Expat Wealth Guide: Part Three

 

Part THree: DIY or PROFESSIONAL?

Welcome to the final section of the Expat Wealth Guide. 

We’ve covered the checklists which have helped you to quickly identify what areas you need to focus on to propel your wealth, and I’ve covered the importance of a life and financial plan.

So now I want to talk about how to implement this plan.

You have two options – either 'Do It Yourself' or get professional to help.

 

Read More:

 

If you do decided to bring a finance professional onto your team, then here's some questions to ask a prospective financial advisor.


Video Transcript

Hi, welcome back – in the Expat Wealth guide we’ve covered the checklist which helps you to quickly identify what areas you need to focus on to propel your wealth, and I’ve cover the importance of a life and financial plan.

So now I want to talk about how to implement this plan.

Two options – either Do It Yourself or get professional to help.

Now – doing it yourself is by far the cheapest way to do it, and if you comprehensively cover off most of the items on the checklist then you can be successful. 

But the most important element to be a successful DIYer is the right mindset which the guide covers:

  • Discipline
  • Decisive
  • Motivated
  • Strong-willed

I think the other element to take into account is your level of wealth. In my experience as you start to accumulate significant wealth, and that’s significant wealth to you – not an external benchmark, I find people are less comfortable looking after large sums on their own.

So as an example, if you are just starting out, don’t have any lump sums or savings, then a DIY approach for your first $300-400k SGD might make sense, and the guide suggests a couple of ways to do that.

If you are going to have much more than that, and you don’t have the 4 personality traits that I discussed, and you want to achieve some big lifestyle goals then it makes sense to start getting professional help.

Now – your credible, independent options are limited in Asia and the Middle East, and that’s exactly why I set up Ignite Expat Wealth.  I couldn’t find financial professionals to pass coaching clients on to so I built my own solution which is a full service financial advisory service for expats based in Singapore.

I think our offering is unparalleled across the region for the following 3 reasons:

1. We focus on financial planning – not selling products

2. We are fee only (so receive no commissions – we think this is the best way to remove potential conflicts of interest when it comes to picking what’s best for the client)

3. We only use low cost tracker funds

We’ve partnered up with Providend to leverage their 14 years experience as the first fee only advisor in Singapore, and get their expertise in building financial plans, insurance and investment solutions to High Net Worth individuals.

So if the DIY route isn’t for you, and you want an independent, honest adviser, and someone that is going to make you passionate and inspired by your finances then contact me.

I only work with a small number of people at any one time, but if you think we would be a good fit for each other so reach out and lets see if I can help.