Although there is no quick fix to becoming a millionaire, the key to building wealth is to start as early as possible. From saving tips to money management, here are three smart moves to do now that will benefit you for years to come.
Future First: Automate Your Savings
While part of your monthly pay cheque is deducted for your CPF contribution, is this really enough as a safety net for your future?
Try to save 10-20% of your pay cheque and place it into a second savings account. If the temptation to spend is too much, automate your savings by setting a Scheduled Transaction in your online banking account.
Go one step further and choose an account that provides you high interest rates with no multiple conditions, such as our CIMB FastSaver Account!
Innovate: Grow Your Skills
It is never too late to build the foundations for wealth. Investing in yourself is a surefire way to increase your value, opening doors to more opportunities and wealth in the future. After savings and debt repayments, spend money on growing your skills that help in advancing your career, or start a side hustle.
In the start-up economy, it takes a modest seed fund to start your own part-time venture that will bring in extra income.
Invest Always: Multiply your Money
Double-up your benefits by looking for low-premium investment-linked insurance products. Insurance can prove to be an advantage to cover your financial crisis in times of adversity and unforeseen circumstances.
Hold true to the phrase “avoid putting all your eggs in one basket”. Depending on your risk profile, you can invest in low to high-yielding instruments with a calculated risk approach. A sound and minimally risky investment is buying a home – property assets tend to appreciate over time.
If you are still unsure of where to start, a professional financial advisor can help you assess risks and strategise an investment portfolio for the best returns.
There is no magic bullet to get rich quick but it is not an unachievable mystery either. With these basics, you can start your wealth creation journey no matter how small your actions or abilities and enjoy abundant wealth.
Important Notes & Disclaimer
This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy amongst Singaporeans. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve everyone’s well-being. This in turn, achieves CIMB’s purpose of advancing customers and society.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.