Are you actually Savvy?
As a online blogger, i often came across many other people’s blog and i will definitely spend some time reading. As far as i read, some of them are talking about how to save money by avoiding buying ILP and traditional saving plans. Some even said that they are better off by doing their own investment. They are all talking as if they are very smart in saving money and this really makes me want to ask whether how $avvy are they?
First question that i want to ask them: Do you drive a car? If yes, why? Are you making use of the car to earn money or just for convenience sake? All smart people will know that the moment they buy a car, it is a complete waste of money unless it can fetch them more income (eg: salesman) So in this example should i condemn all people (esp those who always talk about buying term invest the rest) who buy a car as dumb or fool?
Personally i think it is too much if i were to label them as the above category because it is human nature to get something that they think it’s logical or useful to them. Who doesn’t know it is very expensive to own a car? The car expenses alone can actually makes a person much richer if he/she converts to public transport. Since this is so logical, how come nobody do that? Yes, there might be some but it is only the minority.
Second question that i have in mind: Does all these people actually go for entertainment events? Eg: clubbing with friends, chill-out session with big boss or dine in restaurants etc. If the answer is ‘Yes’ then again i am interested to ask why do they spend such unneccessary money? Don’t they know that they are paying extra 10% service charges and 7% GST on all food that they eat in restaurants? The beer that served in pub/club are usually double or even triple compared to normally that sold in supermarket. So can anyone explain why so many people are still going there to drink? Try asking those of the so-called savvy friends the above questions and you may find interesting explanations for their behaviours.
What i am trying to share with my readers is that not everything in life we need to be so calculative and be so sceptical. They are many things in life that we need to save but we never. Yet we always try to save on things that we don’t need to save so much on actually. I mean if you don’t know how to save money in a disclipine manner, getting a saving plan is the most ideal thing because it deducts automatically from the bank. Unlike regular investment, such saving plan doesn’t require you to monitor the market. There was this saying ‘ Money that wasn’t spend/invest is money saved’
I admit that buying insurance is something that we need to be careful because if you ever commit to the wrong policy that it will be disastrous. For those people who talks so much about investment then my question to them is that how much have they earned from investment? Have they earned enough to retire? Even if they really can retire but the million question is that how many of them can do that? Therefore since not all people can do it then i believe getting a life insurance is very good for them.
How often do you read about people who died without buying insurance? I feel that we should focus on our attention on avocating the importance of buying insurance and save on other big tickets in life.
After reading what i wrote, i hope you can think again whether are we actually $avvy in saving money in the right way? Feel free to drop me a comment on what do you feel about what i shared =)
PS: You can check out www.imsavvy.sg learn how to savvy too!
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