JQ's Financial Planning Matters

In an industry as cutthroat, thankless and potentially unforgiving as ours, it's easy for us as financial planners/insurance agents (whatever you want to call us) to be easily negatively influenced; both at work and in life. We don't take the time to look around and see the positives that surround us. Yeah I know, this blog is supposed to be "business/work related"; but I'm also a human. Plus, if you are reading this blog, I'm sure you too will want to do the same and spend a bit of time looking around for positives. One way to do that is to just be grateful for what we take for granted; partly because we are so cooped up in our work that we don't realise that we have overlooked certain things in life. So I'm gonna take this chance to just express my gratitude. First, I thank God for his Grace and Mercy, that I am given the days of my life to do my best for Him. Everyday is an opportunity, not a burden. It took me a very long time to realize this. I pr...

  So, as promised, here is the sequel to my previous post. As I mentioned in part 1, being a millionaire before reaching the current statutory age of 65 is very difficult with one source of income. Multiple sources are needed, dare I say, required. So, what do we need to prepare for retirement? For this one, I defer to the one and only...Dr Sanjay Tolani!! In one of his Youtube videos, Dr Tolani advised that our retirement portfolio should be split into two categories: Fixed and Variable (Remember my teaser in part 1). Within these two categories, there are six sources of income to prepare for retirement (other than your job salary of course). What you see above is a screenshot of his Youtube video. So what are fixed and what are variable sources of income? In my opinion, sources 1 to 3 could be variable sources, while sources 4 to 6 are more fixed sources. Here's why: Rental yields - More property to rent out, more rental income Dividends and Coupons - Depends on the market Fixed ...