The training manager of a large company told me that they have 5,000 employees, who earn an average of $1,500 a month. Most of them do not have any savings. They spend all of their earnings.
What is my advice for them?
Here is my reply.
- Save 10% of your monthly earnings
- You may need the savings in an emergency, eg loss of job or pay medical bill
- Do not buy a life insurance plan - it penalise you when you take out the savings
- Invest in a flexible plan, such as the Ideal plan from NTUC Income
- 100% of your savings is invested from the first month
- you can earn an attractive return, ie better than bank deposit
The training manager was convinced. He wanted to arrange for his employees to attend my educational talk.
ReplyDeleteThank you for sharing such great information.
It has help me in finding out more detail about health insurance coverage