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Show them the profits!
Okay jokes aside. I used the rule of 72 to show people the magic of compounding. Put your money in the bank to rot or buy into assets. Your money your choice :)
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Cedric Jamie Soh
20 Dec 2019
Director at Seniorcare.com.sg
Ask him/her what is her preference.
To work for money or money work for him/her?
I always say that risk can be diluted with time and large variety.
If stock is risky, then hold ETF over long time, you cannot go wrong.
Then stop.
Let them ask the question and be the curious ones :)
To be persuasive, you need them to be the one asking. If they don't ask, wait for another opportunity.
Share articles - how someone on FIRE moment retired at age 25.
etc etc. arouse their curiousity.
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Hariz Arthur Maloy
09 Dec 2019
Independent Financial Advisor at Promiseland Independent
There are 2 ideas that help me make sense of why we invest.
1) Inflation
2) How much your income actually has to last.
So the first one is pretty standard. Inflation is at or about 2% in Singapore. If you're not earning a blended 2% on your total assets, you're losing money every year. So if they're not investing and all the money is in the bank or FDs, it's not beating inflation.
The second one is kind of interesting. Imagine you're 30 years old. Have you ever wondered how long your income earned is supposed to last for?
If you're working to 60 and dying at 90, you are working for another 30 years, but living for 60. So by right, for the math to make sense, you have to save 50% of whatever you earn. Correct?
But who does that? Not many do or can.
That's why financial planning and investing is important. Because we can't save 50% of our income to make it last twice as long, we need to invest it.
Everyone stops work one day. It's either voluntarily, or involuntarily. Please make sure you choose when to stop work, and not be forced to work even when your body can't take no more. Every day you invest, it buys you another day you can choose to stop work.
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Tell your loved ones that if they do not invest, 1) the value if their savings will be eroded by inflation 2) they may possibly be missing out on gains that can multiply your spare cash. There are so many products on the market now catering to people with different risk appetites