You may have noticed recently that your grocery bills have gone up.
Did you know that fresh eggs had the biggest increase of 30% over the last one year?
Global food prices are affected by factors such as pandemic-induced labour shortages, higher energy and freight costs and weather-related disruptions. The recent Russia/Ukraine conflict has also pushed up food prices, as the two countries produce nearly a quarter of the world’s wheat, and are also major exporters of barley, corn and sunflower seed oil.
Read more here: As inflation rises, how much more are you paying for your groceries?
1) Create Multiple Income Streams
Some would call it a side hustle, or a side gig. It is not enough to depend solely on one income source, even Warren Buffett seconds this.
“Never depend on a single source of income” – Warren Buffett
This provides us a certain degree of protection if the main source of income diminishes.
2) Start Investing
The 2nd half of Warren Buffett’s quote reminds us to start investing for a second income source. While inflation works AGAINST us while we sleep, Investments work FOR us when we rest.
3) Complement with Capital Guaranteed plans
For the risk adverse or those who wish to shield their financial portfolio from the volatility in investments, there are still a handful of capital guaranteed plans which provide passive income for peace of mind.
Whether it’s an investment solution or capital guaranteed solution, speak to us to find out which solution(s) is a good fit to your unique financial objectives and portfolio!
Meanwhile, let’s look forward to more social activities where we can re-connect with friends and family, as Singapore eases covid rules next week from 29/03/2022.
Have a good weekend!
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Winnie Chan is a distinguished Certified Financial Planner (CFP) with over a decade of expertise in financial advisory services. Her commitment to her clients has led many to achieve their financial aspirations while ensuring their families’ protection. Winnie‘s extensive experience in insurance claims has been instrumental in securing successful payouts, providing crucial financial relief during challenging times.
Her passion for community engagement is evident through her financial education initiatives. She has conducted insightful financial talks for esteemed organizations such as Carousell Group, Singapore National Eye Centre and Singtel, empowering their employees with valuable financial knowledge.
Outside of her professional commitments, Winnie balances her life with a passion for fitness and music. She enjoys rigorous workouts at the gym and is a pianist, recently awarded ABRSM Piano Performance Grade 6 (Merit).
