How to Future-Proof Your Investing + Secure Your Retirement & Leave a Legacy: A Seedlyfest 2024 Recap
Joel Koh●
For those serious about their personal finances in Singapore, the Seedly Personal Finance Festival is, dare I say, one of the events you can’t miss.
What started as a small community meetup with 100 attendees to spread personal finance knowledge has grown into Singapore’s biggest personal finance festival. As our Head of Seedly, Yeap Ming Feng, shared, having sound financial habits isn’t just about savings or investment returns; it’s about fostering a fulfilling and joyful life.
Seedly Personal Finance Festival 2024 is the fifth instalment of our Personal Finance Festival, which is themed around Singapore’s neighbourhoods. It attracted an impressive 5,000 attendees who immersed themselves in 15-plus hours of insightful content delivered by 71 esteemed speakers!
None of this would have been possible without the generous support of our Lead Sponsor Citi‘s generous support of our event.
In addition to Citi’s beautiful booth, deals and presence at the festival, we had two of Citi’s speakers bring their A-game and drop some knowledge about investing, retirement planning and legacy planning.
Read on to find out more.
Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be or does not constitute financial advice, investment advice, trading advice or any other advice or recommendation offered or endorsed by Seedly or any other company. Investors should always do their due diligence before investing in any investment products or adopting any investment strategies.
Future-Proof Investing: Key Strategies & Trends for 2024 and Beyond Fireside Chat Recap & Key Insights
Audrey Ho, CFA, CAIA, a seasoned Investment Consultant at Citibank Singapore, joined Ankita Thakur, Head of Marketing at SingSaver, to discuss how investors should approach investing in an uncertain world:
Breaking Down Investment Anxiety
Ankita kicked off the session with a nod to a Business Times report indicating that while young Singaporeans enter the investment game early, their excitement is tempered by anxiety:
She then outlined the main reasons for this anxiety: limited budgets, fear of investment losses, and a lack of knowledge. Audrey added that to combat these fears, we could implement the strategy of ‘future-proof investing’, which is all about having clear, tangible financial goals and understanding the investing risks associated with different investment timelines.
Macro Trends and Investment Opportunities
Audrey didn’t just focus on investment strategies; she also provided a macroeconomic overview crucial for every investor to understand. She discussed how current global economic trends significantly shape investment decisions, particularly interest rates influenced by inflation and unemployment. In addition, she touched on the impact of geopolitical tensions and how these could offer unexpected opportunities for savvy investors.
Investment Trends to Watch in 2024
Focusing on the near future, Audrey highlighted what Citi believes will be key growth drivers as espoused in Citi’s Unstoppable Trends report:
- Healthcare
- Renewable energy
- Artificial Intelligence
- The US-China Rivalry.
With an ageing global population, increasing energy security concerns, and developments in Artificial Intelligence, these sectors are poised for growth and transformation. This part of the discussion was particularly valuable for those looking to align their portfolios with long-term global trends. Audrey also discussed the implications of China and the US’s worsening relations in the global technology sector.
Key Insights for Future-Proof Investing
- Beyond the U.S. Market: Audrey stressed the importance of looking beyond dominant markets such as the U.S. to include emerging and other developed markets, which might offer better growth opportunities in the coming years.
- Sector-Specific Investments: She asked that investors keep a keen eye on resilient sectors like healthcare and renewable energy, which will likely benefit from enduring global trends.
- Stay Adaptive and Informed: Given the rapid pace of technological and geopolitical changes, Audrey emphasised the need for investors to remain adaptable and to regularly review their investment strategies.
- Focus on Quality and Longevity: Rather than short-term speculations, Audrey talked about focusing on investments with strong fundamentals likely to sustain and grow over the long term.
Concluding Thoughts on Future-Proof Investing
In conclusion, Audrey and Ankita’s session offered actionable strategies for anyone looking to build a robust, future-proof investment portfolio. The discussions highlighted the need for strategic diversification, sector focus, and adapting to new economic realities—a toolkit every modern investor should possess.
Securing Your Retirement and Leaving a Lasting Legacy for Future Generations Recap & Key Insights
Rena Lee, the Head of Bancassurance Sales at Citibank Singapore, presented her keynote: Securing Your Retirement and Leaving a Lasting Legacy for Future Generations. She covered questions like:
- How do you build a strong financial foundation for retirement and beyond?
- What are some strategies to preserve your wealth and ensure a lasting legacy?
- How should you pass down financial wisdom and values to your children?
During the keynote, Rena shared her experiences and insights from her 16-year tenure in the banking industry, which began amidst the 2008 financial crisis. This crisis highlighted the importance of secure investments, particularly insurance, to safeguard one’s financial future.
Rena started by recounting the uncertainties of 2008, when many lost their savings and retirement funds due to the market crash, underscoring the relief clients felt upon discovering their investments in insurance were secure. This experience significantly influenced her career focus on insurance and financial planning, emphasising protection, legacy, and retirement.
She stressed the importance of building a robust financial foundation to meet wealth goals, which involves creating savings, managing expenses, and developing secondary income sources like passive income through investments or insurance plans. Rena also touched on the critical issue of inflation and the need to grow savings to outpace it, emphasising the power of compounding interest over time.
FYI: Here are Singapore’s inflation numbers:
Rena further explored the concept of legacy planning, debunking misconceptions that it is only for the ultra-rich or those with families. She argued that legacy planning is about caring for loved ones regardless of one’s current wealth level and highlighted how structured planning could significantly enhance the value of the wealth passed on to future generations.
Key Takeaways From Rena’s Keynote
- Secure Investments: Rena’s experience during the 2008 financial crisis underscored the value of having secure investments, such as insurance, that can withstand market downturns.
- Financial Foundation: Building a solid financial foundation involves saving diligently, understanding and managing expenses, and creating passive income sources.
- Inflation and Compounding: Understanding inflation’s impact on savings and leveraging the compounding effect of interest are crucial for maintaining and increasing wealth over time.
- Legacy Planning: Legacy planning is not restricted to the wealthy or those with direct heirs. It is a strategy for anyone who wishes to manage their wealth responsibly and ensure their financial goals continue to benefit loved ones after their passing.
- Education and Communication: Passing on financial wisdom and engaging younger generations in financial planning and decision-making are vital for maintaining the longevity of family wealth across generations.
In sum, Rena’s insights highlight the importance of proactive financial planning and adapting strategies according to individual and familial needs, ensuring financial stability and growth through various economic conditions.
