Presidential Elec 2023
My presidential tips for young people
I am standing for the presidential election in 2023. Here are my presidential tips for young people.
MY MESSAGE
I am now 75 years old. But I was a young person once.
I started work at the age of 18 years as a clerk in an insurance company and earned a modest salary. I applied for jobs to broaden my experience and with the hope to earn more.
I was also interested to look for a pretty girl that I could marry and start a family.
I believe that this is the aspirations of many young people today.
I wish to share some tips to young people on how to manage their financial situation. I will also say a few words about finding a suitable life partner, although I must confess that I am not an expert in this area.
Now, about financial management.
Your goal should be to save a portion of the salary that you earn. I suggest that it should be 15%. This saving rate is on top of the money that you contribute to the Central Provident Fund. It is your voluntary savings.
You may find it difficult to set aside this personal savings, as the cost of living is high and you are attracted to buy many lifestyle products that your friends have.
You have to resist this temptation. You have to be frugal. I have been frugal my entire life. It is possible.
Look for unknown brands of products that are of good quality and cost less than half of the branded products. The quality may be slightly lower, but they will suit you just as well.
Today, it is easy to search for good value products through the online retail platforms. Your friends may also be able to give you some tips.
Leave the expensive branded products to rich people. If you are not rich, do not waste your money to keep up with other people.
Many people spend too much money on a car. Some may need a car to make a living, but others do not need a car. They can use public transport or call a taxi occasionally.
By being frugal, you will be able have sufficient savings. You may have to spend more in some months, and over the course of the year, you can have a tidy sum of savings that you can invest.
How do you invest your savings? I have a few good tips from my book entitled "Financial Planning for Young People". You can get a free copy during this month (August 2023). It usually cost $6 for a PDF copy.
The link is here:
https://tankinlian.com/cart.aspx?ID=19
I will now say a few words about life insurance. You will surely meet many people, including your friends, who want to sell life insurance to you.
They will tell you that it is important to have adequate life insurance to save for the future and to provide protection to your family, in case you meet with a critical illness or die prematurely.
Life insurance is generally good, but you need to find the right policies. Some policies take away too much of your savings and give you a poor return. You want to avoid them.
I also gave some advice on selecting the right insurance policy in my book.
My book is easy to read and to understand. Spend some time to read the book, and maybe read it a few times.
My basic advice is to buy a term or accident insurance to cover your life (and pay a low premium) and to invest the rest of your savings in an ETF (exchange traded fund). This is explained in my book.
Now, I like to say a few words about finding a life partner. Do not go for the prettiest girl or the most gorgeous man that you can find. The competition is too great, and your target is too demanding.
Look for a life partner that likes you more than your like him or her. You will find that the partner will appreciate you better. More importantly, look for a person who shares the same goals as you, about what to look forward to raise a family.
One last word. Do not spend too long time searching for a life partner. Try to decide earlier, before you reach the age of 30 years.
All the best in your life journey.
Tan Kin Lian
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Tho i may not agree with you 100%, but u hv my vote.
Gary 26 Aug 2023
TKL for president. #VTO
Jonuts 23 Aug 2023
I think we should showcase your talents at an open mic event at Esplanade. Humour has been described as "good medicine", and you are definitely a class act :) Thank you, Mr Tan.
Benjamin Ho 20 Aug 2023