The Woke Salaryman Crash Course on Capitalism & Money E-Book

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Veröffentlichungsjahr: 2024

Beschreibung

Learn the rules of the game of capitalism so you can play to win and build wealth

Crash Course on Capitalism and Money: Lessons from the World's Most Expensive City is not your typical personal finance guide. Written by the founders of the top personal finance blog in Singapore, this book acknowledges the frustrations many young people feel as they enter the world of money, and it shows you how to develop the mindset necessary to thrive for the rest of your life. Through visual storytelling, Crash Course on Capitalism and Money melds personal finance, economics, sociology, and psychology to create a book that shows you the path to financial success. If you're ready to rise above discontentment, accept the reality you find yourself in, and put in the work it takes to survive, then thrive in today's world—then this is the book for you.

In this book, you'll find a collection of the most popular comics by The Woke Salaryman. The stories are accompanied by commentaries that offer additional context on how each story fits within the bigger framework of approaching the daunting challenge of navigating money, life and purpose in these times.

Why you should get the book:

• It's a guided tour from the perspective of the disillusioned youth who feel like the game is rigged and the odds are stacked against their favor.
• The comics and illustrated essays make the technical and boring aspects of personal finance more accessible and interesting.
• Actionable step-by-step tips on how to make your first steps after graduation.
• The point is not just to make as much money as possible, but rather to think about personal finance as an important strategic aspect in your life, from which you can then achieve your life goals.

For young people just beginning their personal finance journeys, as well as anyone who wants to make better financial and life choices while navigating the rules of capitalism and wealth, Crash Course on Capitalism and Money is a fun and enlightening read.

Leseprobe

The Woke Salaryman

Crash Course on

Capitalism & Money

Goh Wei Choon

He Ruiming

This edition first published 2024

©2024 by The Woke Salaryman.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or trans-

mitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except

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http://www.wiley.com/go/permissions.

The right of He Ruiming and Goh Wei Choon to be identified as the authors of this work has been asserted

in accordance with law.

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John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, USA

John Wiley & Sons Singapore Pte. Ltd, 134 Jurong Gateway Road, #04-307H, Singapore 600134

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visit us at www.wiley.com.

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Library of Congress Cataloging-in-Publication Data Is Available:

ISBN 9781394226528 (Paperback)

ISBN 9781394226542 (ePDF)

ISBN 9781394226535 (ePub)

Cover Design and Illustration: The Woke Salaryman

Set in 12/14.4 The Woke Salaryman 2023-Regular by Straive, India

CONTENTS

PREFACE

CHAPTER 1: ACCEPT THAT LIFE IS UNFAIR

How much in life is actually up to you?

The Four Horsemen of Success

Stop blaming the poor for being poor

CHAPTER 2: START YOUR FINANCIAL REVOLUTION

The first $100k is the hardest, but it gets easier

Young people are obsessed with investing.

Here’s why they should not be

The 10 timeless principles to increase your income

Why you should think like a business

(sometimes)

CHAPTER 3: THE REALITIES OF THE 2020s

My generation had it worse

Why inequality looks the way it does

How I feel about foreigners moving into my homeland

CHAPTER 4: BE WEALTHIER THAN THE RICH

Why some rich people will never be happy

Why I’m shamelessly downgrading

Should I hustle? Or should I lie flat?

CHAPTER 5: PARTING WORDS

APPENDIX

For investing newbs: a simple way to consider financial instruments

Building a globally diversified portfolio via ETFs for beginners

INDEX

4

7

15

39

51

71

77

105

129

145

165

171

203

217

243

247

271

297

321

325

327

339

343

4

Dear reader,

If I had to guess about you, I would think:

You’re a young person born into a developed country. Life is

supposed to be good, but it doesn’t feel like it.

Inequality is rising. Job opportunities are few. Those with

family connections have advantages you can only dream of.

You have a degree from a university, but it doesn’t seem to

be helping you much. Rich and supposedly skilled foreigners

are coming into your city, your country.

They’re driving prices up. Rent is skyrocketing. Cars are

expensive. You can barely afford housing in the places you

were born.

Amidst all of this, your government seems to be sitting on

their hands, doing nothing.

They’re giving the rich tax breaks instead of taxing them.

Giving them things, instead of distributing wealth.

At the same time, YOU’RE saddled with debt. Lots of it. It

almost feels like they’re not on your side at all.

And for that reason, you probably hate capitalism. Why would

it be any different?

PREFACE

5

It’s an inherently unfair system, where those born with more

resources are given a massive head start in life.

Is there anything we can do about this inherently unfair,

unjust system?

Well, there absolutely is. You can lobby governments for

change. You can boycott companies. You might even want to

start a revolution.

But here’s the thing: change is a costly and long-drawn process.

To change this inherently unfair system, you have to first

amass power in the form of resources. Organize labour. Get

your own freedom.

It’s most likely that you will have to get rich first.

And this is what this book is about. Amassing power and

wealth to change the world for good.

Instead of villainizing or glorifying capitalism, we have a

different proposal for you. Study the rules of wealth and

capitalism, free of moral judgement.

Learn as if you were mastering math; you don’t have to love

it, but you have to accept that it exists and play by the rules.

We wish you all the best.

The Woke Salaryman

He Ruiming & Goh Wei Choon

7

CHAPTER 1

ACCEPT THAT

LIFE IS UNFAIR

Equality is an aspiration.

It is not reality;

it is not practical.

- Lee Kuan Yew

founding Prime Minister of Singapore

9

CHAPTER 1

ACCEPT THAT LIFE IS UNFAIR

During my first week at a French multinational advertising

agency in 2014, a senior colleague shared something with me

that left a lasting impact.

‘In the advertising industry in Singapore, and even across Asia,

race matters. There’s no easy way to say it. It’s easier for

white people to succeed. They are seen as more creative. If

you’re from the UK, the US, or even Australia, your chances of

becoming a creative director are higher. You’re a local Chinese

Singaporean, ‘they told me,‘ so you’re not exactly high up the

colour bar.’

A mix of shame and rage coursed through me.

I believed I deserved an equal chance to rise through the

ranks, regardless of my background or nationality.

Yet, I couldn’t deny the reality of the situation. I had

witnessed how local clients treated expat creative directors

with more respect.

The higher up the management ladder, the fewer locals there

were, and the more European names prevailed.

10

The Woke Salaryman Crash Course on Capitalism & Money

How should anyone react in this situation? When faced

with unfairness and injustice, I believe there are twovalid

approaches to consider:

The first is to strive for structural change

I could advocate for equal opportunities for locals or urge

the government to investigate the issue. Perhaps they could

implement a quota system that ensures a certain number of

locals become creative directors each year.

However, let’s be honest, there are limitations to what can

be done. The evidence of preferential treatment for expats

in this industry is mostly anecdotal. What if there are valid

reasons, albeit intangible, that clients prefer European faces

for their accounts?

The second approach is to focus on what we CAN

control

While I couldn’t immediately change the industry’s perception

and prove that locals are equally capable of producing creative

work, I could work on improving myself. I could demonstrate

that I was hardworking, intelligent, and, yes, creative. For

instance, by addressing stereotypes that Asian individuals are

shy and unassertive, I could develop my skills as a presenter

and speaker.

I could also choose to leave companies where expats

enjoyed unfair advantages and seek opportunities where

fairness prevailed. In fact, I could even save up and start

my own company to directly compete.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

11

Personally, I have chosen to channel my energy into the second

approach rather than the first. To do this, I’ve had to accept

that life is unfair.

It doesn’t take a genius to realize that we have no control

over the circumstances we are born into.

A person born in a developed nation has far more options than

someone born into a less developed one. Genetics also play

a role; unequal treatment based on ethnicity is prevalent in

many parts of the world. Even in matters of romance, people

often exhibit preferences for qualities such as wealth, height,

size, or complexion.

Also, the era we are born into significantly influences our

quality of life. A Chinese person born today will undoubtedly

enjoy better living conditions than someone born during, say,

the Cultural Revolution of the 1950s.

Interestingly, this concept extends to nations as well. Some

countries are blessed with abundant natural resources, while

others grapple with historical disadvantages.

Colonization, for instance, elevated Europe to become one of

the wealthiest continents and left Africa struggling as one of

the poorest.

Does it hurt to lack the advantages that others have?

Absolutely.

12

The Woke Salaryman Crash Course on Capitalism & Money

We empathize with the feelings of hopelessness and defeat

that arise from such disparities. These emotions are valid,

natural, and should be acknowledged.

However, let’s also recognize the true cost of harbouring

resentment. It takes real energy to remain angry, and it

hinders our personal growth, friendships, and skill development.

Thinking ‘Why bother trying if the world is unfair and others

have it better?’ can be paralyzing.

There’s a favourite quote of ours regarding resentment:

Resentment is like taking poison and

waiting for the other person to die.

Coming to terms with the unfairness of the world is a painful

and protracted process, but it is also liberating.

Understandably, it takes time. We would expect most

individuals to move past the initial resentment by their 30s,

but there are many who struggle to let go even well into their

40s, 50s, or 60s.

To those individuals, we say this: your feelings are valid,

and they deserve acknowledgement. No one has the right to

demand that you ‘get over it.’

Take the time to reflect on the injustices of the world. Allow

yourself to be angry and rage against the system. Vent your

frustrations thoroughly.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

13

Then, when you’re ready, find closure.

Only then can you begin to change your life for the better.

The following chapter will explore aspects within your control

and those that are not. We hope these insights will assist you

in navigating the inherently unjust world we live in.

How much in life is

actually up to you?

ORIGINALLY PUBLISHED:

12 APR 2022

Before you embark on your financial

journey, it’s important to realize

that a great many people are poor

due to no fault of their own.

The following comic describes the

vicious cycle of poverty.

You can

do it if you

try harder!

How much in life is really

actually up to you?

18

The Woke Salaryman Crash Course on Capitalism & Money

In sociology, there’s a concept called:

These two factors make HUGE

impacts on how our lives play out.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

19

STRUCTURE:

Stuff that influences or limits

choices and opportunities available.

20

The Woke Salaryman Crash Course on Capitalism & Money

AGENCY:

How much free will an individual

has in their choices.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

21

Structure is like the ocean,

the environment around you.

Agency is like the direction

you want the boat to sail.

22

The Woke Salaryman Crash Course on Capitalism & Money

As a personal finance page focused on

self-improvement, we often focus a lot

on agency - what the person can do.

These include:

Your habits

The company

you keep

-

-

Your values

Your ability to make

the right decisions

-

-

In this analogy agency

means the parts on your

ship which you can modify

and optimize.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

23

However, it’s also important

to recognize the role of structure

in limiting the choices that we have.

What can I

do in this?!

24

The Woke Salaryman Crash Course on Capitalism & Money

Structure can be where you’re born:

If you are born into a developed country,

it’s far easier to invest than if you were

born into an undeveloped country.

I’ll help you,

but you have

to pay me.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

25

Structure can be cultural:

If a female is born into a culture that

thinks women should not deal with money,

it will be more difficult for her to start

investing or run a business.

What

a diva.

We have

everything

it takes!

Sorry missy,

them’s the rules.

26

The Woke Salaryman Crash Course on Capitalism & Money

Structure can be classist:

If you are born into a less well-off family,

you might find it harder to make important

connections that might help in your career.

Thanks

dad!

Must be

nice!

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

27

You will find that the effects

of structure compound

and can be extremely powerful.

Developed

country

Supportive

culture

High

socio-economic

culture

This is

easy!

28

The Woke Salaryman Crash Course on Capitalism & Money

They can also be extremely limiting.

Undeveloped

country

Low

socio-economic

status

Unsupportive

culture

It’s going to be

much tougher for

this person to

progress.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

29

What does this mean?

The obvious implication is that life is definitely

unfair, and we start off at unequal

points with unequal resources.

30

The Woke Salaryman Crash Course on Capitalism & Money

For that reason, it’s important to be

empathetic to others less privileged, and

be grateful for the opportunities you have.

Remember, people don’t choose

whether they start off rich or poor.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

31

On another level it also means that

everyone has not only different paths

to success, but different definitions

of success.

32

The Woke Salaryman Crash Course on Capitalism & Money

For someone who inherited wealth,

success could be creating a

multibillion dollar company.

Chapter 1

ACCEPT THAT LIFE IS UNFAIR

33

For someone who inherited DEBT,

success could mean just getting

out of debt.

Don’t compare!

34

The Woke Salaryman Crash Course on Capitalism & Money

Finally, there is no such thing as

being in 100% control of your destiny.

But it’s important to

acknowledge that you have a

role to play in your own life.