Sound financial planning is important to help us fulfil our aspirations in life, especially as we want to live well, for longer. Our employees and Financial Consultants share how they are getting financially Ready for 100. Jerald Chan, our Financial Consultant and avid football fan, tells us how he is learning to grow his wealth and using a digital app like Pulse to complement the traditional advisory process.
1) Tell us more about yourself.
I’m 26 and single. Outside of work, I enjoy running because it hones my discipline and mental strength while keeping me sharp and alert. I’m also an avid football fan. I’m a big supporter of Manchester United, and hope to visit their home ground when travel becomes more accessible again.
2) How can financial planning help you to achieve your current life goals?
I started out in the advertising industry, but after 2.5 years, I decided to move into a career in financial planning. I witnessed first-hand how my siblings who are also Prudential Financial Consultants have helped family, friends and clients to better manage their finances. On top of that, I wanted to take charge of my own finances too, hence the career switch.
My life goal is to attain financial freedom – whether it comes in the form of retiring early or having the flexibility to pursue things that make me happy. Financial planning has helped me see how this goal can be attained, such as through saving and making my hard-earned money work even harder for me.
3) What are some small milestones/steps that you have taken to help you achieve your financial goals?
When I first started working at 23, I met a good financial planner who helped me to understand the effect of compounding. I learnt that working hard to earn money is as important as growing my wealth.
I started off by making sure my protection needs are met, before committing to a savings plan a year later. Once I had a safe instrument for long term savings, I ventured into small investments with a robo-advisor using dollar cost averaging. By periodically investing a fixed amount regardless of the current market price, this approach helped me to avoid making a poorly timed lump-sum investment, and it must be done over a long period of time for its positive effects to be seen.
As I started earning more over the years, I took on an investment-linked plan. Moving forward, I will continue to diversify and find more ways to make my money work harder for me.
4) Will you use an app for financial planning?
I am currently using apps for financial planning for both myself and my clients. I believe that as the world goes digital, we must keep up with the times and embrace these tools to help us in our everyday life.
The GoalsMapper software helps me to track monthly expenses, liabilities and income, enabling me to see my spending habits at a glance. It also plots out various financial goals and scenarios to help me identify any shortfalls that I need to plan for, and how attainable the goals are.
Features I look for when selecting a financial planning app include a budgeting tool that provides a summary of my budgeted expenses in different categories, and goal-tracking so that I can monitor the progress of my financial goals. Both features are Wealth@Pulse tools that are available on the Pulse app.
Start on your financial planning journey with Pulse today. Click here for more information on its features.
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. Information is correct as at 1/12/2021.