The rise of personal finance bloggers, to save financially illiterate millennials

He has similar advice on reading personal finance blogs. “We need to … take (blogger) education in context,” she says.

ARE MILLENNIALS REALLY SOLD?

Some millennials, however, haven’t bought the hype surrounding personal finance bloggers, even as they understand the need for financial education.

“They are a useful source of information, but I don’t think anyone should treat their advice as gospel,” says Wu Bingyu, who works at a production company.

The 29-year-old turns to his mother for financial advice because she used to work for the Revenue Authority of Singapore (Iras). But he also does his own research for a more complete understanding.

Likewise, if theater director Adeeb Fazah doesn’t seek financial advice from his peers who share similar circumstances, he leaks the information on his own.

“As a freelancer, CPF and Iras are things I need to figure out. Getting started was difficult because… I felt like I was immersed in a deep whirlwind of information,” says the 28-year-old. “I’m getting used”.

However, The Woke Salaryman, whose initial target demographic would have included creatives like Adeeb, doesn’t quite fit the bill.

“As long as I don’t fit their version of a hard-working person, which I definitely don’t, then the advice won’t be adequate and I would just feel bad about not achieving the goals they set for themselves,” he said. reasons.

“It makes me feel like a terribly incompetent fool.”

Those who see the benefit of personal finance bloggers make it clear that doing your homework is also important.

Whenever Alexander McColl, 28, seeks financial advice, his investigative process begins with “a billion tabs” open in his web browser because “it’s helpful to build your ‘google-fu’ to know where to find answers.”

“If I think I have a good sense of things, I go ahead and do what my well-fed intuition tells me,” he says. “If there is still a feeling of uncertainty, I would go to friends who seem to know what they are doing.”

It helps to think of personal finances as “must” because it’s like “a test you have to pass on the road to adulthood.”

READ: Worried about money? It’s not just you — a comment

For bloggers, the mark of effectiveness might still be getting creative people, the ones who inspired The Woke Salaryman and embody the cliché that creative people hate numbers, to participate.

For example, filmmaker Cheng Chai Hong considers himself “rather financially illiterate” because he never saw wealth accumulation as a goal. But the most helpful financial advice the 30-year-old received was from He of The Woke Salaryman.

“He said that saving money is not just to accumulate wealth. The more money you save and have in passive investment, the easier it will be for you to say no to mistreatment or unhealthy workplaces,” says Cheng.

Then there’s Jemimah Wei, a writer and MFA student at Columbia University. She knew that she wanted to be a writer, which “doesn’t make money,” so she planned for the long haul.

“You don’t have to go abroad to get a higher education, nor is an MFA a prerequisite for being a writer, but I desperately wanted that kind of mentorship and community of writers (at Columbia),” says the 28-year-old. .

“I didn’t think I could afford an education abroad, so I worked to get the specific scholarships that would make that a reality.”

Despite being goal-oriented, she felt that talking about money was reserved for the realm of bankers and business geniuses. But bloggers like SG Budget Babe and The Woke Salaryman helped her “bridge the gap between the jargon of financial literature and the layman’s understanding.”

“A lot of artists don’t want to deal with the money, the business side of things. But not dealing with it is also a kind of mental shackle. It is directly related to stress, opportunity, and time, which affects the quality and production of your work,” says Wei.

“Money, more than anything, is freedom of mind and time that you can spend on the work you want to do.”

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