With the year coming to an end, I was wondering how everyone did with their own financial resolutions for 2019? - Seedly
 

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Asked by Anonymous

Asked 2w ago

With the year coming to an end, I was wondering how everyone did with their own financial resolutions for 2019?

If you succeeded, what are some things you did that allowed you to succeed? and if you failed, what are some things you think you could have done better?

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Answers (13)

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Well, I think I did pretty okay.

  • Continued my DCA into my UTs regardless of market conditions

  • Firmed up my strategy for partial retirement at 55, with streams of income coming in at 55, 60, 65, 70.

  • Continued to build my stock portfolio by buying into one of the blue chips at a decent price

  • Continued to build my CPF (I'm self employed and it won't happen automatically unless I do it)

  • Continue to grow my warchest monthly

  • Read a book a month that is at least somewhat related to financial matters or my industry in general

  • Restrain myself somewhat successfully from spending on stuff like 'high end' bubble tea (like KOI, for example)

Having said that, it comes down to discipline and habit which I cultivated over 10 years. The bubble tea bit was a little bit hard for me, since the amount was small and the insane weather we have made a $3 bubble tea look a little more appealing that the $1.80 chilled Dasani.

2 comments

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Financialblur

2w ago

Hi Elijah, thanks for sharing. Some questions - DCA into UT, is this through a platform? Or done manually on your own each month. - what is your retirement strategy like? Is it through various financial products? - investing into individual stocks: what is the frequency of investment for yourself, and across how many counters? I’m thinking once a year but is that too short a freq? - what % of your income do you aim to put into each segment each month? Warchest, investing, retirement, DCA; etc
Elijah Lee
Elijah Lee

2w ago

Hi Financial Blur: DCA is done monthly for me, live during my seminars (not all the seminar though). So I don't need a GIRO arrangement for that. But for those who need help to stick to it, GIRO works. Yes. I have identified 4 guaranteed streams of income that I would like to have starting at 55, etc. The rest of my spending is supplemented through non-guaranteed sources (i.e. my UTs, stocks, REITs). This strikes a balance to mitigate risk Stocks: It really depends. If no decent opportunities present themselves, I will sit on cash. Sorry, I have no defined frequency for this. Warchest: My income is variable, but I do know what I can afford to commit without fail and hence those goes to guaranteed products (i.e. annuity, or my CPF RSTU). Every single cent above the committed sums is earmarked for investing. It's a little extreme considering that I can spend an average of $1K-$1.5K on my expenses, and easily double that on investments through a year. But I am willing to make that sacrifice. For some numbers: Annuity is $650/mth. CPF RSTU is $7K a year, so $500-ish a month, DCA is $500-$1000 a month, everything else for warchest or good stock opportunities.
Daniel Lim
Daniel Lim
Level 3. Wonderkid
Answered 2w ago

TLDR; I invested and made profits

I started 2018 with a decent amount of savings for a student. Ever since I became 18 I made it an effort to show interest towards Stocks, actively researching and watching educational videos.

However, I soon realised that banks do not provide investing services to teens under 21. Faced with an obstacle I decided to shelve the idea of investment.

Applying for a CDP, Central Depositary Account, was also a tedious process as well.

FFW to 2019, my friend studying in Banking and Finance introduced SaxoInvestor to me. It’s a custodian account with a lot lesser requirements to be met in order to purchase a variation of products (e.g ETFs, MFs, Bonds and Stocks)

I quickly signed up and was excited to make my first purchase. But I was overwhelmed by the plethora of decisions I had to make. I spent more time educating myself about financials from affluential individuals such as WarrenBuffet and Benjamin Graham in Value Investing.

The hardest purchase was the first purchase. I made sure I analysed every bit of the company (At least I thought so) and I was so certain it will reap great earnings. BaM I bought my first stock.

I never stopped learning, and just shy of a month I realised that my first stock purchase was utter trash lol. My investments could have been placed somewhere else reaping greater rewards.

Also during this period, Temasek announced that they are acquiring Keppel Oil. Being a greedy teen looking for large returns in short span of time. I quickly bought keppel only to learn that I was too late and I made more losses. I felt like my efforts in investments are futile. After all if it was that easy everybody would be profiting from it right?

I turned to reddit looking for answers and more educational content. Long story short, I had to do what I hated the most, analysing data. Being a Inspirational/Dominant personality my weaknesses were paying attention to detail and being too quick to make a decision. I hated looking at numbers.

Thankfully, my desire to be financially free in the future got the better of my reluctance to put in hard work. Hence, I bit the bullet and started learning how to read Income statements, cashflow and balance sheet. From there, I was quickly able to sift out the companies that are suitable to my risk appetite.

As of today, my positive returns from Garena was 26% (1 mth of holding), Microsoft are 4% (1mth of holding)

Just ystd I sold my garena. I can’t say for sure if my stocks will continue to do well. But the progress I have made from day one have been tremendous and I would consider it a success having been able to breakeven from my losses and earn a fair bit.

To summarise:

•I met my financial resolutions

•I succeeded (No losses)

•Learning How To Learn

“I didn’t fail 1000 times, the light bulb was an invention with 1000 steps” -Thomas Edison

P.S. I also started 3 side business over 2 years and all failed! Still hustling hahah

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KT
Kaycee Tan
Level 4. Prodigy
Answered 2w ago

Tbh I didn’t have any financial resolutions at the start of the year. Only started to be interested in finance/investing around in May this year. A bit late but never too late.

First started to save up more as I didn’t have much savings as a young adult. Looked for higher savings account as I realised my previous savings account was just giving a pathetic 0.05% interest. Reading up seedly articles really help as I started this journey.

I first bought a IPO bond together with my friend and soon I made my first investment in robo-advisor and also DCA in ETF. Luckily the earnings is on the positive side.

Now my plan for this year/next year is to learn more on how to analyse stocks and purchase my first stock. Also to read up more and attend more financial talks!

I think one thing that I succeeded this year was to learn something new, and something that is important.

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Kim Heok S
Kim Heok S
Level 4. Prodigy
Updated 1d ago

I didn't do anything with my portfolio and basically just sat and collected dividends. Should have bought some banks stocks, but I wasn't paying attention to the price. Otherwise I think I did okay.

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1

I did well! And why,

  1. I minggle around with light minded investors out there.

  2. I tried my best to study into company that out of my coc. Usually this is where the most return i get from.

  3. I always ask questions. There is no such thing as a stupid and common sense question. I ratherbe stupid.

  4. I signed up for an investment course and had a turnover of my portfolio. Cutting of the weeds immediately.

  5. I tried to contribute back to the community. The more i contribute, the higher the retention knowledge.

  6. I have a few mentors where i always go to when i need help.

    Hope this helps.

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As always, I go back to the basics and understand my cashflow every month (tracked via an excel sheet). This ensures that I keep myself in check and do not spend more than necessary. Here is how I do it: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/

Additionally, I follow a very strict regime of planning my annual (and monthly) budget. Accordingly, this ensures that I do not overspend on anything other than things I need to survive. Using this method, I was able to save some money from my allocated budget and yes, I am able to spend it to buy anything that I want! Here is what I did: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/

Hope it helps! =D

Here is everything about me and what I do best.

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1
J
Jacob
Level 4. Prodigy
Answered 3d ago

Honestly, I entered 2019 without much financial resolution as i'm new to adulting so #YOLO my way through. But soon I realised the importance of having proper financial education.

So best financial decisions of 2019:

  • Starting out my cashback journey

  • Dipping my toes into the miles games

  • Reading more arduously into the insightful Seedly content - from how to maximise savings to off-loading expenses with rewards/cashbacks/miles to learning more about investments

Cheers to an amazing 2020 together with the Seedly community!

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VC
Vicki Chng
Level 5. Genius
Answered 3d ago

My financial resolution was actually very basic - don't go into debt. That's because I knew my savings were going to take a hit this year, with 2 major items coming up (I'll leave you to guess what they are) and I think to that aspect I have done well and been financially prudent as much as possible.

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Adelyn K
Adelyn K
Level 5. Genius
Answered 4d ago

I'm quite happy with achieving my own financial resolutions for 2019.

My 2019 targets include:

  • Saving up for a short-term course that I plan to take in 2021. Still ongoing but I'm thankful that I've started it.

  • Taking up more risks and investing more in P2P platforms - thankfully this has not incurred in much loss this year. Fingers crossed this will continue! :)

  • My savings have considerably increased from last year, due to more budgeting for various expenses that I've noticed in 2018.

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Jasmine Tay
Jasmine Tay
Level 4. Prodigy
Answered 4d ago

Didn't consistent hit my savings target every month, but it's also because my target was really high. Will try to cut down on unnecessary expenses next year!

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Choon Yuan Chan
Choon Yuan Chan
Level 7. Grand Master
Updated 4d ago

I dont have a specific, but my aim is to save as much money as I can and use it for investments. This year's results was amazing because of the introduction of Grabpay X AXS Mobile App.

It was a revolutionary product launch. That has resulted in me being able to enjoy 8% cash savings on almost every aspect of my life- Grocery Purchase/Bill Payment/ Eating at my usual hawker/ Online Purchase on Lazada (for this i earned 13% cash rebate).

*My advice to aspiring individuals who wish to save hard is to keep yourself abreast of cost davings hack introduced by many personal finance startups. Their money burning ways in order to gain market share is something individuals like us should take advantage of​​​

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Bjorn Ng
Bjorn Ng
Level 7. Grand Master
Answered 5d ago

Right now? I think pretty damn well. I made the best investment decision back in May 19 by joining a community. Since then, I've gain more than what I've achieved in the past 3 years of investing. Still not where I want, but I strongly believe I am on the right track!

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Larissa Lim
Larissa Lim
Level 4. Prodigy
Answered 5d ago

To me, financial resolution is all abt increasing monies. Sadly, this year i invested in myself by going for a degree. Hence no increase in monies, hope my brain capacity increased thou.

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