save
When you begin your first job, be diligent to save and invest, so you’ll have something significant to show in your 30s.
Depending on your risk appetite, your financial consultant can help you grow your wealth.
Leverage on dollar cost averaging. Grow your money by sticking to your regular, monthly investments. Resist the urge to take the cash out despite a bad market, and you will see results.
Learn about investment
This story is from the October 2016 edition of The Singapore Women\'s Weekly.
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This story is from the October 2016 edition of The Singapore Women\'s Weekly.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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