#YOLO

Live the moment: tick the boxes off your bucket list and live with no regrets

The term #YOLO is very much heard in our daily conversations these days and for those who are still new to #YOLO, it simply abbreviate “You Only Live Once” and it is an attitude adopted towards life. It is a modern exclamation of enthusiasm in making the most of the present moment without worrying about the future.

Many teenagers and young adults have indulged in impulsive choices to enjoy the moment in life and justifying the decisions with the carefree tag #YOLO. While there is absolutely nothing wrong with such an exciting life, those who have been excessively using #YOLO, as an excuse to not worry about their future, are at the risk of a financial disaster of their own.

Financial disaster? How is that so?

As the #YOLO generation live up to their notion, these people start to come within dollars of living on credit or overdraft with their monthly paychecks just in time to push the reset button. Paycheck to paycheck, month by month, this generation of people do not really care much about planning for their future.

Time passes by and this #YOLO camp soon realizes that they are getting older & slogging at work, unhappy and tired for what they previously do not worry about:

#1: Retirement

Everyday is a step closer to our retirement, even if you are only 18 years old now.

It is a phase we enter which we start to depend on the money we have saved over time. Hence, if you had been more thoughtful of your future, you would have started saving as early as you could.

By doing so, you could actually grow your money over time to your desired retirement fund target.

Today, live expectancy is longer as compared to the past and this will mean a person will actually need even more money for their retirement.

#2: Health

Human beings are living longer and as we grow older, we are to expect higher health-related expenses.

Money is needed to maintain good health and because of unforeseen illnesses, healthcare needs are usually costly.

By taking up a hospitalisation & surgical (H&S) plan while one is still young and healthy, you won’t have to dip into your retirement savings to pay for your medical bills.

When a person with age is met with unforeseen illnesses, long-term care may be required and these costs can be provided if one is adequately covered with the . With the right financial planning, your retirement funds need not be utilised for the cost associated with long-term care.

#3: Inflation

Your buying power (spending power) decreases over time due to inflation. To simply illustrate, a cup of coffee that cost S$1 previously at some coffeeshops cost S$1.30 now.

This means your current savings will be worth lesser in the future but if you have taken this consideration into your plans early and with care, you can be better prepared for the future.

#4: Loved ones

Everyone is always thinking of their loved ones and have their welfare at heart, protecting them against all sorts of trouble and keeping them free of worries.

By acting early, getting a life insurance and proper financial planning, you can be assured that your loved ones will not have to worry financially, to continue in life in the unfortunate event of your premature demise.

Financial planning has been a looming activity in our lives yet many chose not to think about it or take action until much later in life. Don’t procrastinate, start thinking about it and take action.

Start to build the life you want for the future.

Plan for the future you now.

#financialeducation #wealth #retirement #YOLO