7 Critical Steps For Any Singaporean To Achieve Financial Freedom!
ABOUT RAISE YOUR WEALTH TEAM
RaiseYourWealth.com is an online community and platform for PMETs (Professionals, Managers, Executives & Technicians) to learn, share and develop money management skills and strategies with 1 key purpose: Helping PMETs like yourself plan your finances by increasing your financial knowledge and skills around Singapore and South East Asia.
The team at Raise Your Wealth does this by making this "complex" topic of finance and investment easy and simple to understand. Even if you're a complete beginner.
Our websitefocuses on three key areas (Asset Management, Investment, and Trading Psychology) that are carefully chosen as they reflect the general concerns most PMETs will find themselves in at one stage or another.
Whether you're considering the techniques to monitor the amount of debt you want to take on, tactics that better help you grow your assets, or even uncovering strategies of the rich... Raise Your Wealth will be a valuable "go-to" resource for you.
The Raise Your Wealth Team is committed to contribute to your financial plans in raising your wealth, and look forward in joining you on your journey to a secured financial future.
Raise Your Wealth
1. Define Directions 2. Hedge Against Risks of Uncertain Loss 3. Pot of Dreams 4. Be Frugal! 5. Manage And Reduce Debt 6. Build A Strong Network 7. Be 100% Committed
1. DEFINE DIRECTIONS
"If you fail to plan, you are planning to fail!" - Benjamin Franklin
Most people today feel lost - They work hard... And yet, don't seem to get anywhere worthwhile. They don't "get it". But actually it's a pretty simple concept:
Set formal goals and you'll be able to turn your future dreams into reality. Period.
When you set goals, you set a clear vision for your future by defining exactly what you want from life. This gives you something tangible to work towards.
Something to motivate you. Something to keep you going. Something to push you to greater heights.
Goal-setting will help carve the path YOU want to walk in life.
2. HEDGE AGAINST RISKS OF UNCERTAIN LOSS
"Hope for the best, but prepare for the worst." - Benjamin Disraeli
Insurance - Never a "fun" conversation to have. But a necessary one.
Because let's face it. Life is cruel. You never know what's going to happen. Be it an unfortunate emergency, accident or an unforeseen event such as natural disasters...
You have to be prepared if/when it does happen to you. And it is critical that you protect yourself from extreme financial loss due to such events.
Be it long-term disability insurance, life insurance, health insurance, homeowner's insurance or auto insurance...
And if you own a business, you really should carry some form of property general liability or professional liability insurance.
Bottom line is: Be prepared and protect yourself against risk of uncertain loss.
All of us know that saving is important for a better future. But how many of us actually do it?
To most people, instant gratification today matters more than saving for tomorrow.
But you are different. If you're reading this, you'll realise how important saving is for a better future.
One of the most important part of money management is allocating your income into different accounts for different purposes.
And the JARS System of Money Management is one of the best way to do it. (Illustration on the right)
3. POT OF DREAMS
"Don't save what is left after spending; spend what is left after saving." - Warren Buffett
Financial Freedom Account (10%)
Long Term Savings For Spending (10%)
NEVER, NEVER spend this money
Major expenditure E.g. Buying a house
Self-education E.g. Seminars, books
Essential bills, daily necessities
Pamper and treat yourself
Donations and charity
4. BE FRUGAL
"Beware of little expenses. A small leak can sink a great ship." - Benjamin Franklin
One of the biggest challenges in personal finance is figuring out ways to spend less money. And one of the best ways to accomplish that is to cut down on your monthly expenses.
Even though some of our regular bills might seem small and insignificant on their own, their cumulative effect can be enormous - and become a huge drain on our resources.
Tip: Keep a record to track your spending habits, so that you can hack away the unnecessary expenses!
5. MANAGE AND REDUCE DEBT
Two main types of debt are credit cards and loans. They are the "silent killers" because of interest.
Failure to pay off debt by the stipulated time will result in the continuous piling up of interest.
This is where most people start to take on more debt than they can repay off.
Having severe debt to your name can also affect credit scores, employment and whether you can take home or education loans!
This is why you NEED to manage and reduce your debt, before even thinking about investing!
6. BUILD A STRONG NETWORK
"Your network is your net worth." - John C Maxwell
It is often said that it is not just what you know, but who you know that will make a difference in ability to create the wealth and success you desire.
You see, when you create more ties with successful and influential people, you are able to tap on the resources at their disposal as well.
They don't have to ALREADY be successful or influential. They can also be people who are on the brink of being successful or who have the potential to be.
And the more extensive your network, the higher your potential net worth will become.
7. BE 100% COMMITTED
"Unless commitment is made, there are only promises and hopes, but no plans." - Peter F. Drucker
You can get the exact step-by-step guide to achieving financial freedom, but if you don't commit fully... If you don't take action... If you are not willing to put in the effort...
Then the dreams of achieving financial freedom will remain just that.
A dream. Nothing more.
So don't delay any longer.
Commit fully. Take action. Put in the necessary effort.
And your financial goals will soon become a reality.
Most people are financially awakened, and are aware that investing is no longer a luxury, but a necessity. But The Question Is... How?
You see, even with a wealth of information available out here, the brutal truth is that you're still supposed to figure the next part of how-tos on your own.
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