A plan for the future that is fuelled by passion and purpose
Do you have a plan for your purpose?
We often speak about what’s ahead, like our dreams and aspirations, but striking the balance between these passions, their financial costs, and our other responsibilities can frequently be a tough one. While on this platform we often share the financial aspect of many things, this challenge is one I hold close to my heart.
When CPF Board approached DaretoFinance to share our plans for working towards our goals, I was more than thrilled to, especially when my plan included an active role towards them. With CPF being the nation’s trusted and respected social security organisation, not only is it a safety net for my retirement years, it also enables me to pursue my passion.
You can read the full article on their website here, but here’s a snippet to get you intrigued.
Back to what sparked this article — my dream is to start a home studio for community cooking classes. It’s probably in another 30 years’ time before I quit my day job to fully run my passion project, but it’ll be a safe place for like-minded souls to come together to connect over the simple joys in sharing culinary skills, knowledge and stories. This culture of cooking together has been ingrained in me since young, when I grew up in the kitchen with my mum. I love how her elaborate spreads were what brought everyone together — through conversations about the dishes, showing how they were made, and of course, the sharing at the dinner table.
You may think it’s silly for someone in their mid-20s to be dreaming so far ahead, but having this vivid imagery and a plan are what spurs me on. With that, I created a vision board that I check in on, at least on a yearly basis — you can also check out the vision board via the article link above on the CPF Be Ready website!
It’s no doubt that my passion project does seem like a long way ahead.
But to not overwhelm myself with the responsibilities and planning all at once, I broke down the big milestones into smaller ones. A simple way to do that is to split them into short term goals that constitute what is to be achieved in the next 5 years, and the long-term goals are for what comes after that! Of course, this made me realise many things that I have previously overlooked, so this gives me the space to be more detailed in my planning.
One thing that definitely struck me is that starting now is better than later, simply because of the power of compound interest.
A good example is our CPF contribution. I had accumulated decent savings through part-time work in my schooling years, and the savings in CPF accounts grow over time at an interest rate of up to 5% p.a*. That also means every dollar in my CPF Special Account can more than double in 20 years for higher monthly payouts to support me in retirement.
Another element to plan towards is also the fundamental pillars of your life. For me, that is my career (where I would be getting that bread!) and the intricate planning for life’s important moments — my wedding and dream home. Breaking down and quantifying what’s necessary to attain these goals is important to come up with the game plan towards them!
Remember, it’s just like building a great pot of stew — you’ll need to give it enough time to simmer, as the flavours don’t come together instantly! Planning ahead and knowing the steps to be taken will allow ample time to work towards your goals. Get started on the small stepping stones that are closer at hand to enable you to get to your desired lifestyle.
To read the full article I’ve written in collaboration with the CPF Board and find out more about how I’m strategically planning for my dreams to strike a balance between the financial aspects of it all, check out CPF’s Be Ready website. I drop the deets and practical tips there so you can start your journey of working towards your passion sustainably!
- To enhance the retirement savings of CPF members, the Government pays extra interest on the first $60,000 of your combined balances. Terms and conditions apply.
