Then you're like, "Wow!"
Firstly you talk in percentages.
That's hot daddy!
Hi guys! Welcome to another episode of Ask TSL.
So we asked you guys to send in your money-related questions
and we're going to answer them today.
Let's go!
I was once a big spender.
You know like ♪ Hey big spender ♪
But as I age, I became more of a saver.
Similarly, I used to spend quite a lot
because I used to travel quite a bit.
But now because COVID-19 hit right?
I can't really spend much.
But I think I do spend and save equally.
I have always been a saver since I was a wee little child.
I remember when I was 8 years old,
I wanted to compete with my friend to see who can fill up the piggy bank faster.
Woah.
- What a nerd. - Yeah, what a nerd!
I think up till today, I'm still very much more a saver than a spender.
Let's be real here, I'm a big spender.
If you all would refer to this other episode...
["Whatever that's remaining is paycheck to paycheck already, it's just "wah!"]
So I save 70% of my income and I spend 30%.
I have to say, because my savings are like 30-40%
so it's the opposite.
I do say that I spend the remainder but I don't just spend on frivolous things.
But he did just buy a full box of about like 10 packets of wet tissue.
Correct, because I'm always for utility items that can last forever.
That makes sense okay!
For all my #WetTissueFam out there, you all will understand.
When you need a wet tissue and you don't have it right, that feeling is shitty.
Literally.
I barely shop, but the thing that I always spend on is food.
You look at my bank statements, it's like this restaurant... that restaurant...
She reminds me of Sew because she also spends a lot on food.
Now that I'm older, I just look at my statements at the end of every month.
Just to take a look and ensure that everything is being recorded correctly.
That there are no ill inputs, no items that are not mine.
Yeah, I think that's the thing that I'm very scared of because like
Sometimes when you keep using your card overseas especially,
there might be double transactions right?
For me, I do check my transactions every few days actually.
It's like, "pay lor...", got no choice.
You pay your tax right, it's like one part of the Esplanade that kind.
One cone for you.
So I'm someone who doesn't invest money.
Because I never knew about investments until a couple of months ago actually.
So I'm still in the research phase. I don't like to step into things without knowing them.
The first investment I ever made was when I was in school. I think I was 20.
And the first investment I made was with a robo-advisory.
Because I knew that I had cash on hand
So I was working right, and saving up to pay for school.
Because tuition fees, they will bill you at the start of every semester.
Which meant that all the money I was accumulating for the 3-4 months right was sitting in the bank as cash.
And what I wanted to do was to earn a little bit of passive income through this cash.
The only way to do that for me back then, was through investments.
I think for some people they can do F&B but I know I cannot.
Same, I agree.
The thing is, I love doing it when the customers are nice to me.
But if the customers are nasty right, it really affects me.
Actually I like it a lot when the customers are nasty to me.
*Culture shock*
Because I get to be shady back at them without them knowing.
There was once a customer was saying something like, "Oh why is this like this", that kind of thing
Then I said, "We don't really serve ugly people", or something like that.
But like, not directly to them. So they may or may not have gotten it immediately.
Yes. Straight up.
Before COVID-19 right. Money comes in = money goes out.
There was no savings okay.
And I didn't realise it until COVID-19 hit.
At that point of time it hit me, "Oh my god."
I'm turning over 20 and I'm not responsible for my money.
The was no basis of saving at all. Not even $100 eh.
(Right now) I'm still travelling, but I've become so much more careful of my entire spending habits.
Save first, then I'll spend.
For me I heard about investing during COVID-19 itself.
Because 3 of my best friends, they all work in the airline industry - they're all stewards.
When COVID-19 hit, because you guys can't fly right?
I was asking one of my friends, "Don't you want to go out and work?"
He said, "For what? I've been investing."
Then I was like, "Huh? You invest?! I didn't know this."
So he recommended me this particular robo-advisor thing.
I was a bit sceptical at first, cause I'm like, "Huh investments..."
I don't really know how to monitor, I don't know how to see the ups and down of the market. I got no time for that.
He was like, "Oh, you just put in your money
and depending on your portfolio, depending on the risk that you choose,
you will see it grow over time, eventually."
So I was like, okay give it a try lor.
The one that I use is Syfe.
So for Syfe there is no minimum fee for investment.
You can just pump in any amount, and at any point you want to take out, you can take out.
Honestly because I'm on Syfe as well and the no minimum quantity that you put in right,
it makes it a lot accessible for people who may not have a lot of cash that they want to invest straight away.
So it makes it a lot accessible for people who want to just try it out for the first time.
And you can just give it a shot.
- Debit! - Woah, really?
Guys I'm a credit. This year I've become credit! I used to be debit.
In the dating phase, I would have already talked about spending habits.
And I'd kind of already know what kind of a person you are.
Let's say for example, there will be certain days where I know for a fact, what if one day I become handicapped
and I cannot earn anything, then will you be able to support me?
Do you have enough savings? Are you a saver to begin with to support me? That kind of thing.
And that's who I see myself with - someone whose financial goal is aligned.
You know what? It's such a good way to screen your partner.
I mean if you're in secondary school right now and you're watching right.
Don't go and ask your friend like, "Eh how much you have now ah?"
"How much your mother give you?!"
But technically, you can go and ask them how much they save.
Because if you check their habits and you know your secondary school boyfriend/girlfriend be like:
"I actually take 60% of my allowance to save."
Then you're like, "Wow, firstly you talk in percentages. That's hot daddy!"
I think for me, let's say if you do want to start investing. What I wanted to prepare myself mentally was,
Okay, am I prepared to lose this money?
So I chose Syfe because it's the fact that I'm able to withdraw whenever I want to and escape if I need to escape.
So that was my reason. The low barrier of entry and exit.
So i do put my money in several places right. One of them also happens to be Syfe and,
the reason why I feel confident putting my money with them is firstly right.
When I first started investing with them, they really sat me down for like a 30 minute call.
And I just had all the liberty to ask this guy on the call.
I really asked him and I even asked what he do before he joined Syfe all that.
- Just to see like what's his background and his credibility. - Got credibility!
And then I just asked him to break down all the different portfolios.
So that he can walk me through what they mean and what they will mean for my money.
What it means is also I know kind of what the outlook is for whatever I'm investing into.
I also know that Syfe is regulated by MAS (Monetary Authority of Singapore).
So it's not just credibility with the guy I'm talking to. Overall the platforms did have a lot of credibility for me.
I think one very good tip which cannot be emphasized enough,
is that when you are saving, it must be a deliberate process and you must always save first before you spend.
I feel like this is damn basic to say but I feel like I need to say.
Because if I were young me right, this was something that I didn't learn until quite late.
You put away your money that you're going to save first.
This savings amount can go into saving for a rainy day.
You can split that into things like robo-investing. Which is like bank but better.
A way that you can limit your expenditure and especially if you feel like you need to be a bit more disciplined about it.
Just set parameters for yourself.
And then John, you said earlier about putting your money away.
So one thing that I had started doing when I was in university was to start using a robo-advisory.
It is basically investing but it's a pretty low-risk investment.
So the reason why John compares it to placing into a bank but better is because
in the bank what you get in return is interest rate. But banks' interest rates are very very low.
Whereas for a robo-advisory right what they do is that they take the money that you put into them,
and they use it to invest into pretty stable types of investments.
You can go and read up about it. Which is very important by the way!
You need to know what you're putting your money into.
I think the pros are definitely when you invest, there is a lot of potential for it to grow.
It's very volatile in that sense where you can make lots of money or you can lose lots of money at the same time.
But I think there are certain platforms where it's more stable in terms of like the risk level.
I think it's also based on like what they've been mentioning the whole time, it's about your risk appetite.
If you know your risk appetite really well you'll be able to reap the benefits of it.
But if you don't know and you just make uninformed decisions then that's when you will lose money as well.
If you're mentally not ready, do not just follow blindly just because somebody else is doing it.
The minute you do that, you will regret it.
So besides investing early, investing when you are ready is more important.
Because you can be like- Yeah, you can put in and wait for it to grow.
But if you put it at the wrong place, then it might just dip somewhere also.
Make conscious decisions. Don't just follow blindly.
I think another tip is to go and read up about different platforms to understand how these different platforms work
and how they can serve your needs and your wants when it comes to investing.
Because different platforms and different types of investments bear different risks.
And the risks will pretty much determine how much money you can gain or lose.
For my robo-advisory site right, I put most of my money there actually.
Just because I don't need to spend time staring at charts. They do it for me!
It's suitable for people who are just starting out with investments, beginners etc.
- Sangee, you can consider it also! - Yeah, honestly I have been considering it.
So I was waiting for this video so I can listen to people from different walks of life.
Then only you can make your own conscious decision.
Don't just follow one person and then just go for it.
Thank you guys for watching this episode of Ask TSL!
And to find out more about how you can kickstart your investing journey with Syfe,
check the links down in the description box.
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Bye!