Overview

JUST LIKE BUSINESSES, EACH INDIVIDUAL NEEDS FINANCIAL MANAGEMENT.

Regardless of the complexity of financial charts, figures, and principles, which can be overwhelming and intimidating. However, when going through the initial stage, we will see that personal finance management is really just about establishing habits for making and spending money, so that you or your family can achieve lifelong financial security, or simply control the inflow and outflow of cash.

Cash inflows include income from salary and bonuses, and profits from businesses and investments. Cash outflows consist of expenses, purchases, and investments. If you are unable to manage money, you will face a lot of financial difficulties concerning where sources of income should go, and of course, you will also find it difficult to save for long-term goals such as buying a house, a car, and getting married.

In order to avoid the worst-case scenario, the two main characters in this book, Tuan and Mai, will teach you how to “diagnose” your financial health and build goals and plans so that you can manage your personal financial matters more easily.

After studying the first chapter of the book, you will understand your and your family’s financial health better, giving you a solid base to continue to the next chapters to learn about financial goals, credit, risk management, and financial well-being.

» INTRODUCTION TO THE TWO MAIN CHARACTERS: TUAN AND MAI

TUAN, 27, IS THE SALES TEAM LEADER OF A REAL ESTATE COMPANY IN HO CHI MINH CITY (HCMC) AND HAS A STABLE SOURCE OF INCOME TO COVER HIS SINGLE LIFE IN HO CHI MINH CITY.

He needs to buy a new motorbike for work and has saved half of the value of the motorbike he wants to buy. In addition, he is currently providing living expenses for his parents in his hometown and his younger brother, who will be going to university. Finally, Tuan wants to make a detailed and long-term financial plan to save money for getting married and starting a family around the age of 5) 32 years from now). His family is not well off, so he tries to both generate income and also save, little by little, for his own property.

MAI, 22, IS A GRADUATE LIVING WITH HER MOTHER AND OLDER SISTER IN HANOI.

She has just graduated and has been offered a dream internship at a foreign corporation. She has no difficulty with her daily expenses, but in the next year Mai would like to buy herself a new laptop and an expensive phone. In the long run, Mai wants to save a decent amount of money so she can study for more international academic certificates to support her current and future career. In addition, Mai also wants to determine a suitable spending management method to satisfy her personal interests, such as traveling and beauty. She also wants to learn how to not live beyond her means. Her idol is her mother, an independent, resourceful woman who has “taken on” the family’s finances in an effective way for years.

Tuan and Mai have the same problems and questions that many people have, especially those who are just starting to manage personal finance. Through their stories in each chapter of the book, you will find the answers to your personal financial and consumption plan questions.