- Set up a monthly budget.
- Have an emergency fund consisting of 6 months of my monthly salary.
- Identify my financial goals and objectives.
- Know what my net worth (assets minus liabilities) is.
- Have a proper plan to reach my financial goals and objectives.
- Check that my family and I are adequately covered against risks such as illness, accidents and loss of income.
- Know how much CPF savings I will have when I retire.
- Know how much I need for my retirement and have started building up a retirement fund.
- Start putting aside some money in investments to grow my wealth.
- Review my financial plan regularly.
Got this list off the back page of a MoneySense booklet that I picked up from the library yesterday. I don't think I've done any of the 10 and I'm not sure when to start. It's one of those things that I know I need to address but I'm not keen to 'cos I'm concerned with what the review might uncover. Thing is, what am I going to do with the gaps identified?
More details here.
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