Financial planning is about managing your personal financial situation, thus everyone needs at least basic financial planning.
A single person may want to establish a budget and think about how to start a savings program. All parents love their children and want the best for them. A young couple expecting their first child will need to re-evaluate their insurance coverage and start an education fund.
An up-and-coming executive with a higher income will have his fair share of financial problems of a different kind. He has to contend with an increased tax burden, which he will want to manage. Where and how much should he invest? Property, unit truts or simply parking the money in fixed deposit? He will need some serious planning.
For an older couple, retirement is probably the main thing on their minds. How much should they save each month to fund their 'golden years'? Will their CPF be enough? Some in -depth planning is required as it would be disastrous if they were to run out of money.
A grandfather will need to worry about how to distribute his considerable estate effectively. How can he minimise estate duty to the government? How can he ensure that he has sufficient income to live for the next 15 to 20 years?
From these examples, we can see that everyone needs some form of financial planning.
A single person may want to establish a budget and think about how to start a savings program. All parents love their children and want the best for them. A young couple expecting their first child will need to re-evaluate their insurance coverage and start an education fund.
An up-and-coming executive with a higher income will have his fair share of financial problems of a different kind. He has to contend with an increased tax burden, which he will want to manage. Where and how much should he invest? Property, unit truts or simply parking the money in fixed deposit? He will need some serious planning.
For an older couple, retirement is probably the main thing on their minds. How much should they save each month to fund their 'golden years'? Will their CPF be enough? Some in -depth planning is required as it would be disastrous if they were to run out of money.
A grandfather will need to worry about how to distribute his considerable estate effectively. How can he minimise estate duty to the government? How can he ensure that he has sufficient income to live for the next 15 to 20 years?
From these examples, we can see that everyone needs some form of financial planning.
