If you are living in Singapore and have not yet started on financial planning or hired a financial planner, it is high time you consulted an expert in this regard or made a start on your own as there are lots of ways to plan for your future with your family that you love dearly. If someone asks you the goals that you have set for yourself, you may count them on your fingers proudly but if the same person or a professional financial planner asks the steps you have taken to reach these goals, you go blank as you have not really given much thought to your own financial planning career or done anything serious to take the first step towards these goals. Financial planning it is that takes you closer to your goals whether short term or long term.
If you are living in a rented apartment and you have set a goal of living in your own home and consult a financial planner. In the next two years, you need to not only look for the property or ready made home, you also need to save every month to arrange for the down payment of your new home which is 15% of the value of the home while the remaining 85% is provided by the bank to allow you to purchase the home. This means you have to plan financially to save every month to be able to save $30000 if the price of the new home is $200000.
This is only as mall example of how planning can take you closer to your goals to realize them. However, having a financial planning career is not only to buy new things. As a financial planner Singapore will tell you, it is also to meet your responsibilities and obligations for living in Singapore such as bearing all expenses of your son when he goes to take admission in a college or university or bearing that major repair or renovation in the home. Oh yes, how I could forget about medical emergencies and other exigencies in life that catch us unprepared. God forbid if any of the family members fall sick and needs hospitalization, you are prepared to handle the expenses if you have followed the advice of your financial planner to get the medical insurance plan for the entire family.
However, financial planning is much wider in scope as it is a process that is set in motion through small savings every month that are invested in various financial schemes to give high returns on investment to create wealth that is not eaten up by inflation and comes handy during emergencies in future, particularly life after retirement.
Talking about usefulness of financial planning, the very fact that in the unfortunate event of the death or demise of the bread winner of the home (that happens to be you) your wife and kids may suffer for a long, long time but the huge amount of money that they get from the cover you got for yourself through life insurance and financial planning career will go a long way to helping them out. A professional financial planner will also tell that about the other ways to secure the future of your family in Singapore though. Investing in mutual funds, stock market, gold, forex etc. are some other ways of ensuring that one is safe and secure financially during the worst of times in future.