Be Financially Educated - It Pays!
Before that, I thought getting a regular income alone was enough to assure a bright future financially. My savings was however not growing as quickly as I envisioned. Whatever I invested in at that time were on unit trusts which I didn’t really understand.
Sometimes, I wish governments worldwide would mandate a “Personal Financial Education” module in school curricula.
Fortunately, I began to devour book after book on personal finance in the years after. I began to learn how to manage debt, income and expenses. I realized that I needed to build passive income (money that you earn even if you’re not working), and to do that I had to understand the mechanics, charges involved, risks and trends of the financial instruments I want to invest in.
Reading was one thing; taking action was another. My husband and I started actively planning for our financial future only when I was expecting our first child six years after that.
In the next few blog posts, I will be sharing more about "free" financial education resources.
(This article first appeared in the CPF IM$avvy blog)