Some inconvenient but important questions to ask yourself & your loved ones sooner rather than later

Take some time to think about it.

| Zhangxin Zheng | Sponsored | January 27, 2022, 07:58 PM

Chinese New Year (CNY) is around the corner.

While the focus on festive periods is typically on gatherings with loved ones, these precious off days can also be used to mull over other matters.

How many of you felt like 2021 passed in the blink of an eye? Yup, 2022 could be the same too.

So instead of dealing with inconvenient questions posed by relatives during house visits, why not think of more pertinent matters that you might have put aside till now?

Here are some examples of inconvenient questions that you can consider asking yourself or discussing with your loved ones at the start of the Year of Tiger.

We promise they are not “When are you getting married?”, “When are you having kids?” or “How much do you earn?”.

Financial literacy for young children

Those with young children need to understand how their kids spend their allowance and what influences these spending habits.

An honest conversation can simply start with “Is your allowance enough?”.

Before you roll your eyes, I’m not trying to trick parents into doling out more money on allowances.

Instead, you can help them see what they can save on and how to use their money better.

But if there is indeed a need, give them a raise if you can.

Given the rise in cashless payment and ecommerce, spending money can be really easy, too easy sometimes.

There is already a growing trend of young Singaporeans overspending due to the ease of cashless payment, the Straits Times reported in July 2021.

Not seeing the cash being spent can prompt overspending behaviour but electronic tracking can also help curb one’s temptation to spend more. It boils down to self-discipline and one’s financial literacy.

So, it’s never too early to equip them with such skills and inculcate the right mindset when it comes to money.

How to navigate 2022?

The past two years have been uncertain and there seems to be a good chance for life to get back on track in 2022.

“Should I change jobs? Or should I start my own business?”

“What should I look out for this year?”

If you are one of those who will stop by and read about zodiac luck at shopping malls, you probably hope to seek some form of guidance in what to prioritise for the coming year.

Some people may find this to be superstitious but as long as it gives you a peace of mind, there’s nothing wrong with that.

That said, on major changes, do seek a second or third opinion from those you can trust.

Don’t ride on the great wave of resignation without thinking it through or just because your zodiac is topping the zodiac luck chart.

Real estate investment

Everyone likes to grow their passive income, but whether we are actually ready and know enough about investment is another matter altogether.

What do you want to invest in, how to approach it and manage the risks involved?

With the announcements of several housing projects and property cooling measures, how should you approach property investment?

Don’t rush into property investment just for fear of missing out, it’s important to get more insights first.

Taking stock of your assets

Here’s the hardest question to ask: How do you wish to allocate your assets when you are no longer around?

It’s not just making a will or thinking about who to allocate money to but to ensure the process and your loved ones are well taken care of subsequently.

But if you are not, the people you’ve entrusted can help with matters relating to the welfare and wellbeing of your family.

Some questions that you may have to address include how are you going to handle all your assets? Who is it going to? How is it going to be allocated? What are the other immediate and longer term needs that your loved ones will need and how are you going to fulfill them? How do you make and execute all these legally binding decisions?

These aren’t easy questions to answer if I were to think about it right now.

That said, these questions cannot be answered hastily.

Estate planning can be seen as taking stock of what you have and you can review it every few years as you enter different stages of life.

If you are not sure how to go about doing so, speaking to a certified estate planner can be a starting point.

Wealth in Wellness Virtual Extravaganza by PFPFA

Organised by PFPFA, a licensed financial adviser, this virtual event on Feb. 12 aims to answer any uncertainties surrounding the featured wealth and wellness topics.

The full day programme includes virtual booths and webinars on financial literacy with kids, zodiac luck, retirement planning, mental wellness, and asset and estate planning starting from 10am to 6pm.

The discussion on each topic lasts around 30 minutes so that you can use pockets of time to listen in.

Here are some key topics and their time slots:

1105h - 1145h: Kids in a Cashless World

1315h - 1355h: Unveiling the Truths and Myths of Estate planning

1355h - 1425h: Excuse Me, is CPF Really Enough for my Retirement?

1425h - 1455h: The Winners and Losers of Property Investment in Singapore

1500h - 1540h: ROAR, or Meow? How to PROSPER in the Year of Tiger.

All attendees will receive gift vouchers worth up to S$200. What’s more, the first 500 sign ups will receive an OTO humidifier worth S$68!

Find out more here.

This sponsored article by PFPFA reminds the writer that adulting is really not easy.

Top image by Joshua Lee.