Ep162: 4 money rules you need in your 20’s.

In this episode, Mei Phing discusses the personal finance and money philosophies that allowed her to change career. They emphasize the importance of saving, securing wealth through insurance, and spending wisely on skills that increase earning potential. 

Highlights

0:00 💰 The speaker shares their personal finance and money philosophies.

1:41 📊 They emphasize the importance of saving and paying yourself first.

3:27 💸 Expense tracking is recommended to understand where your money is going.

5:20 💪 Building savings helps provide the freedom to pursue new opportunities.

7:12 🛡️ Securing wealth through basic insurance is important to protect yourself and your family.

9:49 💸 Spending wisely is encouraged, distinguishing between splurging and investing in skills.

Key Insights

💰 Saving is a crucial habit to develop early in your career and can be started with small percentages of your income.

📊 Tracking expenses helps identify spending habits and enables better budgeting and saving.

💪 Building savings provides the confidence to pursue new career opportunities or take career breaks for personal reasons.

🛡️ Basic insurance, such as coverage for death, disability, and terminal illness, helps secure your wealth and provides financial support in challenging times.

💸 Spending should be balanced between enjoying the fruits of your labour and investing in skills that can increase your earning potential.

🛡️ Securing your wealth through insurance gives you the freedom to make career decisions without worrying about financial stability.

🔥🏆🚀

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Stay awesome! 😎

— Mei Phing