A steadily growing number of people with full-time jobs are starting consider investing their wealth to grow their assets and income.
For many people who are employed and do not have a business or a significant inheritance to fall back on, this idea and initiative can prove to be invaluable in supplementing your income, providing a cushion not only for substantial expenses, but also luxury expenditures.
Investing is also an excellent tool for people who want to make the most of their savings, and cannot afford the time or the resources to put their money into financing or setting up businesses.
With investment products such as managed funds, be they income, money market, index trackers, or equity-based, the only thing you have to furnish is the regular contributions, a long timeframe, and the minimal management fee that funds charge to look after your money.
In short, it provides a perfect opportunity to invest for people who know little about the market and financial technicalities.
The first and foremost ingredient for people looking to optimize their savings and income is taking the initiative. It means talking to financial advisors, finding out about the recent performance of the market, and having a long-term plan.
In this sense, here are a few considerations that help you plan better:
Where To Start
The first number when you are planning your finances is getting together all the expenses. This includes monthly expenditures like food, accommodation, fees, bills, and more
The second one is calculating the total amount of money you have at your disposal, including your own and your spouse’s salaries, any other payouts, and savings.
The last ingredient is choosing your investment portfolio, making sure it includes both, low and medium risk and return investments, along with calibrating them with your goals and requirements.
Paying For Financial Planning Services
Paid advice for investment in Singapore – Globaleye Singapore is rare because most people either cannot afford to hire full-fledged advisors, or just want a free QnA type consultancy session.
Other aspects that contribute to the small number of paid financial planners in Singapore include the fact that the financial advisory segment in the country is not regulated by the government, that the profits to be gained from this is small, and because often, newbies may not understand the pricing of packages.