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How Much Can FOMO Really Cost You? · Ringgit and Sense

• 0:06
  Speaker 1: Ring it and sense on BFM 89.9, the business station.
• 0:12
  Speaker 1: I'm Jake Lim and this is Ringgit and Sense, the
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  Speaker 1: show all about personal finance. Recently, a local consumer financial
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  Speaker 1: expert commented that fear of missing out or FOMO is
• 0:24
  Speaker 1: causing young Malaysians to fall into debt. That's something I
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  Speaker 1: can somewhat relate to because I caved and bought an
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  Speaker 1: anime figurine that I really wanted last week, even though
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  Speaker 1: I probably shouldn't have. It's that thought of.
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  Speaker 1: Oh, this thing's really popular. What if it sells out
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  Speaker 1: before I can buy it, you know. So this week,
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  Speaker 1: I'll be delving into why people feel FOMO, just how
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  Speaker 1: bad it can be for your bank balance and how
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  Speaker 1: to be more disciplined financially. Joining me for this conversation
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  Speaker 1: is Kimberly Law, a licensed financial planner and co-founder of
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  Speaker 1: Uno Advisors.
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  Speaker 1: Kimberly, thanks so much for joining me today. Let's start
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  Speaker 1: with the basics, right? What's financial FOMO and why is
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  Speaker 1: it becoming a bigger issue nowadays in Malaysia?
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  Speaker 2: Well, FOMO is a fear of missing out. So there
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  Speaker 2: are actually two types of FOMO. It's either FOMO investing
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  Speaker 2: or FOMO spending. So in terms of uh FOMO spending,
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  Speaker 2: that actually could lead to debt, could lead to people
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  Speaker 2: taking up a lot of uh maybe buy now pay later.
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  Speaker 2: They would actually spend money that they cannot afford. And
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  Speaker 2: buy now pay later actually helps them with their cash flow,
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  Speaker 2: quote unquote.
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  Speaker 1: So they feel like they can afford something while they
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  Speaker 1: can't actually, right?
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  Speaker 2: They can't afford. So buying this so-called buy now pay later,
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  Speaker 2: it's like micro loans, allows you to own something and
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  Speaker 2: it will actually affect your spending power for the next
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  Speaker 2: few months.
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  Speaker 1: I
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  Speaker 1: just have, I'm just curious like where.
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  Speaker 1: You know, this pressure of FOMO is coming from, especially
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  Speaker 1: for spending.
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  Speaker 2: I would say it is definitely from either societal pressure
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  Speaker 2: or social media. We are, we are so exposed to media.
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  Speaker 1: Everything
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  Speaker 1: looks so good right on social media and
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  Speaker 2: you want to have it, you want to have that license.
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  Speaker 2: You want to buy the particular items so that you
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  Speaker 2: feel you feel the sense of belonging. It's like, oh,
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  Speaker 2: you feel that status. So this type of like formal
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  Speaker 2: spending could actually lead you to spend things that you
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  Speaker 2: cannot
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  Speaker 2: afford.
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  Speaker 1: Even friends can sort of like give out the pressure
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  Speaker 1: to you right let's say they have that.
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  Speaker 1: That really nice new handbag from that luxury brand and
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  Speaker 1: you feel like you really want it, you can't help
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  Speaker 1: but compare yourself to them, right? Like some people might
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  Speaker 1: feel
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  Speaker 2: that. It's not only just like items but also lifestyle.
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  Speaker 2: It can even be sports, for example. Everyone is, let's
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  Speaker 2: say we take a new sport, for example, like golf.
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  Speaker 2: So everyone's playing golf and golf is actually quite an
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  Speaker 2: expensive sport. So if let's say your friends are playing
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  Speaker 2: golf every weekend, you will also want to pick up
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  Speaker 2: golf and
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  Speaker 1: you have
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  Speaker 1: idea of just how expensive golf can be just for
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  Speaker 1: reference sake.
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  Speaker 2: I'm not very, not very sure, but I know that
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  Speaker 2: golf club, like one whole club can actually cost a
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  Speaker 2: few thousands and you cannot just simply just jump into
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  Speaker 2: the driving range and simply hit. You have to actually
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  Speaker 2: um know the techniques, so you either get like a
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  Speaker 2: personal trainer you how to play golf, OK, so that
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  Speaker 2: um your friends don't laugh at you because everyone is
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  Speaker 2: playing golf and you don't want to look like the newbie.
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  Speaker 2: So you actually like behind the scenes you you.
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  Speaker 2: take like personal classes to learn how to play golf
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  Speaker 2: and then the latest golf clubs. You want to go
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  Speaker 2: to the nicer driving range, so that can actually cause
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  Speaker 2: more spending.
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  Speaker 1: Right, that's spending, but there's also formal investing. Can you,
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  Speaker 1: you know, expand a bit on that?
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  Speaker 2: Yeah, is all about fear of missing out in terms
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  Speaker 2: of the latest investments. It's always the exciting and speculative investment.
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  Speaker 2: That attracts people. Uh, the thing about formal investing, right,
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  Speaker 2: is some, it's always a very fancy or very nice
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  Speaker 2: news that just captures you and everyone's doing the same thing.
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  Speaker 2: And you want to join in, you want to actually
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  Speaker 2: jump on the bandwagon and also get that same success,
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  Speaker 2: that same gain that they have. So your friends may
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  Speaker 2: be flaunting like, hey, I gain like X amount in
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  Speaker 2: only less than a few days or few weeks because
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  Speaker 2: I'm investing in this particular item. So you also feel that, hey,
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  Speaker 2: I'm feel, I don't want to miss out this opportunity.
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  Speaker 2: I want to do the same thing.
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  Speaker 2: Or you feel like all your friends are doing the
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  Speaker 2: same thing, I should do the same thing as well.
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  Speaker 1: Would you
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  Speaker 1: say that, you know, when NFTs that's non-fungible tokens, when
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  Speaker 1: it first blew up in Malaysia a couple of years ago,
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  Speaker 1: would you say that can be seen as an example
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  Speaker 1: of FOMO inaction? Oh, it is
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  Speaker 2: a clear example, definitely very clear of investing.
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  Speaker 2: Because everyone is just saying that, oh, I make so
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  Speaker 2: much money from this. So you would want to feel
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  Speaker 2: like I'm missing an opportunity, I should do the same thing.
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  Speaker 2: But if you actually find yourself in that situation, you're
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  Speaker 2: actually too late, you will generally lose because the people
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  Speaker 2: who started it, they are the ones that
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  Speaker 1: they, they went in early, right? Yes,
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  Speaker 2: the the the trend starters are the ones that create this.
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  Speaker 2: create a hype and media picks up on it and
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  Speaker 2: then they they censor they they actually like um emphasize
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  Speaker 2: this excitement of, of investing in this particular item. But
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  Speaker 1: by that point it's too late, right, because you're going
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  Speaker 1: in on a high and after that you're selling on
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  Speaker 1: a
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  Speaker 1: low.
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  Speaker 2: If you are the majority, you lose. If you are
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  Speaker 2: the starter, maybe you gain, you gain from the majority.
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  Speaker 2: So there will always be winners and losers.
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  Speaker 1: For sure.
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  Speaker 1: And um how does FOO typically manifest in people's behaviors, right,
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  Speaker 1: financially speaking, um what red flags should we be looking
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  Speaker 1: out for?
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  Speaker 2: Huh, the red flag, I would say in terms of
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  Speaker 2: formal investing is the, the red flag will be how
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  Speaker 2: much they're flaunting their gains.
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  Speaker 1: Oh, OK. Yeah,
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  Speaker 2: all their success stories with minimum effort.
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  Speaker 1: Do you have an example of that?
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  Speaker 2: For
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  Speaker 2: example, um.
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  Speaker 2: When you talk about foreign investing, right, the, the meme
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  Speaker 2: that pops up in my head is like 3 oran
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  Speaker 2: say that, hey, I bought my crypto, where's my Lamborghini.
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  Speaker 1: Right, right, I think I might have seen the same
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  Speaker 1: thing on Wall Street bets, you
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  Speaker 1: know.
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  Speaker 2: So, where's my Lamborghini today? So, um, the, the red
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  Speaker 2: flag is that they flaunt all this success, like, oh,
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  Speaker 2: I just bought a Lamborghini because I invest in
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  Speaker 1: crypto and they're the ones who are feeling the FOMO.
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  Speaker 2: Yes, if you feel that way, you are.
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  Speaker 2: Trapped in the former, you, you realize that, hey, I'm
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  Speaker 2: feeling this way. I want to do the same thing
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  Speaker 2: because my friend gained a very um luxurious item. My
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  Speaker 2: friend actually managed to buy a Lamborghini because he did X,
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  Speaker 2: he did Y. So that is actually a big red flag.
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  Speaker 2: What about then in terms of spending, um.
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  Speaker 2: Actually, formal spending is not entirely bad. It's not entirely
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  Speaker 2: bad because um as long as you settle the essentials,
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  Speaker 2: make sure you every month you settle your your commitments,
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  Speaker 2: you really put aside for your future, put aside for retirement.
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  Speaker 2: Uh, for your risk management, everything, then it's actually OK
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  Speaker 2: to spend.
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  Speaker 1: You have a little bit of that discretionary spending as
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  Speaker 1: long as you're doing it within your means, right? It's
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  Speaker 1: only when um things get extreme, but but what is that?
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  Speaker 1: What is that sign?
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  Speaker 1: That we're looking for.
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  Speaker 2: If you are taking loans to do it, if you
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  Speaker 2: are taking all these installments to fund this lifestyle and
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  Speaker 2: to to spend money you don't have, that is a
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  Speaker 2: big red
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  Speaker 2: flag.
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  Speaker 1: BNPL included, right? Just from your observations, are there particular demographics, right,
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  Speaker 1: let's say young professionals or retirees?
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  Speaker 1: Who among us are are more vulnerable to financial FOMO.
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  Speaker 2: It affects everybody, but who's most vulnerable, I would say
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  Speaker 2: the less financially literate. Yeah, because um they, because um
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  Speaker 2: they don't know like what is good, what is bad,
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  Speaker 2: so they would just naturally follow their friends and if
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  Speaker 2: their friends are doing something wrong, they wouldn't know.
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  Speaker 2: So it could also be a simple thing like Kutu.
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  Speaker 2: Kutu is actually like, you know,
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  Speaker 1: collecting everyone's just a fun thing,
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  Speaker 2: yeah. And is it good or bad? I wouldn't say
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  Speaker 2: it's good.
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  Speaker 1: It's
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  Speaker 2: hard to
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  Speaker 1: say, isn't it specifically. Yeah,
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  Speaker 2: it's hard to say that it's good because like the
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  Speaker 2: money that you put aside, you're gonna, you only get
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  Speaker 2: it at the end of the year, for example, or
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  Speaker 2: end of the month, and you might use it to spend.
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  Speaker 2: So it's like then what difference does it make?
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  Speaker 1: Because the money is not being used to generate more money.
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  Speaker 1: It's just saving up money to spend. Yeah,
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  Speaker 2: saving up to. So what difference does it make if
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  Speaker 2: you actually engage yourself in this kind of activity?
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  Speaker 1: I've
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  Speaker 1: been speaking to Kimberly Law, a licensed financial planner and
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  Speaker 1: co-founder of UNO Advisors. Up next, we'll be continuing our
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  Speaker 1: conversation on financial FOMO, BFM 89.9. Ring it and cents
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  Speaker 1: on BFM 89.9, the business station.
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  Speaker 1: BFM 89.9. Welcome back to Ringer and Sense. Kimberly Law,
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  Speaker 1: licensed financial planner, and I will be talking about financial
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  Speaker 1: FOMO and how to be more disciplined with your wallet,
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  Speaker 1: going down the road, right, you know, with FOO spending
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  Speaker 1: or formal investing. Why is FOMO then so dangerous? What
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  Speaker 1: consequences uh do people see when they're like really deep
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  Speaker 1: in FOMO?
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  Speaker 2: Oh, it's just bad finances and they realize that everything
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  Speaker 2: is just, they are very strained every month. Every month
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  Speaker 2: they're just struggling, struggling. I give you an example for
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  Speaker 2: like formal investing. Let's say.
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  Speaker 2: Uh, you, you only realize when you invest money you
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  Speaker 2: cannot afford to invest. You put aside money that is
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  Speaker 2: meant to be spent in the next like less than
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  Speaker 2: 12 months. For example, uh, you need to pay for
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  Speaker 2: a car, you need to buy a car in 6 months'
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  Speaker 2: time and you use that money, which is initially for
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  Speaker 2: a down payment to invest.
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  Speaker 2: And if the market goes down, then by the time
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  Speaker 2: you need to buy a car, you cannot afford to
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  Speaker 2: buy the car.
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  Speaker 1: Because you've lost that money that you've invested, right? Yeah.
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  Speaker 2: So let's say in the next 2 years you want
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  Speaker 2: to buy a house and you, if you invest in
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  Speaker 2: money that is very speculative into something speculative, and the
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  Speaker 2: next 2 years, like when it's time to buy the house,
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  Speaker 2: you cannot afford the house. Uh, another example would be
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  Speaker 2: like uh the most common example is that they need
• 10:48
  Speaker 2: to save for a wedding.
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  Speaker 2: So imagine that you invest money, you cannot afford to
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  Speaker 2: invest and if the market goes up, then great, you
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  Speaker 2: have a nicer wedding, but if the market goes down,
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  Speaker 2: you have to tell your partner like, oh, too bad
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  Speaker 2: we we need to to get a cheaper wedding venue, right?
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  Speaker 2: You need to cut down. So in that sense, right,
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  Speaker 2: that's why you know that you are trapped in FOO
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  Speaker 2: investing because you invest money you can't afford.
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  Speaker 1: So ultimately I think um both for more investing and
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  Speaker 1: for more spending.
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  Speaker 1: boils down to you're using money that should have been
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  Speaker 1: either saved, invested or used for something more essential,
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  Speaker 2: right? So the thing is, right, it's very important like
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  Speaker 2: when it comes to to formal investing, you need to
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  Speaker 2: know like what are your actual needs. You know what
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  Speaker 2: is your need because other people's solution may not apply
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  Speaker 2: to you and you need to evaluate whether that solution
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  Speaker 2: will fit your needs. The needs are like more of
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  Speaker 2: like risk, appetite.
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  Speaker 2: your risk horizon, like how long can you actually invest?
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  Speaker 1: I think we'll talk a little bit more about the
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  Speaker 1: specifics on financial planning, right, when it involves FOMO, a
• 11:56
  Speaker 1: little bit later.
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  Speaker 1: But um I want to get back to recovering from
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  Speaker 1: uh financial mistakes such as, you know, if you've been
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  Speaker 1: caught in like a FOO fad or something, right? I'd
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  Speaker 1: like to ask whether it's riskier today to be trapped
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  Speaker 1: in like FOMO to make such financial mistakes as these.
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  Speaker 1: Is it, yeah, is it harder to recover in the
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  Speaker 1: current climate, do you think?
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  Speaker 2: It's definitely harder because back in the days there were
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  Speaker 2: not many solutions. There are not many. We are not
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  Speaker 2: exposed to so many of these like um activities that
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  Speaker 2: can allow us to spend a lot. So right now
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  Speaker 2: we are exposed to so much uh solutions. We are
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  Speaker 2: literally just spoiled with options that will actually to, to
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  Speaker 1: invest, to
• 12:43
  Speaker 2: invest.
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  Speaker 1: The barrier entry is a lot lower, right?
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  Speaker 1: Online shopping, just it's on your phone, investing, it's on
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  Speaker 1: your phone,
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  Speaker 2: on your fingertips. You can do all this and um
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  Speaker 2: and also scams are getting more sophisticated. So you actually
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  Speaker 2: may jump into formal investing or formal spending into scams. So, um,
• 13:02
  Speaker 2: things are improving, but in terms of scams, they are
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  Speaker 2: getting more sophisticated, it's more believable and if you're not aware,
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  Speaker 2: if you do not
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  Speaker 2: Um, check out the, you do not like have do
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  Speaker 2: your own research, I suppose, yeah not like see the
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  Speaker 2: red flags, then you actually fall into it.
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  Speaker 1: I think a good sort of rule of thumb to
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  Speaker 1: think about is if it sounds too good.
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  Speaker 1: Then it's probably too good to be true, right? There's
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  Speaker 1: no free lunch to be had anywhere in the world
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  Speaker 1: right now.
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  Speaker 2: There are a
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  Speaker 2: lot of indicators like if the reward is so big,
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  Speaker 2: I'm here to boost your income. So that is a
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  Speaker 2: big reflect. The message is very interesting. Their message is
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  Speaker 2: all about giving you an absolute like an absolute number return.
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  Speaker 2: For example, you invest 300 ringgit and you get 600
• 13:47
  Speaker 2: ringgit in 3 hours' time. Can you imagine?
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  Speaker 1: That's not possible, is it now?
• 13:52
  Speaker 2: But people still fall for it.
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  Speaker 1: Right?
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  Speaker 2: People still, um,
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  Speaker 1: we
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  Speaker 1: do see that every day in news, don't we?
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  Speaker 2: Yeah. So how it works is that you get added
• 14:00
  Speaker 2: into a group chat and people are constantly texting and
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  Speaker 2: say like, hey, I got my gains, you know, thank
• 14:05
  Speaker 2: you for my gains, and that will actually get people
• 14:08
  Speaker 2: to feel like, hey, I'm actually missing out a good opportunity. Yeah,
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  Speaker 1: if everyone else is gaining,
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  Speaker 2: right? Everyone else is gaining, but
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  Speaker 2: Are they real people?
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  Speaker 1: Are they all
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  Speaker 2: like
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  Speaker 1: bots or insiders, you know, working for the scammer? Yeah,
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  Speaker 2: we wouldn't know because like this messages creates that fear
• 14:26
  Speaker 2: of missing out of this like really good opportunity that
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  Speaker 2: the person invested yesterday and got his written today.
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  Speaker 1: So we've talked about these mistakes, these holes that we
• 14:35
  Speaker 1: can fall into.
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  Speaker 1: And I think a lot of people realized too late
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  Speaker 1: that FOMO has led them to um make bad financial decisions.
• 14:45
  Speaker 1: How should someone, you know, get back on the right
• 14:48
  Speaker 1: track if they feel like they're trapped by these mistakes?
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  Speaker 2: In terms of, uh, I start with a simpler one
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  Speaker 2: which is FOMO spending.
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  Speaker 2: If, um, to, to recover from that, make sure you
• 15:01
  Speaker 2: automate your your deductions. Make sure you have auto deductions
• 15:06
  Speaker 2: to deduct all your essentials
• 15:08
  Speaker 1: for your commitments, insurance, mortgage, car payments, everything, right? Yeah.
• 15:13
  Speaker 2: Make sure everything is auto deducted and then whatever balance
• 15:16
  Speaker 2: you can spend, you can spend on anything you want
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  Speaker 2: without worrying or you can have like a separate fund
• 15:22
  Speaker 2: to spend on anything without guilt. That's
• 15:24
  Speaker 1: just um specifically for discretionary lah, right?
• 15:28
  Speaker 2: In terms of formal investment, right? Yeah, um, what you
• 15:32
  Speaker 2: need to do is that you need to know what
• 15:34
  Speaker 2: are your needs. You need to know like what are
• 15:36
  Speaker 2: your investment objectives and you need to see like, do
• 15:40
  Speaker 2: you need the money in the next 12 months? Do
• 15:42
  Speaker 2: you need to, are you able to to handle or
• 15:45
  Speaker 2: tolerate the market fluctuation?
• 15:48
  Speaker 2: Imagine if like your investment is great. Can you sleep
• 15:52
  Speaker 2: well at night? Are you, do you enjoy monitoring the market?
• 15:56
  Speaker 2: Do you?
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  Speaker 1: It's a lot of effort,
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  Speaker 1: really. Yeah.
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  Speaker 2: Do you enjoy and do you have the time then
• 16:01
  Speaker 2: you need to find a solution and if the solution
• 16:04
  Speaker 2: fits you, then
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  Speaker 2: Maybe it will be good for you, just because it
• 16:08
  Speaker 2: works on other people doesn't mean it works on you.
• 16:10
  Speaker 2: You know, you cannot force yourself to fit into something
• 16:14
  Speaker 2: that really does not fit you. So
• 16:16
  Speaker 1: you
• 16:16
  Speaker 1: really have to identify what you want, right, like and
• 16:19
  Speaker 1: and and a lot of factors that you mentioned earlier
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  Speaker 1: like your risk appetite and what and sort of like
• 16:25
  Speaker 1: the time frame that you're looking at, right, for the investments.
• 16:28
  Speaker 1: Um, I do have a question though, um, what kind
• 16:30
  Speaker 1: of ratio would you have for, you know, someone's like paycheck,
• 16:34
  Speaker 1: for example, like, OK, how many percent goes to the savings,
• 16:37
  Speaker 1: how many percent goes to the investing or, or does
• 16:39
  Speaker 1: this really depend?
• 16:41
  Speaker 2: It depends on the person's objective, the investment objective, like
• 16:46
  Speaker 2: what do they want at the end of the day.
• 16:49
  Speaker 2: You need to know what are their goals and from
• 16:51
  Speaker 2: there you need to back, you have to calculate like
• 16:53
  Speaker 2: how much do they need to put aside. So if
• 16:56
  Speaker 2: there's a ratio, there's no perfect ratio. It really depends,
• 17:00
  Speaker 2: but if you want a perfect benchmark.
• 17:03
  Speaker 2: Um, I would say 50% of your income actually goes
• 17:08
  Speaker 2: into living expenses and the rest you put aside for mortgage, tax,
• 17:12
  Speaker 2: and savings. That's like a very good ratio, but it's
• 17:16
  Speaker 2: very hard for people to spend 50% of their income
• 17:19
  Speaker 2: on living expenses.
• 17:21
  Speaker 1: And I think um very important as well is um
• 17:24
  Speaker 1: when it comes to these solutions is speaking to professionals
• 17:28
  Speaker 1: when you need it, right, for example, like yourself.
• 17:31
  Speaker 1: planner or maybe a therapist because I think a big
• 17:34
  Speaker 1: part of FOMO is um your own mindset, right, like
• 17:38
  Speaker 1: um how susceptible I feel like you are to peer pressure,
• 17:42
  Speaker 1: to these temptations from let's say social media, um, you know,
• 17:46
  Speaker 1: what's your take there?
• 17:47
  Speaker 2: Um, well, the thing is, right, it's very important to,
• 17:51
  Speaker 2: to engage with like a financial planner when it comes
• 17:54
  Speaker 2: to your finances because the financial planner will always have
• 17:57
  Speaker 2: your back because for us, we represent our clients. So
• 18:01
  Speaker 2: if they feel anything, they feel like the fear of
• 18:03
  Speaker 2: missing out in spending or investing, they can always come
• 18:07
  Speaker 2: to us and ask like, hey, can I join on
• 18:09
  Speaker 2: this bandwagon? And what we do is that we evaluate
• 18:12
  Speaker 2: whether this is a good idea, right? Yeah, so I,
• 18:14
  Speaker 2: I have a
• 18:14
  Speaker 2: Cases where my clients will come to me like, Hey,
• 18:17
  Speaker 2: my friends are doing this, can I do this as well?
• 18:19
  Speaker 2: Then I will tell my client, send me all the details,
• 18:22
  Speaker 2: let me evaluate. And there are some cases I say, whoa,
• 18:25
  Speaker 2: don't do it because it's a scam. And there's some
• 18:28
  Speaker 2: cases
• 18:28
  Speaker 1: are legit. Yeah,
• 18:30
  Speaker 1: yeah,
• 18:31
  Speaker 2: there are some of them are like, hey, this is
• 18:32
  Speaker 2: a scam. And then there are some cases where I
• 18:34
  Speaker 2: would say like, you can do this, so you can
• 18:37
  Speaker 2: take an X amount from here to do it and
• 18:39
  Speaker 2: don't worry about the rest, you can do an X amount.
• 18:42
  Speaker 2: You can do it because it is legit, it does
• 18:45
  Speaker 2: fit your goals and it also, you know, um, it
• 18:49
  Speaker 2: fits your sense of belonging with your friends, you know,
• 18:52
  Speaker 2: you want to join the wagon. We understand because you're
• 18:55
  Speaker 2: all humans, we sometimes have that fear of missing out
• 18:59
  Speaker 2: and it's OK because you already got your things settled.
• 19:01
  Speaker 2: Everything is settled, you can go and play. As
• 19:04
  Speaker 1: long as you know your essentials, your goals are sort
• 19:06
  Speaker 1: of met or or or in progress on track, then
• 19:09
  Speaker 1: you're good.
• 19:10
  Speaker 2: Yeah, your homework is done, you can go play, but
• 19:12
  Speaker 2: your homework is not done, you better not go
• 19:14
  Speaker 2: play.
• 19:14
  Speaker 1: You know what, I never took that advice from my mom.
• 19:17
  Speaker 1: I think it's too late for me, but it's not
• 19:19
  Speaker 1: too late for you guys. Just try your best not
• 19:22
  Speaker 1: to fall pay to FOO. But before I let you go, Kimberly,
• 19:26
  Speaker 1: I have one last question for you. How important is
• 19:30
  Speaker 1: um financial literacy and education to curb FOMO, right? Like,
• 19:35
  Speaker 1: you know, what role this um this education play?
• 19:39
  Speaker 2: It plays it's a big, big role. It's so important
• 19:43
  Speaker 2: because like we are now exposed to scams and if
• 19:48
  Speaker 2: let's say you join a a group and everyone tells
• 19:52
  Speaker 2: you to invest, you might actually end up investing in
• 19:55
  Speaker 2: a scam and you lose all your money. So that's
• 19:57
  Speaker 2: very important to actually identify like what is realistic and
• 20:01
  Speaker 2: what is not realistic.
• 20:02
  Speaker 2: If it's too good to be true, it's, it could
• 20:05
  Speaker 2: be a scam.
• 20:05
  Speaker 1: Right, if you don't have that knowledge, you might not
• 20:07
  Speaker 1: even be able to tell what the red flags are. Yeah,
• 20:10
  Speaker 1: and I feel like it's very important to um start
• 20:12
  Speaker 1: as young as possible. That's all the time we have
• 20:15
  Speaker 1: for Ring and Sense. I've been speaking to Kimberly Law,
• 20:18
  Speaker 1: a licensed financial planner and co-founder of Uno Advisors. Join
• 20:22
  Speaker 1: us again next week for more discussions on personal finance.
• 20:26
  Speaker 1: We have the 100 a.m. news bulletin coming up next,
• 20:29
  Speaker 1: followed by Enterprise. I'm Jake Lim from the Morning Run,
• 20:33
  Speaker 1: BFM 89.9. Ring it and senses on BFM 89.9, the
• 20:40
  Speaker 1: business station.