AMA SG Young Investment
Asked on 07 Sep 2018
I'm aged 25 now, my brother and sister is 22 and 21 respectively, both spending alot of normal days.
I do understand how hard it is to convince your siblings to start planning their finances when you see them still spending most of their money. Maybe you can try to slowly tell them the benefits of planning early especially the power of compounding. The earlier we start to save and invest, the better it'll be for our future. Another thing you can do is recommend them some books to read which will inspire them. Some good book are rich dad poor dad and the richest man in Babylon. These 2 books illustrate financial planning with thought provoking examples and stories.
I think the best way is lead by example. At their age, its kind of difficult to start thinking about future. I would suggest you to start doing for yourself and influence them along the way, don't try to rush and do it slowly for them to accept your advise.
What I did with my siblings was a little extreme. First, I explain to them nicely on the need to manage their finance and also how savings and investment can help. Next, I literally make them set up a savings plan and the POSB Invest Saver account right in front of me.
You can say I force them to do so. I admit I kinda force them to because if I do not do it, they will just leave it hanging and not take any actions.
Tell them if they want to rely on their cpf for retirement, they would have to work and wait for a good whole 30 years