8 things about Money I wished I knew earlier


Personal finance is one subject we wish were taught in schools, but is unfortunately left to us to figure out in adulthood.

These are 8 things I wished I knew earlier about money.

This article was written by a Financial Horse Contributor.

1. Savings matter 

In your early 20s, it is easy to spend in a carefree manner, as you do not have much responsibilities.

You may also experience FOMO, and want to look good in front of friends. 

Especially for high income earners, it may seem that the money will always be free flowing as long as you work hard.

However, life often throws us curveballs.

You may have unexpected life events, and job security these days is not a guarantee, this is why savings matter.

2. Invest early, and consistently

Everyone knows that you should invest, and many of us regret not investing earlier.

But equally important is to invest consistently.

How many of us are guilty of investing a small amount, and leaving it there without adding to your portfolio?

Or getting burnt once, and being too afraid to start up again?

Or getting lazy, and not sticking to your initial DCA strategy?

3. Risk tolerance is built up slowly

Why is investing early so important?

Besides the magic of compounding, the earlier you invest, the more knowledge and experience you will gain.

This is critical so that you can build up your risk tolerance – or decrease it if you started out too aggressively.

Only with experience can you calibrate your risk tolerance.

This will then allow you to invest with confidence, and with the right strategy. 

Only with experience can you calibrate your risk tolerance.

4. Money is a good servant but bad master

Money is a good servant.

Money is a great tool to allow you the freedom of choice.

But money isn’t everything, and you should not be a slave to money.

Money is a good servant, but bad master.

5. Take advantage of free money

CPF is a wonderful tool that helps you prepare for a comfortable retirement.

Where possible, take advantage of free money!

Check out Financial Horse’s

6. Invest in yourself 

The best investment you can ever make is in yourself.

If you invest in yourself, you gain knowledge, skills and acumen – all of which will help you grow wealth!

Read books, subscribe to FH’s investing newsletter, and connect with like-minded investors in our FB group!

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7. Building wealth is not linear

Building wealth is not a straightforward path.

Life is not a straight ladder.

There are many paths to success, and no one size fits all.

Building wealth often requires a multi-prong approach.

Diversification of income sources is a wise strategy. 

You may experience setbacks, or obtain windfalls, and you have to adapt accordingly. 

8. Health is Wealth

Finally, health is wealth!

This means taking care of yourself, and adequate planning for contigencies. 

Having the right health insurance for yourself is very important, as medical related costs can easily escalate. 

This also extends to your dependants (elderly parents, young kids), so that you are able to care for them when the time comes.

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