Brown Nuggets

Insurance Plans & Investment Policies

Went for a OCBC talk with my mom this morning and learnt about the importance of managing my finances and risk coverage. Common sense to you perhaps but not to me.


I've never been the sort to worry about money. Since I started working, I've not once bothered with budgeting or keeping track of how much money I had. Despite that, I have never lacked. I guess I'm exceptionally blessed.


When I was younger and still studying, my mom provided for me. And when I just started work, I earned enough to get by. Then, I was too young to give any thought to growing my bank account and saving for the future. So for the first couple of years, my bank account was always only about 2 to 3k.

I remember my mom made me sign up for a financial savings plan with Prudential and I did so grudgingly as I didn't think I would ever have use for the money - since 1) the world would probably come to an end soon 2) i am fit as a fiddle. Nobody ever expects anything bad to happen to themselves anyway.


Years passed and I gradually moved on to more enjoyable and better paying careers. My lifestyle became more comfortable and I am now able to afford whatever I fancy (minus car and condo).

I tried investing my CPF funds a couple of times based on recommendations from friends but I can only say that I am not gifted in this area. My investments took a plunge soon after I signed the papers and have not quite recovered.

Despite that, my bank account has been growing steadily and I have no lack.

Since the talk, I have started to pay more attention to my savings and have been trying to put aside as much as possible every month. Hopefully, I will be able to invest in a condo in 2 years time. I spent several days sorting out all my insurance plans and investment policies, and transferring some money into a time deposit account. I also opened another bank account which promises higher interest rates and benefits.

While these are only tiny steps, I believe I am on my way to a more financially stable me!

posted by Pocahontas @ 6:48 PM