You might not be thinking about it, but your parent’s income is going to affect you. As a child, as a teen, and even as you are going through college and schooling, what they earn, and what they are able to save, are going to have a direct effect on you as a child. So, what does this mean? Do they have to stop spending and put money away now? Or, do they have to quit their current job and go after one that is going to pay them a much higher salary? In some families, this is what does go on; but, it is not the reality. Whether they rely on a money lender for a short-term loan to start your college planning fund or turn to retirement accounts so they can begin putting away for your future, there are quite a few options they can turn to, which are also going to affect you. These are a few things that should be accounted for, as your parents are planning, are beginning to save, and are looking for the most viable ways in which they can set money aside for your future as well.

Birth lotto

The rich get richer; it is true, in most cases. Although you can’t choose to be born into a rich family, so many studies have been conducted to showcase how richer families, and their children, earn more. In fact, about 75% of children who are born into rich families, make more than those who are not. So, you can’t choose where you are born, or what social class your family is a part of. But, if you are lucky enough to be born into that lotto group of rich families, you are quickly going to learn that is much easier to save, you are not going to have to stress about money, and you are likely going to earn more as you get older. The fact that you do not have to worry about money, or stress, allows you to pay more attention to your schooling and allows you to go after the best jobs when the time comes for you to start to apply for work. So, you are going to earn more, stress less, and your lifestyle is probably going to be much greater quality if you are one of the select few who is born into a wealthy family.

Safety nets

If your family has safety nets set up as well as emergency funds, this is also going to ensure you have the funds you need as you get older. If your parents are planners, if they set aside money for those ‘rainy days’, and if they know how to go about setting money aside for your future, this is going to benefit you greatly as a child. Not only is it going to ensure they will have the funds to take care of you as a child, and as you get older, but it is likely they are going to have accounts set up for your schooling in the future as well. So, you are not going to have to worry about how you are going to save, how you will pay for school, or where you are going to have to turn to, for financial help as you get older. You are going to have these funds set up from your family, and they are going to plan for your future accordingly when they begin to set up accounts when you are younger and begin to plan for a healthy financial future while you are younger as well. While emergency funds are a form of safety net, sometimes it’s just never enough. When such cases arise, you may need to visit a financial provider or moneylenders. This is where you can receive help monetarily.

Talent and skill

If your parents are wealthy or have funds to spend, they can put you in classes. Piano, dance, and so forth; this not only allows you to develop a new skill but possibly become a specialist and move forward with this as a career. You can pursue more things, you can expand your mind more, and you are going to have far more opportunities you would not have, if your family did not have the funds, or did not save to have the funds set aside to put you into these courses. Your family is going to do plenty for you; one of the best things they can do is put you in tYou hear 62 or 65 are often ages that many people retire. However, it might not be for you. For some, it might be that you are looking for something a little more manageable and don’t want to work as late; for others, you want to retire early and enjoy your retirement, and travel, as much as you can. But, what you want might not be a reality. There are a few things you have to consider, and your age is one of those when you are deciding on your retirement plans. Consider these things as you are mapping out your retirement.

It’s not a fixed number

Again, just because your parents retired at 65 doesn’t mean you have to. Do not set a date or specific age, but rather set your retirement planning around what you want out of retirement. If you want to have more set aside in your CPF funds, you will work longer, or choose other retirement vehicles to set up. Consider all viable options, and make sure you know that you do not have to choose a specific number, or retire by a certain age, just because this is the ‘norm’ or what most people have done before you. Consider your options, weigh them, and know what you are going to do when you do retire, to ensure you can take care of yourself and your family.

How much you make

Base retirement on your earnings. Not a fixed or sliding scale, or arbitrary numbers. You have to look for viable ways in which you can grow and make sure you will have sufficient funds set aside for when the time comes for you to retire. So, you need to know what you are worth, what you are earning, and other relevant information, in order to ensure you will have the funds you need set aside when the time comes for you to retire. You have to live within your means, and this means you have to base your retirement planning around the amount of money which you are currently earning. This is the only way to ensure you can properly plan for what is going to follow when you are no longer working.

Your desired lifestyle

You can’t retire like your parents. If you love to travel, how are you going to do so if you don’t make enough now, and can’t save enough when you are ready to retire. Further, there are a number of things that come along with retirement, which are not covered by retirement accounts. So, your incidentals, food, and other expenses are not going to be allocated to your retirement planning. Understanding what you want to do, how you want to live, the lavish or luxuries you want to enjoy, and so forth, are a few of the many things you should account for, as you are budgeting and planning for your retirement when the time comes. You have to know what you are worth, what you enjoy, how much you like to spend, and so forth. This is the only way for you to really start to save enough, and ensure you are going to have the things you need when you are ready to retire (and to take care of your family as well).

Stop working

For some, you have no choice but to stop. An injury, illness, or other factors can come into place which is going to force you to retire. In such cases, you have to consider government routes and different ways in which you can further set up retirement accounts. Knowing what you have, what you are going to need, and the amount you are going to receive from alternate sources, is a great way for you to begin to plan early, and for you to ensure you are going to have enough to take care of yourself, when the time comes for you to stop working. Whether or not it is a choice, when you do have to stop working, you need to be certain you have enough set aside; these are a few of the many things you should be planning for, even though you don’t want them to happen, as you are planning for your impending retirement.

Health and stability

You are living longer; in fact, most people are. So, as many people are living nearly a decade longer than they were only about 50 to 100 years ago, you have to account for this extended period of time. You have to make sure you are going to have enough money to take care of yourself as you get older. And, if you are a very healthy individual that does take care of yourself, who knows how long you are going to stick around after you do decide it is time for you to retire. Don’t you want to know you are going to have the funds you need, for as long as you are living (and can enjoy the life you are living), to take care of yourself? Of course, you do. Everyone does. So, this is another factor you are going to have to take into account, when the time comes for you to begin the planning process, and when you are looking for ways in which you can set up the proper retirement funds and accounts, so that you can start to save and to plan for your future.

You know that it is something you are eventually going to go through, so why not begin to plan for it as soon as you possibly can? The earlier you do so, and begin to save, the more you are going to be able to put aside. And, in this, you are going to have the funds you need to take care of the family and enjoy yourself. Don’t simply retire because you ‘have to.” Rather, plan things out, know the options you have and account for these factors as you are doing your financial planning, and preparing for the time when you are ready to stop working. hese schools or put you in specific courses, so you can grow. Not only will it allow you to better develop, but you are also going to learn those special skills which not all children in your age group are going to have as you get older, and are preparing to apply for school or to go to a foreign college, and want to stand out as a top contender for certain scholarships or programs in that school.


Families that earn more typically have connections; they know more people. So, they can find better jobs, and if you are of age, can possibly help you get into a better school, or find a higher paying job. It is simply the reality of it; you might not like it, and you might not be a part of those wealthier families, but there is no denying that if your family does have more money, they are likely going to know more people and have more connections. And, these connections are typically going to be with other people who are in high or prestigious positions.

Although you might not think of it when you are younger, if you are born into a wealthy family or one that plans and saves, this is greatly going to be a benefit to you as you get older. Not only is it going to ensure you have funds you need when you get older, but also open more doors for you. With more connections, more opportunity for you to try and to do new things, and more open avenues for you to go down, wealthier families and children, are more likely to succeed than their counterparts who aren’t born into wealthy families.