facebookLost all my money to gambling but want to start a clean slate. Where should I start or what should I do? - Seedly

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Anonymous

25 May 2021

Property

Lost all my money to gambling but want to start a clean slate. Where should I start or what should I do?

Hi, I’m a 29y/o with 5k savings. Lost all to gambling but wanting to start a clean slate. Where should I start or what should I do? Thank you

Discussion (4)

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Victor

25 May 2021

Financial Service Consultant at AIA

First, focus on cutting down your expenses and direct it to reduce debt

Second, build your emergency fund

Thirdly , once all done, start your investing journey

Level 1- Saving

  • Get a full time job. If u are unemployed
  • save $$$ at least 30% min.

Level 2- Increase your income

  • get a part-time degree if u havent have one
  • or/and get a part-time in addition to your full time
  • save min. 30% from your FT and all your part time $$$. Create another bank account for your PT income that u will never touch.

Level 3- multiply your income

  • When u have at least $50k of saving. Invest your monthly 30% min. saving (fresh fund) into an index ETF.
  • your saving will continue to increase becoz of PT income.
  • once u have $100k saving. Invest your monthly 30% min. saving + all your monthly PT income (fresh fund)

It takes time to level up from level 1 to level 3. It takes around 12 - 13 years. But of course depend on what you want in life, u need not go all the way to level 3. At level 2, u are already better than most people.

Alfred

06 May 2021

Personal Butler at Devhaus

First off, kudos to you for wanting to start fresh.

Way easier to just sink into a vicious cycle by...

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