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If you’re like me, going into the fourth decade of your life, the topic of retirement becomes as engrossing as figuring where all your rock-hard abs from your twenties have gone. In your youth, you never think you’d lose your pace, vitality and energy like those old geezers – until it hits you as well.
Similarly, financial planning and retirement hardly crossed my mind as I bundled full force into my career, making and spending money as fast as I could. It only hit me recently in the last few years that retirement, (the “r-word” I only associated with my parents and those creatively cheesy pioneer generation ads) is something that I needed to take seriously in my early thirties.
In my mitigation, the (lazy) excuse why I didn’t care more for my retirement was that there weren’t as many good and free sources of financial education ten years ago as you have now all around you and all over the Internet. I had nowhere to learn all this stuff!
Today, you many have great financial & investment resources like The Fifth Person (ahem!), Dollars and Sense, and A Singaporean Stocks Investor. Even the Singapore government is getting in on the act to help Singaporeans make better financial decisions for themselves.
For example, the Institute of Financial Literacy (IFL) — a collaboration between MoneySENSE (the national financial education programme led by the MAS) and Singapore Polytechnic, gives free talks and workshops on financial matters. They also provide a series of videos and a free ebook to further educate the public.
So as it is, we have a wealth of information today to help us grow our wealth, better manage our money, and plan for our retirement. And it only makes sense to make use of the information out there if you’re serious about becoming financially independent and retiring comfortably.
With that, I’d like to share five things I wish I’d done better in my roaring twenties but is still never too late to implement as we move toward retirement. So here it goes…
We always believe that financial literacy and practical investment knowledge is the key to helping Singaporeans (and people around the world) achieve financial independence. That’s our mission here at The Fifth Person.
And if you believe in that mission as well and want to spread the word of financial education and literacy among your family and friends, then here’s how you can do so and win an iPhone 6s in the process.
Simple follow these 3 simple steps:
So for example you can post a comment on IFL’s Instagram or Facebook page like:
I plan ahead financially for retirement by spending only 50% of my monthly income and investing the rest in stable, income-producing assets like REITs, ETFs, and dividend-growth stocks. #BeMoneySensible #FinLitSG –The Fifth Person
So spread the word on how money sensible you are and you could walk away with gift vouchers, an iPad Air 2, or an iPhone 6s. You have nothing to lose and you’re doing your part in raising awareness for financial literacy, so why not? :)
The article was written in collaboration with the Institute for Financial Literacy. All views expressed in this article are the independent views of the author.