What are some personal finance mistake(s) your parents made in their younger selves which you would like to avoid?

Not keeping the family business?

Not keeping the gold?

Not buying more properties?

Not learning how to invest?

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Not really mistakes but never make full use of the resources.

The $70,000 medical bill my family faced due to insufficient insurance wasn't just a financial shock - it was my wake-up call about the importance of early financial planning. This personal experience shapes how I help professionals avoid similar situations.

I've observed three critical mistakes from our parents' generation:

1. Over-relying on property as their main investment
   Many saw property as the only path to wealth. While valuable, this mindset often led to being asset-rich but cash-poor in retirement. Today's market demands a more diversified approach.

2. Inadequate insurance coverage
   Many viewed insurance as an expense rather than protection. Healthcare costs have changed dramatically - a week in hospital now can easily reach $30,000-50,000.

3. Not optimizing CPF strategies early
   Many treated CPF as a passive system rather than actively managing it. With proper CPF planning starting in your 30s, you can significantly enhance your retirement resources.

Here's my framework for avoiding these pitfalls:

1. Protection First

• Secure adequate health insurance before age 35 (while premiums are lower)
• Consider disability income protection while you're still eligible
• Plan for long-term care needs early

2. Diversification Strategy

• Balance between property and liquid investments
• Build multiple income streams
• Keep emergency funds separate from investment capital

3. Active CPF Management

• Understand and maximize CPF LIFE options
• Plan for healthcare costs with MediSave
• Strategic use of CPF Investment Scheme

Through working with numerous professionals, I've learned that smart financial decisions aren't just about avoiding our parents' mistakes - they're about adapting traditional wisdom to modern realities.

Want to learn more about building a resilient financial foundation? Follow me on Instagram (@ngooooied) where I share weekly insights on protecting and growing wealth for Singapore professionals. I'm currently working on a series about modernizing traditional financial advice for today's economic landscape.

Remember: Learning from our parents' financial journey isn't about criticism - it's about building on their experience to create better outcomes for ourselves and our families.

I just know that I will not do whatever they have done. That's all.

Not about mistake. They have no choice, no education opportunities and no job at the time. they sacrifice