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#3 Support your parent’s retirement
The amount of blood, sweat, tears and sacrifices our parents have made through the years of raising us is really too big the amount to ever repay back. So the least we could do as their children is to ensure that they live a comfortable retirement.
Though our parents would probably have some cash in their Retirement Accounts and receive regular payouts through CPF life, this sum of money may be insufficient to live the desired lifestyle they want after retirement. Whether it’s through giving them hard cash, topping up their CPF accounts or purchasing an annuity plan for them, this could be a way to show our gratitude towards their unwavering love and support our entire lives.
#4 Allocate more for investing
Due to inflation, a million dollars in value today will definitely not be a million dollars in the future. Though you may be cash rich now, don’t let your money drop in value in the future.
One way to hedge inflation is through investing. The returns and power of compounding can do a great job of helping you accumulate wealth. And now that you have a sizeable capital to work with, the options are endless.
Else, if you want someone to manage your funds for you, you can consider opening a priority banking account if you got sufficient assets. You’ll be able to work with a group of wealth experts to work out a financial plan for you, gain access to exclusive financial products and even enjoy some lifestyle perks like free lounge access!
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#5 Build your child’s education fund
If you have a child, this is the best time for you to give them a headstart in life. Whether it’s purchasing an endowment plan or parking some funds into a savings account for them when they grow up, a little goes a long way. Trust me, they will definitely thank you for it in the future.
Here are some high-yield savings accounts that you can consider to maximise high interest and make your money work harder for you!
#6 Live a little
Last but not least, live a little! You’ve just won a huge windfall and you’re now faced with many money decisions to make. But live in the moment and celebrate! Whether it’s treating your family to a sumptuous buffet dinner or buying that bag you’ve been eyeing for the longest time, it’s good to let loose every now and then. But don’t go too overboard!
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