Gen Z 𝙂𝙖𝙢𝙚-𝘾𝙝𝙖𝙣𝙜𝙞𝙣𝙜 𝙄𝙣𝙨𝙞𝙜𝙝𝙩𝙨💡for💰Financial Freedom #am05sg

Breaking Down the Path to Financial Wellness

As someone passionate about personal finance, I recently attended a session, "Mastering Your Finances Up North" that sheds💡 light on critical financial strategies.

Let me share 3️⃣ key takeaways that can revolutionize how we approach our financial journey.

1. Mortgage Strategy: Your Key to Financial Freedom

Source: giphy.com

The 3-3-6 rule is a game-changer for homeowners. By age 40, aim to have a mortgage balance that's only 3X your annual income.

This isn't just a number—it's a strategic approach to 𝙢𝙞𝙣𝙞𝙢𝙞𝙯𝙚 𝙝𝙤𝙪𝙨𝙞𝙣𝙜 𝙙𝙚𝙗𝙩 𝙖𝙣𝙙 𝙖𝙘𝙘𝙚𝙡𝙚𝙧𝙖𝙩𝙚 𝙮𝙤𝙪𝙧 𝙥𝙖𝙩𝙝 𝙩𝙤 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙞𝙣𝙙𝙚𝙥𝙚𝙣𝙙𝙚𝙣𝙘𝙚.

🔎And let's debunk a common myth: Having children doesn't mean saying goodbye to financial freedom.

With smart planning and strategic choices, you can still pursue FIRE (Financial Independence, Retire Early) while raising a family - Josh Tan

He ended off his sharing with John Lennon, "ᴀ ᴅʀᴇᴀᴍ ʏᴏᴜ ᴅʀᴇᴀᴍ ᴀʟᴏɴᴇ ɪꜱ ᴏɴʟʏ ᴀ ᴅʀᴇᴀᴍ. ᴀ ᴅʀᴇᴀᴍ ʏᴏᴜ ᴅʀᴇᴀᴍ ᴛᴏɢᴇᴛʜᴇʀ ʙᴇᴄᴏᴍᴇꜱ ʀᴇᴀʟɪᴛʏ.", underlining the 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗼𝗳 𝗳𝗮𝗺𝗶𝗹𝘆 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗮𝗻𝗱 𝘀𝗵𝗮𝗿𝗲𝗱 𝗴𝗼𝗮𝗹𝘀 𝗶𝗻 𝗮𝗰𝗵𝗶𝗲𝘃𝗶𝗻𝗴 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗳𝗿𝗲𝗲𝗱𝗼𝗺 𝗮𝗻𝗱 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗳𝘂𝗹𝗳𝗶𝗹𝗹𝗺𝗲𝗻𝘁

Source: pinterest.com

2. Consistency: The Unsung Hero of Investing📈

Forget about trying to time the market.⏳ The real magic happens with consistent, disciplined investing.

Consider this powerful example⬇️

💸If you 𝙞𝙣𝙫𝙚𝙨𝙩 $10,000 𝙪𝙥𝙛𝙧𝙤𝙣𝙩 𝙖𝙣𝙙 𝙘𝙤𝙣𝙩𝙧𝙞𝙗𝙪𝙩𝙚 $2,000 𝙢𝙤𝙣𝙩𝙝𝙡𝙮 𝙬𝙞𝙩𝙝 𝙖 7% 𝙖𝙣𝙣𝙪𝙖𝙡 𝙧𝙚𝙩𝙪𝙧𝙣, 𝙮𝙤𝙪 𝙘𝙤𝙪𝙡𝙙 𝙜𝙧𝙤𝙬 𝙮𝙤𝙪𝙧 𝙬𝙚𝙖𝙡𝙩𝙝 𝙩𝙤 𝙤𝙫𝙚𝙧 $1 𝙢𝙞𝙡𝙡𝙞𝙤𝙣 𝙞𝙣 𝙟𝙪𝙨𝙩 20 𝙮𝙚𝙖𝙧𝙨!

Source: Investor.gov

The secret? 🔑

✨ꜱᴛᴀʀᴛ ᴇᴀʀʟʏ ᴀɴᴅ ꜱᴛᴀʏ ᴄᴏɴꜱɪꜱᴛᴇɴᴛ✨

Every dollar you invest today is a step towards your future financial security.

3. Wants vs. Needs: The Budget Balancing Act💳

Here's a simple yet profound lesson: Learn to distinguish between wants and needs. Whether it's a $1.50 local kopi ☕or a $6.50 Starbucks latte, every spending choice matters.

Source: giphy.com

📊𝙏𝙧𝙖𝙘𝙠𝙞𝙣𝙜 𝙚𝙭𝙥𝙚𝙣𝙨𝙚𝙨 𝙖𝙣𝙙 𝙢𝙖𝙠𝙞𝙣𝙜 𝙢𝙞𝙣𝙙𝙛𝙪𝙡 𝙙𝙚𝙘𝙞𝙨𝙞𝙤𝙣𝙨 𝙘𝙖𝙣 𝙙𝙧𝙖𝙢𝙖𝙩𝙞𝙘𝙖𝙡𝙡𝙮 𝙨𝙩𝙧𝙚𝙩𝙘𝙝 𝙮𝙤𝙪𝙧 𝙗𝙪𝙙𝙜𝙚𝙩📊

🧠Final Thoughts

Financial freedom isn't about deprivation—it's about making informed, strategic choices.

🔹Invest smartly,

🔹plan ahead, and

🔹live within your means.

📌ʀᴇᴍᴇᴍʙᴇʀ, ʏᴏᴜʀ ꜰɪɴᴀɴᴄɪᴀʟ ᴊᴏᴜʀɴᴇʏ ɪꜱ ᴜɴɪQᴜᴇʟʏ ʏᴏᴜʀꜱ, ᴀɴᴅ ᴇᴠᴇʀʏ ꜱᴍᴀʟʟ ᴅᴇᴄɪꜱɪᴏɴ ᴄᴏᴜɴᴛꜱ.

👏A heartfelt thank you to Seedly for providing these invaluable insights and continuing to empower Singaporeans in their financial education.

👉See my Notes on Google Docs

👉See OG post "Master Your Finances Up North" on Linkedin for more :)

👉See others: Gen Z: My Adulting Journey of Growth, Fear, and Chocolate Finance #am05sg