Power of compounding video (Ignore the advertisement)

The story of the prisoner and the king in the video below shows the power of compounding: http://www.youtube.com/watch?v=2GQ5LxE8OBk&feature=related

Basic Money Management Skills

The MoneySense website provides good basic Money Management tips for you to share with you and your family below:

http://www.moneysense.gov.sg/publications/guidestier1.html

http://www.moneysense.gov.sg/resource/publications/guides_publications/ComicBk.pdf

The different types of saving accounts are shown below:

http://www.moneysense.gov.sg/resource/publications/guides_publications/BankAccount-English.pdf

The article below also shows how much of your money in your bank accounts are insured:

http://www.moneysense.gov.sg/resource/publications/guides_publications/SDICEnglish.pdf

The article below shows things to consider before borrowing money:

http://www.moneysense.gov.sg/resource/publications/guides_publications/Borrowing%20Money.pdf

There are also other articles on using credit cards and things to consider before getting a house or car loan at http://www.moneysense.gov.sg/publications/guidestier1.html which you do not need to consider until you start working.

Why the Need to learn?

In this new and changing environment, Singaporeans need to become more self-reliant in their financial affairs. They must acquire the knowledge and skills to manage their day-to-day finances, make prudent investments and plan for their longer-term needs."
-Deputy Prime Minister and Chairman of the Monetary Authority of Singapore, Mr. Lee Hsien Loong in a parliamentary address on 16 October 2003.

Source: http://www.moneysense.gov.sg/news_events/Consumer_Portal_Latest_News.html

Why the need to be financial literate?

-Lee Hsien Loong
Prime Minister of Singapore

Source: http://www.moneysense.gov.sg/resource/publications/guides_publications/MAS%20CS%20CDC%20Newsletter%20PRAXIS.pdf