The proactive pay-off for young investors
At just 23, recent graduate Hubert Xiao has already established a solid financial safety net. He’s put down a deposit on his first property, and hasn’t had to touch the investments he first started trading in high school. By saving and investing small amounts from a young age, he’s developed some smart financial habits quickly.
In contrast to public perception of impulsive, spendthrift millennials, Hubert is committed to making good choices with his money. His financial goals include buying a new car and ski trips – and maybe furthering his education with study overseas. But he’s willing to wait while he builds his financial security.
He admits that living at home with his parents, and the values they have instilled in him, have certainly helped.
“They saw that it was worth making some lifestyle sacrifices to get into property, even though it was a lot harder for them as first generation migrants,” he explains.
Hubert tries to put aside 50% of his income every month, and says, “I can feel confident about managing that money right now because I don’t have any responsibilities: I don’t have kids, a mortgage or even rent.”
Hubert was interested in the financial markets at a young age, so his dad helped him set up an account to trade stocks in Year 9. “I saved up all my Chinese New Year ‘red packets’ to start it and I picked some good ones – but it could just be luck.”
He learned quickly to buy low – and not to regret selling even if it climbs even higher.