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1. | Look at your current reality and sources of wealth (including fixed assets such as housing, and non-fixed assets such as cash savings, investments and current earnings) |
2. | Ask if there's a gap between where you are and where you want to be |
3. | Work out a plan to reach your goals (via financial planners or digital tools) |
CPF is a tool for retirement to ensure that Singaporeans have a steady stream of money to withdraw when they reach 65 years old.
CPF contributions = 20% of employee's salary + 17% of employee's salary contributed by the employer + compounded interest rates
There are 3 main CPF accounts:
• Ordinary Account (housing, education, investments)
• Medisave Account (healthcare)
• Special Account (retirement)
1. | Depends on your definition of living comfortably and other financial commitments |
2. | Focus on upskilling and education through: |
• Trade-specific resources from unions | |
• SkillsFuture Credits | |
• Continuing Education and Training courses from Institutes of Higher Learning | |
1. | Know your ‘why': Why do you want to save money and go into financial planning? |
2. | Try to find a balance between embracing new experiences that costs money and saving for your future |
3. | How much you decide to save depends on how you define happiness and how much money gives you happiness |
4. | Useful financial literacy platforms include: Institute of Financial Literacy, MoneyOwl, TheWorkSalaryMan and Money Smart |
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