In the hyper connected world of today, we are drawn to
cyberstalking viewing our favourite Instagram personalities or planning for our next holiday rather than thinking about the future. As a young working adult, the idea of buying a home, retirement or financial planning may be an alien concept. Personally, I could never appreciate the numbers, charts and complex terminology that my insurance agent preached each time we met.
My conversation on investments and financial planning with many friends drew interesting observations
- Many of them did plan for the future/do not know where or how to start planning
- There are too many companies and offerings on the market
- They did not like to be pressured by agents to buy a particular financial product
- Many did not know how much money is really required to reach their goals of buying a car/house/starting a family/etc.
As I grew older, I started to educate myself to become more financially savvy and started my investment journey. Truth be told it was not easy and I would have liked more support. Just like a ship that needs a navigator, the NAV team is now ready to help navigate through change, uncertainty and opportunity towards your life goals. Now, this was something I needed earlier in life.
What is “NAV – Your Financial GPS”?
NAV is a new financial planning initiative to help young adults navigate through life’s changes, uncertainties and opportunities. Targeted at young adults, the “NAV Hub” is part of a new financial planning initiative by DBS named “NAV”
How is “NAV” suppose to help me?
You can enjoy free personalised financial planning sessions with DBS’ NAV. The sessions are designed to help you understand your financial position, set goals and explore what needs to be done to help you achieve them. Each step is completed using a user-friendly mobile app and an online web portal with the professional NAV crew.
There are two groups of customers who will benefit the most from the services of “NAV – Your Financial GPS”. The first group is young adults who are novices in financial planning and need help to get started. The second group is people who may have taken some actions towards their goals and require further guidance. To help these groups of people who may find financial planning conversations daunting,
How do I start this process?
The first step would be to book yourself an appointment here and visit the NAV HUB. A comfortable space for a private one-on-one session with the NAV crew.
DBS collaborated with various partners such as IDEO, a human-centred design agency to develop innovative tools to make these conversations fun and engaging. The NAV team would first play a tarot card reading game to discover your current and future money mindsets. Next, take a fun quiz that will help you make a projection into the future and give you a more concrete idea of where you might want to be.
An analysis of your cash flow is first done and steps to achieve your short-term and long-term goals are identified. A report is generated at the end of the session for your reference.
Summary – Why I like “NAV – Your Financial GPS”
- Free assessment on current financial health
- No pressure to buy financial products(Not available at NAV Hub anyway)
- Friendly NAV crew that is happy to answer any of your money related questions
- Collaborations with independent speakers giving unbiased views
- Regular financial talks and seminars (there will be a nominal fee for the classes)
I hope that you will embark on the journey to become financially savvy and consider “NAV – Your Financial GPS” as the first step towards achieving your goals. As captain Jack Sparrow would say “Savvy”?
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This post is brought to you by DBS, but all comments and opinions are the author’s own.