8 BIGGEST LIES WHEN SPENDING with CHINKEE TAN
Summary
TLDRThis video script addresses common misconceptions about spending money, emphasizing the importance of affordability and responsible financial behavior. It debunks the idea that expensive items always equate to better quality, challenges the notion that sales always offer the best deals, and highlights the pitfalls of seeking happiness through material possessions. The speaker encourages viewers to consider their motivations for purchasing luxury items and to understand the difference between good and bad debt. Ultimately, the script promotes a balanced approach to spending, advocating for financial discipline and thoughtful decision-making to achieve long-term wealth and happiness.
Takeaways
- 💡 Spending money on expensive items does not always equate to better quality; sometimes cheaper items can last longer if properly cared for.
- 🛍️ Sales may offer good deals, but it's crucial to have the budget for those purchases; buying on sale without financial means can lead to debt.
- 😌 Material possessions do not necessarily lead to long-term happiness; simpler times often provided more joy without the need for constant buying.
- 💳 Credit cards offer convenience but are not a sign of financial freedom; they should be used responsibly and paid off in full each month.
- 🚗 Leasing can be beneficial in certain situations, like for a business, but it's not always better than buying; consider the long-term financial implications.
- 👜 Luxury brands are not inherently superior; the motivation behind purchasing should be personal satisfaction rather than showing off.
- 🏡 Cutting back on spending does not have to mean sacrificing quality of life; it's about making smart choices that align with one's financial situation.
- 💼 Financial decisions should be based on whether they are 'good debt' or 'bad debt'; understanding the difference is key to making wise investments.
- 🤔 It's important to question the motivation behind purchases; buying should be driven by genuine desire and need, not by societal pressure.
- 💰 Saving now can lead to enjoying later; the concept of delayed gratification is crucial for long-term financial health and retirement planning.
- 📈 Reevaluating spending habits and understanding the 'why' behind purchases can lead to a more mindful and financially secure lifestyle.
Q & A
What is the main topic of the video script?
-The main topic of the video script is the discussion of the eight biggest lies and misconceptions about spending money.
What is the speaker's stance on people who enjoy spending money?
-The speaker is not against people who enjoy spending money; the issue is whether they can afford what they are buying.
What is the first misconception discussed in the script about buying expensive items?
-The first misconception is that buying expensive items always means better quality, which is not always the case.
How does the speaker compare the idea of buying a Php2,000 t-shirt versus multiple Php200 t-shirts?
-The speaker suggests that buying multiple cheaper t-shirts might last longer and offer more variety in terms of design compared to one expensive t-shirt.
What is the second misconception about spending money discussed in the script?
-The second misconception is that sales always offer the best deals, which the speaker argues is not always the case and depends on one's financial situation.
What is the speaker's view on the relationship between purchasing more and happiness?
-The speaker believes that purchasing more will only bring temporary happiness and will not lead to long-term happiness.
What is the third misconception about spending money that the speaker addresses?
-The third misconception is that using credit cards equates to financial freedom or security, which the speaker refutes by emphasizing the importance of responsible use and paying off the balance in full.
What does the speaker suggest about the difference between good debt and bad debt?
-The speaker suggests that good debt is when borrowing leads to returns or income, such as investing in a business, whereas bad debt is borrowing without any return or income.
What is the speaker's opinion on buying luxury brands?
-The speaker has no issue with buying luxury brands as long as the motivation is personal desire and not for showing off or keeping up with others.
What misconception does the speaker discuss about saving money?
-The misconception is that saving money means sacrificing the quality of life, which the speaker argues is not true if one saves responsibly and plans for the future.
What advice does the speaker give regarding spending and saving?
-The speaker advises to spend wisely, understand the motivation behind spending, and to save for long-term benefits rather than short-term pleasures.
Outlines
💸 Misconceptions About Spending Money
This paragraph discusses the common misconceptions people have about spending money. The speaker clarifies that they are not against spending but emphasize the importance of affordability. They debunk the myth that expensive items always equate to better quality, using the example of t-shirts with varying prices and their durability. The paragraph also touches on the idea that sales do not necessarily offer the best deals, as one must have the financial means to take advantage of them. The speaker encourages viewers to reflect on their spending habits and whether they can afford their purchases.
🛍️ The Illusion of Financial Freedom and Spending Habits
The second paragraph delves into the misconceptions surrounding financial freedom and the use of credit cards. It challenges the idea that using credit cards equates to financial security, stressing the importance of paying off the balance in full each month to avoid extra charges. The speaker also addresses the difference between good debt, which can generate income or provide returns, and bad debt, which does not. They provide insights on leasing versus buying, suggesting that it's not always better to lease and that one should consider their financial situation before making such decisions. The paragraph concludes with a discussion on the value of luxury brands, advising consumers to reflect on their motivations for purchasing such items.
Mindmap
Keywords
💡Affordability
💡Quality
💡Sales
💡Happiness
💡Financial Freedom
💡Debt
💡Luxury Brands
💡Sacrifice
💡Quality of Life
💡Mindful Spending
💡Investment
Highlights
The issue with spending is not about what is being bought, but whether one can afford it.
Expensive items do not always equate to better quality; sometimes cheaper items can last longer.
Sales may offer good deals, but one must have the financial capacity to take advantage of them without incurring debt.
Purchasing more does not necessarily lead to long-term happiness; it is often temporary.
Using credit cards does not mean financial freedom; they must be used responsibly and paid in full.
Leasing can be better than buying in some cases, but it depends on the type of debt and financial situation.
Luxury brands are not always superior; the motivation behind the purchase should be personal fulfillment, not showing off.
Spending less does not mean sacrificing quality of life; it's about making wise choices within one's means.
The concept of 'deserve' should be applied to purchases that one can afford without causing financial stress.
The speaker emphasizes the importance of evaluating one's motivations and means before making a purchase.
Saving now can lead to enjoying later, while spending now may lead to suffering later.
The episode aims to enlighten viewers on the importance of financial discipline and wisdom in achieving wealth.
The speaker refutes the misconception that spending more leads to a better quality of life.
It is crucial to understand the difference between good debt, which can generate income, and bad debt.
The episode encourages viewers to reflect on their spending habits and make informed decisions.
The speaker discusses the psychological impact of materialism and its effect on happiness.
The importance of aligning spending with one's financial capacity to avoid future financial stress is highlighted.
The episode concludes with a call to action for viewers to reevaluate their spending habits and priorities.
Transcripts
magastos ka ba marupok ka ba kung gusto
malaman kung ano po ang maling
paniniwala ng mga taong magasto sa pera
This is the episode For You videos that
will make you wealthy and de
free Hi there this chink kitan your
pambansang wel coach sa episode na ito
pag-uusapan natin the eight biggest lies
and misconception when it comes to
spending money okay before we start No I
just like to set the records straight I
am not anti people who enjoys money na
nagta-travel umiinom ng kape and
everything That's not the issue Ito lang
reality is this the issue Hindi naman
yyung gusto mong bilhin eh the issue is
afford mo bang Bilhin na-gets niyo I buy
expensive coffees I travel I buy things
na talagang medyo may kataasan ng presyo
pero the issue is not the things that
you're buying the issue is afford mo ba
yung binibili mo So again uulitin ko
walang masamang bumili as long as afford
mo clear so right now pag-usapan natin
ang ano yung mga maling kasaling na
pinapaniwalaan na natin Bakit tayo
nagi-guilty or Nauubos ang pera natin
number one lie is this buying expensive
item means better quality well sometimes
totoo pero There are times na hindi
tatandaan niyo po no na two school of
thoughts yan eh two school of thoughts
na bumili ka ng isang t-shirt na ang
halaga ay Php2,000 to Php3,000 Okay fine
better quality or pwede kang bumili ng
t-shirt na halaga Php100 ph o Php200 '
ba mas mabilis siya masira Okay masisira
siya siguro Okay lagay na natin 6 months
Sira na siya 6
months Sira na imagine mo ha pag bumili
ka ng 10 times ng 200 10 na t-shirt na
sirain sample lang ha for argument sake
lang naman ' So it will still last you a
longer time ' ba pwede ka paang
magpalit-palit ng design compare sa
isang t-shirt na Php2,000 na isang beses
lang Isang design lang again let us not
buy in because na expensive siya better
quality hindi totoo iyan matter fact Sa
totoo lang minsan wala rin sa quality
yan e sa paggamit yan e Kahit na
napakaganda yung gamit mo pero pag hindi
mo inalagaan in abuse mo masisira pa rin
yan agree number two second biggest lie
about spending is din sale always offer
the best deals mm pag may sale Oo best
deal yan again Ito lang reality ah
babalik naman ako sa premise walang
masama sa sale oo o pwedeng mag-offer ng
best deal pwede pwede pwede pero ang
tanong Meron ka pang pera nung panahon
na
nag-sale kahit na pinakamagandang best
deal yan pero pag wala kang pera
uutangin mo yung pera para mabili mo ang
sale may problema ka Actually the issue
is not the sale eh the issue is May
pambili ka pa ng sale eh ' ba ito ang
reality ah kung gusto ng pag-usapan ng
sale Do you want to hear the good news
about sale is this the good news about
of Sale is this kahit walang sale kahit
walang sale agag may budget ka may pera
ka pwede kang bumili o the bad news of
Sale is this kahit may sale pag wala
kang budget wala kang pera hindi ka
dapat bumili agree o disagree ' ba kung
hihintayin lang natin Honestly mag-sale
ang tuition fee naku hindi na
makakapag-aral ng anak po na natin third
biggest lie about spending purchasing
more will make you more happier
mm Alam mo yan Alam mo yan nung dating
Simpleng simple lang ang buhay natin
nung walang wala lang tayo walang-wala
Tayo ' ba ang saya ng buhay yung parang
makapaglaro lang tayo sa labas nung
panahon na wala pang gadgets walang
gadgets Ha Oo Oo ang saya natin kasama
nating kaibigan natin everyday we look
forward nagigising tayo sa umaga
pagkatapos ma-meet nating friend natin
tapos maglalaro tayo sa sa kalsada uuwi
tayo ng Pagod ' ba punong-puno ng pawis
at may tatlong kwentas na libag pati na
sa
kelkel ang saya-saya natin pero you know
what ngayon Masyado na tayong
materialistic agag hindi na tayo
nakakabili Malulungkot na tayo ay naku
ito Ito yung ano ' ba natandaan niyo
nung sinabi natin sarili pag ako
nagkaroon na ako ng bike pag ako
Nagkaroon ako ng Barbie masayang masaya
na ako Yes naging masaya ka for a few
weeks pero nung naluma na na masaya ka
pa ba Wala na purchasing more will not
make you happier it will make you only
happier for the moment but it will not
last that long agree or disagree type
agree kaya Hwag nao natin bubud sarili
natin Let's go to number four lie about
pending using credit cards means you're
financially free or financially Secure
Ito lang po credit cards are not free
money pag ginamit niyo ang credit card
ibig sabihin yan It's
convenience ' ba convenience lang but
ultimately pag dumating ang billing
statement Oo magbabayad ka pa rin so
again I Have Nothing against credit card
but we must use credit cards responsibly
and within your means Paano malaman
responsib ka at within your means simple
at the end of the month pag dumating ang
billing statement pay everything in full
wala kang Babayaran na extra agree or
disagree tama mali so pero pag ginagamit
mo yung credit card mo ginagamit mo yung
credit card mo at the same time
nai-stress ka Ay naku may problema ka
five lie about spending is this leasing
is always better than buying Oo Ano mas
maganda yung utangin mo na lang mas
maganda na yung ano down payment ka na
lang toos dahan-dahanin mo na yung bayad
fff FYI FYI hindi lahat po ay maganda
You have to understand there are two
types of debt first is what we call as
good debt and second is bad debt ano
yung bad debt bad debt nangutang ka ka
pero wala namang return walang income
walang
nag-error if not naman kung pined mo sa
business okay siya It's really better
than buying lalo na kung wala ka pa
masyadong pera pero pang negosyo kikita
ka nage-gets niyo very important po
isipin niyo muna mabuti ha bago kayo
mangutang when you borrow things kikita
ba o hindi number six L about spending
is this luxury brands Oo are always
superior Oo ' ba again I Have Nothing
against people buying luxury brands We
also buy yung mga things that are luxury
again pero ito lang sasabihin na I hope
no as we buy luxury brands we buy it
because pinangarap natin nage-gets niyo
tanungin niyo sarili niyo ano bang
motivation mo bakit ka bumibili again
kung deserve mo pinag-ipunan mo Go for
it pero kung binibili mo para Pakita mo
na kaya mo para Pakita mo na meron kang
latest Di ba may problema Alam mo na
ibig k sabihin may kakilala ka bang
ganyan pakisulat mo lang yung pangalan
Hwag wag mo
sulat Let's go to number s lie about
spending this pending less means
sacrificing quality of life Bakit mo
naman tinitipid ang sarili mo Bakit ka
ba nagtatrabaho ' ba para naman
mag-enjoy ka ngayon di ba titipirin
sarili mo always remember deserve mo to
o yyun ay problema Walang problema Nam
mulit sa deserve ko' ang importante ulit
Kaya mo ba to p ikaw binibili mo yan
pagkatapos yan mapapa stress ka
mapautang ka kahit sabihin mo deserve mo
' hindi mo kaya ' hindi mo kailangan
naman mag-sacrifice ng quality of life
eh ba for the now probably kailangan m
mag-adjust kailangan m mag noodles kasi
yan ang kaya mo for now pero darating pa
no you work Harder ' ba you improve your
quality of income so once you improve
your quality of income so you can enjoy
a better quality of life Kaya nga Hwag
moong sabihin na kunyari nagtitipid kayo
ngayon ano e Parang parang pinaparusahan
mo sarili mo no No that is one of the
biggest lie that you can tell yourself
always remember As I always tell people
the law of opposite the term effect is
always the opposite of the longterm
effect if you pay now you play later but
if you play now you what suffer Later if
you save now you retire Later if you
spend Now You suffer later It's your
choice I hope itong episode natin na ito
opened your mind right now na hindi
porget na ikaw ay gumagastos at kaya
mong gumastos gagastos ka pagisipan mo
muna kung bakit ka gumagastos Anong
inspiration mo Anong motibasyon mo at
kung kaya mo ba talaga itong lifestyle
na ito kung kaya by all means Go for it
hindi kaya It's time for you to
reevaluate I hope this episode has
Enlighten you and open your mind p-type
na lang sa comment section kung ano ang
natutunan mo Ano ang na-realize mo
tatandaan tamang karunungan tamang
disiplina ang susi sa
pagyaman I
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