BT Money Hacks: Mastering money - from FOMO to financial freedom
IN TODAY’S world, the allure of wealth often comes with pressure and the dreaded FOMO, or fear of missing out, particularly in volatile markets. With tech stocks like Nvidia skyrocketing — up an astonishing 143 per cent this year — investors are eager to discover ways to elevate their financial standing. In this week’s episode of Money Hacks, we dive into actionable strategies for enhancing your income, as correspondent Howie Lim speaks with Wall Street Journal best-selling author Candy Valentino.
Understanding the landscape
The tech boom has created a narrative that if you’re not investing in high-performing stocks, you’re missing out. However, it’s crucial to remember that the path to financial success is often a long journey that requires strategic planning, not just chasing trends.
Diversifying your income streams
One effective way to enhance your net worth is to broaden your income sources. The importance of “selling yourself” — offering your skills or services outside your day job is becoming increasingly important. However, if your job restricts side hustling, consider repackaging your expertise in a way that complies with your employment agreements. Listen to the full episode to find out more.
Capitalising on assets
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Many people own underutilised assets — a garage, pool, or even a spare room. Specific platforms can facilitate renting out your space, turning a dormant asset into a revenue generator. Moreover, even small changes, such as taking in a roommate, can offset living costs and boost your savings.
The reality of passive income
While passive income sounds appealing, there are certain misconceptions. Achieving true passive income requires significant upfront effort and investment, whether through real estate or creating digital products. The reality is that even traditionally passive income streams often require ongoing management, such as maintenance of rental properties or continuous marketing of digital products.
Investors should approach passive income opportunities with a realistic mindset, understanding that they often stem from hard work and strategic planning. Those who stay committed to their chosen path are more likely to reap the long-term rewards.
Embracing long-term strategies
In a climate of rising costs and inflation, a focus on long-term financial strategies over the immediate rewards of trend-following is encouraged. This perspective emphasises disciplined saving and investing practices, which are essential for building wealth over time. A long-term view allows individuals to stay the course, despite market fluctuations.
Investing in your financial future can seem overwhelming, especially amid today’s economic pressures. However, knowing the importance of diversifying income streams, maintaining realistic expectations around passive income, and embracing long-term strategies can make it seem less daunting. By applying these principles, individuals can navigate their financial journeys with confidence, ultimately working towards their wealth-building goals.
Get all the tips on how to make more money when you listen in full.
For more valuable insights and actionable financial tips, go to bt.sg/moneyhacks and if you have feedback or an episode idea, please get in touch at btpodcasts@sph.com.sg. Your input helps us create content that matters to you.
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Written and hosted by: Howie Lim (howielim@sph.com.sg)
With Candy Valentino, author, business growth expert, and financial analyst
Edited by: Howie Lim & Claressa Monteiro
Produced by: Howie Lim
Engineered by: Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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