Monday 9 December 2019

Trying to give some financial tips isn't as easy as I thought

Recently, I had a chat with my aunt as she was just randomly asking me about using credit cards as ez link cards and that it is so much more convenient then the past as no topping up was required.

We slowly moved towards the topic of savings account, she currently just got back to work after taking about a 4 months break. I was explaining to her about a bank account that would allow her to earn more interest from her balance.

She was very receptive and was willing to find out more from me as she knew that she was missing out especially when I showed her how much interest she could get each year.

I was pretty surprised as most people I have have talked to about finances or like when I try to let them know about a good savings account, they would usually be like oh, and then brush off the topic.
On the other hand, I met up with my university friends the other day. And we were on the topic of managing our personal finances.

One of them mostly spends her money on food and she wants to know how much do we save per month and also what kind of investment do we do as she was interested in it as well.

So I kinda just slowly explain to her how and what I buy monthly using my RSP with POSB and that I also save a portion to be invested into other individual stocks.

I think at this point, I could see her face kinda like change cos it was a little too much for her. I knew and I just slowly made a conclusion.

I think to many, it is a chore to manage their own finances. But I believe that if you don't take care of it yourself, no one else will do it because it's not theirs. Unless you pay them to do it.

Definitely, I know money is a pretty sensitive topic in Singapore and that even more so on how you manage your money.

But I believe to listen to others and to learn can really help an individual as they can see the many different ways to manage and can choose the best one.

I think what most of friends lack is the action part because I feel that once you go ahead and start, it will make everything seem easier as you have already taken the first step out.

1 comment:

  1. Do not fret if people do not appreciate nor accept our advise. People have different circumstances and different life experiences. A "good" advise for one person may not be "good" for another.

    When it comes to personal finance, I believe in letting the results speak for itself. It will be definitely more credible when what you say are backed by solid results (facts and data). Would not it be nicer that people comes to ask you for advise, on their own accord, when they see you have achieved something?

    Nine years ago, when I first started sharing with my close group of friends who are likeminded in wanting to build up our wealth, they say to this me "Good work, keep it up!" when I showed them my passive income for that year at $46,000. No one asked me what I did to get that $46,000. No one was impressed nor interested.

    At each successive year, my passive income grew and grew. Last year, it hit $170,000 and this year (up to Nov), it hit $190,000. Nowadays, my friends sought me out to hear my views, and sometimes friends of friends too.

    Just let your results show!