AMA SG Young Investment
Asked by Anonymous
Asked on 11 Sep 2018
I'm early in my career and planning a family. Interested to know the thoughts and concepts here by a prudent community and maybe even those who are beyond their early phase, and if they could turn back the clock what would be a good use of your money.
The money I spend which contributes to heartfelt smiles from my loved ones - that is a meaningful spend of money, in my opinion :)
I still stand by that belief, even looking back.
I am a meaningful person and might just give u some good answer.
With ur context, you should focus on 1. Ppty tt can house u and ur future family The ppty should be just big enough instead of the biggest even if you can afford it.
Planning forward a 5rm is more expensive then a 4rm flat and ur children will usually move out as they start their own family.
Cash is King and spend on what u need rather then herd instincts. With more cash after the MOP, you can buy pte ppty if absd is acceptable for u and the cash u saved from purchase can be the deciding factor.
Shopback allows you to get cash back so use it to ur advantage like A) honey koon B) furniture C) Electric Equipments
Use the Savings wisely with income generating investment.
When you have money and good habits, you will also start to spend money wisely and meaningfully with ur close ones.
If u dun have money, and try to spend, it will nv be meaningful.
Hope my reply helps.
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Meaningful spend for me is investing in assets that would give me long term returns. Also spending on love ones, but not lavishly.
Travelling! Of course, don't spend extravagently. Also, food! You need food to survive, so why not go get those good food! Again, nothing too extravagent because it'd just be a waste otherwise!
Self improvement, either through books or attending courses
Buy experiences you can't otherwise get in Singapore, like travelling
Tithing to church
Spending on travelling and knowledge / education to widen one's perspective & horizon
Spending on your loved ones... but not just in terms of monetary or materialistic aspect, but also in terms of spending time to care
Spending on enjoyment (eg. food / concerts / hobbies/sports) as an occasional self pampering / de-stressing
Meaningful spend of $ is to:
Spend on growing knowledge, so may enrish self to grow and better self more and be able to guide / help others and get more income to do #2.
Spend on growing financial knowledge and investment, so may get more $ to bde able to gain more wisdom and financial, to be able to do something bigger of collective ideas/ knowledge/ talent and skill such as a company to do more, to help, to build a new tech advances to better the life of others.
Finally, with all the $, could start foundations for educating the needly / not so well do to, donate to medical advances.
The above would be my thoughts of meaninful spend of $ :)
What's yours ?
Either things that upgrades yourself, be it in skills, knowledge, or even confidence
Or on your loved ones to make them happy or show that you believe in them
or to give generously to others, so that you can change the lives of others. That’s where your legacy will lie
Spend on needs over wants and pamper yourself and your loved ones occasionally as well as a family trip overseas once a year :)
Spending it on knowledge, travelling. Maybe at times a upgrade of a computer, phone after not changing it for years. Giving gifts to your parents/ siblings on occasions e.g. Birthdays.
Money to buy convenience eg grab to save time so I can be home earlier and play with my little girl.
Courses on self improvement! Widens your perspective on things.
Money spent on my loved ones especially those that can create memories such as travelling together.