Fact
Above all, you build your knowledge through reading and learning; not by putting your money into a financial instrument that you do not know much about.
Cash Flow
Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit.
Here is a Guide:
Understanding Your Personal Cash Flow
Goal
Next, we shall spend quality time to do proper calculation on your BTO and marriage expenses. Through this process, it helps us to determine the amount of money that we need.
For example, it could be to save $150k in 5 years' time. When we break it down further, it becomes $30k a year, $15k per person, or to save $1,250 every month. From there, evaluate on the possible financial instrument that is capable to help us grow our money through compound interest.
More Details:
What is Compound Interest
Budget
What's more, I will suggest for you to create a budget to ensure that you achieve your goal on time. The best way to do this is via automation.
How I do My Budget:
How to create a Monthly Budget
Investment
After we have the basics settled (fulfil short-term goal), we will check our cash flow again to determine whether you have additional surplus that you can set aside for investment. All things considered, investment yields only non-guaranteed returns. Therefore, you need to take careful steps to ensure that you do not jeopardise your short-term goals.
As for the proposed investment-linked policy, I will suggest for you to speak with your agent to find out the associated cost, as well as the track record and growth potential of the investment-linked funds. This helps you to better understand the situation and let you evaluate whether the charges and net returns are reasonable.
Meanwhile, I will also suggest for you to compare against similar financial instruments. This helps you to make a more objective decision to this end.
Commitment
As for the 10 year commitment, it won't be a huge hurdle once you have conducted comprehensive financial planning for yourself. After all, you are at most 35 to 40 by then and you will definitely be spending more money that you are today. Therefore, it definitely makes sense to start accumulating more money for your future.
I share quality content on estate planning and financial planning here.
Fact
Above all, you build your knowledge through reading and learning; not by putting your money into a financial instrument that you do not know much about.
Cash Flow
Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit.
Here is a Guide:
Understanding Your Personal Cash Flow
Goal
Next, we shall spend quality time to do proper calculation on your BTO and marriage expenses. Through this process, it helps us to determine the amount of money that we need.
For example, it could be to save $150k in 5 years' time. When we break it down further, it becomes $30k a year, $15k per person, or to save $1,250 every month. From there, evaluate on the possible financial instrument that is capable to help us grow our money through compound interest.
More Details:
What is Compound Interest
Budget
What's more, I will suggest for you to create a budget to ensure that you achieve your goal on time. The best way to do this is via automation.
How I do My Budget:
How to create a Monthly Budget
Investment
After we have the basics settled (fulfil short-term goal), we will check our cash flow again to determine whether you have additional surplus that you can set aside for investment. All things considered, investment yields only non-guaranteed returns. Therefore, you need to take careful steps to ensure that you do not jeopardise your short-term goals.
As for the proposed investment-linked policy, I will suggest for you to speak with your agent to find out the associated cost, as well as the track record and growth potential of the investment-linked funds. This helps you to better understand the situation and let you evaluate whether the charges and net returns are reasonable.
Meanwhile, I will also suggest for you to compare against similar financial instruments. This helps you to make a more objective decision to this end.
Commitment
As for the 10 year commitment, it won't be a huge hurdle once you have conducted comprehensive financial planning for yourself. After all, you are at most 35 to 40 by then and you will definitely be spending more money that you are today. Therefore, it definitely makes sense to start accumulating more money for your future.
I share quality content on estate planning and financial planning here.