I used to be the friend that will be the one to pay first whenever my friends and I go to JB. And they would just pretend not to return if you did not ask. Granted it was only less than RM100 per pax but I don’t do this anymore. I make sure people pay me back on the same day.
It is true to a certain extent. By that I mean NS absolutely destroying and disrupting a boy's financial journey. However, what you stated is generally for the sheltered individuals where they get spoonfed by their parents. Many from lower income households or well-brought up families start working as early as Secondary School. May not earn much, but experience and wisdom is a far more powerful tool. Even if you start setting aside $100 per month from part time jobs that early, it can compound greatly.
Since covid, i work from home and spend almost 0$ on clothes, cancel my gym subscription (prefer outdoor fitness), transportation cost is less and I had more time to cook so less eating out. We spend now on renovating our house!
Not everyone buys expensive stuff to impress other people. Most spend on these to enjoy the finer things in life after working hard for the money, as a form of self gratification or reward, for better or for worse. Or buy a premium car, for those who love and appreciate driving.
It's so sad to see how financially illiterate most people are that we would need simple education like this, which barely scratches the basics of finance and wealth building. However, it's a great start, and I and many others have always advocated for schools to teach financial literacy. This simply doesn't work, but we need to find an approach that does. Before that happens, parents please start at home. Even if you are a Primary School dropout or ITE grad, you yourselves can start learning about financial literacy and guide your children. The worst thing is to grow up in a poor household and follow in the footsteps of your ignorant parents and stay poor.
Easy to advise, difficult to execute. Sometimes you get into debts in order to increase your wages. Can you say dont buy a car if you are a property agent ? Take a train to meet your client ? 😢
Just spend. Because it won't matter what you do otherwise in life as you will still end up in debts as everyone else eventually. The thing about money is you either spend it or hoard it and that will result in either you gaining experiences through using money to exchange for it or you deny yourself of experiences in life by not using money. Only a few will end up having a good break that will let you to earn more than you can spend in life so just spend then. Oh by the way when it comes to spending money try to spend it on things that will grow or attract more money to your direction instead. There are now many things that can do this so bear this in mind.
i mean if u plan on dying at 40 thats a good plan but otherwise i would rather live to my 80s on ramen noodles and peanut butter because i find life enjoyable as long as i have family/friends and the internet
then by 50s - 60s, you probably have no savings and have to rely on govt handouts for meals and rental housing, even if you are earning $10, 20k mth now in your 20s, 30s.
Actual top money mistakes 1. Pay GST 2. Pay income tax 3. Contribute CPF 4. Buy overpriced HDB Taxing items 1 and 2 do not even make economic sense. Where is the negative externality to justify taxing consumption? Taxing income penalizes working. Item 3 is stupid and pretty self-explanatory. Item 4 is for suckers. I can buy at least two units overseas for the price of one HDB.
6. Don't be the A -hole who borrow but don't return and don't be the generous lender unless you're willing to lose the money and the relationship.
Lending money is a great way to get people out of your life
I used to be the friend that will be the one to pay first whenever my friends and I go to JB. And they would just pretend not to return if you did not ask. Granted it was only less than RM100 per pax but I don’t do this anymore. I make sure people pay me back on the same day.
I'm 30 now. The biggest financial mistake I made was learning photosynthesis in primary school instead of buying HDB.
Many of us start our first job at 26-28 (Poly + NS + Uni). Kind of late compared to other country 😵
It is true to a certain extent. By that I mean NS absolutely destroying and disrupting a boy's financial journey.
However, what you stated is generally for the sheltered individuals where they get spoonfed by their parents. Many from lower income households or well-brought up families start working as early as Secondary School. May not earn much, but experience and wisdom is a far more powerful tool.
Even if you start setting aside $100 per month from part time jobs that early, it can compound greatly.
Since covid, i work from home and spend almost 0$ on clothes, cancel my gym subscription (prefer outdoor fitness), transportation cost is less and I had more time to cook so less eating out. We spend now on renovating our house!
u should aso DIY to save on reno
Should sell the house and rent a small room to further save cost
Why dont just camp at void deck of ya hdb too?
Start investing for retirement from the day you start earning so that you can get out of the rat race before retirement age..
u got lobang beside T bill?
@@deebusoh9023 No hole. Just invest in unit trusts, income fund, bond fund and stocks.
@@deebusoh9023 consistently invest. Practice delay gratification. Buy when there are cheap deals.
Retirement no longer exists. Have a plan to buy land and live off it.
Not everyone buys expensive stuff to impress other people. Most spend on these to enjoy the finer things in life after working hard for the money, as a form of self gratification or reward, for better or for worse. Or buy a premium car, for those who love and appreciate driving.
Spend wisely
Quite surprised no mentions ILPs?
🤣 this person knows what's up
I am 85 now. I think young people don't know how to buy house kik
Don't live like the Joneses and be in debt.
It's so sad to see how financially illiterate most people are that we would need simple education like this, which barely scratches the basics of finance and wealth building. However, it's a great start, and I and many others have always advocated for schools to teach financial literacy.
This simply doesn't work, but we need to find an approach that does. Before that happens, parents please start at home. Even if you are a Primary School dropout or ITE grad, you yourselves can start learning about financial literacy and guide your children. The worst thing is to grow up in a poor household and follow in the footsteps of your ignorant parents and stay poor.
i wan to camp at forest..cnf save millions when rch 50s
Easy to advise, difficult to execute. Sometimes you get into debts in order to increase your wages. Can you say dont buy a car if you are a property agent ? Take a train to meet your client ? 😢
Stop spend money on dating (restaurants, clubbing, alcohol, movies, etc). If you date, go dutch.
Just spend. Because it won't matter what you do otherwise in life as you will still end up in debts as everyone else eventually. The thing about money is you either spend it or hoard it and that will result in either you gaining experiences through using money to exchange for it or you deny yourself of experiences in life by not using money. Only a few will end up having a good break that will let you to earn more than you can spend in life so just spend then.
Oh by the way when it comes to spending money try to spend it on things that will grow or attract more money to your direction instead. There are now many things that can do this so bear this in mind.
i mean if u plan on dying at 40 thats a good plan but otherwise i would rather live to my 80s on ramen noodles and peanut butter because i find life enjoyable as long as i have family/friends and the internet
I ask you to spend. I did not ask you to overspend beyond your means.
I hit all 5. Am I cooked?
Yes, I think you are.
then by 50s - 60s, you probably have no savings and have to rely on govt handouts for meals and rental housing, even if you are earning $10, 20k mth now in your 20s, 30s.
Actual top money mistakes
1. Pay GST
2. Pay income tax
3. Contribute CPF
4. Buy overpriced HDB
Taxing items 1 and 2 do not even make economic sense. Where is the negative externality to justify taxing consumption? Taxing income penalizes working. Item 3 is stupid and pretty self-explanatory. Item 4 is for suckers. I can buy at least two units overseas for the price of one HDB.
,,is this a troll or a boomer genuinely curious 😂 Lazy to argue cuz u can js ask chatgpt
#4 😂
S'poreans are very rich indeed, thanks to the first-world PAP govt ranked the most effective in the world.❤❤