Personal wealth can be accumulated through Earnings (Salary or Business income) less off expenses, Savings or Investment gains. Savings can be classified into Savings account, Current account or accounts tied to salary deposits and spending. Savings come in other forms such as Investment Linked savings or Investment Linked Savings plan with insurance or sometimes also known as endowment plan. Investments fall into broad categories of Shares, Unit Trusts, REITS, Exchange-traded fund (ETF), Trading (of shares, ETF, commodities, etc) and business investments such as peer-to-peer company loans, structured investments. We strive to collate these data for you to formulate an all rounded opinion.
Retirement planning is generally about creating one or multiple sources of income streams at your desired retirement age. This involves a lump sum savings plan or an annuity plan that creates a stream of income for you upon retirement age.
Mortgage Insurance or commonly referred to Mortgage Reducing Term Assurance (MRTA) covers the outstanding loan in the unfortunate case where the bread winner passes on. The outstanding loan is effectively paid up upon such a situation.