Did you have a piggy bank when you were younger?

My Fav Piggy Bank as Beginner Saver.

I love to save $1 Gold Coin which tune out a Gong Xi Gong Xi tune.

All savings comes from pocket money and eating lesser.

Most of my friends buy pen or rubber (flag) for collection but i save to change to $1 gold coin bit by bit.

Always Save for a Rainy Day is something i rmr since Primary School. (in fact is raining now)

I learn not to be wasteful since young and learn tt money is important for the future.

Is Encouraging and sounds like one is Congratulated Each Time a Saving is Deposit in.

should really bring this back for young innocent child like me.

All this is sweet and growing up phrase requires a POSB account which gives interest rate.

The bank account started with a part time job at Mcd and salary is deposited monthly.

More Money are tracked and doesnt requires counting to feel Good from the Saving Achievement.

A walk to ATM could see the upgraded piggy bank and Achievement.

As we progress in life from Education Progress to National Service which introduce us to insurance plans.

Saving took a diff turn w Endowment Products and Bank selling Unit Trusts.

Most ppl, even me, supports friend ilp, trusted bank w unit trust but we didnt realise uncertainty is heavily involved with the term more "Savings" being mis used. Eg my friend KK biting the bullet and digesting it.

Up to today, Good Finanical Blog and Bloggers (maybe me too) and platforms like seedly have give more info on what are Real Savings from High Yield Account to SSB which uphold the true meaning of Savings.

For me, since

1. Saving for Gxgx tune
2. Saving for rainy day
3. Saving for bank interest rate
4. Saving for more return thru policy n unit trust
5. Saving with certainty and better projection with CPF, SSB, Dividend Returns
6. Saving to buy income generating Asset
7. Saving for value deals and lifestyle
8. More importantly, Saving to be able to take care of Parents and Grandma

TLDR: Saving is the Mother of All Investment and Investment should be income Generating Asset that allows taking care of FAMILY and Active Retirement.

I remember I had a piggy bank when I was younger but shorter (and cuter but stupider). But since my daily stipend was 50 cents a day, it remained anorexic for as long as I know. These are some of the stories about saving for the things I wanted (which others remember and I gratefully forgot, because some were downright embarrassing !)

The first thing I wanted was those retro sticker books; I think the trend was those badass Ninja Turtles and Voltron kind. These were like the coolest things on our small diminutive campus of kids and kiddos. And we would trade like 20 cents plus Raphael (we had no inkling they were names after Renaissance artists, Raphael just sounds cool to an Asian kid) for a Leonardo. Because those darned katanas were just so cool. Having no strength in maths other than remembering the multiplication tables, I had no idea how long I had to save to complete a single sticker book.

So conveniently, I looked at the larger piggy bank. Which is my dad’s, it was like a piggy bank on steroids. So using the skills of a 6 year old and some engineering, I crafted a tweezer out of paperclips, and lo and behold, I could get the money out. Instant ATM. This led to the completion of my sticker book. But like every story with a moral value, therein lies the lesson (encoded in cane marks like some crazy kid typing in Braille).

I got found out. And got caned and realized that if you really wanted something, it should come off the sweat of your brow (or whichever part sweats most). So

Lesson 1: Rely on yourself and not on some hare brained scheme, there is no instant ATM. Dont steal, you get caned, applies to adults in Singapore but not in Malaysia, you get a yatch name Equanimity over there.

So I started work, and I did a lot of stints as teaching stuff to others (legal stuff this time)in the fitness industry. I had quite a lot of money, because the per hour pay was good. But I spent it like it was water. Rollerblade $330, Rayban Glasses $500. So off I was in my teens , eating cup noodles while contemplating where in the blue blazes did my money go.

Lesson 2: Track your expenses. Rollerblades and Raybans are not necessities, you can’t eat them when you are hungry and they are useless if you have no savings.

Eventually as an adult, or someone who likes adulting but is in his late 20s, I became a better planner and got some savings which I conveniently plunged in stocks in 2007. That was before the subprime. The rest is history (as is my money, thanks Wall Street).

Lesson 3: Know what you are putting your money into. Investing and gambling are like how you use razorblades, you can shave with them, or you can mess yourself up pretty badly with them as well.

Finally after some lessons and thinking through , the piggy bank disappeared, and got digitized like ordering bak kwa online, just that its not bak kwa but its online.

I no longer can feel my coins and the “tink” I get when I drop them in. But at the same time, I am learning everyday how to not make my previous mistakes. I am now looking at financial independence while doing something I love. And realize that financial independence is a series of good choices over a long period of time (and delayed gratification, no more loot boxes). My dream is now financial independence.

Lesson 4: Financial Independence is a marathon and not a sprint.

And to add a last point – just to make 5 lessons. My favorite quote from fight club.

Lesson 5: We buy things we don’t need with money we don’t have to impress people we don’t like. Don’t. (okay I added the Don’t).

I HAD A PIGGY BANK! It was a really big Tweety Bird-themed 3D piggy bank, no less.

Alas, I did not put any money into it.

I was spoilt as a child, and usually spent whatever I was given at the arcade, pool halls and also toys and food (Hello expensive coffee at Starbucks and lunches at Orchard!)

Fast forward more than a decade, I have saved enough to put down a downpayment on a freehold condo at 26, with additional liquid cash of S$300k.

Why the change?

I discovered the value of thrift ever since I had to start paying for my own university education. Earning your own keep from an early age teaches one the value of money, and also the benefits of compounding from an early age. Before each purchase - these are the questions I ask myself:

- What exactly am I spending on, and why? More often than not, fashionable clothing purchases fail this question. Other things like drinks (Bubble tea for example - $5 for added empty calories? Probably not). It is far more interesting to think about that money being allocated to assets that grow in value.

- Does it give joy to myself, or others? Being thrifty does not mean being miserly. I tend to be more generous when I eat with my family, for example. Because it gives joy to others around me, I personally think that some money is worth the spend. If I were to eat by myself, I have a tendency to want to support local hawkers, instead of larger food chains. The sense of homeliness and familiarity when you see the auntie who serves you your favourite food at Chinatown complex is unparalleled.

- Is this expenditure going to positively/negatively impact other areas of my life? Spending on high quality, nutritious food albeit at a higher price, yes. Spending on a snazzy new phone just because it's a cool new toy, probably not unless my existing phone is spoilt. Even then, I probably would wait until prices go down, since electronics prices drop fast.

With that said, I still can do better.

Admittedly, I have not been too on-the-ball with my investment portfolio. I have sold off most of my shareholdings already, so I should start looking into what I can do with my idle liquid cash. I am saving with the goal of having my passive income cover my annual expenses, so that I can be more financially independent and not rely on a monthly wage if I don't want to. Hoping to win a pair of Seedly PFF 2019 tickets since it sounds very interesting!

I had a piggy bank (not an actual pig figurine) but given my laissez faire personality, I never made saving a regular thing. At the same time, I'm a shopaholic cum spendthrift. I didn't really bother counting pennies as they seemed trivial, so I tossed the coins from my wallet into my piggy bank whenever I had some.

When I finally remembered to check my stash (funds for a new shopping loot), I was pleasantly surprised how much I have accumulated over time. I used the money to buy my want and still had some leftovers for needs😀

Im trying to save some capital for investing and personal finance and I set aside a fixed portion of my salary to do so. Im a complete newbie to managing my finances and have been attending investment workshops and the like to broaden my knowledge. Im saving with the aim of a comfortable early retirement.

Being way older now, Im less laissez faire with my spending (though I don't curb what I want that's within my means). I hope that I am able to win the PFF 2019 tickets so that I can break out of my financial rut.