Take Charge: be Money Smart in 7 Steps is a financial literacy book for teenagers and young adults. This book is about MONEY. Money is a medium of exchange for goods and services that we need or want. We exchange our time, skills and efforts for money, and use that money to exchange for things such as books, food and movie tickets, or pay for services provided by other people, such as dental treatment or a haircut.
We need money for daily living and for big events in life. We need money to be prepared for unexpected situations and to retire comfortably.
The money that you have is not infinite. You need to make smart financial decisions to manage your money, or you will be left with none.
People often make mistakes with their money at some point in their life. We will look at some common money mistakes to help you avoid painful financial pitfalls.
This book make financial literacy fun and interesting with more than 170 pages of lively illustrations conveying relatable real-life experiences. Be engaged and inspired!
We believe money is a means, not an end in itself. Money is not, and should not be, an end goal in life; it is just a means to get you to your goals. The promise of Take Charge: Be Money Smart in 7 Steps is this: you will learn to improve your financial well-being and develop your own life goals to long-lasting happiness. We will guide you step by step.
With so many different jobs in the global job market, it is possible to find one that interests you and pays well enough to cover your needs and wants for a comfortable lifestyle. But understand that most well-paying jobs require years of training and skills development. How do you plan to achieve your career goals?
The amount of money you make during your lifetime is dependent on your life choices. Do you want to make more money? I do! We all want to earn more money, but not everyone has the know-how or motivation to act.
How do you decide if something is a need or a want? It depends on your perspective and circumstances. Food is a need, but the expensive food served at a fancy restaurant is a want. A computer is a need if you use it for learning or work. The same computer becomes a want if you only use it to watch movies on Netflix.
When you buy a computer with cash for $2,000, the purchase value is $2,000. However, if you take a loan to buy the computer, the purchase value is $2,000 plus interest. The same computer costs more when you take a loan!
Investing without adequate research is akin to shooting a target in the dark. You need to do your homework to increase the chances of choosing the right investment to grow your money. The more you know, the better the decisions you can make.
Your financial needs change at different points in your life. The responsibilities and monthly expenses of a fresh graduate are different from someone close to retirement. You can predict your financial needs at various life stages to define your financial goals and priorities.
In today’s Singapore society, happiness and financial well-being are interconnected. Understanding the relationship between money and happiness can help you make informed decisions and take charge of your happiness.
Chris Teo is the founder of SmartCo, a Singapore-based education company that imparts values to future-proof one’s financial and mental well-being through fun and engaging content. He has conceptualised various educational tech products throughout his career, advocating technology and gamification in learning.
Dr Koh N.K. is the founder of FinTech Academy which spearheads talent development programmes and certifications for fintech in Singapore, and Advisor to the Institute of Blockchain, Singapore, which offers certification courses in blockchain. She is also co-author of Singapore: The Fintech Nation (2020).
Managing our finances well will mean we will have enough to share! As money is only a means, we amass it to be able to share with our loved ones and those who are less fortunate.
It is a joy to be able to afford a comfortable lifestyle for our aged parents, or to have a nice meal with our friends to celebrate a birthday.
Come, we will journey with you!
Marshall Cavendish International is a leading general interest trade publisher in Asia, with a history spanning more than five decades.
SmartCo is an education company that imparts values to future-proof one's financial and mental well-being through fun and engaging content.