Save at least 10-20% of your monthly income. This is on top of AbundanceWith Money Review any mandatory saving plans such as CPF or 401K. You should save up at least 3 months equivalent of your monthly salary before thinking about investing your savings. This is to make sure that you have sufficient cashflow to handle emergencies.Book an appointment with a financial advisor to have a consultation on what kind of life insurance policy is more suitable for you. This is to cover you and your family in the event that you cannot continue working due to disabilities or any other unfortunate events.
Second Level Wealth – Additional Passive Income The second level wealth will be achieved when you accumulate passive income to sustain your most basic expenses. This means that you can choose not to work and yet have enough money to pay off your mortgage, daily food and transport allowance and interest for all your loans and your insurance premiums. Any income that you gained from working will be channeled entirely into investment.
Third Level Wealth – Financial Freedom The third level of wealth would be achieving financial freedom. This means that you can sustain your current lifestyle without working again. You have accumulated enough passive income to sustain your current lifestyle indefinitely. Fourth Level Wealth – Financial Abundance The fourth level of wealth would be attained when you have enough passive income to sustain your desired lifestyle without working indefinitely. The amount of time that you take to achieve financial abundance from financial freedom depends how the gap between your current lifestyle from your desired lifestyle.
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