What is the single most effective financial advice you've ever received? - Seedly
 

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Asked by Tee-Ming Chew

Asked on 21 Sep 2018

What is the single most effective financial advice you've ever received?

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Gabriel Tham
Gabriel Tham, Kenichi Tag Team Member at Tag Team
Level 9. God of Wisdom
Answered on 27 Sep 2018

Most important is savings!

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4
Loh Tat Tian
Loh Tat Tian
Level 8. Wizard
Updated on 07 Jun 2019

Your Disposable income dictates how fast you can FI. Savings have a limit, income seldom have.

Higher disposal income = higher savings = faster pot of gold for compounding to work even better.

Aim to be professional enough for people to pay you a fee. That would be the game changer since you now dictate your salary.

1 comment

4
Kenneth Lou
Kenneth Lou

27 Sep 2018

This is a good answer!! Wrote about it today haha
Ng Wei En
Ng Wei En
Level 5. Genius
Answered on 27 Sep 2018

Time in market beats timing the market when it comes to investing.

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The fastest way to make the most amount of money is

Nv try to make the most amount of money the fastest way.

By saving and accumulating, we will cultivate good habits tt goes a long way.

By striking it rich, we will only wanna to strike to rich with every risk we can take.

Hope my reply helps.

If you feel this reply have Quality, please upvote and check other Quality Reply.

https://seedly.sg/profile/a-kenichi-xi

Thank you.

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Nicholas Chan
Nicholas Chan
Level 6. Master
Updated on 07 Jun 2019

Save more earlier in your career. When you have little, it is alot harder to make compounding work for you. Once u hit your 1st 100k of savings, focus on compounding it well.

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Nicholes Wong
Nicholes Wong

27 Sep 2018

It depends on your total assets. If you only have 100k cash then you should invest some. But if you have like a few million in stocks and bonds, 100k cash is pretty good
Loh Tat Tian
Loh Tat Tian

27 Sep 2018

For small time investors, aim to trade $5,000 or more per trade in stocks. This minimise the brokerage fees (and other fees), while being in the market. And also, since your bullet is limited, pick a few stocks you think will be higher performing. (Like doing ETF investment but on your own). Alternatively, just go for an ETf for no headaches
Jim Ng
Jim Ng
Level 6. Master
Updated on 09 Nov 2018

You need a high-income skill that adds value to the market place.

  • Dan Lok

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HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Answered on 27 Sep 2018

Single most effective financial advise is :

Focus on developing your side income by Dr. Wealth. Marcu shared that there is so much we can budget , save and cut with single source of income. However , with multiple stream of income , we can reach out goals much faster , FIRE !

Read at : https://www.drwealth.com/how-to-earn-more-money-singapore/

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Eric Ong
Eric Ong, Project Analyst at 8Bit Global
Level 6. Master
Answered on 03 Dec 2019

Exercise Independent Thinking

1 comment

1
Jacqueline Yan
Jacqueline Yan

04 Dec 2019

Hey Eric! Jacqueline from the Seedly team here :) Could you please elaborate on your answer- do provide more details about this piece of advice so that the other readers can better the understand your response! Thanks!
Jay Liu
Jay Liu, Sleepyhead at Land of Dreams
Level 7. Grand Master
Answered on 28 Sep 2018

The best investment is savings. Spending habits should remain around the same and not increase when your salary increase. In times of retrenchment and your spending power goes down, your liabilities will hunt you. E.g. Installments.

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Jeff Yeo
Jeff Yeo, amateur Social contributor at School of social sharing
Level 7. Grand Master
Answered on 28 Sep 2018

Don’t invest what you can’t lose

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1
Julia Chan
Julia Chan
Level 4. Prodigy
Answered on 27 Sep 2018

Save first, spend after

0 comments

1
Elsa Goh
Elsa Goh
Level 6. Master
Updated on 07 Jun 2019

Buy OCBC shares.

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Kenichi Xi
Kenichi Xi

27 Sep 2018

Tee-Ming...she buy when ocbc is at a discount. Now she is loaded. Lol
Kenneth Lou
Kenneth Lou

27 Sep 2018

Lol, actually this one i know a few ppl also made quite abit of capital gains from OCBC stock
Gabriel Lee
Gabriel Lee
Level 8. Wizard
Answered on 26 Sep 2018

Start investing early as time in the market is better than timing the market.

0 comments

1
Kh
Kh
Level 8. Wizard
Answered on 21 Sep 2018

Do your own due dilligence before you make any financial decision! Make sure you know exactly what you are putting your money into.

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Wilson Nid A Break
Wilson Nid A Break
Level 8. Wizard
Answered on 03 Dec 2019

Exercise Due Diligence

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0
Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 8. Wizard
Answered on 27 Sep 2018

You need to be right 100% of the time when it comes to stock investments or similar instruments to make money. You can't make money with stock if the market is moving sideways or downwards.

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