We just had our 10th community meetup last week!! It’s always nice to see you all face to face. We will recap what we discussed and elaborate further on what we shared last week.

Money rule of thumbs by HY 🦭

The first session, HY discussed simple rules about money that everyone should follow, but most people dont do it.

1. Money spending mindset

Most people practice this money spending habit:

Income - expense = savings

They will save money only if there is extra after spending money. If one practice this money spending habit too long, you will fall into the trap of increasing your expenses whenever your income increases. This is why most people eventually fall into the rat race trap, even if they look “rich”.

The better way to practice good money spending habit is:

Savings = Income - expense

Putting savings as a priority and save with discipline is the first step for all good financial decision.

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2. How much to pay for your car 

The 2 biggest spendings for most people are buying a house and buying a car.

The rule of thumb before buying a car, is to make sure:

Car price < your annual income