From social media ventures to e-commerce start-ups, young people are paving their own ways to financial freedom.
Siblings Sara Wee and Aaron Wee and couple Ms Winnie Yong and Mr Kermond Koh have unabashedly made their journeys to $1 million public on social media for all to scrutinise.This is especially so for young millennials and Gen Zs who are trying to achieve financial stability while paying off big-ticket items such as housing and weddings, and caring for ageing parents.
To achieve that, they aim to make $1 million by 2027 with a distributorship business they started in August 2022. “Relatability and authenticity are the pillars of a strong social media personality. Part of that authenticity is sharing your story, your vulnerabilities and your ups and downs of life. Essentially, in order to be an authentic personality on social media, you shouldn’t be afraid to bare it all,” he says.
In Singapore, the Fire movement has led to a slew of finance-related blogs, like Fire Singapore, Mr and Mrs Budget and Fire-Path Lion, in which bloggers post regular updates on their financial portfolios as they work towards early retirement. Ms So Sin Ting, chief client officer at home-grown digital wealth adviser Endowus, says: “Given that the cost of living has risen and we all expect to live longer, the younger generation will probably need more money to sustain the lifestyle they want when they retire.
Young Singaporeans chasing their first $1 million tell The Straits Times how they are going about it.In August 2022, Ms Winnie Yong and Mr Kermond Koh became distributors of American beauty and nail care company Cuccio. ST PHOTO: LUTHER LAU For starters, the couple, who have been dating since 2018, had to purchase $20,000 worth of Cuccio products from its California-based headquarters. The brand, which does not have stores in Singapore, retails items such as nail polish and body scrubs.
In October 2023, the Gen Z couple moved to a 721 sq ft office space in Woodlands to accommodate more stock after their business starting growing. ST PHOTO: LUTHER LAU “Ever since I was young, whenever I wanted something, my parents would try to get it for me even though they didn’t earn much,” says Ms Yong, an only child. “Now that I’m older and I see how hard they have been working, I want to try and give them a good life.”
In October 2023, they started working out of a 721 sq ft rental office in integrated commercial development Woods Square.Business boomed in July after two TikTok videos they posted created a buzz. One of the viral videos chronicled how they started their business. The other focused on their first steps to making $1 million, which garnered over 445,000 views. That month, they earned over $30,000. Sales have continued to grow month-on-month, says Mr Koh.
“I’ve tried live streaming before, but his live streams bring in a lot more orders, so I stepped back to do the packing or the orders won’t be shipped out on time,” says Ms Yong, who now takes care of administration and logistics. In October 2020, they started their first business, called Woolie, selling iPad sleeves that double as desk mats for $89 and up.
She worked in business development at a law firm for nearly two years and as a fashion writer for around a year before doing content creation full-time since the end of 2021. Their videos deal with personal finance, entrepreneurship, side hustles, trading and investing. “We like to call it the three ‘M’s of money, which is making money, managing money and multiplying money,” she says, adding that they both enjoy watching others speak about finances transparently, and wanted to “value-add” to their viewers’ lives the same way.of one to three minutes a day for six months.
“This is the book that got me started on my financial journey seven years ago. If something brings you a lot of joy, there’s no point in cutting that from your life when you could cut it elsewhere,” Ms Wee says. “I guess the next milestone would be $5 million. If we do hit that, I think we will be more than capable of investing the money to sustain us for a long time,” Ms Wee says.
In terms of investments and insurance plans, compound interest can significantly accelerate the growth of wealth. Compound interest is the interest calculated not only on the initial principal, but also on the accumulated interest from previous periods. She says: “With a longer investment horizon, young people can afford to take on more risk and ride through different market cycles and short-term volatility to hopefully get higher returns over the long term.”
The median gross salaries of fresh graduates in Singapore is $4,313, according to the 2023 Joint Autonomous Universities Graduate Employment Survey. But chasing such ambitious financial goals often comes at the expense of a healthy work-life balance and can take a toll on both physical and mental health, experts warn.
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