Western disposal income vs Asian saving mindset

Jan. 13, 2019

Introduction

I learned from the money talk from ANC, the mindset is important. I studied my 1999 citi credit card statements, I spent $10,000 dollars, all those are disposal income. I can survive with $2000.00 dollars, why I spent $8000 to disposal income, instead of saving for my future? That is my first full time job with salary $47,000 us dollar a year.

Material and possession

I bought $2,000 dollars clothing in 1999 alone, I bought over thousand dollars together kitchen stuff, SONY rick cooker with a timer, a dishwasher; living room radio set, a speaker, a projection TV, a Karaoke set, speaker, DVD player. Trips to New York, San Diego, and a lot of eat out with friends in all kinds of restaurants.

I did not have each receipt of purchase. Those tiny tiny leaks added up from grocery, gas, kitchen, furniture, and then went up to $10,000.

I am doing my personal finance research. I did not find big leaks, small leaks. I was just so surprised to read statements in 2002.

Compared to 2002, I did not have full time job, a home maker, I spent less than $4,00 dollar a month a few months on citi credit card.

Until I spent time to watch the interview on ANC about money, I learned that those tiny leaks added up to $10,000 dollar/ year for disposal income, I spent and in 2010 when I left USA, I could not get anything from those expenses, I left for renters to use them if they like to. I had too many clothing and stuff I could not fit into my SUV for road trip to Canada.

Why it is a mindset?

It is my personal finance research. I like to figure out why I could not afford a home after more than 8 years full time job in the city of Vancouver. I am still waiting for salary raise, but when I count those income over $240,000 dollars, why I only save $40,000 Canadian dollars, which is only 15% of my income.

I came to Canada in 2010. I did not bring all my belongs. I started to shop again on clothing, expenses on car and every other things. I still had a mindset I had in USA, same one in 1999.

I need to work on my mindset. I need to find those tiny leaks in my personal finance.

Facts to review

My asset in Canada started from 2010 April $17,000 US dollars, and here are the road map.
2010 April       $17,000 US dollars
2012 January   $22,000 Canadian dollars

A 20 - 30 minutes study

I like to study 20 to 30 minutes on this topic. The mindset of disposal income vs Asian saving model.