Many people think that you’ll never be rich while holding a job in the public sector as it is considered as a “Civil Service” and that you are not supposed to make a lot of money out of it. That is why many people buy into this belief thinking that being in this line of work will only give you a comfortable life,that you are not able to compare yourself with people in the Finance and Business industry, the ones in retail,basically people who earn commision from sales because most of the time there isn’t a cap on their salary.
This is why people in the public sector need to find a leverage, a way to make their money work from them.
The stability of being in this sector should be viewed as an advantage rather than a liability. Most people do not know about the advantages of investing a portion of their savings every month into different instruments(this will be explained by my partner in a later article). Some are too scared, some too lazy, some who are just comfortable with about approximately 0.05% interest rates from their local banks.
But have you taken into account inflation?The inflation rate in Singapore is much higher than the returns on your Savings Account. Based on the research done over at http://data.worldbank.org/ the average inflation rate from 2009 - 2016 is about 2.5%.
Do you know what that means?
It means you are actually losing money while leaving it in the bank! No wonder the average Singaporean isn’t getting richer. Doesn’t that feel a little sad having our money made from sweat and tears just magically disappear because of inflation?
Not to worry though, there are many ways to preserve your wealth and reap Cash Flow/Capital Gains through the different types of instruments out there in the market
The interest rate of an investment instrument for someone who is risk averse in a relative safe instrument usually nets you an average of 8% per annum. Thats way higher than the 0.05% you get from your Savings Account.
There are many ways to pave your way to financial independence. The sooner you start investing and planning out your finance portfolios, the wealthier you’ll become. Start now and take steps to becoming a wealthy Singaporean while still being in the public sector!
This is why people in the public sector need to find a leverage, a way to make their money work from them.
The stability of being in this sector should be viewed as an advantage rather than a liability. Most people do not know about the advantages of investing a portion of their savings every month into different instruments(this will be explained by my partner in a later article). Some are too scared, some too lazy, some who are just comfortable with about approximately 0.05% interest rates from their local banks.
But have you taken into account inflation?The inflation rate in Singapore is much higher than the returns on your Savings Account. Based on the research done over at http://data.worldbank.org/ the average inflation rate from 2009 - 2016 is about 2.5%.
Do you know what that means?
It means you are actually losing money while leaving it in the bank! No wonder the average Singaporean isn’t getting richer. Doesn’t that feel a little sad having our money made from sweat and tears just magically disappear because of inflation?
Not to worry though, there are many ways to preserve your wealth and reap Cash Flow/Capital Gains through the different types of instruments out there in the market
The interest rate of an investment instrument for someone who is risk averse in a relative safe instrument usually nets you an average of 8% per annum. Thats way higher than the 0.05% you get from your Savings Account.
There are many ways to pave your way to financial independence. The sooner you start investing and planning out your finance portfolios, the wealthier you’ll become. Start now and take steps to becoming a wealthy Singaporean while still being in the public sector!