By Teo Cheng Wee
Tue, Jun 24, 2008
The Straits Times
Too much, too soon.
If money had not been so easily earned for Joyce (not her real name), 27, she feels she would not have chalked up her $200,000 debt over four years of wild spending.
But it all seemed so rosy when the business graduate started promoting credit cards fresh out of university in 2003.
The job, which also pays her commission, allowed her to take home $20,000 to $30,000 a month.
‘There I was, not even 25 and drawing a salary that not many people earned. I thought making money was so easy,’ she says.
She spent her money lavishly. When she went clubbing with friends, she would pay for the drinks.
She also chalked up some $8,000 worth of monthly spending on luxury goods. Bags were her weakness.
She remembers strutting into Louis Vuitton or Gucci outlets every month……………….. […]
‘But I told myself: ‘Can’t pay, can’t pay lor. At the most, I have to declare myself bankrupt’,’ she recalls.
It was only when a close friend explained to her the consequences of bankruptcy - that it would not discharge her from her financial liabilities - that reality finally hit home…………………………….[…]
‘By then, it’s too late. You will already have a bruise.’
This article was first published in The Straits Times on 22 June 2008. Click here to see FULL article.
Other Related Articles:
- Teaching Children How to Value Money
- Start Saving to Get on to the Wealth Track
- Rich Money Habit #6: The Rich Plan their Retirement, The Poor merely HOPE they can Retire
- 12 tips for managing your parents’ finances
- 20 Ways Your Child’s Imagination Can Save You Money
Other Updates in Library
- Rich Money Habit #12: Orrie the Ostrich
- Rich Money Habit #11: Philly the Peacock
- Rich Money Habit #10: Your Belief Systems Will Determine Whether You Become Rich, or Remain Poor
- Rich Money Habit #9: If You Want Different Results, You Would Have To Do Things Differently
- Rich Money Habit #8: The Rich work at building Wealth, the Poor merely try to survive
Email to your friends
0 Responses to “She borrowed $50,000 from parents to fund her shopping”