Building Your Wealth As Early As Possible

Future First: Automate Your Savings

While part of your monthly pay cheque is deducted for your CPF contribution, is this really enough as a safety net for your future? 

Try to save 10-20% of your pay cheque and place it into a second savings account. If the temptation to spend is too much, automate your savings by setting a Scheduled Transaction in your online banking account.

Go one step further and choose an account that provides you high interest rates with no multiple conditions, such as our CIMB FastSaver Account!

Innovate: Grow Your Skills

It is never too late to build the foundations for wealth. Investing in yourself is a surefire way to increase your value, opening doors to more opportunities and wealth in the future. After savings and debt repayments, spend money on growing your skills that help in advancing your career, or start a side hustle.

In the start-up economy, it takes a modest seed fund to start your own part-time venture that will bring in extra income.

Invest Always: Multiply your Money

Double-up your benefits by looking for low-premium investment-linked insurance products. Insurance can prove to be an advantage to cover your financial crisis in times of adversity and unforeseen circumstances.

Hold true to the phrase “avoid putting all your eggs in one basket”. Depending on your risk profile, you can invest in low to high-yielding instruments with a calculated risk approach. A sound and minimally risky investment is buying a home – property assets tend to appreciate over time.

If you are still unsure of where to start, a professional financial advisor can help you assess risks and strategise an investment portfolio for the best returns.

There is no magic bullet to get rich quick but it is not an unachievable mystery either. With these basics, you can start your wealth creation journey no matter how small your actions or abilities and enjoy abundant wealth.

Yours Truly,

Octo.