[caption id="attachment_3550" align="alignright" width="150" caption="Photo by Flowery *L*u*z*a*"][/caption]
Last week, I encountered a few cases of young clients who had made serious mistakes financially even though they had just started their career. For young people, they must understand what lies ahead of them. These are:
1. No jobs are secure. So they must never have the idea that their company will keep them forever. Almost everyone these days face retrenchment risk.
2. They will be facing two large big ticket items. If they have a BF/GF, they will be having an expensive honeymoon in a couple of years time (hey, this is one in a life time – better have a good honeymoon man!). Whether single or attached, they will eventually buy a property to stay. With the property price sky rocketing despite the economic recession and the Cash-Over-Valuation (COV) increasing like nobody business plus renovation cost, they will need HUGE amount of cash on hand.
In view of the above, the following is what the young person should do:
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