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10 Financial Mistakes You Should Avoid

10 Financial Mistakes You should avoid

10 Financial Mistakes You should avoid

10 Financial Mistakes You Should Avoid- Strategies Designed to Help Keep Your Money SAFE and Growing by Stephen.  S. K Ng

It is extremely important to be plan for ones retirement and grow their existing funds. In his book Stephen shares with the readers 10 Strategies to prevent yourself from being broke in your golden years.

One of the most important thing that you need is A PLAN. There must be an idea of how you would like to grow your limited funds. You need to know your time horizon and whether the finances set aside is for long or short term.  The plan that you execute has to be one that will beat inflation and taxation while and even longevity risk.

The author goes through the meaning of annuity and how to avoid taxation which depletes your savings. There are several different instruments which one can use for investment. It will certainly be prudent to find out which one is suitable for you and also how each one works.

It is very important to be educated about the different investment vehicles available.  Not all strategies that are currently used are applicable to you. One has to look at their age and a host of other factors before determining which is the best course of action in  dealing with  financial investments.

One must remember not to put all eggs into the same basket and develop a diverse financial portfolio.  It is important to seek advice from professionals before deciding on what to invest in.  They will be able to give you a clearer idea of what is more suitable for your  in the short and long term depending on your goals.

There are certain types of insurance which one may need to consider to secure your estate for future generations.  Some of the insurance which the author recommends is term, disability and long term care.  Longivity risk is something which has to be addressed as nowadays many people are living well into their nineties and beyond.

My thoughts

Reading this book by  Stephen Ng made me reflect on my own personal financial planning. I haven’t really been thinking much about retirement and having enough to sustain the kids and my needs as for the past 20 years I left this to the  Ex who  is a CPA/CFA. On hindsight it was really naive and foolish to do so as he has been financial manipulative and I’m still working towards regaining my financial independence and freedom.

I definitely recommend this book if you are looking to know what are the 10 financial mistakes to avoid. It was certainly an eye opener for me reading the book and have encourage me to think more about my financial stability.

Disclaimer:  I received a copy of this book for review purposes.  Opinions are 100% mine.

Birthday Thoughts

Last week I turned 39. One year older and certainly very much wiser. It has been a turbulent 2017 with many high and low moments.  I had to learn and unlearn many different lessons and it has certainly been empowering.   It was a quiet  no cake affair this year as spend my special day with my love ones.  Spending time and communicating with them are more important then spending on parties and unhealthy foods.

Since last year I have started to put myself first.  I’ve  been focusing more on what I need and being more assertive.  I’m no longer bending over back for others who disregard my needs.  I’ve taken back control and removed bad relationships.  I’ve a clearer picture of what works and what doesn’t for me. You can say I know exactly where I want to be and how to achieve it.

Doggie Boy and Me

Doggie Boy and Me

The kids are growing up fast and I’m constantly challenging myself to improve myself by getting in touch with the various new educational software and techniques that are in the market and tailor them to their learning abilities.

Each of them have different learning styles and  I had to rely on many external resources to enhancing their learning experiences and make their academic learning journey easier.  You can say it was a hit and miss finding out what worked best for each child.  Besides focusing on their academics I’ve continued with working on their holistic development and teaching them different techniques of dealing with the array of emotions that they have been experiencing.

The main stream education system focuses too much on academics and paper chase and grossly neglects the emotional well being and spiritual growth of a child. This I feel is extremely important and something that I really have to emphasize on with my kids.  I’m seeing more and more emotionally weak kids which are the product of neglect and indifference by parents who seem more interested in chasing the almighty dollar and personal interests then giving the proper guidance to their kids.

There has been a increase in child suicides, drugs and alcohol abuse.  These are evidence of emotional immaturity and also lack of guidance that result in tragedy for those kids who ended up wasted or dead as a result of negligence. I seriously do not wish for my kids to end up as one of these type of statistics and will do everything in my capability  as a single parent to ensure that they grow up balanced.

Tiger girl and me

Tiger girl and me

It’s not all serious and studying without having fun in my household. The kids and I have been going out quite a lot  to play and this has kept everyone relatively stress free.  We have been indulging in more sports  and go swimming weekly now.  I’m still keeping up with my 1-to-1 bonding time with each kid so they get their special time with me.  We too get up to many quirky and fun stuff like playing with the different apps that they have online nowadays.

I’m also cooking much more this year and in more variety as I’m trying out  more healthy dishes and increasing my stable cooks for the weekly menu.  I still introducing more new foods and adjusting their taste and ingredients. I’ve cut off cow’s milk and replaced it with oat milk and am gradually phasing out all processed/ can foods with healthy options. We are also eating less rice and bread and option for more vegetables and fruits instead.  I’ll be studying in detail Keto style of eating and going through the new Keto cookbook that I’ve purchased.

How has it been since your last birthday?