Thursday 8 November 2018

Financial tips for Millennials - Getting to your first $100 000

I came across this article on Straits Times which wrote about millennial's financial status and how we can go about managing our finances. It starts off mentioning that millennial, aged 22-37 years old have actually started saving early as compared to the baby bloomers (1946 and 1964) and Gen X (born after the baby boomers but before the 1980s).

They gave 9 main tips to how millennials can go about about managing their finances.

1. Start early

2. Cultivate proper money management habits

3. Set financial goals

4. Set aside emergency funds

5. Avoid bad debts

6. Think health insurance

7. Consider compounding

8. Invest

9. Plan multiple income flows 

You can read more: 9 financial planning tips for millennials

Even though the article is kinda like an advertisement for Manulife, I believe that the tips mentioned there can help not just millennials but people who want to get started in managing their finances.

I was particularly intrigued by this image of how you can work your way towards $100 000.

It provides a guide and allows you to know how much you will need and the kind of investment plan you can use according to the rate of return to achieve your $100 000.

I have written before that I would like to achieve getting $100 000 before the age of 30 so this particularly attracted me.

Read more: My Financial Goals - Is $100 000 in 7 years possible?

The article also mentions that millennials are least thinking about retirement and I mean I do agree, when you are only in your 20s and 30s, retirement is definitely not something you think about. I mean life is so unexpected so that's why retirement is not so much in our plan.

Retirement could perhaps be our grand goal and what we are doing right now is taking small steps towards that grand goal of RETIREMENT!

My Facebook Page: SingaporeanTalksMoney

1 comment:

  1. Nice blog and many thanks for sharing these tips. Really appreciated. Keep sharing such useful stuff.