From Cautious to Confident

Client: Goh Kuang Chang
Goal: Retirement planning

“My short-term goal is to generate enough emergency funds to sustain 12 months without salary and to build up education funds for my three children. My long-term goal is to grow my retirement nest egg before I reach 55 years old.”

Like many, Kuang Chang is cautious about investments because he is worried about losing money. He admits to being more of a spender although he has been gradually saving up, putting his money into fixed deposits, and purchasing insurance plans. However, the low interest rate environment has been a source of frustration as his fixed deposits were barely generating any returns. It also became a chore to constantly check the fixed deposit rates on offer every time his matures.

However, he felt quite frustrated when the fixed deposits were providing slow returns that could not overcome the rising inflation rate. Furthermore, it requires him to constantly check the fixed deposit rate when it matures.

His Soul Wealthy Journey with Kum Soon
Knowing Kuang Chang personally, Kum Soon understands that he is conservative and has a family to take care of. With Kuang Chang prioritising his family and putting aside most of his money for his children’s needs like school and tuition fees, he may not have a lot of spare cash. So Kum Soon helped to advise Kuang Chang on retirement planning and wealth protection because he felt that these would be very important for him.

He also wanted to help Kuang Chang overcome his overly-cautious approach to investing with a more moderated one, telling him: “When we build a house, what is the first thing all builders need to do? Create a strong foundation which will ensure that we can live safely in the house. It is no different when building our retirement funds; we need to ensure that we are well-covered by insurance in the event of unforeseen circumstances during retirement.”

Upon meeting Kum Soon, Kuang Chang started his journey on retirement planning and wealth management in order to grow his assets and cash portfolio. With correct advice and helpfulness coming from the right independent financial advisor representative, Kuang Chang was able to start working towards financial freedom.

Keeping in mind Kuang Chang’s low-risk profile, Kum Soon recommended investment options such as unit trusts and slowly exposed him to the idea of stocks and equities. Kuang Chang started small with a sum from his CPF Ordinary Account. As he saw positive results over time, he started to invest more. He currently has an investment portfolio that has produced more than 15% returns over a three-year period.

Kum Soon’s ability to empathise with Kuang Chang and earn his trust was instrumental in helping Kuang Chang overcome his fears and concerns. One of those concerns is the inability to see short-term results but Kuang Chang trusted Kum Soon’s advice to wait and invest when the market declines. Kum Soon also helped Kuang Chang understand more about financial management so that he now has a better understanding of which products are suitable for him.

“Kum Soon is honest and recommends products which cater to my needs and are within my financial capability. He is not pushy when it comes to investments, which makes it comfortable working with him. He renders help beyond my expectations and updates me regularly.” 

Under Kum Soon’s guidance, Kuang Chang is gradually moving from baby steps to larger strides towards his retirement goals, proving it is always better to start late than to never start at all.

If you would like Kum Soon to assist you with your retirement planning needs, contact us now.