3 Ways NSFs Can Achieve Financial Freedom


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Is it possible that a NSF soldier can start his quest to achieve financial freedom given that most conscript soldiers earn less than SGD$1,000 a month?

Here at Wealthmastery, we have uncovered 3 ways for our beloved soldiers to grow their money – Saving, Learning and Investing

1) Saving

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The first way is to pay yourself first. Instead of spending hundreds of dollars on hitting the clubs or on a brand new guitar set, always make sure you save at least 20% of your income.

Arkad, the main character in the Personal Finance Classic “The Richest Man in Babylon” explained that wealth accumulation cannot happen if you do not save what you earn.

Too many people who are broke end up paying other people in the form of expenses and liabilities.The simplest thing you can do is to always pay yourself first and foremost the moment when you receive your paycheck.

Always aim to save an emergency savings fund of 4 months equivalent which is about SGD$4,000, before saving for luxuries such as buying a brand new PS4 set or smartphone.

You may have to cut down on a cigarette pack or a meal out with friends every month but it’s worth it in the long run.

2) Acquire New Skills

Secondly, do spend money every month to pick up and learn new skills. Spend 10% of your income on how-to books, workshops, audio-tapes and even conferences. Your income potential is proportional to your knowledge, skills and abilities.

In order to achieve financial freedom, you have to continuously develop yourself so that you are capable of making the most of every opportunity that comes to you.

Learn a skill which you are interested in (it’s a bonus if you can monetize it) such as photography, graphic design, web-design, investing or video-making.

More importantly, spend some money on learning and trying out new experiences as this will definitely broaden our horizons.

If you have lots of admin time in camp, make sure you make full use of it by reading.

Knowledge is power. Don’t underestimate the power of reading daily.

Your acquired knowledge and skills will serve you and your employer well in the future and your earning power will definitely grow without you realizing once you become operationally ready.

3) Learning To Invest

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Spend time on learning the basics of investing and do invest 10-15% of your income to ensure that your money grows. As you push your body hard going for field camps and route marches, you’ve got to ensure that your money is working as hard as you.

By learning about the stock market, fundamental analysis and technical analysis before you invest, you can make a more informed decisions in terms of what to invest and how to invest.

The stock market is a zero-sum game and usually the more informed investors are the profitable ones while the misinformed lose thousands of dollars.

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You can start by starting a broker’s account at POEMS (Phillip’s Online Electronic Mart System). NSFs who would like to invest in the long term for 15 to 20 years can implement a dollar cost averaging strategy with the STI Index Exchange Traded Fund which tracks the 30 largest companies in Singapore.

That way, you can lower your risks while investing in one of the safest financial instruments – an Index fund.

Featured Image Credits: psychografimata.com

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Zachary Tan

Zachary is on a quest to hone his writing skills and make a positive impact on society. He is a keen learner of entrepreneurship, investing and self-development. He enjoys reading and sports during his free time.



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