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With the increase in financial awareness, more and more financial adviser representatives are being recruited in Singapore. In fact, it is said there are more financial adviser representatives than doctors in Singapore. Yet, despite the increase in expertise, adults in Singapore are still confused over how financial planning works or even where to begin.

The complex nature of financial planning means that everyone would require a financial plan tailor-made to suit their unique financial positions and parc canberra price circumstances. While it is impossible to do so with an article, we can give you the next best thing - an overview of the steps taken to become financially fit.

Step 1: Settling Debts

Financial planning is always complicated, so allow me to tell you a story to simplify this subject.

Once upon a time, there was a guy named Jack. Jack lived in a condo in Singapore and decided to lend $1,000,000 to his friend, Jill, for 10 years in exchange for 1% interest per annum. Jill accepted the agreement and had to pay an additional $10,000 to Jack every year. At the end of the 10-year period, Jill had paid a total of $1,100,000 to Jack, which was $100,000 more than the amount she originally borrowed!