Me & My Money

Saving early key to getting money to work for you, says bank CEO

Mike Reed also believes in getting professionals to manage one's nest egg

Royal Bank of Canada's Singapore chief executive Mike Reed is no stranger to a do-it-yourself approach to investing but notes that short-term decisions do not always make long-term trends, "so you need someone who has weathered the storm". Hiring som
Royal Bank of Canada's Singapore chief executive Mike Reed is no stranger to a do-it-yourself approach to investing but notes that short-term decisions do not always make long-term trends, "so you need someone who has weathered the storm". Hiring someone to manage his portfolio is the most efficient way for him as it lets him focus on the things that are most dear to him.ST PHOTO: DESMOND WEE

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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A version of this article appeared in the print edition of The Sunday Times on February 07, 2021, with the headline 'Saving early key to getting money to work for you, says bank CEO'. Subscribe