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.
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 is a Certified Financial Planner with more than 10 years experience in financial advisory services, helping many of her clients to achieve their financial dreams, while protecting their families.
With more than a decade of insurance claims experience, she has tangibly helped many clients receive their claims pay-outs successfully, relieving their financial burden.
As part of her community outreach program, she finds it very meaningful to conduct financial talks for companies where the staff can benefit from the talks. Some of the companies who have benefitted include National Kidney Foundation, Singapore National Eye Centre and Singtel.
Despite her busy schedule, she enjoys working out at the gym and playing the piano (currently pursuing Grade 6 ABRSM).
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