As we reach the end of 2020, we should all give a pat on the back to ourselves for getting through it. It’s been a year of change to the way we work, hang out and even the way we live. Even though 2020 is coming to an end, we know that things are not going to be changing much at the strike of 12am on 1 Jan 2021. 2021 will be the year we are all still adjusting to the new normal. 2020 has taught me many things as we all slow down and start to realize what really matters in our life.
Today, I invited a young Singaporean blogger with a 9 to 5 job, Shan to share more on her thoughts about 2020 with regards to wealth management, family, work and everything else. Thank you Shan for your contributions. Happy reading!
Family
My family definitely has spend a lot more time together in 2020. With my brother coming back from UK in March 2020 due to the pandemic, we have been spending more time together. Without travelling this year, we have managed to save a little more but have been spending it after circuit breaker as we are out for nicer meals once in awhile.
On the other hand, my mum has been cooking more often with on weekdays. She has also started new hobbies like gardening to help her pass time at home. I realised that just the simple evening talks and walks make me so happy on a daily basis. As my brother will be going back to study overseas in 2021, I definitely will miss the time we spent together since March 2020 when he came back.
Work
Work has been a huge learning journey due to the restructure in our roles and also expansion of duties. I am happy to be able to learn more after the restructure but the main thing is that people in the team has been leaving and the workload is getting heavier. This makes the remaining team members having to shoulder the work and it is not easy.
On the other hand, I am glad that my contract got extended, even though I was not offered a permanent, full-time role but a small increment was given so I am grateful for that. 2020 has been a really tough year for fresh graduates, from job searching to entering a role with a lower starting pay, no one wants to have it this way when they graduate. Wealthdojo has an article outlining the 3 Money Beliefs That Will Destroy Your Life with one of it being “If you work harder, you’ll be able to earn more”
The future of work looks to be very different as digitalization, data and technology looks poised to be the future. Even work in my department seems to be going towards digitalization for technology to do it and once done, no human touch will be needed as it can be done by a robot and data easily tracked. It is as though the future jobs will be taken over by technology as I can see the shift towards that and jobs that will be still be in demand will definitely be those maintaining the technology.
With a shift of jobs being automated, it sets me thinking on whether will I be replaced eventually, judging by the large administrative stuff that I do currently, I can see my job being automated in the near future considering that the pandemic has increased the pace of it. I wasn’t imagining this outlook when I started work as everyone was still thinking about automation but the pandemic has really gotten everyone to hasten the speed of digitalization.
Finances and Portfolio
2020 taught me that investing is really volatile but rewarding if you stay invested and invest in companies that you have done sufficient research. No one can predict the markets and this was so evidently shown this year. Many expected 2020 to be a bad year for the markets but if you were investing consistently in 2020, almost all assets are in the green. Particularly US stocks and also cryptocurrencies where Bitcoin recently crossed the US$23,000 mark as more institutions put money into it. 2020 has pushed my portfolio into the the green for the first time as I enter the US market, buying VT, VOO, Tesla and LMND which are all currently in the green. I have managed to save much more and has really made me a few steps closer to my financial goals.
Conclusion
2020 has taught me about resilience and that being financially prepared is important to ensure that in times of crisis, you are not going to be struggling and worrying about your expenses. At the same time, it has revealed to me the vulnerabilities of working for others where you can be made redundant due to the economic conditions or because the company is cutting costs. There really is no iron rice bowl and the only way to secure your future is to keep up-skilling and re-skilling. Your skills will determine your employability. Wishing everyone a Merry Christmas and a Happy New Year as we move into Phase 3 and 2021!
More about SingaporeanTalksMoney
She is in her 20s working in a salaried 9 to 5 job like many other Singaporeans. To her, money is a form of freedom as it will allow her to spend more time with her family and also to do things that she likes. As she embarks on her journey towards financial independence, she hopes to document it down and share her journey with everyone particularly for herself as well to reflect on it.
Find out more about her: SingaporeanTalksMoney
Final Thoughts By Wealthdojo
I’m a big fan of reflections. One of my favourite quote comes from John C Maxwell.
It is said that a wise person learns from his mistakes. A wiser one learns from other’s mistake. But the wisest person of all learns from other’s success.
I’m on a mission to collect mistakes and success from various gurus and financial bloggers in Singapore. Let’s all learn from each other’s mistakes and successes and be the wisest one of them all.
Chengkok is a licensed Financial Services Consultant since 2012. He is an Investment and Critical Illness Specialist. Wealthdojo was created in 2019 to educate and debunk “free financial advice” that was given without context.
Feel Free To Reach Out To Share Your Thoughts.
Contact: 94316449 (Whatsapp) chengkokoh@gmail.com (Email)
Telegram: Wealthdojo [Continuous Learning Channel]
Reviews: About Me
The views and opinions expressed in this publication are those of the author and do not reflect the official policy or position of any other agency, organisation, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author.
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