We finally achieved our monthly savings target in March. For a whole year now, we've gradually cut down our expenses towards 50% of income. For a family of 2 plus 2 cats, we have very high expenses - though almost half of which has nothing to do with us. So if we can't be stingy with others, we will have to give up our wants. It's a lifestyle change for D. Not so much for me, coz the only things I spent on are books and very costly medication. We have no mortgage or credit card debts to service. And that makes adjustment much easier.
Our yearly savings by end of this year should be 120k. 5 years later, that will be 600k. Pensions not included. That will be for investment in properties.
And I'll take the 5 years to unlearn all my bad trading habits and cultivate good ones. Building a good foundation is what I'm aiming for now, and comes before generating a daily profit.
For the first time yesterday, I prayed before I started trading. I had prayed for focus and protection from MYSELF. I prayed for my money to be protected coz the bulk of which is not meant for my own consumption. I told the Lord about what I want to do with the money that I've earned. And by telling Him, I have someone to hold me accountable for the way I use it.
I have no special desires and dreams. Living in a huge mansion and being able to go places will not make me a happy person, and I already knew that. I get up every day wanting to keep everything I love safe and happy. And the only way that D can be happy is if he could offer his parents the same standard of living that they've been used to. I want to be able to contribute to that reserve he is setting aside for that purpose. Next, I want to have enough for my own family - Seabloke, Pilot and my nieces. I want to be able to help in case they need it one day. Families with kids tend to get surprises - and I want to be there for them should that happen.
Then I want to be able to afford to go on missionary trips. I can't do that now coz it would be very selfish. But once I've taken care of that "reserve", I will have the peace of mind to go to places where people are not as fortunate as me, render my service and pay for what they need. I'm not going to give money to organizations coz I really don't believe that the money will be spent on the needy. I believe that the bulk goes to people who have become rich by exploiting kind folks and robbing the poor.
The only material want I have, is a Maserati Gran Turismo!!!
We'll be selling our 5-year old love (It's the safest car - which I need given my love for speed - and it has a TURBO!). New cars are really cheap (going by local standard - cars in Singapore are horrendously expensive) here now and we think it's a good time to buy. I love my tank, but D prefers the more glamorous make. He has been complaining about the handling, and the LOOK. But it's the brand that my family has been driving, and my Dad loved no other brand. I suppose I have an emotional attachment to it. I surely don't think it's pretty compared to the one that D is looking at trading it for.
To sell our car for a new one will not result in additional monetary commitment. In fact, it should help save on maintenance and perhaps even gas (my car is a THIRSTY car).
Now, I'm motivated to start sending out my resume online. Market can wait. I hadn't traded last night, but something interesting happened that called for me to stay with the market til 2am local time (2pm New York time). Lots of learning points for D, which I will document in a separate post later.
Our yearly savings by end of this year should be 120k. 5 years later, that will be 600k. Pensions not included. That will be for investment in properties.
And I'll take the 5 years to unlearn all my bad trading habits and cultivate good ones. Building a good foundation is what I'm aiming for now, and comes before generating a daily profit.
For the first time yesterday, I prayed before I started trading. I had prayed for focus and protection from MYSELF. I prayed for my money to be protected coz the bulk of which is not meant for my own consumption. I told the Lord about what I want to do with the money that I've earned. And by telling Him, I have someone to hold me accountable for the way I use it.
I have no special desires and dreams. Living in a huge mansion and being able to go places will not make me a happy person, and I already knew that. I get up every day wanting to keep everything I love safe and happy. And the only way that D can be happy is if he could offer his parents the same standard of living that they've been used to. I want to be able to contribute to that reserve he is setting aside for that purpose. Next, I want to have enough for my own family - Seabloke, Pilot and my nieces. I want to be able to help in case they need it one day. Families with kids tend to get surprises - and I want to be there for them should that happen.
Then I want to be able to afford to go on missionary trips. I can't do that now coz it would be very selfish. But once I've taken care of that "reserve", I will have the peace of mind to go to places where people are not as fortunate as me, render my service and pay for what they need. I'm not going to give money to organizations coz I really don't believe that the money will be spent on the needy. I believe that the bulk goes to people who have become rich by exploiting kind folks and robbing the poor.
The only material want I have, is a Maserati Gran Turismo!!!
We'll be selling our 5-year old love (It's the safest car - which I need given my love for speed - and it has a TURBO!). New cars are really cheap (going by local standard - cars in Singapore are horrendously expensive) here now and we think it's a good time to buy. I love my tank, but D prefers the more glamorous make. He has been complaining about the handling, and the LOOK. But it's the brand that my family has been driving, and my Dad loved no other brand. I suppose I have an emotional attachment to it. I surely don't think it's pretty compared to the one that D is looking at trading it for.
To sell our car for a new one will not result in additional monetary commitment. In fact, it should help save on maintenance and perhaps even gas (my car is a THIRSTY car).
Now, I'm motivated to start sending out my resume online. Market can wait. I hadn't traded last night, but something interesting happened that called for me to stay with the market til 2am local time (2pm New York time). Lots of learning points for D, which I will document in a separate post later.
7 comments:
You should apply for a day trading job. Infiltrate them and share your findings. I know you can be trusted and not turn into the dark side.
Hahaha...Ed, very few things are darker than me. I am the QUEEN of EVIL! LOL! But I like the idea of infiltration :-)
By the way, I know you like to read - have you checked out Sun Tzu's Art of War? Read it, you'll like it. Applies to trading.
Wow- so glad I found your blog on Charlie G's site. Love Art of War, also have 2 cats (Lily and Blinky), and oh yeah- my Maserati goes 185;)
-- in case they need it one day
I cut short my education so that I could get a job sooner and had money ready in case some member of my family had a need for it. Guess what, they all some how manage to move along without asking me for anything. Looking back I should have finished my higher education so that I could had a much better paying job. Take care yourself first then you are in a better position to take care of others.
Yes I've read Art of War, in fact I liked it so much that I continuously attempt to read the chinese version on my iphone whenever I have time (pdf with Stanza app). Amazingly, I can read about 75% of it because parents forced me into Chinese School at San Francisco for like 9 years (loathed it then because other kids got to play after regular school, but I'm glad now). I can only read like 5% of the text on chinese websites though, perhaps the use of wording is much different. So far, Art of War and Reminiscence of a Stock Operator are my favorite books. I don't really like reading books though, maybe because of my short attention span, but good books can keep me hooked. I am addicted to reading anything on the internet though, especially forums, because cherry picking information from multiple sources tells me a better truth. I also like diving into the minds of each individual to understand their thought process, and feel their emotions during flame wars. :)
I can relate to this post. It's every Singaporean's to save enough to retire and do the things that we want. I have reserve that can last my family 4years based on expenditure of SGD4,400 monthly and enough pension to pay for 5years of mortgage. So, it's very comfortable living but 4years is not enough. I calculated that i need to work till about 52years, make a million in stocks before i could comfortably retire with nil income. Phew, it's still a long way to go.
IslandMinister:
Can I have your Maserati when you go on your mission trips? :-)
Cory:
I did take care of myself first. That's why I insisted on completing my degree and continued to stay in Canada even though my mother refused to give me a single cent after my Dad passed away. I figured a person who's not street smart would need his/her degree. But I understand why you did what you did. You are more soft-hearted than me. I'm more stubborn and single-minded than you :-)
Sage:
4400 for a family of how many?? How do you do that? We can't keep ours below 6000! Yup, I want to make millions too, but I figure I'd need 1mil to start off :-) You wanna retire at 52? Is that many years away?
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