What made you “wake up your idea” wrt money and decide to learn how to earn/spend/save/invest/donate strategically? - Seedly
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Heng Kai Le

Asked on 09 Jun 2019

What made you “wake up your idea” wrt money and decide to learn how to earn/spend/save/invest/donate strategically?

For me, it was the impending birth of my Son. It made me download an expense tracking app and drew me to spend more time here at Seedly. Keen to hear everyone’s Money Journey!

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Tee-Ming Chew
Tee-Ming Chew, Co-founder at Seedly
Level 6. Master
Updated on 10 Jun 2019

This is a great question. For me, the trigger point was when I was in secondary school and I didn't have enough money to buy what I wanted. From then on, I decided to track my expenses by using a manual expense tracker app (back then, there wasn't Seedly app) so it was a lot more tedious but important.

After knowing how much I was spending, I managed to reduce my expenses and saved up some money. At this point, I still didn't have enough money to do what I wanted to do. This was another trigger point for me and I realise the importance of making money work for me (aka business/investing).

A book that also changed my perspective along the way was Rich Dad Poor Dad. Highly recommend a read!

2 comments

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Heng Kai Le
Heng Kai Le

09 Jun 2019

The thing you wanted in Sec sch must have been real important to you
Tee-Ming Chew
Tee-Ming Chew

10 Jun 2019

Hahaha it was just a tech gadget that I wanted to get. Not that important, more of a want than need
Junus Eu
Junus Eu
Level 9. God of Wisdom
Updated on 11 Jun 2019

For me, it was when I had to pay for my university education myself, and I made the decision not to take a student loan.

I still remember when I did the back calculations for how much I needed to earn + how much I needed to save - I essentially had to do a paid internship + teach tuition at nights + study for a full time degree.

Being in jobs where I was putting many hours for $500 (that was my internship pay), and topping it up with $800 coming from tuition, really taught me the hardships of earning money. That was also when I learnt the value of prudence because personally, if I had to work so hard to get that amount of money, I'm surely not going to splash it on a chanel bag as some of my friends were with their first pay check. Today, I still look to exercise prudence in my spending, but also look at how to make money work for me, instead of the other way round.

2 comments

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Heng Kai Le
Heng Kai Le

09 Jun 2019

I respect all the hours you put in in order to stay debt-free!
Junus Eu
Junus Eu

11 Jun 2019

It was also a personal challenge I set for myself at a young age ;)

When i realised the ocbc 360 account gave better interest. Then i tried to structure my expenses, and eventually slowly explored other financial tools.

1 comment

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Heng Kai Le
Heng Kai Le

10 Jun 2019

I can relate! one of my epiphanies was when a good friend did some calculations for me n showed me how much more interest i would gain if i switched to uob one account. hahaha
Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 9. God of Wisdom
Updated on 10 Jun 2019

When I got married.

I was a high earner in my young adult life, but I didn't have much to show for it by the time I managed to find a wife... ^.^

Most of it is spent on lifestyle, bad debts to "friends", my car, and failed business

1 failed business took away quite a fair bit of my wealth (did I regret it? Absolutely no)

So when i got married, i didn't have too much cash for a new home. took us sometime and luckily my wife has more CPF than me... :P

I started to be more calculative in my spending, and saving up more.

i started staring at stocks, taking less risks at stocks.

I learnt more skills and trades for business income.

I started finding out more on alternative investments to make my money work harder.

by the time my son arrive, I think I am spending and saving healthily. :)

2 comments

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Heng Kai Le
Heng Kai Le

10 Jun 2019

You met the right lady :)
Cedric Jamie Soh
Cedric Jamie Soh

10 Jun 2019

You are right heng kai le. thanks! :P
Gabriel Tham
Gabriel Tham, Kenichi Tag Team Member at Tag Team
Level 9. God of Wisdom
Updated on 14 Jun 2019

My trigger point is actually when I met an old friend who joined manulife insurance.

Was recommended some manulife policies and before signing I looked the at amount needed annually, it was shockingly high. I did not sign, and after that just starting doing my own heavy research into personal financial planning.

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Kenichi Xi
Kenichi Xi

14 Jun 2019

Buddy u did well!
Gabriel Tham
Gabriel Tham

14 Jun 2019

Thank You!
Siow Nan
Siow Nan
Level 6. Master
Updated on 10 Jun 2019

When I was broke as a student. Paid the ‘school fees’ to start the investing journey.. back then no Seedly or other good online sharing platforms to learn from and its a lot of trial and error. Needless to say, had to pay ‘school fees’ to learn about the value of money the hard way.

2 comments

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Heng Kai Le
Heng Kai Le

09 Jun 2019

But I’m sure there’s a part of you that is proud of how you did it on your own
Siow Nan
Siow Nan

10 Jun 2019

Working hard and serious at a stable job is the best accumulator of wealth albeit being an active one. Just remember there is no free lunch. Keep learning yes
Rave Ong Ci De
Rave Ong Ci De
Level 6. Master
Updated on 14 Jun 2019

There’s a saying. Don’t keep up with the Joneses. Ironically, the trigger that started me on this journey, is the comparison of my lifestyle to others. My peers were getting married left, right centre and here I am being Mr Lonely. In a way, I feel that they have a better, more blissful life than I do. If my life is not as good as theirs, then at least I should “win” in one aspect of my life. That desire to win is the first few foundation brick of my life.

My idea of love is similar to most people. I don’t want my loved ones to suffer and I equate that with having enough resources, aka money.

1 comment

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Heng Kai Le
Heng Kai Le

14 Jun 2019

I hope that there’s a lady in your life now ;)

Before I start, I wanna said the Answer Button is Nice and the Bump Button might not be necessary simply bcos the objective is to get an contribution.

I came from a low income family.

I walk to school and try to save on bus fare from Primary to Secondary. And I dun understand why I never slim down from the long walk to school.

I go for CDAC tuition center because I am an average student.

A bowl of Laksa is already a delicacy to me.

My parent do not drive and I work part time to fund my driving license journey. My family do not own a car.

I was a fat boy who people turns their head away.

BUT

I didn't give up and allow myself to be Fatter and being Average.

I look up to my closest Good Example who succeed in becoming Fitter and Better in Standard of Living.

I did not choose to touch the sky but choose to believe in hard work and hit realistic goals.

With each goals hit, I made new goals that gave me the power to protect my families.

TLDR:

It doesn't have to take a big unforeseen event to get one to progress.

It simple take the power of AWARENESS.

1 comment

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Heng Kai Le
Heng Kai Le

14 Jun 2019

That’s true. Being more mindful and intentional helps us to make big changes
Tan Wei Ming
Tan Wei Ming
Top Contributor

Top Contributor (Jul)

Level 7. Grand Master
Updated on 10 Jun 2019

It all started when I was 16, I applied to study in one of the local polytechnic. Many students always thought that poly is all about fun, eating out with friends at cafe etc. I was about to do that until I started browsing Hardwarezone forum. Reading Hardwarezone forum taught me one important thing and inspired me to invest.

Hardwarezone forum made me realised the struggles Poly applicant faced when applying for local uni. It taught me that poly is not all about fun and I have to study hard to get an offer.

Hardwarezone forum inspired me to start investing after reading market chit chat thread on Money Mind or SSI. I came across StockBot or Felix Leong who advocates value investing. He shared with people how to spot undervalued stocks using P/E ratio and P/B ratio for Banks and REITS. I learnt a few through him too. Hardwarezone has this Shiny Things thread where I got exposed to investing in ETFs.

Fast forward to now in 2019, I feel that I am on the right track and would continue to do so till I can announce that I can retire officially.

2 comments

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Heng Kai Le
Heng Kai Le

10 Jun 2019

Your personal account also gave me some tips that i need to follow up on. thanks for sharing :)
Tan Wei Ming
Tan Wei Ming

10 Jun 2019

No problem!
Jeff Yeo
Jeff Yeo, amateur Social contributor at School of social sharing
Level 7. Grand Master
Updated on 10 Jun 2019
  • I read rich dad poor dad - changed the way I thought about money

  • watched Shark tank - Yes for everyone thinking about starting a business this is awesome 😎

  • Most of all I looked at my parent and told myself I needed to have a retirement plan

1 comment

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Heng Kai Le
Heng Kai Le

10 Jun 2019

I picked up rich dad poor dad during my univ days but gotta confess that i couldn't finish it. since u r the 2nd person to mention this book, i shd give it another chance! heh i saw this book at vivo city national lib but didn't borrow it (since i not interested to be an entrepreneur). but u might like it: https://books.google.co.jp/books/about/Shortcut_Your_Startup.html?id=ivpFDwAAQBAJ&printsec=frontcover&source=kp_read_button&redir_esc=y#v=onepage&q&f=false
Jeff Yeo
Jeff Yeo

10 Jun 2019

A lot of MLM companies ask new recruits to read the book to spark a change in mindset. Yes pls have a read !
Ericsson Ting
Ericsson Ting
Level 4. Prodigy
Updated on 10 Jun 2019

I would say NS give you lots of time to think about what you really want in life and so on,i started my personal finance blog: https://sonicericsg.blogspot.com/ during NS as i had lots of free time, and spent time reading various investment books and what not

1 comment

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Heng Kai Le
Heng Kai Le

10 Jun 2019

Will check up your blog ;)
Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Updated on 09 Jun 2019

For me, I've always known that I need to make money work for me since my family isn't doing well financially. Therefore, since secondary school, I've been scrimping and saving. It wasn't until I was in the army that I had some free time to start learning about investments. Started from there, learnt a few lessons from my mistakes, and here I am, still learning!

1 comment

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Heng Kai Le
Heng Kai Le

09 Jun 2019

You really made good use of your NS time, haha
Zinc
Zinc
Level 2. Rookie
Updated on 14 Jun 2019

It was HUNGER.

When you've been working 9am-6pm, paying for bills, groceries, essentials and running out of cash before the next paycheck, Reality hits you in the face.

And I love food, I love eating a lot, and being unable to afford the $3 wanton mee was the breaking point. My colleague kindly offered to treat me for lunch but it's not a situation I would wanna face every month.

Started budgeting better and relooking past expenses, seeing if I can kope food from home, cutting down on dining out with friends, finding other options to make more $ and make do with less.

Also, on the point of donation, always assess the reliability of the platform and never hesitate to give a pulling hand when you can, like towards Happy People Helping People.

1 comment

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Heng Kai Le
Heng Kai Le

14 Jun 2019

Yes, HPHP. They are doing such worthy work
Gabriel Lim Jun Jee
Gabriel Lim Jun Jee
Level 3. Wonderkid
Updated on 14 Jun 2019

When I was on exchange last year.

Grew the habit of tracking every single expense and cutting costs as much as possible.

Realised how little money and things you need to simply enjoy yourself and how far you can go on a budget. The free time also gave me a lot of time to read up about investing and ways to squeeze each dollar to the max!

Discovered minimalism theough this YouTube channel: Matt d’avella !

1 comment

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Heng Kai Le
Heng Kai Le

14 Jun 2019

This is so helpful 👍 will check up this YouTube channel
Takingstock @
Takingstock @
Level 6. Master
Updated on 12 Jun 2019

When I got my 2nd retrenchment letter!! Lol!!

Now preparing for when I get my third retrenchment letter!!

Also sometimes I wonder why my peers can afford landed or condos, cars, children and still can have regular family trips to exotic places, and dont pay taxes because they have children, I feel down and like my whole financial structure is not very competitive / out of whack. I do realize sometimes I get a bit crazy because each of my benchmark peers for these categories can be different though LOL, so in a way I lose to everybody. But they are my best in class benchmarks.

Now I guess my goal is just to grow my BS, aim for FIRE, and get ready for the next stage of my life.

My next planned milestone is to target annual dividend + interest income > annual home loan payments.

1 comment

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Heng Kai Le
Heng Kai Le

12 Jun 2019

No lar, no need to feel like you lose to everybody because the only true competitor is yourself! jia youz.
Rais M
Rais M, Accountant at SME
Level 7. Grand Master
Answered on 09 Mar 2020

A few years after I started working, I realised that I do not exactly saved much money. That is when I decided to sit down and start planning and budgeting my expenses. I started off with getting an app to track my expenses for a few months and identifying all the unnecessary expenses. I stopped spending on the unnecessary items like drinking Starbucks and buying newspaper. As time pass, I also learnt how to cut down on dining out.

When I started having more savings, I decided that I want to invest and grow them. Started reading up on investing and identify what would be my investment strategy and move on from there.

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Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered on 09 Mar 2020

When i started tracking my expenses and realized how much i was spending each month with very litte savings left. At the same time, I found out about high yield savings accounts and how i could earn 'free' money from the bank - why not ;)

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Davin
Davin
Level 7. Grand Master
Answered on 09 Mar 2020

I came across a blog that calculate how is yr saving rate affect yr retirement age. From there on, I want to know my saving rate and I start to track my spending and save aggressively.

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Andy Sim
Andy Sim, HR Professional at a Financial Institution
Level 7. Grand Master
Answered on 09 Mar 2020

When my expenses skyrocketed due to wedding

Came to realise I need to budget my money properly and make full use of credit cards' perks to save up for my wedding, and subsequently now for housing. Commitments are going to increase in the future so it's good to be aware and plan ahead :)

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Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jul)

Level 9. God of Wisdom
Answered on 08 Mar 2020

I was initiated by my father,

then started by myself very slowly,

even when I knew already the advantages of passive ETFs

only recently do I buy ETFs as a standard way (instead of single stocks)

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