Career switcher with student debts, how to do financial planning?
I'm 34 years old, and have been taking a circuituous career route from private to nonprofit sector, which has also seen me living in several countries. All in all, I have lived a spiritually rich life. Now, I'm worried about material security.
I'm now switching career for the final time, and doing a MA to achieve that. Because I've never had alot of savings to play around with, I've never considered financial planning but I think, even with the debts I have now, I should at least learn about it. Would you be able to share what's the best 'dummy's guide' that can help me amplify money? I have zilch financial literacy -I don't know what's a dividend from a stock. Thanks in advance :) |
(1) Earn more - through employment as well as passive income
(2) Spend less (3) Pay off bad debt, if any (4) Save more - at least secure an emergency fund worth at least 6 months of expenses (5) Invest to generate a passive income - if you are financially illiterate as you claim to be, start reading books and online websites (posts by forummers will not begin to teach you a fraction of all there is to learn) (6) Reinvest your investment returns to generate more passive income (7) Repeat from step 1 |
Thanks for the quick reply.
What resources would you consider to be helpful for a first-timer like me? I have attempted 'Rich Dad, poor Dad'. Since I don't even have the excess money, I can't buy a property as he advised. Any Singapore-specific resources I can read? I say 'Singapore' because I'm already struggling to understand financial concepts, so I need to understand SG landscape and the options it has first. |
://learn.moneysmart.sg/investing/#investing
://blog.moneysmart.sg/ ://singaporeanstocksinvestor.blogspot.sg/ |
ah, I do have moneysmart on my FB feed as it makes financial stuff so easy to understand. Will add the other, and go through them. thanks!
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