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How To Spoil Your Wealth As A Singaporean Millennial

Prove how wrong the older generations are! Being relatively young does not necessarily equate to ignorance and carelessness. Exude financial readiness by avoiding these scenarios:

BY BEING TOO CONSERVATIVE

Millennials have a distinct currency that many people cannot afford to lose – time. The more time you have, the more powerful the compound interest is. The only problem is that many Millennials are too risk averse. Why is this so?

Well, they had experienced at least two financial crises in the course of their life. Recall the great recession of 2008. The downfall of the economy in United States contributed to the ripple effects that stressed the Singapore economy. It was the first East Asian country to succumb into recession.

Image Credits: pixabay.com

Despite these events, it is important to focus on your long-term plan before you retire. Consider investing in stocks and take advantage of it over time. Failing to invest may cause you to have an insufficient fund during your golden years.

BY COLLECTING PASSPORT STAMPS

It is no secret that many Singaporean Millennials are globetrotters. Collecting passport stamps is not a cheap hobby! This is why some of them take up part-time jobs in order to finance their passion for travelling.

The places to explore in our humble island may be limited, but there is no shortage of things to spend on. Some Millennials waste their money on the frequent trips to the themed restaurants or hippie cafes. While, others spend their paycheck on bargain hunting. Notice the flashy “sale” signs in Orchard Road. These are very tempting, if you ask me. It is only later that they realize the essence of cutting back.

BY FAILING TO PLAN FOR THE FUTURE

Knowing the facts on young Singaporeans and retirement may trigger anxiety. It is alarming how many people hold their retirement plans due to fulfilling short-term goals such as purchasing a nice car or creating a fantastic wedding. Not to mention, there are numerous reports that highlight how poor the retirement readiness of Singaporeans are. A 2016 survey showed that 1 in 3 working citizens were not planning for retirement at all!

Just because you are young does not mean that you can put off your plans for the future. Do not solely rely on your CPF account to cushion your foreseen expenses. Start your retirement fund as early as your first paycheck.

Image Credits: pixabay.com

The bottom line is to keep your finances simple by focusing on saving your excess money and earning more cash. Planning for a comfortable lifestyle is crucial too!

Sources: 1 & 2

Should You Spend Your Hard-Earned Money On Fitness Accessories?

At a young age, my parents instilled the importance of cultivating a healthy lifestyle. Our collective hobbies consist of cycling at East Coast Park and swimming in the nearby community pool. I do not mean to brag! You see, my mother works in the field of fitness. On the other hand, my father has prior experience in making workout programs for diverse body types.

My parents taught me that staying fit is not an easy task. This is why many Singaporeans seek motivation by hiring a professional trainer or by purchasing a fitness accessory. Fitness accessories include trackers, watches, bands, and so on. The goal of these accessories is to make your routine more exciting and more effective. During my exposure to these products, it made me wonder if investing one’s hard-earned money on fitness accessories is worth it.

To make a solid decision, you will have to consider various factors that interact in this situation. Start by determining what you need. When it comes to fitness accessories, a particular size does not fit all! Health-conscious individuals gravitate to either the smartphone apps and the wearable tech. Some wearable fitness accessories are created to capture the intricate details such as the heart rate, foot-ground contact time, and runner’s cadence. These details may not be accurately captured by a smartphone app alone. If you are placing more value on the functions then, you may consider purchasing a wearable tech.

Second, you must determine what you can realistically afford. A nice trick is to visualize the act of replacing your accessory every month or two. As you visualize this, think of an amount that you can easily work with if you are going through the constant replacement. Please do not spend more money than you can afford in a short-term basis.

Shelling out hundreds of dollars on wearable fitness accessories do not necessarily mean that you will get the best results. In a study published recently in the Journal of American Medical Association, researchers found that “smartphone apps could prove to be a more widely accessible and affordable way of tracking health behaviors”.

Image Credits: pixabay.com

I suggest that you test the waters first! Commit to a quality (yet free) smartphone app such as Moves, before you purchase an expensive activity tracker or a fitness band.

Sources: 1 & 2

Unwind With These Insanely Relaxing Activities

After a long day in the office or school, even the calmest of people can blow like a volcano at times. This is why it is important that you focus on de-stressing.

Bid farewell to your work or academic stress during the long weekend by accomplishing one or all of these activities.

HOP INTO THE SHOWER

I understand that you had a heated argument with your partner, but you do not have to swipe your credit card for a much needed “therapy”. Find the inner peace that you crave for by hopping into the shower. Researchers have found that singing in the shower can boost one’s mood. Its effect is as potent as practicing Yoga.

The study showed that a person singing in the shower releases endorphins (i.e., dubbed as happy hormones), which can lower the levels of the stress hormone called cortisol. Tell your partner to get some earplugs as you will let your inner Beyoncé or JJ Lin out!

LIST YOUR DAILY ACHIEVEMENTS

Heighten your sense of satisfaction by writing down all your daily victories. Perhaps you decided to regularly walk to school instead of taking the bus. Doing so kills two birds with a stone! You will not only shed a few pounds, but you will also save money in the process. There are other personal achievements such as helping a stranger cross the road.

No matter how small your deed may seem at the moment, it sparks a step closer to your financial goal.

GRAB A PAINT BRUSH

Workplace stress has various adverse effects on your physical and psychological processes. It may result to poor concentration or even something as serious as substance abuse. Avoid drowning yourself in negativity by making your mind wander away.

For instance, you may let your creative juices flow through art. A recently published study highlighted that art making sessions may reduce one’s cortisol levels. Well, you do not have to worry if you do not have the talent of Picasso. You can reap the benefits of art by purchasing the cheaper alternative to painting classes – a “Paint by Numbers” kit.

Image Credits: pixabay.com

You may get a canvas for as low as S$0.99 at Paintastic Art Craft. Paintastic’s kits come with acrylic paints, manual, brush, and an easel.

Sources: 1, 2, & 3

Amazingly Free Things To Do On Your Off Days

To help you recharge and reignite your passion for life, I listed 15 inspiring things to do when your day off comes. All these activities do not cost a cent!

1. Witness the magnificent aerial view of the city by stepping into the ION Sky. ION Orchard’s observatory is open from 3 to 6 PM daily.

2. If you rarely take time away from work, take this as an opportunity to tone up your body. Begin by brisk walking at the nearby park.

3. Brush up your skills by taking open online classes from institutions around the world. Coursera is a popular platform that offers classes from prestigious universities such as Princeton and National University of Singapore.

4. Listen to your favorite type of music by building your own playlist at Spotify. Take the 7-day free trial.

5. Savor a spotless kitchen by cleaning all your utensils and electrical equipment. Do not forget to switch off these equipment before you start cleaning.

Image Credits: pixabay.com

6. Learn how to make an Origami Paper Crane. This creative skill is not only a good conversation starter, but it is also handy in parties.

7. Lay like a couch potato by employing a movie marathon. Watch the entire Star Wars series for approximately 13 hours or the Lord of the Rings trilogy for about 11 hours.

8. Arrange your living environment according to the principles of “Feng Shui” to help you feel more balanced.

9. Go to the nearby public library. Here, you may read books that will help you to improve your career.

10. Start saving for your future by opening a savings account. If you already have one, you may dedicate this day to making a significant deposit to your account.

11. Watch the glorious sunset with your special someone. Capture the moment by posting it on your social media platforms.

12. Enjoy outdoor movie screenings (and occasional free snacks) with Movie Mob. It is a drive-in event, which is held in various areas. Check out the next screening at facebook.com/apemoviemob.

13. Create homemade spa treatments by using the materials that are available to you. Nothing beats beauty time!

14. Take a relaxing stroll at the MacRitchie Reservoir’s Treetop Walk. This will enable you to connect with nature.

Image Credits: pixabay.com

15. If you are deeply attached to your handphone (like the rest of us), you may want to declare a device-free day. Allow yourself to live in the present moment. Fully enjoy the day with your friends and family.

Sources: 1, 2, & 3

Learn About The Essence Of Money By Watching These Films

Money is all around us. Thus, it comes as no shock that this subject sparked the imagination of countless screenwriters. Their works either graced the small or the silver screen. Many movies surrounding money or finance creates dramatic performances and universal themes. You could learn a thing of two from these films.

Without further ado, here are some “money movies” that are actually worth your time…

THE IMPORTANCE OF CREATING AN EMERGENCY FUND

Several articles I wrote stressed on the importance of establishing an emergency fund (e.g., Clever Ways To Build A Sufficient Emergency Fund). Widen your understanding by perceiving life through the lenses of George Bailey.

One of the most beloved films of all time, “It’s A Wonderful Life (1946)” teaches us about the effect money can have over us. Its follows the journey of George Bailey who led a seemingly perfect life in Bedford Falls. He was the head executive of a local financial institution – the Bailey Bros. Building and Loan Association. Everything changed on a Christmas Eve when an employee lost the $8,000 bank deposit. George had to face serious criminal charges for embezzlement. The financial crisis took a toll on him and he contemplated suicide.

If George set up an emergency fund, his financial crisis would have been alleviated significantly. An emergency fund aims to cushion personal financial dilemma such as bankruptcy, unemployment, or theft. He was a thrifty individual, but he did not consider to pay himself first.

Realistically speaking, chronic stress is a possible reaction to monetary woes. Do not hesitate to seek professional help when necessary.

THE FRUITS OF DETERMINATION

Pursuit of Happyness (2006) holds a special place in my heart. I would never forget the quote that Will Smith’s character delivered. He said: “Don’t ever let someone tell you, you can’t do something. Not even me. You got a dream, you got to protect it.” Naysayers and jealous people are inevitable in a competitive field such as ours. Not letting them get in the way of your success is just one moral lesson in the movie.

The movie beautifully paints rags-to-riches tale. Will Smith portrays the character named Christopher Gardner. Christopher was a salesman who struggled to make ends meet for his family. The height of their financial crisis led to the abandonment of his son. Against these depressing odds, he maintained a positive outlook. He took an unpaid internship to become a stockbroker. He would make about 200 calls a day! His determination and persistence shined through. These two factors are vital, if you want to thrive in life.

Christopher’s ability to find solutions in the face of financial adversity is truly inspirational.

THE EFFECTS OF GREED

The 1987 Wall Street flick conveyed the superb message that every dream has its price. The story centers on a young, desperate, and impatient stockbroker who is willing to do anything just to reach the peak. He was willing to step on his integrity to gain power. The characters embodied that greed is good, is right, and is necessary.

Let us define greed (pertaining to wealth) first. Psychologists have a definition for excessive love of money. They stated that it is about needing money for its own sake. Contrary to the need for money to satisfy personal and social goals. Greed, for the lack of a better term, is bad.

You are likely to commit mistakes, the more you are emotionally attached to money. You develop several biases when you are clouded with greed. For instance, “money lovers” were more likely to believe that savings could wait. Oh! Talk about not building a nest for the golden years.

This movie may be a classic, but its lessons are still relevant today.

Sources: 1, 2, & 3

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