“If You Fail to Plan, You Are Planning to Fail” — Benjamin Franklin
Most people have a big gap between where they are now and where they want to be. I help them bridge this gap through comprehensive financial planning (identifying gaps in their current financial plan) and working together to ensure they stay on track.
I usually start with looking at their allocations, budget/income allocation, and asset allocation. This is because financial problems are usually caused by the misallocation of resources.
Effective income allocation makes sure your hard-earned money is allocated to the most important areas so that your money is used efficiently. Most people do not have a proper framework on how to do that. I can provide that framework.
Asset allocation makes sure you have saved enough emergency funds and ensures that your money is working hard for you. I also check that you are not in an overly geared position, with a healthy debt servicing ratio. (There are 8 Personal Financial Ratios we can look into.)
Insurance is one of the areas we find the most problems. Most either spend too much on their premiums, buy insurance that is not addressing the greatest areas of their concern or is underinsured. This is because they likely bought insurance products haphazardly from various places like friends, roadshows, and banks, without an overall review and planning by an Independent Financial Advisor to optimize their insurance portfolio and make sure their needs are suitably addressed. As I am not a tied agent, I independently review your existing policies to identify areas of mismatch and recommend actions to improve them.
Most people invest in products that they don’t understand and expose themselves to more risk than they should. Their portfolios are not well constructed as they are usually sold ILP by insurance agents who may not be proficient in investments, or some RMs who usually sell “favor of the month” funds. These are major reasons why people fail in their investments. When they lose money, they have no one who they can trust to turn to. We provide this critical support.
Many people wish to retire early but they have no idea if what they are doing today put them on the right path. They do not have a long-term strategy to ensure that their goals can be achieved. They invest on an ad hoc basis based on stock tips from friends, or salespeople that sell them the latest hot fund. This is not a sustainable solution.
And lastly, failure to leave behind clear instructions regarding the distribution of our assets to the right person, at the right time, and in the right form, frequently leads to confusion, conflict, and high cost. Most people understand the importance of having a will/trust in place, but they have not done it.
Opinion Disclaimer: This is a personal article. Any views or opinions represented in this article are personal and do not represent those of people, institutions, or organizations that I may or may not be associated with within a professional or personal capacity unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual.
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.
I came a long way experiencing what a young adult might face when stepping into the world of Personal Finance. (click here for my past history)
I tried many types of investments, made mistakes, took losses, and made solid gains. However, it wasn’t a sustainable solution and I knew I had to do something about it. I was putting a big chunk of my net worth in investments and neglected other areas of my financial plan.
Things changed when I started to do a FINANCIAL HEALTH CHECK (see Specialties tab) and learned about ethical and proper LIFE PLANNING. All along, I thought I was doing well as I am quite a saver, have got insurance and my investment portfolio reached an all-time high (a lot of luck involved). But the fact was, I DON’T KNOW WHAT I REALLY HAVE ?♂️, WHAT I AM DOING IS NOT SUSTAINABLE?♂️, and that Insurance does not equates to Financial Planning.
Through proper LIFE PLANNING, I now have a clear direction and have actionable steps to take to reach my financial goals with peace of mind.
Fast forward today, I work with a team of professionals, and represent my clients’ best interests. I am passionate about what I am doing and would love to help elevate the quality of your life through proper planning. As a Financial Advisory Consultant, I do not represent any financial institution and therefore, I am able to provide unbiased advice and my honest opinion.
To know more about what I do, please click here.
Click here to know more about my story.
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