Singaporean Talks Money

Wednesday, 11 January 2023

End of year checklist | Updates on life and how I plan to be in 2023

I think it’s always good to look back and see how much you have grown in the year. Not just in terms of finances although this is mainly a finance blog but both emotionally, mentally and physically. Of course, most of this might be financials but there is also nothing much to write about finances this year as I believe most of my goals would not have been hit as I set goals for a value to hit and not how much I should have invested.

Physical Health

So I would say this year hasn’t been great for my health and mental state. Health in that I think working from home doesn’t really work great for me as I have become too used to staying at home that I am now pretty lazy. I have been trying to incorporate exercising to my daily routine but laziness affects it. I did however, start some strength training with a resistance band and hoping to do more cardio in 2023. Other than that, no huge health scares.

Mental Health

I would say I don’t think a lot about bad things but I do worry about the future and often at times about things that I cannot control. Also, seeing how everyone is advancing in life some times do make me worry if I am even keeping up to standard or progressing well in life.

Beginning of 2022 was pretty tough as I had a lot of thoughts about my future but towards the end of 2022, I have loosen up and to be honest, as long as I am happy in the present, I don’t think I need to worry so much. Learning to take things one step at a time has helped me and I think being in the present in 2023 will benefit me. Being grateful for the things I have and appreciating life at it’s present is something I would do more in 2023.

Financial Health

Not looking at the portfolio value, I would say that 2022 has been a pretty good year actually. I managed to learn so much about investing, market cycles and how to handle my emotions in a market downturn. Also, I would say this year would be the year where I contributed the most to my portfolio although losses are also high this year considering crypto crashes and the market downturn. But I don’t regret anything as I have learned so much and am definitely much more confident in how I am positioning my portfolio for the future.

2023 would definitely be a year of learning as well as many things that are happening in 2022 will continue whether it’s interest rate hikes, layoffs and inflation considering the shift in many production lines. Job security is the one thing I am most concern about as I am in an industry that have seen significant layoffs and the outlook is not positive at the moment.

Of course, my main purpose is to make sure I am able to grow my portfolio throughout this tough and difficult period. However, if need to, I will stop contributing if I lose my job as news of Amazon laying off 18,000 personnels in their corporate functions.

Conclusion

Overall, I am not making any new year resolutions, life has been tough the past few years with the pandemic so just living life in the present as the world opens up. Health is definitely the number 1 on the list as nothing can really go on without good health. Taking it easy in 2023 as my 2022 was busy and hectic both in work and financial especially during the crypto boom where I had so much fun. Looking forward to 2023!

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Sunday, 8 January 2023

Using ChatGPT to give a summary of books | "Rich Dad Poor Dad"

Really lazy first Sunday of 2023 so a ChatGPT generated article to start the year. Continuing from my previous article on ChatGPT, I realised that ChatGPT can also provide summaries of books and if you are thinking whether you want to pick that book up, you can actually get a summary before deciding on getting it. Depending on how you ask the question, you can get different information.

I am sure "Rich Dad Poor Dad" is always a recommended book whenever someone wants to improve their financial situation. "Rich Dad Poor Dad" has started many people’s journey on accumulating assets instead of liabilities and so a summary of it is great. So below is really all from ChatGPT, in other news, I saw that some schools will ban ChatGPT in their computers.

Summary of "Rich Dad Poor Dad"

"Rich Dad Poor Dad" is a personal finance book written by Robert Kiyosaki. Robert Kiyosaki is an American businessman, investor, and author. He is best known for his personal finance book "Rich Dad Poor Dad," which has sold millions of copies worldwide and has been translated into multiple languages. Kiyosaki has also written several other books on personal finance and investing, and he is a popular speaker and commentator on financial issues.

The book also covers the importance of financial education and the difference between "good" and "bad" debt. Kiyosaki's ideas are based on his own experiences, including his relationships with his "rich dad" (a friend of his father's who was financially successful) and his "poor dad" (his biological father, who was educated but struggled financially). Overall, the book encourages readers to take control of their financial lives and make smart decisions about their money.

Robert Kiyosaki is an American businessman, investor, and author. He is best known for his personal finance book "Rich Dad Poor Dad," which has sold millions of copies worldwide and has been translated into multiple languages. Kiyosaki has also written several other books on personal finance and investing, and he is a popular speaker and commentator on financial issues.

In addition to his writing and speaking career, Kiyosaki is an entrepreneur and investor, and he has started and run several businesses. He is also a proponent of financial education and has been vocal about the importance of teaching financial literacy to young people. It advocates for financial literacy and teaches readers how to build wealth through investing in assets, rather than just focusing on earning a high income.

Main Points of “Rich Dad, Poor Dad”

Some of the main points of "Rich Dad Poor Dad" are:

The importance of financial literacy: Kiyosaki argues that traditional schools do not adequately teach students how to manage their money, and that financial literacy is essential for building wealth.
The difference between "good" and "bad" debt: Kiyosaki advises readers to avoid "bad" debt, such as credit card debt or consumer loans, and to instead focus on taking on "good" debt, such as loans used to invest in assets that generate income.
The importance of building wealth through investing in assets: Kiyosaki advocates for building wealth by investing in assets that generate income, such as rental properties or businesses, rather than just focusing on earning a high income.
The need to take control of your financial life: Kiyosaki encourages readers to take responsibility for their financial futures and to make informed decisions about their money.
The role of mindset in financial success: Kiyosaki argues that a person's mindset and beliefs about money play a significant role in their financial success, and he encourages readers to adopt a mindset of abundance and possibility.