Sunday, 13 August 2023

30 lessons I've learnt at 30


I turn 30 this month. If you were to ask 20-year old me, I would've dreaded this day. There's a lot of stigma when it comes to turning old, especially if you're a female. However, as I grow older, I slowly find myself being okay with it. Maybe turning old isn’t as scary as it seems.

There are so many things I’ve learnt over the years and I’ve seen articles detailing lessons that were recounted which have given me insight to the writer’s learnings and perspectives. And so I’ve decided to create my own version as well, which could be something worth looking back on in the coming years.

30 things I’ve learnt at 30:

1) Be kinder to yourself. We tend to be really hard on ourselves. One way I’ve learnt to measure this is to imagine how certain thoughts I have for myself would sound when it’s verbalised to someone else. With this, it’s surprising how self-critical I can get. If we’re never like this to others, why are we so unkind with ourselves?

2) Your metabolism slows down greatly after 25. You might think that this slowdown might come later (40s? 50s?), but it doesn’t. 

3) Sleeping early is not uncool. It is actually self-care. A sufficient night’s sleep can do wonders to the following day.

4) You might someday be affected by the hustle culture, especially as your peers start advancing the career ladder. But you don’t have to lean in to this culture. It might get difficult over time because society tends to get really loud on career achievements, but always check in with what you truly want from time to time.

5) Life doesn’t get less confusing. Think it might get clearer over time? News flash: it doesn’t. Learn to accept that life will always be filled with unknowns, and we don’t have to have it all figured out. Life is a journey, and that’s what makes it exciting.

6) Try not to get too attached to things, be it good or bad moments. Life can work in its own funny ways, where a single decision could change the entire trajectory of your life. Gently cradle each moment, and let it go when it passes.

7) Try meditation. The world is really noisy, but if our inner selves are at peace, it quietness down.

8) Remind yourself that you can’t control what happens, but you can control how you react to it. Our reactions also show a lot about how we are as an individual.

9) Surround yourself with books. We’re so lucky to have access to so many great books! You’re learning from individuals who have distilled their life’s learnings into these treasures.

10) Recognise that life would come with both good and bad days. Bad days don’t mean a bad life. It’s okay to feel sad, dejected, or down. But have faith that things will also get better. At the same time, embrace happiness as it comes, but don’t be too fixated in having certain goals as our goalpost of happiness.

11) It’s okay to have fun as adults. You don’t have to be serious all the time. Let loose, be silly. Do spontaneous stuff. Experience new things. Make new memories.

12) What you don’t ask, you don’t get. I used to be really scared of everything, thinking I wasn’t ‘qualified’ enough to ask for certain things in life. But I realised that to increase my luck surface area, I gotta shoot the shots I wish to take. Sometimes, we’re our own only obstacles. 

13) Happiness isn’t about positive or negative feelings. It is about the absence of desire for external things. The fewer desires, the more I can accept the current state I’m in, the more present I am, the more content I can be. - Naval Ravikant

14) Find ways to practise gratitude. It allows you to view situations differently once you have that integrated in your system. 

“Your capacity for gratitude is inversely proportional to your sense of entitlement.” - Mark Brooks

15) Be a minimalist. A maximalist has no upper limit for satisfaction, whereas a minimalist needs very little to be satisfied. - Juliana Chan

16) Believe in the power of compounding. It may feel dreadfully slow at the start, but you’ll reap magical results over time. 

17) Money doesn’t have to be scrimped and saved. Be willing to splurge on experiences that you think is worth it.

“The purpose of life is to experience things for which you will later experience nostalgia.” - FedSpeak

18) Your calendar is a better measure of success than your ban account. - James Clear

19) Write your obituary, then work backwards to live it. - Warren Buffett

20) The way people make you feel when you interact with them tells you everything you need to know about them. - Robin Sharma

21) It’s really important who has access to your energy and time. These two precious resources are finite, so spend it on people who matter.

22) Don’t take criticism from people you won’t take advice from.

23) Purge your social media apps. Unfollow accounts that drain your time and energy. Too much time has been spent on doomscrolling, so find ways to avoid them.

24) Invest in your relationships and don’t take them for granted.

25) Spend more time with your family members, especially your parents. As we’re becoming adults, they’re getting older.

26) The quality of your life depends on the quality of your relationships. - Esther Perel 

27) We sometimes expect too much from our partners. Instead of seeking everything from one person, we could seek different things from different people. That can make us less resentful as well. 

28) Don’t be afraid of growing old. Some people don’t get to do it. So embrace that tiny wrinkle and strand of grey hair. 

29) When life gets overwhelming, take three long and deep breaths. It helps to provide a quick mental reset.

30) Use money to gain control over your time, because not having control of your time is such a powerful and universal drag on happiness. The ability to do what you want, when you want, with who you want, for as long as you want to, pays the highest dividend that exists in finance. - Morgan Housel

Friday, 5 May 2023

Saving my next $100,000 - How’s it going?

The concept of $100,000 by 30 has been so popular in recent years. As someone who was mildly obsessed with personal finance, it was an idea I subscribed to too because of how this goal seemed within reach back then as a fresh graduate.

With my ‘always-below-the-median’ meagre salary, finding ways to stretch every dollar became my personal mission. I was a big fan of food discount apps and cashback deals, and would also feel so pleased with myself for not having to fork out the full price for any restaurant meals.

Slowly but surely, I reached the holy number that I (and honestly every other person out there) have set out to reach.


Not gonna lie, seeing that figure in my finance tracking sheet did feel good. It gave me that little ego boost, and I even felt a little smug about it. It showed that even corporate peasants like me could do it.

So what do humans do when they’ve achieved something? They look for a new goal.

If you’re someone who frequently reads financial blogs, you would’ve come across advice that mentioned that the second $100,000 tends to come slightly easier. This is due to the beauty of magical things like compound interest and having a larger base to work with.

Having achieved the first goal after slightly under 4 years in the workforce, I naturally took it for granted to achieve the second in a timeframe that was less than that. 

Now that it has been 3 years since my first milestone, I’m here to report that…..

.

.

.

.

.

I have not reached my next $100,000, and I’m not even close HAHA.

Who says the second time would be easier?!?! Hahaha ok lah, I took a while to reflect on the whys and here’s what I have concluded.

 


#1 Took a pay cut
Shortly after my first $100,000 achievement, I switched jobs and took a 25% pay cut. It was actually quite a drastic cut, especially when I didnt have a high pay to begin with. Since my job was still my main income, having this cut significantly affected my savings rate.

#2 Bad investment decisions 
The COVID period was a period of many rash financial decisions. Being surrounded by noise of how the market has bottomed in 2020 fuelled my FOMO and I began investing in many growth stocks, hoping that they would ride the wave and that I would be able to make some money out of it. 

Suffice to say, my portfolio has still in the red till this day, and I look at my account from time to time to remind myself to not succumb to human greed. 

Besides that, I’ve also joined the crypto world and staked some of the coins on popular platforms that have ceased to exist today. My only consolation was being lazy when everyone was staking LUNA on Anchor Protocol for the juicy rates back then. 

Nevertheless, all these bad decisions made have taught me a really painful lesson. I realised how easy it was to be part of the herd mentality, and thinking that I knew better. It took me this to remind myself that building wealth takes time and patience. 

“The fastest way to get rich is to go slow.”
- Morgan Housel

#3 Lifestyle inflation
Being a tired working adult, I must say that my desire to stalk sites for deals and discounts have fallen quite a bit. While I still dont frequent restaurants, my cost per meal has definitely increased over the years. Besides that, having friends who are having higher earning power does increase meal costs at times. 

Also, working in the CBD now has definitely made it more difficult to have meals below $5. Can’t believe that used to be my budget. I’m happy to get anything below $10 now. :”) And work from office days have definitely increased, which really adds up to my expenses. 





While I might not have achieved my financial goal on a timeline that I’ve expected, I think the past few years of financial lessons have helped to shape my views and mindset towards finances better. Sometimes, we learn better from our battered and bruised knees, and in any case, I’m grateful to have had been through this at a relatively early stage in life so I can better prepare myself for the future. 

Tuesday, 17 January 2023

Tracking my income growth since graduation

There’s something about the end of the year that makes you particularly reflective. We tend to do a yearly round up or set new year’s resolutions, hoping that the next year would finally be the year that we make it.

While I didn’t set any new targets for the year, I decided to still do something to take advantage of the do-something-to-feel-like-im-adulting-right feeling that I was having. 

And being the slight psycho that I am (I might be the only person I know who enjoys tracking my net worth monthly), I decided to reorganise my personal finance sheet - by extending the number of tabs I have to include more aspects in life. 

Please tell me I’m not the only one who feels like my life’s more put together after noting down life’s figures on an excel sheet? Haha. 

Anyway, after drawing inspiration from a few finance YouTubers/bloggers, I decided to track the following in this holy personal finance sheet that I now proudly own:

- Financial portfolio (what I’ve always been tracking monthly, aka my net worth and where my savings/investments are at)

- Breakdown (graphs of my financial portfolio so that I can see my allocations visually)

- Insurance

- Salary tracking

- Monthly salary allocation

- Monthly expenses

It’s nowhere as comprehensive as what others have, but good enough for me to work with.

I can go into detail what each tab consists of, but this post is mainly to cover my findings of my salary growth since I graduated 6.5 years back.

I am ashamed to say that while I have always been big on personal finance, I have never truly looked into my yearly income and how it changes over the years. 

So creating this tab actually took quite some time because I had to dig out past contracts and salary slips lol. Some numbers are also slightly off as I didn’t have monthly salary slips, but I based it on my monthly bank statements and they shouldn’t be too far off.

Ok to set some expectations, I am:

- In my late 20s

- Working for 6ish years (since 2016)

- Not a hustler (which means I’m a commoner and not one who chionged for promotions etc lol)

- Did a career switch and took a pay cut in between

How much did my income grow (or shrink) over the years?


Note: Figures represent monthly gross salary, and do not include bonuses and allowances

I started off with my first job at $3,100. It was at a government agency, and I didn’t graduate with good results which probably caused my starting pay to be lower than my peers.

Stayed in the same job for almost 4 years, which explains the slow climb in pay.

I did a job switch in 2020, which essentially was a career switch. I took a pay cut, one greater than the graph above because I had to forgo my bonuses. This essentially brought me back a few years again in terms of my salary.

After slogging out for a year plus, I switched jobs and had a pay bump. And then did another switch which brings me to where I am today.

Am I satisfied with my income growth?

To be very honest, with my peers around me switching jobs and getting 20-30% salary bumps each time, I slowly fell into the insidious rat race as I unknowingly found myself comparing what I had with what they were getting.

This caused a feeling of lack which stayed on within me, as I felt like what I was earning was never enough.

It didn’t help whenever online articles showed how fast the incomes of fresh graduates climbed every year, and these people were receiving crazy annual packages as they land jobs in highly coveted fields. Truth to be told, there were times where I felt sorry for myself.

It was only after this very exercise of revisiting my previous salaries, digging through old contracts and salary slips which kinda grounded me again. It pulled me back to reality, reminding me of what I have been through to get to where I am today. Noting each month’s income down brought me down the memory lane of the numerous difficult decisions I had to make, including forsaking overseas opportunities and leaving a comfortable job to deal with uncertainties - and these are moments worth celebrating. 

It’s quite interesting how I started this exercise with the sole purpose of kaypoh-ing my own income growth, but I ended up feeling so grateful and sentimental haha.

Final thoughts

Firstly, I recommend doing this because it’s so fun! And refreshing haha. I also recommend starting this earlier so that you don’t have to go through the logistical/administrative nightmare like I did.

Also, I think it’s so easy to tag our self-worth to how much we’re earning. To our positions at work. I remember not caring about anything when I first started work. I didn’t feel small when I earned $3k. Weirdly, I feel more inadequate with my current income. Comparison is indeed the thief of joy, and so I’m going to actively remind myself of my identity and value - which definitely extends way beyond who I am at work.

May we never forget how far we’ve come. Here’s to celebrating our own progress and growth. :-)

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