Establishing a strong financial foundation when you are young will blaze the path to financial success and allow you to enjoy financial freedom at a later stage in life. According to an article on Forbes, the financial goals that one should attain by 30 years old include managing one’s debts, saving for retirement and getting comfortable with investing.
1. Manage your debts
Whether it is car loans, student loans, or credit card debt, you would want to break free from the vicious debt cycle by adopting good debt management habits. Spend mindfully by cutting back on unnecessary spending so that you can put your money toward other financial goals.
2. Save for retirement
To lead a cosy life in your golden years, it is crucial to plan adequately and early for retirement. For a worry-free future, set a goal for your retirement savings or find a suitable insurance or investment plan that offers guaranteed monthly payouts.
3. Kickstart your investment journey
Take the first step towards wealth accumulation by looking at a diversified portfolio of investments to lift returns across market cycles. It is important to assess your risk appetite and know your investment objectives to make smart investment decisions.
Attain these goals with ease with GREAT Wealth Advantage, a regular premium whole life investment-linked plan by Great Eastern that allows you to grow your wealth with small, regular contributions, and enjoy the flexibility of increasing your investment or make partial withdrawals to meet your medium or long term goals.
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The above is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).