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.
Key Highlights
💡 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.
Heyyy - I'm super excited to help you GROW!
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— Mei Phing
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