The Automatic Millionaire - One Step Plan to Live and Finish Rich

 The Automatic Millionaire introduces the method of coming up with a game plan for financial prudence, automating it, and waiting for things to fall into place as they should. In short, the main rules to follow to get rich are:
   

   1.  Pay yourself first by setting aside money for your future retirement

   2.  Automate it using online banking

   3.  Buy a house as an investment and pay it off

Why That Latte May Be More Expensive Than It Looks

  How much do you put aside each month?

  5% of your take-home pay? 10%? Or 20%?

  The first rule of the Automatic Millionaire is to Pay Yourself First, which seriously, does not mean enjoying the fruits of your labour by going on a shopping spree followed by a shiatsu massage, but saving money for your future.

  'But I can barely make ends meet today.'

  Well, how about you start telling me about your day....

How to Get Income Tax Savings While Saving for Retirement

   With increasing average lifespan, it is important that you have retirement savings set aside in a retirement fund.

   CPF in Singapore automatically sets aside a portion of salary into a Retirement Account (or Special Account), which earns 4% interest annually. With inflation averaging 3.78% over the past 10 years, this is a good way to protect your retirement savings and ensure it grows alongside the cost of living in Singapore without active investment.

   What's more, you get to claim additional income tax relief of up to $14,000 for voluntary cash top-ups to the Retirement/Special Accounts of your own or family members!