Blueroselady's Weblog

I wish you abundant happiness, health & wealth

Tips: finance for women

with 3 comments

BUDGET
Since the first day leaving away from my parents at the tender age of 14, I started budgeting. Recording my expenditure (to be in control so that they do not exceed my income). My income was money sent by my parents. As I made progress in my study, my income include money generously given by my benefactors, part-time work (though lowly paid hourly based salary, I still cherished it!), giving tuition to my juniors.

avoid DEBTS if possible.
Now I only have housing mortgage.
Please try your best to pay your credit card bills.
I only subscribe to credit cards that give annual fee waiver, therefore I do not keep many credit cards.
Be firm to reject the temptations that come with credit card applications.

EMERGENCY
Consider possibilities of emergency.
e.g. of emergency: illness (which troubles me in March 2012!), home repair, vehicle repair, parents health need.

buy a HOME.
I used to rent due to my nomadic life, but the $ I use for paying rent is better spent to pay for mortgage.
Our current home is not really our home, but at least we can sell it in the event of emergency.
Why is it not really our home?
1. It will only be under our name after we finish paying all the 30-years mortgage.
2. At the end of several decades, we have to return it (due to 99-year lease). We cannot give it to the next generation!
Thus, (1) I must not be too attached to our home. Being unattached is a way to raise our consciousness. (2) a dream is to buy a more permanent home.
Home LOCATION is important!
Is it safe (especially for women)?

INVEST in yourself, stocks, bluechips, trusted business partners.
Since the beginning of 2012, I have been actively investing in myself (my intelligence, consciousness, enterprise).
I share my tips to you all my Dear friends, as I want you also to benefit from my growth.
Go for an occasional indulgence.
I always plan for at least 1x trip to a new destination.

RETIREMENT seems so far for me.
Ladies, by all means, I encourage you to plan for your retirement.
If you have tips for me, I would be very happy to listen to 🙂

SAVE for emergency.
Blueroselady, you have to work hard for this!
With my current income, I do not have much to save, but I am trying to find ways to do so.
If you have any suggestion, I am more than happy to learn about it and will be forever grateful to you 🙂

avoid EMOTIONAL SPENDING.
Beware of EXPERIENCED SALESMEN/ SALESWOMEN who will show you a higher-priced item first (the anchoring / 1st thought trap).
Buy products based on their MERITS, instead of popularity.

Note: first written in March 2012.

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Written by blueroselady

March 20, 2012 at 6:52 am

Posted in finance, lifestyle

Tagged with , , , , , ,

3 Responses

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  1. You have great goals, and have made a good start…. you are right – retirement is important. Try to save 4% of your income for retirement, then 8% the next year and get as close to 15% as possible. Especially if you live over 100 and your lease on your Home runs out.

    Please can you tell me more about:
    “At the end of several decades, we have to return it (due to 99-year lease). We cannot give it to the next generation!”

    What country are you in? I am in New Zealand. The only similar thing we have is ‘leasehold’ land where we buy the house but then we rent the land indefinately.

    V.

    slashcash

    March 20, 2012 at 7:20 am

    • Dear slashcash
      Thank you for your comments and suggestions. I appreciate them a lot.
      The 99-year lease means that we have to relinquish our rights after 99 years the land and the building.
      Since we did not buy a newly built home, the remaining life span of our home is even much shorter than 99 years.
      Our children will have to work hard to buy their own home.

      blueroselady

      March 25, 2012 at 4:36 pm

  2. Great advise! Let’s hope your lady readers pay attention. 🙂

    Ged

    March 20, 2012 at 4:53 pm


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