Monday, June 17, 2013
Tuesday, June 4, 2013
Meowjesty frequently sends me articles touching on 'how people handle their finance and why people end up bankrupt'. Not exactly everyone's favourite subject. I enjoy reading them but it usually leaves me with a sense of frustration.
I don't consider myself the brightest person around and I have almost no willpower. There is NO such things as me sitting there looking at someone person eating - diet or not. I'll be helping the person polish off the delicious cake/ pie/ whatever but at the very least, I am living a debt free life with healthy account and some investments on the side.
I don't buy things I cannot afford. I do not spend future money. Yes I can afford to get a couple of Hermes Birkins on my own with cash and then what, eat grass flavoured grass for the next few months? I don't think so!
1) An unhealthy amount of kids thinks money either comes from the sky or grow on money trees. (If you have a kid like that, smack them, or better yet smack yourself for not teaching them)
2) We all shop too much.
3) We buy things we cannot afford (Hellooooooo Chanel!)
4) Youngsters don't think much about being bankrupt.
Marrying someone rich is ideal but according to Meowjesty, the rich unfortunately make up a small percentage of the population. You had better look like Ziana Zain (I have no idea why he said her) if you want to snag a rich person.
First off, some girls (kindly note the word 'some') are spending tons of money on cosmetics. I have read of some that frequently finish their monthly pay on skincare or cosmetics that even I can't afford. Worst, it doesn't happen once in a blue moon when we feel like treating ourselves but rather every month. Do they have savings?
Q: Why do you care how I spend my money? You ain't my mom!
A: It's not my job to control your spending but having some self awareness helps to keep you away from debt that might eventually burden the people you love. (People who financially burden their loved one with their uncontrollable spending have the same status of a cockroach in my eyes. Hah!)
Say YOLO and I'll smack ya :D
It's none of my business what you buy or how you spend your money but if you keep thinking that your parents will bail you out anytime, your thinking will be the reason for your down fall.
What happens when you decide that you can't pay off your debts? Declare bankrupt? What happens when you become a bankrupt in Malaysia?
1) Give up all your belongings and assets
2) Not allowed to open bank account without approval from Director General of Insolvency (DGI)
3) Not allowed to travel overseas. DGI will hold on to your passport.
4) Not allowed to do any business or become a company director or management.
5) A certain percentage of your monthly income goes to the DGI to pay your debt off.
To sum it it simply;
NO honeymoons to Paris! Or anywhere out of Malaysia to be exact. Not that it is the end of the world but don't we all have dreams of going somewhere romantic for our honeymoon? Not to mention the cheap Chanels and LVs waiting for us there!
The way to stay out of being in a debt is easy.
1) Spend cash. I personally find it easier to keep track off. If the money in my wallet finishes. I am done for the month.
2) Spend within your means. If you are buying that LV you saw just to show off, you need to go to the nearest wall and bang against it 3 times. If the urge remains, bang it a further 3 times.
3) Save at tleast 30% of your pay.
Like Warren Buffett once said, If you buy the things you don't need, you'll soon sell the things you do.
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