[Plus Hour Campaign] Quiz 4: What are your steps right now to attain your financial goals?

1. A (to be more precise, it should be total average daily balance instead of balance)
2. B
3. B
4. C
5. There are a few steps that I'm doing right now to attain my financial goals

Step 1: Budgeting - By recording down my daily expenses; it will help me identify whcih areas I spent most and let me better understand my spending habits and the next steps to curb/address them.

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Step 2: Strategising the correct credit card to use - Either it is via cashback or miles, once you understand your spending habit, it will then be easy for you to identify which credit card or miles will be more suitable for you to maximise your miles/cashback game. I also put a dollar value to the miles for me to better understand how much % it is after converting to cashback.

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Step 3: Deposit Account - Being in a high interest rate environment right now, it is more important than ever for us to identify which is the best deposit accounts in Singapore to use so as to maximise our funds. For example, the lauch of Citi Plus is a good competition to the other existing products such as DBS Mutliplier. Based on your own spending habits; it will be important for me to then see which deposit account next to invest in.

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Step 4: Insurance - Of course, after doing everything, it will also be important for me to ensure that I am well covered for the insurance that I need. One of the best platform for me to know/learn about insurance is via Seedly as it allows me to ask questions annoymously and understand the products in the existing market and whether do they suit your needs. My personal opinion is that insurane is an important fundamental for one's portfolio and it is very important for one to understand why they buy it, rather than buying it for the sake of it and forget the original reason why. Reviewing the policies help as it is common for insurance to enter "term war" which reduces the term premiums along the way as the risk pool gets bigger.

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Step 5; Invest -The great Albert Einstein once said “Compound interest is the eighth wonder of the world." Investing the remaining money after whatever I have into ETF or Robo-advisors helps me to compound my savings and grow even further. Investing might be daunting at first but it takes effort and time to understand and the rewards that you can gain out of it is great.

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Step 6: Reviewing my steps 1 to 5 - By keeping myself updated with the latest personal finance news from website like Seeldy/signign up newsletter from the banks will allow me to me more updated with the latest financial news in the market and let me evaluate if there is any pillars of my own personal finance that needs to be revisited.

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Q1 - A

Q2 - B

Q3 - B

Q4 - C

Q5 - saving as much as possible, hold on to my current investments and continue to dollar cost average, pay off loans and debts and continue to educate myself in investing (using online resources as well as books).

Q1. A

Q2. B

Q3. B

Q4. C

Q5. Educating, Reading different financial products, saving, DCA,

1.A 2.B 3.B 4.C