MWI Consultants Inc in Singapore

MWI Consultants is a globally-known Financial Planning Consultancy Service providing financial strategies and advisory to top net-worth companies, families and individuals.

60-Second Guide to Short-Term Savings

Could you cover the cost of a new water heater if yours suddenly went on the fritz? Would you have to put the unplanned purchase on a credit card, and then adopt a Ramen-only diet for months afterwards just to cover the tab?

Having money at-the-ready for life's financial hiccups -- both planned and otherwise -- can cut a lot of stress from your life. Give us just 60 seconds, and we'll show you how to establish a short-term stash of cash in no time.

0:60 Calculate how much you spend every month

The first rule of savings is to bank enough to cover the necessities if -- knock on wood -- an emergency arises. How much do you need? Well, how much do you spend on a monthly basis?

Add up what you spend each month on necessities such as food, shelter, transportation to work, and anything that you promised to buy your kids. (If you're not into keeping detailed records, Mint.com's free online service can give you a pretty good immediate snapshot of where your money goes.)

0:52: Add some padding for "just-in-case" scenarios

There are small emergencies (bad perm) and big ones (job loss). Bump up your monthly spending number a tad to account for things like job-hunting expenses, should you suddenly find yourself in need of a new gig. Then multiply that figure by three or six (for the number of months that you want to cover), factoring in other available monetary resources and the number of people for whom you're financially responsible.

Voila! Now you have the amount of money you need to stash in your emergency savings account.

0:48: Gaze into your 1- to 5-year "big expenditures" crystal ball

With your emergency savings covered, now it's time to figure out what other kind of cash you should put aside. Planning a renovation, extreme dental work or a family vacation? These things are also part of your short-term savings strategy. Put 'em down on paper and estimate how much these purchases will cost.

0:40: Figure out how quickly you will meet this goal

You want to fund your cash kitty ASAP (emergency expenses tend not to wait around until it's convenient). Come up with an amount you can afford to contribute each month. Make it one of those must-pay expenses -- just like your electric bill and grocery money. Yes, it's that important. Once the emergency stash is stashed, move on to the non-emergency short-term savings goals. (Use our savings calculators to crunch the numbers.)

0:37: Pick a parking spot for your cash

Easy access is essential when we're talking about emergency savings, so your money should be stashed somewhere you'll be able to get your hands on it quickly ... in case of, well, an emergency. It should also be in a "safe" investment -- meaning one that won't tank every time the stock market takes a tumble. That narrows it down to:

  • High-yield savings accounts.
  • Money market accounts.
  • Money market mutual funds.

For non-emergency savings (where you pinky-swear to let the money sit untouched until you need it) less liquid investments -- such as certificates of deposit -- may offer you a better interest rate on your money. (We've covered the ins and outs of all these types of accounts in "Where to Park Your Cash.")

0:29 Click around and comparison-shop

Look at bank ads in newspapers, check out the best national rates on Bankrate.com, see what your broker is paying on cash in your brokerage account, ask your regular bank or local credit union what they offer, and get information on money market funds from websites like iMoneyNet. Find out:

  • What interest rates are available.
  • What are the comparable yields over identical time periods.
  • What timeframe the rate applies to.
  • What fees (if any) there are to purchase and maintain the investment.
  • The minimum investment required to get favorable interest rates.

(Investors beware: Some institutions will offer aggressive rates in order to lure you to send them your dinero, only to lower the rates soon thereafter. Check historical rates at Bankrate.com to test the interest rates over time.)

0:17 Just do it

The clock is ticking. There's no time to waste. A short-term emergency fund is one of The Motley Fool's top money "must-haves." In fact, it may be the very thing that saves you from a long stretch of high-interest credit card debt after a fender-bender, chipped tooth, basement flood, or really unfortunate haircut.

0:03: Extra credit: Automate it!

If you're having trouble saving, we highly recommend an automatic transfer program. You can also see if your employer will split your paycheck (direct deposit) between your ordinary account and your short-term savings account, or you could set up an auto-transfer from your checking account into your emergency account.

Got a few minutes to spare?

Here's more advice on socking away your cash:

  • Where exactly to park your cash.
  • How to create a cash cushion.
  • Disaster-proof your finances and sleep easier at night.
  • Do some quick savings calculations to see how much you need for a rainy day.
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MWI Consultants Inc Financial Tips That You Should Know

Everyone is hoping for a better year and MWI Consultants Inc wanted to be a part of it. Here’s some of the basic financial tips we prepared on how to have a successful year.

A. File your taxes early

We’re certain that you’ve heard this a thousand times before, but it’s really effective. Scammers are everywhere, so file your taxes as soon as possible just to be safe. They might steal your Social Security number and file your taxes electronically, and leave you with a big tax refund on their hands. You don’t want that to happen, right? So accumulate your tax documents now!

B. Increase your contributions

Make sure to increase your contributions to your employer retirement plan with a minimum of 1 percent. You should be maximizing your tax-deferred contributions and aim to contribute enough to get all of the matching funds from your employer.

C. Get started on your estate planning

Schedule a meeting with an estate-planning attorney in 2016 and begin your estate planning. Everything must be in order just in case something happens to you for the benefit of your loved ones.

D. Give importance to your health

MWI Consultants Inc strongly believes that health is wealth and we’re aware that health care is expensive. We’re certain that the biggest part of your retirement expenses will be health care-related. Even if you deny it, it is the reality that’s waiting for all of us and different studies from various organizations support that. It is necessary to invest in your lifestyle today by acquiring that gym membership and actually begin using it. You can hire a personal trainer if you’re not that motivated to do so. You MUST give great importance to your health and start working out. Good health yields enormous savings, not to mention quality of life. Health is your most powerful weapon against all odds, so cherish it as long as you live.

E. Learn financial education

You cannot gain anything without first giving something in return. Dedicate your time in learning financial education to become prepared for the odds of the future. With this, you’ll be able to spend your money wisely and you’ll be smarter in managing your money. If you need help regarding this matter, MWI Consultants Inc is always available to guide you.

F. Pay yourself first

When it comes to budgeting, it’s not only about paying the bills; it’s also about paying yourself. The level of priority you give in paying your bills should be the same level with handling your savings account. Always include your savings in your monthly budget – consider it as one of the necessary bills you need to pay.
G. Set up an emergency fund

There are a lot of unexpected situations that could happen in your life, such as job loss, decrease in income, or medical emergency, so it’s important to have an emergency fund.

How you handle your money today will define your future, so be careful. MWI Consultants Inc promises to post a lot of different financial tips in the future to help everyone achieving their financial goals.

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MWI Consultants Inc financial tips that you should know to have a wondrous future

Perhaps you’ve already seen hundreds of articles telling you how to save money, but MWI Consultants Inc has much better tips to give you for a better and smarter future! We list all of the best possible tips for you to consider and should accomplish. You should definitely do these things even if you’re still young – it is much better, believe us.

Contribute to 401(k) ASAP!

New research from Fidelity Investments states that 36 percent of retirees wished they had saved more during their working years and 33 percent wished they had started saving earlier. Imagine how many individuals regret of not having earlier savings.

MWI Consultants Inc has this particular strategy that will pay off more in the long run – it is to make the most of your 401(k) now and max out your employer-match contribution. Don’t let that free cash disappear and negotiate to be vested sooner and/or receive a higher match opposed to $1k to $2k more every year.

Don’t tell yourself you’ll pay yourself back later because you won’t

Most of us has this attitude of getting some money into our personal savings or 401(k) for some emergencies or something recreational (or buying the newest brand of smartphone that’s really, really cool) and then we convince ourselves that we’ll pay ourselves back for the deduction soon so that we feel less guilty about it, but there’s a higher chance that it will never happen! MWI Consultants Inc believes that after going through this post, you’re going to be more careful in spending your money. Don’t be a capricious individual when it comes to money. Be more responsible as possible. Emergencies tend to happen sometimes so make sure you have a separate fund for it.

Credit cards are not free money!

Once you’ve turned 18, don’t be surprised if you’re targeted by credit card companies. MWI Consultants Inc advises you to become more cautious and don’t fall into their trap. Numerous students with no job have been victims of this scheme. Some of them maxed out their cards in months and was unable to pay the bills. They missed the payments for years until their debt was in such dire straits that they were offered payoff deals. The debt, and the permanent mark it left on their credit score, followed them for years, making it difficult to buy a car, purchase a home, or even build their savings.

Don’t be too big-headed

There are some people who want to buy some luxurious stuffs once they got their first paycheck on their high-paying job with the sole reason of just showing off to their friends and impressing them with what they achieved. Believe MWI Consultants Inc when we say that 70 percent of the people around you doesn’t care about what you have and what you do. You’ll just waste your money trying to impress them. You must spend your money on much more important things.

Pay your bills first and then yourself

When you receive your paycheck, the largest part of your salary should be intended for paying all your bills for the month.  Second, pay yourself by putting the money into your savings account and setting aside the cash for budget items like gas, groceries and rent. And if there’s money left, you can use a little of it for the things you’d like to do, like eating out, seeing a movie, or buying your favorite book. MWI Consultants Inc understands that it is not the most exciting way to live, but it is the smartest.

Don’t buy something if you don’t have the cash for it

You’ve already read the cons of credit cards earlier, right? So if it’s all possible, you should not have credit cards. You should also remember that you don’t need anything if you can’t pay for it in cash. Remember this tip as if it is a mantra. MWI Consultants Inc is sure that you can totally live without any fancy flat-screen TVs or expensive sneakers, right? However, if you already have a credit card, just be smart in handling it.

Negotiating can save you money

On the other hand, if you can buy it, chances are you can negotiate the price down. Keep in mind that you can save a lot of money if you learn how to drive a hard bargain.

Invest in real estate

You should buy a property as soon as you can. It might set you back financially at first, but that sacrifice by way of real estate investment will be paid off over the years. This is because instead of paying someone else a fee to live under a roof, you can pay yourself in the form of equity, which you can use to continue purchasing a real estate as a means of earning passive income. MWI Consultants Inc suggests that you should research more in depth regarding this topic because this is one of the most worthwhile tips on the list.

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