Me & My Money: Hatch early saving plan and bank on professionals to grow nest egg

Mr Mike Reed is vice-president of the Canadian Chamber of Commerce in Singapore.
Mr Mike Reed is vice-president of the Canadian Chamber of Commerce in Singapore. ST PHOTO: DESMOND WEE

SINGAPORE - Getting your money to work for you is easier said than done, but the key is to start saving as early as you can, says Royal Bank of Canada's (RBC) Singapore chief executive Mike Reed.

"Personally, I think people should strive to save 50 per cent of their after-tax income. It may be ambitious but it means your money will start working for you instead of you for it," he noted.

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