It is vitally important in this current day and age for all of us to begin taking control of our financial situation and start planning for our future, and the futures of our children.
We can no longer rely on the government for handouts once we retire. We cannot take for granted that at the end of our working life we will be taken care of financially.
The world population is ageing, due to the baby boomer generation, and within 30 years there will be so many retired people, compared to the number of working age people, that it will be economically impossible for the government to afford to provide any reasonable source of monetary assistance for the elderly.
Most of us have never sat down and even considered the ramifications of why the compulsory CPF was introduced and for many of us it is a matter of too little too late. Even for the young in our society – who have a full working life ahead of them, they still cannot rest assured of a comfortable retirement.
Why is this? It is because that unfortunately even with contributions at the current level, someone on an average wage who works continually for 30 years, is still going to find themselves trying to survive on their income equivalent
You will notice that I said continually working for 30 years. This is a reason why women are particularly disadvantaged. Firstly because they often have to take up to ten years leave from the workforce to raise children, secondly because women in general earn less than their male counterparts.
All of these factors are why working adults now more than ever, need to begin taking action to build up a source of ongoing income, that will grow to such an extent, as to be able to provide a secure and happy future for themselves and their children.
It needs to be a source of income that is unrelated to physical work…that is an income that is generated from income producing assets – and not from our personal efforts.
One of the best sources of creating this ongoing income stream is to begin building an investment property portfolio, also aptly paraphrased as bricks and mortar.
We need to start investing in income producing assets now, so that they will have time to grow and develop so that we will be financially independent for our retirement years.
The most important concept to grasp in relation to building wealth for retirement and for creating finances that can be directed toward charities, or helping out your family is that of compound interest.
In mathematical terms 72 divided by Compound Interest Rate of Return = Years for Money to Double in Value.
Therefore if you have $1,000.00 invested at 10% interest, then the number of years that it will take for your money to double to $2,000.00 is 7.2. It will quadruple in 14.4 years and be worth 8 times as much in just over 21 years.
If your money is invested at 7% interest, then it will take approximately ten years to double in value. If it is invested at 5% it will double in just over fourteen years.
The two most important aspects of compounding are one: rate and two: time. The higher the rate and the longer the time something is left to compound, the greater the final result will be. This is why the sooner we start investing, the better.
No more buffering - create, style and enjoy
The bread & butter of our platform are the pre-built design sections, called items. These can be added to your landing page in a couple of clicks and every text, image, icon or button that make up the Block. It's easy with Brizy.
We designed it so you can be in control
Every editing option is very well-thought
Just click & drag to create beautiful pages in a matter of minutes. No designer talent, developer wits or coding skills necessary. No matter if you've used a visual page builder before, with Brizy you'll be a pro the second you start using it.