The importance of being financially independent
Being financially independent means having enough income to support your expenses even without being employed.
Even though you may be earning a regular paycheck or accumulating a tidy amount of savings in the bank every month, unpredictable events (such as Covid-19) can lead to income loss or financial instability.
How can we ensure that we have financial security even in uncertain times?
Here are 3 key elements you’ll need to achieve financial independence.
Let’s look at how you can manage and grow your wealth through the following:
Expand your income by getting a higher salary and exploring multiple sources of income.
Regardless of your income level, you can accumulate your wealth if you save a portion of your income every month. Over time, these savings can accumulate and can even grow exponentially if you invest them well.
By monitoring your spending closely and being aware of where your money is going, you’ll be able to reduce your expenses and grow your savings.
Once you’ve started accumulating some savings, it’s time to make your money work for you! By investing wisely based on your financial goals and risk appetite, you’ll be able to grow your money at a faster rate.
LIFE STAGE PLANNING
Are you planning to buy a house? Start a family? Work overseas, or retire early? To have a clear idea of how much finances you’ll need, it’s important to map out your goals at every life stage and plan for your finances in the future.
Life Stage Planning
Let’s look at how much you might need, or the type of expenses you might incur, to achieve your future goals. Which life stage are you at?
I'M PLANNING TO...
Further my studies
Tuition fees (local): $24,000 - $40,000 in total (if you’re planning to study overseas, the fees will likely be even higher)
Going on overseas exchange programmes: $8,000 - $15,000 for 1 semester
Student accommodation - $200 - $700 per month
Here's how we can help
At Financial Fortress, we believe that anyone can achieve financial independence, as long as they plan ahead for it.
We’ll help you devise a personalised financial plan based on your personal goals and dreams.
Using an exclusive 6-step system and methodology, we’ll first help you to plan out how much finances you’ll need at every stage of life, and how much you’ll need to sustain your lifestyle in retirement.
In the next stage of the consultation, we’ll help you explore different tools and products for investing and growing your wealth so that you can be assured of having enough finances to meet your needs and achieve your goals.