💰Budget your finances and prioritize saving and investing.
💳Pay off high interest debt, such as credit card bills.
📈Invest in ETFs for long-term growth and diversification.
🏦Build a solid pension through government schemes like CPF or EPF.
💼Start a side hustle to increase income and gain experience.
How can I prioritize saving and investing?
—Use the 50-30-20 budgeting rule to allocate your monthly income. 50% for needs, 30% for wants, and 20% for savings and investments.
What should I do to pay off high interest debt?
—Focus on paying off debts with interest rates above 4.5%, starting with credit card bills. Set up automated payments and consider using accounts that offer high interest rates.
Why should I invest in ETFs?
—ETFs provide diversification by tracking entire markets or indexes, reducing risk. Consider investing in ETFs that track the S&P 500 or top global companies.
How can I build a solid pension?
—Contribute to government pension schemes like CPF or EPF. Maximize contributions to earn high interest rates and tax benefits.
Why should I start a side hustle?
—A side hustle provides additional income streams, diversifying your earnings. It also allows for gaining experience and increasing your financial stability.
00:18Budgeting your finances is the first step towards financial security.
00:53Paying off high interest debt, such as credit card bills, should be a priority.
06:42Investing in ETFs, like those tracking the S&P 500 or global companies, can provide long-term growth and diversification.
08:48Building a solid pension through government schemes like CPF or EPF is crucial for retirement planning.
10:40Starting a side hustle can increase income and diversify earnings.
