09/01/2017
Top 3 Things That Singaporeans Under 35 MUST-DO In Order To Attain Financial Independence Before The Age Of 35.
You may have probably read or heard of some of the things that I’ll be sharing, however, these are the exact essentials that got me my freedom in life.
No longer chained and bounded by things I don’t like to do. Work.
So keep an open mind as you are reading this, and make sure you apply these essentials to your life to reap it’s benefits.
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#1: SAVE AS MUCH AS YOU CAN!
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Especially from your first pay check. Of course, you can splurge a little on a good meal or a small luxury item to reward yourself. BUT! It’s extremely crucial to work your savings.
Here’s a very simple money segmentation process that I personally practiced since I was younger.
I’d always put away 30% per month. This amount is a good benchmark especially for people who are just starting out in the working world where your pay is little. Increase accordingly to your preferences.
There’s no magic number to things, most importantly just start with a percentage. Notice the keyword here is “START”. Because at the end of the day I always believe in this saying “Planning Without Action Is Futile”.
You can do the best planning in the world, but if it’s not executed you’ll never know if it’s working for you.
All in all, you have to develop a savings plan for yourself and STICK TO IT.
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#2: DEVELOP A GOOD FINANCIAL HABIT
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Use apps like “Money Manager” to help you track your expenditure. List out your fixed expenditures and set them on recurring mode in the app, this will also include your to-save amount.
This way, you’ll know how much you are left to play with for the whole money till your next payday.
So for fixed expenditures wise, here are some examples:
- Phone bills
- Insurance
- Rent (if applicable)
- Gym membership
Especially those below the age of 30, most of us will still be living with our parents so we don’t have much expenditures. That is why it’s even more important to put aside as much cash as possible at this stage.
So after you’re done setting aside these sums, you will then work with whatever you’re left with.
Like I mentioned above, BE REALISTIC.
Don’t set too high a savings that you’re struggling with your daily life or set too low that you’re spending on unnecessary things. Start with 30%, it’s a good number.
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#3: EDUCATE YOURSELF AND PREPARE FOR “WEALTH MULTIPLICATION”
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This is one thing that YOU DON’T LEARN IN SCHOOL.
My friends always joke about why teachers don’t teach this in school, it’s probably because they aren’t even doing it themselves.
But jokes aside, you must always remember this quote by Grant Cardone “Save to invest, don’t save to save”.
Because at the end of the day if you just save to save, your money will be “eaten” up by this thing called Inflation.
For those of you who don’t know what it means… just remember it as YOUR MONEY IS SHRINKING!
Remember your parents telling you they used to pay only couple of cents for a bowl of noodles? Now you’re paying at least $4 for a basic bowl of noodles at the hawker.
That is the effect of inflation, where costs are rising at a pace where you can’t imagine.
Now you may not feel the pinch because we are still living in this age and sheltered by our parents. But as we progress and advance in life, it’ll be too late to turn back time and living in regrets…
The only way is beat this “Disease” is to MULTIPLY your wealth much faster than it can harm you.
Through Investing.
I definitely acknowledge the fact that without proper guidance and heading into the stock markets is FATAL.
Because like I mentioned, the school did not teach us anything about investing / trading. So if you are jumping in without proper education, you’ll get yourself burnt.
That is the reason why I’m always holding mentorship programs to educate young Singaporeans like yourself, on how you can not only safeguard your finances but also to multiply them using the stock market.
Do you have 30 mins to spare every day?
Because what I’ll be sharing with you will not take you more than 30 mins a day, but it’ll get your wealth multiplying.
This will be the first step to getting a perpetual income to do even more things in your life. More important stuff like Creating An Impact to the society.
However, for all these to start… you have to start by building your own foundations.
I’ll be doing a 3-hour mentorship program on this Thursday Evening, if you are available… I urge you to attend and start educating yourself on “Wealth Multiplication”.
Click here to register now --> http://bit.ly/wms-lt
I look forward to sharing more with you, See you!
Thomas Yin,
Master Trader who attained financial freedom, living in a million dollar house.
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