What To Accomplish With Your Money By 40 (And How To Catch Up) | Money Mind | Finance

What are the key financial goals you should aim for before the age of 40 - and what can you do to catch up, if you're not quite on track?
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[@SaraNisha-fw4uk]

Its easy to push these things aside when youre young and think you have plenty of time. But the reality is, time flies, and those early years of saving can be very impactful

[@MartinJackson-yq6bl]

I’m 40, while being young, avoiding expensive luxuries and obsessions and actually learn from others, good tax efficiency accounts. Use debt profitably, always have an emergency fund. save for retirement, ignoring these things would cost you on the long.

[@RobertNoppers]

very correct, when I was 56, carelessly I had little saved for retirement and health issues meant I couldn't work long. I started investing then. Now, 2 years later, I've saved over $2million, getting closer to my goal of $3 million by 60

[@MarjorieRyanJoy]

you are lucky to have turned things around as timely as you did. I didn't have luck with my situation

[@RobertNoppers]

I'm sorry to hear that. I'll credit research, not luck. it led me to Emily ava milligan, one of the best fund managers. 300 grand to this, definitely not

[@SteveTyurin]

after i copied and pasted her name into my browe=ser, her website popped up. i needed a tangible example like yours to reference. thanks for the share

[@Clc760]

when I was in my early 30s, one of my retired Principals advised us to buy financial products for retirement, because time flies. She shared with us her experience. Yup! I listened and now I in my mid 50s and I have retired. Thanks to her wisdom.

[@janicetan4626]

Sound advice. My friend started saving consistently since her first job and retired at 58yo comfortably. She told me starting and planning young makes a huge difference. Now I am trying very hard to catch up so to have a comfortable retirement in time to come.

[@LordBagdanoff]

What’s the point of enjoying at that age. Rather be abit less rich but enjoy in the younger days.

[@user-ni4qq5cx8w]

One could just meet the maker before even hitting the certain milestone

[@Umi_chan45]

This is the kind of tips I wanted to learn.. thank you 😊

[@Centsible_Money]

Just making goal 1 (earn > save > spend) a habit makes everything else fall in line. I've lived across East, Middle East and West, and I have to say having been born in the East goal 1 is something I was taught from childhood.

[@isaac976]

My advise on those watching this episode, buy things that is required not things that to validate yourself in this new world. New Shoes, New Bags, New Tech all this retail therapy is short team euphoria. Spend on yourself first not materialism but experience. Its never too late.

[@gtablurt5791]

You have to factor in inflation, basically when you collected enough money, most of its purchasing power is gone.

[@MoneywithEumi]

Good tips. I think financial habits should be developed as soon as possible. Before you even turn 21. Putting money into your kid's CPF SA to bank on that 4% is also a safe choice. Compound interest baby!

[@leeaaron7856]

Changing financial habits is an emotional level of change. It has to come from deep within a person. The person has to psyche and tell him or herself that this is enough, i have to change. Once you have done this, then set goals to achieve financial prudence on focussing on removal of debts, focussing on assets and not liabilities. Set SMART goals, not broad goals. Every goal should have a timeline and it can be measured. It will not work if you set a goal that is too generic. With each accomplishment of of every SMART goal, the person's habit will change.

[@isorokuyamamoto8423]

The lady is from MoneyOwl and it's closing shop... looks like they never plan their financials properly too...?

[@pathfinder1672]

Regarding MAS guide for insurance coverage, I fail to understand why the guideline for death coverage is 9-10 times annual income. If I'm earning $100k per year, why is it recommended to leave $1mil to my NOK?

[@abcxyz7529]

It's a generalized, median income guidance based on the average family structure. If you don't have any dependents, then you can go with $0. If you have 3 kids, a non working spouse, 4 parents to feed, 10x income seems logical.

[@jimw8615]

Physical health

[@xiphoid2011]

I don't think most Asians have bad financial habits. I immigrated from China to US. Americans are the ones with really bad financial habits. This is why even white Americans have less than half of the wealth of Asian Americans. When I went to study in the US, I was dirt poor, lived in the cheapest and worst neighborhood, but thanks to education, America's fairness to immigrants and the high pay, my wife and I have enough saved for retirement in just 15 years after graduation. Meanwhile I see most Americans wasting money on all sorts of frivolous things then complain they don't have enough savings. 🙄

[@agent1.618]

..and yet, money couldn't buy you any decency or class. stay humble.

[@pokemonsr9]

You meant you MIGRATED?

[@merc7paul]

​@@pokemonsr9expatriate

[@johnnytate69]

Become a sugar baby, easy way out

[@BapakBuayah]

Just sharing, in Islamic financial literacy we could care less about the money obsession since our life in earth is only small fragment of 'true life' in afterlife, but yes financial management and how to achieve financial freedom is taught, few such as avoiding debt (except in emergency), avoiding interest, avoid excessive luxury, doing fair work and trade, and doing charity to your communities (at least 2.5% from all of your saving), etc. Hope we can overcome current global challenge together!😃

[@mnslife8160]

very well said my brother. yes the afterlife is what we strive for and learn to manage your own financial well according to islam will not only help you in this life but hereafter. insyallah

[@neithergerm]

Is this a universal teaching in Islam? I see many Islamic countries such as the UAE, Qatar, and Saudi Arabia that display the complete opposite of what you commented, excessive luxury especially. Are these behaviours generally frowned upon in Islam?

[@mnslife8160]

@@neithergerm Showing off your wealth is forbidden in islam and they are many verse explaning this. One of the reason is it can make the individual arrogant and forget of his maker and other to be jealous and do anything to obtains it. it is not wrong to be rich and some of the prophets companion were rich. but they have to spend little bit of it to feed the poor call zakat aroud 2.5% every year according to islamic rules as we believe that every wealth spend will be questioned in the hereafter. Spending on hobby is acceptable so long that the individual does not spending to extravagantly and be wasteful.

[@merc7paul]

Alhamuldillah

[@BapakBuayah]

@@neithergerm Yes brother. I do agree with you by looking at those people in your example unfortunately. Again, in Islam also there is no force for every person to follow that teaching, however there are always rewards and punishment in the end, both in current life and hereafter to make it fair, since Islam is about fairness as well

[@anziar3038]

Wow! S'poreans are very rich indeed. Many thanks to the PAP govt for bringing them wealth by means of high-paying jobs. ❤❤

[@davetong]

Why are CNA insider episodes so focused around the host these days? Did she get promoted or something? Don’t really care what her situation or story is compared to the otherwise well-curated topics.

[@Confidence_and_Fitness]

down the pap regime