I wish we have shows like this in Malaysia cater to Malaysian audiences. Sadly it’s only in Cantonese (sorry guys). I will try my best to summarize the content of this show.
This episode features a 25 year old girl who wants to save HK$80,000 (4 times salary) to help her family with their renovation cost and for long term would like to have a capital of HK$300,000 (15 times salary) in 3 – 4 years to expand her business to become an established online business.
She then list down her monthly expenses, coming to around HK$12,800 (largest expenses being credit card repayment at around HK$4,000 or 20% of salary). Her salary is in the range between HK$15,000 – HK$20,000. To achieve her goal, she has to save between HK$5,000 – HK$7,000 a month, roughly 25% – 35% of her salary.
So for a week she has to track her expenses and limit her spending to HK$100 a day (0.5% of salary). She has to limit her credit card spending and pay cash instead.
The PF guru also advise her to start working on her online shop instead of waiting until she has enough capital. And the most important thing is to find your own niche in the market because there are a lot of people doing the same thing. Do not try to be the best but try to be the most unique.
What we can learn
1. It’s important to start. Do not hesitate.
2. Set a daily budget for yourself and stick to it.
3. Curb impulsive purchase especially with credit card. Use cash from your daily budget.
I watch a lot of finance related documentaries in Youtube. I guess I just like to see things from different perspectives and sometimes count my blessing as I think our situation is better even though we’re living in a developing country. Enough knowledge sharing for today.