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.
Accelerate your personal finance knowledge with this regular feature on Ringgit Oh Ringgit – the Link Roundup! I promise you’ll find these 10 links informational 🙂
1. Universal basic income seems to improve employment and well-being – New Scientist
Results of the world’s most comprehensive universal basic income test came out, and to no one’s surprise, it resulted in ‘better financial well-being, mental health and cognitive functioning, as well as higher levels of confidence in the future.’
The most important line to me is this one:
The findings suggest that basic income doesn’t seem to provide a disincentive for people to work.
Side note: I wrote a dystopian short story exploring how Malaysia would look like with UBI implementation. It’s not particularly a happy story, but you can read it in Money Stories from Malaysians: Volume 1 book. Purchase here.
Apparently, the rule of the internet states that XKCD has a comic strip for ANY topic. Here’s the strip for Investing. I dedicate it to everyone who’s trying to invest their money without trying to increase income, either through salary or side hustle.
Once in a while, you’ll come across an EXCEPTIONAL article, and this is one of those. I loved it so much, I wrote down the 11 rules in my journal, so I can quickly refer to them:
Take one small step
Change your mental maps
Struggle is good. Scary is good.
Instant judgement is bad
Remember the end of your life
Be useful to others
Perfectionism = procrastination
Sleep, exercise, chill out, eat. Repeat
Write it all down
You can’t get it all from reading
Here’s another hack, if you’ll take one from me: find a mentor who exhibits the behaviours you’d like to emulate. Can be formal, can be informal (ie a public figure). It is helpful to find people who can show you the way it can be done.
(and when I say lose friends, I don’t mean doing dramatic ‘we’re through!’ declarations. I just mean we stopped hanging out)
One thing they have in common – (almost) all of them have the scarcity mindset. Being around them feels negative, drowning, heavy. There’s a big difference between people who say ‘that’s not possible’ and people who say ‘here’s how that can be possible’.
Note: This also includes online friends and acquaintances btw.
Been broke, angry and ashamed before? Have a read. You’ll relate with many of the points. The article is an interview with Amanda Clayman, a financial therapist who partnered with the wildly popular Death, Sex and Money Podcast, to create a series of Financial Therapy series.
But beyond that, let’s talk about anxiety caused by financial situation. In case you didn’t know, that type of anxiety is really, really common. We feel bad when we are not making enough. We feel bad when we make too much.
(How? – you might ask. Think of people who feel bad over their work taking time away from family time).
Everyone says welcome to a new personal finance blogger, Sivasathish! He’s a senior lecturer, a member of the Association of Chartered Certified Accountants (ACCA) and a self-confessed conservative, low-risk, long-term stock investor.
This is is current investment portfolio, which he plans to track and share until 2030. Amazing detail and super clear writing style. Whoever interested in the stocks market can follow.
I like how (1) he repeats again and again that he’s NOT a professional (no stocks guru feel, which I like), and (2) how his students say nothing but good things about him! See the comments section – so full of notes from his students. This type of student-teacher interaction is super endearing 🙂