In this video, I react to an article summarizing the typical template of a Singaporean’s life.
https://blog.seedly.sg/average-singaporean-life-summed-up/
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0:00 - Intro
1:16 - Singaporeans are at a huge advantage
Everything seems so expensive in Singapore, eg food, car, housing, cpf, tax, sandwich generation. But we are actually at a huge advantage when compared to our peers from Malaysia. A fresh graduate’s pay from Singapore is higher than Malaysia, living cost in Singapore is lower than Malaysia, and the Singapore dollar currency is way stronger. This actually allows Singaporeans to spend lesser overall.
3:21 - It’s about your mindset
If we think that it’s the life story of a typical Singaporean, then it is what we will get. We will go have a fancy wedding, renovate our house at a high cost, and work till our 50s or 60s because we dare not step out of our comfort zone to try to escape our situation.
Whether you want to be successful or not, it all depends on your mindset. You have to first imagine that you will become a rich person, then work towards it.
4:52 - Stop trying to impress other people
We live in a very materialistic society. We want grand weddings, buy expensive stuff, renovate our house to make it look nice. But the fact is no one really cares how rich you look on the outside. Instead save the money and invest it, you will be in a much better position a few years from now.
6:41 - Save money
If you want to avoid working until old age, you will need to improve your finances. Try to save at least 20% of your income, or if possible, bump up your savings to 70% of your income. You will be able to retire in less than 10 years.
8:29 - Invest your money
Rich people know how to use their money to grow more money. So learn how to invest your money.
10:15 - Start investing in yourself
Besides investing your money, you can invest in yourself, because it will give you the highest return. Go for higher education or start a side business while improving your skills
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