How do you convince your siblings to get a grip on their finances and start saving up for the future? - Seedly
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Anonymous

Asked on 07 Sep 2018

How do you convince your siblings to get a grip on their finances and start saving up for the future?

I'm aged 25 now, my brother and sister is 22 and 21 respectively, both spending alot of normal days.

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Soh Sing Heng
Soh Sing Heng, Financial Blogger at SG Young Investment
Level 5. Genius
Updated on 07 Jun 2019

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.

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Kenneth Lou
Kenneth Lou

11 Sep 2018

Would also add that it could be good to listen to audiobooks! For me, I listened to the Rich Dad Poor Dad Audiobook in Army! :) Best read ever, changed my perspective of money and life.
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Davin
Davin
Level 7. Grand Master
Answered on 09 Mar 2020

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.

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Rais M
Rais M, Accountant at SME
Level 7. Grand Master
Answered on 09 Mar 2020

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.

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Wilson Nid A Break
Wilson Nid A Break
Level 9. God of Wisdom
Answered on 01 Dec 2019

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

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