Thursday, 22 March 2018

Polytechnic Student with $3.63 As Net Worth - 1 Year Later

Some readers would have known about this when I wrote about my The 19 Year Old Year Review, Reflection & 2018 Resolution earlier.

I must first state that, I belong more to the earn more camp rather than the save more camp in this aspect. But this does not mean that I'm not saving, but I do have weak spots too. So do I belong to both camps?

By earning more, it makes it easier for you to afford things that you originally want to. I'll put into a simple example based on a fix percentage.

Assuming I'm taking home $1,000 every month and I'd allocate 50% to expenses and 30% for savings and 20% for dream funds. I'll be looking at an expenses of $500 a month, $300 each month for savings and $200 savings each month that I'll save up for extravagant things.

How about $2,000? Everything doubles! So does your savings! You'll be saving $600 each month now! How about if we twist the percentage a little to 40%? We're saving $800 each month!

Earn More or Save More?

I vividly remember that I've entered 2017 with $3.63 as my net worth.

Yes, that's my net worth in 01/01/2017. Pathetic isn't it? But some would probably claim that there's a good number of polytechnic students or young adult that is in my shoes too! And I would say I can feel how sticky that situation is.

Fast forward to a year later, 31/12/2017, let's not talk about how much cash I hold.
I'll just share about my investment portfolio back then:

Read more from my Portfolio Update here.

Disclaimer: I do have my emergency funds ready.

So how is this possible? I do not belong to a rich family, neither do I take pocket money from my parent.

I simply work harder and try to save more. 

At the same time, I learn along the way and try out many ways to improve on my knowledge.
You definietly do not need investment to make it possible.
This topic here is not about investment. It's about managing your own finances! 

Remember. Perspective is important.

One could see the image on top and my words in this post as an attempt to boast.

But, ultimately, I hope that this post will come across anyone in this sticky situation who will find it handy and motivational.

Playing too hard? Chasing after trends?
Most of the polytechnic students I know off are having a really really really good time chasing after trends, fashion, clubbing and busy having relationship. To be really honest, it's nothing wrong about having one, or doing any of the above. Just remember to not go beyond your limit.

This pair of NMD looks nice isn't it?

Starving yourself to buy the pair of NMD you see above which is going to cost you $200-300 just because everyone around you has one? Do you truly NEED it? Or simply because you WANT it?

But it should not be done by depriving your 'needs' in order to get your 'wants'.

Relationship? I will not comment too much on this. But it's good to take note that you do not need to visit a country every single holiday. You do not need to spend money on extravagant items as well and not going to a different hotel every different special dates!

How about fanciful restaurants and cafe? Starbucks?

Chasing the life of others and trying out different ways to beautify your instagram account?? Wow. XXX has stayed in Equarious Hotel! They're at the Haidilao! Let's go to Japan to see Cherry Blossom! I want a car! That beautiful LV bag. That Rolex!!

Remember to not complain about not having money and talk about living from paychecks to paychecks!

Don't buy into my words? Buy into world 3rd richest man, Mr Buffett's words then!

“Do not save what is left after spending; instead spend what is left after saving.”
― Warren Buffett

Because I'm too busy to work!! I've too many projects. I'm too lazy etc.
Yet another excuse. If you strive to have some money in your pocket, then start moving to find some ways to get money.

I have projects too. I can still work. Why couldn't you?
Instead of taking the time to whine about not having the money or waiting for parents to give you.
Why not get yourself moving?

If you're too lazy and do not want to work, then learn to be self-contented and not live in the life of others.

You know the PROBLEM. You know the SOLUTION as well.
By not doing anything, the PROBLEM will not be solved!

Who doesn't want to have more money? Everyone wants to get rich. But by not doing anything, nothing is going to happen. If you want it, find a way to get it.

The mentality is very important here. Again, I repeat. You do not need to get into investment to have that extra dollar in your pocket. 

Wait till your personal finance are sorted out, probably the next would be investment! 

How many accounts does this 19 Year Old Student has?

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  1. Hi Sleepydevil,

    Starting out young is advantageous and for you, being goal-oriented and so clear about what you want has made you so much more mature than peers your age.

    Great that you know what you want and that you can differentiate between wants and needs! Wishing you all the best on your investment journey:)

    1. Hi SingaporeanTalksMoney,

      Nice having you here and thank you for the kind words. Wishing you all the best on your investment journey too and looking forward to learning from you in your upcoming post :)

  2. Delayed gratification is a mindset that takes good discipline to develop but is greatly rewarding in the long run. :)

    1. Hi Msrksman,

      With that, I believe patience will be well rewarded :)

      P.S I've been silently reading on your post. Looking forward to more of your post and learning from you!

  3. Replies
    1. Hi Usurper,

      Thank you for the kind words :)

  4. Hey Sleepydevil,

    Always amazed that a 19 y/o is churning out like these! So much to learn from you always and dont forget to do whats most important for a student.


    1. Hi Cupcake,

      Thank you for dropping by my blog :)

      I'm flattered by your kind words, but I believe I've more to learn from you. Looking forward to your upcoming post!

  5. Hi Sleepydevil,

    I am heartened that there are financially savvy youngsters like yourself, given the increasingly YOLO nature of our society. I wish that I've started earlier like you, knowing all that I do now. The early years are always the hardest, when it seems like whatever you do doesn't seem to be making enough impact. You've gotten a headstart on your peers, keep at it and you'll definitely get there.

    Happy Hunting!

    1. Hi KK,

      Honored to have you here and thank you very much for the words of motivation!

      I believe that there is no early or late in the journey. Everyone's route is wired differently to oneself and all roads lead to Rome. What's important is to enjoy the process and have peace of mind!

      P.S I enjoy reading your series on personal tax planning. Looking forward to learning from you in your upcoming post :)

  6. Hi sleepdevil

    It is good to start early when you have compounding effect as your friend, and more time and energy to be in the market.

    Make mistakes when you capital is still small, and hopefully the losses will even out in the long run.

    Make good decisions when your capital is small, and compounding effect will boost your net worth over time

    Good luck!

    1. Hi INTJ,

      Thank you for dropping by my blog and kind words. I agree with you that while the capital now is very small, the "wipe out" will not be as severe as it would be 10 years later. The best part is, the lesson learnt will be more flavorful.

      Nonetheless, with my fingers and my toes crossed, I hope that, my conviction are right :)

  7. Good stuff! Keep doing what you are doing now :)

    What about relationship??? lol.

    1. Hi KPO,

      Thank you for the kind words! :)
      Unfortunately, that has not come knocking on the door yet. Pretty much a regret :(

  8. Hi Sleepydevil,

    I agree extensively on the portion on how the millennial are showing off their lifestyles on social medias but usually with poor money management. The new generations work hard and really enjoys (spends) hard. They even have hobbies which further depletes their wealth instead of help build more. they are working a "dying" instead of working a living. I know happiness is important but an infinite rat race will definitely not bring us that lol. Good that you are not ignorant like them.

    1. Hi Frowns,

      Thanks for dropping by and the kind words. I like the way you say that haha - 'Working a "dying" instead of working a living".

      Social media has evolved from a platform whereby friends share their joy around, communicate with each other to a platform today whereby they compare against each other and certainly doing things/taking 'photos' for the sake of 'beautifying' it.

      I'll quote one of my favorite sentence from AK - 'Humans are all wired differently and to get peace of mind, we will need to understand ourselves' Hence, it's really important to know ourselves :)