The Chinese Way of Managing Personal Finance

[Suba]

Wherever you live, of course you will easily find Chinese people, what we see are their differences with domestic people or natives, of course there are differences and most Chinese people's finances are better than natives. Of course there is a "secret", In general, (Chinese) parents already have a basic concept in educating children, since childhood they have been educated and directed what they want to be when they grow up. In this thread I will try to reveal their secret, which may be used as inspiration or even imitated. There are 5 secrets, the Chinese way of managing personal finances are as follows:
1. Must save money
Chinese people have to get used to saving at least 50% of their income, they will save and do whatever work so that expenses are not greater than savings.
2 - Accustomed To Hard Work.
In general, Chinese people, do not choose the type of work, they work with focus and enthusiasm to get the maximum possible results. Business or trade them only
earn a small profit, so that their wares sell well, and the level of sales increases.
3. Life is simple and accustomed to using cheap goods.
Chinese people will not force to buy expensive goods, unless the goods are really needed.
4. Abstain from debt
Avoid debt if it is only to meet daily needs or just to fulfill the pleasures of life, they only owe if they are pressed, it is also calculated in the future.
5. Invest
When their savings have accumulated a lot, the Chinese will immediately invest, either in property or stocks.
So Chinese people are good at managing personal finances, knowing what income and how much to spend as expenses.

 

[Mika]

I have never been in touch with Chinese people and I don't know anything about how they manage their finances. I have watched a lot of Chinese movies and books about Chinese culture and society, based on what I have read and watched in movies, I believe they are the people who like lavishness. They don't seem to live a simple life, they seem to be more inclined to explore lavishness. They seem to dress well, they seem to eat good food, they seem to live in a nicely decorated house. Well, my perception might be wrong, but that's what I have seen in movies and read in books. But if they actually do what you have said here, for example, saving money, working hard, using cheap goods, avoiding debt, and investing, I think that's what most of us should do. We need to save money so that we can use it when we need it. We also need to work hard to earn money so that we can manage to save more. We also need to avoid spending on unnecessary items and buy relatively cheaper goods. INvesting is the only way to accumulate wealth, therefore, whenever we get a chance we need to invest.

 

[Suba]

I have never been in touch with Chinese people and I don't know anything about how they manage their finances. I have watched a lot of Chinese movies and books about Chinese culture and society, based on what I have read and watched in movies, I believe they are the people who like lavishness. They don't seem to live a simple life, they seem to be more inclined to explore lavishness. They seem to dress well, they seem to eat good food, they seem to live in a nicely decorated house. Well, my perception might be wrong, but that's what I have seen in movies and read in books. But if they actually do what you have said here, for example, saving money, working hard, using cheap goods, avoiding debt, and investing, I think that's what most of us should do. We need to save money so that we can use it when we need it. We also need to work hard to earn money so that we can manage to save more. We also need to avoid spending on unnecessary items and buy relatively cheaper goods. INvesting is the only way to accumulate wealth, therefore, whenever we get a chance we need to invest.

From history, since ancient times the Chinese liked to wander while trading, all over the world, so I'm surprised if you never meet Chinese people. Almost all films, not just Chinese films that always highlight luxury and fun. But in the real world, a lot of people are poor. The content in my thread above is taken from true stories of successful Chinese people who they started from scratch. Also since childhood I saw the daily life of Chinese people, before success they only ate noodles and tofu soup. and I have never met a poor person who was able to save more than 50% of his income. So basically make my thread an inspiration, how to manage personal finances well.