If u read the Sunday Times regularly, on the 'Invest; column when they interviewed any particularly guy, they like to pose this question: "Are you a spender or a saver?" The conclusion I draw, to be "rich" eventually, the answer is always the latter. (But of coz the definition of "rich" varies from one to another.)In true blue financial planning that I am dealing with, there's only a few aspects to follow. And the most fundamental one would be TIME. The power of compounding over time is simply so powerful that it should not be ignored, but rather to be utilized to your advantage. This is why any form of savings, be it in the bank, fixed deposit, endownment, (or even property?), etc.. should be done at the earliest possible time.
This is especially important for your retirement planning many years down the road where you really want to enjoy your golden years rather than continously working for survival. Retirement planning is an important equation that requires so much knowledge in how to make use of your CPF, how to leverage on your property, etc... that's where professional financial help is needed. (Me!)
For those who really wants to have clarity how your finance would work out to be in the medium and long run, do gimme a call for a detailed analysis. Good planning is definitely better than NO planning. U agree?
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