I’m used to interviewing founders and CEOs, but it’s quite rare that I get interviewed by them!
That’s what we did in this Ringgit Oh Ringgit x HelloGold collaboration. In this video, HelloGold’s Co-Founder Ridwan Abdullah asked me a bunch of questions, ranging from the website, my investments and my thoughts on gold. It was fun answering them and I may have laughed too much.
As someone who keeps gold and regularly checks the price, I thought I’d cover the gold price movement in the last decade. Here’s what happened to gold prices between 2008 until mid-2018. Think of this article as an explanation of the 10-year historical gold price chart below.
For the benefit of this article, I’ll use price of gold per gram, not per kilo. Most people track the price that way anyway (unless they’re from the US, in which case they use ounces).
If you’re keen to collect something, why not collect gold coins and gold bars? They tend to appreciate in value in the long run. If you get bored of your collection or need money, you can resell it and get back what you paid (and perhaps more than that). You can’t say the same for most other collections.
In this collaboration post with buysilvermalaysia.com (which actually sells a lot of gold too despite the name), we would like to share some interesting gold coin and gold bar designs for your visual pleasure. Your inner pirate will appreciate this.
If you’re like me, you probably have your money all over the place:
In bank accounts (plural, because I have a few accounts with a few banks)
In various e-wallets and prepaid cards,
‘Borrowed’ from legal entities (ie credit cards and loans) or illegal entities (ah long money lenders),
In ‘future money’ like insurance/takaful payouts,
In various investment accounts,
In physical forms like gold or property or high-value collectables,
With your friend who promised to pay you back soon,
In actual wallets (almost forgot about this one. Cashless trend is still going strong)
So my question to you today is… do you know what kind of protection is available for each of those listed? How sure are you that you get to access your money when you need to use it?
Wait huh, you might think, of course your money should be accessible, the financial ecosystem in Malaysia is good, right? (it is), I don’t need to worry, right? (mostly you don’t… but you should still know because this concerns YOUR money).
Take this quiz to test your understanding of your money’s protection – which is protected by PIDM and which isn’t. Have a look at the three scenarios, including one of Future You (surprise! You’ve reached financial freedom and are a multi-millionaire!)
GO BACK if you (1) don’t have at least 36 12 months’ worth of expenses in savings (where to save money), and (2) not good and not willing to learn about digital security. I’m dead serious, GO BACK. Cryptocurrencies as an investment is NOT suitable for you right now. You’re entering the high risk, high rewards zone.
Alright, full disclosure time – I am a crypto investor, since end of 2015. Why? Sure, there are people who buy cryptocurrencies for their utility, but let’s face it, most people get into it for the profit potential, including myself. The value is driven by supply and demand and purely speculative in nature.
In case that isn’t clear, I’ll repeat: (1) I’m biased because I’m a crypto investor, and (2) cryptocurrencies is a speculative investment.
Great read, something to be aware of as you get financially better. Money buys us distance – house in gated communities, car instead of bus, a set at the VIP section – and that reduces our interaction with the community, which includes the less privileged.
The more you do it, the easier it is to ignore. You no longer ‘see’ the problem.
The classic investment advice says slow and steady wins the race, but all of us are hares. Whether you like it or not, we are attracted to BIG, FAST results. Despite knowing better, words like ‘highest return on investment’ and ‘highest growth investment’ *will* capture your attention.
Admit it. Even though we know that we should think long-term, all of us try to chase that sweet, fast high. And I think it’s okay to acknowledge that, because denial won’t do any of us good.
On an individual level, yes we’re greedy and impatient. But also on a societal level, we’ve also been conditioned to think that fast growth=better. You can see this mentality all over:
Bursa Malaysia ranks stocks by ‘top gainers’ and ‘top losers’.
The default search for unit trusts is by in FundSupermart (now FSMOne) is by ‘Best Performing Funds’ based on 1-month(!!) period.
Property investors are advised to factor in property rental rate growth, the higher the better.
When gold prices soared, *more* people bought more of it, causing a self-fulfilling prophecy.