what is money?
Friday, September 12, 2008 (2:40 PM)
i realised i have a very poor concept of money. i have no idea how much is enough for me to get a car, have a family or get married. all i know is i'll have to save as much as i can.
that's why i constantly ask people who have cars, how much they make. it's not because i wanna pry into the incomes of these people, but more like i wanna know how much i should be earning to be able to buy a car. i know people will say it depends on your lifestyle. how bout for someone single who spends $600 a month, how much should this person be making before s/he can afford a car of around $60k?
i recall a conversation with an insurance agent from manulife. she asked whether i save before i spend or spend before i save. generally, people who spend before they save are spendthrifts while those who save before they spend are good financial planners. i told her that due to my unstable income, the amount i can save is not fixed but i typically limit my spending to around $500/mth and save the rest. she decided that i am someone who spends before i save. i was like "huh? wouldn't that be saving more?"
then she told me "that's means you save around $200 a month..." i was like "huh? i make only $700 meh?" now would you consult someone like her for financial planning?