20 Dec '15, 4am

More money is NOT a Solution to Poor Financial Management

More money is NOT a Solution to Poor Financial Management

Meet poor John. He earns RM 3k/month and he has a long list of financial burdens on his shoulders. In order to get to work, he needs a car and that’s high maintenance! He not only needs to pay the car loan, but after paying tolls and petrol, his monthly cost comes up to RM1.5K a month! That’s more than 1/3rd his income! Oh, but wait, there’s more! We all need certain luxuries in life besides just food and clothing. In John’s case, he needs to pay the internet and Astro bill, take out his girlfriend or buy her gifts, take occasional vacations, and upgrade his gadgets. All of these expenditures have left him with little money to spend and with a high outstanding credit card bill. It balloons to a major personal financial crisis when he can afford no more than the minimum 5% a month to pay the bank. Average Joe So you might think, a little more money should solve his problems...

Full article: http://kclau.com/wealth-management/money-poor-management/

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