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How To Win the Money Game



Summary:

1) Game Plan

2) Debt

3) Save

4) Invest

5) Insure

6) Chillin'





1) Game Plan


First and foremost is to plan your game out. If you don't know where you want to be, and you're moving fast. You're moving quickly in the wrong direction! What you want to do is to be moving in One Direction. Geddit? Geddit? See what I did there? haha



So what are the steps in setting up a game plan?

That is to have a budget, plan your income and expenses.




2) Debt


Have a payoff plan to get out of debt. We're thankful that in Singapore that university fees are at an affordable rate, and most of my friends in my circle have their parents paying their school fees for them. That being said, if you have any debt for any reason, it is okay. You still can get out of this.

There are two main methods, Debt Snowball or Debt Avalanche.


Regardless of the method, if you've have any debts, look at paying them off first!*

*There are in some cases where having debt is a good thing. That's where your investments earn more than the interest rates you're paying!


3) Save!


Have a sum of cash that's worth 6-12 months of expenses.


Look at today's climate. Anything can happen. In the world of business, sometimes it isn't about being first or coming out at the top.

It's about survivorship.

It's about who can last the longest.


For a start, save $10,000!


4) Invest


Once you've got your game plan down, paying off debt, having a comfortable sum of cash as a cushion. Now, we're able to stretch that dollar and make money work for us!

When it comes to investing, you only need two rules.

Buy and Hold.


Here are some options:

  • Stock Market

  • Real Estate

  • Business

  • And the Ultimate: Yourself

Are you spending your time? Or are you investing your time?


Bottom line, delayed gratification means that good things take time. That compound interest is the 8th wonder of the world.


5) Insure


What is your biggest asset?


Come on, what is it?


At least think of one.

Don't just look at the answer!

What did you think? House? Car? Tesla? Apple stock?


Well, the answer is Yourself!

You ARE the biggest moneymaker in your life!

You ARE the golden goose you've been looking for!

What happens if one day, the golden goose got injured or got eaten by a lion? No more Golden eggs.

And that's what we need to protect against.

Health = Wealth

Do you have health, life and disability insurance?


6) Chillin'


This is where you OWN your time!


You're "financially free!

You don't have to have a constant stream of passive income to be financially free if you've done the math and have set aside a budget of your expenses. That if you stick to your game plan, you eventually be able to "retire".

You might be asking why all the "inverted commas"?


Well, because people who "retire" don't retire! People who made it don't just sit there and do nothing. Look at the wealthiest people in the world. They're all still working!


Then you'd be asking, but that's because they're doing what they "love" or are "passionate" about!

Look look, why can't you do it now?

Hence the idea of setting up a game plan. Budgeting. Paying off debts, and then investing setting yourself up for the future.


You've got to take a step back and look at the "Big Stones" in your life. What do you want to do for a living?


What would you do if you can retire now?


What would you do if you can never retire?

Decide what you want to do in life.

Make a game plan.

From here henceforth, this is where you'll have no excuse to live your life purpose!

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