Room For Error | Morgan Housel x Grab

Episode 7: Room for error

Saving for a new home and car? Check.

Saving for retirement? On track.

Saving for surprises? Check?

We all save for the things we want to happen. Good things. Predictable and foreseeable things. 

But how many of us save for the curveballs in life? 

The reality is, everyone is bound to encounter situations that require them to spend more than they expect. When it happens to you, don’t get thrown off by it. Be financially resilient – saving extra to be ever-prepared for whatever life presents you with.

Key takeaways

  • Always save more, especially for the unexpected expenditures in life
  • Have a margin of safety – some financial allowance between what might happen and what you’d like to happen
  • Doing well financially means being able to withstand surprises, absorbing instead of avoiding risks

About the series

What is money to you?

This exciting 7-part mini-series explores the way we think about our money. Because our relationship with our money affects every financial decision, big or small. 

This includes how we save and spend – whether we pay in full or in instalments, chart our money growth, or even get that cup of bubble tea. 

Interestingly, most of our decisions are driven not only by what we know, our intricate plans and calculations, but are keenly motivated by how we think and act – our moods, past experiences, interaction with external incentives, and a whole lot of other factors.

That’s why it’s so important to build the right money mindset to set you up for financial success.

About the speaker

Morgan Housel, an award-winning author of the book “The psychology of money”, is a financial writer, investor, and former columnist at The Motley Fool and The Wall Street Journal. He is currently a partner at Collaborative Fund, a venture capital company.

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Komsan Chiyadis

GrabFood delivery-partner, Thailand

Komsan Chiyadis

GrabFood delivery-partner, Thailand

COVID-19 has dealt an unprecedented blow to the tourism industry, affecting the livelihoods of millions of workers. One of them was Komsan, an assistant chef in a luxury hotel based in the Srinakarin area.

As the number of tourists at the hotel plunged, he decided to sign up as a GrabFood delivery-partner to earn an alternative income. Soon after, the hotel ceased operations.

Komsan has viewed this change through an optimistic lens, calling it the perfect opportunity for him to embark on a fresh journey after his previous job. Aside from GrabFood deliveries, he now also picks up GrabExpress jobs. It can get tiring, having to shuttle between different locations, but Komsan finds it exciting. And mostly, he’s glad to get his income back on track.