Here are highlights from the conversation:
what they did with their first paycheck
Van: “My My first salary probably came from a summer internship, but I was barely paid… I probably made about $1,000 in one summer, but I think a lot of it went to food.”
Goh: “My first salary after college was S$2,800. My first spending was traveling.”
Be disciplined about your spending and invest early
Van: “You have to be hard on yourself…so if you get a bonus, take 3 fancy vacations and don’t eat omakase 5 days a week. It’s not a good plan. Stay disciplined and achieve your goals at the same time.” can do.”
“You have to invest very consistently and know what you are investing in. There are only two things that can really hurt you in investing: one is concentration and the other is leverage. In Asia, people are often over-focused and over-utilized.”
set financial goals
Van “yaYou should divide your money into buckets based on your different goals in life. The first bucket everyone should save is four months worth of money. Then move on to the most important short-term goal you have (that might be buying an apartment within the next five years). And you retire. ”
Take responsibility, but don’t sacrifice life experience
gou yaDon’t skimp on your hobbies, and don’t work 16 hours a day or 6 days a week just to let life pass you by. I believe that hobbies and passions are what make life, life. And that justifies why I go to work every now and then.”
Van: “Money is a vehicle for gaining experience, so you have to spend, save, and invest within that vehicle. Buying that drum kit (or experience) is never a shame. It doesn’t matter.”
For the full conversation, listen to this episode on managing your first paycheck.
