We've seen naysayers and haters of the game but most people (both young and not-so-young) are taking to it like a Psyduck to water!
If you're a Pokemon Trainer and playing the game responsibly, we say good on you! In fact, we think that there are some useful lessons to be learned from playing Pokemon Go; lessons that can even apply to your financial planning!
Here are five that we’d like to highlight.
1. It can be dangerous to just follow the crowd
They might lead to accidents like in the case of the mass exodus in Hougang recently that dashed across the road and risked their lives to catch a Snorlax. So please be cautious, even if you’re naturally fearless, ok? Look, left, look right and observe traffic rules at all times!
Similarly when it comes to savings and investments, don't blindly follow what your friends and acquaintances are doing – it may not be right for you and you may even end up in a (stock market) crash if you go for investments that do not meet your risk profile or deviate from your financial objectives. Each individual is different and it’s worthwhile to first evaluate your risk profile with a professional, like a qualified financial adviser representative.
2. Your Pokemon egg doesn't hatch on its own
You'll have to physically walk and make that happen (and no, it doesn't work with distance covered in a car or on the MRT). So if you want results, you can't be lazy! You'll need to be proactive and get off the couch.
Likewise for your retirement nest egg, your money's not going to grow much if left to stagnate in your piggy bank or savings account. Be it via savings plans or investments, you should be actively putting aside some money each month for your retirement.
3. The people who offer professional help know their stuff
Take for instance the guy on Carousell who offered to run around the Bedok stadium track to hatch your eggs while you sit in the comfort of the covered bleachers, sheltered from the sun. He received some 40 requests, by the way.
Paying for his services allows you to level up while you catch up on other important things, like spending time with your otherwise neglected girlfriend/boyfriend/pet Chihuahua. And let's face it; if he's offering to run, he's probably going to do a better job of hatching your eggs for you.
This is like how financial adviser representatives do the legwork for you to find out the best products that match your needs and you just chill, sit back, and consider your choices. Because they're the experts and it's what they’re trained to do, it's just easier to let them do the work. It's also in their interest to serve you well and gain your loyalty, because then you'd recommend them to your circle of friends and relatives.
4. You need to catch many, many Magikarps to get enough candy for it to evolve into Gyarados
And the more evolved Pokemons there are in your Pokedex, the more value it has. Because Evolved Pokemons will have higher Combat Power (CP) and Hit Points (HP), thus higher chances of you winning big in your battles.
It's like how compound interest works in financial planning. The earlier you start saving, the more funds you have to play with. And the larger the funds (i.e. the more you save), the more money you can make through interest rates. Of course over the period of time that you're playing the game of investment, the magic of compound interest (meaning interest on the interest you've already gained) will add to the overall sum of your Pokedex… er, portfolio.
5. The higher the level you are as a trainer, the better the type of Pokemons you can catch
And the only way you can level up is to keep playing. As you play you'll gain experience; you'll ignore the common Rattatas and save your Pokeballs for rarer catches. You'll strategise and re-strategise as the game progresses.
Isn't this very much like the game of life? The best way to play it is to keep going. You will definitely meet milestones as you progress through life stages and just as you would re-strategise how you'd use your ammunition, life also means you'd need to relook your financial portfolio. Income changes, marriage, property, kids and having to take care of the elderly, these are the common things you'd expect to face as you evolve. With every change, there'll be a new way to allocate your financial resources for best results. So there you have it – sage financial wisdom we gleaned from the unlikely Pokemon Go!
We're rooting for you to win big in Pokemon Go, as well as in life – but can only help out with the latter. So if we can be of service, leave down your details below and we'll be in touch.