UOB bank
The Lunar New Year festivities survival techniques may also pay dividends in your investing strategy
The Year of the Rat is officially here - a fresh start, a blank slate, a year in which the promise for prosperity looms large. Houses are clean. Celebrations are underway - and so are the obligatory family reunions. While a clean apartment and tossing prosperity salads may traditionally be the most auspicious way to start the Lunar New Year, taking a moment to revise your financial strategy can’t hurt either, right? If you haven’t yet had a chance, the good news is this: many of the techniques that will help you survive the festivities will also pay off in your financial life.
Consider the following.
Scenario one: The "When are you going to give me grandchildren?" conversation
Patience is key here but while you bite your tongue, consider letting this conversation be your financial motivation. After all, your parents themselves are one good reason to grow your wealth - caring for aging humans is expensive. And the future children they are so obsessed about? They are expensive too.
Scenario two: Listening to your rich uncle’s latest private jet story
Remember to focus on the goals you want in life and how you are going to achieve them. Private jets are very last decade; space travel is the way of the future. Or maybe rather than out-rich-ing your uncle, you can simply learn a thing or two from him - was he a shrewd investor? A prudent saver or a wise spender?
Scenario three: Buying clothes that will fit both before, and after, the holiday
Weight gain may come hand-in-hand with the festive bingeing but having a strategy in place will help ensure you can squeeze back into your work clothes once the celebrations are over. It may require a myriad of methods, but the aim is to achieve long-term results despite the short-terms volatility of the scales - which sounds something like diversifying your investment portfolio to withstand the ups and downs of the markets.
So as you toss your Yu-sheng (prosperity salad), remember that some positive financial intentions now will likely pay off in the years to come. Maybe it’s time to renew your motivation. Or take stock of your investment portfolio with your relationship manager. Or consider robo-investing if you are curious about automating investing for your business. Whatever your decision, remember that good investments, like good celebrations, rely on a great strategy.
This publication shall not be copied or disseminated, or relied upon by any person for whatever purpose. The information herein is given on a general basis without obligation and is strictly for information only. This publication is not an offer, solicitation, recommendation or advice to buy or sell any investment product, including any collective investment schemes or shares of companies mentioned within. Although every reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this publication, UOB Asset Management Ltd (“UOBAM”) and its employees shall not be held liable for any error, inaccuracy and/or omission, howsoever caused, or for any decision or action taken based on views expressed or information in this publication. The information contained in this publication, including any data, projections and underlying assumptions are based upon certain assumptions, management forecasts and analysis of information available and reflects prevailing conditions and our views as of the date of this publication, all of which are subject to change at any time without notice. Please note that the graphs, charts, formulae or other devices set out or referred to in this document cannot, in and of itself, be used to determine and will not assist any person in deciding which investment product to buy or sell, or when to buy or sell an investment product. UOBAM does not warrant the accuracy, adequacy, timeliness or completeness of the information herein for any particular purpose, and expressly disclaims liability for any error, inaccuracy or omission. Any opinion, projection and other forward-looking statement regarding future events or performance of, including but not limited to, countries, markets or companies is not necessarily indicative of, and may differ from actual events or results. Nothing in this publication constitutes accounting, legal, regulatory, tax or other advice. The information herein has no regard to the specific objectives, financial situation and particular needs of any specific person. The contents of the above books are not endorsed or approved by UOBAM and do not represent UOBAM’s views. You may wish to seek advice from a professional or an independent financial adviser about the issues discussed herein or before investing in any investment or insurance product. Should you choose not to seek such advice, you should consider carefully whether the investment or insurance product in question is suitable for you.
Invest in your mind. Receive our curated insights in your inbox.
Subscribe