Life simulation app WhyMoolah for Singapore’s youth to face big life decisions

Previously i blog about PlayMoolah, a company based out of Singapore that designs authentic experiences for children and young adults to learn about how to handle money. I also said that they will be launching something called WhyMoolah and i was looking forward to it. Now its here!

Credits: WhyMoolah

Today, they have launched a new app called WhyMoolah. This is an app for young adults who want to learn how to manage their finances. I have just tried this app and there is only one word to describe it: AMAZING!!

What is WhyMoolah?

In their media release:

Mobile app WhyMoolah helps Singapore youth face big life decisions through the power of play
PlayMoolah partners DBS Remix to launch innovative application simulating life on the Little Red Dot

DBS Remix, Singapore’s first bank by day, financial playground by night, has partnered PlayMoolah, a start-up company which leverages technology to design new and fun ways to learn about important financial management skills and make smarter money decisions, , to  educate and empower young working professionals in Singapore to make informed life decisions. This partnership has resulted in PlayMoolah’s latest mobile application, WhyMoolah, backed by DBS Remix.

“Learning about all the different elements that go into becoming financially independent is something everyone goes through, and WhyMoolah helps map the way there,” says Audrey Tan, PlayMoolah CEO and Co-founder. “We want to show everyone that it doesn't have to be overwhelming to make informed decisions, and engage in open and meaningful conversations about money with their families and peers.”


More about WhyMoolah?

WhyMoolah is an entertaining simulation that will take you through life in Singapore! Proudly backed by DBS Remix, and created by PlayMoolah, WhyMoolah will show you how each and every dollar truly adds up at the end of it all.

WhyMoolah is a simulation that enables young adults to experience, explore and discover wealth, health and career options. Set in Singapore, the app simulates a person’s professional life after graduation, with recognisable backdrops from the heartlands to the Central Business District in Raffles Place.

The app comes at a crucial time, as many young Singaporeans are not sufficiently aware of their financial situation. According to a survey by national financial education programme, MONEYSENSE, more than half of Singaporeans do not have enough insurance to protect their dependants if something were to happen to them, and there are also people who over-spend and over-borrow. WhyMoolah will introduce important financial management skills to young adults through key events in their life journeys and help them make smarter money decisions.

Credits: WhyMoolah

After trying out the app, here's my review: 

The graphics are good. The life simulation really matches closely to major life decisions you have to make in real life after you start working. Every detail is considered in it. Stuff like parent's allowance, mobile and internet bills, wedding cost, getting a credit card, buying a house etc. They have the POSB everyday card and other DBS cards inside the game. When you apply for the card, there will be guidance on how the interest on the credit card works. You can actually use the credit card in the game to pay for expenses. The card also comes with rebates similar to how the actual card works.

Credits: WhyMoolah

Your salary inside even has CPF contributions and when you buy a house, the loan package and housing prices are closely matched to what we have in the market now. The housing price is as expensive as what we're seeing now. Even in the game i can feel the stress of buying a house. This stimulation will greatly help young adults see the consequences of not saving enough and prepare them for life's major expenses ahead. You can get married and have children in the stimulation game. Hospitalisation cost, insurance, baby bonus, baby's necessities are all included. You'll feel like you're living a real Singapore life inside.

Try out the app today. It is available on Apple's app store and Google's Android play store. Download the app free today!

Credits: WhyMoolah

Here's the official trailer of the WhyMoolah App:

LINKS

WhyMoolah (iOS) on the Apple App Store: 

• https://itunes.apple.com/us/app/whymoolah/id714042264?ls=1&mt=8

WhyMoolah (Android) on the Google Play Store:

• https://play.google.com/store/apps/details?id=air.com.playmoolah.whymoolah

WhyMoolah Main Product Page: 

• http://www.whymoolah.com

WhyMoolah social media pages:

• https://www.facebook.com/whymoolah
• https://twitter.com/WhyMoolah

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1. Teach your kids financial literacy this school holidays with PlayMoolah

Teach your kids financial literacy this school holidays with PlayMoolah

PlayMoolah is a company in Singapore founded by 2 young Singaporean Women, Audrey Tan and Min Xuan Lee, both aged 25. They have an online platform for kids to learn financial literacy in a fun and enriching way. They focus on five key activities which is Earn, Spend, Save, Invest and Give. Parents can effectively teach their kids on how to manage money through the online game platform.

Credits: Image adapted from http://playmoolah.com/blog/

Co-founder Min Xuan Lee on why Playmoolah was started:

“PlayMoolah was started in response to the global financial crisis a few years back. We noticed that in spite of the financial turmoil surrounding us, most people were still unaware of the personal finance issues affecting them. We soon realised that these problems originated from families that were struggling to develop this core life skill. That’s when we started Playmoolah to address this critical need.”

I'm really impressed with the passion that the founders have to make an impact in young people's lives in terms of money management. I'm glad that there are more and more people out there doing a part to improve financial literacy in the world. PlayMoolah is a social enterprise in Singapore. The founders' were recently honoured as young women innovators at the 2013 Asia Pacific Economic Cooperation (APEC) Women and the Economy Forum(WEF) held on 6-8 September 2013 inBali, Indonesia.

So if you have young children at home, why not teach them financial literacy with PlayMoolah. You can try it free at their website here: http://www.playmoolah.com/. Check it out and have fun with your kids.

P.S: PlayMoolah is starting another segment called WhyMoolah which is targeted at young adults. I'm looking forward to this when it is launched. In the meantime, you can check out their facebook page: https://www.facebook.com/whymoolah

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8 Signs you're a gambler and not an investor

There is a great difference between a gambler and an investor. There are people who invest in the stock market and there are also people who gamble in the stock market. We've heard of people who accumulated huge amounts of debt or went bankrupt just because they gamble. Do not be surprised that many people gamble in the stock market but they think they are investing.

Signs that you're a gambler and not an investor


1) You think of gambling as an investment

Investing in 4D and TOTO? How can it be investing when the odds of winning are always not with you? The probability of winning is probably just 0.001%. In case you didn't know how low is that, look at your bank interest rate. Somehow they are similar. Maybe even the banks gives a higher percentage.

2) You want to fire your boss when you strike it rich

Hate your boss and want to resign from your company when you strike that 1 million TOTO? Gamblers want to make money and make it fast. They think humans can fly. Investors know humans have to walk up the stairs slowly. 

3) Out of so many people, you believe you're the lucky one

There are millions and billions of people out there. Somehow, gamblers think they can defy the odds and be the lucky one. Hundreds and thousands of people queue up to buy 4D but there are only a few winners. These people queuing up must be invisible to them.  

4) You love tips

Fancy a lucky number tip or stock tips? Gamblers want to know which is the next hot number or the next hot stock. They strive to find out where is the lucky store which sells lucky 4D. Somehow when a store has a big winner, long queue forms up at that place after that. This brings me to the next point....

5) You love to follow the crowd

HOT, HOT, HOT is what you love. When everyone is buying it, how can it be wrong right? But you're indeed wrong. Seems like the crowd is always wrong. This is why only a few are rich but most are poor. 

6) You buy more when prices goes up

You buy even more 4D and TOTO numbers when there is a 8 million draw. You buy a stock when the prices have already gone up very high. You buy a property when prices are at record highs. Well, i'm just talking about your neighbour next door. I hope so.

7) You cannot imagine what will happen when you strike it rich

How do you use your money when you have 1 million dollars? How does it feel like to instantly have 1 million dollars? A gambler has no plans for money and will not know what to do with his money. Even when they strike it rich, most lose it in a short time. This is why humans who fly will fall also. They must have forgotten that an apple on a tree dropped on Netwon's head. Newton's law states that what goes up must come down. This is why humans must climb stairs and not fly.  

8) You like fun and excitement

You hate your boring job and your boring life. Fun and excitement is what you look for. Is the stock market fun to you? Becareful, you may be a gambler instead of an investor. Remember, an investor does not fly. He walks up the stairs which is plain boring and tiring too. 

Finally, I'll add on the definition of gambling and investing from the dictionary. 

Gambling is taking risky action in hope of a desired result.

Investing is to commit money in order to gain a financial return.

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