10 Financial Strategies Wealthy Singaporeans Use to Stay Ahead

  Photo by Joshua Mayo on Unsplash

1. Living Below Your Means

Sounds easy but not at all, with many temptations around us these days. Successful financial planning starts with living below your means. Using tools like the DBS Nav Planner or OCBC’s financial wellness platform, allocate at least 20% of your income towards savings and investments.

2. Creating Multiple Income Streams

To secure long-term financial stability, diversify your income sources. From high-dividend REITs to side hustles, options in Singapore include CPF-approved investments or passive income from platforms like StashAway. 

3. Leveraging CPF for Retirement

Maximizing CPF contributions is a smart way to plan for retirement. Top up your CPF Special Account (SA) to enjoy tax savings while earning up to 4% interest annually. 

4. Optimizing Tax Benefits

Singapore’s tax system allows residents to optimize contributions through the Supplementary Retirement Scheme (SRS) and claim deductions for educational expenses or charitable donations. 

5. Investing for Long-Term Growth

Invest in Singapore Savings Bonds (SSBs), ETFs like the STI, or global equities to build wealth. A diversified portfolio tailored to your risk profile is key to growth. 

6. Real Estate and Property Investment

Singapore’s real estate market remains a robust avenue for wealth creation. Explore HDB resale flats, executive condominiums, or rental property investments for passive income. 

7. Financial Planning for Families

For families, managing education funds, insurance, and retirement plans is crucial. Consider Endowment plans or Child Development Accounts (CDAs) to secure your children’s future. 

8. Engaging a Trusted and Experienced Financial Advisor

Work with a licensed financial advisor to personalize your financial strategy. From insurance planning to investment advice, an expert can help optimize your portfolio. 

9. Learning Financial Literacy

Enhance your financial knowledge through platforms like MoneySense or by attending investment seminars. Staying informed is key to making confident financial decisions. 

10. Networking for Opportunities

Join organizations like the CFA Society Singapore or attend financial expos to connect with professionals. Building a strong network can lead to valuable insights and opportunities. 

Ready to Take Control of Your Financial Future?

Building wealth is a journey, and having a trusted advisor by your side can make all the difference. As a top 5% award-winning financial practitioner in Singapore, I specialize in guiding clients through every step—from investments and savings to retirement, estate, and legacy planning. Let’s discuss a strategy tailored to your goals, designed to grow and protect your wealth. Contact me today to get started on your path to financial security!

Sources gathered and rewritten by:

Winifred Tan (Wini)
B.Sc (First Class Honours)ChFC (Singapore) | AEPP | IBF Advanced Level 2CFA (Singapore) - L1 | CIPM (Int’l) Level 1
Court of the Table | Int’l Dragon Awards (Bronze) | APAC Financial Services Star Award
Top 20 GE Executive Financial Consultants | Entre-Planner

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