More millennials in Singapore jumped on the investment bandwagon in 2020 to take advantage of the incredible stock market rally. But do they know about the risks they're taking with their money? With a longer runway to retirement, what mistakes do they need to avoid for a better chance at reaching their retirement goals? Heidhar, a 29-year-old engineer and Gwen, a young mother who's taking a break from work to care for her family, share their investment challenges. Financial experts Christopher Tan from Providend and Jolene Ong from the Institute for Financial Literacy weigh in on what Heidhar and Gween are doing right, and wrong, with their money. (HEIDHAR) 00:00 Introduction 00:59 What his budget looks like 01:50 The 20/30/50 Budget Rule 02:37 How much money to set aside for emergencies 03:04 Whole life plan or term insurance plan? 04:26 Fundamental principles of investment 05:53 Should you top up your CPF accounts? 06:54 Rule of 72: How long it takes for your investment to double 07:51 His retirement strategy & the risks 08:32 What you can learn from Heidhar (GWEN) 09:01 Introduction 10:19 Double income household to single income: Challenges 10:44 A creative way to use your credit card 11:23 How much emergency fund does one need? 11:46 Saving with goals in mind 12:06 How couples should manage their finances 13:23 Should you invest in cryptocurrencies? 15:10 When to start planning for retirement? 15:48 Is our CPF money ours? 16:33 Investing in endowment plans vs topping up CPF Special Account 17:22 Advice for Gwen 18:17 How much savings should you have by age 35? For more, SUBSCRIBE to CNA INSIDER! https://cna.asia/insideryoutubesub Follow CNA INSIDER on: Instagram: https://ift.tt/2C3sZiR Facebook: https://ift.tt/2PPEuNA Website: https://cna.asia/cnainsider
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