Dear 20 year old Huiyu,
Happy PRIDE month!
As we celebrate our LGBTQ+ community this June, I am reflecting on some of the challenges and happy moments I have experienced as a queer person. As I look back, I wanted to take a deeper look into a moment in time that I have a lot of regrets about – and the lessons I have learnt from it.
You are now 20 years old, and very soon, you will be graduating and starting your first full time job at the Esplanade. It is a very exciting time for you. The Esplanade is very welcoming and diverse, and you are embracing your sexuality, feeling more free than you ever have. The feeling is intoxicating.
Remember the excitement of that first paycheck? The feeling of finally having cash in your pocket? Girl, you sure spent it all. Savings? Non-existent. A classic case of living paycheck to paycheck, with not a single cent saved.
Looking back, it’s clear I fell for the “get rich quick” mentality. Dabbling in the stock market without any knowledge or guidance was essentially gambling, not investing. Unfortunately, that gamble cost me dearly – I lost thirty thousand dollars that I didn’t have, and had to spend the next two years paying back a loan from my then-girlfriend in instalments. It was a major setback to my financial goals. Imagine the security and freedom I could have had if I had worked with a financial advisor who understood my needs!
This experience, unfortunately, isn’t uncommon. And for people in our community, financial security is even more vital. We face distinct challenges in Singapore: difficulty owning property before the age of 35, a gap in wealth and savings, sometimes less access to family inheritance, and significant losses due to discrimination in housing, hiring, and the workplace. Facing these hurdles can lead some to seek out high-risk, get-rich-quick schemes that promise fast financial gain, but often result in significant losses.
Young Huiyu, be assured that there’s a brighter side to this story. Today, my portfolio reflects a strong foundation in financial planning. I’m so glad I understood the importance of having sufficient critical illness coverage, as the payout helped me greatly when I was recently diagnosed with cancer. The core of my investments lies in a carefully curated portfolio of unit trusts, selected with the guidance of my investment team at finexis. Their data analysis and trend identification skills give me great confidence in curating my portfolio.
We’ve just celebrated another year at Elite Platinum status at work, and we’re Top of the Table again!
But my experience goes beyond personal achievement. My identity as a queer person has instilled in me a valuable understanding of diversity. It’s shown me there’s no one-size-fits-all approach. This translates to my work – I take a highly customised approach with every client. Understanding their specific concerns and aspirations is paramount, allowing me to craft personalised strategies that fit their unique needs, regardless of background.
It took me 15 years, but I’ve built a life I love. Now, I’m a homeowner, sharing my space with my cats, Sunny, Cebebi, and Giga. Together with my partner and a bunch of friends, we rescue and help cats in need of homes and/or medical attention. There’s truly a special kind of power in financial security that allows us to live our lives freely, and take care of sick cats at the same time.
Here’s what you’re going to do from now on Huiyu:
- Financial Literacy: Learning about money management, budgeting, and investing will give us control over our future.
- Community Support: Finding financial resources and mentorship from LGBTQ+ folks who understand our challenges.
- Long-Term Planning: Setting realistic goals and celebrating milestones will keep us motivated.
Huiyu, remember:
- Believe in your earning potential: Don’t underestimate your ability to build financial security.
- Embrace your financial power: Knowledge is power! Educate yourself about personal finance and updates on the economy
- Seek out your tribe: Find a supportive network of LGBTQ+ people who can share experiences and advice.
Here’s the key takeaway, Huiyu: Don’t be afraid to ask questions, research, and learn. It will take you a couple of years, but soon, you will figure out how to navigate the world of investing, and you will learn how to sow the seeds of your financial freedom. You’ve got this.
Building a secure financial future is an empowering step, and it’s never too late to begin. Remember, you are strong, capable, and deserving of a life free from financial worry. If my story has resonated with you and you would like to explore wise investment options, let’s chat!
