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. Maybel Heng, our Senior Financial Consultant and a mother of three, tells us how she is planning for her retirement and using a digital app like Pulse to complement the traditional advisory process.
1) Tell us more about yourself.
I am married with three kids aged 9, 13 and 15. During my free time, I love going for rock climbing, spin classes and bonding with my family.
2) How can financial planning help you to achieve your current life goals?
I look forward to retirement but I want to decide when to retire. My goal is to be financially independent when that happens. I wouldn’t want my children to be the sandwich generation who needs to support me when they grow up and have a family of their own.
Financial success is not about buying more saving and investment products. Good financial planning is about making sound decisions and ensuring that my resources are allocated to the correct areas. It will give me clarity on how much I should save in the bank, whether I am making my idle cash work hard for me, or if I need to review and rebalance my portfolio.
3) What are some small milestones/steps that you have taken to help you achieve your financial goals?
It’s never too early to start financial planning! I started buying my first insurance plans when I was 21. In recent years, I have started to save more than 20% of my monthly income which goes into different savings tools. For instance, I top up my Central Provident Fund, and buy investment and endowment plans.
Achieving financial goals is always a work in progress - start by saving a small amount and progressively look at diversifying your investments so as to create multiple streams of income. That being said, it is important to get the fundamentals of financial planning right which is to be adequately protected with the necessary protection plans such as medical coverage first.
4) Will you use an app for financial planning?
Yes, I will because financial planning is shifting towards digitalization. However, technology will not be able to replace the human touch of a Financial Consultant who can understand the context and provide more comprehensive advice. But using an app, like Pulse, is convenient, especially if you are new to financial planning. To get the best of both worlds, I will go for a combination of app and Financial Consultant!
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 24/09/2021.