Wednesday 31 January 2024

[Post 321] Should I Spend On Food Or Save? How Gen Z Is Budgeting In Bangkok | Money Mind | Thailand


19-year-old Film has moved to Bangkok for a better life. But will she be able to make ends meet in Thailand's biggest city?

Tuesday 30 January 2024

[Post 320] Buying A Home? Choosing Loan Rates & If You Should Pay Down Your Loans Early | Money Mind | Property


How to save money on your mortgage in a time of interest rate uncertainty. Should you pay off your loan, or use the money to invest?

Thursday 18 January 2024

[Post 319] We Make $227K A Year - And Budget $19K A Month


Jenna Bhaloo, 30, lives in Chicago, Illinois with her husband Neil. The couple earns around $227,000 a year, and are working towards a $2.5 million net worth. Jenna and Neil's income comes from a combination of Jenna's work as a senior financial analyst and Neil's job in tech.

This is an installment of CNBC Make It's Millennial Money series, which profiles people across the globe and details how they earn, spend and save their money.

What takes a big bite out of a young person's paycheque every month? A new Money Mind survey discovers the one major expense for young working adults across Southeast Asia: investments.

Sunday 14 January 2024

[Post 318] How China Became KFC’s Most Important Market


KFC, with 29,000 stores and 800,000 employees globally, is one of the world’s most extensive fast-food chains, opening a new location every three and a half hours. While it originated in Salt Lake City in 1952, its rapid expansion is now significantly fueled by its presence in China, opening its 10,000th store in comparison to its over 4,300 locations in the United States. KFC China, operated by Yum China, has adapted its menu to include local favorites and has embraced digital ordering and delivery.  Despite its success, KFC China has faced challenges like food safety scandals and the economic impacts of Covid. In 2022, Yum China reported $7.2 billion in revenue from KFC, with plans to return $3 billion to shareholders over three years. CNBC got an exclusive interview with Yum China CEO Joey Wat at a KFC in Hangzhou, China to learn more.

[Post 317] This Singaporean sneakerhead shows us his collection of rare Nike Air shoes and more


A pair of Nike Air Force 1s at the age of 16 kicked off Dexter Tan’s lifelong passion for sneakers. The co-founder of the Sole Superior sneaker convention shows us his rare kicks and offers tips on collecting and taking care of them.

Tuesday 9 January 2024

[Post 316] Why Americans Can’t Keep Their Paychecks


More than half of Americans earning more than $100,000 a year say they’re living paycheck to paycheck, according to a report from PYMNTS and LendingClub. This may be a result of a sneaky behavioral phenomenon called lifestyle creep, which is when a person’s spending habits expand as their income rises. The rise in the cost of living complicates matters, as incomes have not kept up with inflation. 

So what’s going on?

“I think people hold these benchmarks in their mind [of], if I reach this position or I get this promotion or I make it to this age, then I can live this life, or then I deserve to have these things,” said Sabrina Romanoff, a clinical psychologist who works with clients struggling with financial stress. “Then they kind of go a little crazy or go a little wild on it, and then it becomes like a trade-off, like they only can enjoy their present happiness and they’re not able to save or plan for the future.”

But spending more may not be as simple as people wanting to indulge. Many Americans simply don’t have enough money to make ends meet because their incomes have not been keeping up with the rise in costs of living.

“The idea that people save and they just hit a point where they feel like they deserve [to spend more]; I fully disagree with that,” said Saprina Allen, a budgeting coach who offers insights and guidance to her more than 100,000 TikTok followers on how to be more conscious about money. “When most people don’t have $1,000 in the bank, like most people cannot handle a tire blowout or they’re going to put it on credit.”

Allen breaks down lifestyle inflation into two buckets.

One is that “general idea of what lifestyle inflation is, which is the buying fancy cars, the buying nice things along those lines,” she said.

The second bucket, she said, is more about “everyday things that, if you’re living paycheck to paycheck, you’re going without.” These may be necessary goods or services, such as going to the dentist or getting the car’s oil changed regularly.

“There was a time in my life when [an] oil change was just like, not even a priority,” Allen said. “I’m trying to keep tires on my car. I’m trying to keep it running. I’m trying to keep the registration paid. I’m not concerned about an oil change.”

Living paycheck to paycheck makes people vulnerable to accumulating high-interest credit card debt. Almost half, 46%, of Americans said they held a balance on their credit card because of an emergency expense, according to a September 2022 survey. Experts recommend having an emergency fund to fall back on with roughly three to six months’ worth of living expenses.

Monday 1 January 2024

[Post 315] The man who rears crabs at home in Singapore


Meet Shannon Lim, who’s not only rearing his own crabs at home, he’s teaching others to do the same - even if they don’t have the space.