Financial planning include the whole range of things. Alot of Singaporeans only regards it to insurance. It address a whole range of issue that affect our life at every different stage.
For example, when we are young and we are studying, we move up from primary, secondary, high school then University.If your parents had a education plan when you are young, then most likely you will graduate without a debt.Alot of time, some people will think that is 20 years down the road before my child go to Uni.They dint want to do anything now.They think that is so far away and by that time then think about it.As time pass, they still spend on their necessity, holidays, buy new car, etc.Bingo, your child will graduate in debt.By the time they think let do something, is either too late or they still do not have the money to do something. So planning is important.
Is like you wont dont plan for a marriage. How to buy house, wedding ceremony cost, honey moon cost etc.Then from there you will save up and try to achieve your aim.
Next alot of people wish to make quick money. Yes me too. But where would it lead you.Tomorrow, 1 week later, 1 months time or 1 year time.Quick money (legal money) from the financial market is possible. I am a trader and i know how.But no trader in the world can promise you that I can sure make $1million in a few years time.Larry William ( a reowned and famous futures trader turn $10k to $1 Million in a year).But he cant promise that it can happen always. Also making quick money from the market need skills. The shorter the time you want to make money the more skill you need.If you have been spending about 20 to 30 hours a week, thinking, pondering and looking at charts, well is possible.There is no short cut.Is hard work and to be serious in trading is like a business. You need to have strategy.Spend time in it.You spend 100% of your time chances of reward will be 100%.You spend 50% then chances of reward will be 50%.
So if you dont have skills and cant afford the time are you not going to do anything?You still need to plan for your retirement.Imagine you want to retire and you have not enough money, are you going to work at MacDonald?Or forgo your dreams of doing something and short change your life?Why not do something about it now.Then you will have ease of mind in retirement.Imagine you know that when age of 60 you would have x amount there ready for use.Would you feel more secure?Worst your children have to pay for your retirement or medical bill at that time.Then they may be in debt with their school loans. This make them harder to get marry, buy a house and carry on their own dream. Like i say in the previous posting, it is a vicious cycle.It will pass down ward to next generation.
Financial planning is in general the allocation or management of your income, to make them more efficient and to give your certain assurance in different stage of life or a life time.Unless you dont care about your life, then dont do financial planning.There are many components into it too. It not really about products.If look too much into products, I am sorry you are a short term viewer.Is about the planning, which even go into what stocks, ETF, funds etc to invest.How different product can work better, function better and compliment each other.How investment or protection can help in your retirement planning etc.
So think about it and act on it.Is about your life.
