Asked by Anonymous
Asked on 11 Sep 2019
It can be financial advice or just about life in general.
I would tell my 21-year-old self to stop delaying and went ahead to read about investment stuff and put money in.
I delayed for a few years even though I am interested in personal finance and investments since my teenage years. That time, I guess I was too cautious and coward. So I would tell my 21-year-old self to stop delaying, be brave and take that first step early.
Top Contributor (Dec)
I will tell him to buy bitcoins. It will rise in price 10 yrs later, then sell at $18000.
Haha. jokes aside, I will tell him to do whatever he wants to do.
If he has done all the investment advice and money advice, he probably has less fun, less friends, less memories of his 21-25 yrs.
if he has done all the fun stuff, car stuff, party stuff, he probably has less money, less future now.
so yeah.... just continue the balance. nothing is right or wrong. there is always a cost, just that you will not be aware till years later.
PS: I will come back 5 yrs later to see if I will change this answer)
Focus on myself.
And Don't compare myself with others.
Everyone is in a different situation regardless of financial, investment, or even life.
Just do your best at whatever situation you are in.
I always love the above graphic.
Even though I started investing early, I started with small amounts. Looking back, I wish I put in more money at the time.
Otherwise, I don't think I would have done anything very different.
Life in General:
Relationships: I believe that there is no one person in the whole world who is the one-and-only person for you. Holding on to that notion might prevent you from being open and seeing what the world has to offer. Additionally, people change, and relationships change.
Trust but verify: There is too much false information out there right now. Same goes for older people who come into your life who 'try to give advice'. Sometimes, they might not be the most well-meaning people. Start honing your judgement from a young age.
Career: Try as many things when you are young so that you have that perspective of what you like, and what you really don't like. You don't want to be spending 10 years at a place hating it.
Health: Am a big advocate of taking care of your health. Chronic illnesses that previously used to plague older people are now affecting people at a younger age, and this is really linked to our lifestyle choices.
I would think if I were to give myself some advice for my 21 year old self...
Focus on two things - Passion and Patience
I would tell my 21 years old to focus on financial market, and learn how to setup a business. Buy ETFs when there is recession and market is done 20% and more. Ladder the buys.
Get more mentors, learn from others, and do not be afraid to fall. Because the more you do, the more you learn, and the more important it is to learn from your mistakes.
And not to procrastinate and blame others. Get yourself together in the act.
I'm 22 this year and still studying in NUS. Best decision I've made last year is to start reading more and understand how to invest via Value Investing. It helped me to kickstart the journey towards financial freedom.
One thing I would tell myself last year is to find multiple streams of income to further scale my investment ROI!
General Advice: Stop wasting time to care about what others think and just do it. When I make a mistake, admit it, and move on immediately. Life is short.
Financial Advice: Take greater risk. Stop staring at my bank account and start planning my life goals. Feel the urgency and do something about it. Life is short.
Here is everything about me and what I do best.
I would tell her to start reading up on personal financial matters. Starting the earlier the better. But it's never too late! And also to get her insurance straightened up.
Put $100 a month in a Regular Savings Plan (choose STI ETF) etc. And slowly add more over the years.
In terms of finances:
Pay off your student loans or other debts as soon as possible.
Get employed for an income while waiting for something better or wanted. Minimize unemployment duration. As long it is an honest living and to gain exposure or experience, it is fine.
Top up your CPF SA or MA before it reaches the FRS/BHS limits - in doing so, builds up own financial safety net and reduces income tax paid.
Divert all CPF OA to SA. The OA will replenish fast once FRS limit in SA is reached, and as long as you're employed. Prioritize retirement first.
Consider topping up SRS once attaining higher salary.
Save a reasonably high portion of salary, yet have enough living expenses that is not beyond your means, e.g. eat healthily and still enjoy life.
Visit the library often, and stop buying books like crazy.
Stop taking taxis, and read some books!
Find your passion. Plan your finances. Look out for opportunities along the way.
To learn personal finance, budgeting, insurance, investments, etc. We may not have the money at that age so it doesn't seem important but is good to always be prepared for when the time comes.
Don't spend too much time on games and watching shows, doesn't value add much, nonetheless, destress is recommended from time to time
I'd say enjoy life, try to start a family earlier. In a temporal sense, the enjoyment of those earlier vs later is quite different.
The whole investment/career stuff being immediate or a little later doesn't make a big difference in grand scheme of things.