In my 20s:
Invest in an Exchange-Traded Funds (ETFs) that tracks the index such as the S&P500 index or the MSCI AC World Index. Invest regularly and stay invested. But do note that investing in the S&P 500 alone is not the silver bullet.
In my 30s:
Insurance is primarily for protection and not savings. So in most situations, just buy a term plan. You may also enjoy reading this article I wrote in 2022 on the age-old debate on term versus whole life insurance.
In my 40s:
You don’t have to buy things you don’t need, with the money you don’t have, to impress the people you don’t even know or care about. Live simply so that others may simply live.
In my 50s:
I am 53 years old now (in 2023). This next piece of advice is something I already knew and thankfully I had the chance to do it. Sharing this with all of us here for your consideration. I lost both my parents in the last two years. So, love your parents while you still have the chance to. Love them with your time (your most precious resource), love them with your money, and bring them out for food, and holidays). Love them with your words.
I am not in my 60s yet but, in my work with a lot of clients:
Never give your children so much money without any work involved because you spoil them more than you love them.
Our CEO and Founder, Chris, noticed interest and questions on the SingaporeFI subreddit for some time and had the opportunity to conduct an “Ask Me Anything” (AMA) session in October 2023. The above question was selected from the list of many questions that were asked.
If you are interested in viewing the full Reddit list of questions, you can visit this link.
Christopher Tan, is Chief Executive Officer of Providend Ltd, Southeast Asia’s first fee-only comprehensive wealth advisory firm and author of the book “Money Wisdom: Simple Truths for Financial Wellness“. He is also a Certified Ikigai Tribe Coach.
For more related resources, check out:
1. Providend’s Money Wisdom Podcast Season 3
2. The Providend Conversation: Living the Good Life Video Series
3. How to Make Life Decisions
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