Now that we’re coming close to the end of this decade, let’s take a few weeks to look at the other answers we’ve collected all through 2019: One of our interviewees, Bryan Yong, a young man who worked as a relief teacher while waiting to start his career as a pilot, asked for advice on saving for the future. Here’s what our other interviewees suggested he do.
“Secure yourself with the basics. And beyond that, you go for it, take a big bet.”Q: What advice do you have for young adults with regards to saving for the future?
Russell Pensyl, who is an interactive media artist:
The real solutions will be found, not by complaining about how the world and how society is, but by looking for a solution to a small problem. Small solutions build into big design.
Petrina Ng, who quit her 14-year teaching career to become a wedding photographer:
Little by little goes a long way.
Elizabeth Seah, who has been cosplaying for 24 years:
Make reasonable plans, start working towards it, stick by it! Try 40(saving)-60(expenses) for a start and slowly work towards 50-50, then 60-40/70-30. No point fixing a goal if you can’t follow through and feeling discouraged when you can’t produce results.
Nur Syahidah Alim, who is a world champion in archery:
Be mindful about your daily and monthly expenditure. If you like going cashless, set a daily limit on your cards. Alternatively, I use a YouTrip card (which I use during my travels for competitions) to help manage my daily budget. In addition, explore investments with your local bank. Get in touch with your personal banker to explore various investment plans that suit your needs and level of comfort.
Kelvin Seah, who is a stay-at-home dad:
To think carefully before making any purchase and ask if what you want to buy is a genuine ‘need’ or a fleeting ‘want’. To consider investing in things that will last, things that truly matter in the long-term.
Jeshua Soh, who dropped out of school, started a business at age 19 and started another business in Myanmar:
Saving is good, investment is better and hoarding is dangerous.
Gwern Khoo, who is a Michelin Bib Gourmand certified hawker:
Start saving and investing as early as possible.
Sheeba Majmudar, who has been a nutritionist for 12 years:
Invest in your health and that way you will save more!
Loh Teck Yong, who is a security guard and author:
Don’t get a credit card.
Rishi Israni, who married and built a million-dollar business with the inventor of the Rotimatic:
I’m going to quote my father: Save at least 50%. Because at the end of it, the trash you buy doesn’t really make you happy. So it’s a waste of everything.
Evelyn Eng-Lim, who built her own retirement farm:
One must save enough to see through retirement days for basic needs and personal insurance. This can be relatively easy if one lives an environmentally healthy lifestyle which will not require too much personal expenses.
Pranoti Nagarkar, who invented the Rotimatic:
I think it’s important to secure yourself with the basics. And beyond that, you go for it, take a big bet. There’s always the need to have a security blanket so start by asking yourself, what’s the worst that can happen? If the worst is manageable then you can really go for the big leap.
Sy, who runs LUCK-IT and interviewed all the above people:
Make your money make money for you.
What advice do YOU have with regards to saving for the future? Drop your answer into the comment box below and we’ll add it to this list!
Photographs courtesy and copyright of those featured. Interviewer: Sy
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