Happy Sean Chai
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Your finance coach. Bringing you a step by step guide to investing, protection and retirement planning.
Happy Sean Chai
4y ago
Let’s get started on our financial planning journey.First, we need to take stock of where we are right now, in terms of our assets and liabilities. What are assets and liabilities?Assets are, simply put, things that generate a positive income, while liabilities are anything that will generate a negative income i.e. take money away from your bank account. A lot of people confuse assets and liabilities. Why is this so?
Ask Sean!
For example, if you take out a mortgage on your house or a car loan, is your house or your car an asset, or a liability? The answer: if you have a loan, it is a ..read more
Happy Sean Chai
4y ago
Do you know that 3 in 5 Singaporeans are not prepared to retire?
Are you doing anything about it?
— Sean Chai
Take the desired expense you have and multiply that by 1.04
(the .04 refers to a 4% inflation rate) to the power of the number of years of retirement. If you want to retire for 25 years with $2500 a month, that will mean: $2500 x 1.04^25(years of retirement)= $13,501. Note that this method takes the maximum inflation applicable.
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However, by doing this, you can at least gauge the minimum required sum towards the maximum end of your years and you will be unlike ..read more
Happy Sean Chai
4y ago
The Hard Truth about retirement:
How much do you need to retire comfortably?
At what age do you wish to retire?
Share with me your thoughts, I would love to hear them.
Info graphics: Hard truth about retirement.Ask Sean ..read more