I am now in my 40s, semi-retired, and attained my bucket of gold from inheritance (yes, ironically it's not from high earning or exceptional investment returns). This is how my mindset changed from when I was in my 20s:
I don't chase dividends so much anymore - because almost all of my REITs bought have turned salted fishes (ever since the high interest rate environment started). Some blue chips became multi-baggers though, notably banks and ST Eng. I am looking more at capital preservation now over risky investments.
Why I stopped checking my portfolio daily - because I am too lazy and I don't trade sg stocks. I INVEST in sg stocks. (In reality, I am a lousy trader. Somehow my USD portfolio can still be in the red when the US stock indexes went up.)
Why my emergency fund is larger now - because I am getting older in age and have unstable income. This would act as a buffer in a medical emergency if Medishield and Medisave are not sufficient to cover. I have also added on a yearly PA insurance as medical cost is really no joke in Singapore. I have two life insurances, one of which has been fully paid up and will cover me till age 99. I am planning to surrender my perpetual one next year since the surrender value has broken even with the premiums paid, and I have no dependents who would need it on my passing. That would add on to my emergency funds which sits in short-term bond funds.
I used to aim for FIRE - now I prefer to Semi-FIRE, so as to keep myself updated in my field of profession, keep my mind active and my social circle opened. I have been taking courses using both my regular and Mid-Career SkillsFuture Credits, especially since I currently have quite a bit of free time. As I do not enjoy the nature of my current field of work, I do not wish to return to it full-time. On the other hand, I did consider taking on a full-time role in a different industry. However, without relevant experience, I would likely have to start at a lower position and accept a lower starting salary.
Perhaps part-time work and freelancing suit me better, as that would give me more time and freedom to pursue my interests and hobbies.
I underestimated inflation - Even cooking a meal at home requires more than $3/ pax, as such I think it's better to just "da bao". Luckily the Kopitiam near my home is still selling cai png at under $4, and even more luckily I don't work in the CBD area. This is also why it might not be a good idea to FIRE too young.
I realized simplicity beats optimization - less effort, more savings, no hoop-jumping.
I opted to use simple cash rebate cards (with no minimum spent requirement) because I don't want to keep track and stress over my monthly spending in order to meet their minimum requirements.
The only exception was during the period when I was moving house. I recalled got "cheated" when one of the months I specially bought an air purifier from Shopee to realize that at the end I still didn't qualify for the Maybank Family credit card's cashback, missing the minimum spent by a hair (as my Grab and other top-ups didn't qualify for the total monthly spent). I have since cancelled the card after they changed the rebate categories, and I also cancelled my Crypto.com card as they are charging a monthly inactivity fee.
I have cut down on my investment platforms as well. I have emptied out a couple of my Metamask wallets (that was such a hot thing back in 2021) as I don't dabble anymore in Defi after the great crash. I have closed my SAXO trading account and just use Moomoo. I linked it to my CDP account so that I can sell my shares there at a lower fee than Vickers.
More in my next post here.
I would rather pay for experience rather than material wants - The most expensive bag that I owned I never got to use it in my daily life. Same for branded watch and anything else that I don't really need (so they are just stowed away in the cupboard). I started to practice mindful consumption these days so that I don't waste my purchases.
I am putting more value on experiences like travelling and sports while I am still physically fit to be doing them. Solo travelling is something that I have picked up lately, as it is too difficult to coordinate dates with friends who are working or have family commitments.
What has changed as you age?
Thanks for reading!
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