Saving Too Much Could Cost You Money: Savings Mistakes To Avoid | Money Mind | Personal Finance
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Sorry, I think this does not applies to everyone. It really depends on each individual. I've known elder people who avoided stocks, unit trust, ETFs and keep on saving into their CPF, maxing it out the annual cap, nothing else. Most importantly, they did not withdraw at all, hence did not disrupt the compounding effect. They now have ten million plus after many years of saving due to compounding at around age 70. Some prefer to play it safe, some prefer to take risk, it all depends on individual wants and needs in life.
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She isn’t right. Too diversified would also mean the average return is not that fantastic thus why all these troubles but Juz leave your money with TBill then
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Cash is still king in this bad times.
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Because the majority are low quality finanical planners and they make a cut on your investments. They cannot be trusted. Remember, in 2008, many investors lost hundreds of millions in sub prime mortage investments and the banks never took responsibility? NEVER forget that some Singaporeans lost all their life savings! Just invest in singapore saving bonds and t bills. Be happy wirh 3% per annual. Always say NO to people who want to manage your money. They are more clueless than you are! 😂😂😂
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I like how people making investing sound like MSW. Bao jiak!! Inflation is SO SCARY!! Must invest!! DCA into SPY or VWRA and you will be set for life. If only investing was this easy. How bad Is losing 2%..3% a year as compared to the potential of unlimited lost to your capital?
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Investment might be a great idea but what if it’s someone like me? Terminally ill without knowing how long more I can be alive (it can be long or short). Do I have time to wait it out for the investment to make me enough? Will I have enough to sustain while I am jobless now with no one wanted to hire because of my condition? No other income source from anywhere else with 2 teenager who’s still in secondary school?
It’s not people who doesn’t want to invest, sometimes condition really doesn’t allow
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Global securities is the way to go to
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Our $100 would likely become about $30 in 30 years if annual inflation averages 4% if we don’t invest above 4%. Singapore’s inflation was 2.3% in 2021, 6.12% in 2022, 4.8% in 2023. Due to compounding effect of inflation, that means that if we have $100, in just 3 years your money becomes $87.32 due to inflation from 2021 to 2023. Unless one invests for the long term, one’s chances of preventing this negative effect is almost zero over the same period. There are inflation calculators available to verify these figures.
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Those selling investments will tell you that – can't blame them, that's their income. We will have to judge for ourselves whether to listen to their sales pitch – no venture, no gain as some will say.
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😢30 percent – I will end up having to starve – I only save 10 percent and 20 is already deducted by CPF
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And then they always list this. "Investment products are subject to investment risks, including the possible loss of the principal amount invested."
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Anyone who have lived through a serious financial crisis or a war will tell you 12 months is not enough. All these advise are mostly from so called experts who have never lived through the experience of a period of extreme instability or war. When you disastrously start to loose love ones, you'll know you don't save enough. Even when you try to escape to a much more stable nation, a 12 months savings don't cut it. The experts are just stuck in their consuming life styles and ignore the mind blowing hyperinflation that comes with widespread crisis and devastation. Then, there is the elements of scam and crime that will deplete your savings as everyone trying to scavenge to survive.
This is based on real experience and not some hypothetical projections by experts who do not know what they are talking about.
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CNA you have to reconsider the music you use as background to serious issues, like this report….. your signature light, playful themes, are not appropriate.
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if you feel deprived or people are calling you a cheapskate you can probably ease up a little and spend a little for enjoyment today
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If you invest in a S&P 500 etf, at the start of the year, your chances of having a positive year is 70%. Over a rolling 10 year period, your chances of returning a positive return is 100%.
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Living in a world where we are constantly worrying about money for most of our lifetimes.
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Investing?
Most of us are either gambling or just losing money outright. Almost nobody on the street makes money from ‘investing’… -
Words from a typical FP…
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I done my hmework n invest with my excess cpf oa n cash on quality counters like DBS, keppel corp, Mpact n keppel reit . Good dividend yield n capital gain when price surge up . Last yr till now , 6 mths T-bills are safe bet . Few mths ago , i buy 3 tranches of SSB . Not buy T-bills n Ssb anymore . Consolidate my Duit n wait if DBS drop below $31 prior buy some more . Rate likely 2 come down from Sep to next yr .😊
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Money is just an earthly essential
Don't need to become so obsessed with it
Watch out for all kinds of Greed!!
A person's life Does not consist of the abundance of possessions!! -
You're saving too much if you worry about RMD and means testing at retirement.
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Well, this applies when you are saving too much by not buying essentials and ending up wasting your time or worsening your health. For example, I refused to buy a humidifier during winter. That winter dryness affected my eye sight and now I have to wear glasses plus use eye drops. Had I spent some money back then, I won't be spending so much money now.
All this talk about investment accounts, savings etc. sound good but hard to manage when you don't have a lot of money. Not to mention how evil financial institutes can be. -
Shocker, investment company peddling investment FOMO. Can you do better than USD deposit rate lol?
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Love it when reporter teaches us how to invest.. haha… too long no recession…
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Scammers working in banks to scam elder people
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Save assets. Dont save currencies.
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Investments also no guarantee of earning. U might lose too. No investments is 100%. They want u to invest so they can earn. Like govt want u to spend so economy can keep going. If all save, they cannot earn, economy does nt move. I am one step higher than them. 😂
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Yes I listen to all this bs in 2020 I put my investment in unit trust in DBS my investment now shrink 40%
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Yes, cash is king in today’s context. Also there are too many scams around investment especially cryptocurrencies.
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