I attended a financial literacy talk conducted by Atlas Business Consulting Partner Mr. Edwin Lim, who is practising and fellow member of Institute of Singapore Chartered Accountants (ISCA) with 18 years of experience in the accounting and audit industries. This is because I believe strongly in lifelong learning and that I have to consistently upgrade my skills and knowledge to prepare myself for my future career in the accounting and audit industries.
Previously, I had learnt two finance modules - FIN301 Financial Instruments, Institutions and Markets and FIN303 Financial Management. However, I still wanted to advance and widen my financial literacy knowledge through attending this talk. This is because not only financial literacy is needed as an accountant or auditor, but also it is beneficial to have a broad knowledge of it personally in life.
Hence, through this financial literacy talk, I learnt about the 6 broad topics namely, Spending & Savings, Credit & Debt, Employment & Income, Investing, Insurance and Financial Planning. For Spending & Savings, I understood on why and how do I need to plan for spending and saving, how to keep and use financial records, as well as the different payment methods. For Credit & Debt, I learnt how to analyse the costs and benefits of various types of credit and apply strategies to avoid or correct debt management problems. For Employment & Income, I explored different job and career options, compared sources of personal income and compensation and analysed factors that affect net income. For Investing, I appreciated how investing may build wealth and help meet financial goals. In particular, I learnt more about the different types of investments such as fixed deposits, shares, bonds, unit trusts, structured deposits, real estate investment trusts and exchange traded funds. I also understood more on the techniques as to how to invest smartly. For Insurance, I identified common types of risks and basic risk management methods, and explored the use of health, disability, long-term care and life insurance. Lastly, for Financial Planning, I identified and set financial goals and learnt how to prepare a personal budget.
In conclusion, this financial literacy talk has definitely deepened my knowledge of financial literacy. I also learnt new and interesting techniques, such as how to invest smartly, which are lifelong skills that are important.