In our seminar we discuss the various purposes of saving and investing. How do we see it? We first save. In different savings accounts we save for different goals. Savings for investments and pension is the long term savings plan.
We build a piggy bank of cash savings for 9-12 months of expenses in case of emergencies, or life changes that we want to make. That would be 10% of monthly income.
We save towards a goal, whether it is for home buying, or towards an education fund, or towards buying a car, for a grand trip, or home improvements or fun shopping. An estimate would be 10% or 15% of monthly income.
We save towards retirement with tailored pension and investment products, based on research and advice. A good goal would be 20% of monthly income.
Before investing, we must pay off expensive debt. It is highly risky to carry a simultaneous responsibility of paying off expensive debt, whilst taking a risk with investments and products in the stock market.
Our advice is first to be debt free, and then save for investments.
There are different methods for investing. One method is to place savings with investment vehicles that combine different risk bearing stock, bonds, or other asset classes. Another method is to open a bank account with a trading platform and directly invest in the market.
It takes a commitment to study and learn the dynamics of investing, weighing risk and opportunity with your intuition, as well as understanding the trends in the market and its dynamics. We suggest you research and understand some key ratios in financial statements.
It would be useful to take a few practical courses from accredited financial experts; regularly listen to financial markets podcasts, news channels, or subscribe to financial relevant news and analysis to get a feel of the terminology and developments.
Look out for our seminars and conversations with experts, and join us for free.