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● Did you know DBS Bank is a leading advocate for financial literacy, offering tools to help individuals manage their finances more effectively? The bank even has a dedicated team that guides Singaporeans to make smarter financial decisions. That’s why Seedly is proud to have DBS Bank as the Main Title Sponsor for the Seedly Personal Finance Festival 2024. This fifth instalment of our Personal Finance Festival, themed around Singapore’s neighbourhoods, drew an impressive crowd of 5,000 attendees who enjoyed over 15 hours of insightful content from 71 esteemed speakers. If you missed the event, here are some key takeaways and standout moments from the sessions led by DBS speakers! Reflecting on the keynote entitled ‘Financial Planning From Your First Paycheck to Retirement’ by Ling Seng Chua, Head, Financial Planning, Investment & Insurance, Consumer Banking Group, DBS Bank, one key takeaway stands out: the importance of beginning your personal finance journey early. This message reinforces the idea that personal finance is just that—personal. As we navigate the ups and downs of life, adjusting our financial strategies at each stage is crucial. The golden rule of personal finance: —especially for emergencies. Whether you choose a or a account, the goal is to have funds set aside that you can access quickly when needed. Many have heard stories about parents saving diligently secretly, perhaps hiding money in unexpected places. In my own experience, I found an A4 insurance booklet in my mother’s drawer, revealing a regular savings plan she had started for me when I first began working. A story shared by DBS Bank speaker Ling Seng Chuan resonated with me. He recounted how his father gave him a POSB savings passbook upon receiving his A-level results, revealing that his parents had been diligently saving for his education and university fees. These stories emphasise the importance of saving for ourselves, our loved ones, and our dependents. Planning ahead and saving for their future needs can significantly impact their lives. It is common knowledge that as we age, our likelihood of experiencing physical health issues increases. Over time, I’ve witnessed how illness can enter the lives of those around me, causing both emotional and financial challenges. It can be , it can be heart disease, and for those without proper financial backing through insurance, it’s a downward spiral from there. . In fact, it can cost without insurance coverage, and most people would not want to spend their hard-earned money on treatments. Can we afford treatment without too much financial stress? Good news: We can, especially if we choose an or with solid coverage. Being underinsured means you might not have enough coverage for your needs, while being overinsured could mean paying more than you need for your insurance. My main takeaway from planning for protection is that it’s an ongoing process that changes as your life does. It’s essential to have medical insurance and start early. To avoid overinsuring, consider insurance a safety net for unexpected situations, not a way to seek large payouts. It’s all about striking the right balance. If you have been an avid Seedly reader for some time now, you should know that we always suggest starting investing early and investing right. You can only grow your wealth by making investments—whether it’s low-risk or high-risk investments—as long as it suits your . Building a diversified portfolio through dollar cost averaging can help cultivate a disciplined approach to investing, but first, you have to learn about the different investment assets available. Thankfully, we have a beginner’s guide just for you: Besides investing your money, you should invest in your skill sets, health, mental, and family. This becomes even more crucial in light of the recent tech layoffs and the growing importance of upskilling in response to the rise of generative . While most workers in Singapore are part of , building multiple layers of passive income is one of the most popular ways to fund retirement. This ensures that you will have a consistent income flow even when you stop working, and one of the key takeaways that can help to identify where to start is this: “ ” The government’s announcement of a credit top-up for those aged 40 and above clearly signals this trend. Although lifelong learning can be challenging, embracing change is essential for personal and professional growth. By continually adapting and evolving, we increase our chances of achieving our goals and thriving in a constantly shifting landscape. It’s crucial to keep learning daily, as the world is changing rapidly, and this pace will only increase. While investing in your wealth is essential, don’t forget to invest in your well-being, health, and time with your family. Strive for balance in life to avoid feeling miserable or burnt out, and prioritise quality time with your loved ones. With the evolving landscape of financial planning, many tools, such as the Plan with Digibank by DBS Bank, offer insights into your spending, saving, and investment habits. These tools also provide personalised financial tips to help guide your decisions. Ultimately, everyone’s financial journey is unique, so it’s essential to discover the best approach for you. I don’t know about you, but the lessons from the sharing were a stark reminder to check my finances on time. With every new addition to life and every new milestone, it’s good to relook at our goals and align our finances to achieve these goals in the future. If you’ve missed some of the great sharings, remember that you can catch the live recordings on our YouTube channel soon! In the meantime, comment below on any insights you’ve gleaned and share them with your fellow Singaporeans!