Sometime I am very curious why a person with yearly income of $70,000 but he still complains short of money every month , run out of cash to pay for credit card debits, car loan, house loan etc...And have to borrow more money from bank, from friends, from brothers, sisters...Life seems to be always in debits, but yet still they can drive a big car, buy branded goods...
Even life in Singapore here is not easy, everything has been increased in price, but I do believe with such $70,000 income yearly is good enough to support a small family even wife is not working. I believe you too know such a person, either friend, relative or even own brothers, sisters, who is complaining not enough money every month. Do they really not enough money? If a person with yearly income over$50,000 says he has not enough money, then how about those people earn less than $30,000 a year? What is the amount can be considered enough for your spending?
I will tell you: Money is not enough forever. No one will say money is enough for him/her. The fact is: Some people spend money beyond their control, they spend money happily, they are the owner of money. Some people over spend money, they do spend money happily for a while, but in the end they become a slave of the money, Money control them.
They are many ways you will easily over spend, some of the most commons one are:
The more people charge to their credit cards, the greater the profits made by the credit card companies. The credit card company receives a percentage of each transaction as a merchant fee. But the big money comes from the credit card users: the more you spend using your credit cards the higher the probability you will borrow money from the credit card company at steep interest rates, get hit with fees for exceeding your credit limit, and incur larger penalties for late payments.
Gamble is the short cut to lead you to a life full of debts. 4-D, toto and big sweep are the most popular gambling, which a lot of Singaporeans participating in the lottery. Wondering how many people do the calculation, how much you spend on the lottery and how much you win from the lottery. Fact is always the more you buy the more you loose. The more you loose, the more you buy. A lot of people make a day dream of millionaire every day. Are you really that lucky?
A lot of people take loans for the wrong reasons and in the end were stuck trying to finance their unsustainable spending habits. Yeah I agree that a loan can help an individual and is a positive affair, but only conducted responsibly. If you monthly income only about $4000 but you need to use about $2000 to pay loan, I bet you will always feel money is not enough. Take loan to buy a big big car, take loan to renovate house, take loan to buy luxury items...Do you really need all these? Do you really need all these to show off?
I am sure a lot of you aware of the bad habits of over spending. Learn to be more financially savvy and adopt disciplined financial habits so that a comfortable, happier, debits free life is within your reach.
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