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Brandan Chen

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Stand a chance to win prizes by reading the article below and answering the question within. T&Cs apply.

Education

How to start saving money Now to afford your Dream Home later

The economy is fluid: as prices rise, a single unit of currency will inherently lose it value, impacting the overall cost of living. With the way inflation is affecting the cost of living in Singapore, more and more Singaporeans are adjusting their financial goals to ensure they can be prepared for the future. While a home costs $400,000 in 2020, the same house may cost upwards of $902,000 in 2050 (Dollars & Sense 20171). And if you’re struggling right now to achieve your basic financial goals, this could pose a problem in your future. See how you can begin to build on your financial goals in preparation for the future.

Clearly Define the Goal & Path to Achieve It (Sport of Money 20194)

Clearly Define the Goal & Path to Achieve It

Since long term goals take a longer period of time to work towards, it’s easy to get dejected and lose sight of it during difficult times. Solidifying in your own mind why this goal is crucial to your future success will help you to stick with it over time. It can also help to break this large goal into smaller, bite-sized pieces.

Audit Your Progress Towards the Goal & Realign as Needed (Investopedia 20202)

Audit Your Progress Towards the Goal & Realign as Needed

Benchmarking your success as you reach smaller milestones that indicate you’re headed in the right direction of that long-term goal is important. Every step in the right direction should be celebrated – after all, it’s lots of little successes that will comprise your larger success! As you move through life, review how well you’re doing to make progress towards the long-term goal.

Accept that Long-Term Goals Take Time (The Simple Dollar 20203)

Accept that Long-Term Goals Take Time

If you take each day as it comes and make financial decisions while keeping that long-term goal at the front of your mind, you will be successful in time and learn the difficult lesson of discipline as a byproduct of your work!

In the end, long-term financial goals are not only practical for your future but also help to train you to be more financially disciplined over time. By breaking down the goal in bite-sized pieces, keeping track of your progress and adjusting as needed, and understanding that these goals will take time to get to, you can be successful in meeting your goals in the end – and unafraid of the potential inflation costs that will inherently rise in the future!

This article is a part of Answer & Advance, our 8-week contest series where you can win awesome prizes reading the article above and answering a simple question. Answer the question correctly and stand a chance to win from this week’s pool of prizes and join in others to unlock the next tier of goodies! Want to increase your chances of winning? Read more articles and submit your answer to the questions of the participating articles. Sign up to my newsletter now! Find out more about the contest here.

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Week 5

A home costs $400,000 in 2020. How much do you think this same home will cost in Singapore in 30 years?

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The correct answer is

$902,000

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Content Sources
1 - Dollars & Sense (February 2017), How Much Would It Cost To Live In Singapore In 2050, retrieved from Dollars & Sense
https://dollarsandsense.sg/how-much-would-it-cost-to-live-in-singapore-in-2050/
2 - Fontinelle, Amy (January 2020), Setting Financial Goals for Your Future, retrieved from Investopedia
https://www.investopedia.com/articles/personal-finance/100516/setting-financial-goals/
3 - Hamm, Trent (July 2020), 4 Surprising Steps to Achieve Your Long-Term Financial Goals, retrieved from The Simple Dollar
https://www.thesimpledollar.com/financial-wellness/how-to-achieve-long-term-goals
4 - Sport of Money (December 2019), Are You Struggling To Achieve Your Financial Goals?, retrieved from SportOfMoney.com
http://www.sportofmoney.com/are-you-struggling-to-achieve-your-financial-goals-here-are-ways-to-stack-success-in-your-favor/