A few months back, I received a referral from a business owner who had been fully focused on scaling his company. However, he had been neglecting his personal finances, leaving him with no clear roadmap for his financial future or his family’s.
His retirement plan relied heavily on upgrading to a condominium, selling it off, and downgrading to an HDB in his older years, using the sale proceeds and capital gains (if any) to fund his retirement. But buying the condominium was a far-fetched goal for him, given his insufficient cash and CPF-OA for the down payment. Previous bank loan applications had also been denied due to the high loan amount.
After examining his overall financial objectives and current financial position, we worked together to safeguard his income, and expand his wealth through various strategies. We focused on building his retirement income using approaches that provided more certainty and are more achievable based on his current financial situation.
Disclaimer: All information are for informational purposes only and should not be relied upon as financial advice.