WHYMOOLAH AND HOW TO SAVE MONEY

This whymoolah game first caught my eye when i read about the founders in a magazine.

SG Young Investment then blogged about it and so I decided I had to try it! 

In my usual obsessive compulsive ways, I played the game at least 6 times! The first time I played myself, and made the decisions of getting married at 29 and having a kid at 30. Funnily enough, although i bought a condo IRL, i could not afford the same in virtual and had to settle on a resale HDB. This was because of the 60% TDSR mostly and my partner's paycheque. 

(A nagging feeling was telling me i should not have overspend on my condo!)

After playing the other 5 or more times. I realised that to maximise your net worth you should: 

1. GET MARRIED AS EARLY AS POSSIBLE
2. with step 1, then you can BUY THAT BTO
3. be a lawyer
4. DON'T GO for social gatherings or give your parents money 
5. DON'T have kids
6. start selling shares in stages when the auntie wants to buy 
7. start buying shares in stages when the man on the street wants to sell 

Heh, some of the above advice should be applicable in real life! 

Go PLAY it! It was fun for me. 

My second topic is on HOW TO SAVE MONEY! 

The inspiration of this piece? A friend approach me to be a guarantor for 80,000 SGD. Would you? 

I was a bit shocked. He had been working for about close to 10 years - mid 30s. He disclosed to me that he wanted to pursue a change of careers and needed money for an education loan. He only had 30,000 to his name as savings and needed this loan to tide him through the payment of the course, and his living expenses. He lives with his parents and has no car, no girlfriend, no mortgage. He was already at mid management level and was earning close to SGD 8,000. He never struck me as an extravagant guy who would buy fast cars, designer jeans or watches so i was a little shocked that he had so little to his name. 

After thinking about my friend's lifestyle, perhaps i had some clue to why he had so little and how one should save even if he / she was earning a pretty decent amount:

1. Don't take taxis everywhere. Each trip is about 20 SGD. In a month, that's like 600 - 1200 SGD!!!
2. Don't buy that daily designer coffee. Seriously, opting for a 3 in 1, or even a kopi from coffee and tea will give you a savings for 80%! buying that starbucks every day is going to cost you a whopping 150 SGD. 
3. Say no to expensive lunches. He has a habit of eating in a nice restaurant over lunch. That's fine but not on a daily basis! Save it for once a week when meeting up with good friends. 
4. Say no to too many holidays. What's with the trend of going bali for a weekend? you end up more tired than before! Savings? close to 2000 SGD annually. 
5. Brand conscious? Save for that splurge! Instead of buying so many bell & ross / tissot / rado, just save for that ONE ROLEX / Patek 

In short: Don't upgrade your lifestyle too much! Every penny counts! Stick with your daily KOPI! 

So after much thinking, i won't be agreeing to be his guarantor. Until he shows he can control a spending, that's only harming him.... not helping.