Earning hundreds of millions but confessing not knowing how to spend money

In these expensive times, when salaries are struggling to keep up with the cost of living, young people are coping by cutting back on spending. Many people are posting on social media asking for advice.

Hundred questions about spending

In a Facebook group about spending with hundreds of thousands of members, the number of posts asking for advice every day is quite high.

Hello everyone. My husband and I are currently 30 years old and have been self-employed for 5 years. Income is not stable. But currently, on average, my husband and I earn 100 - 200 million VND per month.

Regarding assets, my family only has an apartment, no car, no land, no gold because we have always focused on business. There was a time when we invested in stocks and lost money because we did not research carefully.

Since then, my family has always deposited money in the bank, currently we have a total of 4 billion in savings. Monthly family expenses are about 25 million, if there is any unexpected expense, it is about 30 million.

My family is planning to buy a car for more than 1 billion, but we still have more than 2.5 billion left. I don't want to deposit it in the bank because the interest rate is low, but if I want to invest, I don't know how to invest. I asked about buying land or apartments, but the prices are quite high. If I buy land and a car, I won't have money to cover any unexpected risks.

I really want to buy a car because my business has more than ten employees. Seeing a couple riding a motorbike makes me feel like my reputation is being reduced...

I come from a farming family, fortunately I know a little bit about business so I have some savings. As for how to spend money and invest, I'm really confused."

The reason for this opening statement is because there are quite a few posts where people asking about spending have incomes of 100 million VND or more. They have savings of several billion VND, but still do not know how to spend them wisely.

Managing finances is as important as making money

In another post, a friend asked:

My husband's salary is 55 - 100 million a month. My salary is around 20 - 40 million a month. Depending on the month. Due to some incidents. So my family has just started saving since last year until now, it is 1.3 billion.

Current family expenses are around 40 million a month (including 10 million rent). So should I borrow 2 billion to buy an apartment now?

Many commenters said that the people asking for advice often have lower incomes. Therefore, in these high-income cases, they cannot advise on how to spend. At the same time, they questioned whether this was an act of showing off income.

One person said: "With this income, you are smart enough to have a spending plan. In this group, in addition to sharing 'cleverly', you can share ways to make money and increase income for everyone."

However, the victim explained that he really lacked financial management knowledge. "I really need to ask, because now buying a house requires a loan of up to 2 billion VND. Each person is weak in a different area, so I came here to ask. If you don't know how to share, then don't say bitter words."

You should read comments like "people who earn this much don't ask stupid questions" or the status owner bragging is quite funny.

In fact, these groups aim to share experiences and tips on saving money. Thereby accumulating for the future, aiming for financial stability. Therefore, there are also many people who enthusiastically guide spending plans, along with interest rates and payment plans for bank loans.