Share what helped you the most to save your first $50k? - in LIVE chat Element Master suggested a good point on having a proper excel sheet budget to know expense and asset
When I was young, I spent like no tomorrow. Because that’s how my parents are. Been supporting them financially since I was 17, using part time earnings, and got some monthly allowances from company that I was bonded to while studying. Been in debt since young cos taking loans from credit card to pay off my dad’s gambling dad multiple times. Unable to pay off for 20 over years. But I am glad I get to know my partner, financially savvy. Managed to clear all my debts by myself, and not owing my partner a single cent. Just started to save money, in my 40s now. Too late, but I am happy at least no more debts. And yes, still supporting my parents financially.
I encourage 1. young professionals to come out of comfort zones and work overseas and earn that extra overseas allowances 2. Live frugally but live life to the fullest 3. Take public transport 4. Return your CPF housing loan fast and see CPF compounding 5. Return your banking loans as fast as possible. Stay debt free 6. Invest on fixed income and equities and use them for daily expenses to save as much as your salary 7. Work hard and aim high 8. Get married right and enjoy the power of dual savings
When I was younger, money was squandered away buying new phones, shopping, spa and massage treatments, music, etc...basically getting sucked into the idea that I deserved to treat myself (like Soo Min said, all i was doing was self-soothing)..brainwashed by magazines and materialistic variety shows that are not nutritional to the mind. These days, i no longer see the need for the next new phone, massage packages (i changed my diet and lifestyle and feel less lethargy! plus massage guns are the bomb)..im occupied mentally by free and meaningful podcasts and youtube videos; i have also been enjoying taking long walks to and fro when I can..killing many birds w one stone (exercise, being outdoors, away from temptations, listening to smart pple talk). But, Soo Min's reminder for me to not over-indulge in eating out is timely..should go back to prepping my healthy meals! OH, ONE PRO TIP: take charge of your health and learn to fast..or eat only one/two meals a day. You'll be surprised by your mental clarity, how healthier you feel and obviously, you will be able to save on unnecessary eating, all without actually feeling hunger once you get it right.
I relate to soon so much, in my 20s, there was no such conversation about money within my social circle, its all just yolo, go around world trips, get life experience, etc, finding your identity. only now when Im in my 30s then realise, i need a 100K..
@THE JOSH TAN SHOW! It was when i got married, then I decided that I needed to plan for retirement and get some Financial Literacy. Im 33 now. Then I realise im abit late to the game. I have so many regrets as I had no one to learn from when i was in my 20s. Insurance policies i regret buying. Financial milestones i regret not knowing i could achieve. These past 6 months watching your channel and other financial youtubers.. made me realise how financially unprepared I am
It would be nice when there is extra income such as bonus or parttime pay to be save fully. Then the target will be closer.. can also tap on the high interest account to get more interest to faster the saving rate....
When I was in my 20s, I didn't have a target amount in my bank acc. Instead, I aim to receive more interests from month to month from my saving acc. I keep telling myself that "this month I will have a kopi peng foe free"
Share what helped you the most to save your first $50k?
- in LIVE chat Element Master suggested a good point on having a proper excel sheet budget to know expense and asset
When I was young, I spent like no tomorrow. Because that’s how my parents are. Been supporting them financially since I was 17, using part time earnings, and got some monthly allowances from company that I was bonded to while studying. Been in debt since young cos taking loans from credit card to pay off my dad’s gambling dad multiple times. Unable to pay off for 20 over years. But I am glad I get to know my partner, financially savvy. Managed to clear all my debts by myself, and not owing my partner a single cent. Just started to save money, in my 40s now. Too late, but I am happy at least no more debts. And yes, still supporting my parents financially.
Never too late 👌🏻👍🙂
Brilliant video. Thanks.
Happy to share =)
Can you share the budget app that you use?
Anyone with the best latest suggestion do share k
Hustle days are most memorable. Still remember the days where I did a FT job, 3 tuitions and 1 part time Msc all at the same time.
💪motivation
I encourage
1. young professionals to come out of comfort zones and work overseas and earn that extra overseas allowances
2. Live frugally but live life to the fullest
3. Take public transport
4. Return your CPF housing loan fast and see CPF compounding
5. Return your banking loans as fast as possible. Stay debt free
6. Invest on fixed income and equities and use them for daily expenses to save as much as your salary
7. Work hard and aim high
8. Get married right and enjoy the power of dual savings
#1 is really a good one.
Good sharing 👍
When I was younger, money was squandered away buying new phones, shopping, spa and massage treatments, music, etc...basically getting sucked into the idea that I deserved to treat myself (like Soo Min said, all i was doing was self-soothing)..brainwashed by magazines and materialistic variety shows that are not nutritional to the mind. These days, i no longer see the need for the next new phone, massage packages (i changed my diet and lifestyle and feel less lethargy! plus massage guns are the bomb)..im occupied mentally by free and meaningful podcasts and youtube videos; i have also been enjoying taking long walks to and fro when I can..killing many birds w one stone (exercise, being outdoors, away from temptations, listening to smart pple talk). But, Soo Min's reminder for me to not over-indulge in eating out is timely..should go back to prepping my healthy meals!
OH, ONE PRO TIP: take charge of your health and learn to fast..or eat only one/two meals a day. You'll be surprised by your mental clarity, how healthier you feel and obviously, you will be able to save on unnecessary eating, all without actually feeling hunger once you get it right.
Generous sharing 🙏
Years back- i started using an expense tracker app and from there i saw the potential to save.
👍👍
I relate to soon so much, in my 20s, there was no such conversation about money within my social circle, its all just yolo, go around world trips, get life experience, etc, finding your identity. only now when Im in my 30s then realise, i need a 100K..
Was it a major purchase like house that made you realise the need to save a sizable sum up?
@THE JOSH TAN SHOW!
It was when i got married, then I decided that I needed to plan for retirement and get some Financial Literacy. Im 33 now. Then I realise im abit late to the game. I have so many regrets as I had no one to learn from when i was in my 20s. Insurance policies i regret buying. Financial milestones i regret not knowing i could achieve. These past 6 months watching your channel and other financial youtubers.. made me realise how financially unprepared I am
@@JStarx6 care to share what kind of insurance plan u bought that makes u regret buying?
@@bryanttan8401 ILP w/ riders
@@JStarx6 happy to of help to you and share with a friend who should listen in too 👍
When I'm in my 20s, I only know how to play and spend money. 😢
when I was 20s I was eager to make and save money fast coz of what happened at home. Sometimes it’s a trigger event
@@JOSHTANLIVE That's why u so rich now lor
Thats why I feel an urgency to reach FIRE 🙂
@@JOSHTANLIVE U got the wisdom since young.
Enjoy life to the fullest or save for the reality of life😢😢😢😢😢😢😢😢
It would be nice when there is extra income such as bonus or parttime pay to be save fully. Then the target will be closer.. can also tap on the high interest account to get more interest to faster the saving rate....
Good points raised
When I was in my 20s, I didn't have a target amount in my bank acc. Instead, I aim to receive more interests from month to month from my saving acc. I keep telling myself that "this month I will have a kopi peng foe free"
Nice 👍
Fast forward to today, are you aiming now w passive income from dividends?
@@JOSHTANLIVE today, I'm in a much better position financially.
Nice to increase income.
Yes, helps in the equation.
What was your journey like?
@@JOSHTANLIVE I'm at another stage.