How To Get To Financial Independence By Age45? 8 Things To Accomplish For Financial Freedom And FIRE

Millennials and Gen Z put Financial Independence as the TOP factor for a better life!
However, Gen X and Baby Boomers prioritize good health instead! Why?
Today we'd cover 8 things to accomplish for financial freedom and #FIRE

0:00 Introduction
What you need to accomplish to get to FIRE

1:40 Good health
Type 2 diabetes will at least cost $200/m in medical extra cost
Private Medical insurance PMI now have 5% co-payment and if you have medical bills, you will have increased cost.

3:36 Sustainable insurance cost
When will insurance premiums tail off.
Understanding the premium savings you can get by choosing different medical insurance 
✅ ENGAGE Josh Tan to build your insurance portfolio
Email to ►‌ josh.tan@promiseland.com.sg

6:25 Upgrading long term care 
Careshield life is now compulsory for anyone age30 and above.
Upgrading coverage is voluntary and most plans premium are by entry age to plan
Careshield life premium increases every year and deducts from medisave
Using medisave and it's 4% interest to sustain plan premiums
✅ ENGAGE Josh Tan if you'd like advice on an upgrade
Email to ►‌ josh.tan@promiseland.com.sg

09:07 Be able to fully pay off mortgage
Clearing liabilities are important before you get to financial independence.
Be prudent in your mortgage liability

10:28 Money set aside for your dependents
Children and parents require you to help them with their bills.
I've chosen to set aside money in CDA account which will convert to PSEA and CPF eventually if there are surpluses.
Also set aside $50,000 for each child for tertiary education cost

11:41 Passive income
Have enough in CPF FRS at least. FRS 2022 is $192k and aim to have that in your CPFSA
Buy annuity plans to provide you stable long term cashflow
Build a dividend portfolio

14:37 Other income streams. More discussions here
►‌ NEW LIVE Q&A "The Josh Tan Show": https://www.youtube.com/c/THEJOSHTANSHOW
By Spotify -  https://open.spotify.com/show/7Hdw7jmi6vLvTt7IQP9Bn3
- $40k Income, Single And Aiming For Retirement At Age50 With $1M 
- $100k Combined Income But $17,000 Spent Here...

#financialindependence #fire #financialfreedom


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. 

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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.

Learn more on financial planning and insurance concepts, visit 
►‌ https://theastuteparent.com