Live on a written BUDGET

January 5, 2019

Introduction

I like to write the topic how I get into debt using credit card quickly in 2001,  a case study: 2001 China vacation. This is for my personal finance research and I just try to be honest and analyze from personal finance viewpoint.

Case study

I saw the video Proven Biblical Money Principles - Dave Ramsey. It is called plastic surgery to cut the credit card off. Only keep one credit card. I like to write down my lessons and how I should avoid the same mistakes again and again.

Live on a written BUDGET

"For which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it?"  - Luke 14:28

I only spent one week vacation in China in 2001, I was under influence and quickly got in credit card debt using Citibank more than $4,000 US dollars amount.

It was hard for me to review the experience. I was under personal abusive attack from my three sisters and one brother. I cried, and could not sleep very well, but worst thing is that I made poor financial decision. I offered my relatives to a 3 day trip to Shanghai and I paid all the cost.

I was trusted by a startup company and paid by a fortune with top salary. I wasted time and money and wasted on the foolish trip to Shanghai.

I ended up purchasing in a brand new TV for gift over 2000 yuan, and cash gift, and also paid for my two sisters and two kids and my mom to Shanghai for a 3 day vacation. My mom even could not walk and just had her first stroke. My two sisters just made the plan and then I paid all the cost for hotel, train tickets and everything.

I reviewed those financial records, and understood that I was under influence and then I was a foolish relative to end up huge debt in one week vacation, and I have to put myself into $4000 US dollar debts using credit card.

Actionable Items

I could not understand that I am a single person, and also I am myself a family as well. I was abused my relatives and I did not learn that I need to get out of this relationship as quick as possible to protect my own family.

It is the first time I like to study how to research how to get along with relatives, how close I should stay close to relatives? How to be carefully not be manipulated by relatives? How can I not get in credit card debt or cash withdraw in China vacation?

I plan to order Citibank credit card statements from 1996 to 2018 every month, I like to analyze my spending carefully.

I also contacted Chase bank, but unfortunately Chase bank only provides last 7 years statements.