Asked on 08 Dec 2019
What are the things that can you do in order to maximize the use of your free time. Also when there are so many things to read out there, how do you choose which one is the important one for you?
Everyone has different priorities in different stage in life, and that's totally understandable. For me, as simple as it might sound, we always have a choice in what we want to do. It's all about "allocating" the priorities. To answer your question, I choose to read updates from my investing community rather than general market news (for eg). It's about choosing which "makes more sense" to you.
It's never easy, and sacrifices have to be made sometimes, but at the end of the day, we all made the best choice we see fit at any point in time :)
Investing is just another skill. I know many people picking up a musical instrument in old age, attempt at switching careers all together, and even learning a whole new language or two in hopes of migrating elsewhere.
If you have the dedication and the hunger, you will find the time. Absorb information from all sources of media, written, audio, video, and try your hands at it.
The great thing about investing, is that you don't have the Warren Buffet to make a decent return. Like learning the guitar, you don't have to be Carlos Santana to carry a tune.
I create a mind map on what is it I think is necessary to survive the stock market.
Then I begin to seek the answers like the missing parts of a jig saw puzzle!
I set a target to what I want to achieve in a certain timeframe and have weekly goals on !
This way in future, it gives me something to reference whenever I forget Or get rusty.
One of the reasons why I attended a paid course was because I needed to shorten my learning curve.
It was a great eye opener. The course had pre-workshop video materials which I could visit and re-visit in my own time, and the workshop was an intensive one day affair.
I guess that really sparked the idea in me that it's either you plan out some time to learn investing, or you will have to sacrifice something somewhere. In the end, I chose to sacrifice my leisure time, which meant that I did cut out some of my hobbies to free up time.
Everyone is different.
Find a way that can really work for you. I have heard of full time mums who can learn investing while on the go. I know of a friend who gets home at 10pm, and studies investing till 2am.
If you want it to happen, it can ahppen :)
18 Dec 2019
Wong Ming Yao, Product and Community Associate at 8VIC Global Pte Ltd
Answered on 20 Dec 2019
It is tough to learn an extra skillset especially when you have a family to rtake care of. What I would suggest is read books during your way to work/home, that is an extra hour a day. You can spend 30min watching online videos during lunch time to further enhance your knowledge.
Compound that 1.5 hour by a week you have 10.5 hour.
Compound that 1.5 hour by a month you have 42 hour.
It is how you choose to manage your time that will determine your success level!
Read investment books or listen to podcasts during your commute, be it on train, bus or car. You gotta commute anyway, it's a matter of what you do in that time! I do most of my reading on train rides.
Get the family in on it.
It could be pretty fruitful if say, your spouse is interested in investing, and you both could discuss matters.
It depends how "hungry" you are and how important you deem investing to be. If you feel that it is not so important and it is not urgent, then you may put if off. But if you have a strong desire to explore the concept of financial freedom, investing is a great way to reach that goal.
HC Tang, Financial Enthusiast, Budgeting at The Society
Answered on 14 Jan 2020
Well, these days we have smart phone or tablets. While travelling on Bus / MRT , we can:
Download e-Book of all the financial books to read and learn. Take notes using the build in notes app or Onenote.
We can also read Seedly blog, the recommeded financial blogger blog post etc.
Since we at least travel to and from Home / Work / School , that is the best use of time to learn and improve.
If you're driving, can also listen to financial podcast, available mostly free while driving.
To select , I'll go for some recommendations, read a few chapters to find out if is suitable in what i want to learn / grow on.
To me, basic financial is most important, read about all the insurance, budgeting, credit cards, debts management, financial planning and then read everything financial to know at least 30 to 40% then decide which one I would like to focus on more and come back later for some other area.
For good financial books to read, see this:
These are enought to help us "level up" or keep us busy for 2020 while travelling :D
Happy Leveling up!
I feel you! However, I think this is more of a matter of sorting your priorities.
If you can put aside one hour everyday to learn something, be it reading or watch some learning videos, at the end of a month that would have been at least 30 hours. More often than not, what you have learnt is cumulative and you would be surprised at how far you have come when you look back one day.
It's never too late to start, and the pace is your choice.
Everyone's twiddling with their phones incessantly nowadays. Instead of playing one more game, download learning apps like Smartly or Udemy where you can take free courses in the former or finish structured academia in the latter.
A break from work, on the bus, in the toilet. These 5-minute spells can add up to a lot.
With Udemy you can even use your skills future credit to learn the benefits of investing.
What is important to you may differ from others. Befriend someone with superior financial knowledge and treat him/her like a mentor. Just be sure not to dive into any financial instrument on a hunch - always do your due diligence.
Examples of financial goals could be focused on purely capital gains or establishing a recurrent income. Whatever it may be, I wish you the best in your financial education.
There are not so many things to learn. really. you only need some little things to know, but you need a lot of patience and discipline and calmness.
the little things: avoid debt, avoid mutual funds, avoid individual stocks. diversify by investment into ETFs, physical gold (5-10%) and possibly property. don't listen to online or stock magazine noise, nor listen to the 'professional' bank advisors. ETF choice: SP500 (VOO or IVV), MSCI World.
There are many bite-size articles you can read while in the toilet, in the mrt, in the bus, etc.
You can slowly build up your knowledge and bookmark those that you feel will be relevant in the near future.
Find a financial writer that you feel comfortable with and browse through their articles. If it fits you, you can slowly expand from that one writer to others. Eventually it will become a habit.
I would say reading books and watching video of investing during your free time.
It can be during travelling, before sleep, before work, after work, during lunch or any free time that you have that you used to watch netflix or youtube.
Otherwise paying to learn will definitely make you make your money worth.
I write cool stuff about personal finance and money-saving hacks here.