Story of a Singaporean's life

Blog

  • The Importance Of Saving

    Today, i am going to talk about the importance of saving. For some people, the concept of saving is not too new, for others, it can be something entirely alien to you, just like how i was before i really understand what was saving at my current age of 22. Some would say i am a little late, but i am glad now that i have started saving and stop spending.

    Before i got into the notion of savings, i was spending like crazy. All my savings over the years turned into naught. I used to think i was trading meaningful and deep life experiences for money, but i could not be more wrong. Many times, i simply splurge because i felt like it. All my expenses combined accounted for loss of $30,000 – $40,000 worth of good savings. This amount includes anything that is not a necessary expense like transportation, food, water and air.

    However, my circumstances have changed. I was forced to grow up faster than anyone in the shortest possible time of a few months. My priorities shifted, my reality struck me, my finances were in a mess and my life was in a mess. I went through my spendings, and took on several healthy habits that i would advise anyone to adhere by:

    1. I am now saving 50% of all my income, regardless of where they come from (i have big plans for these savings when i graduate)
    2. Making good progress on eliminating TAXIS as a transport option (taxis, for a period cost me hundreds per month, the stupidity of youth)
    3. Saving heavily on transportation costs
    4. Food expenses are also reduced after discovering that cooking might not be the cheapest form of spending on food
    5. Entertainment expenses are significantly reduced, heck i haven’t drank a beer in 2 to 3 months
    6. Book costs are reduced from making an extra trip down to the library
    7. Using credit in a controlled and sensible manner

    Some of my habits are pretty crazy. I doubt anyone with strong commitments would be able to save 50% of their income and i might reduce that amount as time goes by but for now, it is sticking. Also, i would recommend anyone who is financially sensible to get insurance. As i begin to get older, i start to believe in insurance more and more, and i believe anyone sensible enough should feel the same as me. What about you? Have you realized the importance of saving?

     

  • Dreams

    Dreams… Every living human being has a dream they want to reach. For some, becoming rich is the dream whereas for others, to be able to help people is the dream. For me, i have always changed my dreams as i progress through my life…

    When i was young, i thought about becoming an explorer, like a real life Indiana Jones going around, exploring ruins and caves, digging treasures until my family persuaded me that much of the known world has already been explored. After that, i changed my dream. I wanted to go to Japan and live there to experience their culture, that was my dream when i was around 14. At that age, i was already fascinated by the Japanese culture. When i was 16, i thought about becoming a businessman and striking it rich. I tried and successfully for a short while, earned some significant income doing some online business. Finally, after i served in the army, with my cumulated knowledge from my years of education, interaction, thoughts, settled on creating a fund as my dream, meaning i will become a fund manager.

    However, this is an incredibly tough road that tons of other smart people from many other different countries will be competing with me. We will be required to slit each other’s throat, well not literally. There is a known fact being told around, a dollar in your pocket is a dollar lost from another’s pocket. As of right now, i am gaining momentum towards my dreams. The obstacles are abound, and you would be so surprised if i listed it down but i believe that step by step, day by day, i will simply do the best i can each day to move towards my goal.

    There are a few reason why i wanted to become a fund manager. Financial independence is one. Other reasons include that being a fund manager, i can do what i like: managing capital and making it grow. As i continue towards my dreams with student loans, debts and increasing competition from around the world, poverty and stress, the only way you can go once you reached the bottom is up… or simply just burn up and perish. Haha.

    I will go towards my dreams right now. Too often have i given up on something because it is tough or i simply lost interest and only came to regret it later. I have tons of real life experiences that i will be sharing here that i hope would benefit people who are much younger than me or even older. I believe in my dreams and will keep on moving forward no matter what people say. What about you? How old are you right now? Are you striving towards your dreams now?