Singapore expat advisory

There are different avenues to growing your wealth, having a well diversified portfolio is just one of them. The key to getting where you want to go, is to first know your outcome. What does financial independence look like to you? 

There is a difference between having security and having financial independence. If your goal is financial freedom, it doesn't just happen by chance, you'll need a plan to get you there.  

Once you have identified what your outcome is, then the next step is to evaluate where you are right now. How far are you from achieving your goals? The key to closing the gap, between where you are and where you desire to be, is to implement the tools and strategies necessary to succeed.  

The areas below are the four pillars to advancing confidently toward your personal definition of success.

Insurance is all about financial protection and ultimately peace of mind. Certain unexpected events happen in life, often when we are least prepared. A death in the family, loss of income or a major illness can strike without warning. We may not be able to control the events in our lives but we can ease the burden of stress financially with a suitable protection plan in place. 

Life insurance, critical illness cover and disability income all help to mitigate the effects of something unforeseen happening to you or your dependent family. Often, a term-life policy is the most cost-effective form of life insurance as you only pay for pure protection cover. And being level-term means the premium is 'locked-in' for the duration of your cover, so your premium will not change. 

Leaving a legacy behind can be a messy affair, if unplanned for. There are many considerations to take into account both while alive and once deceased. Tax is an issue for most people, especially due to the complex nature of ever-changing tax rules among different tax jurisdictions. 

Whether your particular circumstances are best served through holding a Trust for estate planning, or compiling a Will, may help to increase your wealth while alive and also disseminate your assets according to your wishes with tax efficiency in mind.