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Beginner's Guide to Personal finance. LIVE on Wednesday 27th March 8-9pm!

ASK A QUESTION

"I'm completely lost when it comes to managing my own money... Where to start?"

Many of us have these questions when we leave school, start our first job, and start to realise that nobody taught us how to manage our money. Fear not!

SeedlyTV EP01 presents: A Beginner's Guide To Personal Finance. In this episode of SeedlyTV, we have Kenneth Lou, Co-Founder of Seedly who will be sharing some basics to help you increase your knowledge on personal finance!

You can check out what was covered here:

SeedlyTV is a series which will be covering topics via LIVE video and QnA on the Seedly platform. We will be inviting speakers to cover relevant topics in personal finance: Insurance, Debt, Saving, Spending and Investing.

-This is a Seedly organised event-

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Savings

SeedlyTV EP01

Jolene Tan
Jolene Tan
Level 2. Rookie
Updated 4w ago
You can earn or invest. Assuming investing can wait, you can focus on earning with different part time jobs eg. participate in research studies, work event jobs (like the Coffee Festival) or give tuition. If you really want to start investing perhaps you can work out an agreement with your parents! Personally though, I think saving is much more important when growing up because young people like me really spend too much - peer pressure, indecision, whatever. Here are 3 areas I think you'd do well to focus on! 1. hanging out with friends: when you want to hangout but would be too broke for another cafe, consider dabaoing food to an open area like rooftops/open fields, sleepovers, cycling trips or even hike -- saves alot over time! 2. following (expensive) trends: trends will come and go - though you'd be tempted many times (like, I don't know, Fila Destroyers) but growing up is a great time to explore and figure out your own style and preferences, so others wouldn't decide it for you! You can explore styles by thrifting or clothes swapping with close friends for example. 3. trying to save too much: on the other extreme sometimes we spend lesser on important items - I'd recommend spending more on basics that can stretch for a longer period of time (eg. comfortable shoes, good quality basic clothing).

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1M65! Ho Ching! because she shared seedly post before!

Investments

Loans

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Guo Hao Teo
Guo Hao Teo, Self-Taught Enthusiast at Personal Finance
Level 4. Prodigy
Updated on 07 Jun 2019
I would think that paying of your student debt would be the top priority. Because interest works both ways: - Up: When you have positive returns it will compound - Down: when you have debt, your interest of 1-2% will grow as well

SeedlyTV EP01

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 6. Master
Answered on 08 Apr 2019
If you didn't like it, don't sign the paperwork. Even insurance companies offer standalones. Don't judge them all by one example. That's why there are so many in the first place. No offense, but you don't know enough about the industry to assume that comment is true. In any case, that's why I have a job. But that also means you have to pay a distribution cost to a Financial Advisor. So you kind of have to decide - are you going to do the work or is someone going to have to do it for you? Personally I'd pay, because my time is money.

ETF

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Investments

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 6. Master
Answered on 08 Apr 2019
The Vanguard and Blackrock studies have shown that if you have more, you should invest more. Otherwise, you can DCA. Especially if you're a low-commitment, low-risk investor. You should really invest regularly over time as a general rule if you're trying to build capital.

Disability Insurance

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Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 6. Master
Updated on 07 Jun 2019
I'm interested in this response because the Seedly people who are usually FIRE supporters aren't exactly known for appreciating the range of coverage for insurance. Who knows, really. I actually don't think disability income insurance is an essential insurance though, or has been marked as such. By the way, I'm a licensed Financial Consultant. So seeing as I just cut off an opportunity to sell, it should tell you something.

SeedlyTV EP01

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 6. Master
Answered on 08 Apr 2019
You shouldn't take the risk and invest in a fundhouse instead. Such as mine. https://www.facebook.com/luke.ho.54

Insurance

Savings

SeedlyTV EP01

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Jun)

Level 8. Wizard
Answered on 16 May 2019
As with all equity related products, yes if you are selling below what you bought at. Which is why it's important to have liquidity. When markets tank and things are in the red in the short term, you do not want to be in a position where you feel like you are forced to sell; you want to be able to hold it for the long term and get a positive return in the long run.

Lifestyle

SeedlyTV EP01

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Jun)

Level 8. Wizard
Answered on 07 Apr 2019
Kudos to you on learning the value of prudence from a young age! I would personally look to increase my income (since there is a limit to how much you can cut savings). Find side jobs, like giving private tuition at night and on weekends, or even internships with flexible hours :) Once you have built a good base of money that you can put to investments, then start allocating capital accordingly :)

Bonds

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Online Brokerages

Investments

Richard Woon Tian Jun
Richard Woon Tian Jun
Level 6. Master
Updated on 06 Apr 2019
The treasuries aren't sold by the brokerage per se. They are being traded on the bond exchange, which are facilitated by the brokerages that you use. So for example, let's say you are using SAXO capital markets. you see on the bonds page that they are offering canada bond 10 year. These gov bonds are offered by the government themselves, so the Canadian government issues these bonds. These bonds are sold to whoever buys them, and then they become a creditor, or a bond holder, debtor etc. Now, this doesn't mean that the brokerage themselves are selling the 10 year canada bond, someone else is selling it on the exchange. So essentially, they are holding onto this security (the classification given to equities, bonds...) in their account, just like a stock, but now they wanna sell it for whatever reason that they have. So when you buy this bond on the brokerage, they help you to connect to this man/woman, and take your money, pay him/her, take a cut, give you the bond, and viola there you have it, your very own canadian 10 year bond. And this happens for all types of securities. Just think of it as a huge market, full of people who want to buy something and sell something. It's quite tedious to find within this crowd who exactly wants to buy/sell something you want/have, so the brokerage is the middleman that does everything for you, while taking a cut. Hope this helps!
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