Money Hacks Ep 39 (Season 2): How to be happier in life by being less of a financial hoarder
Synopsis: Every Monday, The Straits Times and The Business Times break down financial tips so you can take action after listening to our podcast episodes.
Our guest is Dr William Wan, the general secretary of the Singapore Kindness Movement, and he has advice of a different type, rather than hard money-making or saving strategies.
He warns against financial hoarding by outlining four points in this episode:
1. "Make all you can, save all you can and give all you can." - applying John Wesley's dictum to stewardship of your own finances. (1:50)
2. In making a will, and if you are more capable financially, consider not just the benefit of your family members, but also blessing charities and other needy organisations whose missions resonate with you. (5:10)
3. In your retirement years, consider spending a bit more on yourself to enjoy the fruits of your labour. Take vacations and enjoy some of the comforts of life. No point in hoarding all for your children, for example. (6:07)
4. Live above, within or below your means. Living above will burden you with debts. Living within is usually just about spending on yourselves. But living below will ensure you have some to share with others, and that can be a good principle to strive for during your working years. (7:01)
Dr Wan's new book - Through The Valley, The Art Of Living And Leaving Well - is out in major bookstores or online.
Check ST Press' Facebook page.
Produced by: Ernest Luis and Christopher Lim
Edited by: Adam Azlee
Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.