Introduction
It is my personal finance research. I came cross this receipt and the purchase I did in 1995. I like to do a short case study on this purchase.
Case study
By my research, the necklace has double the value. Now it should worth more than 3000 Chinese Yuan for 9999 10克 gold.
Here is the update of Gold price in China retail store.
I like to provide facts of my salary history to show the value of necklace:
I worked for research lab in Shanghai from 1992 to 1994, a startup software company from 1994 to 1996.
1988 - 1989 80 yuan/ month
1992 - 1994 120 - 180 yuan/ month
1994 - 1995 1000 yuan/ month
1995 - 1996 1800 yuan/ month
Actionable Items
I did spend more than one month salary to purchase a necklace, and a ring. The ring costed me a month of salary, and then I gave it to my mom. Since I felt that it was too heavy to wear when I worked on the computer.
I chose to leave the job in Shanghai research lab, and then worked for a startup company. My ex-coworkers in the reserach lab started to save money from the salary and then purchased a home in the city of Shanghai from 1996 to 2001, they left research lab and went for high pay job from 3000 - 8000 yuan maybe.
I decided to apply for graduate school in United States instead of continuing to work in the city of Shanghai from 1994 to 1996.
How do I evaluate my finance activities?
I think that I already had a lot of alarming sign to control spending. I should save those two year salary since 120 yuan is the salary I used to make in research lab, which I could cover all expenses. I should save 80% of salary, but I spent on grocery, and gold, English education, and also give away money to my mom.
I spent most of them on food, clothing, attending TOEFL/ GRE study, and applied the admission of school. I gave away money to my mom, a gold ring costed more than 1 year salary from 1992 to 1993.
I should start to learn person finance back in 1994. I had hard time to learn and under stress of working and learning technologies.
I tried to comfort my mom since she was depressed since the old home was destroyed and that was home she lived with my father over 20 years. She was 61 years old and she got her one eye damaged because of mistakes she made.
At the end of two years full time work in August 1996, I purchased an airline ticket to Florida, and paid over 8000 yuan for one way ticket, I had nothing left.
I sold a less than two years old TV costed me two month salary $2,000. And I paid rent $250/ month, the same size of room of next door shared by three or four man, under stairways from second floor to first floor, the bus driver rented the place to sleep in weekdays.
I lived in the biggest city in the world, Shanghai from 1984 to 1996.
Big item purchase:
From 1994 to 1996
1. 2000 yuan TV
2. Bicycle - 500 yuan, I ride bicycle to work every day round trip
3. 1500 yuan necklace
4. 1000 yuan 9999 ring
5. Grocery - monthly expenses
6. Rent $250/ month - two month salary I earned to work for Shanghai research lab, the lab paid free dorm room to live from 1994 to 1996.
7. A trip to Shanghai in 1988 for a group of 6
8. 200 US dollar = 1800 yuan application fee to USA graduate school
9. TOEFL/ GRE test
10. TOEFL/ GRE preparation class $400 each
11. A few more gold 9999 items, ear sets, pendant called Horse and Success. more than $1000 yuan purchase
12. Training NT operating system in Shanghai Jiaotong university. A few hundreds of yuan.
House problem
From 1992 to 1996, I should challenge myself to solve housing problems. In research lab, there are 4 condos purchased and we have over 10 people new graduates to share three units. Late the condo was given away to those outstanding employees as young talent.
I challenged myself to quit the job and went to job market to find a job for myself and stayed two years. I booked newspaper of xinming evening newspaper, but I did not try to solve house problem.
Even if I can not purchase a home in the city of Shanghai, I should be able to purchase one in the city of Yichun from 1994 to 1996. I chose to purchase gold necklace, ear set, and pendant, rings.
Lesson learned
I remembered that I tried to mail TV set back to city of Yichun in 1996. I paid taxi to Shanghai rail station and then wasted money since the driver tricked me to expensive mailing place.
I break the law called delay of gratification. I do not treat hard earn money carefully and with respect. I gave away one year salary from 1992 to 1993 - over 1,000 yuan ring to my mom. It was early in my career, but I did not learn that the job was so risky and not stable. I just took the risk the whole career without considering options carefully.
It is also good advice to learn marketing and sales as early as possible in your career. I spent over 4 hours to listen one of making money video while I worked on personal finance and wrote blogs about my study.
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