“Penny-pinchers” or “misers” – are these words you associate with frugal people who believe in saving for a rainy day? If so, it’s time to rethink your stance and allow us to list the TOP3 REASONS why YOU should also be saving.
With no end goal in sight, it can be hard to motivate yourself to save and invest. Regardless of your lifestyle, here are 3 long-term goals that can give more meaning to that 6-letter word “S-A-V-I-N-G”.
You can RETIRE EARLY
Running the rat-race is exhilarating and invigorating when you are hale and hearty – but can you really imagine yourself working at the same break-neck pace when you are entering your golden years?
If you don’t fancy working with the same intensity when you’re older, it’s not too late to start preparing for an early retirement. Taking steps to save and invest earlier, means that you have more time to build a cushy nest egg for yourself.
You can be FINANCIALLY INDEPENDENT
Attaining financial independence means that you are generating an income that can cover all your expenses. It means that you have the time and energy to work to supplement your income, but you don’t actually HAVE TO.
To feel extra motivated, why not draw up a plan of what you’ll do with your time when you are finally financially independent. Open a cafe? Travel the world? Do volunteer work? Before you dismiss them as merely dreams, these “dreams” can and will come true if you are well-prepared!
Leaving a LEGACY
Are you a parent who is willing to spend a lot on your child? Well you’re not alone – a report has shown that
“more than half of Singaporean parents are willing to go into debt to finance their kids’ university education, while more than half say funding their children’s education is a higher priority than saving for their own retirement or paying their bills.”
These expenditures can result in the deterrence of their own plans – which means that the only way they can ensure comfortable retirement is to rely on handouts from their grown children.
If you are a parent, do consider purchasing life insurance, in case something untoward happens to you and you are unable to provide for your family. While you are working hard to provide for the family, you should also be working hard at building your investment portfolio to grow your money. This way, you can leave a legacy (not a debt) to your children when you pass on.
With these 3 important reasons to save, is it time to rethink those YOLO thoughts?
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