How to Start Investing In Your 20s & 30s For Retirement (Part 2/2)

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More millennials in Singapore jumped on the investment bandwagon in 2020 to take advantage of the incredible stock market rally. But do they know about the risks they're taking with their money? With a longer runway to retirement, what mistakes do they need to avoid for a better chance at reaching their retirement goals?

Heidhar, a single 29-year-old engineer, and Gwen, a young mother who's taking a break from work to care for her family, share their investment challenges.

Financial experts Christopher Tan from Providend and Jolene Ong from the Institute for Financial Literacy weigh in on what Heidhar and Gwen are doing right, and wrong, with their money.

Produced in partnership with MoneySense.

00:00 Introduction
00:59 What his budget looks like
01:50 The 20/30/50 Budget Rule
02:37 How much money to set aside for emergencies
03:04 Whole life plan or term insurance plan?
04:26 Fundamental principles of investment
05:53 Should you top up your CPF accounts?
06:54 Rule of 72: How long it takes for your investment to double
07:51 His retirement strategy & the risks
08:32 What you can learn from Heidhar

09:01 Introduction
10:19 Double income household to single income: Challenges
10:44 A creative way to use your credit card
11:23 How much emergency fund does one need?
11:46 Saving with goals in mind
12:06 How couples should manage their finances
13:23 Should you invest in cryptocurrencies?
15:10 When to start planning for retirement?
15:48 Is our CPF money ours?
16:33 Investing in endowment plans vs topping up CPF Special Account
17:22 Advice for Gwen
18:17 How much savings should you have by age 35?

WATCH Part 1: How to Budget And Save In Your 20s & 30s


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