Let's Talk Money: Baby Boomers, Millennials and Gen Z Showdown [Chills 186 Sponsored by Manulife]

Introduction probably because of my environment my background money to me is something that important but yet I will also want to take some time to enjoy the money that I've earn rather than really give everything to the future generation money is just a means to an end to solve problems and to have better quality of life and I think making money right now I think would be kind of like the process to get to that goal M so are you then like on the fire Journey or like all that because our bro here is like big on fire I I need to call myself wait wait wait wait wait wait [Music] wait welcome to the financial coconut podcast I your host regie AKA your financial coconut and today in partnership with manual life Asia care survey with have another episode talking about General perspectives across different Generations how do we think about money and all that some interesting findings apparently jenz think travel is a m right so so we will have that okay I'm not here to defend the genzies huh I I'm from the millennial crowd later we have about this so yes I'm who I am and I'm joined with Chris you want to introduce yourself or AUD this that somehow don't know you all right so my name is Chris I run social media channel by the handle honey money SG so you may have heard of me to uh various personal finance strategies that you may come across from several platforms and I'm here to represent the Elder part of the man well the line's very strong today right it's more experience wisdom wisdom yeah okay so I'm here to maybe shout out my debate from my level and then if you disagree with anything just go and comment down below what you really think okay okay but are you still in SG you're not in SG anymore I'm not in SG because of various reasons that we will discuss on the show okay okay okay that's a hook I'll stay to the end yes and we have Vanessa in town you want to who are you defending today all righty uh I'm Vanessa ho and I work in startup and Tech I do some Venture Capital work especially in ftech um I do a lot of content creation as well you know some podcasts usually around entrepreneurship and I am turning 25 so I'm kind of like on the older end of jenzy which are like 27 come on even jzy also a draw a line yes yes no like the genzies nowadays are like 2,000 plus and above uh and I call them the Tik Tok generation which I rarely use so so yeah IG girl yes IG girl so so the older end of the jenzy spectrum okay okay okay okay okay on the line proudly Gen X right yes yes hi everyone I'm hongal probably a Gen X as you can see from from the four of us so I'm the chief executive officer for manual life financial advisors we are fa firm in Singapore having 14400 financial consultants uh serving our customers for their various financial needs yeah yeah so you're here to what tell people about the desires of the sandwich class I have a lot of IAL needs yeah yeah yeah yeah so I think to set the the ground today we are having a broad discussion around like how different Generations look at money and hopefully you know kind of pick out some insights across the board because I do think that depending on your phase of Life your ideas will evolve right and that's some of the interesting things that we find out in the survey right so maybe for a start uh just kind of help us lay the ground like what are your current ideas Could you please share your current perspective on money and how you perceive its significance? of money how do you look at money you know what what is it to you maybe a one liner or two just to give everybody at basis to work off maybe I start off with since I'm the oldest yeah probably because of my environment my background money to me is something that's important it's something that I really want to plan ahead of but yet I will also want to take some sometimes to enjoy the money that I've earned rather than really give everything to the future generation okay so you have essentially kind of moved into a different phase of life where you know money is not that important you know in terms of planning for the future now you want to kind of draw down has it evolved over time like how how did it kind of shape yes it is actually it has really evolved over time and I strongly believe it's because of my life stages keep changing so I used to spend a bit more and over time when I after I have my family my kids I can see myself changing it a bit more but having said that out of this whole thing I still live by a pH that my mom actually gu me with which is to live within your means so so I thought this is a very app because um no matter which life stages you're in you just need to live within your means what about you like what are your core money ideas today what my perspective of money is that money is just a means to an end to solve problems and to have better quality of life the goal ultimately right it's just a right just a commodity to get what I want whether it's to get certain conveniences in my life upgrade my lifestyle and eventually it's not so much like okay how much am I worth how much is sitting in my bank I mean that's the process to get there but it's more thinking what's the life do I want to have or what are some of the problems that I face right now my family face right now that I want to resolve and I think making money right now especially at this age where I can have the most energy I think would be kind of like the process to get to that goal so are you then like on the fire Journey or like all that because our bro here is like big on fire I I need to correct myself wait wait wait wait wait wait wait yes yes no now is like the fine balance which I I haven't quite figured it out yet right I have the most energy and bandwidth right now to like Chong right and to make as much money as I can do a gazilion side hustles and not rest but at the same time I feel like now till like late 20s is a time where I have to prioritize personal development goals as well right learning and knowledge and experiences so it's balancing that for example I have declin job offers for my full-time job for my second career that would have paid me maybe 1.5x or 2x of what I am earning now for my day job salary because I thought that the learning and experiences that I get now would pay off in the future in my maybe late 20s or 30s so it's finding this balance of how much do I want to prioritize personal development goals like improving my knowledge and the relevant experiences versus okay Quick Cash I want to make as much money right now so your boss sold you that dream I I don't know I sold myself that dream I think I don't know I mean I mean we're all investing right even in our careers all that right so so ultimately you made a decision that in the future the exponential Curve will make up for the loss in this jump today yeah it it better not be a linear a plat cve I would be very very disappointed myself okay okay fair fair so still kind of figuring out you know I think that's the whole process you know such is life right so yeah defend your fire defend your fire movement okay so so so being from the millennial generation I'm kind of stuck between both of their generation right so what happens is that sounds so uncomfortable celebrate it man you're such aweet position it's called sandwich ah yes oh now you have inherited a sandwich okay I think sandwich class was your class right I thought you graduated already Yes pass down to you okay come so what happens is that um as a millennial generation we have parents in the baby boomer generation so they live with scarcity they live with not having resources during their childhood life so that has kind of shaped our mindset when we were brought up like we were not having enough money for everything and of course I can't speak for everyone but I think a lot of mans are in this generation that they were taught that their family is not doing well enough then they should save money for the rainy days but that came a transition during the internet age where everything you can make money through various different number of me not even through hardw in your corporate job so there has been a transition phase that Millennials are actually facing and in fact the Gen Z actually took this really well they played it to their advantage which we really have to learn from but a lot of Millennials are still in this stuck stage that they are not willing to embrace that okay okay tell tell me more tell tell me more like what what about JZ that is doing well yeah you see they Embrace technology right they realize that they don't have to work so hard in a corporate job anymore they can take on different kind of side gigs and it doesn't matter because as long as they make enough D they make enough money then all is well but not for the Millennium generation because their parents may still have the mindset that you still have to work in a corporate job and yeah stay in a stable environment and you will become rich like maybe the baby woman generation that has worked well for them but maybe not for Millennials so they were brought up with this that the traditional kind of mindset that everything has to be PR and proper in a corporate setting then you are considered a successful person but now they are in this phase where things are changing okay the definition of success has changed right Financial Independence is actually not a new idea but on the other hand right retiring early is a very negative idea a lot of people are still not able to accept retiring early no way really yes yes you Sur a lot of these are new to me I'm like really surprised by the perspective welcome you see I've been in community groups where they really defend like work till your job right because these people maybe they realize that okay if you do not have anything to work for then you don't have a purpose in life then you don't have a positive mindset and then you are just iding your way in life you're just sitting at home then what are you going to do for the rest of your life so these people have created the identity that your social standing is related to your job standing so if you don't have a corporate identity you don't have social status and you're not successful and then you are a bummer which is quite difficult for millennial generation which is why I say we are stuck but only when you're able to take a step away from the crowd then you're able to embrace the difference then you can make do of what you want to do in life that Divergence is there whether is it career Focus redefining success YOLO fire it's all just different perspectives to life right so what you're saying is that the relationship to money is quite unified or the same throughout the family and like different family memb influence each other no I think the idea here is that depending on what you believe in it affects your financial ideas right so that's why the first tier of discussion is like what are your goals what is your life what do you think about it right and then this forms the basis to then shape your financial ideas around it right so so I think that's kind of what you were saying also right leading leading into it so maybe with with that as the platform right how has your ideas then Given your perspective on money, how have your ideas and views on it evolved over time? changed in terms of money over time okay so initially when I was for the fire movement right the retiring early part so then I kind of slowly transition to a face of IAI the reason of being I love that concept I swear by it I haven't found it but I I really swear by that how can you swear by something you haven't found I haven't found it but but I swear by like no I I really truly believe like the ultimate goal for a lot of people maybe not for everybody but yes go on okay yes same okay for those of you who are unfamiliar with the ikai concept so there are four quadrants of this so it's like doing something you love doing something you're good at doing something that the world needs and doing something that can make you money so once you have aligned these four quadrants then you will find your igy which is The Sweet Spot of something you want to do for the rest of your life okay so I've kind of transitioned to that phase that I'm working towards do then I've always preached that many other people should always find their own ikai because this is something that they may want to do for the long term but what they are doing may not be rewarding them well enough in terms of financial or you know kind of emotional sense so everyone should strive for this sense in state of a financial Independence retire early movement which is why I always need to clarify myself I'm not for the fire movement is not on fire anymore Chris have moved on Yeah Yeah Chris has moved on he's a guy I just a friend works for a big four company and every employee when they go to the orientation gets a book about iiy really yes wow wow wow okay so they promote that concept as yeah in the big four okay interesting so we've with that right how are you shaping your finances then I think share share our audience a little bit how are you shaping your How are you managing and structuring your financial resources to achieve your goals? finances to search for the E guy all right so when I was in my 20s I was like Vanessa right really hustling through the corporate career still is yeah more humble maybe now then after work I go and do my side husters be tution you know doing e-commerce store kind of thing so in my 30s especially during covid that was when I turned 30 then I started to think and I was also looking at my old corporate job people were laid off from the job and I realized that I need an exit strategy because I cannot do this forever my company will not want me forever and what was that exit strategy so then I started to build some Social Media stuff like YouTube so YouTube was my initial social media channel so it kind of Branch out to other different things so move on to more like advertising and marketing kind of thing and then realize that actually this could sustain for quite a while before I actually built the whole financial retirement portfolio so this is something that I could do for a long time getting better at it would say perfect at it then what the world needs that's debatable but I guess people need to be more well aware of their own financial situation so that's like Financial education for the messes right and then what makes you money then of course that's where the business sense comes in so I'll say that I'm kind of near to my K go right now so just need some minor tweaks to it then yeah I can say that I'm met Chris I'm actually very curious at which point you're like okay I reached this master and I'm like okay okay this could be something that could support me financially okay so so to be fair right you need to be at least cash flow positive for 12 months how positive how positive right so make sure that at least it covers your monthly salary taking from the day job so that means that you're making like 2x your monthly salary really wow 2x wow hey good job bro 2x your monthly salary I get it yeah so so that is the basis of how he looks at money right what what about you guys how you kind of like doing your money you know like doing your money I love how you're saying this yeah I mean since since you you did talk about like how you know you're kind of like in a different phase you know like so have you become like a YOLO now right you know you've done all the things that you got to do and now you just spend actually I did I thinking back about it I I was quite impressed by myself so back then after national service I was actually enrolled into a local University but for some reason I say I must go overseas to study and there I went I went UK at that place I somehow got concept that I know I have time to travel but I got no money to travel back then but I know that when I start working I will have money but I got no time to travel so during school days I was save a lot and I saved that ACH for the holidays so actually I went to a lot of countries within Europe itself which I really enjoy myself so actually that shapes my concept of okay I'm a mathematician by training so I do come up with equations so there are two type of equation is whether it's income minus expenses that's where you do your savings or is income less your savings that's where your expenses are what are the difference between these two is the later one where you just know how much you have to save first then you spend the rest because us as human our nature is spend first then see what's left over so I thought this concept really helped me in my years even if I Transit over the different uh life stages it actually helped me to be more disciplined in how I save my money and use that for my financial planning yeah but do you think that you after because now your kids have grown up right you have kind of become a bit more geny I mean based on the based on the survey right uh jeni you know traveling is very important right I think it's a number two thing that is top of their list right so something that I'm not not too sure was is it because after covid or is it because I'm moving into a new life stage because traveling as a whole I think in general everyone loves traveling even more right now after Co when you travel a lot you don't like traveling I think in the past my parents maybe when they were raising me and my sister didn't really travel too much except for family vacation this Year my mom and dad went to Mongolia my dad told me he's doing a solo trip which he has never done in like ever since I was born to like China I was like since when are they like such big travel people when are you so cool right yeah but could be because the kids are more independent now so yeah it could be maybe different fa of life rechanneling of the expenses yes so fun fundamentally then there's a discussion about financial ideas are not actually different across the generation it's just really tight to the reality if you're young you don't have a lot of money then you will do the grind what are you bounded by first I think the reality is you need to do some sort of financial planning in order to keep things moving that is just the basic of it okay all my friends want a remote job they are really finding for very flexible job even my job like right after University I had to choose between U management consulting and a startup and ever since I took on the startup BR until now I'm always in startup and I've been working sometimes remotely as well and I've never looked back and I L that and I think a lot of my peers around my age feel the same way of like maybe some sort of sense of freedom but of course not everybody can enjoy that right only people who are generally more comfortable with that but I have seen people who really save up and you know really eat Haw Center every day for that one Europe trip they will like really sacrifice like months and months of like luxury and nice food for the one trip it means so much to them the prioritization have shifted I think that is interesting because essentially at some point it's about spending on what matters to you right and I think that it's what Prudence is about it's not about not spending it's about spending on the things that matter hey welcome to the financial coconut podcast Network I'm your host Reggie AKA Yi Financial coconut and if you're are loving what we are creating here like share subscribe share with your loved ones comment the comment section below and yeah we'll see you for great content on chills Swift TFC [Music] so then if that's the case right going down this train of thought right how important is then retirement in in your How significant is retirement planning in your current financial strategy? thought process at this point in time wow I haven't really thought about retirement that would be nice yeah I think Millennial front and center is a retirement discussion now no F fact I thought about retirement in my first year of work wow actually that's very I I don't know like maybe if well I I don't know if is that concerning or what I hope I think that quite concerning okay so the reason is because when I just step into corporate right then I realized all this drama and movies they make it sound really nice about corporate work I'm you know by the end of the day like come on I can't be doing this for the rest of my 40 years man so I need to start playing for retirement so that's when the seat got planted in me for my own financial planning for retirement and that's where all the cpf stuff I read up so much about it then start building up my knowledge about them but it wasn't until when I was 30 that I started my YouTube channel but you realize that all this knowledge is actually build up over the years it's not like I suddenly read up then I start a YouTube channel on this it's because of all these situations and events that you face in your life that you realize that you need to make a change and it may be a single turning point for some of you because you'll realize that actually working forever is not what you want and maybe you need to Pivot to something else be your sight hustles or be another career that you may have more passion in so this may be a reality for some of you it's not bound to age right it's it's uh you can have your Revelation throughout you do your relationship something happen or whatever right yeah yeah yeah quite the opposite I mean not so much on your point about finding uh what you're passionate about which is great but like I think from the start which I don't think is great that's a different discussion I don't think it's good it's financially not wise Chris comes from a view that he has already accumulated Fair that's a basis right so when youve already accumulated you can do your fashion passion thing right yeah that's not yes and that's the intersection with I guy there's the realization that there is the money aspect of it that anchors it right yeah but when you asked about have I thought about early retirement I never really thought about it in the last two years when I was working because I really enjoy what I do and I go to a lot of like crap too right like oh funding winter uh I was in web tree startup and then Market crashed right after I joined and I was exhausted because I had to like do us calls until like midnight every day sometimes so it was exhausting but I really enjoyed it and I felt so fulfilled that I'm like I can keep on going it drains me like physically but it's very stimulating I'm like wow like I'm working on something super meaningful and cool and exciting and it makes me smarter each day I'm working on something that I never really thought about retirement because as long as it's fulfilling I think I can keep going on and on and on so would you say this is the generic genen Z View today no not everybody I was just fortunate enough to have jobs that fulfilled that intellectual stimulating part that I wanted but also something I enjoyed learning about every day and I can feel some sort of growth but I think for genzies where they don't see themselves growing or stimulated in an environment where they are surrounded by people smarter than them or they are faced with challenges and doing something that is less routine like if they're doing something monotonous I feel that it's probably what Chris said right like ah when am I going to retire and get off this yeah make a guess okay make a guess how often are jenes changing job I got this big data from someone from a big job pter okay yeah yeah that's a fun fact I will not say hula but make a guess how how often are jenes changing jobs I'm guessing based on my data points around me about less than 2 years one and a half year maybe even the data says is 8 months what this is from a very big job they leave or they get laid off yeah uh whatever so they essentially they change for whatever reason they change right and and this is a very interesting because on some level I think it's an intersection between the pursuit of bigger things in life right and not just not just trying to like do the grind and then all so it's a different times right oh your boss is mean and you're like okay even if like they pay raise me I'm not going to take all the crap that like the boss is abusing me for and they would priortize maybe that mental health state which I see in my circle also like you know within probation the boss is mean to them they're just going to leave even if it's super high paying it's not worth it but you still PID quite well to pay a 2.7 th000 R right I I have great agree right my financial advisor might not agree with the way I spend so my okay okay do you have some wisdom to share with us so what Vanessa and Chris mentioned are very on so as mentioned the manual life Agia care survey did they say that actually zeni don't really think about retirement at the moment yeah live the moment live the moment and thinking about my myself I probably was the same back I think I also the same that's why I don't think it's a generation thing it's just a Time phase of life right I don't recall the last time I had the word retirement in a conversation in the last one year at all we'll be talking about moue and cuts and the flights and maybe certain rewards and financial planning but like the word retirement has never came up in the last which I also find very concerning is taking up too much mind space all those things are next time another podcast yes yes so for me maybe I just give a different perspective I don't really use the word retirement so much and I hearing from all of you it's more maybe just a bit more about financial Independence at which age you can reach Financial Independence so that you can do the things that you like can you define like how do you know when you're considered Independence cuz like your expenses changes as you go through different life stages right right now like oh no Deb no kids whatever but then then that bar grows and grows and grows how much do you review like okay what does it take to be financially independent yeah so Singapore is a bit peculiar so just need to be mindful a few things because obviously we have our cpf that that will help build your retirement as well so that's something that you need to consider other than that the regulator monetary authority of Singapore they are actually providing a lot of guides and help to help our nation our singapor to be able to make a better financial planning so in case you didn't know please search this thing called the basic financial planning guide that came out a few months ago it does have a few archetypes of personas about five or six of them I believe to guide your through in the different stages of Life what do you need to look out for as you plan along that kind of thing so no doubt I think some planning is still required along the way and you may not go through all the six stages but I think it give you a good sense that if I want to Achieve Financial Independence uh what should I look out for unfortunately there's no one fixed solution for example Vanessa you may never want to own a house so actually you don't have a liability in that sense and how often should we review this I would recommend annually okay and especially when you have a big life change life stage I feel like the big life change more realistic and only I get it it's like best practice right yeah but it's like sometimes is really a lot it depends it depends because things actually because of technology and things how things change very fast nowadays actually we do just need to be on top of it that actually things do change very fast and you don't want to catch it only too late when realize something happened fair fair fair fair so so in that guy maybe how should we plan our finan teach me we are like we are like uh you know humble students Millennial people play play one on the internet wait wait people say you play yeah yeah yeah what does this guy know about retirement he's only his 30 because I think you have a quite interesting story so what do the internet say about what do you know about retirement yeah you see the the thing is right people judge you based on your age and how how you look so basically when people are talking about retirement they're looking at people like 50s 60s then talking about their life experiences right then you have this young 30l looking guy talking about retirement at cpf in his 30s with no major life experiences I get where they are coming from right because a whole part of my life is just like the few years of my corporate career plus maybe a few self-employed experiences so then how are you qualified to talk about retirement where you yourself have not achieved it yet but what a lot of people don't recognize is we don't have to be at the destination to talk about we can talk about the journey we can talk about our struggles our challenges towards working that goal that's what the internet likes right days yeah and it's getting more traction you know all these like people working towards it rather than those people who have accomplished it and then it seems like they are talking down on those people who have not they in Al life right they in alive I mean if you look at our financial advisors not all of them are like lumbo drivers and retirees but I take the advice right also okay so how give you a platform tell us how should we do this thing you know from a millennial standpoint let's say don't retire early right right from a financial Independence standpoint High earning you For high-earning millennials who may not prioritize early retirement, how should one approach financial planning for long-term independence? know middle upper class working professionals right how what what would be your point of view in terms of planning your finances I will always advise two things today's discussion we do Focus quite a bit on uh accumulating wealth actually there's other part is how to protect your wealth as well and what I meant by that is we really don't know when for example esses will really hit us and that's why if we don't do a proper financial protection that's where our money will be lost to bills and things like that and you know Singapore is not cheap when it comes to hospitalization sorry Singapore is not cheap when it comes to anything no but I can relate to especially as you yeah when you work more and you get older I feel like I'm literally only 25 but I visited the doctor more times in my two years of working full-time than ever in my life like literally every two months so what happened to loving your job it's some it's in some ways this is a cost right yeah but like uh the health concerns grow but maybe it's just my poor lifestyle as well right I don't blame it all my job I also drink and party and stuff right but yeah like this whole illnesses thing it gets worse and worse and worse I mean you can go and go to your fancy gyms and have like awesome lifestyle routine and meditate and stuff like things happen man yeah let's come back together in 10 years time this is where we talk about midli crisis besid pulling out our financial report we need to fill out our health report as well yes yes so accumulating wealth I don't need to um elaborate because I think everyone is well vered how you can invest in different uh instruments from insurance to investment kind of thing maybe one thing that I just want to just speak a bit more is on the protection part because I thought it's really important so taking myself for example I have a family a wife and two boys and they still need to go to tertiary go for Education I'm the so bre winner so if anything happen to me I just need to make sure they are covered so so that's where the um the protection part will coming in terms of the death benefit and like I mentioned just now it's worse still if anyone or four of us that fall sick the medical bill we have one of our Financial Consultant who actually had a brain tumor a brain cancer yeah so the bill is actually 2 to 300K right now and he still counting because you don't know when it's going to come back when it's going things like that and it's only 31 this year so in in one of his speeches on the stage he did say that actually these kind of diseases they don't discriminate they don't look at your age they don't look at your rate it may come so so while today a lot of discussion is on accumulating wealth I just want to bring across this that protecting our wealth is very important as I I have one question around this right so you tie it to your dependence right in some ways H so whatever Life policies that you're talking about essentially if something happened to you then there's a lams some payout then your kids can kind of continue right so there's a recently there's been a bit more of a trending discussion where at some point your kids are no longer your When your children are no longer dependents, would you consider discontinuing your life insurance policies? dependents right they grow up right so would you stop your policies so this is part of the life stages that we are talking about so whatever I have bought right now if I wholesale I ask Vanessa take it out you must follow this is it's definitely not correct because we are all so different our life stages are different I mean just to be out front tou if vanessa pass on today actually she may not have as much liability as I am because I have a so so that's the life stages that I'm I'm talking about and then we just need to plan accordingly to our current life stage and do an annual review I mean this is of course a bit of advertisement that using a Financial Consultant not only just to advise you but to collaborate with you and to understand your situation and able to help you along the way to see how to make this thing better more efficient in a world where there is a lot more technology Is a financial consultant necessary? there's a lot more content more data sets out there right why do I still need a financial advisor so in fact in our industry we were also worry about the uh digital disruption we know they disrupted a lot of Industry from the taxi transportation and things like that we were really concerned that it will disrupt us but having said that at least in the asiia context we realize that what is the key difference between a technology and a human is the human touch it is really different and I think currently uh our opinion is that the whole financial planning is still quite a complicated process because it actually need to fit to the person's actual situation while yes we also realize that uh the younger generation the genzies they do read up very young sorry sorry the Millennials and the and everything after we try very so so actually they are very well versed I know you read a lot more research a lot more but at the end of the day I think due to the complexity of the financial products and the nature of the business I still highly recommend to get a Financial Consultant to assist you in your financial planning I myself although I'm the CEO of fa I do have a a consultant that helped me as well not really just to um someone I can bounce off idea with because she she is in this Prof Prof she is able to advise me and give me some good ideas as well on how to redo some my portfolio relook at some of my financial planning just think of them as your partners in business and the home front to make sure your financial well-being are taken care of the worst thing you want is you either don't make your money work harder or your money get lost because of illness and something else yeah that's where the pain will come in fair fair fair not just for the advice part but like if something happens right like when I fracture my ankle I don't want to go to a platform and figure out I'm in so much pain already like I'm going to sit down and like figure out this app situation I want my advisor to help me do all the claims as much as I know that I can do it myself on the app right and so be like do you need a lift to the hospital like I come down and when my friend got eoli her agent went down and like upgraded her room spoke to the hospital help to clarify certain things and like this self self thing can't solve that emotional aspect but also other holistic part that you know uh that that is huge value at but they do it because they care about you as a person as well not just as a I'm so glad it's coming from her rather than me because then they say I have a better they say you as someone who like I've I've gotten injured multiple times I've made a gazillion claims before it makes so much girl at 25 you're going to the hospital so often this job thing is problematic no physiotherapist for like my I'm just very injury prone so I can see you really need to find ay guy yeah yeah fair fair fair and I think there is a basis for these right so let's keep the conversation going right but but you correct I think a lot of people are reading more and more right and uh so I'm going to plug okay then you must read the manual live Asia care survey 2024 right I will put a link below um and all the good stuff that we' have discussed right so maybe we in closing just go one R and maybe pick up one of the things that you've heard After reviewing the discussion, what changes could you make to your approach going forward? today that you thought was quite interesting I think something that was interesting right is a lot of my top prod process now is like really in the moment and my current situation I'm happy in my job I'm happy in my boss I'm happy my current Financial situations but like I never thought of like oh what if this happened which I hear from you guys right oh like oh I want you have kids you're not just thinking about yourself but what if your kid just wants to game every day then you have to think about that person's financial situation and how to incentivize them or like in CIS a situation like with the whole corporate job thing and then also trying out new uh independent careers like YouTube right then your financial considerations have shifted so so much I think I never really thought of okay how am my thought process and planning and also maybe strategy for savings and investment is going to change right I've always just been like okay just one track route so so I mean it's really a lot of foot for thought and I think after this conversation I have a lot of work to do also okay okay Chris you want to say anything yeah yeah yeah so in my channel I always talk about building a wealth you know going do ear more income have more savings but really the fundamental of financial Independence there's one thing you really need to remember is your own protection because that is the biggest risk what if you're unable to work what if you're unable to take on some other jobs then all this work that you are bringing money can only bring to your own hospital bill which is quite sad you know for a lot of people because I witnessed my classmate funeral at 31 so that was very traumatizing for me that was when I really start to take a second look at my own insurance policies and they must evolve over time right because of life stages change um be your marriage a newborn and all that so really if you only focus about building Financial Independence then one of the Cornerstone is really on the protection which is part of your Capital preservation plans as well so don't forget this very important part of insurance yeah it's just all risk management yeah H I give you the last word thank you so much so nice Okay for me actually I thought we started off the session more like comparing between Zen x z y and z z right but after that we realize quite similar right it's just a different stage of life it's not unique to a cohort right yes yes so one key takeaway I have is actually it's not about our Generations I think no one generation is better than the other in that sense it's actually really on our life stages what we are experiencing another thing that I can take away is actually either extreme is not good if you save too much also not good if you spend all the way also no good so it's always a healthy balance of how how we want to manage our finances so at the end of the day I still feel that no matter what life stage we are in continuous financial planning is still very important and it should be part of your life because that will help you to continue to move forward and hopefully move toward all your different goals that we have I interview people day and day all right so I hear a lot of things but I think one thing that we didn't realize drawing the lesson actually was from your story right because a lot of the problems that you struggle with is kind of TI to the fundamental ideas that you are working with which is the high intensity job then lead to all these other so-called problems in life right going to the hospital Mall you know getting all these problems and and all that so sometimes it is not about stacking more things onto an a really problematic fabric right it's kind of like maybe we want to change what is underneath then a lot of these problems at the top no longer need to exist that's true like example the high rent is to save time so I can work more for example yeah and so if you if you make some of these fundamental changes actually a lot of the systems can be much simpler so often we just think of stacking stacking stacking right we need to do this okay so to achieve this we do this then we add this then we protect then we invest right but actually if you can go you know maybe less is more yeah maybe you know sometimes just solving the thing at the bottom that's it right so yeah great well that was a great ending so thank you thank you for tuning in uh if you have any questions put in the comment section we'll try to answer all of them and uh once again thank you for joining me on set right and that's the end for today right so take care we'll see you next week bye bye [Music]