Some basics for savers - we get asked these all the time so you may find some useful;
Q. How much cash should I keep by?
A. 3 times your monthly expenditure in an instant access account if you are in a stable job and have been there for some time, double that if you are self employed or worried about job stability.
Q. How much should I be saving?
A. Rule of thumb is half your age as a percentage of your monthly income after tax. So a 40 year old should be saving 20% of his income.
Q. How much money do I need to retire?
A. 20 times your annual income retirement. So if you want 50,000 a year you need a million invested.
I'll post up more as I think of them!
Mark Paine
Meyado
Singapore
www.meyado.com.sg
About Me
- Mark Paine
- I joined Meyado Private Wealth Management as an international financial adviser in 1993. I have lived and worked in the USA, Europe, the Middle East and currently reside in Singapore in South East Asia where I am Managing Director of Meyado Pte. I am a qualified Financial Representative in Singapore under the MAS Financial Advisers Act as well as holding UK FSA CFP and FPC examinations and a BSc in Business and Law from the University of Hertfordshire in the UK. You can contact me at markpaine@meyado.com
