Ep140: Investment vs Expense: Managing your money mindset.
In this episode, Mei Phing discusses the importance of developing a healthy money mindset and understanding the differences between investing, expenses, and splurging. It emphasizes the need to save a portion of income and make proactive financial decisions.
Highlights
0:00 🌍💰 The video introduces the topic of money and its relevance amidst the upcoming recession and price inflation.
1:12 💼💸 Mei Phing highlights her qualifications as a professional career coach and chartered certified accountant, emphasizing her expertise in managing finances.
3:27 💡🔄 Mei Phing explains the importance of saving and taking proactive control of personal finances, rather than being reactive. She encourages setting a reasonable savings goal and actively working towards it.
9:05 💰💼 Mei Phing discusses the concept of investment, highlighting that it can include both financial returns and intangible benefits that solve problems or make life more convenient.
16:15 💸💼 Mei Phing explains the difference between expenses and splurging. She emphasizes the need to distinguish between needs and wants, prioritizing expenses that provide long-term benefits and solve problems.
23:24 💸💡 Mei Phing encourages viewers to prioritize their values and make conscious spending choices. She emphasizes the importance of understanding personal goals and making financial decisions aligned with them.
26:35 💼💰 Reiterating the importance of developing a healthy money mindset.
Key Insights
💡 It is crucial to save a portion of income and take proactive control of personal finances rather than being reactive. This requires setting a reasonable savings goal and actively working towards it.
💼 Understanding the concept of investment is essential, as it can include both financial returns and intangible benefits that solve problems or make life more convenient. It is not solely limited to monetary gains.
💸 Differentiating between expenses and splurging is crucial. Expenses should be prioritized based on their long-term benefits and problem-solving capabilities, while splurging involves indulging in unnecessary wants rather than needs.
🌍 Prioritizing personal values and aligning financial decisions with them helps in making conscious spending choices. This ensures that money is spent on things that truly matter and contribute to personal growth and happiness.
🔄 Developing a healthy money mindset involves shifting from a reactive approach to a proactive one. By actively managing finances and setting goals, individuals can take control of their financial future.
💼💸 The speaker’s expertise as a professional career coach and chartered certified accountant adds credibility to her advice on money management and budgeting.
💰🌍 The video addresses the current global economic situation, highlighting the relevance of discussing money and providing practical tips to navigate uncertain times.
👋 HEYYYY!
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See you on the inside! — Mei Phing
