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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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1. Personal Financial Planning

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Introduction

‘If you don’t know where you are going, no road will lead you there’. This well-known saying highlights the critical link between planning and goal achievement. Most people manage their personal finances in one of two ways. They either take the passive approach of reacting to financial circumstances as they unfold in their life, or they adopt the strategic approach of planning ahead to achieve their desired goals.

While it is obvious that the proactive (or strategic) approach is the superior approach, most people living in a fast-paced urban society tend to adopt the reactive (or passive) approach to ...

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