Live in LD. Used to use up all my money to buy all sorts of stuff. Started saving a couple of years ago due to kids plans. Now I feel this pandemic will change my spending behaviour permanently. I felt so safe when the lockdown started by looking at my bank accounts and thinking: OK I definitely have enough money to hang on until this ends. We are lucky that we can work from home and we have been paying our mortgages despite of possible payment holiday arrangements. Now saving makes me happy!
You and Jerry are both right. The key is delayed gradification. For 30 years, my family operated under $50k annual income (pre-tax.) With budget sensitive vacations and entertainment, we put both kids through college, paid off houses and cars, and saved up for retirement now I am enjoying. Save, save, save. Delay gradification. Good luck to you all.
Jerry Kowal 我是郭杰瑞 Personally I would still aim to retire at round 60 years old. First I really enjoy career recognition and progression. On the basis I can maintain my current work life balance, I prefer to have stable increasing guaranteed salary, even being able to achieve fire. Second I want to set up a good example (at least in my view - good) for my kids and show them what kind of life they can live if they work hard like I do.
(bi)Weekly Salary might be the key reason as well. it seriously affects your spending habits and mindset, but also gives you better cashflow than monthly paid.
I love watching your clips, very informative and educational!! It really opened my horizon. Btw, I'm Hong Kong. Can't wait to see more from your channel.
I pay my credit bill clear per month to avoid wasting my money in usual. I will be afraid if I lose my job without saving. Other hand, I can usually full pay for what in need but I must be able to take upon first. Bless all you guys to cheerfulness in your living.
@@chaunceychin5671 消費刺激經濟,與消費主義的滿足慾望與情緒instant gratification是有差別的。政府給錢為的是解決民生問題也是刺激消費,帶動市場經濟,而消費主義本質上造成滿足慾望的而不是必要的消費越多,造成環境垃圾就越多。現在歐美國家很多年輕人不再相信Keeping up with the Joneses,貸款買大房換新車的慾望所造成的財務負擔在次房貸危機中展現無疑。現今歐美年輕人流行極簡風Minimalism也是看到人類的自私慾望對地球環境造成的負擔和傷害。地球只有一個,既然是地球主人,應該有責任永續經營,資源回收,減少垃圾為後代子孫留淨土。
I can already see from expats in China, especially for renting, they want as close as possible to their workplace, they want to live in a big apartment, and when it comes to food, they only eat luxury food, not all expats are like this, but most does. As an Asian, my father always teach me to live simple, simplicity is a mindset not a lifestyle. Buy what you need, not what you want, and what we want is not always what we need.
Mark Levinsen, This is exactly what I told my 80 some years old neighbor whenever we went out together to have some fun. They are the one that can be considered as middle class retirees with annual income no more than 50K. Here my after tax income is about 2x more and in my early 50’s. With many times of me asking do you really need it, it becomes a joke between her, her kids and me. I think most of Asian especially the first generation of immigrants are having feeling of insecurities. We need to save up for the rainy day that may never come.
When I was in high school and worked at McDonald's as a cashier, I witnessed two young ladies coming in, ordered one medium fries, tried ALL the cards in their wallets, and had to give up & left empty handed because they failed to cough up 3 bucks for fries. It was my first wow moment since I came to Canada.
I’m sick of the way Americans saying “This is my absolute cost of living”. Really? Do you really need a 3 bedroom home? Did you really need to have that Mustang when a used Kia would do? Did you really need to buy a new PlayStation 4 for your kids? Did you really need to drink beer every weekend? Complete bullshit. America really needs to see a huge war on its shores so that people will understand.
Meh, mustang is old school. Cool kids want Tesla because in Elon Musk we trust. Would be nice to have a 3 bedroom home but I can barely afford a two bedroom house in San Francisco. Nah, I don’t drink beer nor do weed. I dont have kids can’t afford any. How can I have savings when my mortgage is 4000 dollars a month and HOA is 800 dollars a month?
@@elgs1980 when people are saving money, those seller need to provide better service and productions to create income. Those who saving money will spend more in the future. However, those who keep spending money without thinking will resulted bankrupt. Than the government need to provide money to them.
@@elgs1980 Spending for non-essential, luxury products does not promote the "positive" productions that create better life. Money saved in the bank reduces that kind of spending (otherwise, you will spend your extra money anyway) and is used by banks and loaners for investments that promotes productivity.
Jerry your mandarin is fluent but try to pay attention to the “ 4 Tones” . Once you master it , more people will understand you without reading the subtitles😁
The US citizens' irresponsible spending habit is also due to America' long running artifically low interest rate and low inflation, relative to all other nations, because of dollar hegemony as the world reserve currency.
In China, every children are told saving money is a virtue, and we should have a bitter life first then we can have sweet future. This is common but shape the personal future in a good way.
Just cann't agree w/ you more, I opened banking account for my daughter when she was 16, too much). and saved every lucky bag money for her. It's also kind of education. I know she will appreciate it.
Thank you, Jerry. Your analysis is very good. The Asia idea of money saving is very different from U.S. Many Asia countries do not have good and complete society security system so Asia people need to depend on their own, and always have the mind panic to force them to save more money on their life. This cause the reason that western people wonder why Asia people love to save much money. Actually, the common psychology crisis for Asia people is that they really worry they may die from poverty and get too poor, so they tried to save more and more money.
There is no free money here, if we do nothing we get nothing. So we save money, just in case there is an emergency expenses. And the tax rate in U.S. is very high, so you really can't compare.