Exploring Money and Culture
Discover how emotional spending influences your financial decisions. Learn effective strategies to manage your spending habits and achieve a healthier financial future with practical tips and insights tailored for better financial decision-making.
SPENDING HABITS
Money Culture
Money and Culture are the two strong words that are connected. For some culture money is luxury for some money is stability and for some money is legacy. Now coming to Western culture money is individual wealth and for eastern culture money is collective wealth.
Courtesy: Youtube Channel @morningmoneybuzz
West vs East
" West vs East : Money and Culture "
In Western Culture countries like the USA, Europe, money is freedom and independence, credit culture prevails, like mortgage loans, debts are all normal, and inheritance is optional. Now talking about Eastern culture countries (India, China, Japan, the Middle East), money is responsibility and stability, and a saving culture prevails like gold, land property. Inheritance is a duty, like passing on wealth and legacy. Being in whichever part of the world, both lifestyles are accurate enough to follow. So, for us, without being stubborn, we have to incorporate these qualities from both cultures.
"Basic Ideas : Exploring Money And Culture"
In your 20’s & 30’S spend to enjoy your life in traveling experience, weekend restaurant visits, exploring lifestyle brands, and treat your money like freedom
In your 50's, 60's & 70's, save to enjoy a secure family life, cut down your vacations, frequent restaurant visits, and explore investment options in property and gold.
In your earlier years treat money like freedom and in your later years treat money like respect and stability.
Inheritance (passing on assets and legacy) should never be a duty. It should always be optional.
Time is money: follow this western mindset like treating time like you treat money: budget it, save it, and then spend wisely
Never ever let any singular cultural aspect influence your spending habits. Because stubborn spending habits are not conducive to long-term prosperity. Remove your stubbornness and start mixing up both cultural aspects while dealing with your money and wealth. Always follow your own mindset and not others.
These basic ideas can be re innovated as we are living in the era of breaking the cultural norms. Age should not be a barrier to anything not even your wealth management skills or your spending habits. Wealth management is not directly proportional to your age but to your entire lifetime . In the end your money wealth will be judged based on your entire lifetime .
