While I was doing financial planning for my clients, a lot of them mentioned that they want to achieve financial freedom early and retire young. I guess that is one of the common goals for working adults in Singaporean yea?
Is it really possible? Let’s analyse.
The best way to look into this is to analyse your cash flow. How much you earn and how much you spend. Let’s say you make $3,000 per month. What are your possible commitments?
Family Contribution
Recently one of my clients and also a personal friend called me up and wanted to meet to talk about her existing policies. Her intention was actually to reduce her premium to the minimum.
I met her subsequently over tea to talk about the matter. “Ryan, I feel very broke!” she exclaimed this statement at least 3 to 4 times during our conversation. Before providing her any advice, I took out a cash flow analysis sheet and fill it out for her.
This is a Art & Craft work that Xin Hwee, my 5 year old client, gave me when I was visiting her place 2 weeks ago.
I was pleasantly surprised to learn from her that she only made 1 of this and wanted me to have it! She even insisted that I write my name on it. Very cute huh.
This gift made my day!
Thank you Xin Hwee!
I was attending my CFP lesson last week when the lecturer told the class a very interesting story. It is actually a real experiment done by scientists many years back.
What the scientists did was to put 5 monkeys into a cage. There is a pole standing in middle of the cage and a banana hangs at the top. Soon, a monkey will start to climb up the pole towards the banana. As soon the monkey touches the pole, the rest of the monkeys are sprayed with icy cold water. Not long, another monkey will do the same and the rest are sprayed with cold water. This process is done repeatedly after all monkeys are being sprayed at least once. Soon, the monkeys avoid the pole.
1 thing that I always keep a lookout for whenever I drive is the price of petrol prominently displayed at Shell petrol kiosks. If you are not aware, all petrol companies charge the same price for petrol. So even I don’t pump at Shell, they definitely provide useful information to me. Thanks Shell!
I’ve been anticipating the rise in oil prices as it was covered in news worldwide. However, what I did not expect to happen so fast was the increase in our electricity price. Titled “Electricity prices up again” in The Straits Times.
Which is cheaper, Sand or Gold?
The answer may look simple but a lot of people actually got it wrong. Of course I am not referring to Sand and Gold, I am referring to Time & Money.
What is the similarity between the two? It is in the quantity that they are being found. Sand and Money are infinite whereas Gold and Time are finite. There is countless amount of Sand and nobody really knows how much money is there in the world. Money is nothing but printed chemically treated paper. Furthermore by taking out gold as the reserve for Money that can be printed, some countries can just print as much as they want to.
Just a few days ago while I was driving, a Lamborghini drove past me. Carrying a SJU car plate and with a perfect white paint, it’s definitely an envy.
“Congratulations! You have made it!”
That is what I said out loud to myself in my car with 100% honesty. Why do I do that? In fact, I am preparing myself to be as successful as the Lamborghini driver. Let me explain myself.
There are many success stories happening around us every day. It can be a colleague’s promotion, clinching a mega deal, buying a brand new car, strike lottery and so on. How do most people react to others’ successes?
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