WEBVTT 00:00:03.268 --> 00:00:06.568 Increased income, doing many jobs at the same time but still not enough to live 00:00:06.568 --> 00:00:08.768 on, is becoming a reality for many young people today. 00:00:09.128 --> 00:00:12.598 In the context of rising prices, from essential needs to personal spending are 00:00:12.598 --> 00:00:16.068 more expensive, many people are forced to do more to maintain their lives. 00:00:16.448 --> 00:00:19.319 However, when there is a lack of a reasonable spending plan, income, even 00:00:19.319 --> 00:00:21.968 if increased, is still not enough to compensate for the increasing expenditures. 00:00:21.968 --> 00:00:25.467 According to economic experts, the cause of this situation comes not only from 00:00:25.467 --> 00:00:28.428 price pressure but also from the way personal finances are managed. 00:00:28.922 --> 00:00:35.860 Everything is expensive, secondly, it's because young people often want to 00:00:35.860 --> 00:00:37.122 prove themselves 00:00:37.122 --> 00:00:42.662 Through everyday physical means, such as fashion or vehicles 00:00:42.662 --> 00:00:46.022 Or create lifestyles 00:00:46.022 --> 00:00:52.242 So sometimes spending it may exceed your current earning capacity. 00:00:52.242 --> 00:00:57.162 And many of you have had to use credit card products 00:00:57.162 --> 00:01:01.502 Or consumer loan products in installments 00:01:01.502 --> 00:01:04.622 For example, buying an iPhone 17 for example 00:01:04.622 --> 00:01:10.082 I'm willing to have no income yet but I'm willing to use my credit card. 00:01:10.082 --> 00:01:14.531 Then we return it to the people or we use the financial products of 00:01:14.531 --> 00:01:15.802 the phone sales units. 00:01:15.802 --> 00:01:17.982 Or combine with financial companies 00:01:17.982 --> 00:01:20.882 That's just one of the examples 00:01:20.882 --> 00:01:26.182 So gradually like that it creates a financial frenzy 00:01:27.122 --> 00:01:32.102 Each month's salary or supplementary income 00:01:32.102 --> 00:01:35.982 Well, it's only enough to pay off the debts 00:01:36.562 --> 00:01:40.575 To avoid falling into the spending trap, young people need to build clear 00:01:40.575 --> 00:01:43.662 financial management habits, allocate income reasonably and control unnecessary expenses. 00:01:44.542 --> 00:01:47.842 The solution I think is for you to be able to manage spending more effectively 00:01:47.842 --> 00:01:49.522 Then I will divide it into 2 groups of solutions 00:01:49.522 --> 00:01:52.342 The first group of solutions is short-term solutions. 00:01:52.342 --> 00:01:56.902 Meaning that in the short term you need to have simple goals for each month 00:01:56.902 --> 00:01:59.342 For example, how much should I save this month, for example 00:01:59.342 --> 00:02:02.822 And from there, after you have a goal, you should apply a method 00:02:02.822 --> 00:02:04.762 It's a 50-30-20 method 00:02:04.762 --> 00:02:08.342 These are relative numbers to orient a person 00:02:08.342 --> 00:02:13.720 For example, 50-30-20 is what they apply as 50% of income for the 00:02:13.720 --> 00:02:14.962 so-called essential costs 00:02:14.962 --> 00:02:17.682 30% income for enjoyment expenses 00:02:17.682 --> 00:02:21.662 And the remaining 20% is savings and switching to the thing of accumulating assets 00:02:21.662 --> 00:02:24.902 But this number, as you said, is relative. 00:02:24.902 --> 00:02:27.982 Because it will depend on how much our income level is 00:02:27.982 --> 00:02:32.142 For example, a friend with a moderate, modest income can apply that number. 00:02:32.142 --> 00:02:36.248 But when you increase your income, you can flexibly adjust the 00:02:36.248 --> 00:02:37.742 level of those numbers. 00:02:37.742 --> 00:02:41.742 And a group of long-term solutions that I want to share with you 00:02:41.742 --> 00:02:44.342 That is comprehensive personal financial planning 00:02:44.342 --> 00:02:47.002 This is also what you often do with your clients. 00:02:47.002 --> 00:02:51.582 Meaning you will sit down with them to draw a financial picture that will be longer-term 00:02:51.582 --> 00:02:54.262 From 5-10 years or even further to retirement age 00:02:54.262 --> 00:02:57.702 From there we will have long-term goals and we turn back 00:02:57.702 --> 00:02:59.982 We identify short-term goals in each stage 00:02:59.982 --> 00:03:03.182 This thing will give us the specific clarity to strive for. 00:03:03.182 --> 00:03:06.102 And that is one of the motivations as well as the very important methods 00:03:06.732 --> 00:03:09.729 In the context of increasing living costs, the financial problem lies not 00:03:09.729 --> 00:03:13.975 only in how much to earn but also in how to spend and manage money effectively to 00:03:13.975 --> 00:03:16.972 avoid falling into the vortex of doing a lot but still lacking.