If you fail to plan, you plan to fail. I am sure you have heard of this. As such before we start learning about personal finance and investing, we have to set our goals so that we can have milestones that we can work our way towards.
Below are my goals and I will update it as I grow.
- Starting a family
- Be sufficiently covered by insurance
- Have a fully paid house
- Reach full retirement sum for CPF
- Ability to generate lifelong passive income
I have further breakdown my goals
1. Starting a family
- Be able to provide for future expenses like education
- Be able to travel at least twice per year
2. Insurance
- 6 months of expenses saved up in case of a loss of occupation
- Personal accident coverage
- Hospitalization coverage
- Critical illness coverage (Important)
- Life Insurance (If you have dependents)
- Annuity plan (Provide regular payouts)
- Get an affordable property that ensures the monthly mortgage is manageable
- Aim to reduce the amount of interest paid
- Refinance housing loan if needed
4. Reach full retirement sum for CPF
- Regular top-up into CPF
- Max out CPF life payout
5. Generate lifelong passive income
- Retire at around age 45(?)
- Achieve a monthly passive income of at least $6000 (Blueprint)
Comments
Post a Comment