July 28, 2010

Training Others to Give Us Money!


I often hear people say that they are broke. In fact I have had experiences of friends, employees and family members that are constantly broke that they are always borrowing money from others. You see the secret to learning how to make money is really no secret at all. It is all in the fundamentals of how we save to invest. It is never just about making more. It is good to make more but if we do not manage it and know how to do it, it will all just disappear very quickly. I remember not too long ago, a young employee of ours who got into a HUGE credit card debt without her even realising that it is the compounding factor that is killing her. Before she knew it, it was so BIG of an amount that she just did not know how to get out of it. Stay wise, live within your means and do reward yourself once in a while when you have achieved something.

34 comments:

joshSAN said...

This is definitely a good reminder for me.

smallmeng said...

YA THIS IS TRUE~
USE UR OWN MONEY CAREFULLY~
HA...NO MONEY NO FUTURE^^

NM said...

Its easy to spend money but it also not difficult to earn money. use it wisely so no over spend

LILIAN said...

The saying goes that one should spend within our means and keep some for raining days but how many young people nowadays heed this advise ? Most of them will overspend to keep up with the trends and ended up heavily indebted.

Ismail said...

As an old Malay sayings goes, "Berdikit-dikit, lama-lama, jadi bukit." "Bersusah-susah dahulu, bersenang-senang kemudian." Money is not something you can pluck from a tree, you have to earn it. And spent it wisely. Its not about now, its about the future as well.

Shahrill said...

I'm learning to control and manage my money. the basic concept is know what you need and know what you want. ensuring the needs are fulfill before spending on something that you want.

and do saving for unexpected emergency that might be happen in the future.

joeywoon said...

It is always good that you note down what is your expenses to determine what you have spend and did not spend it accordingly.

razelhanaz said...

Sometimes people dont really intend to be trapped in debt. And now starting back from square one, i need to gather my savings for my future.

Abby said...

We must know how to manage your own money to make sure every cent that you spend is worth.

natasha said...

I always keep in mind to save money before it's too late.

sry said...

This is a good reminder for me...don't over spend and reward ourself once in a while not every month.

SS said...

Know the needs and know the wants. Do not greedy when comes to Money Matters.

LD said...

Agree with Sry, a good reminder for me as well. Need to learn more on Financial Planning. With that, we can have more control of our financial affairs and be able to avoid any excessive spending, unmanageable debts, or even bankruptcy

eb said...

Been there (broke), done that (no saving when come to rainy day)

most important things:

1. Plan how you want to spend the money

2. Track your spending (most of us on smart phone can download applications that has this)

3. live within your mean

4. Nothing beat sacrifices on shopping on the unwanted stuff.

remember this.. when come to spending, Procrastination is your best friend!!

bob asri said...

if you do not know how to manage and control the "plastic"...dont use it...
is it important to have it?yes... but try avoid using if if possible i would say.

Jerome said...

i think i am quite good at controlling my cash flow considering the numbers of loans that i have to pay every month. even when i am broke, i can still pamper myself with food that i love :D agree with what shahrill said "ensuring the needs are fulfill before spending on something that you want"

rin said...

Agree with SS,"Know the needs and know the wants"...always settle things that you need 1st after that only you gets what ever it is that you wants(that is after thinking 2-3 times, whether it worth the penny u spent?!)

sailite said...

totally agree, money management is important

iryani taufix said...

For myself,we need to settle down all your debts(loan,car,bill etc), and save before you spent... and please avoid from borrowing money with others and once it becomes habit, its hard to change it all..

Sue said...

Good thing that I always plan forward. For those who don't, its not to late yet..
What I haven't done for a very long time...is to reward myself. Something for me to think about..

MY said...

I've also learnt the hard way about financial management. Stay away from maxing out your Credit Card and spending on unnecessary things. I've known ppl to buy a car even though they in financial crisis, borrowing from ppl they dont even know to cover thier debts. spend wisely ppl!

tuckfai said...

we want to saving money when we got job.That one is a good reminder for me and all.

Charm6781_Yatie said...

Always put aside for saving first once you received money. You never know when you'll need this. Live within your means and do not overspend for unnecessary stuff.

Hezrin said...

we should manage our financial wisely...need to know what we should spend, is it a must or otherwise.....this is a gud reminder to me as well

ONN said...

I've been in that situations and honestly it is not easy to recover from that stage. You definetly need extr discipline on your spending habits and pattern. It was a good lessons to learn for me and to all once you have a credit facilities make sure we uitlise it wisely if not be prepare with Self Created Inflations.

esm said...

Thanks for the sharing Ernie. Also, sometimes ignorance is the way to go when it comes to savings. Soon as you get money, put some chunk away and ignore that it exists. Have credit card & ignore that you have one (except for emergencies). Ignore that the whole country is on a megasale & shop @ bundles. And when it comes to spending on food, just remember that it’ll all go back to the bowl anyway : )

onnbdchan said...

I've been there before was struggling to pay back and it was a good lessons in life whereby it teaches me on discipline your self on spending habits and pattern. Wise men don't spend wisely but they plan before spending. So I was not a wise men there before.

MS said...

Having a habit of keeping track your monthly expenses. This will help you to find out where is your money going to and re-adjust your spending behaviors.

AzharKhozizan said...

Yeahhh!
it's a good reminder for me..
Thankss Ernie..

James Lee said...

Here's a link to some free calculators to better assist your budgeting plans. http://www.moneymanagementideas.com/free-tools-calculators.html

SQ said...

Money is always important in our life. if we cant manage it, it will kill us.

CS said...

The One Dollar you have made, it is not your money yet.
If you SAVE that One Dollar, that is consider yours.
Making money and Saving money has different meaning.

irene said...

i used to have pay cheques coming in every end of the working month. now things have changed since i decided to take this step in challenging myself.. it's definitely pretty tough, need more discipline, hard work, confidence and wisdom to make things happen but i am very sure all these promise more rewards... in short, no pain, no gain! just need to kick myself rollin'

Mak said...

For myself, I was trapped in the credit card debts when I attached in MLM business. As a fresh graduate, I had zero knowledge on money management. It was really suffering. However, I read books to overcome debts and it had helped me to clear all my debts within 6 months. I've learnt my lesson well and never repeat it ever since. I

When I look at the new generation on their spending habit especially the fresh graduates, I am very worried. Many of them trapped in the world of debts and even led them to bankrupcy. They thought with a job, they can be rich and buy things that they desire.

We should rise awareness among these youngters and educate them on money management. Therefore, training and knowledge are upmost important.