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Singapore is seeing a rise in interest rates mostly as a result of hikes by the Federal Reserve Board (the Fed) in the United States. What does this mean for you and me?

Paying taxes are part of the financial ecosystem in all civilization with no exception to Singapore. Without tax, it will be difficult for the government to move forward any plans to improve the standard of living in the long run. So why even consider reducing your tax contribution?

Not your beloved heirloom or a human organ, I sincerely hope!

What happens to our assets upon our death? Have you made sufficient preparations for those we leave behind? Have you made your nominations?

Given that the traditional wisdom for interest rates are not to incur them at all, should you pay off your mortgage as soon as you can ?

Like the book “Rich Dad Poor Dad” said, we get educated in school to gain scholastic and professional skills, but we don’t get educated about money. Given how important financial skills are to navigating life, we can teach our kids important financial lessons by taking advantage of every teachable money moment.

While we generally know the merits of saving early for our golden years, we still tend to put it off in order to meet the needs and want of “now”. Other than procrastination, another costly mistake is believing you have a retirement resource to provide sufficiently for your golden years that is in fact not secure, and conversely not tapping on resources that are available and guaranteed.

Preparing ahead for how your estate will be managed and distributed in the event of your death will help your loved ones avoid unnecessary stress and uncertainties during a time when they most need peace of mind, and help you plan for their continued welfare and well-being in your absence.