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4 Ways to Know How Financially Naive You Can Be

It is totally okay not to know something however let’s see how inexperienced we can be in terms of our financial information despite being working class and having degrees. Also this certainly would vary with each individual and their specific naivety in terms of their knowledge about their financial details, records and general awareness.

  1. Credit Score : Credit Bureau of Singapore ( CBS) revealed that 85% of Singaporeans have never seen their credit report and that is a huge number. Credit Score is essential that helps money lenders in Singapore to decide if you are going to default on a given loan. So it is always advisable to check your credit score every three months and keep it healthy. Make sure to pay your credit card bills on time, and don’t get multiple credit cards in your name in a short span of time. Try to use your credit card from time to time so that money lenders get confident about your expenditure and income.
  2. Does Your Family Know About Your Finances – Well we should start first with are we fully aware about your finances, and the policies we have taken in our name. Also equally important is that our immediate family members should be aware about our financial accounts, policy numbers, bank account details, insurance policies, equity investments and mutual fun investments. One should not be laid back in such matters as not having all these details will make it difficult to maintain your investments effectively.
  3. Do You Understand Your Legal Contracts – Not all of us understand the details of the financial policies and contracts we own. However we must draw a line as to how much we understand and how little we know about the usefulness of these policies and contracts. Not knowing how a certain contract functions, can land us with additional financial pressure and loss of money. We must understand all the contract details before signing it so that we benefit fully from such engagements.
  4. Details of Loan Contract – You must carefully read the loan contract before signing it and take time to understand it. One can also ask other friends and family to see other options so that you get the best licensed money lender in Singapore. In the long run, it always pays off to be well informed about your finances and financial situation and it also helps you in getting the right business loan, personal loan or secured loan for yourself in Singapore.

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