Latest news with #emergencyfund
Independent Singapore
23-07-2025
- Business
- Independent Singapore
Man works 20 hours a day with one day off a week to chase financial freedom, asks locals, 'Is this sacrifice really worth it?'
SINGAPORE: How far would you go to achieve financial freedom? For one man, the answer appears to be working nearly 20 hours a day across two full-time jobs, with just one day of rest a week! In a Reddit post, the man shared that he has been juggling a night shift from 8 p.m. to 8 a.m., followed immediately by a morning job from 9 a.m. to 5 p.m. He has maintained this routine for the past three months in a bid to clear his debts, build an emergency fund, and begin investing. According to him, this decision was not made lightly. He explained, 'I didn't see any chance of getting a job that pays S$4 to S$5k, let alone hitting the S$10k mark with just one job, so I'm working two jobs to beat that ceiling.' The man said that while he does feel very proud every time he receives his pay cheque (or rather, pay cheques), his body feels battered and 'running on low battery.' 'When I look in the mirror, I honestly look like I have cancer, pale, exhausted, just like a zombie,' he wrote. 'I feel drained all the time. My heart is starting to show signs of palpitations and stress. I barely have a social life anymore.' At the end of his post, the man asked other members of the Reddit community: 'Is this sacrifice really worth it? Has Singapore really become like this? Two Jobs, No Life! Is this what success feels like, or am I crazy? For those who've been through something similar, how do you cope?' he continued. 'Am I making the right choice?' 'Success amounts to nothing when your health suffers.' Under the man's post, many expressed that they were quite alarmed by his gruelling schedule and suggested that he scale back on his hustle and just focus on one job. Many told the man that his physical and mental health should always, always take precedence over everything else, even financial stability. One individual commented, 'Wait, what—where's the sleep? Bro, I get the financial stress, but that's not success at all. That's just waiting for your body to fail – and fail big. 'Stretch your body like that, and whatever 'success' you earnt will be wiped out instantly through bills and a poor quality of life. It's just not worth it. Drop one job, focus on resting up, and then think about how you can earn more with one job.' Another wrote, 'I think it's time to build some skills so that you can live off just 1 job and maybe have a side hustle if you want. Tearing down your body with no rest is a surefire way to screw up your health, which you cost you in medical bills and earning potential if it turns into something chronic.' A third added, 'I think success amounts to nothing when your health suffers and you can't enjoy what you worked hard towards. Since you have no debt, I think focus on upskilling and increase the salary for one of the jobs. Get rest and sleep.' Is the hustle culture a bad thing? The hustle culture isn't inherently harmful, but scientists have warned that pushing ourselves too hard for too long can have negative effects on our physical health. An article published in the Scandinavian Journal of Work, Environment & Health revealed that working more than 11 hours a day is linked to a threefold increase in the risk of myocardial infarction (heart attack) and nearly a fourfold increase in the risk of developing non-insulin-dependent diabetes (type 2 diabetes), compared to a standard workday. Additionally, working 60 hours or more per week is associated with almost a threefold higher risk of disability retirement. Furthermore, short sleep durations are linked to a greater risk of coronary heart disease, increased sympathetic nervous system activity, and elevated blood pressure and heart rate. Perhaps most alarming is the combination of long working hours and inadequate sleep. The article mentioned that individuals who work 61 hours or more per week and sleep for five hours or less per night are at least twice as likely to suffer an acute myocardial infarction, or heart attack. Read also: 'Am I asking for too much?': Woman feels unloved as BF insists on going 50/50 for everything Featured image by freepik (for illustration purposes only)
Yahoo
21-07-2025
- Business
- Yahoo
Ramit Sethi: 7 Signs You're More Financially Successful Than You Think
According to a Discover Personal Loans survey, 86% of respondents reported being at least occasionally concerned about their finances in 2025. Many felt that expenses and inflation got in the way of their financial success in areas like paying off debt and preparing for the unexpected. Trending Now: Check Out: If you're living with this uncertainty or feeling like others are doing much better, look at where you really stand, since you might be pleasantly surprised. In a YouTube video, money expert Ramit Sethi shared these seven indicators that you're more financially successful than you think you are. Having a Six-Month Emergency Fund A 2025 Vanguard study found that a $2,000 emergency fund boosts your financial well-being by 21% and you get another 13% gain with at least three months of expenses saved. That's no surprise given the financial safety net and peace of mind that having substantial savings provides. Sethi said you're in good shape with six months of expenses saved, though he recommended 12 months in very unstable times, such as during the recent tariff confusion. This money will help in times of crisis, such as a job loss or big expense and give you some margin for decisions. Discover Next: Being Free of Credit Card Debt 'If you have paid off all your credit cards or, frankly, you never let a balance accumulate, you are in very good company,' Sethi said. He discussed how this shows you know how to control your spending and not get stuck racking up interest while you only make minimum payments. Being free of credit card debt also makes it easier to invest in your future. Sethi recommended a debt payoff plan if you haven't achieved this goal yet. Regularly Investing 10% of Income According to Sethi, you've reached a major wealth-building milestone if you automatically put at least 10% of your pay toward investments. Ideally, you developed this habit while young so that the contributions and compound interest can pile up over the decades before retirement. Even if you don't feel like you're accomplishing much yet with investing, Sethi explained that the long-term results are key. For example, you might be 25 years old and contribute just $300 per month. While this sounds like little progress, if you're getting a 10% return and keep up contributing that amount through age 65, you'd have about $1.6 million. Making Last-Minute Decisions Without Panic While saving for big expenses is smart, opportunities and surprise costs often still pop up. Whether you have the chance to travel with friends at the last minute or need a sudden car repair, being able to calmly make the decision and afford the cost indicates being financially successful and having options. 'You have created enough financial slack in your life that one surprise expense is not going to throw you off plan and that is a powerful place to be,' Sethi explained. Spending 15% of Income Without Guilt Sethi described joyful spending as one of the signs of financial success that you often don't hear about from traditional financial experts. He explained that intentionally (not recklessly) spending 15% or more of what you make on things you enjoy has its place in a healthy financial plan. Otherwise, you might feel tempted to hoard your money and feel like you don't have much control over it. By working out a budget that lets you buy things without guilt, you'll be able to live with more balance and enjoy what Sethi called your 'rich life' now and later. Having Healthy Money Conversations 'If you can talk about money clearly and calmly with yourself, with a partner, you have built one of the most overlooked forms of wealth: communication,' Sethi said. Money can be an uncomfortable topic that leads to arguments or makes you feel bad or secretive about your situation. So, you're doing well if you keep communication open and regularly meet with others to talk about your financial goals and ideas. Doing so also gives you chances to gain support and increase trust. Not Relying on Money Apps S&P Global's 2024 U.S. Consumer Insights survey found that 83% of Americans used financial apps. While money apps make it easier to monitor your finances, make budgets and even invest, some people become too attached to these tools, leading to wasted time and even anxiety. Sethi gave an example of someone who makes it a habit to check their money apps daily and look at their account balances so they feel some security. He explained that you're doing well if you've automated your finances and don't have to rely on money apps or spreadsheets in this way. He also recommended a clear, simple money management system over a complex one. More From GOBankingRates The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on Ramit Sethi: 7 Signs You're More Financially Successful Than You Think Sign in to access your portfolio
Yahoo
21-07-2025
- Business
- Yahoo
Ramit Sethi: 7 Signs You're More Financially Successful Than You Think
According to a Discover Personal Loans survey, 86% of respondents reported being at least occasionally concerned about their finances in 2025. Many felt that expenses and inflation got in the way of their financial success in areas like paying off debt and preparing for the unexpected. Trending Now: Check Out: If you're living with this uncertainty or feeling like others are doing much better, look at where you really stand, since you might be pleasantly surprised. In a YouTube video, money expert Ramit Sethi shared these seven indicators that you're more financially successful than you think you are. Having a Six-Month Emergency Fund A 2025 Vanguard study found that a $2,000 emergency fund boosts your financial well-being by 21% and you get another 13% gain with at least three months of expenses saved. That's no surprise given the financial safety net and peace of mind that having substantial savings provides. Sethi said you're in good shape with six months of expenses saved, though he recommended 12 months in very unstable times, such as during the recent tariff confusion. This money will help in times of crisis, such as a job loss or big expense and give you some margin for decisions. Discover Next: Being Free of Credit Card Debt 'If you have paid off all your credit cards or, frankly, you never let a balance accumulate, you are in very good company,' Sethi said. He discussed how this shows you know how to control your spending and not get stuck racking up interest while you only make minimum payments. Being free of credit card debt also makes it easier to invest in your future. Sethi recommended a debt payoff plan if you haven't achieved this goal yet. Regularly Investing 10% of Income According to Sethi, you've reached a major wealth-building milestone if you automatically put at least 10% of your pay toward investments. Ideally, you developed this habit while young so that the contributions and compound interest can pile up over the decades before retirement. Even if you don't feel like you're accomplishing much yet with investing, Sethi explained that the long-term results are key. For example, you might be 25 years old and contribute just $300 per month. While this sounds like little progress, if you're getting a 10% return and keep up contributing that amount through age 65, you'd have about $1.6 million. Making Last-Minute Decisions Without Panic While saving for big expenses is smart, opportunities and surprise costs often still pop up. Whether you have the chance to travel with friends at the last minute or need a sudden car repair, being able to calmly make the decision and afford the cost indicates being financially successful and having options. 'You have created enough financial slack in your life that one surprise expense is not going to throw you off plan and that is a powerful place to be,' Sethi explained. Spending 15% of Income Without Guilt Sethi described joyful spending as one of the signs of financial success that you often don't hear about from traditional financial experts. He explained that intentionally (not recklessly) spending 15% or more of what you make on things you enjoy has its place in a healthy financial plan. Otherwise, you might feel tempted to hoard your money and feel like you don't have much control over it. By working out a budget that lets you buy things without guilt, you'll be able to live with more balance and enjoy what Sethi called your 'rich life' now and later. Having Healthy Money Conversations 'If you can talk about money clearly and calmly with yourself, with a partner, you have built one of the most overlooked forms of wealth: communication,' Sethi said. Money can be an uncomfortable topic that leads to arguments or makes you feel bad or secretive about your situation. So, you're doing well if you keep communication open and regularly meet with others to talk about your financial goals and ideas. Doing so also gives you chances to gain support and increase trust. Not Relying on Money Apps S&P Global's 2024 U.S. Consumer Insights survey found that 83% of Americans used financial apps. While money apps make it easier to monitor your finances, make budgets and even invest, some people become too attached to these tools, leading to wasted time and even anxiety. Sethi gave an example of someone who makes it a habit to check their money apps daily and look at their account balances so they feel some security. He explained that you're doing well if you've automated your finances and don't have to rely on money apps or spreadsheets in this way. He also recommended a clear, simple money management system over a complex one. More From GOBankingRates 10 Cars That Outlast the Average Vehicle This article originally appeared on Ramit Sethi: 7 Signs You're More Financially Successful Than You Think Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
18-07-2025
- Business
- Associated Press
How to Build an Emergency Fund
NEW YORK CITY, NY / ACCESS Newswire / July 18, 2025 / Many people put aside cash reserves to prepare themselves for financial surprises. However, saving as much as half a year's worth of living expenses can be overwhelming, especially for anyone who's juggling bills, paying off debt, and saving for other goals. That's why it's important to remember that building an emergency fund takes time, and any progress toward the goal is valuable. This guide breaks the process into manageable steps to help people plan for unexpected expenses. Set a Realistic Target Most experts recommend setting aside three to six months of living expenses for emergencies. This amount helps cover essential costs after a job loss or pay unexpected bills, like a car repair or emergency room visit. Understandably, aiming for three months of living expenses can seem so discouraging that some people might quit before they get started. For those who need a bit more motivation, a mini-fund may be a better option. A mini-fund starts with a small goal - perhaps $500 or one month's living expenses. Money saved toward this goal goes directly into a savings account. Once the first savings target is met, the individual can continue building until the full emergency fund is in place. Choose a Savings Account An emergency fund should be kept in a safe, interest-bearing savings account that's easily accessible but not linked to everyday spending. The goal is to ensure funds are available without penalty in an emergency while minimizing the temptation to use them in non-urgent situations. A high-yield savings account (HYSA) can be a good option for an emergency fund because it typically pays more interest than a traditional savings account and doesn't usually penalize withdrawals. While HYSAs are often offered as online savings accounts, many traditional banks also provide them. Some people keep their emergency funds in a checking account, but this isn't ideal - even if the account pays interest. Checks and debit cards make it too easy to spend money earmarked for emergencies. Decide How Much to Save The amount of money that should go into an emergency fund depends on each individual's financial situation. One popular approach for getting a handle on that is the 50/30/20 method.1 This method helps individual's divide their monthly gross (after-tax income) into three categories: Saving 20% may not seem like much to dedicate to savings, but the key is consistent contributions. Small amounts - even $25 each month - can make a difference over time. Automate savings The final step is to automate savings to make progress easier and more consistent. Many banks offer ways to do this, including: Automating savings removes decision-making and minimizes the temptation to spend savings on non-emergencies. Small Steps, Lasing Impact Building an emergency fund is a journey, not a race. Each small step can bring people closer to creating a reliable safety net that ensures they're prepared for whatever financial surprises come their way. Sources 1 CONTACT: Sonakshi Murze Manager [email protected] SOURCE: iQuanti press release
Yahoo
18-07-2025
- Business
- Yahoo
This 1 Thing Most People Skip After Getting a Raise (and Why It Costs Them)
People forget to invest their money when their income increases, and it's costing them way more than they realize. Here's what happens: You get a raise, and you're so excited. It's all coming together. Now you can buy that car, save more for that house and take that vacation. But wait. There's something missing. You keep getting raises, and your life improves bit by bit, but you still seem to be in the same place you've always been. Learn More: Consider This: Money feels tight, and your future doesn't seem that much different from how it looked all those raises ago. What's happening? You're increasing your cost of living each time you make more money, so you end up feeling like you're running in place. Here's the one thing people skip when they get a raise, why it costs them later and how to avoid this mistake. The No. 1 Mistake: People Forget To Increase Their Investments It's easy to forget to invest a portion of your raise because you've likely been waiting for it for so long. You've got plans, like that house, car or fancy vacation. You might have kids to put through school, or you might be trying to go back to school yourself. And those things are important, but what's much more important is making sure you have an emergency fund, that you're getting out of debt, and that your retirement goals are being met. Why does this matter? Check Out: You're Losing Compound Interest It matters because you're losing a ton of money by not earning interest on that increase. For every dollar you invest, you can potentially earn 12% on average on the stock market, per Ramsey Solutions. That means if you get a raise of $200 per month, and you invest half of that, you're making an extra $12 per month, just from the first $100 invested (12% annually is about 1% monthly). In a year, that's $68 in interest earned. But over 30 years, that's a whopping $311,193 in interest earned. But even more importantly, you earn interest on the additional interest you earn. That's what makes it compound interest. Basically, the more money you invest, the more money you make, and the more interest you earn on those higher dollar amounts. To Avoid This: Increase Your Investments With Every Raise You Get So, for every raise you get, take stock of your financial situation. Yes, you should treat yourself a bit. But also live below your means, and make sure you set aside a portion of your raise to reinvest in yourself. That might mean building your emergency fund up or increasing your contribution to your 401(k) plan. But it should always mean earning interest on a higher amount of money with each raise you get. It's a good idea to talk to your financial advisor to make sure your money is earning the way you want it to. So every time you get a raise, schedule an appointment with your advisor and revisit your finances. The last thing you want to do is find yourself at the end of the year wondering where all that money went. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Here's the Minimum Salary Required To Be Considered Upper Class in 2025 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on This 1 Thing Most People Skip After Getting a Raise (and Why It Costs Them) Solve the daily Crossword
