Case study: Western union money transfer history

Dec. 23, 2018

Introduction

I made so many mistakes in early 2000, I spent six thousands dollars to pay for a home for my late mom; and then later I paid over thousands for her trips to USA and other travelling cost in her early 70s. I like to do a case study since it is time for me to learn from my mistakes and things I have to learn.

Case study

I did not do booking every year. I do believe that if I work hard, then money will follow. But it does not work very well. Recently I started to dedicate my time to do personal finance research. It is my first time to read those transaction history through my scotiabank history of transfer.

I like to look into this issues. I think that one of things I have to push myself is to learn to negotiate, and learn to find alternative ways, and build relationship with local banks, and do business through investment. West union is an easy way but I never learn anything through those hard earn money.

What I should do is to invest some money and create win win solution for me and also my mom. Maybe I can purchase a home and use me and my mom's name both in 2010. At that time, my sister paid a 2000 square foot only with $100,000 Chinese yuan, she paid $100,000 yuan to put everything inside the unit, a few years ago she sold for 100% profit. She invited my young sister to purchase one in the same community.

Another thing is that I should review my income and expenses every year. And also I need to try to get relationship with other siblings as well, compare notes, exchange my bank transaction to other siblings, make it public, and share the lessons I learn all the time. I have a sister who is a college teacher, who is good at investing on stock trading; a physician and a middle school teacher.

I have to handle 2018 project, I paid over $4000 Canadian dollars, I tried to show my effort to push to collect the payment. I looked up the internet and found those transactions to share the payment, since I was pushed to pay by my siblings before.

I tried to reveal what I did to other siblings since I paid to my mom through one of siblings to my mom. I paid cash $5,000 yuan if I did not use western union transfer. I spent over $4,000 Canadian dollars for two vacation each time in 2012 and 2014.

I do not try to solve my own problem in the city of Vancouver near 10 years, but I tried to pay all the expenses for entertainment purpose. That is not acceptable for me to review and audit those expenses.

Actionable Items

I spent time from 2010 to 2018 working full time, but I found out that there are some issues related to my savings. I think that most important is to stay financial independent, and also be able to stay emotional independent. Do not mix money with emotions.

Personal finance is so tough game to play. My sister kept telling me that you are a Christian, if you pay the relative's bill, you will go to heaven. I just show the facts to her, how much I paid through years. This is the first time I reviewed my transaction history with her first time. I learned the lesson to share early, build relationship with other siblings.

To learn person finance, it is time for me to push myself hard to review, audit, and learn how to solve my problems in terms of problem solving, working with people, and do the right thing right time.

Follow up 

July 27, 2022

I like to review the blog and write down my understanding of my financial history.