Only 5 out of 10 Millennials in Singapore are close to achieving their financial goals. Are you one of them? Here is what you need to know to get on track.
1. Start investing early
The power of compound interest is your biggest asset in your twenties.
2. Build an emergency fund
Before investing, ensure you have at least 3-6 months of expenses saved in a high-yield account.
3. Manage your credit score
Use credit cards wisely by paying your full balance every month to avoid interest charges.
4. Understand "Good Debt" vs "Bad Debt"
Discern between loans that appreciate (like education) and those that depreciate (high-interest consumer retail loans).
5. Increase your earning capacity
Your greatest income potential is YOU. Develop skills that pay dividends in your career growth.