Five Common Financial Goals for Women

I’ve heard that it is challenging for many women (including myself) to know or even think about what targets we should be aiming for —like how much to save if we want to start a business or how much we’ll need to tide us through child-bearing and child-rearing years.

Using the #WomenWealthJourney methology and as an associate wealth planner (AWP,CFP), I provide my female clientele with a financial plan with recommendations for achieving and protecting each of financial goal of yours which we will identify and iron out together.

For each goal you choose, I provide recommendations for:

● Your goal target amount (how much you want for your goal) + safety nets to be implemented
● Your time horizon (when you want to achieve your goal)
● An amount to deposit when you fund your goal
● An ongoing amount to save toward your goal
● A tailored and customised wealth growth and preservation portfolio recommendation

Curious about these goals? Here are five common financial goals for women in Singapore:

GoalEstimated Target Amount & DescriptionDefault Investment Horizon
🏠 My Cozy HomeWe use the average price for a home of your choice (private / public housing) and apply the relevant loan rates and down-payments required, on top of the other factors to be considered: ABSD (if any), loan tenure, tenancy type, inflation, etc.)
With professional home loan experts and property agents, we will work together to identify and plan this goal of yours.
5 to 15 years / potentially longer.
👩‍💼 Start My Own Business 24 months of your salary minus taxes (your take-home pay) + 6-9 months of expenses as liquid savings (to serve as a buffer).
Inflation will be taken into account.
With a network of business strategists, you can be assured that you’ll be able to find the right business mentor to connect with.
5 years
👶 Kiddy KiddosCost of childbirth, hospitalisation stays, childbirth expenses.
Childcare costs, 24 months of your current salary (minus taxes).
Child education costs (up to local / overseas university) will be taken into account
Inflation will be taken into account.
5 to 20 years
👵 Retire on My Own TermsUsing the Income or Expenses method, we will project the retirement fund you need to continue living your expected lifestyle and retirement medical funds, retirement travel funds, and others.
Inflation will be taken into account. CPF retirement amounts and CPF plans will also be taken into account.
Your defined retirement age & statutory retirement age.
👛 Build & Preserve My WealthVaries depending upon your resources,
other goals, and goal priority
20 years or more
5 Common Financial Goals of Women in Singapore

These are five very real financial goals of women in Singapore.

Life is uncertain and being unprepared leaves women at the effect of, instead of being in control of their circumstances. It’s also common for women to be fearful about their future, especially when they’re unclear about their financial reality.

Perhaps fear is warranted among women considering some of the health statistics related to female-specific illnesses and rising divorce rates.

Put structure around your goals: As with any goal-setting process, writing down your goals is an important first step in planning for the future. Schedule an appointment with me to get started on your financial plans, or learn more about the #WomenWealthJourney here

Published by Cherie

I like my kopi without sugar, please.

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