Tasvir & Poonam’s Financial Planning Journey in Singapore
Moving to a new city can open us to a whole new world and it’s a dream many hope to live out. Tasvir and Poonam are two such adventurous souls from Johannesburg, South Africa, who have lived out this dream. In July 2019, they moved to Singapore.
For them, Singapore was at the top of their relocation list mainly due to the safety, efficiency and good quality of life offered here. They’re self-described savers who definitely still enjoy the occasional splash. Find out the challenges they faced as expats, how they navigated them and how Singapore Expat Advisory provided the support they needed.
What are some of the challenges you face as an expat with regards to managing and growing your finances?
With only one of us working, we had to limit our expenditure and be careful with our spending. As an expat, international schooling comes with extremely high school fees. We also had to think about their tertiary education and start taking steps towards planning and saving. Our long-term plans were uncertain and we weren’t sure if we were returning home, making retirement planning complex – adding to the difficulty of handling our finances here.
We also had some trouble navigating the investment options available to us as expats. Having to deal with the issue of saving money in different countries, along with needing to consider tax and currency fluctuations, made personal financial planning in Singapore tricky for us.
How would you rate your financial literacy?
Tasvir: I’m a finance professional, so I consider myself well versed. Still, when you’re an expat the financial landscape is different and I’m still learning about the opportunities available to me from an expat’s perspective.
What type of aspirations do you have?
We wish to retire early and to travel as much as we can.
Tell us about your financial goals.
Short-term financial goals (3 years):
- Build up and diversify our stock and investment portfolio
- Save for a car
- Build 6 month emergency buffer
Mid-term financial goals (3 to 5 years):
- Save up 60% senior school fees
- To afford flights back home every year
- Increase monthly income by 15%-20%
Long-term financial goals (more than 10 years):
- Net worth of at least $4m
What does being financially independent mean to you?
To us, it means having enough passive income from investments and available cash to pay for all our expenses without having to be employed.
How did Singapore Expat Advisory help with determining your financial goals?
First, Singapore Expat Advisory made it clear to us what was needed to be considered as an expat, making me aware of what I was lacking in my financial planning. They then provided me with advice and illustrated the steps I needed to take to meet my financial goals.
How did Singapore Expat Advisory help with your investment planning?
Singapore Expat Advisory helped with identifying the most suitable investment options. By providing well-researched, insightful recommendations of funds that were performing well, they removed the guesswork out of investing. They also advised on investments for pensions as well as appropriate life insurance including critical illness and disability.
How did Singapore Expat Advisory help you become financially independent and give you more confidence about the future?
We can’t say that we are financially independent yet. However, our experience with Singapore Expat Advisory has been really positive thus far. They have made the respective investment administrative processes feel easy and they’ve removed the burden that comes with it. As a customer, I’m very pleased.
All of their recommendations have been realising good returns and this makes me feel more confident about achieving my future financial goals. We look forward to building a long and meaningful relationship with Singapore Expat Advisory.
Singapore Expat Advisory provides wealth management
Like Tasvir and Poonam, you might have faced similar issues when it comes to planning your finances, whether it’s planning for your child’s education or building a retirement nest egg. Also like the couple, start by consulting us to gain a better hold over your finances and planning for the life you want to lead. We guide you and help remove the complexity and hassle out of financial goal setting and investing. Singapore Expat Advisory works with you to plan your finances and manage your wealth.
Singapore Expat Advisory is an advisory platform for Promiseland Pte. Ltd Pte Ltd and are authorised and regulated by the Monetary Authority of Singapore (MAS).
General Information Only This article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any products (including funds, stocks) mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed financial adviser regarding the suitability of the investment