Financial literacy is so important, especially in today’s times when many are struggling to survive with their pay until the end of the month. Unfortunately, many are still digging their own graves by spending outside their means and end up in the same place – DEBT!
In a shared post by Facebook user Suhaimie Pro, a Malaysian man said that he was approached by his teary friend who is 6 months behind car loan. He was in dire need of RM8,500 to pay his car loan, which was left unpaid for half a year.
The man earns about RM6,000 a month but his Toyota Alphard is not the only thing he spends on.
He changes his iPhone every year, including his luxury watch
Sadly, he couldn’t borrow the RM8,500.
“I told him even if I have the money, it’s still not enough to clear him from future debts. I’ve told him not to get a Toyota Alphard even if he’s making RM6,000 a month, but he prioritised wants over needs.”
For illustration purposes only
He also said that he has reminded his friend to just drive a local car, or better yet, take public transport which is widely accessible in KL.
“Like it or not, you have to sell of some of your assets,” he told his friend.
“Style” over need
His friend’s experience has prompted him to reflect on the spending habits of many youths today, who prioritise style over need.
“Some of them skip meals just to drive fancy cars. They want to balik kampung in style.”
He also urged the youth to save as much as they can by taking public transport and only buy a car if they need to.
“If you really must buy a car, start with a cheap one. Make a house your 1st asset if possible. To the kids who just started working, don’t suffer for 9 years with car loan just because you’re craving for attention on social media.”
It’s a grave danger if you don’t spend wisely because we can’t expected slashed prices of goods anytime soon.
Also read: M’sian Lawyer Reveals Many Youths Today Face Bankruptcy Due to Vehicle & Credit Card Loans
