October Quick Review

Hi Fellow Automated Millionaires,

Confucius once said, "By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest."

Hence, let us learn by imitation and review what an Automated Millionaire should do by now:

1. Have Life Insurance to cover Death, Total Permanent Disability & Critical Illnesses, Personal Accident Plan and Hospitalisation Plan to protect one's wealth
2. Have a Citibank Step-Up Account and have your salary credited to this account
3. Have at least 2 e$aver and 2 xSaver accounts
4. Have the following accounts for Long Term Savings, Financial Freedom, Education, Play, Charity and Bills (Though some of them can share the same account).
5. Set a x% of your income for above accounts except Bills of course ;)
6. Invest a x% of your income to at least a Balanced Fund with a ROI of more than 8%p.a. (compounded) with the Goal of building a neat retirement fund in 25 or 30 years time
7. Automate the process of transferring the money *KEY factor to the whole process*

If a person wants to be an Automated Millionaire but have not done these 5 steps, then no way he/she can become one in the near future. Start Young, Just do it!

Disclaimer
The above information is wholy author's personal opinion. It does not intend to replace any professional advice. If legal advice or other professional advice, including financial, is required, the services of a competent professional person should be sought.