Asked on 26 Jun 2019
In today’s highly competitive Singapore culture, I’m curious what fellow Singaporeans actually feel worth spending their time (and money) on. No filter! Only the real stuff! And of course there is no right or wrong answer here!
Probably just me, but I actually enjoy spending on stocks and UTs and the like, and so I find them worth my money and time. I have a goal to be financially free the moment I graduated and I have not lost sight of it. (Didn't have a time frame for that though, although things are starting to crystallize now). The adrenaline rush when I get a stock at the price I want or buy into a good UT to average down prices probably is the same as when someone buys a physical item like a bag or a car. Maybe that's why I am in my current job!
That aside, your question made think deeper and I would say I do spend on my hobbies as well. Once in a while I also ensure my family and loved ones can have a good meal during occasions like birthdays. Of course I would ensure that I don't break the bank doing so. It's all about budget, planning and control.
I believe in spending on things that are valuable to you but with wisdom and also on things that will get your money working for you
Look at where you put your money and You will know what you care about. For example If you cherish family relationship, you will want to be spending more time and maybe eat some good food with them. But always spend with wisdom and within your means.
And of course, always find ways to have your money working for you
As a general rule of thumb for myself, I like to spend money on things that contribute to long-term benefits. Here are the things that I think is worth spending my time and money on:
1. Nutrition - by this, I mean nutritionally dense foods. So for $5, I would choose protein and fibre from the cai png stall, as opposed to bubble tea.
Long term benefits: Good health, mental clarity etc etc.
2. Exercise - this can be free, but I have found that spending money to learn from good instructors is very helpful. Their advice helps to push you beyond what you thought was possible, and all in a safe way. I can count the number of times I have seen people doing poor form in big gyms, and this counts towards potentially injuring themselves in the process.
Long term benefits: Strength and mobility as I get older
3. Investments - this includes anything from big ticket items like high rental yield free-hold property, to equities. I definitely favour putting money into things that grow.
Long term benefits: Hopefully a growing investment portfolio ;)
4. Memories with loved ones - this is where I am probably the most extravagant with my money. I have no qualms bringing for eg. my dad on a Japan trip and checking out good food places, because I know all these count towards memories.
Long term benefits: Treasuring time with loved ones.
Better quality shoes, so they can last longer and save you the money (and trouble) from buying new shoes
For me, it will be things that I use often on a day to day basis
Laptop (used for work and study)
Headphones (used during work/study and on the daily commute)
Shoes (wearing every day)
Nevertheless, value-for-money is still a big consideration! Not gonna spend way more on an item if it's only marginally better than its alternative
Spending on courses, books, seminars and coaching. The best investment that you can do is to invest in yourself. Nothing beats this.
Haha same as most others
Family and kids!! So much joy to see my nephew laugh, or call me peh peh. Doesn't happen all the time, so treasure it while it lasts.
Learning and sometimes teaching. There's a lot of joy when you teach someone who has greater potential than yourself, and a lot of worry whether you could bring that person to his / her maximum potential. Its good to see them grow.
Me time and doing things I like, eg reading personal finance and economics.
Spending time with people you care about. Even if I'm buying dinner or beer.
Coming up with spreadsheets that can "do it all" lol. Or writing cool elegant codes.
Eating favourite comfort food!! Like carrot cake / chai tou kway?!?
Playing a cool game of tcg or magic the gathering. Still looking to build a cool Outlander or Commander deck to "kill" opponents with "debt".