How financially savvy are you? While some people live from hand-to-mouth, leaving nothing for a rainy day, others are overinsured from head to toe.
“Most of us get our information from friends, forums and the occasional banker or insurance agent,” said Calvin Yeo, Managing Director and Co-founder, DrWealth.com, a Singapore-based online financial planning platform. As a result, many people make ill-informed or misguided decisions.
Founded in October 2013, the website, which was launched last month, acts as a one-stop centre for the average man to better understand personal finances.
It has since grown to accommodate 1,000 registered users, claimed Yeo, a former investment banker. At the time of writing, the website had 4,565 likes on Facebook.
Users can sign up anonymously, input financial information such as incomes, loans, and insurance details, and track equity portfolio with real-time stock prices from exchanges in the US, Singapore and Malaysia.
The website then calculates the users’ financial health status. This author, for example, received an assessment which might worry most personal financial planners. She can take action by following the recommendation provided.