“Where Do You See Yourself In 5, 10 or 20 Years Down The Road?”
This is a favourite question that is often posed to a candidate during an interview process.
But do you ask that about your own personal life?
Frankly, not many people have thought of it deep enough to make a serious call on a decision they make today.
Looking at the situation today, COVID-19 has inflicted incalculable social, economic, and structural damage to the country and its citizens.
With most segments of the society struggling with the impact on the economy resulting in job losses, pay cuts, and retrenchment, COVID-19 has clearly exacerbated the situation for the lower-income group with the government requiring to step in to provide income and job support.
According to the study, almost half of the low-income earners (those earning $2,999 & below) experienced a drop in salary during the pandemic. Out of this population, another half of the group saw their income decline by more than 50%.
Take a look at appendix 3 appended below, for instance, 42% of the population who has experienced a decline in their income has less than one month of personal savings while another 22% has only between one to three months of cash flow to tide them through.
This is clearly well below the recommended 6 months of emergency funds that most financial planners would advise.
What lessons can we learn from COVID-19 that can enable us to make better informed financial decisions in the future? How do we impose a back-up plan to prepare ourselves sufficiently for future recessions? These are some hard yet realistic questions that we have to ask ourselves.
Thankfully, with the enhancement of digital innovation such as the NAV Planner, an individual can now project their finances simply and effectively.
 |
| Appendix 1 |
 |
| Appendix 2 |
 |
| Appendix 3 |
Map Your Money
DBS has launched Map Your Money, a new feature in NAV Planner on DBS and POSB digibank.
This new feature allows users to have a holistic view of their overall net worth and cashflow projection through the interactive dashboard. It allows users to plan to see how much they have spent and how much income and savings are required to sustain the same kind of lifestyle, not just for months but also years ahead.
In the event of having to face an unprecedented crisis like today – which results in a likely scenario of pay cuts or retrenchment – the user can navigate the planner to see which expenses are discretionary in nature and can be cut back. The planner would also show how many months of cash flow is needed to survive comfortably.
Users may also set a few short and long term goals to look forward to.
For instance, setting aside $3,000 for a winter trip to Seoul next year can be considered a short term goal while longer-term goals can include things such as setting aside university fees for kids’ education.
The CashFlow projection chart is split into 2 stages:
i.) Before Retirement – Accumulating Wealth
ii.) After Retirement – Drawing down wealth
The colored bars indicate the income stream which includes salary, rental income, dividend, CPF payout, and SRS payout. NAV Planner even takes into account all the complex CPF rules so your forecast is as accurate as possible.
The black line indicates the current expense today and the projected future spending after retirement.
The line turns red if there is a gap between the red line and the bars, indicating a shortfall that you have to bridge to get back on track.
Let’s look at the 3 different scenarios below:
Scenario 1:
Let’s make the following assumption under scenario 1:
- Current Age: 35
- Retirement Age: 65
- Life Expectancy: 90 Years
- Monthly Cashflow Income at age 35: $14,800 (includes salary, rental, dividend, interest)
- Monthly Cashflow Expense at age 35: $10,000 (includes home loan, groceries, transportation, and all other expenses)
- Monthly Cashflow Expense at age 65 (retirement): $3,000
Scenario 1 is a conservative figure where I decide to continue working until the retirement age of 65, where my working income will then start to taper off, and only rental and dividend income remain. The current monthly cashflow income at the current age is $14,800 which includes salary, rental, and dividends. The current monthly cashflow expense at current is at approximately $10,000 which includes the big chunk of home mortgages and kids’ activities and expenses. By the time I turned 65, I am expecting the monthly expense to drop to $3,000.
Based on the Map Your Money analysis, it looks like financial freedom is on track based on the retirement schedule I’ve provided. I can take a huge breath of relief knowing that my financial planning is doing well.
 |
| Scenario 1 |
Scenario 2:
Let’s make a little tweak on the assumption under scenario 2:
- Current Age: 35
- Retirement Age: 40
- Life Expectancy: 90 Years
- Monthly Cashflow Income at age 35: $14,800 (includes salary, rental, dividend, interest)
- Monthly Cashflow Expense at age 35: $10,000 (includes home loan, groceries, transportation, and all other expenses)
- Monthly Cashflow Expense at age 40 (retirement): $3,000
Now, let’s assume in scenario 2 that I would like to get a bit more adventurous by retiring earlier at the age of 40 instead of 65 years old.
I would like to retire earlier so that I can spend a bit more time with my children.
I wasn’t sure though if this is a good move and if my cashflow could last till 90.
Oh well, Surprise, Surprise!!!
Based on the Map Your Money analysis, it looks like scenario 2 still fits well with my retirement plan and schedule. It means that I have the green light if I choose to do so.
 |
| Scenario 2 |
Scenario 3:
Now, let’s make a step more aggressive on the assumption under scenario 3:
- Current Age: 35
- Retirement Age: 40
- Life Expectancy: 90 Years
- Monthly Cashflow Income at age 35: $14,800 (includes salary, rental, dividend, interest)
- Monthly Cashflow Expense at age 35: $10,000 (includes home loan, groceries, transportation, and all other expenses)
- Monthly Cashflow Expense at age 40 (retirement): $6,000
In this scenario, I have assumed that not only do I want to retire at the age of 40, but also doubled my expense from $3,000 to $6,000 after I retire. Perhaps, I wanted to enjoy life a little bit more by staying at a 6-star hotel and travel more after I retire.
Based on the analysis, it seems like my dream looks a little distant from my current profile. It appears that my cashflow would not be able to last me until 90 years old.
Conclusion
Your goal tomorrow is the hard work and effort of what you put in today.
The “Map Your Money” function in the DBS Planner is a simple yet effective tool to help users visualize their current and future situation and make the required changes to financial planning at any point in time.
For young individuals who are working employees, the tool can help to project how much savings they need to accumulate before meeting the recommended emergency funds or before hitting important milestones such as marriage or buying their first home.
For individuals who are nearing retirement, they can utilize the tool to see if the funds can last them long enough, and if it can withstand the stress of times during an outbreak like today. For example, in the event they lost their job due to retrenchment, they also could utilize the tool to see how long their funds would last them.
What I like most about the NAV Planner is that it is flexible enough to make adjustments and changes based on our circumstances and goals in life, and it is not static. Because of this, I am able to make smarter decisions in my financial planning and enjoy the fruits of my labor in the later years to come.
To find out more about DBS NAV, click
here! Otherwise, you can go straight to planning – simply log in to your DBS/POSB digibank and
click on the ‘Plan’ tab.
If you need more help assembling your retirement plan, you can refer to the DBS’ “DIY Manual” on retirement
here.
Disclaimer: This is a collaboration with DBS on the navigation of NAV Planner and the features it can help users to achieve greater retirement planning. I loved this feature so much that I project a lot of scenarios on my own. All scenarios projected above are based on my own pure experience using the feature.
CAN YOU STOP SCROLLING NOW?
🔎ARE YOU SEARCHING FOR PROFESSIONAL HACKERS🕵💻 ONLINE FOR HIRE BUT NEED A LEGIT ONE THAT CAN ACTUALLY DO YOUR JOB WITH ACCURACY AND TIMING? CONGRATULATION! YOU JUST FOUND US!
⚡STOP 💯THE RISK OF GETTING SCAMMED BY ENGAGING WITH ONE OF THE WORLD'S MOST TRUSTED COMMUNITY OF HACKERS ONLINE!! We are fast⚡, reliable, accurate💯 and more precise!
🚦Do you know you can fall easily for a scammer who claim to be a hacker online? Why take that risk when you can talk to an escrow that can direct you to real and legit professional hackers that get your jobs done at the right time⏰
✔The purpose of our team is to manage your queries without compromising on quality in order not to make you feel challenged to gain our assistance!
✔Our team doesn't stop at asking you mere questions. We take your feedbacks, and work on every detailed complaints you may have!
Be it:
☢FUNDS RECOVERY ON SCAM INVESTMENTS, BINARY OPTIONS TRADING 📈📉
☣ WEBSITE AND DATABASE HACKING 💻
☣️ CREDIT REPAIR 💳
☣️ PHONE HACKING & CLONING (HAVING FULL ACCESS TO THE PHONE) 🔇
☣CLEARING YOUR CRIMINAL RECORDS ♻
☣️ SOCIAL MEDIA ACCOUNTS HACKING
☣RECOVERY OF DELETED FILES ♻
☣️LOCATION TRACKING 📌
☣BITCOIN MINING ⛏
☢LOST ID OR PASSWORD🔍
☢LOST EMAIL ACCOUNTS📫
☢STOLEN BITCOINS💰
☢LOGIN ERROR
And any other issue can be resolved by us without stress. Chat with us. The amazing thing is that clients' issues are resolved within hours every single day! TRY US TODAY! WE PROVE OURSELVES BEYOND EVERY DOUBTS.
For the fastest resolution to any issue, please contact our Support Center prior to submitting a request. You can remain anonymous for risk reasons.
[email protected]
CRYPTO ACCOUNT TAKEOVER (ATO) attacks are on the rise and are costing individuals, businesses, and organizations significant financial and damage that are often difficult to recover quickly.
Cybercriminals use stolen credentials such as usernames and passwords obtained by malware and social engineering to gain sensitive information, and they’re using that same data to access websites and bankings/Bitcoin accounts wallet to transfer money, execute fraudulent transactions and bring people down to a Zero point financially.
Dhacker is a multinational equipped Hackers come together as a team to track down & to recover whatever that has being stolen from you from the most difficult internet SCAMMERS. NOTE!! We've received countless heartbreaking reports of notorious cyber scammers and we’ve successful recover them back.
contact us on
1⃣Binary Recovery.
2⃣Files Recovery
3⃣School Graded & Exam Questions
4⃣Password Bypass / Recovery
5⃣Malware Removal / Erase Criminal Records
6⃣Blank ATM Card
7⃣Social Media Hack
8⃣Remote Mobile Monitoring & Hacking
9⃣ DOCs & Reports Removal/
🔟 Private Key Reset
Relate whatever it is to City Center Of Binary Option Service & allow us give you positive result you’ve always wanted with our hacking skills.
Email 📩[email protected] [email protected] [email protected] we Guarantee you up to %85
REMEMBER YOUR HAPPINESS IS OUR PRIDE
CRYPTO ACCOUNT TAKEOVER (ATO) attacks are on the rise and are costing individuals, businesses, and organizations significant financial and damage that are often difficult to recover quickly.
Cybercriminals use stolen credentials such as usernames and passwords obtained by malware and social engineering to gain sensitive information, and they’re using that same data to access websites and bankings/Bitcoin accounts wallet to transfer money, execute fraudulent transactions and bring people down to a Zero point financially.
Dhacker is a multinational equipped Hackers come together as a team to track down & to recover whatever that has being stolen from you from the most difficult internet SCAMMERS. NOTE!! We've received countless heartbreaking reports of notorious cyber scammers and we’ve successful recover them back.
contact us on
1⃣Binary Recovery.
2⃣Files Recovery
3⃣School Graded & Exam Questions
4⃣Password Bypass / Recovery
5⃣Malware Removal / Erase Criminal Records
6⃣Blank ATM Card
7⃣Social Media Hack
8⃣Remote Mobile Monitoring & Hacking
9⃣ DOCs & Reports Removal/
🔟 Private Key Reset
Relate whatever it is to City Center Of Binary Option Service & allow us give you positive result you’ve always wanted with our hacking skills.
Email 📩[email protected] [email protected] [email protected] we Guarantee you up to %85
REMEMBER YOUR HAPPINESS IS OUR PRIDE
Investment plans
PROMO PACKAGE
�� BASIC
Invest $200 earn $2,000
Invest $300 earn $3,500
Invest $400 earn $4,500
Invest $500 earn $6,000 �� PRO
Invest $1,000 earn $15,000
Invest $2,000 earn $25,000
Invest $3,000 earn $35,000
Invest $4,000 earn $45,000
Invest $5,000 earn $60,000
Invest $10,000 earn $100,000. �� PREMIUM
1BTC earn 5BTC
2BTC earn 10BTC
3BTC earn 16BTC
4BTC earn 22BTC
5BTC earn 30BTC. ALL RETURNS ARE SCHEDULE, FOR 12 HOURS, UPON CONFIRMATION OF PAYMENTS. MODE OF PAYMENT.
Any, Suitable For Investors, But Terms and Conditions Apply.⭐️HURRY NOW!!!
Refer a Friend or Family member to invest same time, and Receive an instant $50 Reward. To set up an INVESTMENT PLAN,
Contact Admin
[email protected]: +1(646)481-0376https://www.facebook.com/101745678391674
y'all need to be very careful on here as i have spoken to all the recovery experts on almost all these platforms. i had to use the risk of surfing the darkweb with Thor browser through the darkweb with Duckduckgo before i was able to hire the russian h4cker Vladimir Kolarov of thehackerspro.com
their Specialists are well experienced in their various niches with Great Skills, Technical Hacking Strategies And Positive Online Reputations And Recommendations🔘
They hail from a proven track record and have cracked even the toughest of barriers to intrude and capture all relevant data needed by Clients.
they also have Digital Forensic Specialists, Certified Ethical Hackers, Software Engineers, Cyber Security Experts, Private investigators and more. Our Goal is to make your digital life secure, safe and hassle free by Linking you Up With these great Professionals such as JACK CABLE, ARNE SWINNEN, SEAN MELIA, DAWID CZAGAN, BEN SADEGHIPOUR And VLADIMIR KOLAROV More. These Professionals are Well Reserved Professionals who are always ready to Handle your job with great energy and swift response so that your problems can be solved very quickly.
All You Need to Do is to send them an email on [email protected] chat/ talk with Customer support on the website who will set you up for a schedule and then Assign any of these specialists to Handle your Job immediately.