The Best Lessons We Learned from Seedly’s Personal Finance Festival 2021
Seedly’s Personal Finance Festival 2021 is the largest personal finance event in Singapore that took place on 8-9 May 2021. It brought together leading personal finance experts from around the world to share their insights on various aspects of personal finance, including investing, budgeting, and financial planning. In this article, we will highlight some of the best lessons learned from Seedly’s Personal Finance Festival 2021.
Invest Early and Keep Investing
One of the recurring themes throughout the festival was the importance of investing early and consistently. Many speakers emphasised that investing is a long-term game, and the sooner you start, the better. Jeremy Chia, portfolio manager at GMO, highlighted the importance of “time in the market” over “timing the market” for successful investment outcomes.
Dollar-cost averaging is a popular investment strategy that involves investing a fixed amount of money at regular intervals, regardless of the market conditions. This approach not only reduces the risk of market volatility but also helps to cultivate a disciplined investment habit.
Investing in Your Health is Investing in Your Wealth
One of the keynote speakers of the festival, Baishali Mukherjee, CEO of Universal Health Group, highlighted that investing in your health is a critical part of personal finance management. She shared that “a healthy lifestyle can lead to better career opportunities, higher productivity, lower healthcare costs and lower debt.”
The pandemic has brought to light how important it is to take care of one’s mental and physical health, which can impact overall financial well-being. Investing in healthy food, exercise equipment, and health-related insurance policies can save significant costs in the long run.
The Role of Behavioural Economics in Personal Finance
Behavioural economics is the study of how emotions and cognitive biases affect human decision-making. Many of the speakers talked about the role of behavioural economics in personal finance. It is often easier said than done when it comes to making rational financial decisions even with the best advice and intentions.
Siew Wan Loo, a partner at PwC, discussed the concept of nudge theory that uses positive reinforcement to influence people’s behaviour towards making better financial decisions.
Summary
Seedly’s Personal Finance Festival 2021 was an excellent opportunity for individuals to learn more about personal finance and investing. The speakers emphasised the benefits of investing early and consistently, investing in health, and the importance of behavioural economics. By heeding these lessons, individuals can make informed financial decisions and work towards achieving their financial goals.
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