But while my head is with Tharman, my heart goes to Ng Kok Song, who has not only tried his best to bring dignity and environmental friendliness into his campaign but has given so much down-to-earth financial advice to folks following his campaign. My wife has signalled her intention to vote for Ng, and I fully support her decision.
I will probably write a lengthier article on Dr Wealth Blog elaborating on this advice, but I will list what has been shared here and grow this dynamically as I get more snippets of wisdom from Ng.
Here goes :
- Points out that public speaking and communication skills are the most important to develop and may need to improve in schools. This is closely followed by financial literacy.
- Family finances can be managed well if run just like a professional portfolio.
- Sharply identifies saving money as the most critical skill in personal finance.
- The way to invest is to prefer a diversified portfolio of assets across different asset classes.
- Your time horizon needs to be extended for investment to bear fruit.
- The expected returns for a diversified portfolio are a nominal 7-8% for decades.
- You need to keep expenses low, hinting that ETFs are the best way to go ahead for retail investors. ( FAs will never admit this ! )
- The whole point about managing finances is "optionality", the power to leave a boss who is terrible to you.
- Alluding to the duality of wealth generation in Singapore. You must do well in your investment portfolio and supplement it with residential property.