Financial self-care
In financial self-care, one can seek advice or guidance from various professionals such as financial advisers, insurance agents and bank relationship managers. A very big caveat here is whether they are incentivized to sell you certain financial products in the disguise of "good will" advices (as illustrated on TTI's post here, it's lengthy so scroll to somewhere in the middle to read the relevant section). They do not have to "soompa" (like healthcare professionals) to act in the best interest of the clients (patients) and I am not sure if they abide by any code of ethics either. So if you do not take responsibility for your own money, someone else certainly will for you - to fatten up their own pockets.
Somehow I got a feeling this is going to turn into a kali-gong article *yikes* and I have some difficulties in organizing my thoughts here because financial self-care can be really complex and individualized. If you are looking for some really kick-ass ideas on how to start or some motivation to do so, I would recommend that you read this article by Alvin Chow of Dr Wealth: How to (Truly) Be The Last Sandwich Generation first.
Generally people who do not bother to manage their own finances, do not strive to develop a wealthy mindset. They just want to get rich aka have more money than they can spend. We must be clear that being rich does not mean that one is prudent in managing and growing his money to stay rich. That's why some people who struck lottery or took out their retirement fund found themselves "lost" at managing the sudden huge sum of money, and that's when they would squander or get swindled. (So we should not complain too much about CPF and annuities.)
Ok I shall gather my thoughts and pen them down as a few simple points:
Eye not on the same pie
Do not seek advice or follow the doings of people who's eyes are not on the same pie as you.
Also, do not seek the advice of those who has no pie and their eyes are on your pie.
It's almost the same as the saying "Do not ask a barber if you need a haircut.".
Know thyself
If you don't know what you will need to get to X point (your destination) and analyse your current circumstances then you cannot make plans for it. Following the crowd will get you nowhere.
You don't start investing simply because your neighbour is investing. You don't shun debt simply because your friends say it's bad. Debt can be good too if you know the risk that you are undertaking. If a debt turned out good for you, don't go advocating it to someone who might not need it or use it the same way as you do.
Build your own niche and knowledge base
At the beginning, learn broadly about a topic that you want to build competency in (e.g investing), try a bit of everything and see where you fit.
Once you have decided to be a "master of one", focus your energy to gain all the possible relevant knowledge and skills on that. When you become a master, you will be able to discern which snake-oils and which bloggers are talking bullshit. You would become the one calling the bluff and not the bei-kambing nodding to everything said.
Hone your skills
To make money work harder for you if you want to be richer.
To make yourself more valuable if you are a worker.
To make your products / services better if you are a boss.
Focus on a niche market with a niche product and make it really good (Blue Ocean Strategy) --> Do something we love, and then do it better than anyone else.
Learn from the past
Figures or net-worth update means nothing if we don't reflect upon how we get them.
As much as we need to be forward looking, it is the small goals and habits cultivated that will eventually lead to the bigger goal in life. Examine them as we trudge forward.
Somehow I got a feeling this is going to turn into a kali-gong article *yikes* and I have some difficulties in organizing my thoughts here because financial self-care can be really complex and individualized. If you are looking for some really kick-ass ideas on how to start or some motivation to do so, I would recommend that you read this article by Alvin Chow of Dr Wealth: How to (Truly) Be The Last Sandwich Generation first.
Generally people who do not bother to manage their own finances, do not strive to develop a wealthy mindset. They just want to get rich aka have more money than they can spend. We must be clear that being rich does not mean that one is prudent in managing and growing his money to stay rich. That's why some people who struck lottery or took out their retirement fund found themselves "lost" at managing the sudden huge sum of money, and that's when they would squander or get swindled. (So we should not complain too much about CPF and annuities.)
Ok I shall gather my thoughts and pen them down as a few simple points:
Eye not on the same pie
Do not seek advice or follow the doings of people who's eyes are not on the same pie as you.
Also, do not seek the advice of those who has no pie and their eyes are on your pie.
It's almost the same as the saying "Do not ask a barber if you need a haircut.".
Know thyself
If you don't know what you will need to get to X point (your destination) and analyse your current circumstances then you cannot make plans for it. Following the crowd will get you nowhere.
You don't start investing simply because your neighbour is investing. You don't shun debt simply because your friends say it's bad. Debt can be good too if you know the risk that you are undertaking. If a debt turned out good for you, don't go advocating it to someone who might not need it or use it the same way as you do.
“What gets us into trouble is not what we don't know. It's what we know for sure that just ain't so.”
- Mark Twain
Build your own niche and knowledge base
At the beginning, learn broadly about a topic that you want to build competency in (e.g investing), try a bit of everything and see where you fit.
Once you have decided to be a "master of one", focus your energy to gain all the possible relevant knowledge and skills on that. When you become a master, you will be able to discern which snake-oils and which bloggers are talking bullshit. You would become the one calling the bluff and not the bei-kambing nodding to everything said.
Hone your skills
To make money work harder for you if you want to be richer.
To make yourself more valuable if you are a worker.
To make your products / services better if you are a boss.
Focus on a niche market with a niche product and make it really good (Blue Ocean Strategy) --> Do something we love, and then do it better than anyone else.
Learn from the past
"Insanity is doing the same thing over and over again and expecting different results."
- Albert Einstein
- Albert Einstein
Figures or net-worth update means nothing if we don't reflect upon how we get them.
As much as we need to be forward looking, it is the small goals and habits cultivated that will eventually lead to the bigger goal in life. Examine them as we trudge forward.
 |
| Got a 'tattoo' by nature on my wrist |
---
PS:
Coronavirus alert here is now DORSCON orange.
Start of a bear market?
Shucks, entered Thaibev too early liao...
***
Like what you read? View my other posts here
Comments
Post a Comment