If you could turn back time, how would you have changed your personal finance life. Earlier investment, less focus on your job? - Seedly

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Asked by Anonymous

Asked on 05 Nov 2018

If you could turn back time, how would you have changed your personal finance life. Earlier investment, less focus on your job?

Curious to know! Because I think many of us are in our 20s and are focusing on our job and a salaried income now (accumulation phase), rather than focusing on investment growth yet, as we don't have a good base to begin with.

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Loo Cheng Chuan
Loo Cheng Chuan, Founder at 1M65 Movement
Level 6. Master
Answered on 07 Nov 2018

I have answered a similar question earlier but I will add on to it here: It is always easier to see looking hindsight in life.

  1. Following my passion early will make me happy and most likely richer.
  2. Learn and personalise the power of compounding from young.
  3. Don't listen to my insurance agent especially when they offer me good return rates. I should have been more careful of Investment Linked Policies.
  4. Govt loves the stock market to rise (which usually means the economy is booming) but hates Property Bubble. Specifically I dont believe in Property Investment now a days. The good days are over in Singapore.
  5. Your wife can make you poor or make you rich so choose carefully. Dont expect her to change her financial habits after marriage easily.
  6. Between looking rich and being rich, you can only choose one.

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Good Day Every Day
Good Day Every Day
Level 6. Master
Answered on 05 Dec 2018

Buy term insurance instead of whole life insurance. Buy term and invest the rest.

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