It’s very easy to dream big and talk big when it comes to personal finance, you’d hear people throwing out things like
- I’m gonna make $1M!
- Six figures per year
- yada yada yada
But let me tell you something that cannot be underestimated, which is our human psychology.
Table Of Contents
Easier to maintain = Easier to do = Higher success rate
This aint rocket science.
It’s like telling me to take 98 steps to do something versus 5 steps to do something, which do you think will be easier? Of course it’s the 5 step one, duh. Another thing is sometimes we humans like to make things difficult when the easier way is the easier way.
The less complex and simpler, the easier it’d be maintained and achieved.
5 steps to simply your personal finance game
- ONE credit card: whichever rocks your boat (lifestyle, cashback, travel, gas, groceries, online shopping)
- ONE bank account: whichever bank account gives more benefit
- ONE investment vehicle: index funds work great (there are many other options such as cryptocurrency, dividend stocks, rental properties, insurance etc) but start with one
- ONE way to save more: choose one area that you find you dont really care as much about and it can be cutback.
- ONE way to spend more eg personal trainer, higher quality food etc
How I apply myself to the same simplicity
- ONE credit card: cashback because it’s simply more practical. I used to accumulate air miles but discontinued it because it’s such a hassle to redeem and redeemable flights tend to be the more inconvenient timings which I dont like.
- ONE bank account: whichever bank account gives more benefit, I dont really care. Just one bank account will do, no point having more and paying more maintenance fees.
- ONE investment vehicle: my all-time favorite are dividend stocks because it’s less maintenance, the dividends just get sent to my bank account on a regular basis (AND in Singapore, dividends are tax-free! Delicious. Crypto is my 2nd favorite and the tech is one thing, but it’s a powerful growth asset class (with lots of volatility though)
- ONE way to save more: we cut back on eating out at restaurants simply because we dont particularly enjoy that and dont care for it
- ONE way to spend more: taxi/uber, home deliveries, flying regular office hours, durians (yum)
I’m the founder and writer here at NigelChua.com; as well as serial entrepreneur, therapy business entrepreneur, digital entrepreneur, investor and also happy husband, father and Christian.
Started and sold off a business for 7-figures; built another 7-figure one and growing it further, plus building/investing into other businesses and investments as well as advisory works.
Nowadays I share and teach entrepreneurship, financial independence, retiring early as well as building and living a life you love.
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