facebookI'm 25 this year, just started my full time job. And am trying to plan for my future. Just signed a life plan and shield plan. What should i do next? Retirement plans, savings plan or investments? - Seedly
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Anonymous

Posted on 03 Apr 2019

I'm 25 this year, just started my full time job. And am trying to plan for my future. Just signed a life plan and shield plan. What should i do next? Retirement plans, savings plan or investments?

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5 answers

Discussion (5)

Hi!

Congratulations on starting you full time job. It looks like you have covered your insurance needs already. The next priority is to have an emergency fund which covers 4-6 months of expenses.

I would suggest looking at invstments and have retirement and savings planning as financial goals while creating your investment strategy. If you are new to investing, you can start by reading about it so that you can take an informed call. Also, you can try using a robo-advisor, which can help you in getting an asset aloocation based on your risk profile for a lower fee than a financial planner.

I work at Kristal.AI, and it's my passion to evaluate various upcoming investment opportunities.

1

Question Poster

12 Nov 2019

I've just started a plan with ifast, hope it's enough for investment.

Post

Start by setting aside 6 months of your expenses for emergencies.

After that, invest 20-50% of your income.

Break down your short term, mid term, and long term goals and quantify them. A marriage, a first home, children, children education, a second home, retirement, etc.

How much would these cost you and when do you have to start paying for them.

Start understanding our CPF and how each accounts work as well.

When you have a clearer roadmap, you can make better decisions to get there.

2

Question Poster

12 Nov 2019

I've tried reading up on cpf but it's still confusing. any tips or tricks for it?

Hariz Arthur Maloy

Hariz Arthur Maloy

12 Nov 2019

Lots of articles on Seedly, AreYouReady, Dollars&Sense, and CPF's website on CPF Planning. Your financial advisor should also be extremely versed with CPF's functions. You need to understand individual uses of the accounts, interest owed, and milestone events at age 55 and 65.

Post

Frankie Rappaport

Frankie Rappaport

Level 16. Sage

Updated on 08 Jan 2021

1 emergency funds

2 passive indexing ETFs (U.S., global, a bit of China, Switzerland and Scandinavi...

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