Here's some areas you may want to consider planning:-
- Career / Business Planning
- This is the most important portion of the entire planning. About what is it that you would love to do as your career or business for the rest of your life. Perhaps some of you may want to work for the sake of money, if you are working for just money and in a job that you hates, think about it again.
- It's actually best to work in some form of career or business that you won't mind doing, even if it's for free. And you are motivated enough to do that for the rest of your life, as you just enjoy doing it. Think along that line and think of ways to monetize that. It'll help you in the long run, as it's a lot easier to do things that you like and enjoy doing as a form of livelihood. Remember, you only live once, so why not enjoy your life?
- Insurance Coverage
- There are various areas in term of insurance that you may want to consider covering:-
- Term life insurance with critical illness coverage as well.
- Travel insurance whenever you go travelling. Sometimes when you do travel frequent enough, you may want to consider getting an annual travel insurance plan instead.
- Medical insurance to cover your hospital bills and if possible, outpatient bills as well just in case.
- Accidental insurance to ensure that whichever happens to you by accident, you are well covered and your family don't have to worry at all.
- Contact your financial advisor for more info on the various type of coverage but for me, I recommend pure term insurance coverage for most of the above mentioned items and invest the rest in other forms of investment, such as stocks and shares as well as property for higher capital appreciation as well as regular passive income in terms of dividends and rental yields. Do keep this in mind. But of course, such plans comes with risk and you should think of educating yourself to minimize the risk in such planning..
- Property Management
- Basic things about property management includes tax planning, buying the right property so that you make money the moment you purchase it, know what to buy etc. See Property Investment Program for more info..
- Stock Investment
- Stock investment is about investing the right company, right management and right price. How to do it is actually the most important part to attain success. See Millionaire Investor Program for more info.
- Retirement Planning
- This is something you may want to plan with the help of your financial advisor so that you are clear on what is it that you want to do upon retirement as the activities you plan to do will affect the amount of money you require to retire comfortably. So think again and be clear on what you wish to do during your retirement period. Also, take note that we live longer and longer with the advancement in medical facilities and technology so we still have a long way to go after the actual retirement. Do plan for a longer term as well. :)
- Estate Planning
- Estate planning is about planning who to give your assets in the event that you happened to pass on. This is something that I would recommend you to look for a lawyer to write a simple will to decide who to give your assets to, as well as who to manage your assets and facilitate the transferring process. Fortunately, in Singapore, Estate Tax has be waived so, there's actually no tax on whatever you left behind you. About whether there's any other fees such as handling over fee or even administrative fee in the process, the best person to advise you is a lawyer. But before all those, it's best to write a will whether or not you are rich to ensure that your assets are allocated the way you want it to be, to avoid unnecessary complications in the process.
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