Am I Earning Enough to Speak with a Financial Advisor? Debunking Myths About Financial Planning

By Rohit Singh

If you are an expat living in Singapore, you already know the city is a place of contrasts. Glittering skylines and global opportunity sit right beside the reality of high rent, hefty school fees, constant travel, and the pressure to support family back home. These financial demands can feel like a quiet weight that follows you everywhere.

It is no surprise that many expats wonder whether speaking with a financial professional is even appropriate for them. The idea can feel intimidating. Many people imagine financial planning as something reserved for the ultra-wealthy. Some think they need a perfect budget first. Others worry they will be judged for what they have not done yet.

These fears are common. They are also myths.

The truth is that people at many different income levels and life stages explore financial guidance. They do this not because they have reached a certain wealth threshold, but because they want clarity. Expat life often includes additional moving parts such as multiple currencies, relocations, and cross-border commitments. These can make financial decisions feel more complex.

Below, we explore some of the myths that often discourage expats from learning about financial planning, along with general insights into what the process typically involves. This information is intended for education only and should not be taken as personal financial advice.

Myth 1: “I need to be wealthy before I speak with a financial adviser.”

This is one of the most common misunderstandings. Many people assume that advisers only work with high-net-worth clients. In reality, people seek financial guidance at many different income levels. For some, the goal is to build structure. For others, it is to understand their current position more clearly.

For expats who may deal with temporary assignments, complex tax environments, or multiple currencies, the desire for clarity often appears long before they consider themselves wealthy.

Myth 2: “Advisers are too expensive for what I earn.”

Another widely held fear is that professional guidance is out of reach. In practice, advisory firms around the world use different fee models such as flat fees, commissions, or hybrid structures. Many also offer introductory conversations so people can understand how their services work.

This does not mean any specific model is right or wrong for you. It simply shows that the landscape is broader and more flexible than many expect.

Myth 3: “I can just handle it myself.”

Plenty of people manage their own finances, and many do so successfully. The question is not about capability. It is about time, information, and the complexity of expat life. Regulations, tax rules, and insurance requirements often differ significantly from country to country. What works back home may not translate easily abroad.

Some expats explore professional guidance not to surrender control, but to gain perspective, reduce blind spots, or supplement their own research.

Myth 4: “I need perfectly organised finances before speaking with someone.”

It is common to assume that one must arrive with a flawless budget or neatly arranged accounts. In reality, professionals who work in financial services generally expect that people may come with questions, uncertainties, or areas that feel disorganised. Their role often includes helping people bring structure to complexity, rather than evaluating how tidy things already are.

Myth 5: “Financial planning is only about investments.”

Investment discussions are often associated with financial advisory work. They represent only one part of the larger picture. Many advisers also help clients think through topics such as:

• Cash flow and budgeting approaches
• Insurance considerations
• Long-term planning
• Education-related expenses
• Emergency preparedness
• Cross-border tax implications
• Debt strategies
• Currency questions during relocation

This illustrates how broad the field of financial planning usually is.

Myth 6: “I should wait until a major life event before asking for guidance.”

Some people delay seeking information until they get married, have children, or buy property. While big life events often prompt people to reach out, many expats find it helpful to understand their options earlier, especially when facing ongoing changes such as job transitions, relocations, or evolving responsibilities in different countries.

Myth 7: “My income is inconsistent, so planning will not help me.”

People with irregular income, such as those in sales, contracting, or start-up roles, often feel uncertain about planning. Yet this is precisely the group that tends to value structure the most, since cash flow can vary from month to month. Professional guidance can help individuals explore potential strategies for handling fluctuations. Each situation is different and requires personalised evaluation.

Myth 8: “Financial planning is too restrictive.”

Some fear that planning will limit their lifestyle. In practice, many people find the opposite. Structure can bring more freedom, not less. Understanding where money goes often reduces stress and guilt, especially in Singapore’s high-expectation, high-spending social environment.

Planning is ultimately about alignment. It helps ensure that spending matches values, rather than imposing restrictions.

When do expats in Singapore typically explore financial guidance?

While every situation is different, people often consider speaking with a professional when they:

• Feel uncertain about their savings habits
• Earn well but do not feel financially grounded
• Want clarity on retirement possibilities
• Manage responsibilities in more than one country

None of these scenarios requires a specific income level. They simply reflect moments when clarity becomes valuable.

The emotional side of money

Finances are not just numbers. They are tied to identity, family expectations, cultural background, hopes, fears, and the experience of building a life far from home. Expat life can intensify these emotions because financial decisions often span several countries and timelines.

For many, speaking with a professional offers reassurance and perspective during a stage of life that is already full of change.

So, “Am I earning enough to speak with a financial adviser?”

A more accurate question might be:
“Do I have financial questions, responsibilities, or uncertainties that I want clarity around?”

If the answer is yes, many people in similar situations choose to explore professional guidance. They do this not because they have reached a certain income level, but because they want direction. It is a personal choice, and there is no universal threshold.

What matters most is whether gaining structure would make your financial life feel more manageable and intentional. Whenever you’re ready, feel free to reach out for an initial conversation about how we can create a roadmap to help you reach your financial goals.

Rohit Singh has been with GFC for nearly 8 years and has established himself as one of our top performing consultants. He specialises in holistic financial planning for individuals living in Singapore.

Rohit is an authorized representative of Global Financial Consultants Pte Ltd- MAS License No- FA100035-3.

To learn more about how he may be able to help you, please contact him:

Phone number: +65 85015002
Email address: rohit.singh@admin.gfcadvice.com
LinkedIn page: https://www.linkedin.com/in/rohit-singh-9b56b0124/

Click here to book a complimentary consultation: Book here

General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.

*Please note that Rohit Singh is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.