5 MONEY MISTAKES you need to AVOID in 2024!

Today you'd hear what are the top 5 financial mistakes to avoid if you want to succeed financially for this new year.
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0:00 Introduction
0:20 Savings process
1:56 Investment process
3:16 Budget
4:55 Retirement plan
8:16 Tax relief
#investing #savings #savemoney #moneymistakes
We do not make any recommendations on whether a security is a buy/sell as every investor has different investment goals and risk profiles. The presentation of ideas from Josh Tan and TheAstuteParent are strictly for education purposes. You are advised to perform independent research yourself or seek a qualified financial adviser. We will not be liable for any losses directly or indirectly from the material. Some of the referral links in the video summary are products and services personally used by Josh Tan and they may pay an affiliate commission or referral bonus.
It is not an endorsement of the product unless explicitly stated and we will not be liable for any losses. The content in this video and any promotions mentioned is accurate as of the posting date.
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About Josh Tan:
Josh holds a degree in Accounting from NTU. In 2016, he co-founded the financial education website TheAstuteParent to provide detailed insurance plan analysis and financial planning tips.
As a ChFC Charterholder, Josh has agreed to be bounded by the ChFC®/S Code of Ethics. This includes, among others, acting in a professional manner when it comes to conducting due diligence on primary and secondary sources of investment-related data, and articulating his investment opinions based on his research and beliefs. Based on his research and analysis, he highlighted his beliefs and opinions, and illustrated the concept of time value of money, as of the time of the video.
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[@joshconsultancy]

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[@chefscircle6133]

Hi Josh, have you done a video on financial planning for end of life care and after life? Money for adult diapers, carers, special needs, special medical treatments not covered by insurance, the box. Folks these days cannot rely on next generation

[@joshconsultancy]

@@chefscircle6133 unfortunately this topic may not be suitable as a content.
I do look into the insurance component for private clients and long term care is one part I'd ensure

[@chefscircle6133]

@@joshconsultancy I hear Philippines is a good place to retire and very affordable. This is good enough reason to bring the family for a fact finding mission and vacation

[@jt.bizzacc]

Has been following your channel for a few months now, thanks for the info! It helped me a tonne!

[@DonYang73]

Yes totally agree, 20% savings is NOT enough. You will not make it in the long run with that. When young with no commitment, strive for 50% savings. You will be spending more as you get older. Not the other way round. Its about discipline.

[@Mich686]

Hi Josh yes one mistake I made.. keep all my cash into FD for decades … lucky managed to get 3 units of the properties 😊

[@Nickolodeanzz]

Just curious, what's considered as a high income earner to be able to do medisave top up as a wise decision?

[@joshconsultancy]

I think Chargeable income above $80k. The tax relief bracket for amounts there is 11.5% and upwards

[@bloggeraldwin]

HST ETF ?

[@joshconsultancy]

An investment that hasnt worked out well isnt a mistake =P

[@tedchandran]

Jai Hinduja. These is my personal experience which may or may not be the norms. I had dabbed in properties and stocks and are mostly in the black. Even buying insurance products from agent can pay off in the long terms. However my worst mistake is to buy so-called investment products to generate monthly incomes from Relationship manager which had wiped out my investment.

[@joshconsultancy]

Thank you for your sharing and hopefully alls better now 🙏🏻

[@chefscircle6133]

For equities, there is a saying, dont buy 1 if you are not prepared to buy 10.
Buffett or Munger might have to said this. It means research until you are 100% certain and then plough money into it
Start a small position and keep adding to it. Or, like Buffett, takeover the whole company

[@joshconsultancy]

Nicely said 👍

[@wahkwanggan8088]

No need to save 4k a month. Only need 2k per month. Bonus year end 25k saving 😂

[@joshconsultancy]

Also can!