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.