Just started this book on personal finance of the same title. In it contains a 9 step programme to transform your relationship with money.
It also contains some Money Talk Questions which I am keen to learn and hear about from fellow users and to share my own personal journey with money.
Q1: Who gave you your first lesson about money? What did you learn?
A1: Robert Kiyosaki! I have no idea why, but I bought his ‘Rich Dad, Poor Dad’ towards the end of my NS obligation. Reading it completely changed my concept and thinking about money and how money is a necessary good/evil and it really depends on how it is being used.
Q2: What messages did you get about money growing up? Where did you get them from? Parents, teachers, ads or…?
A2: My parents were pretty laissez-faire when it comes to money. I could expect a healthy allowance each month, and they did not pressure me into not buying or saving it up.
Q3: Talk about an early memory of money and how it affects you now?
A3: I remembered having my first bank book (POSB Squirrel) in primary school and how it felt good have interest credited into it. It certainly feels like being given money for free. I guess I am now more for income generating stocks where I can buy, hold and wait patiently for dividends.
Q4: Talk about a money mistake. What would you do differently?
A4: In 2012, I started reading more widely and was drawn to options trading. Without a more solid understanding of it, I dived into it head first, and was knocked out with a bang! No stop-loss, no backup plan, I was doomed to fail. I lost pretty much of my entire capital and it set me back a great deal. I would probably have stayed out of it, or to understand options trading more and the necessary steps needed to protect my capital before having a go at it.
Q5: What does ‘enough’ mean to you?
A5: Enough would be when I can choose to work or not work, while still supporting my family.
Q6: What do you have (in storage or closet) that you would be better off without? Why do you keep it?
A6: I moved to my new place last year, and do not have anything in excess yet!