Saving and Investing Wisely

Are you ready financially for 100? It may sound challenging but it’s possible! In the #Bringon100 series, our employees and financial consultants in Prudential share on planning financially for a longer life. In the second edition, our Senior Financial Consultant, Germaine Heng, shares on saving and investing wisely to grow your nest egg.

Saving for 100 Report: 44% of Singaporeans are not confident of saving enough because of growing financial responsibilities and costs of living.

#Bringon100 I am going to plan for my future by spending responsibly today to prepare for tomorrow, which gives me peace of mind. I do so by using a system to track my finances and remind myself to always save before I spend. If I am overspending, I will get alerted and I can make the right adjustments to my expenditure. This has helped me to stay on track with one of my financial goals – which is to own my own property soon.

Saving for 100 Report: Uncertainties and evolving lifestyles could impact my retirement planning.

Change is the only constant. I’m going to get prepared by adapting and reviewing my portfolio regularly. This will ensure that I can quickly make the right adjustments or put off lower priority plans to respond to changing needs or manage unforeseen expenses. To do so, one quick tip is to always know which financial goals take priority and do a stock take of your finances every quarter.

Saving for 100 Report: Singaporeans are diversifying income sources with CPF, bank savings, insurance and investments in their financial plans.

As the proverb goes, don’t put all your eggs in one basket. My saving strategy is to find the right mix of wealth accumulation tools to save for the future. This means taking on a portfolio with a variety of financial products that meet my risk appetite. While I keep an open mind when it comes to investing in new and high-risk methods, I always make sure that the risk is worth taking. I hope that this approach will help me to grow a nest egg that will take me around the world to sample different cuisines, and enable me to become an angel investor in my later years.

Saving for 100 Report: Millennials are more tolerant of risk in their financial strategies than the older generation.

Mark Zuckerberg said that the biggest risk is not taking any risk. I say take risk that gets you excited when you wake up in the morning but does not keep you up at night. Young people tend to feel that they should do what they want now and worry later. Although I’m a millennial, taking measured risk is important to me. While it is good to take risk when you are young with less obligations, always know your own tolerance level and balance the risk and reward.

Read Our Saving for 100: Funding longevity in a time of uncertainty report to find out what are some of the financial challenges Singaporeans face as life expectancy rises and how they plan to manage their wealth in anticipating of living a longer life.

Let’s be prepared to live life to the fullest, up to 100! #Bringon100

This article is for your information only and does not consider your specific investment objectives, financial situation or needs. We recommend that you seek advice from a Prudential Financial Consultant before making a commitment to purchase a policy.