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Personal Finance Vlog - Coggle Diagram
Personal Finance Vlog
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What do you mean by solid financial foundation?
just like a house
just like a physical building
your house needs to be strong enough to protect your family who are living inside it
it should be strong enough to stand through the test of time, despite of all adversities
examples of calamities
events in our life that affect our finances
loss of income
loss of job, retrenched, business closed
biblical connotation: don't build a house on a sand. build on a solid rock
strongest structure ever lived?
pyramids
modern houses need not be in the share of a pyramid sure we can learn a lot from how it's built
how are they built?
from ground up
time and not overnight
right materials and tools
Short and easy to understand videos
4-6 minutes
After every video leads to the next video
Main reference is IMG's book
Goal is to help those busy people who have no time to attend a lengthy 1-hour seminar on financial literacy
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What is the first step towards building a solid financial foundation?
understanding cash flow
what is cashflow?
in flow
out flow
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it is very easy to understand yet, many people fail in this real-world subject.
it doesn't matter the educational attainment, I've seen people who are smart but suffer in their finances
why is it important?
it becomes your gauge.
-You will know where you're at in terms of your financial situation
-You will know how much you need to get what you want in the future
You will have an idea where you need to adjust
You will know if you overspent
you will know your strategies to achieve your goals in life
Examples
inflow:
Receive a salary
bonus
gifts
sale
outflow:
needs
wants
in between
:star: WHY PEOPLE SPEND
interesting subtopics on In betweens:
examples
to impress people, quote here
peer pressure
tradition, fiesta