So this came in my mail two weeks ago…

What exactly is CareShield Life?

It may sound like a type of nut, but it is our improved national long-term care insurance scheme that replaces the old version – ElderShield.

So why do we need long-term care insurance?

A study has found that Singaporeans are spending a bigger part of our lives in poor health compared to 30 years ago.

According to the Health Promotion Board, 1 in 4 Singaporeans aged 40 years and above has at least 1 chronic disease.

Families have generally become smaller too. This leads to a declining old-age support ratio – the number of working children to provide care for every elderly.

And depending on circumstances, long-term care could cost between $1,000 to $4,000 per month, for services such as home care, day care and nursing home.

This is where long-term care insurance comes in to alleviate the financial burden.

If there’s anything you’re looking to buy, don’t “Buy it now”.

If there’s anything you’re looking to buy, don’t “Buy it now”.

Instead, change your mindset to “Buy it tomorrow”.

This tip is simply about cutting down on impulse purchases that you make without much thought.

It gets really interesting once you start digging deeper.

Many studies have shown that the pleasure of shopping is caused by a chemical – dopamine – released in our brains.

And if we take a step further, research has shown that the dopamine hit doesn’t actually come from the purchase itself. It comes from the ANTICIPATION of the purchase.

From this, we can conclude that BUYING something won’t necessarily give you that excitement you’re looking for.

You can get that same enjoyment by window shopping and not actually buying anything, thus saving the money.

This is a method I use all the time.

If there’s something I see that I want to get, I don’t just buy it right then and there.

Instead, I’ll just sleep on it and buy it the next day.

But more times than not, the desire to buy fades and I no longer want it the next day.

5 Retirement Expenses to Prepare for

How does your ideal retirement look like?

Retirement planning is one of the major components of any financial plan. It allows you to build for the future based on your current circumstances.

While we can’t see the future with a crystal ball, what we can do is to plan for it.

Some of the most common retirement expenses one should plan for are:

Housing

Housing is a big expense no matter what stage of life you’re in. While the majority of retirees own their own homes, some still have to factor in mortgage or rent payments.

Transport

While you’ll no longer use your car for commuting to work, transportation is still a large expense. Insurance, gas, and repairs should be part of your budget. If you live in a city with public transport, see what senior citizen discounts you qualify for.

Health Care

According to a report by Asia-Pacific Risk Center, an average of US$37,427 will be spent on healthcare for each elderly person by 2030. It’s important to note that MediShield Life doesn’t cover some health care expenses like dental work, glasses, hearing aids and long-term care.

Food

As long as you aren’t planning on dining out regularly, your budget for food shouldn’t increase significantly. At the same time, you’ll have more time to cook meals at home.

Entertainment

How would you like to spend your retirement? Think about expenses for travel or even local entertainment like movies, museums, or concerts.

Quick Money Lessons

People are made poor by their desire to look rich. In other words, “act your wage”.

Having a college degree doesn’t guarantee you’ll make or save a ton of money. It’s all about real-life experience and knowledge.

Accumulating wealth requires discipline. Automating saving and investing is a “cheat code” to achieve discipline.

It is more important to protect your downside than to chase returns.

The most important part of solving a financial problem is realizing there is one.