Do you have a $100,000 friend like that as well?

I saw this really reflective article on I will teach you to be rich. When is the last time you thought someone earning in a much higher pay job then you should have an easier time?

Most of my friends earn more than i do but what i observed is that they are in a better position. I don’t get any friends that are in the category mentioned in this article. I think it might be that asians value prudent money management well. Except for the gambling part.

Quote of the day:

“I had more spending money in college when I was a student working a part-time job.”
–A friend who earns over $100,000/year.

How does this happen?

Factor in the following:

Urban living, including going out frequently
Expensive apartment
Credit card debt from spending on things like going out frequently, shopping, travel
Student loans

It’s a combination of high fixed costs (think $1k+/month in student loans) plus poor spending habits.

But it’s too easy to simply scoff and point fingers.

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Kyith

Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.

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Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory firm Providend.

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